| Joint venture | Associate | Total | |||
| €m | €m | €m | |||
| At 1 January 2006 | 10.4 | 0.2 | 10.6 | ||
| Share of profit | 0.4 | 0.1 | 0.5 | ||
| Exchange movements | (0.9) | – | (0.9) | ||
| At 31 December 2006 | 9.9 | 0.3 | 10.2 | ||
| At 1 January 2007 | 9.9 | 0.3 | 10.2 | ||
| Share of profit | 0.6 | 0.2 | 0.8 | ||
| Exchange movements | (0.2) | – | (0.2) | ||
| At 31 December 2007 | 10.3 | 0.5 | 10.8 |
The Group has a 50% share in its sole joint venture, Anji Car Rental and Leasing Company, a company which is incorporated in China. The Group also has a 33% share in its associate, Mercury Car Rentals Limited, a company which is incorporated in India. The Group’s share of results for the year were as follows:
| Joint venture | Associate | Total | |||||||||
| Share of: | 2007 €m |
2006 €m |
2007 €m |
2006 €m |
2007 €m |
2006 €m |
|||||
| Revenue | 14.5 | 12.0 | 3.9 | 3.1 | 18.4 | 15.1 | |||||
| Expenses | (13.2) | (11.2) | (3.5) | (3.0) | (16.7) | (14.2) | |||||
| Operating profit | 1.3 | 0.8 | 0.4 | 0.1 | 1.7 | 0.9 | |||||
| Net finance costs | (0.4) | (0.4) | (0.1) | – | (0.5) | (0.4) | |||||
| Profit before tax | 0.9 | 0.4 | 0.3 | 0.1 | 1.2 | 0.5 | |||||
| Taxation | (0.3) | – | (0.1) | – | (0.4) | – | |||||
| Net profit for the year | 0.6 | 0.4 | 0.2 | 0.1 | 0.8 | 0.5 | |||||
At the year end, the Group’s interest in Anji Car Rental and Leasing Company Limited, and Mercury Car Rentals Limited, comprised:
| Joint venture | Associate | Total | |||||||||
| Share of: | 2007 €m |
2006 €m |
2007 €m |
2006 €m |
2007 €m |
2006 €m |
|||||
| Non-current assets | 17.6 | 16.3 | 1.9 | 1.6 | 19.5 | 17.9 | |||||
| Current assets | 2.7 | 2.4 | 1.0 | 0.9 | 3.7 | 3.3 | |||||
| Current liabilities | (10.9) | (9.7) | (0.4) | (0.4) | (11.3) | (10.1) | |||||
| Non-current liabilities | – | – | (2.0) | (1.8) | (2.0) | (1.8) | |||||
| 9.4 | 9.0 | 0.5 | 0.3 | 9.9 | 9.3 | ||||||
| Net book amount of goodwill arising upon acquisition (see Note 10) |
0.9 | 0.9 | – | – | 0.9 | 0.9 | |||||
| 10.3 | 9.9 | 0.5 | 0.3 | 10.8 | 10.2 | ||||||
At the year end the joint venture had capital commitments of €1.5 million (2006: €nil). The associate had no capital commitments (2006: €nil).
At each year end, the joint venture and associate had no contingent liabilities and no operating lease commitments of greater than €0.1 million per annum.
As both the joint venture and associate have accumulated losses, transfer of funds from both the joint venture and associate is restricted.
