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| 20.
Fixed asset investments |
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| Group |
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| Cost |
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| Balances at 1 April
2000 |
6,247 |
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1,073 |
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(1,049 |
) |
122 |
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619 |
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7,012 |
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| Additions |
1,882 |
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3,955 |
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– |
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66 |
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199 |
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6,102 |
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| Joint ventures becoming
subsidiary companies |
(2,718 |
) |
(3,321 |
) |
1,348 |
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– |
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– |
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(4,691 |
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| Disposals |
(67 |
) |
– |
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12 |
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– |
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(118 |
) |
(173 |
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| Share of losses
less retained profits for the year |
– |
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– |
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(569 |
) |
– |
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– |
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(569 |
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| Repayments and other
transfers |
(463 |
) |
(956 |
) |
– |
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(31 |
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367 |
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(1,083 |
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| Currency movements |
195 |
|
(7 |
) |
(14 |
) |
– |
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26 |
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200 |
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| Balances at
31 March 2001 |
5,076 |
|
744 |
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(272 |
) |
157 |
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1,093 |
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6,798 |
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| Provisions and
amounts written off |
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| Balances at 1 April
2000 |
(1,046 |
) |
– |
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– |
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– |
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(88 |
) |
(1,134 |
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| Goodwill amortisation
for the year |
(185 |
) |
– |
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– |
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– |
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– |
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(185 |
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| Exceptional item
relating to impairment in goodwill |
(200 |
) |
– |
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– |
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– |
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– |
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(200 |
) |
| Disposals |
21 |
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– |
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– |
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– |
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3 |
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24 |
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| Transfers |
24 |
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– |
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– |
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– |
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(8 |
) |
16 |
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| Increase in the
year |
(6 |
) |
– |
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– |
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– |
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(109 |
) |
(115 |
) |
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| Balances at
31 March 2001 |
(1,392 |
) |
– |
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– |
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– |
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(202 |
) |
(1,594 |
) |
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| Net book value
at 31 March 2001 |
3,684 |
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744 |
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(272 |
) |
157 |
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891 |
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5,204 |
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| Net book value at
31 March 2000 |
5,201 |
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1,073 |
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(1,049 |
) |
122 |
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531 |
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5,878 |
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| Company |
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| Cost |
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| Balances at 1 April
2000 |
19,258 |
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9 |
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741 |
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122 |
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397 |
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20,527 |
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| Additions |
24,272 |
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219 |
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885 |
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66 |
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5 |
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25,447 |
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| Disposals |
(5,775 |
) |
– |
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(62 |
) |
– |
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(5 |
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(5,842 |
) |
| Repayments and other
transfers |
– |
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(219 |
) |
(913 |
) |
(31 |
) |
– |
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(1,163 |
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| Currency movements |
– |
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– |
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5 |
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– |
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– |
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5 |
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| Balances at
31 March 2001 |
37,755 |
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9 |
|
656 |
|
157 |
|
397 |
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38,974 |
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| Provisions and
amounts written off |
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| Balances at 1 April
2000 |
(253 |
) |
– |
|
(15 |
) |
– |
|
(221 |
) |
(489 |
) |
| Increase in the
year |
(4,263 |
) |
– |
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– |
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– |
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(22 |
) |
(4,285 |
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| Disposals and transfers |
182 |
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– |
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– |
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– |
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3 |
|
185 |
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| Balances at
31 March 2001 |
(4,334 |
) |
– |
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(15 |
) |
– |
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(240 |
) |
(4,589 |
) |
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| Net book value
at 31 March 2001 |
33,421 |
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9 |
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641 |
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157 |
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157 |
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34,385 |
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| Net book value at
31 March 2000 |
19,005 |
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9 |
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726 |
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122 |
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176 |
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20,038 |
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(a)
Subsidiary undertakings, associates and joint ventures
Details of the principal operating subsidiary
undertakings, joint ventures and associates are set
out on pages 130 and 131 of the printed version. |
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| (b)
Associates and joint ventures |
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| Associates: |
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Goodwill |
2,439 |
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1,578 |
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Loans |
7 |
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– |
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Share of other net assets (liabilities) |
(217 |
) |
1,061 |
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| Total – associates |
2,229 |
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2,639 |
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| Joint ventures: |
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Goodwill |
526 |
|
728 |
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Loans |
737 |
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1,073 |
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Share of other net assets |
664 |
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785 |
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| Total – joint
ventures |
1,927 |
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2,586 |
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| Net book value at
31 March |
4,156 |
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5,225 |
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| The group’s
proportionate share of its associates and joint
ventures’ assets and liabilities, in aggregate,
at 31 March was as follows: |
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| Fixed assets |
8,257 |
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4,446 |
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| Current assets |
5,726 |
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1,833 |
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| Current liabilities |
(7,398 |
) |
(1,656 |
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| Net current assets (liabilities) |
(1,672 |
) |
177 |
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| Non-current liabilities |
(3,771 |
) |
(1,161 |
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| Minority interests |
(714 |
) |
(45 |
) |
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| Share of net assets |
2,100 |
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3,417 |
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The
group’s proportionate share of its associates and
joint ventures’ losses less profits before taxation
totalled £667 million (2000 – £476 million, 1999
– £367 million) and its share of their losses less
profits attributable to shareholders totalled £895 million
for the year ended 31 March 2001 (2000 – £521 million,
1999 – £379 million).
At 31 March 2001, the group had a 74.5% interest in e-escape
Limited, a UK telecommunications service provider, having
acquired an additional 25.5% on 19 December 2000. This
additional interest was acquired with the intention of
selling it to another investor and not for holding as
a long-term investment. For this reason, the investment
in this company has continued to be accounted for on the
equity basis. For the year ended 31 March 2001, e-escape’s
turnover was £3 million and it incurred a loss after taxation
of £9 million. Purchases from the group amounted to £3
million, and the balances due to the group at 31 March
2001 was £12 million. The net book value of the investment
in e-escape is £nil at 31 March 2001.
(c) Other
investments
Other investments include ordinary shares of the company,
with a net book value of £97 million (2000 – £117
million) and a market value of £97 million (2000 –
£227 million), held in trust for the BT Incentive Share
Scheme, the BT Retention Share Scheme, the BT Executive
Share Plan, the BT Performance Share Plan and the BT Deferred
Bonus Plan (note 33).
They also include ordinary shares of the company, with
a net book value of £64 million and a market value of
£122 million, held in trust for employee sharesave schemes.
In the group balance sheet at 31 March 2001, listed investments
were held with a book value of £588 million (2000 –
£297 million) and a market value of £489 million (2000
– £775 million). |
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