National Express Annual Reports and Accounts 2011

Annual Report and Accounts 2011

Note 18

Investments accounted for using the equity method

Investments accounted for using the equity method are as follows:

2011
£m
2010
£m
Joint ventures 2.0 2.0
Associates 4.6 4.6
Total investments accounted for under the equity method 6.6 6.6

The Group's share of post tax results from associates and joint ventures accounted for using the equity method is as follows:

2011
£m
2010
£m
Share of joint venture's profit 0.1 0.1
Share of associates' profit 1.3 0.2
Total share of results from associates and joint ventures 1.4 0.3

(a) Investments in joint ventures

The Group's interests in joint ventures are as follows:

Name Country of registration Activity Proportion held %
Ibero-Eurosur S.L. Spain Holding company of Deutsche Touring 20

The financial information of this joint venture is summarised below:

Ibero
Share of joint venture's balance sheet and results 2011
£m
2010
£m
Non-current assets 3.5 3.7
Current assets 0.1
Share of gross assets 3.5 3.8
Non-current liabilities (1.2) (1.5)
Current liabilities (0.3) (0.3)
Share of gross liabilities (1.5) (1.8)
Share of net assets 2.0 2.0
Revenue 0.1 0.1
Share of profit 0.1 0.1

The carrying amount of the investment in joint ventures matches the Group's share of the net assets.

(b) Investments in associates

The Group's interests in associates are as follows:

Name Country of registration Proportion held %
Inter-Capital and Regional Rail Limited England and Wales 40
European Coach & Bus associates Spain 20-50

Inter-Capital and Regional Rail Limited (ICRRL) was contracted to manage the operations of Eurostar UK until 2010. In 2006 and 2009, onerous contract provisions were recognised in relation to the Group's obligation to fund the losses of ICRRL. As a result, the Group ceased to recognise the share of results of ICRRL.

European Coach & Bus's associates are generally involved in the operation of coach and bus services, management of bus stations and similar operations.

The aggregate amounts related to associates are summarised below:

Share of associates' balance sheets and results 2011
£m
2010
£m
Non-current assets 4.7 5.1
Current assets 5.9 6.1
Share of gross assets 10.6 11.2
Non-current liabilities (2.4) (2.4)
Current liabilities (3.6) (4.2)
Share of gross liabilities (6.0) (6.6)
Share of net assets 4.6 4.6
Total revenue 15.6 15.5
Share of profit 1.3 0.2