|
|
Notes to the financial statements
|
| 19. |
Fixed asset investments
|
| |
|
Interests
in associates and joint ventures |
b |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
Shares
£m |
|
|
Loans
£m |
|
|
Share
of post
acquisition
losses
£m |
|
|
Other
investments
£m |
c
|
|
Total
£m |
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
April 2004 as previously stated
|
|
|
608 |
|
|
28 |
|
|
(302 |
) |
|
405 |
|
|
739 |
|
Prior
period adjustment (note 1)
|
|
|
– |
|
|
– |
|
|
– |
|
|
(53 |
) |
|
(53 |
) |
|
|
|
1
April 2004 as restated
|
|
|
608 |
|
|
28 |
|
|
(302 |
) |
|
352 |
|
|
686 |
|
|
Additions
|
|
|
1 |
|
|
28 |
|
|
– |
|
|
2 |
|
|
31 |
|
|
Disposals
|
|
|
(6 |
) |
|
– |
|
|
4 |
|
|
(228 |
) |
|
(230 |
) |
|
Transfer
to subsidiaries
|
|
|
(276 |
) |
|
(49 |
) |
|
310 |
|
|
– |
|
|
(15 |
) |
|
Share
of losses for the year
|
|
|
– |
|
|
– |
|
|
(31 |
) |
|
– |
|
|
(31 |
) |
|
Currency
movements
|
|
|
2 |
|
|
1 |
|
|
– |
|
|
1 |
|
|
4 |
|
|
Other
movements
|
|
|
– |
|
|
(2 |
) |
|
1 |
|
|
– |
|
|
(1 |
) |
|
|
|
Total
cost at 31 March 2005
|
|
|
329 |
|
|
6 |
|
|
(18 |
) |
|
127 |
|
|
444 |
|
|
|
|
Provisions
and amounts written off
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
April 2004
|
|
|
213 |
|
|
– |
|
|
– |
|
|
149 |
|
|
362 |
|
|
Disposals
|
|
|
(4 |
) |
|
– |
|
|
– |
|
|
(29 |
) |
|
(33 |
) |
|
|
|
Total
provisions and amounts written off at 31 March 2005
|
|
|
209 |
|
|
– |
|
|
– |
|
|
120 |
|
|
329 |
|
|
|
|
Net
book value at 31 March 2005
|
|
|
120 |
|
|
6 |
|
|
(18 |
) |
|
7 |
|
|
115 |
|
|
|
|
Net
book value at 31 March 2004
|
|
|
395 |
|
|
28 |
|
|
(302 |
) |
|
203 |
|
|
324 |
|
|
|
| a |
Subsidiary undertakings, associates and joint ventures |
Details of the principal operating subsidiary undertakings, joint ventures and associates are set out here.
| b |
Associates and joint ventures |
| |
|
|
2005
£m |
|
|
2004
£m |
|
|
|
|
Associates:
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
– |
|
|
1 |
|
|
Share
of other net assets
|
|
|
28 |
|
|
23 |
|
|
Total
associates
|
|
|
28 |
|
|
24 |
|
|
Joint
ventures:
|
|
|
|
|
|
|
|
|
Loans
|
|
|
6 |
|
|
28 |
|
|
Share
of other net assets
|
|
|
74 |
|
|
69 |
|
|
Total
joint ventures
|
|
|
80 |
|
|
97 |
|
|
|
|
Net
book value at 31 March
|
|
|
108 |
|
|
121 |
|
|
|
The group’s proportionate share of its associates’ and joint ventures’ assets and liabilities, in aggregate, at 31 March was as follows:
| |
|
|
2005
£m |
|
|
2004
£m |
|
|
|
|
Fixed
assets
|
|
|
219 |
|
|
347 |
|
|
Current
assets
|
|
|
118 |
|
|
149 |
|
|
Current
liabilities
|
|
|
(137 |
) |
|
(217 |
) |
|
Net
current liabilities
|
|
|
(19 |
) |
|
(68 |
) |
|
Long-term
liabilities
|
|
|
(98 |
) |
|
(187 |
) |
|
|
|
Share
of net assets
|
|
|
102 |
|
|
92 |
|
|
|
The group’s proportionate share of its associates’ and joint ventures’ losses less profits before taxation excluding minority interests totalled £39 million (losses less profits 2004 – £51 million, profits less losses 2003 – £310 million) and its share of their losses less profits attributable to shareholders
excluding minority interests totalled £40 million for the year ended 31 March 2005 (losses less profits 2004 – £51 million, profits less losses 2003 – £229 million).
In the group balance sheet at 31 March 2005, listed investments were held with a book value of £nil (2004 – £22 million) and a market value of £nil (2004 – £20 million).
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