Dairy Crest plc
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14 Investment in associates and joint ventures using equity method

The investment in associates using the equity method at 31 March 2012 is represented by a 20% interest in Wexford Creamery Limited (“WCL”) which is involved in the manufacture of cheese in the Republic of Ireland. Following the sale of 50% of the ordinary shares of WCL in June 2010, the Group equity accounts for a 20% shareholding in that company. The Group holds a further 10% of the issued share capital of WCL however, due to the existence of fixed-price put and call options in relation to this additional holding, it is considered deferred consideration and is not equity accounted.

The share of the assets, liabilities, income and expenses of associates (comprising Wexford Creamery Limited) at 31 March and for the years then ended, which are equity accounted for in the consolidated financial statements, are as follows:

2012

£m

2011

£m

Current assets

2.3

3.6

Current liabilities

(1.5)

(2.2)

Non-current liabilities

(0.3)

(0.4)

(1.8)

(2.6)

Share of net assets

0.5

1.0

Revenue

14.4

8.5

Operating costs

(14.6)

(8.6)

Finance costs

(0.1)

(0.1)

Loss before tax

(0.3)

(0.2)

Tax expense

-

-

Share of net loss

(0.3)

(0.2)