British Airways 2007/08 Annual Report and Accounts

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20 Available-for-sale financial assets

£ million	2008	2007	2008	2007
	Group		Company
Available-for-sale financial assets	80	107	24	41

Available-for-sale financial assets are measured at fair value. For listed investments the fair value comprises the market price at the balance sheet date.

For unlisted investments the fair value is estimated by reference to the discounted cash flow analysis or by reference to other valuation methods.

On March 5, 2007 the Group acquired a 15 per cent investment in the Flybe Group Ltd in connection with the disposal of the regional business of BA Connect. At March 31, 2007 this investment was valued at £49 million.

The Group performed a review of its investment in the Flybe Group Ltd and due to an expected significant and prolonged decline in fair value, associated with fuel price increases, the Group recognised a £6 million impairment of the investment. The impairment charge has been reflected in the income statement relating to other financial assets.

Available-for-sale investments include investments in listed ordinary shares, which by their nature have no fixed maturity date or coupon rate.

The table below shows total listed and unlisted available-for-sale investments.

£ million	2008	2007	2008	2007
	Group		Company
Listed	13	17
Unlisted	67	90	24	41
	80	107	24	41