 |
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|
|
|
|
|
|
|
|
|
|
|
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| |
|
Interests in associates and joint venturesb |
|
|
|
|
|
|
|
| |
|
 |
|
|
|
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|
|
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| |
|
Shares
£m |
|
Loans
£m |
|
Share of post
acquisition
losses
£m |
|
Other participating interests
£m |
|
Other investmentsc
£m |
|
Total
£m |
|
|
|
|
| Group |
|
|
|
|
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|
|
|
|
|
|
|
|
|
| Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1 April 2001 |
|
5,076 |
|
744 |
|
(272 |
) |
157 |
|
1,093 |
|
6,798 |
|
|
| Additions |
|
948 |
|
30 |
|
- |
|
23 |
|
248 |
|
1,249 |
|
|
| Disposals |
|
(2,357 |
) |
(7 |
) |
(178 |
) |
- |
|
(223 |
) |
(2,765 |
) |
|
| Demerged with mmO2 |
|
(53 |
) |
- |
|
(22 |
) |
- |
|
(5 |
) |
(80 |
) |
|
| Share of losses for the year |
|
- |
|
- |
|
(321 |
) |
- |
|
- |
|
(321 |
) |
|
| Repayments and other transfers |
|
58 |
|
(745 |
) |
- |
|
(180 |
) |
138 |
|
(729 |
) |
|
| Currency movements |
|
1 |
|
- |
|
(2 |
) |
- |
|
(11 |
) |
(12 |
) |
|
|
|
| At 31 March 2002 |
|
3,673 |
|
22 |
|
(795 |
) |
- |
|
1,240 |
|
4,140 |
|
|
|
|
| Provisions and amounts written off |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| At 1 April 2001 |
|
(1,392 |
) |
- |
|
- |
|
- |
|
(202 |
) |
(1,594 |
) |
|
| Goodwill amortisation for the year |
|
(53 |
) |
- |
|
- |
|
- |
|
- |
|
(53 |
) |
|
| Impairment of goodwill |
|
(433 |
) |
- |
|
- |
|
- |
|
- |
|
(433 |
) |
|
| Disposals |
|
226 |
|
- |
|
- |
|
- |
|
89 |
|
315 |
|
|
| Demerged with mmO2 |
|
47 |
|
- |
|
- |
|
- |
|
- |
|
47 |
|
|
| Increase in the year |
|
(617 |
) |
- |
|
- |
|
- |
|
(584 |
) |
(1,201 |
) |
|
|
|
| At 31 March 2002 |
|
(2,222 |
) |
- |
|
- |
|
- |
|
(697 |
) |
(2,919 |
) |
|
|
|
| Net book value at 31 March 2002 |
|
1,451 |
|
22 |
|
(795 |
) |
- |
|
543 |
|
1,221 |
|
|
|
|
| Net book value at 31 March 2001 |
|
3,684 |
|
744 |
|
(272 |
) |
157 |
|
891 |
|
5,204 |
|
|
|
aSubsidiary undertakings, associates and joint ventures
Details of the principal operating subsidiary undertakings, joint ventures and associates click here to link.
|
|
|
|
|
|
| bAssociates and joint ventures |
|
2002
£m |
|
2001
£m |
|
|
|
|
| Associates: |
|
|
|
|
|
|
|
|
| Goodwill |
|
15 |
|
2,439 |
|
|
|
| Loans |
|
1 |
|
7 |
|
|
|
| Share of other net assets (liabilities) |
|
208 |
|
(217 |
) |
|
|
|
| Total associates |
|
224 |
|
2,229 |
|
|
| Joint ventures: |
|
|
|
|
|
|
|
|
| Goodwill |
|
- |
|
526 |
|
|
|
| Loans |
|
21 |
|
737 |
|
|
|
| Share of other net assets |
|
433 |
|
664 |
|
|
|
|
| Total joint ventures |
|
454 |
|
1,927 |
|
|
|
|
| Net book value at 31 March |
|
678 |
|
4,156 |
|
|
|
The group's proportionate share of its associates' and joint ventures' assets and liabilities, in aggregate, at 31 March was as follows:
|
|
|
|
|
|
| |
|
2002
£m |
|
2001
£m |
|
|
|
|
| Fixed assets |
|
1,668 |
|
8,257 |
|
|
|
|
| Current assets |
|
1,973 |
|
5,726 |
|
|
|
| Current liabilities |
|
(2,362 |
) |
(7,398 |
) |
|
|
|
| Net current liabilities |
|
(389 |
) |
(1,672 |
) |
|
| Non-current liabilities |
|
(558 |
) |
(3,771 |
) |
|
| Minority interests |
|
(66 |
) |
(714 |
) |
|
|
|
| Share of net assets |
|
655 |
|
2,100 |
|
|
|
The group's proportionate share of its associates and joint ventures' losses less profits before taxation totalled £1,463 million (2001 - £667 million, 2000 - £476 million) and its share of their losses less profits attributable to shareholders totalled £1,548 million for the year ended 31 March 2002 (2001 - £895 million, 2000 - £521 million).
Up to 21 August 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 not for holding as a long-term investment and was sold on 22 August 2001. For this reason, the investment in this company continued to be accounted for on the equity basis. For the period to 21 August 2001, e-escape's turnover was £1 million and it incurred a loss after taxation of £2 million. Purchases from the group amounted to £1 million.
cOther investments
Other investments include ordinary shares of the company, with a net book value of £69 million (2001 - £97 million) and a market value of £69 million (2001 - £97 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). They also include ordinary shares of the company, with a net book value of £108 million (2001 - £64 million) and a market value of £127 million (2001 - £122 million), held in trust for employee sharesave schemes. In the group balance sheet at 31 March 2002, listed investments were held with a book value of £94 million (2001 - £588 million) and a market value of £171 million (2001 - £489 million).
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