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18. Acquisitions and disposals continued
h
On 22 June 2001, BT completed the sale of the Yell Group. The Yell Group consisted of the Yellow Pages
division of British Telecommunications plc, Yellow Pages Sales Limited and Yellow Book USA Inc., and its
group undertakings.
19. Net debt
At 1 April
2003
£m
Cash flow
£m
Acquisition
of subsidiary
undertakings
£m
Other
non-cash changes
£m
Currency movement
£m
At 31 March
2004
£m
Analysis of net debt
Cash in hand and at bank 91 18 – – – 109
Overnight deposits 268 24 – – – 292
Bank overdrafts (4) 2 – – – (2)
355 44 – – – 399
Other current asset investments 6,072 (1,123) – (74) (4) 4,871
Short-term investments and cash,
less bank overdrafts 6,427 (1,079) – (74) (4) 5,270
Debt due within one year, excluding
bank overdrafts (2,544) 2,144 – (869) – (1,269)
Debt due after one year (13,456) 157 (1) 874 – (12,426)
Total debt, excluding bank
overdrafts (16,000) 2,301 (1) 5 – (13,695)
Net debt (9,573) 1,222 (1) (69) (4) (8,425)
2004
£m
2003
£m
2002
£m
Reconciliation of net cash flow to movement in net debt
Increase (decrease) in cash in the year 44 (19) 90
Cash outflow from decrease in debt 2,301 2,515 11,976
Cash (outflow) inflow from increase in liquid resources (1,123) 1,729 1,864
Decrease in net debt resulting from cash flows 1,222 4,225 13,930
Currency and translation movements (4) (67) (32)
(Increase) decrease in debt on acquisition or disposal of subsidiary undertakings (1) 13 75
Other non-cash movements (69) (43) 268
Decrease in net debt in the year 1,148 4,128 14,241
Net debt at 1 April (9,573) (13,701) (27,942)
Net debt at 31 March (8,425) (9,573) (13,701)
On the demerger, mmO
2
had net debt of approximately £500 million of which BT Group was owed
approximately £440 million in addition to ordinary trading account balances. mmO
2
repaid this loan to BT Group
on 19 November 2001.
20. Intangible assets
Goodwill
£m
Telecommunication
licences
and other
£m
Total
£m
Cost
1 April 2003 2,578 21 2,599
Acquisitions 35 1 36
Disposals – (13) (13)
Currency movements (28) – (28)
Total cost at 31 March 2004 2,585 9 2,594
Amortisation
1 April 2003 2,371 10 2,381
Charge for the year 12 3 15
Disposals – (6) (6)
Total amortisation at 31 March 2004 2,383 7 2,390
Net book value at 31 March 2004 202 2 204
Net book value at 31 March 2003 207 11 218
BT Annual Report and Form 20-F 200499 Notes to the financial statements