BT 2001 Annual Report Download - page 95

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16. Acquisitions and disposals (continued)
(b) Other subsidiary companies
During the year ended 31 March 2001, the acquisition of interests in other subsidiary companies and the consideration given
comprised:
Year ended 31 March 2001 Telfort(c)
£m
Other
£m
Total
£m
Minority Interest –3131
Fixed assets 496 – 496
Current assets 221 16 237
Current liabilities (261) – (261)
Group share of original book value of net assets (liabilities) and fair value to group 456 47 503
Goodwill 986 113 1,099
Total cost 1,442 160 1,602
Consideration:
Cash 1,207 160 1,367
Carrying value of joint venture wholly acquired 235 – 235
Total 1,442 160 1,602
(c) On 22 June 2000, BT received regulatory approval to acquire the remaining 50% interest of Telfort BV, its provider of ¢xed
and mobile services to businesses and consumers in The Netherlands, that it did not already own for »1,207 million. Goodwill
arising on the acquisition of Telfort BV is being amortised over 20 years. Telfort BV’s loss after tax for the year ended
31 December 1999 was »141 million and its loss for the six months ended 30 June 2000 was »86 million.
(d) During the year ended 31 March 2000, the acquisition of the interests in subsidiary companies and the consideration
given comprised:
Cellnet Group(e)
£m
Esat(f)
£m
Yellow Book
USA(g)
£m
Syntegra
(USA)(h)
£m
Other
£m
Total
£m
Minority interest 176 (2) – 1 40 215
Fixed assets 428 6 12 157 603
Current assets 137 49 48 68 302
Current liabilities (137) (21) (88) (108) (354)
Long-term liabilities (487) – – (62) (549)
Provisions for liabilities and charges – – – (2) (2)
Group share of original book value of net assets (liabilities) 176 (61) 34 (27) 93 215
Fair value adjustment to achieve consistency of accounting policies – (115) – – – (115)
Other fair value adjustments – (69) – – – (69)
Fair value to the group 176 (245) 34 (27) 93 31
Goodwill 2,997 1,765 381 240 316 5,699
Total cost 3,173 1,520 415 213 409 5,730
Consideration:
Cash 3,014 179 401 213 327 4,134
Deferred – 1,167 – – 45 1,212
Loan notes 2000/2009 159 – – – – 159
Other loan notes – 174 14 – 14 202
Carrying value of associate wholly acquired – – – – 23 23
Total 3,173 1,520 415 213 409 5,730
BT Annual report and Form 20-F 95