14. Fixed asset investments
| Joint ventures | Associated undertakings | ||||||
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| a) The Group | Share of net assets £m |
Share of net assets £m |
Goodwill £m |
Other investments £m |
Total £m |
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| At 1 January 2003 | 102 | 283 | 20 | 102 | 507 | ||
| Share of post-tax profit | 19 | 94 | (2) | – | 111 | ||
| Additions | 8 | – | – | 2 | 10 | ||
| Distribution and loan repayments | (10) | (58) | – | (1) | (69) | ||
| Disposals | – | (4) | – | (4) | (8) | ||
| Reclassifications and transfers | 7 | – | – | – | 7 | ||
| Amortisation | – | – | – | (1) | (1) | ||
| Exchange rate differences | – | (17) | (1) | (1) | (19) | ||
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| At 31 December 2003 | 126 | 298 | 17 | 97 | 538 | ||
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| Included within the Group’s share of net assets of joint ventures and associated undertakings is net debt of £712 million (31 December 2002: £503 million). These obligations are generally secured by the assets of the respective joint venture or associate borrower and are not guaranteed by International Power plc or any other Group company. | |||||||
| Group share of associated undertakings’ net assets | 31 December 2003 £m |
31 December 2002 £m |
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| Share of fixed assets | 821 | 602 | |
| Share of current assets | 226 | 221 | |
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| 1,047 | 823 | ||
| Share of liabilities due within one year | (79) | (157) | |
| Share of liabilities due after more than one year | (670) | (383) | |
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| (749) | (540) | ||
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| Share of net assets | 298 | 283 | |
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| Group share of joint ventures’ net assets | 31 December 2003 £m |
31 December 2002 £m |
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| Share of fixed assets | 302 | 260 | |
| Share of current assets | 35 | 40 | |
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| 337 | 300 | ||
| Share of liabilities due within one year | (37) | (46) | |
| Share of liabilities due after more than one year | (174) | (152) | |
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| (211) | (198) | ||
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| Share of net assets | 126 | 102 | |
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The Group investments that are listed on a recognised stock market are those in The Hub Power Company Limited (HUBCO) and Malakoff Berhad. Both are associated undertakings. At 31 December 2003, the Group's share of HUBCO was valued at £90 million (2002: £126 million) on the major Pakistan stock markets and the Group's share in Malakoff Berhad was valued at £128 million (2002: £108 million) on the Kuala Lumpur stock market. Market values for both Group shareholdings were in excess of the respective book values at the year end. Kot Addu Power Company Limited (KAPCO), in which the Group holds 36% of the shares, is classified as a trade investment because International Power plc does not exercise significant influence over the company. |
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| Subsidiary undertakings | |||||
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| b) The Company | Investment £m |
Loans £m |
Other investments £m |
Total £m |
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| At 1 January 2003 | 1,015 | 862 | 1 | 1,878 | |
| Additions | 1,172 | 362 | 2 | 1,536 | |
| Distribution and loan repayments | (438) | – | – | (438) | |
| Disposals | (94) | (784) | – | (878) | |
| Amortisation | – | – | – | – | |
| Impairment | (227) | (15) | – | (242) | |
| Exchange rate differences | – | (6) | – | (6) | |
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| At 31 December 2003 | 1,428 | 419 | 3 | 1,850 | |
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Details of the principal subsidiary undertakings, associates and joint ventures are provided in note 32. Within other investments are a number of International Power plc Ordinary Shares held in Employee Share Ownership Trusts (ESOTs). These shares are held by the ESOTs to meet awards made under a number of employee share plans (see note 22). At 31 December 2003, the ESOTs held a total of 3,003,312 International Power plc Ordinary Shares (2002: 1,917,414). At 31 December 2003, the market value of these shares was £3,709,090. The maximum number of shares required to meet all outstanding awards (assuming full vesting of those awards) as at 31 December 2003 was 842,171 (2002: 1,730,255). |
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