Vodafone 1997 Annual Report Download - page 14

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Vodafone Group Plc Annual Report & Accounts for the year ended 31 March 1997
The Group's balance sheet remains strong and liquidity good.
Fixed assets
Fixed assets increased by £504.5m. Those intangible fixed assets which are capitalised in accordance with
the Group's accounting policy increased by £58.1m, mainly due to the inclusion of the unamortised
portion of Panafon's licence fee following the increase in the shareholding in Panafon. Tangible fixed
assets increased by £403.2m as a result of capital expenditure on digital networks in the UK and Australia
and the inclusion of the fixed assets of subsidiaries acquired in the year. The movement in investments,
which includes equity investments and loans advanced to associates and other investments, is analysed in
the adjacent table.
Movement in investments £m
At 1 April 1996 475.7
New investments 350.7
Reclassification as
subsidiaries (153.6)
Disposal of investments (29.0)
Goodwill written-off (48.1)
Currency translations (100.7)
Share of profits in
associated undertakings 23.9
At 31 March 1997 518.9
Working capital
http://www.vodafone.com/download/investor/reports/annual97/3/2.htm (1 of 3)29/03/2007 22:33:04