BT 2003 Annual Report Download - page 101
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18. Acquisitions and disposals continued
a
On completion of the unwind of Concert on 1 April 2002, the former Concert businesses, customer accounts and
networks were returned to the two parent companies with BT and AT&T each taking ownership of substantially
those parts of the Concert global venture originally contributed by them. As part of the settlement with AT&T for
the unwind of the Concert global venture BT received net cash of $72 million (£56 million). This net settlement
included the receipt of $350 million reflecting the allocation of the businesses and the payment of $278 million
to achieve the equal division of specified working capital and other liability balances. The results of the acquired
businesses, both pre and post acquisition, cannot be separately identified and, therefore, cannot be reported.
Book value and
fair value
£m
Fixed assets 398
Current assets 301
Current liabilities (405)
Provisions for liabilities and charges (2)
Long-term debt (10)
Group’s share of original book value and fair value of net assets 282
Net receivable from AT&T 56
Total net assets acquired 338
Goodwill –
Total cost 338
The consideration was satisfied through the unwind of the Concert global venture, the carrying value of which was
£338 million. Accordingly there is no further profit or loss on the unwind and no goodwill on the acquisition.
b
During the year ended 31 March 2003, the acquisition of other subsidiary companies and businesses and
the consideration given comprised:
Book value and
fair value
£m
Fixed assets 1
Current liabilities (1)
Group’s share of original book value of net assets and fair value to group –
Goodwill 13
Total cost 13
c
On 18 April 2001, the group took full control of O
2
Communications (Ireland) (formerly Esat Digifone). Under an
agreement made in 2000 the group purchased from Telenor its 49.5% interest in Esat Digifone for £869 million.
Goodwill arising on the acquisition was being amortised over 20 years until it was demerged with mmO
2
.
Book value and
fair value
£m
Minority interest (7)
Group’s share of original book value of net liabilities (7)
Goodwill 876
Total cost 869
d
Other subsidiary companies
During the year ended 31 March 2002, the acquisition of interests in other subsidiary companies and the
consideration given comprised:
Book value and
fair value
£m
Fixed assets 3
Current assets 5
Current liabilities (6)
Group’s share of original book value of net assets and fair value to group 2
Goodwill 33
Total cost 35
Notes to the financial statements
100 BT Annual Report and Form 20-F 2003