Vodafone 2003 Annual Report Download - page 95

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Vodafone Group Plc Annual Report & Accounts and Form 20-F 2003 93
Other fixed asset investments
Group
£m
Cost or valuation
1 April 2002 2,513
Exchange movements (191)
Additions 560
Disposals (330)
Reclassifications 16
31 March 2003 2,568
Amounts written off
1 April 2002 1,106
Exchange movements (83)
Amounts written off during the year 340
31 March 2003 1,363
Net book value
31 March 2003 1,205
31 March 2002 1,407
Additions primarily comprise the acquisition of a further stake of approximately 1.1% in China Mobile for $750m (£513m). Disposals primarily comprise the
sale of the Group’s 23.6% stake in Bergemann GmbH, through which the Group held an effective 8.2% stake in Ruhrgas AG.
Fixed asset investments at 31 March 2003 include 2,068,946 shares in the Company held by a Qualifying Employee Share Ownership Trust (“QUEST”).
These shares had a £Nil cost to the Group. Further detail is provided within note 23.
Fixed asset investments also include 18,950,434 shares in the Company, held by the Vodafone Group Employee Trust, to satisfy the potential award of
shares under the Group’s Long Term Incentive Plan and Short Term Incentive Plan, and 7,189,316 shares in the Company, held by the Group’s Australian and
New Zealand businesses, in respect of an employee share option plan. The cost to the Group of these shares was £41m and their market value at 31 March
2003 was £30m.
The Company’s fixed asset investments can be analysed as follows:
Subsidiary Joint Associated
undertakings ventures undertakings Total
£m £m £m £m
Cost
1 April 2002 107,052 321 9 107,382
Exchange movements – 12 1 13
Additions 2,758 ––2,758
Disposals (773) ––(773)
Reclassifications 380 (380) (10) (10)
Loans to joint ventures – 47 – 47
31 March 2003 109,417 ––109,417
Amounts written off
1 April 2002 4,083 ––4,083
Amounts written off during the year 679 ––679
31 March 2003 4,762 ––4,762
Net book value
31 March 2003 104,655 ––104,655
31 March 2002 102,969 321 9 103,299
Loans to joint ventures and associated undertakings included above amounted to £Nil and £Nil, respectively, at 31 March 2003 (2002: £321m and £9m,
respectively).