GPG Report & Accounts 2003 - Guinness Peat Group plc

GUINNESS PEAT GROUP PLC • ANNUAL REPORT • 13Consolidated Balance Sheet31 December 2003 2002FIXED ASSETS Notes £000 £000Intangible assets – net negative goodwill 14 (8,283) (10,734)Tangible assets 15 77,107 74,349Investments 16Investments in joint venturesShare of gross assets 601,186 31,159Share of gross liabilities (505,933) (18,500)95,253 12,659Investments in associates 38,299 40,008Other investments 157,944 203,522291,496 256,189TOTAL FIXED ASSETS 360,320 319,804CURRENT ASSETSStocks and development work in progress 17 28,235 13,981Debtors 18 93,229 128,727Investments 19 17,426 36,874Cash at bank and in hand 289,463 113,827TOTAL CURRENT ASSETS 428,353 293,409CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEARTrade and other creditors 20 (126,886) (116,131)Convertible subordinated loan notes 21 (5,963) (3,863)Other borrowings 23 (838) (5,404)TOTAL CURRENT LIABILITIES (133,687) (125,398)NET CURRENT ASSETS 294,666 168,011TOTAL ASSETS LESS CURRENT LIABILITIES 654,986 487,815CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEARTrade and other creditors 20 (1,588) (306)Convertible subordinated loan notes 21 (5,964) (7,725)Capital notes 22 (166,513) (67,765)Other borrowings 23 (22,584) (13,672)TOTAL LONG-TERM CREDITORS (196,649) (89,468)PROVISIONS FOR LIABILITIES AND CHARGES 24 (10,662) (15,784)NET ASSETS 2 447,675 382,563CAPITAL AND RESERVESShare capital 26 34,461 31,094Share premium account 27 3,389 1,344Capital redemption reserve 27 521 –Other reserve 27 260,596 263,761Profit and loss account 27 130,871 71,966EQUITY SHAREHOLDERS’ FUNDS 429,838 368,165Equity minority interests 17,837 14,398CAPITAL EMPLOYED 447,675 382,563Blake Nixon, DirectorApproved by the Board on 15 March 2004Notes on pages 17 to 54 form part of these financial statements