BT 2000 Annual Report Download - page 79

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18. Fixed asset investments (continued)
(a) Subsidiary undertakings, associates and joint ventures
Details of the principal operating subsidiary undertakings, joint ventures and associates are set out on pages 109 and 110.
(b) Associates and joint ventures
2000
£m
1999
£m
Associates:
Goodwill 1,578 227
Share of other net assets 1,061 191
Total ± associates 2,639 418
Joint ventures:
Goodwill 728 409
Loans 1,073 247
Share of other net assets 785 426
Total ± joint ventures 2,586 1,082
Net book value at 31 March 5,225 1,500
The group's proportionate share of its associates and joint ventures' assets and liabilities, in aggregate, at 31 March were
as follows:
2000
£m
1999
£m
Fixed assets 4,446 1,723
Current assets 1,833 806
Current liabilities (1,656) (1,100)
Net current assets (liabilities) 177 (294)
Non-current liabilities (1,161) (478)
Minority interests (45) (37)
Share of net assets 3,417 914
The group's proportionate share of its associates and joint ventures' losses less pro¢ts before taxation totalled »476 million
(1999 ^ »367 million, 1998 ^ »252 million) and its share of their losses less pro¢ts attributable to shareholders totalled
»521 million for the year ended 31 March 2000 (1999 ^ »379 million, 1998 ^ »249 million).
(c) Concert
On 5 January 2000, the company and AT&T formed their global venture named Concert for the two companies' trans-
border communications activities. The venture is jointly owned and controlled. The group contributed the majority of its
cross-border international networks, its international tra¤c, its business with selected multinational customers and its
international products for business customers, as well as Concert Communications. AT&T contributed a similar set of
assets and businesses.
Notes to the financial statements
78 Annual report and Form 20-F