BT 2002 Annual Report Download - page 95

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8. Pro®t on sale of property ®xed assets continued
management services to BT. The transaction comprised the effective sale of freeholds (through leases of up to 999 years)
of the majority of the group's UK properties and the assignment of short leasehold property obligations. The resulting
leases of the portfolio to BT have been accounted for as operating leases under applicable UK accounting standards.
9. Amounts written off investments
Amounts written off investments of £535 million (2001 ± £nil, 2000 ± £nil) were mainly attributable to AT&T Canada,
£347 million and Impsat, £157 million.
10. Interest receivable 2002
£m
2001
£m
2000
£m
Income from listed investments 530 13
Other interest receivable
a
334 352 169
Group 339 382 182
Joint ventures 14 19 4
Associates 77 7
Total interest receivable 360 408 193
a
Includes £25 million of interest on rates refunds received in the year ended 31 March 2001, relating to prior years
11. Interest payable 2002
£m
2001
£m
2000
£m
Interest payable and similar charges in respect of:
Bank loans and overdrafts 184 181 87
Other borrowings
a
1,695 1,245 401
Group 1,879 1,426 488
Joint ventures 60 176 47
Associates 43 120 40
Total interest payable 1,982 1,722 575
a
Includes £162 million charged in the year ended 31 March 2002 on the novation of interest rate swap agreements as a consequence of the property sale and
leaseback transaction with Telereal
12. Tax on pro®t (loss) on ordinary activities
2002
£m
As restated
2001
£m
As restated
2000
£m
United Kingdom:
Corporation tax at 30% 275 690 852
Taxation on the group's share of results of associates 26 3
Taxation on the group's share of results of joint ventures ±42 ±
Prior year adjustments ±(185) (12)
Non-UK taxation:
Current 23 24 5
Taxation on the group's share of results of associates 50 33 25
Taxation on the group's share of results of joint ventures 34 146 11
Prior year adjustments (7) (20) ±
Total current taxation 377 736 884
Deferred taxation charge (credit) at 30%
Origination and reversal of timing differences 34 87 57
Prior year adjustments 32 (111) 16
Total deferred taxation 66 (24) 73
Total tax on pro®t (loss) on ordinary activities 443 712 957
In accordance with FRS19, deferred taxation has been restated for the years ended 31 March 2001 and 2000 by
£60 million in both years, arising on excess capital allowances. The deferred tax charge for the year ended 31 March 2002
would be £60 million lower under the previous accounting policy.
Notes to the financial statements
94 BT Group Annual Report and Form 20-F 2002