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Notes to the financial statementsNotes to the financial statements

Notes to the financial statements

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17. Available-for-sale investments

  As at
31 March
2009
£m		 As at
31 March
2008
£m
As at 1 April 34 47
Additions 21 1
Disposals (21) (16)
Revaluation to fair value in the year recognised in equity (1) 1
Exchange adjustments 8 1
As at 31 March 41 34
Non-current    
– listed 1 5
– unlisted 35 17
  36 22
Current    
– listed 1 –
– unlisted 4 12
  5 12
Total 41 34
Available-for-sale investments include the following:    
Listed securities    
Equities listed in the US 1 4
Equities listed in the rest of the world 1 1
Unlisted securities    
Cash related instruments 15 12
Equity investments 22 15
Other 2 2
Total 41 34

Available-for-sale investments are denominated in the following currencies:

  Sterling
£m		   Dollar
£m		   Euro
£m		   Yen
£m		   Other currencies
£m		   Total
£m
As at 31 March 2009 8   6   13   1   13   41
As at 31 March 2008 5   16   9   1   3   34

The fair value of unlisted securities is based on cost less any provision for impairment.

The Group owns 32.1% of the ordinary share capital of Amanah-Butler Sdn Bhd and 40.0% of KAF-Astley & Pearce Sdn Bhd, both voice broking companies based in Malaysia. These investments are not regarded as associates, as the Group does not exert significant influence on these investments, and they are included within unlisted investments above.

The interest rate profile of the Group’s financial assets together with discussion of risk management are included in note 23.

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