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| 7.
Profit on sale of fixed asset investments and group undertakings |
In
November 2000, the group sold its 34% stake in sunrise
communications, its joint venture in Switzerland, to a
fellow shareholder for a consideration of £464 million,
on which a realised profit of £454 million has been recognised.
In December 2000, BT sold off part of its Aeronautical
and Maritime division at a profit of £46 million. Reductions
in BT’s holdings in I.Net SpA and British Interactive
Broadcasting Limited resulted in gains of £38 million
and £25 million, respectively. Other gains during the
year totalled £56 million. All these items have been classified
as exceptional in the year ended 31 March 2001.
In August 1999, the group sold BT Communications Services
KK to Japan Telecom for a consideration of £170 million,
on which a realised profit of £80 million has been recognised.
In February 2000, BT’s photonics research facility
was sold at a profit of £35 million. Other gains during
the year totalled £11 million. All these items have been
classified as exceptional in the year ended 31 March 2000.
In September 1998, the group completed the sale of its
interest in MCI for £4,159 million at a pre-tax profit
of £1,133 million, after taking into account goodwill
of £2,214 million originally written off on the acquisition
of the group’s interest in MCI in September 1994.
A provision for impairment of £26 million against another
fixed asset investment has been offset against this profit
giving a net gain of £1,107 million. These two items have
been classified as exceptional in the year ended 31 March
1999.
With the exception of Concert Communications (see note
16), the subsidiary undertakings disposed of in the
years ended 31 March 2001, 2000 and 1999 had a negligible
effect on the group’s operating profit and cash
flows and their net assets were immaterial to the group’s
financial position. |
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