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| 2004 | 2003 | ||||
|---|---|---|---|---|---|
| All figures in £ millions | Valuation | Book value | Valuation | Book value | |
| Unlisted joint ventures | 7 | 7 | 6 | 6 | |
| Note The valuations of unlisted joint ventures are directors' valuations as at 31 December 2004. If realised at these values there would be an estimated liability for taxation of £nil (2003: £nil). The Group had no capital commitments to subscribe for further capital or loan stock. | |||||
| All figures in £ millions | Share of equity |
Reserves | Total net assets |
||
| Summary of movements | |||||
| At 31 December 2003 | 75 | (69) | 6 | ||
| Exchange differences | 1 | - | 1 | ||
| Additions | 10 | (2) | 8 | ||
| Dividends (including tax credits) from joint ventures | - | (1) | (1) | ||
| Retained loss for the year | - | (7) | (7) | ||
| At 31 December 2004 | 86 | (79) | 7 | ||
| 2004 | 2003 | ||||
| All figures in £ millions | Operating loss |
Total net assets |
Operating loss |
Total net assets |
|
| Business sectors | |||||
| FT Group | (8) | 2 | (11) | 2 | |
| The Penguin Group | 1 | 5 | 1 | 4 | |
| (7) | 7 | (10) | 6 | ||
| Geographical markets supplied and location of net assets | |||||
| United Kingdom | 1 | 4 | 1 | 4 | |
| Continental Europe | (8) | 3 | (11) | 2 | |
| (7) | 7 | (10) | 6 | ||
| All figures in £ millions | 2004 | 2003 | |||
| Reconciliation to retained loss | |||||
| Operating loss of joint ventures | (7) | (10) | |||
| Taxation | - | - | |||
| Retained loss for the year | (7) | (10) | |||
