Vodafone 2001 Annual Report Download - page 39

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Vodafone Group Plc
Annual Report & Accounts
for the year ended
31 March 2001
37
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
10 Fixed asset in vestm en ts
Join t ven tures an d associated un dertakin gs
Joint Associated
ventures undertakings
£m £m
Share of net assets/(liabilities), excluding capitalised goodwill
1 April 2000 652 1,023
Exchange movements 46 44
Acquisitions – (311)
Disposals (418) (11)
Impairment in carrying value of investments (note 3) – (7)
Share of retained results (49) 888
Share of goodwill amortisation in associated undertaking – (5)
Reclassifications (289) (747)
––––––– –––––––
31 March 2001 (58) 874
––––––– –––––––
Capitalised goodwill
1 April 2000 2,019 16,923
Exchange movements – 2,366
Acquisitions (note 22) – 25,536
Disposals (2,019) (32)
Goodwill amortisation – (2,292)
Reclassifications to intangible assets (note 8) – (11,490)
––––––– –––––––
31 March 2001 – 31,011
––––––– –––––––
Loan advances
1 April 2000 – 33
Exchange movements – (2)
Loan advances 85 –
Loan repayments – (6)
––––––– –––––––
31 March 2001 85 25
––––––– –––––––
Net book value
31 March 2001 27 31,910
––––––– –––––––
31 March 2000 2,671 17,979
––––––– –––––––
The goodwill capitalised in the year in respect of associated undertakings of £25,536m relates primarily to the Group’s acquisition of
interests in Verizon Wireless, Swisscom Mobile SA, and in respect of associated undertakings acquired as part of the Mannesmann AG
transaction.
Reclassifications of associated undertakings primarily comprise amounts in respect of the Group’s interests in certain of Mannesmann
AG’s subsidiary undertakings and Airtel Móvil S.A., which were accounted for as associated undertakings prior to the acquisition by the
Group of controlling stakes during the year.
The Group’s share of its joint ventures’ and associated undertakings’ post acquisition accumulated (losses)/profits at 31 March 2001
amounted to £(58)m (2000 – £(44)m) and £941m (2000 – £402m) respectively.
The maximum aggregate loans to joint ventures and associated undertakings (including former joint ventures and associated
undertakings) during the year which are not included within the period end balance were £Nil and £8m (2000 – £Nil and £13m).
For acquisitions of associated undertakings prior to 1 April 1998, the cumulative goodwill written off to reserves, net of the goodwill
attributed to business disposals, was £467m at 31 March 2001 (2000 – £468m). The movement during the year relates to the disposal
of the Group’s interest in Celtel Limited.
The Group’s principal joint ventures, associated undertakings and fixed asset investments are detailed on page 60.