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7. Profit
on sale of fixed asset investments and group undertakings
In December 2003 the group sold its
7.8% interest in Inmarsat Ventures plc for total cash consideration of US$118
million (£67 million) realising a profit on disposal of £32 million.
Other
gains of £6 million and losses of £2 million were recognised during the year
ended 31 March 2004. The consideration received in relation to these disposals
was £6 million.
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
December 2002, the group sold its interest in Blu SpA for consideration of £29
million. The profit on disposal was £19 million.
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.
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.
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