assets at 31 March 2003 amounted to £2,642 million
compared to a deficit of £358 million at 31 March
2002, with the increase principally due to the retained
profits of £2,126 million.
Group plc, the parent company, has maintained reserves
at £9,537 million at both 31 March 2003 and 31
fixed assets totalled £16,661 million at 31 March
2003 of which £15,888 million were tangible assets,
principally forming the UK fixed network. At 31 March
2002 fixed assets were £17,551 million and tangible
assets were £16,078 million. The reduction in
fixed assets is principally due to the groups
exit from non core investments as a result of which
investments have reduced by £666 million to £555
million at 31 March 2003.