Associate
A company the group significantly influences without controlling; its result is reported as a share of profit rather than line by line.
How to read the number
Its debt and obligations never reach the group's balance sheet — they are visible only in the notes.
When the metric lies
Valuing the group on multiples distorts the picture when a large part of the business sits in associates: the revenue is absent while the value is not.
Also known as: equity accounted investee