BT 2003 Annual Report Download - page 108
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22. Fixed asset investments continued
The group’s proportionate share of its associates’ and joint ventures’ assets and liabilities, in aggregate,
at 31 March was as follows:
2003
£m
2002
£m
Fixed assets 570 1,668
Current assets 186 1,973
Current liabilities (344) (2,362)
Net current liabilities (158) (389)
Long-term liabilities (271) (558)
Minority interests (4) (66)
Share of net assets 137 655
The group’s proportionate share of its associates’ and joint ventures’ profits less losses before taxation excluding
minority interests totalled £310 million (losses less profits 2002 – £1,463 million, losses less profits 2001 –
£667 million) and its share of their profits less losses attributable to shareholders excluding minority interests
totalled £229 million for the year ended 31 March 2003 (losses less profits 2002 – £1,548 million, losses less
profits 2001 – £895 million).
Up to 21 August 2001, the group had a 74.5% interest in e-escape Limited, a UK telecommunications
service provider, having acquired an additional 25.5% on 19 December 2000. This additional interest was not
for holding as a long-term investment and was sold on 22 August 2001. For this reason, the investment in this
company continued to be accounted for on the equity basis. For the period to 21 August 2001, e-escape’s
turnover was £1 million and it incurred a loss after taxation of £2 million. Purchases from the group amounted
to £1 million.
c
Other investments
Other investments include ordinary shares of the company, with a net book value of £61 million (2002 –
£69 million) and a market value of £50 million (2002 – £69 million), held in trust for the BT Incentive Share Plan,
the BT Retention Share Plan, the BT Executive Share Plan and the BT Deferred Bonus Plan (note 34). They also
include ordinary shares of the company, with a net book value of £37 million (2002 – £108 million) and a market
value of £25 million (2002 – £127 million), held in trust for employee sharesave schemes. In the group balance
sheet at 31 March 2003, listed investments were held with a book value of £22 million (2002 – £94 million)
and a market value of £15 million (2002 – £171 million).
23. Debtors 2003
£m
2002
£m
Trade debtors
a
2,240 2,393
Amounts owed by joint ventures (trading) 9582
Amounts owed by associates (trading) –1
Other debtors 517 664
Accrued income 1,486 1,262
Pension fund prepayment
b
630 231
Other prepayments 161 139
Total debtors 5,043 5,272
a
Trade debtors are stated after deducting £491 million (2002 --- £450 million) for doubtful debts. The amount charged to the group profit and loss
account for doubtful debts for the year ended 31 March 2003 was £264 million (2002 --- £369 million including an exceptional charge of £79 million,
2001 – £227 million).
b
Falling due after more than one year.
Notes to the financial statements
BT Annual Report and Form 20-F 2003 107