BT 2005 Annual Report Download - page 86

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5. Group’s share of operating (loss) profit of associates and joint ventures
The group’s share of operating (loss) profit of associates and joint ventures comprised:
2005
£m
2004
£m
2003
£m
Joint ventures (31) (38) 119
Associates 64 210
Group’s share of operating (loss) profit of associates and joint ventures
a
(25) (34) 329
a
Includes:
Exceptional costs relating to impairment of assets in joint ventures 25 ––
Exceptional costs relating to the impairment of goodwill –26 –
Exceptional costs relating to the release of surplus exit costs ––(150)
Amortisation of goodwill arising in joint ventures and associates ––2
6. Profit on sale of fixed asset investments and group undertakings
In January 2005 the group sold its 4% interest in Intelsat for net proceeds of US$120 million (£64 million) which
resulted in a profit on disposal of £46 million.
In December 2004 the group sold its 15.8% interest in Eutelsat SA for net proceeds of £356 million resulting in a
profit on disposal of £236 million.
In November 2004 the group completed the sale of its 11.9% shareholding in StarHub Pte Ltd for net proceeds of
£77 million resulting in a profit on disposal of £38 million.
Other gains of £38 million were recognised during the year ended 31 March 2005. The net proceeds received in
relation to these disposals was £63 million.
In December 2003 the group sold its 7.8% interest in Inmarsat Ventures plc for total cash consideration of
US$118 million (£67 million) realising a profit on disposal of £32 million.
Other gains of £6 million and losses of £2 million were recognised during the year ended 31 March 2004. The
consideration received in relation to these disposals was £6 million.
In the year ended 31 March 2003, disposals of subsidiary undertakings resulted in losses of £9 million,
the consideration received in relation to these disposals was £3 million.
In January 2003, the group sold its 26% interest in Cegetel Groupe SA to Vivendi Universal SA for consideration of
E4,000 million (£2,603 million) in cash. The profit on disposal was £1,509 million, before the recognition of an
exceptional interest charge of £293 million on closing out fixed interest rate swaps following receipt of the sale
proceeds, and includes a write-back of £862 million of goodwill taken directly to reserves before April 1998.
In December 2002, the group sold its interest in Blu SpA for consideration of £29 million. The profit on disposal was
£19 million.
In October 2002, the group sold its 2% interest in Mediaset for consideration of £87 million in cash. The profit on
disposal was £14 million.
In May 2002 and November 2002, the group sold its remaining holding of shares in BSkyB, received for
the exchange of the residual interest in British Interactive Broadcasting, for consideration of £192 million recognising a
profit of £131 million.
Other gains of £39 million and losses of £7 million were recognised during the year ended 31 March 2003. These
gains and losses included a write-back of £7 million of goodwill taken directly to reserves before April 1998. The
consideration received in relation to these disposals was £114 million.
7. Interest receivable 2005
£m
2004
£m
2003
£m
Income from listed investments 47 13 2
Other interest receivable
a
209 283 187
Group 256 296 189
Joint ventures 921
Associates ––5
Total interest receivable 265 298 195
a
Includes an exceptional credit of £34 million in the year ended 31 March 2004 being one off interest recognised on full repayment of loan notes received
as part of the original consideration from the disposal of Yell.
Notes to the financial statements BT Group plc Annual Report and Form 20-F 2005 85