PA Group Annual Report 2007
NOTES TO THE FINANCIAL
STATEMENTS
(continued)
12. Investment in joint ventures and associates
2007 2006
£000 £000
Group
Share of net assets
At 1 January 4,808 3,943
Currency translation difference on investment in joint venture and associate 476 (409)
Share of retained net profit after dividends received of £2,758,000 (2006: £2,711,000) 121 (375)
Goodwill amortised (246) (115)
Pension liability recognised in joint venture (57) (401)
Acquisition of associate - 2,165
At 31 December 5,102 4,808

Analysed between:
Net assets 3,038 2,563
Goodwill 2,064 2,245
5,102 4,808
Investment in joint ventures 3,065 2,677
Investment in associate 2,037 2,131
Total investment in joint ventures and associate 5,102 4,808

Loan to joint venture
At 1 January 50 50
Repaid during the year (50) -
At 31 December - 50

The joint ventures are as follows:
Company Activity Group Interest in Ordinary
Shares and Voting Rights
CNW Group Limited (incorporated in Canada) Communications services 50%
The Editorial Centre Limited Media training 50%
Television News Release Limited Video news releases 50%
The shares in CNW Group Limited are held by an investment holding company, PA News Investments Limited, that is a direct
subsidiary undertaking of the company. The shares in The Editorial Centre Limited and Television News Release Limited are
held by The Press Association Limited, a direct subsidiary undertaking of the company.
During the year group companies provided services to the joint ventures amounting to £62,000 (2006: £54,000) and incurred
cost of sales of £24,000 (2006: £5,500), both on an arms length basis. Amounts due from joint ventures at the year-end are
included in debtors (see note 14).
30
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44