Notes to the Accounts
15. Associates
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| 2001 | 2000 | |||
| all figures in £ millions | valuation | book value | valuation | book value |
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| Listed associates | 984 | 829 | 1,895 | 948 |
| Unlisted associates | 258 | 63 | 341 | 72 |
| Loans | 1 | 1 | 4 | 4 |
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| 1,243 | 893 | 2,240 | 1,024 | |
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note 
Principal associates are listed in note
35. The valuations of unlisted associates are directors
valuations as at 31 December 2001. If all associates were realised at
these values there would be an estimated liability for taxation, at year
end rates, of £59m (2000: £153m). The Group had no capital commitments
to subscribe for further capital and loan stock.
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| all figures in £ millions | share of equity |
loans | reserves | total | goodwill | total net assets |
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| Summary of movements | ||||||
| At 31 December 2000 | 231 | 4 | 39 | 274 | 750 | 1,024 |
| Exchange differences | (6) | | (7) | (13) | (12) | (25) |
| Transfers | 1 | (3) | (4) | (6) | 3 | (3) |
| Additions | 2 | | | 2 | 2 | 4 |
| Retained loss for the year | | | (57) | (57) | | (57) |
| Goodwill written back on disposal | | | 36 | 36 | | 36 |
| Goodwill amortisation | | | | | (83) | (83) |
| Provision for impairment | | | | | (3) | (3) |
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| At 31 December 2001 | 228 | 1 | 7 | 236 | 657 | 893 |
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| 2001 | 2000 | |||
| all figures in £ millions | operating loss |
total net assets |
operating profit |
total net assets |
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| Analysis of associates | ||||
| Business sectors | ||||
| Pearson Education | (1) | 10 | 7 | 18 |
| FT Group | (49) | 120 | (30) | 175 |
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| Continuing operations | (50) | 130 | (23) | 193 |
| Discontinued operations | 2 | 763 | 33 | 831 |
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| (48) | 893 | 10 | 1,024 | |
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| Geographical markets supplied and location of net assets | ||||
| United Kingdom | 4 | 12 | 3 | (3) |
| Continental Europe | 2 | 72 | 4 | 43 |
| North America | (59) | 36 | (36) | 135 |
| Rest of world | 3 | 10 | 6 | 18 |
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| Continuing operations | (50) | 130 | (23) | 193 |
| Discontinued operations | 2 | 763 | 33 | 831 |
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| (48) | 893 | 10 | 1,024 | |
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note Operating profit from continuing operations
before goodwill amortisation and impairment is analysed as Pearson Education
£3m (2000: £7m) and FT Group £(2)m (2000: £7m).
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| all figures in £ millions | 2001 |
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| Reconciliation to retained loss | |
| Operating profit of associates (before goodwill amortisation) | 38 |
| Loss on sale of subsidiary undertakings and associates: continuing operations | (36) |
| Loss on sale of subsidiary undertakings and associates: discontinued operations | (17) |
| Net interest payable of associates | (6) |
| Overseas taxation | (9) |
| Dividends (including tax credits) from unlisted associates | (25) |
| Minority interest of associate | (2) |
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| Retained loss for the year | (57) |
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Included in the losses on sale of subsidiary undertakings and associates is £36m relating to the loss on sale of the Journal of Commerce by The Economist (continuing operations) and a net loss on disposals by the RTL Group (discontinued operations). The aggregate of the Groups share in its associates is shown below.
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| all figures in £ millions | 2001 | 2000 |
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| Sales | 700 | 655 |
| Fixed assets | 270 | 283 |
| Current assets | 384 | 480 |
| Liabilities due within one year | (360) | (397) |
| Liabilities due after one year or more | (58) | (92) |
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| Net assets | 236 | 274 |
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