GPG Report & Accounts 2003 - Guinness Peat Group plc

More documents

Recommendations

Info

GUINNESS PEAT GROUP PLC • ANNUAL REPORT • 3115. Tangible Fixed Assets - continuedGroupYear ended 31 December 2003 2002£000 £000ANALYSIS OF NET BOOK VALUE OF LAND AND BUILDINGSFreehold 45,602 38,304Leasehold:Over 50 years unexpired 238 511Under 50 years unexpired 1,503 1,07647,343 39,891The CompanyCOSTPlant andequipment£000At 1 January and 31 December 2003 331ACCUMULATED DEPRECIATIONAt 1 January 2003 319Charge for the period 7AT 31 DECEMBER 2003 326NET BOOK VALUE AT 31 DECEMBER 2003 5NET BOOK VALUE AT 31 DECEMBER 2002 1216. Fixed Asset InvestmentsGroupCompanyYear ended 31 December 2003 2002 2003 2002£000 £000 £000 £000Interests in joint ventures (see note a) below) 95,253 12,659 – –Interests in associated undertakings(see note a) below) 38,299 40,008 – –Interests in group undertakings (see note c) below) – – 195,818 193,236Other investments (see note b) below)– listed investments 154,124 199,667 7,005 –– unlisted investments 3,551 3,586 – –– art portfolio 269 269 – –291,496 256,189 202,823 193,236
32 • GUINNESS PEAT GROUP PLC • ANNUAL REPORTNotes to Financial Statements – continued16. Fixed Asset Investments - continueda) The Group – Interests in joint ventures and associated undertakingsJointAssociatedventures undertakings£000 £000At 1 January 2003 12,659 40,008Currency translation differences (12,820) 1,635Reclassified from fixed asset investments 84,637 –Additions – 9,781Dividends receivable (3,684) (1,874)Loans advanced 7,264 4,196Loans repaid – (822)Share buyback (2,004) –Reclassified to fixed asset investments – (3,912)Share of profit/(loss) after tax and minorities 9,201 (759)Amounts written off – (8,767)Disposals (note 34) – (1,187)AT 31 DECEMBER 2003 95,253 38,299Additions to joint venture and associated undertakings, including amounts reclassified from fixed asset investments, areanalysed in note 33.Joint venturesAssociated undertakingsYear ended 31 December 2003 2002 2003 2002£000 £000 £000 £000Share of net assets on acquisition 90,678 9,992 49,439 44,628Share of post-acquisition reserves (7,864) (824) (7,889) 1,007Share of net assets 82,814 9,168 41,550 45,635Positive goodwill 5,175 3,491 – 860Negative goodwill – – (7,447) (7,170)87,989 12,659 34,103 39,325Loans to joint ventures and associates 7,264 – 4,196 68395,253 12,659 38,299 40,008Joint venturesAssociated undertakingsPositive Positive Negativegoodwill goodwill goodwill£000 £000 £000At 1 January 2003 3,491 860 (7,170)Fair value adjustments (note 33) – 1,037 –Acquisitions during the year (note 33) 2,135 – (3,130)(Amortisation)/amounts released (451) (433) 918Goodwill written off – (1,464) –Reclassified as a listed investment – – 1,935AT 31 DECEMBER 2003 5,175 – (7,447)Positive goodwill is being amortised over 10 years. Negative goodwill, all of which is attributable to fixed assets, is beingreleased over periods ranging from 5 to 10 years.NoteA discount of £3,099,000 previously arose on acquisition of the Group’s investment in Turners & Growers Ltd, which was taken directly toreserves in the year of acquisition. £59,000 of this discount was released in 2002 in respect of a reduction in the Group’s interest in TurnersAuctions Ltd, and a further £161,000 was released during 2003 when that company ceased to be an associate.
Page 5: 4 • GUINNESS PEAT GROUP PLC • A
Page 9 and 10: 8 • GUINNESS PEAT GROUP PLC • A
Page 11 and 12: 10 • GUINNESS PEAT GROUP PLC •
Page 17: 16 • GUINNESS PEAT GROUP PLC •
Page 20 and 21: GUINNESS PEAT GROUP PLC • ANNUAL

GPG Report & Accounts 2003 - Guinness Peat Group plc

Create successful ePaper yourself

Delete template?

Save as template?