Vodafone 2005 Annual Report Download - page 92

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Notes to the Consolidated Financial Statements continued
90 |Financials
5. Operating loss continued
Joint ventures and associated undertakings
The Group’s share of the turnover and operating loss of joint ventures and associated undertakings is further analysed as follows:
2005 2004 2003
£m £m £m
Share of turnover:
Joint ventures –– 8
Associated undertakings 11,648 10,179 8,769
11,648 10,179 8,777
2005 2004 2003
£m £m £m
Share of operating profit/(loss):
Joint ventures ––(39)
Associated undertakings 1,193 546 (117)
1,193 546 (156)
6. Exceptional non-operating items
2005 2004 2003
£m £m £m
Profit on disposal of fixed asset investments 19 12 255
Share of associate profit/(loss) on disposal of investment 5(1) 55
Amounts written off fixed asset investments (2) (6) (340)
Loss on disposal of businesses (9) (127) 22
Profit on disposal of tangible fixed assets –19 3
13 (103) (5)
The profit on disposal of fixed assets investments principally relates to the disposal of trade investments by Vodafone Japan. The loss on disposal of businesses for 2005
primarily relates to the loss on disposal incurred by the Group on the sale of a 16.9% stake in Vodafone Egypt reducing the Group’s controlling interest to 50.1%.
The loss on disposal of businesses for the year ended 31 March 2004 primarily relates to the disposal of the Japan Telecom fixed line operations by the Group’s 66.7%
owned subsidiary, Vodafone Holdings K.K.
Amounts written off fixed asset investments for the year ended 31 March 2003 primarily relates to the Group’s interest in China Mobile. The profit on disposal of fixed asset
investments for 2003 primarily relates to the disposal of the Group’s 23.6% interest in Bergemann GmbH, through which the Group’s stake in Ruhrgas AG was held. The
share of associate profit on disposal of investment relates to the completion of the disposal for cash of AOL Europe shares by Cegetel Group S.A.