|
|
22. Fixed asset investments |
Interests in associates and joint ventures |
b |
|
|
|
|
|
|
|
|
| |
|
|
|
Share of post |
| |
|
acquisition |
Other |
| Shares |
Loans |
losses |
investments |
c |
Total |
| £m |
£m |
£m |
£m |
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
|
|
| 1 April 2003 |
595 |
|
20 |
|
(236 |
) |
585 |
|
964 |
|
| Additions |
23 |
|
9 |
|
– |
|
19 |
|
51 |
|
| Disposals |
(8 |
) |
– |
|
(26 |
) |
(197 |
) |
(231 |
) |
| Share of losses for the year |
– |
|
– |
|
(54 |
) |
– |
|
(54 |
) |
| Currency movements |
(2 |
) |
(1 |
) |
1 |
|
(2 |
) |
(4 |
) |
| Other movements |
– |
|
– |
|
13 |
|
– |
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total cost at 31
March 2004 |
608 |
|
28 |
|
(302 |
) |
405 |
|
739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions and amounts written off |
|
|
|
|
|
|
|
|
|
|
| 1 April 2003 |
221 |
|
– |
|
– |
|
188 |
|
409 |
|
| Disposals |
(11 |
) |
– |
|
– |
|
(41 |
) |
(52 |
) |
| Increase in the year |
3 |
|
– |
|
– |
|
2 |
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
provisions and amounts written off at |
|
|
|
|
|
|
|
|
|
|
|
31 March 2004 |
213 |
|
– |
|
– |
|
149 |
|
362 |
|
|
|
|
|
|
|
|
|
|
|
|
| Net book value at
31 March 2004 |
395 |
|
28 |
|
(302 |
) |
256 |
|
377 |
|
|
|
|
|
|
|
|
|
|
|
|
| Net book value at 31 March 2003 |
374 |
|
20 |
|
(236 |
) |
397 |
|
555 |
|
|
|
|
|
|
|
|
|
|
|
|
a
Subsidiary undertakings, associates and joint ventures
Details of the principal operating subsidiary
undertakings, joint ventures and associates can be found at
this link.
| b |
Associates and joint ventures |
2004 |
|
2003 |
|
| |
|
|
£m |
£m |
| |
|
|
|
|
|
|
| |
Associates: |
|
|
|
|
| |
|
Goodwill |
1 |
|
1 |
|
| |
|
Loans |
– |
|
1 |
|
| |
|
Share of other net
assets |
23 |
|
25 |
|
| |
Total associates |
24 |
|
27 |
|
| |
Joint ventures: |
|
|
|
|
| |
|
Loans |
28 |
|
19 |
|
| |
|
Share of other net
assets |
69 |
|
112 |
|
| |
Total joint ventures |
97 |
|
131 |
|
| |
|
|
|
|
|
|
| |
Net book value at 31 March |
121 |
|
158 |
|
| |
|
|
|
|
|
|
The group’s proportionate share
of its associates’ and joint ventures’ assets and liabilities, in aggregate, at
31 March was as follows:
| |
2004 |
|
2003 |
|
| £m |
£m |
|
|
|
|
|
| Fixed assets |
347 |
|
570 |
|
| Current assets |
149 |
|
186 |
|
| Current liabilities |
(217 |
) |
(344 |
) |
| Net current liabilities |
(68 |
) |
(158 |
) |
| Long-term liabilities |
(187 |
) |
(271 |
) |
| Minority interests |
– |
|
(4 |
) |
|
|
|
|
|
|
Share of net assets |
92 |
|
137 |
|
|
|
|
|
|
The group’s proportionate share of its
associates’ and joint ventures’ losses less profits before taxation excluding
minority interests totalled £51 million (profits less losses 2003 – £310
million, losses less profits 2002 – £1,463 million) and its share of their
losses less profits attributable to shareholders excluding minority interests
totalled £51 million for the year ended 31 March 2004 (profits less losses 2003
– £229 million, losses less profits 2002 – £1,548 million).
c
Other investments
Other investments include
ordinary shares of the company, with a net book value of £53 million
(2003 – £61 million) and a market value of £54 million (2003 –
£50 million), held in trust for the BT Incentive Share Plan, the
BT Retention Share Plan, the BT Executive Share Plan and the BT
Deferred Bonus Plan (note
34). In the 2003 financial year they also include ordinary
shares of the company with a net book value of £37 million and
a market value of £25 million, held in trust for employee sharesave
schemes. In the group balance sheet at 31 March 2004, listed investments
were held with a book value of £22 million (2003 – £22 million)
and a market value of £20 million (2003 – £15 million).
|
