28. Related parties
Partnerships and associated undertakings
Loans and equity advanced to associated undertakings during the year and
at the balance sheet date are shown in note 11.
Amounts falling due from partnerships and associated undertakings are
set out in note 14. Dividends receivable from
partnerships and associated undertakings are set out in note 11.
Details of individually significant transactions are shown below.
Troll Communications LLC
During the year the Group sold its 44.1% interest in the equity of Troll
Communications LLC. £1.5m in interest income on the subordinated debt
and £0.8m dividend income on the preferred stock were earned in the period.
As at 31 December 1997 no interest was out standing (1996: £3.6 m) and
no dividend was outstanding (1996: £2 .1m).
Port Aventura SA
The Group has a 40% interest in the equity of Port Aventura SA. Management
fees of £2.0m were earned during the year of which £0.8m (1996: £1.0m)
was outstanding at the year end.
Channel 5 Television Group Ltd.
The Group has a 24% economic interest in the equity of Channel 5 Television
Group Ltd. During the year £47.3m of loans were advanced.
During the year the Group provided £22.6m of programming to Channel 5
Broadcasting Ltd., a wholly owned subsidiary of Channel 5 Television Group
Ltd, and undertook transmission to the value of £2.1m for Channel 5 Engineering
Services Ltd, a subsidiary of Channel 5 Television Group Ltd. At 31 December
1997 £6.3m was outstanding (1996: £nil).
European Channel Management Ltd.
The Group has a 45% interest in European Channel Management Ltd. During
the year the Group paid £1.0m for £3.9m of tax losses.
The Group has a 20% interest in UK TV. During the year the Group provided
programmes and services to the value of £2.7m of which £0.1m was outstanding
at the year end (1996: £nil).
Grundy associated undertakings
During the year the Group received £3.7m for management fees, format rights
and royalties from a number of associated undertakings of Grundy Worldwide
Ltd, of which £0.1m (1996: £0.4m) was outstanding at the year end. No
individual transactions were material to the Group.
Details of the ownership structure and profit sharing arrangements are
set out in note 11.
The Group periodically places funds on deposit with the Lazard Houses.
The investments are made on an arm's length basis and no transactions
are individually material in the context of the Group treasury transactions.
The Group also uses the Lazaed Houses to provide professional advice.
Fees for such services for the year to 31 December 1997 totalled £3.6m.
Transactions with directors and officers of the company are set on pape
35 of the Directors' Report.