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Investments in associated undertakings | 12 Months Ended
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Dec. 31, 2022
Investments in associated undertakings. |
Investments in associated undertakings | B6. Investments in associated undertakings ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | £m | ​ | £m
Interest in Nippon Calmic Limited |  | 32 |  | 29
Interest in individually immaterial associated undertakings |  | 21 |  | 1
At 31 December |  | 53 |  | 30
​ Nippon Calmic Ltd Nippon Calmic Ltd is an associated undertaking in Japan in which the Group has a 49% interest. The associate is unlisted and the investment value is shown below. ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | £m | ​ | £m
At 1 January | ​ | 29 | ​ | 27
Exchange differences |  | (1) |  | (2)
Share of profit1 |  | 8 |  | 8
Dividends received |  | (4) |  | (4)
At 31 December |  | 32 |  | 29
1. | Share of profit is net of tax of £4m (2021: £4m).
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Assets |  | Liabilities |  | Revenue |  | Profit |  | Assets |  | Liabilities |  | Revenue |  | Profit
​ | ​ | 2022 | ​ | 2022 | ​ | 2022 | ​ | 2022 | ​ | 2021 | ​ | 2021 | ​ | 2021 | ​ | 2021
​ | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m
Nippon Calmic Ltd (49%) |  | 66 | ​ | (33) | ​ | 52 | ​ | 8 |  | 53 |  | (24) |  | 52 |  | 8
​ In addition to the interest in associates disclosed above, the Group also has interests in a number of individually immaterial associates that are accounted for using the equity method. ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | £m | ​ | £m
At 1 January | ​ | 1 | ​ | —
Exchange differences |  | (1) |  | —
Acquisition |  | 20 |  | 1
Share of profit |  | 1 |  | —
Dividends received |  | — |  | —
At 31 December |  | 21 |  | 1
​ £1m (2021: £nil) relates to unrecognised share of losses related to associates.

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- Definition The disclosure of associates. [Refer: Associates [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 27 -IssueDate 2022-03-24 -Paragraph 17 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=27&code=ifrs-tx-2022-en-r&anchor=para_17_b&doctype=Standard -URIDate 2022-03-24 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 27 -IssueDate 2022-03-24 -Paragraph 16 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=27&code=ifrs-tx-2022-en-r&anchor=para_16_b&doctype=Standard -URIDate 2022-03-24 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 12 -IssueDate 2022-03-24 -Paragraph B4 -Subparagraph d -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B4_d&doctype=Appendix&subtype=B -URIDate 2022-03-24 + Details
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