Summarised Balance Sheet

	31 March 2006 €m	31 March 2005 €m
Non-current assets
Fixed assets	809	733
Investment in associated undertakings	3347	3218
Other non-current assets	450	416
	4606	4367
Net current assets	1476	1462
Net operating assets	6082	5829
Net cash	884	617
Cash and cash equivalents	1416	1183
Borrowings	(532)	(566)
Other non-current liabilities	(185)	(165)
	6781	6281

Equity
Unitholders’ equity	6773	3275
Minority interests	8	6
	6781	6281

The Group’s interest in British American Tobacco ordinary shares amounted to 18.6 per cent at 31 March 2006. British American Tobacco’s market capitalisation on that date, based on 2 092 million ordinary shares in issue, amounted to £ 29 161 million. The fair value of the Group’s investment in British American Tobacco therefore amounted to £ 5 437 million or € 7 960 million at 31 March 2006.

Net current assets were in line with the prior year-end at € 1 476 million. Net inventories increased by 7 per cent to € 1 623 million; the increase being largely offset by increases in current liabilities, while year-end trade debtors increased by some 18 per cent, reflecting both the seasonality of wholesale sales and the growth seen during the latter part of the year. The increases in inventories and debtors were largely offset by increases in current liabilities, primarily relating to current tax liabilities and trade creditors.

Net cash amounted to € 884 million. Cash balances were primarily denominated in euros, whereas borrowings were spread across the principal currencies of the countries in which the Group has significant operations, namely, euros, yen, US dollars, Hong Kong dollars and Swiss francs. Borrowings reflect the financing of net operating assets in the countries concerned.