=+SUGAR plc and its American subsidiary, CUBE inc., sell both bottled mineral water and confectionery products in the UK and US markets respectively. There are no intercompany or inter-segment sales, and neither company has any associate undertakings.

CUBE inc. carries out its day-to-day operations in US dollars and acts independently of SUGAR ple. The parent company acquired its interest in CUBE inc. as a long-term investment and, while SUGAR plc is not interested in the value of individual assets and liabilities of CUBE inc., it does control the long-term strategy of the American company.