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10 Investments
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| Shares at cost £m |
Share of post acquisition reserves £m |
Loans £m |
Total £m |
Unlisted £m |
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| At January 1, 2007 | 110 | 116 | 14 | 240 | 51 | ||||||
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| Exchange adjustments | 1 | 5 | — | 6 | — | ||||||
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| Additions | 13 | — | — | 13 | 6 | ||||||
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| Taxation paid by the Group | — | 2 | — | 2 | — | ||||||
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| Share of retained profit | — | 24 | — | 24 | — | ||||||
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| Disposals | — | (1) | — | (1) | — | ||||||
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| At January 1, 2008 | 124 | 146 | 14 | 284 | 57 | ||||||
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| Exchange adjustments | 14 | 71 | — | 85 | 1 | ||||||
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| Additions | 30 | — | 1 | 31 | 1 | ||||||
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| Taxation paid by the Group | — | 3 | — | 3 | — | ||||||
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| Share of retained profit | — | 25 | — | 25 | — | ||||||
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| Impairments | (8) | — | (2) | (10) | — | ||||||
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| Transferred to ‘Assets held for sale’ | — | (2) | — | (2) | — | ||||||
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| Disposals | (13) | (9) | (8) | (30) | (6) | ||||||
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| Cash flow hedging reserve movement 2 | — | (41) | — | (41) | — | ||||||
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| At December 31, 2008 | 147 | 193 | 5 | 345 | 53 | ||||||
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1 These primarily comprise floating rate convertible loan stock.
2 One of the Group’s joint ventures, Airtanker Holdings Limited, holds interest rate and inflation swaps for which cash flow hedge accounting has been adopted.
Investments in joint ventures are represented by:
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| 2008 £m |
2007 £m |
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| Share of aggregate assets: | ||
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| Non-current assets3 | 1,041 | 658 |
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| Current assets | 940 | 635 |
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| Share of aggregate liabilities:4 | ||
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| Current liabilities | (841) | (523) |
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| Non-current liabilities | (795) | (486) |
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| 345 | 284 | |
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| 3 Non-current assets include goodwill of | 10 | 7 |
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| 4 Liabilities include borrowings of | (655) | (372) |
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| 2008 £m |
2007 £m |
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| Share of income | 104 | 94 |
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| Share of net financing | (16) | (21) |
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| Share of taxation | (14) | (7) |
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| Share of profit of joint ventures recognised in the income statement | 74 | 66 |
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| Dividends received | (59) | (42) |
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| Share of retained profit | 15 | 24 |
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The tax charge on joint venture profits represents an effective tax rate of 16 per cent (2007 10 per cent), an increase of 6 per cent. This results from a change in profit mix between joint ventures taxed at different effective rates.
The principal joint ventures are listed on these pages