Vodafone 2004 Annual Report Download - page 89

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Annual Report 2004 Vodafone Group Plc
87
Other fixed asset investments
Group
£m
Cost:
1 April 2003 as restated 2,527
Exchange movements (295)
Additions 220
Disposals (373)
31 March 2004 2,079
£m
Amounts written off:
1 April 2003 1,363
Exchange movements (156)
Disposals (183)
Amounts written off during the year 6
31 March 2004 1,030
Net book value
31 March 2004 1,049
31 March 2003 as restated 1,164
Prior to the adoption by the Group of UITF 38, “Accounting for ESOP Trusts”, 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 were held as fixed asset investments. In accordance with the
adoption of UITF 38, these shares have been reclassified as a deduction from shareholders’ funds. The cost to the Group of these shares was £41 million. In
addition, the 2,068,946 shares in the Company held by a Qualifying Employee Share Ownership Trust, which had £nil cost to the Group, have also been
reclassified.
Other fixed asset investments include 3.3% of China Mobile (Hong Kong) Limited of which is listed on the New York and Hong Kong Stock Exchanges. The
market value of this investment at 31 March 2004 was £1,047 million (2003: £806 million).
The Company’s fixed asset investments comprises investments in subsidiary undertakings as follows:
£m
Cost
1 April 2003 109,417
Additions 6,937
Disposals (5,415)
31 March 2004 110,939
£m
Amounts written off
1 April 2003 4,762
31 March 2004 4,762
Net book value
31 March 2004 106,177
31 March 2003 104,655