It is an issue of how the associates are valued. In the consolidated (Group)accounts, this is done on the basis of share of net assets. For the company the Directors use their own valuation of what they reckon the associates to be worth. I would go for the more conservative valuation as per the group accounts, as this is backed by IAS rather than what is in the company. I do not agree with the Directors valuation of the associates. Still, it is a nice counter to own.