Vodafone 2003 Annual Report Download - page 85
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Vodafone Group Plc Annual Report & Accounts and Form 20-F 2003 83
4. Exceptional operating items
2003 2002 2001
£m £m £m
Impairment of intangible and tangible fixed assets 485 5,100 91
Reorganisation costs 91 86 85
Share of exceptional operating items of associated undertakings and joint ventures –222 141
Other items –– 3
576 5,408 320
The impairment charges for 2003 of £485m relate to the carrying value of goodwill for Iusacell (£80m) and tangible fixed assets in Japan Telecom (£405m).
Reorganisation costs of £91m relate to the integration of Vizzavi and related restructuring of the Group’s Internet portal activities.
Exceptional operating items for 2002 of £5,408m primarily relate to impairment charges of £5,100m in relation to the carrying value of goodwill for Arcor,
Cegetel, Iusacell and Japan Telecom, £86m reorganisation costs which relate to the Group’s operations in Australia and the UK and £222m for the Group’s
share of exceptional items of its associated undertakings and joint ventures, which principally comprise £102m of, principally, asset write-downs in J-Phone
Vodafone, and £115m of reorganisation costs in Verizon Wireless and Vizzavi.
Exceptional operating items for 2001 of £320m primarily comprise impairment charges of £91m in relation to the carrying value of certain assets within the
Group’s Globalstar service provider businesses, £85m of reorganisation costs relating to the Group’s operations in Germany and the US, and £141m in
relation to the Group’s share of restructuring costs incurred by Verizon Wireless.
5. Operating loss
2003 2002 2001
£m £m £m
Group turnover 30,375 22,845 15,004
Cost of sales (17,896) (13,446) (8,702)
12,479 9,399 6,302
Selling and distribution costs (1,883) (1,457) (1,162)
Administrative expenses (15,891) (18,319) (11,579)
Goodwill amortisation (11,875) (10,962) (9,585)
Exceptional operating items (496) (4,486) (176)
Other administration costs (3,520) (2,871) (1,818)
Total operating expenses (17,774) (19,776) (12,741)
Operating loss (5,295) (10,377) (6,439)