RBS 2003 Annual Report Download - page 159
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157
Annual Report and Accounts 2003
Notes on the accounts
16 Interests in associated undertakings
Movements in interests in associated undertakings during the year were as follows:
Share of
net assets
£m
At 1 January 2003 94
Currency translation and other adjustments 1
Change of status 14
Additions 2
Acquisitions 21
Disposals (27)
Share of profit 1
At 31 December 2003 106
Interests in associated undertakings are analysed as follows:
2003 2002
£m £m
Banks – unlisted — 24
Others 106 70
106 94
The principal associated undertaking is:
Total issued share Share of results
and loan capital at % based on accounts Nature of
31 December 2003 held made up to business
Linea Directa Aseguradora S.A. 2,400m 0.03 ordinary shares 50.0 31 December* Insurance
(incorporated in Spain)
* Incorporating unaudited interim accounts.
Linea Directa Aseguradora S.A. operates in Spain.
Dividends receivable from associated undertakings (excluding related tax credits) totalled £9 million (2002– £1 million).
Transactions with associated undertakings are conducted on similar terms to third party transactions and are not material to the Group’s
results or financial condition.