Annual review and summary financial statement 2007
Summary Group balance sheet At 31 December 2007
            2007
£m		 2006
£m
Non-current assets      
Intangible assets – goodwill   694 427
  – other   59 9
Property, plant and equipment   215 183
Investments in joint ventures and associates   381 458
Investments   57 46
PFI/PPP financial assets   62 22
Deferred tax assets   125 102
Derivative financial instruments   3 2
Trade and other receivables   77 50
    1,673 1,299
Current assets      
Inventories   72 75
Due from customers for contract work   338 252
Derivative financial instruments   1 3
Trade and other receivables   881 626
Cash and cash equivalents – PFI/PPP subsidiaries
   3 –
  – other   391 323
    1,686 1,279
Total assets   3,359 2,578
Current liabilities      
Trade and other payables   (1,718) (1,289)
Due to customers for contract work   (415) (265)
Derivative financial instruments   (6) (1)
Current tax liabilities   (7) (28)
Borrowings – PFI/PPP non-recourse term loans (3) –
  – other   (16) (17)
    (2,165) (1,600)
Non-current liabilities      
Trade and other payables   (135) (77)
Derivative financial instruments   (6) –
Borrowings – PFI/PPP non-recourse term loans (61) (21)
  – other   (1) (1)
Deferred tax liabilities   (7) (5)
Liability component of preference shares   (87) (90)
Retirement benefit obligations   (286) (288)
Provisions   (128) (109)
    (711) (591)
Total liabilities   (2,876) (2,191)
Net assets   483 387
Equity      
Called-up share capital   216 215
Share premium account   52 43
Equity component of preference shares   16 16
Special reserve   164 169
Share of joint ventures’ and associates’ reserves   178 243
Other reserves   9 5
Accumulated losses   (152) (304)
Total equity   483 387
The summary financial statement, extracted from the Directors’ report and accounts, has been approved for issue by the Board and signed on its behalf by
A L P Rabin Director      
4 March 2008