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Vodafone Group Plc Annual Report & Accounts and Form 20-F 2003 85
6. Exceptional non-operating items
2003 2002 2001
£m £m £m
Amounts written off fixed asset investments 340 920 193
Profit on disposal of fixed asset investments (255) (9) (6)
Profit on disposal of fixed assets (3) (10) (6)
Profit on disposal of businesses (22) (41) –
Profit on termination of hedging instrument ––(261)
Share of associated undertakings profit on disposal of investment (55) ––
5860 (80)
Amounts written off fixed asset investments for the years ended 31 March 2003 and 31 March 2002 primarily relate to the Group’s interest in China Mobile.
The profit on disposal of fixed asset investments for 2003 primarily relates to the disposal of the Group’s 23.6% interest in Bergemann GmbH, through which
the Group’s 8.2% stake in Ruhrgas AG was held. The share of associate profit on disposal of investment relates to the completion of the disposal for cash of
AOL Europe shares by Cegetel Group S.A.
The profit on disposal of fixed asset investments for the year ended 31 March 2002 relates to a profit on disposal of the Group’s 11.7% interest in the
Korean mobile operator, Shinsegi. The profit on disposal of businesses for the year ended 31 March 2002 principally relates to a gain arising on the
reduction in the Group’s interest in Vodafone Greece, from 55% to 51.9%.
The profit on termination of the hedging instrument arose in March 2001 upon the settlement of a hedging transaction entered into by the Group in order to
obtain protection against an adverse market-related price adjustment included in the original terms of the agreement for the sale of Infostrada. This hedging
transaction was terminated with cash proceeds to the Group of approximately 1410 million. The amounts written off of fixed asset investments in the year
ended 31 March 2001 are in relation to the Group’s previous interest in Globalstar and Shinsegi.
Under US GAAP, the above exceptional non-operating items would be reclassified as “Operating items”and would reduce or increase operating profit
accordingly.
7. Net interest payable and similar items
2003 2002 2001
£m £m £m
Parent and subsidiary undertakings:
Interest receivable and similar income (647) (468) (306)
Interest payable and similar charges:
Bank loans and overdrafts 133 468 438
Other loans 976 494 707
Finance leases 14 911
1,123 971 1,156
Group net interest payable 476 503 850
Share of joint ventures:
Interest payable and similar charges 812 2
Share of associated undertakings:
Interest receivable and similar income (24) (23) (6)
Interest payable and similar charges 311 353 331
287 330 325
Share of joint ventures and associated undertakings net interest payable 295 342 327
Other similar items (19) ––
Net interest payable and similar items 752 845 1,177