Carlton Annual Report & Accounts 1999
INTRODUCTION

Financial highlights

From the Chairman

From the Chief Executive

 
OUR BUSINESSES

Broadcasting & advertising sales

Programme making

Digital pay television

The internet

Technicolour Group

 
FINANCIAL REVIEW

Finance Director's Review

 
CORPORATE GOVERNANCE

Directors' report

Remuneration report

 
FINANCIAL RESULTS

Auditors' report

Profit and loss account

Consolidated balance sheet

Consolidated statement of cash flows

Statement of total recognised gains & losses

Reconciliation of movements in shareholders' funds

Principal accounting policies

 
NOTES TO THE ACCOUNTS

Index to notes

 
APPENDIX

Euro conversion

US$ conversion

Differences between UK and US GAAP

Historical record

Summary notice of AGM

Shareholder information

NOTES TO THE ACCOUNTS
for the year ended 30 September 1999
13 FIXED ASSET INVESTMENTS

Joint ventures
£m
Associated undertakings
£m
Other investments
£m
Total
£m
(a) Group
At 1 October 1998 13.6 14.1 9.4 37.1
Disposals and conversion to a subsidiary (5.3) - (5.5) (10.8)
Purchase of investments 67.5 12.2 12.9 92.6
Loans 31.0 (3.5) - 27.5
Reserve movements (0.4) (2.0) - (2.4)
Dividends received (0.3) (3.9) - (4.2)
Share of operating loss (74.2) (0.7) - (74.9)
Share of interest (0.3) 0.1 - (0.2)
Share of tax - (2.7) - (2.7)
Exchange differences and other 0.1 0.2 0.5 0.8
At 30 September 1999 31.7 13.8 17.3 62.8

Other investments include listed investments with a market value of £11.6m (book value £12.3m) at 30 September 1999 (1998 - market value £5.5m, book value £5.8m). Included within other investments is an investment in 2,380,522 Carlton Ordinary Shares held within the ESOP. The shares are held to cover potential future vesting under employee share plans. At 30 September 1999 loans to joint ventures and associated undertakings were £41.8m (1998 - £14.3m). The Group's share of the undistributed post acquisition net retained deficits of its joint ventures and associated undertakings at 30 September 1999 was £71.2m (1998 - £3.2m share of retained reserves).

Subsidiary undertakings
Joint ventures and Associated undertakings
Equity
£m
Loans
£m
Equity
£m
Loans
£m
Other Investments
£m
Total
£m
(b) Company
Cost at 1 October 1998 3,038.3 941.5 74.3 3.5 - 4,057.6
Disposals and repayments (87.0) (175.7) - (0.8) - (263.5)
Additions 191.4 269.3 63.3 34.9 10.0 568.9
At 30 September 1999 3,142.7 1,035.1 137.6 37.6 10.0 4,363.0
Provisions at 1 October 1998 374.7 - 16.1 - - 390.8
Provided in the year 210.8 - 0.8 - - 211.6
At 30 September 1999 585.5 - 16.9 - - 602.4
Net book value at 30 September 1999 2,557.2 1,035.1 120.7 37.6 10.0 3,760.6
Net book value at 30 September 1998 2,663.6 941.5 58.2 3.5 - 3,666.8

A list of Company's principal operating companies is given in note 36.

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