BT 2002 Annual Report Download - page 101

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18. Acquisitions and disposals continued
d
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
e
£m
Other
£m
Total
£m
Minority Interest ± 31 31
Fixed assets 496 ± 496
Current assets 221 16 237
Current liabilities (261) ± (261)
Group share of original book value of net assets and fair value to group 456 47 503
Goodwill 986 113 1,099
Total cost 1,442 160 1,602
e
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 and remaining in the group was being amortised over 20 years until it
was partially demerged with mmO2 and the remaining balance was written off in the 2002 ®nancial year. 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.
f
During the year ended 31 March 2000, the acquisition of the interests in subsidiary companies and the consideration
given comprised:
Cellnet
Group
g
£m
Esat
h
£m
Yellow
Book (USA)
i
£m
Syntegra
(USA)
j
£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
g
On 10 November 1999, BT acquired the 40% interest in Cellnet Group Limited, its mobile cellular phone operator, that it
did not already own for £3,150 million, excluding £23 million expenses. Goodwill arising on acquisition of Cellnet Group
Limited was being amortised over 20 years until it was demerged with mmO2.
The consolidated results of Cellnet Group Limited for the years ended 31 March 1999 and 2000 are summarised as
follows:
2000
£m
1999
£m
Group turnover 2,435 1,410
Total operating pro®t 97 165
Exceptional items included in total operating pro®t:
Impairment of analogue equipment and network closure costs (note 5) (47) ±
Pro®t before taxation 49 117
Taxation (23) (39)
Minority interests (2) ±
Pro®t for the ®nancial year 24 78
Notes to the financial statements
100 BT Group Annual Report and Form 20-F 2002