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18. Investments in joint ventures
| £m | |
|---|---|
| At 1 April 2005 | 17 |
| Exchange adjustments | 2 |
| Disposals | (2) |
| Share of retained profit | 3 |
| Dividends received | (2) |
| Impairment provision written back (i) | 13 |
| Reclassification | (19) |
| At 31 March 2006 | 12 |
| Exchange adjustments | (1) |
| Disposals | (8) |
| Share of retained profit | 2 |
| At 31 March 2007 | 5 |
(i) For the year ended 31 March 2006, a £13m reversal of impairment in the investment in National Grid's joint venture, Copperbelt Energy Corporation (CEC) was recorded. As at 31 March 2006, National Grid had agreed, but not completed, the sale of its interest in CEC at a price that was £13m higher than the net carrying value of the investment after prior year impairments. As the sales process was at an advanced stage and there was a strong indication of an increase in the investment's external market value, a reversal of impairment was recognised in accordance with IAS 36 and IFRS 5. CEC was disposed of on 27 October 2006.