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13 Investments in joint ventures and associates

Joint ventures

All figures in £ millions	2005	2004	2003
At beginning of year	14	12	12
Exchange differences	(3)	1	4
Share of loss after tax	(1)	(5)	(9)
Dividends	(4)	(3)	(2)
Additions or further investment	6	9	7
At end of year	12	14	12
Investments in joint ventures are accounted for by the equity method of accounting and are initially recognised at cost. The aggregate of the Group's share in its joint ventures, none of which are individually significant, are as follows:
All figures in £ millions	2005	2004	2003
Assets
Non-current assets	3	3	-
Current assets	26	19	18
Liabilities
Current liabilities	(17)	(8)	(6)
Net assets	12	14	12
Income	46	37	33
Expenses	(47)	(42)	(42)
Loss after income tax	(1)	(5)	(9)

Associates

All figures in £ millions	2005	2004	2003
At beginning of year	33	52	94
Share of profit after tax	15	15	13
Dividends	(10)	(9)	(8)
Loan repayment	-	-	(2)
Additions	-	1	-
Disposals	(14)	(24)	(45)
Transfer to non-current assets held for sale	-	(2)	-
At end of year	24	33	52

Investments in associates at 31 December 2005 include goodwill of £nil (2004: £6m; 2003: £7m). The share of profit after tax includes £nil (2004: £2m; 2003: £2m) in respect of discontinued operations.

The Group's interests in its principal associates, all of which are unlisted, were as follows:

2005 All figures in £ millions	Country of incorporation	% Interest held	Assets	Liabilities	Revenues	Profit
The Economist Newspaper Ltd	England	50	79	(67)	105	12
Other			42	(30)	49	3
Total			121	(97)	154	15
2004 All figures in £ millions	Country of incorporation	% Interest held	Assets	Liabilities	Revenues	Profit
The Economist Newspaper Ltd	England	50	71	(62)	98	11
Other			42	(18)	192	4
Total			113	(80)	290	15
2003 All figures in £ millions	Country of incorporation	% Interest held	Assets	Liabilities	Revenues	Profit
The Economist Newspaper Ltd	England	50	103	(101)	95	9
Other			81	(31)	139	4
Total			184	(132)	234	13

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