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| 2004 | 2003 | ||||
|---|---|---|---|---|---|
| All figures in £ millions | Valuation | Book value | Valuation | Book value | |
| Listed associates | 53 | 9 | 27 | 9 | |
| Unlisted associates | 175 | 32 | 192 | 49 | |
| 228 | 41 | 219 | 58 | ||
| Note Principal associates are listed in note 34. The valuations of unlisted associates 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 | 49 | 9 | 58 | ||
| Exchange differences | (1) | 1 | - | ||
| Additions | 1 | - | 1 | ||
| Disposals | (24) | - | (24) | ||
| Retained profit for the year | - | 6 | 6 | ||
| At 31 December 2004 | 25 | 16 | 41 | ||
| 2004 | 2003 | ||||
| All figures in £ millions | Operating profit |
Total net assets |
Operating profit |
Total net assets |
|
| Business sectors | |||||
| Pearson Education | 1 | 5 | 1 | 4 | |
| FT Group | 14 | 33 | 7 | 30 | |
| Continuing operations | 15 | 38 | 8 | 34 | |
| Discontinued operations | 2 | 3 | 2 | 24 | |
| 17 | 41 | 10 | 58 | ||
| Geographical markets supplied and location of net assets/(liabilities) | |||||
| United Kingdom | 9 | 19 | 10 | 20 | |
| Continental Europe | 1 | 13 | 2 | 39 | |
| North America | 4 | (1) | (3) | (7) | |
| Rest of world | 1 | 7 | 1 | 6 | |
| Continuing operations | 15 | 38 | 10 | 58 | |
| Discontinued operations | 2 | 3 | - | - | |
| 17 | 41 | 10 | 58 | ||
| All figures in £ millions | 2004 | 2003 | |||
| Reconciliation to retained profit | |||||
| Operating profit of associates (before goodwill amortisation) | 17 | 17 | |||
| Interest | 1 | 1 | |||
| Taxation | (3) | (5) | |||
| Dividends (including tax credits) from unlisted associates | (9) | (8) | |||
| Retained profit for the year | 6 | 5 | |||
| The aggregate of the Group's share in its associates is shown below: | |||||
| All figures in £ millions | 2004 | 2003 | |||
| Sales | 290 | 234 | |||
| Fixed assets | 22 | 24 | |||
| Current assets | 102 | 116 | |||
| Liabilities due within one year | (75) | (70) | |||
| Liabilities due after one year or more | (8) | (12) | |||
| Net assets | 41 | 58 | |||
