BT 2000 Annual Report Download - page 69

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5. Group's share of operating pro®t (loss) of associates and joint ventures
The group's share of operating pro¢t (loss) of associates and joint ventures comprised:
2000
£m
1999
£m
1998
£m
Joint ventures ± continuing activities (427) (342) (199)
Associates:
Continuing activities 27 ± (22)
Discontinued activities ±± 25
27 ± 3
Group's share of operating loss of associates and joint ventures (400) (342) (196)
The group's amortisation of goodwill for the year ended 31 March 2000 arising in its joint ventures and associates was
»29 million (1999 ^ »12 million, 1998 ^ »nil) and »55 million (1999 ^ »5 million, 1998 ^ »nil), respectively. The group's
share of results of associates from discontinued activities for the year ended 31 March 1998 included the group's share of a
charge, made by MCI Communications Corporation, amounting to »63 million mainly for the exiting from and restructuring
of customer contracts.
6. Pro®t on sale of ®xed asset investments and group undertakings
In August 1999, the group sold BT Communications Services KK to Japan Telecom for a consideration of »170 million, on
which a realised pro¢t of »80 million has been recognised. In February 2000, BT's photonics research facility was sold at a
pro¢t of »35 million. Other gains during the year totalled »11 million. All these items have been classi¢ed as exceptional
in the year ended 31 March 2000.
In September 1998, the group completed the sale of its interest in MCI for »4,159 million at a pre-tax pro¢t of
»1,133 million, after taking into account goodwill of »2,214 million originally written o¡ on the acquisition of the group's
interest in MCI in September 1994. A provision for impairment of »26 million against another ¢xed asset investment has
been o¡set against this pro¢t giving a net gain of »1,107 million. These two items have been classi¢ed as exceptional in
the year ended 31 March 1999.
With the exception of Concert Communications (see note 18), the subsidiary undertakings disposed of in the years
ended 31 March 2000, 1999 and 1998 had a negligible e¡ect on the group's operating pro¢t and cash £ows and their net
assets were immaterial to the group's ¢nancial position.
7. Interest receivable
2000
£m
1999
£m
1998
£m
Income from listed investments 13 9 11
Other interest receivable 169 150 149
Group 182 159 160
Joint ventures 42 ±
Associates 74 2
Total interest receivable 193 165 162
Notes to the financial statements
68 Annual report and Form 20-F