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In
the year ended 31 March 2003, disposals of subsidiary
undertakings resulted in losses of £9 million,
the consideration received in relation to these disposals
was £3 million.
In
January 2003, the group sold its 26% interest in Cegetel
Groupe SA to Vivendi Universal SA for consideration
of €4,000 million (£2,603 million) in cash.
The profit on disposal was £1,509 million, before
the recognition of an exceptional interest charge of
£293 million on closing out fixed interest rate
swaps following receipt of the sale proceeds, and includes
a write-back of £862 million of goodwill taken
directly to reserves before April 1998.
In
October 2002, the group sold its 2% interest in Mediaset
for consideration of £87 million in cash. The
profit on disposal was £14 million.
In
May 2002 and November 2002, the group sold its remaining
holding of shares in BSkyB, received for the exchange
of the residual interest in British Interactive Broadcasting,
for consideration of £192 million recognising
a profit of £131 million.
In
December 2002, the group sold its interest in Blu SpA
for consideration of £29 million. The profit on
disposal was £19 million.
Other
gains of £39 million and losses of £12 million
were recognised during the year ended 31 March 2003.
These gains and losses included a write-back of £7
million of goodwill taken directly to reserves before
April 1998. The consideration received in relation to
these disposals was £114 million.
In
June 2001, the group sold its interest in the Yell Group
comprising mainly the Yellow Pages unit of BT, Yellow
Pages Sales Limited and Yellow Book USA Inc. and its
subsidiary undertakings. The consideration for this
sale was £1,960 million and a profit of £1,128
million was realised. This profit includes a write-back
of £9 million of goodwill taken directly to reserves
before April 1998.
In
December 2001, the group sold its wholly owned subsidiary
Clear Communications Limited, which operates in New
Zealand, for consideration of £119 million. A
loss of £126 million was recognised on this sale,
of which £45 million relates to goodwill taken
directly to reserves before April 1998.
Other
disposals of subsidiary companies in the year ended
31 March 2002 resulted in gains on disposal of £10
million.
A
profit of £120 million was recognised for the
exchange of the residual interest in British Interactive
Broadcasting for BSkyB shares in May 2001. The consideration
received was £241 million of BSkyB shares and
the profit recognised relates to those shares that were
marketable.
In
June 2001, the group sold its effective 20% interest
in Japan Telecom Co. Limited and its 20% interest in
J-Phone Communications Co. Limited to Vodafone plc for
£3,075 million in cash. Under the sale agreement,
the group also sold shares representing 4.9% of J-Phone
Communications Co. Limited obtained by exercising an
option in June 2001 for £634 million in cash.
The realised profit on the sale of the 20% interest
in Japan Telecom Co. Limited and J-Phone Communications
Co. Limited, and the sale of the 4.9% share of J-Phone
Communications Co. Limited obtained through the exercise
of options was £2,358 million.
In
June 2001, the group sold its 17.81% interest in Airtel
Movil SA to Vodafone plc for £1,084 million in
cash. The profit on disposal was £844 million.
Other
gains of £135 million and losses of £80
million were also recognised during the year ended 31
March 2002. These gains and losses included a write-back
of £14 million of goodwill taken directly to reserves
before April 1998. The consideration received in relation
to these disposals was £860 million, including
deferred and non-cash amounts of £63 million.
In
November 2000, the group sold its 34% stake in sunrise
communications, its joint venture in Switzerland, to
a fellow shareholder for 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 2001 financial
year totalled £56 million.
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