 | | Click icon for this table in Excel format |
| Interests in own shares £m | Interests in associates £m | Other investments £m | Total £m |
|
| Cost less amounts written off |
| 31 December 1997 | 39 | 22 | 19 | 80 |
| Net additions | 6 | 6 | 14 | 26 |
| Disposals | – | – | (8) | (8) |
| Reclassification (see note below) | – | (4) | – | (4) |
|
| 31 December 1998 | 45 | 24 | 25 | 94 |
|
| Share of post-acquisition losses |
| 31 December 1997 | – | (7) | – | (7) |
| Profits arising in the year (see note below) | – | 4 | – | 4 |
| Reclassification (see note below) | – | 3 | – | 3 |
| Dividends received | – | (9) | – | (9) |
|
| 31 December 1998 | – | (9) | – | (9) |
|
| 45 | 15 | 25 | 85 |
|
| Profits arising in the year of £4 million are shown net of £5 million goodwill amortisation in the consolidated profit and loss account. |
| The reclassification reflects the purchase of the remaining 50% of Adways S.A. which is now treated as a wholly owned subsidiary undertaking. |
| Interests in own shares represents the cost less amounts written off of 12.1 million ordinary shares held by employee share ownership trusts (ESOTs). These were acquired in the open market using funds provided by Reuters. The write-off reflects employee interests under incentive plans which are charged against profit over the vesting period of the awards. The market value of these shares at 31 December 1998 was £77 million. The ESOTs have waived dividend and voting rights on these shares. This presentation accords with that required by the Urgent Issues Task Force abstracts 13 and 17. Should the shares held by the ESOTs become material this treatment may be reviewed. |
| During 1998 Reuters entered into a joint venture with Rudin Times Square Associates, LLC. At 31 December 1998 Reuters had invested a nominal amount and had guaranteed the future injection of approximately US$45 million. |
| During 1998 transactions between Reuters and its associates totalled £2 million (1997 – £4 million, 1996 – £3 million). |
| Other investments consist principally of US technology stocks, a number of which are listed with a market value of £48 million, and Stock Exchange seats. |
