 |
|
|
|
|
|
|
|
Interests
in associates and joint venturesb |
|
|
|
|
|
| |
|
|
|
|
|
|
|
Shares |
|
Loans |
|
Share
of post
acquisition
losses |
|
Other
investmentsc |
|
Total |
|
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost |
|
|
|
|
|
|
|
|
|
|
| 1
April 2002 |
3,673 |
|
22 |
|
(795 |
) |
1,240 |
|
4,140 |
|
| Additions |
46 |
|
107 |
|
– |
|
– |
|
153 |
|
| Acquisitions
of subsidiary undertakings |
– |
|
– |
|
– |
|
3 |
|
3 |
|
| Disposals |
(1,652 |
) |
– |
|
180 |
|
(664 |
) |
(2,136 |
) |
| Unwind
of Concert joint venture |
(1,475 |
) |
– |
|
314 |
|
– |
|
(1,161 |
) |
| Share
of profits for the year |
– |
|
– |
|
49 |
|
– |
|
49 |
|
| Repayments
and other transfers |
(3 |
) |
(110 |
) |
16 |
|
1 |
|
(96 |
) |
| Currency
movements |
6 |
|
1 |
|
– |
|
5 |
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total
cost at 31 March 2003 |
595 |
|
20 |
|
(236 |
) |
585 |
|
964 |
|
|
|
|
|
|
|
|
|
|
|
|
| Provisions
and amounts written off |
|
|
|
|
|
|
|
|
|
|
| 1
April 2002 |
(2,222 |
) |
– |
|
– |
|
(697 |
) |
(2,919 |
) |
| Goodwill
amortisation for the year |
(2 |
) |
– |
|
– |
|
– |
|
(2 |
) |
| Disposals |
1,179 |
|
– |
|
– |
|
540 |
|
1,719 |
|
| Unwind
of Concert joint venture |
823 |
|
– |
|
– |
|
– |
|
823 |
|
| Repayments
and other transfers |
1 |
|
– |
|
– |
|
(1 |
) |
– |
|
| Increase
in the year |
– |
|
– |
|
– |
|
(30 |
) |
(30 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Total
provisions and amounts written off |
|
|
|
|
|
|
|
|
|
|
|
31 March 2003 |
(221 |
) |
– |
|
– |
|
(188 |
) |
(409 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Net
book value at 31 March 2003 |
374 |
|
20 |
|
(236 |
) |
397 |
|
555 |
|
|
|
|
|
|
|
|
|
|
|
|
| Net
book value at 31 March 2002 |
1,451 |
|
22 |
|
(795 |
) |
543 |
|
1,221 |
|
|
|
|
|
|
|
|
|
|
|
|
a
Subsidiary
undertakings, associates and joint ventures
Details
of the principal operating subsidiary undertakings,
joint ventures and associates are set out in Subsidiary
undertakings, joint ventures and associates.
| b
Associates and
joint ventures |
2003 |
|
2002 |
|
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
|
|
| Associates: |
|
|
|
|
| Goodwill |
1 |
|
15 |
|
| Loans |
1 |
|
1 |
|
| Share
of other net asset |
25 |
|
208 |
|
| Total
associates |
27 |
|
224 |
|
| Joint
ventures: |
|
|
|
|
| Loans |
19 |
|
21 |
|
| Share
of other net assets |
112 |
|
433 |
|
| Total
joint ventures |
131 |
|
454 |
|
|
|
|
|
|
| Net
book value at 31 March |
158 |
|
678 |
|
|
|
|
|
|
The
group’s proportionate share of its associates’
and joint ventures’ assets and liabilities, in
aggregate, at 31 March was as follows:
|
|
|
|
|
|
2003 |
|
2002 |
|
| |
£m |
|
£m |
|
|
|
|
|
|
| Fixed
assets |
570 |
|
1,668 |
|
| Current
assets |
186 |
|
1,973 |
|
| Current
liabilities |
(344 |
) |
(2,362 |
) |
| Net
current liabilities |
(158 |
) |
(389 |
) |
| Long-term
liabilities |
(271 |
) |
(558 |
) |
| Minority
interests |
(4 |
) |
(66 |
) |
|
|
|
|
|
| Share
of net assets |
137 |
|
655 |
|
|
|
|
|
|
The
group’s proportionate share of its associates’
and joint ventures’ profits less losses before
taxation excluding minority interests totalled £310
million (losses less profits 2002 – £1,463
million, losses less profits 2001 – £667
million) and its share of their profits less losses
attributable to shareholders excluding minority interests
totalled £229 million for the year ended 31 March
2003 (losses less profits 2002 – £1,548 million,
losses less profits 2001 – £895 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.
c
Other investments
Other
investments include ordinary shares of the company,
with a net book value of £61 million (2002 –
£69 million) and a market value of £50 million
(2002 – £69 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 £37 million (2002 – £108
million) and a market value of £25 million (2002
– £127 million), held in trust for employee
sharesave schemes. In the group balance sheet at 31
March 2003, listed investments were held with a book
value of £22 million (2002 – £94 million)
and a market value of £15 million (2002 –
£171 million).
|
