Notes to the financial statements

	As at 31 March 2009 £m	As at 31 March 2008 £m
Cost and net book value
As at 1 April	988	876
Additions	2,379	216
Disposals	(1,412)	(104)
As at 31 March	1,955	988

During the year, the Company acquired ICAP Holdings (Asia Pacific) Limited, ICAP Holdings Limited and ICAP Securities Limited and then disposed of them, along with ICAP America Investments Limited, in exchange for shares in ICAP Group Holdings Limited (IGHL). As all companies remain wholly-owned subsidiaries of the Company, this is regarded as a transaction of no substance and the investment in IGHL is recognised at the same value as the companies disposed of.

The Company’s immediate subsidiary companies are ICAP Group Holdings Limited, Intercapital Limited (formerly plc) and Garban Group Holdings Limited, all of which are incorporated in England and are 100% owned by the Company. All of the Company’s other subsidiaries are indirectly owned. The Company’s principal subsidiaries and their country of incorporation and the Group’s ownership are listed below:

		% held
Argentina	ICAP Securities SA	100
Australia	ICAP Australia Pty Limited	100
	ICAP Brokers Pty Limited	100
Bahrain	ICAP (Middle East) WLL*	49
Brazil	ICAP do Brasil Corretora De Titulose Valores Mobiliarios Ltda	100
Chile	ICAP Securities Chile SA	75
China	ICAP Equities Asia Limited	78
	ICAP (Hong Kong) Limited	100
	ICAP Shipping (Hong Kong) Limited (formerly ICAP Hyde (China) Limited)	75
	Link Securities (Hong Kong) Limited	100
Colombia	ICAP FX Colombia SA (formerly ICAP Colombia Investments Corp SA)	100
	ICAP Securities Colombia SA	95
Denmark	ICAP Scandinavia Fondsmaeglerselskab A/S (formerly ICAP Scandinavia A/S)	100
	ICAP Shipping (Denmark) ApS (formerly ICAP Hyde (Denmark) ApS)	75
England	EBS Dealing Resources International Limited	100
	Harlow (London) Limited	100
	ICAP Electronic Broking Limited	100
	ICAP Energy Limited	100
	ICAP Equities Limited	78
	ICAP Europe Limited	100
	ICAP Management Services Limited	100
	ICAP Securities Limited	100
	ICAP Shipping Derivatives Limited (formerly ICAP Hyde Derivatives Limited)	75
	ICAP Shipping Limited (formerly ICAP Hyde & Company Limited)	75
	ICAP Shipping Tanker Derivatives Limited (formerly ICAP Hyde Tanker Derivatives Limited)	75
	ICAP Shipping Tankers Limited (formerly Capital Shipbrokers Limited)	75
	ICAP WCLK Limited	100
	The Link Asset and Securities Company Limited	100
	Traiana Limited	100
	ICAP America Investments Limited	100
	ICAP Group Holdings Limited	100
	ICAP Holdings Limited	100
	ICAP Holdings (Asia Pacific) Limited	100
Germany	ICAP Deutschland GmbH	100
	ICAP Shipping (Germany) GmbH (formerly ICAP Hyde (Germany) GmbH)	75
Gibraltar	ICAP Shipping (Gibraltar) Limited (formerly ICAP Hyde (Gibraltar) Limited)	75
India	ICAP India Private Limited	51
Indonesia	PT ICAP Indonesia	85
Israel	Traiana Technologies Limited	100
Japan	EBS Dealing Resources Japan Limited	100
	ICAP Totan Securities Co Limited	60
Korea	ICAP Foreign Exchange Brokerage Limited	100
Mexico	Escorfin SA	100
Netherlands	ICAP Holdings (Nederland) BV	100

* ICAP (Middle East) WLL is treated as a subsidiary since the Group exercises control over the company as the majority shareholder takes no part in the management of the company.

		% held
New Zealand	ICAP New Zealand Limited	80
Norway	ICAP Energy AS	100
Philippines	ICAP Philippines Inc	100
Poland	ICAP (Poland) Sp. Zo.o.	100
Singapore	ICAP AP (Singapore) Pte Limited	100
	ICAP Currency Options Pte Limited	100
	ICAP Energy Pte Limited	100
	ICAP Shipping Singapore Pte Limited	75
	Reset Private Limited*	85
South Africa	FCB-Harlow Butler Pty Limited	51
United States	EBS Dealing Resources Inc	100
	First Brokers Securities LLC	100
	GovPX Inc	100
	ICAP Securities USA LLC	100
	ICAP Capital Markets LLC	100
	ICAP Corporates LLC	100
	ICAP Electronic Broking LLC	100
	ICAP Energy LLC	100
	ICAP Futures LLC	100
	ICAP Information Systems LLC	100
	ICAP Services North America LLC	100
	ICAP United, Inc	100
	Intercapital Securities LLC	100
	Link Brokers Derivatives Corporation	100
	Moving Pictures Film and Television LLC	100
	Skaarup Shipbrokers Inc	75
	Traiana Inc	100
	Wrightson ICAP LLC	100

* Reset Private Limited became 100% owned in April 2009.

The percentage held represents the percentage of issued share capital held (all classes) and also represents the voting rights of the Company. All subsidiaries have a 31 March year end.

All companies operate in their country of incorporation, except ICAP Securities USA LLC and ICAP Futures LLC which also operate in the UK, ICAP Energy AS which also operates in the Netherlands and in Spain and EBS Dealing Resources Limited which operates worldwide.

The principal activity of ICAP Information Services LLC, Wrightson ICAP LLC and GovPX, Inc. is the provision of financial information to third parties. All other subsidiaries are involved in voice broking, electronic broking, or service activities related to broking activity.

(b) Joint ventures – Group

The Group’s principal joint ventures and their country of incorporation are listed below.

		% held	% held
Australia	TFS-ICAP	25.0	Voice broking
China	Shanghai CFETS-ICAP International Money Broking Co Limited	33.0	Voice broking
England	ICAP-JLT Limited	50.0	Voice broking
	TFS-ICAP Limited	22.5	Voice broking
Japan	TFS-ICAP	25.0	Voice broking
Mexico	SIF ICAP, S.A. de CV	50.0	Voice broking
Singapore	TFS-ICAP	25.0	Voice broking
United States	Hartfield, Titus & Donnelly LLC	33.0	Voice broking
	TFS-ICAP LLC	22.5	Voice broking

All joint ventures have a 31 December year end. Former joint ventures Skaarup and ICAP Shipping (Hong Kong) Limited are now subsidiaries of the Company.

Summary financial information of joint ventures

The Group’s share of joint ventures’ assets and liabilities included in the balance sheet and their results included in the income statement is given below:

	As at 31 March 2009 £m	As at 31 March 2008 £m
Assets	18	13
Liabilities	(6)	(5)
Net assets	12	8
Goodwill included in the Group’s balance sheet	1	2
Net investment in joint ventures	13	10

	Year ended 31 March 2009 £m	Year ended 31 March 2008 £m
Revenue	22	21
Administrative expenses	(17)	(16)
Profit before tax	5	5
Tax	(1)	(1)
Profit for the year	4	4
Attributable to
Equity holders of the parent	4	4

(b) Investment in joint venture – Company

Cost and net book value

	As at 31 March 2009 £m	As at 31 March 2008 £m
Cost and net book value
As at 1 April	–	–
Additions	1	–
As at 31 March	1	–

The Company’s joint venture is CFETS-ICAP, a moneybroking company in China, of which the Company owns 33%.

(c) Associates – Group

The Group’s principal associates and their country of incorporation are listed below:

		% held		Principal activity
England	BSN Capital Partners Limited	25.1		Voice broking
China	Capital Shipbrokers Limited	37.5		Voice broking
Japan	Totan Capital Markets Co. Limited	28.1		Voice broking
Singapore	Island Shipbrokers Pte Limited	16.9		Voice broking
Sweden	TriOptima AB	38.7		Electronic trading
United States	Blockcross Holdings LLC	20.0		Electronic trading
	Confirmhub LLC	33.0		Electronic trading

Island Shipbrokers Pte Limited is regarded as an associate of the Group, as a company controlled by the Group owns 22.5% of the equity and has significant influence on the accounting and operational policies of Island Shipbrokers Pte Limited. A company controlled by the Group owns 50% of Capital Shipbrokers Limited.

TriOptima AB and BSN Capital Partners Limited have a 31 December year end and all other associates have a 31 March year end.