- Independent auditors' report
- Consolidated income statement
- Consolidated statement of recognised income and expense
- Consolidated balance sheet
- Consolidated cash flow statement
- Company balance sheet
- Company statement of recognised income and expense and cash flow statement
- Notes to the financial statements
Notes to the financial statements
for the year ended 3 January 2009
17.Investments in joint ventures
| 2008 €'000 |
2007 €'000 |
||
|---|---|---|---|
| At the beginning of the year | 57,328 | 58,668 | |
| Share of profit after tax - including exceptional tax charge | 5,901 | 834 | |
| Other reserve movements | (2,961) | (1,925) | |
| Deferred tax provision | (2,420) | (3,312) | |
| Write-down of investment | (335) | (380) | |
| Exchange differences | (224) | (5,671) | |
| Funding advanced | 7,606 | 9,114 | |
| At the end of the year | 64,895 | 57,328 |
The following amounts represent the Group's share of the assets and liabilities, revenue and results in joint ventures:
| 2008 €'000 |
2007 €'000 |
||
|---|---|---|---|
| Assets | |||
| Non-current assets | 101,573 | 100,418 | |
| Current assets | 69,598 | 63,819 | |
| 171,171 | 164,237 | ||
| Liabilities | |||
| Long-term liabilities | 63,361 | 53,356 | |
| Current liabilities | 42,915 | 60,511 | |
| 106,276 | 113,867 | ||
| Net assets | 64,895 | 50,370 | |
| Revenue | 346,000 | 330,906 | |
| Expenses | (340,099) | (330,072) | |
| Profit after income tax | 5,901 | 834 | |
| Proportionate interest in joint venture's commitments | 31,812 | 15,700 |
A listing and description of interests in significant joint ventures is outlined in note 44.
The Group holds 51% of the share capital of Glanbia Cheese but this is considered to be a joint venture as the Group does not have control of the company.