Notes to the Accounts
14. Joint ventures
| all figures in £ millions | 2000 | 1999 | ||
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| valuation | book | valuation | book | |
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| Unlisted joint ventures | 12 | 12 | | |
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note The valuations of unlisted joint ventures are directors valuations as at 31 December 2000. If realised at these values there would be no liability for taxation. The Group had no capital commitments to subscribe for further capital and loan stock.
| all figures in £ millions | equity | reserves | total net assets |
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| Summary of movements | |||
| At 31 December 1999 | | | |
| Transfer from associates | 8 | (2) | 6 |
| Owned by businesses acquired | 2 | | 2 |
| Additions | 19 | | 19 |
| Retained loss for the year | | (15) | (15) |
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| At 31 December 2000 | 29 | (17) | 12 |
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| 2000 | ||
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| all figures in £ millions | operating profit | total net assets |
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| Analysis of joint ventures Business sectors |
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| FT Group | (21) | 10 |
| The Penguin Group | | 2 |
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| Continuing operations | (21) | 12 |
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| Geographical markets supplied and location of net assets | ||
| United Kingdom | (2) | 3 |
| Continental Europe | (19) | 9 |
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| Continuing operations | (21) | 12 |
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| all figures in £ millions | 2000 |
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| Reconciliation to retained loss | |
| Operating loss of joint ventures | (21) |
| UK taxation | 6 |
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| Retained loss | (15) |
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