BT 2003 Annual Report Download - page 96

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7. Profit on sale of fixed asset investments and group undertakings continued
In November 2000, the group sold its 34% stake in sunrise communications, its joint venture in Switzerland,
to a fellow shareholder for consideration of £464 million, on which a realised profit of £454 million has been
recognised. In December 2000, BT sold off part of its Aeronautical and Maritime division at a profit of £46 million.
Reductions in BT’s holdings in I.Net SpA and British Interactive Broadcasting Limited resulted in gains of
£38 million and £25 million, respectively. Other gains during the 2001 financial year totalled £56 million.
8. Profit on sale of property fixed assets
In December 2001 the group entered into a sale and leaseback transaction with Telereal under which
substantially all of the group’s interest in most of its UK freehold and long leasehold properties and its obligations
in respect of rack rented properties were transferred to Telereal for cash consideration of £2,380 million. Of
the total profit from the sale of property in the year to 31 March 2002, £1,019 million relates to this transaction.
9. Amounts written off investments
Amounts written off investments were £7 million (2002 – £535 million, 2001 – £nil). In the year ended 31 March
2002 these were mainly attributable to investments in AT&T Canada, £347 million and Impsat, £157 million.
10. Interest receivable 2003
£m
2002
£m
2001
£m
Income from listed investments 2530
Other interest receivable
a
187 334 352
Group 189 339 382
Joint ventures 114 19
Associates 577
Total interest receivable 195 360 408
a
Includes £25 million of interest on rates refunds received in the year ended 31 March 2001, relating to prior years.
11. Interest payable 2003
£m
2002
£m
2001
£m
Interest payable and similar charges in respect of:
Bank loans and overdrafts 82 184 181
Other borrowings
ab
1,527 1,695 1,245
Group 1,609 1,879 1,426
Joint ventures 17 60 176
Associates 843 120
Total interest payable 1,634 1,982 1,722
a
Includes £293 million charged in the year ended 31 March 2003 on the termination of interest rate swap agreements following the receipt of the Cegetel
sale proceeds.
b
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.
Notes to the financial statements
BT Annual Report and Form 20-F 2003 95