Notes to the Financial Statements (continued)  39. Associates and Joint Venture  Entities  Investments in Partnerships:  Financial Summary of Partnerships  (a) In 2002 the consolidated entity had a 50% ownership interest in the Lighting Partnership. The Lighting Partnership  was equity accounted in 2002 as the consolidated entity did not have control over the financial and operating  decisions of the partnership. During 2003, the consolidated entity’s ownership interest in the Lighting Partnership had  increased to 99.9% resulting in effective control over financing and operating decisions. The results of the partnership  have been consolidated in accordance with AASB 1024 “Principles of Consolidation” for the year ended 30 June  2003. Details of material interests in partnerships are as follows:  CONSOLIDATED CONSOLIDATED Investment  Share of net  profit/(loss) 2003  2002  2003  2002  $000  $000  $000  $000  Partnerships  -  1,538  -  (492)  Joint venture entities 47,520  40,849  1,948  1,371  Associates -  -  -  -  Total accounted for using equity method  47,520  42,387  1,948  879  Name and  Principal activities  Ownership  interest  Carrying  amount  CONSOLIDATED 2003  2002  2003  2002  $000 $000  Lighting Partnership (a) - Lighting retail business  99.9%  50%  -  1,538  -  1,538  CONSOLIDATED  2003  2002  $000  $000  Current assets  -  3,077  Non-current assets  -  -  Current liabilities  -  (3,515)  Non-current liabilities  -  (20)  Net Assets/(Liabilities)  -  (458)  Revenues  -  3,019  Expenses  -  (3,511)  Loss from ordinary activities  before income tax expense  -  (492)  Income tax expense relating  to ordinary activities  -  -  Net loss  -  (492)  Share of net loss of partnerships  -  (492)  HARVEY NORMAN HOLDINGS LIMITED AND ITS CONTROLLED ENTITIES – ANNUAL REPORT 2003 69 