15. Fixed asset investments

	Joint ventures		Associated undertakings
	Share of net assets £m	Loans £m	Share of net assets £m	Loans £m	Goodwill £m	Other investments £m	Total £ m
a) The Group
At 1 January 2004 (as originally stated)	126	–	298	–	17	97	538
Prior year adjustment	–	–	–	–		(2)	(2)
At 1 January 2004 (as restated)	126	–	298	–	17	95	536
Share of post–tax profit	24	–	89	–	(2)	–	111
Additions	16	11	–	37	–	3	67
On acquisition of investments	127	17	248	173	–	79	644
Distribution and loan repayments	(14)	–	(59)	–	–	–	(73)
Disposals	–	–	(13)	–	–	(3)	(16)
Reclassifications and transfers	–	–	88	–	–	(88)	–
Exchange rate differences	5	–	(25)	2	–	–	(18)
At 31 December 2004	284	28	626	212	15	86	1,251

Included within the Group's share of net assets of joint ventures and associated undertakings is net debt of £1,452 million (31 December 2003: £712 million). These obligations are generally secured by the assets of the respective joint venture or associate borrower and are not guaranteed by International Power plc or any other Group company.

The prior year adjustment is explained in note xvii in the notes to the accounts.

	31 December 2004 £m	31 December 2003 £m
Group share of associated undertakings' net assets
Share of fixed and long-term assets	1,890	821
Share of current assets	432	226
	2,322	1,047
Share of liabilities due within one year	(274)	(79)
Share of liabilities due after more than one year	(1,210)	(670)
	(1,484)	(749)
Share of net assets	838	298
	31 December 2004 £m	31 December 2003 £m
Group share of joint ventures' net assets
Share of fixed and long-term assets	554	302
Share of current assets	88	35
	642	337
Share of liabilities due within one year	(50)	(37)
Share of liabilities due after more than one year	(280)	(174)
	(330)	(211)
Share of net assets	312	126

At 31 December 2004 the Group investments that are listed on a recognised stock market are those in The Hub Power Company Limited (HUBCO) and Malakoff Berhad. Both are associated undertakings. The Group's share of HUBCO was valued at £54 million (2003: £90 million) on the major Pakistan stock markets and the Group's share in Malakoff Berhad was valued at £159 million (2003: £128 million) on the Kuala Lumpur stock market. Market values for Group shareholdings in these investments were in excess of the respective book values at the year end.

A subsidiary, Al Kamil, is listed on the Muscat Securities Market and was valued at £14 million on 31 December 2004 (2003: not listed).

	Subsidiary undertakings
	Investment £m	Loans £m	Other investments £m	Total £m
b) The Company
At 1 January 2004 (as previously stated)	1,428	419	3	1,850
Prior year adjustment	–	–	(2)	(2)
At 1 January 2004 (as restated)	1,428	419	1	1,848
Additions	1,110	209	2	1,321
Capitalisation of loan due from subsidiary undertaking	99	–	–	99
Distribution and loan repayments	–	(33)	–	(33)
Disposals	–	–	(1)	(1)
Exchange rate differences	–	(18)	–	(18)
At 31 December 2004	2,637	577	2	3,216

Details of the principal subsidiary undertakings, associates and joint ventures are provided in note 33.

The prior year adjustment is explained in note xvii of the Accounting policies.

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