Annual Report – 31 March 1997 - Vodafone
Annual Report – 31 March 1997 - Vodafone
Annual Report – 31 March 1997 - Vodafone
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<strong>Vodafone</strong> Group Plc <strong>Annual</strong> <strong>Report</strong> & Accounts for the year ended <strong>31</strong> <strong>March</strong> <strong>1997</strong><br />
The Group's balance sheet remains strong and liquidity good.<br />
Fixed assets<br />
Fixed assets increased by £504.5m. Those intangible fixed assets which are capitalised in accordance with<br />
the Group's accounting policy increased by £58.1m, mainly due to the inclusion of the unamortised<br />
portion of Panafon's licence fee following the increase in the shareholding in Panafon. Tangible fixed<br />
assets increased by £403.2m as a result of capital expenditure on digital networks in the UK and Australia<br />
and the inclusion of the fixed assets of subsidiaries acquired in the year. The movement in investments,<br />
which includes equity investments and loans advanced to associates and other investments, is analysed in<br />
the adjacent table.<br />
Movement in investments £m<br />
At 1 April 1996 475.7<br />
New investments 350.7<br />
Reclassification as<br />
subsidiaries (153.6)<br />
Disposal of investments (29.0)<br />
Goodwill written-off (48.1)<br />
Currency translations (100.7)<br />
Share of profits in<br />
associated undertakings 23.9<br />
At <strong>31</strong> <strong>March</strong> <strong>1997</strong> 518.9<br />
Working capital<br />
http://www.vodafone.com/download/investor/reports/annual97/3/2.htm (1 of 3)29/03/2007 22:33:04
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