Balance sheet
At 31 December 2001

						Group				Company
				31 December		31 December		31 December		31 December
				2001		2000		2001		2000
Note				£m		£m		£m		£m
		Fixed assets
		Intangible assets:
13		Goodwill		7		7
13		Negative goodwill		(33)		(33)
		Net goodwill		(26)		(26)
14		Tangible assets		2,648		2,214		4		7
15		Investments:
		Joint ventures:
		Share of gross assets		287		251
		Share of gross liabilities		(186)		(159)
		Net investment		101		92		5		5
		Associates		317		638		92		454
		Other investments		97		94		2,036		1,994
		Total fixed asset investments		515		824		2,133		2,453
		Total fixed assets		3,137		3,012		2,137		2,460
		Current assets
		Stocks		25		21		-		-
16		Debtors: recoverable within one year		148		117		167		163
16		Debtors: recoverable after more than one year		10		15		-		-
17		Investments		47		-		-		-
		Cash at bank and in hand		596		107		98		25
		Total current assets		826		260		265		188
18		Creditors: amounts falling due within one year		(615)		(358)		(594)		(602)
		Net current assets/(liabilities)		211		(98)		(329)		(414)
		Total assets less current liabilities		3,348		2,914		1,808		2,046
19		Creditors: amounts falling due after more than one year		(1,436)		(1,101)		(41)		(349)
20		Provisions for liabilities and charges		(60)		(78)		(38)		(54)
		Net assets employed		1,852		1,735		1,729		1,643
		Capital and reserves
22/23		Called up share capital		559		559		559		559
23		Share premium account		289		289		289		289
23		Capital redemption reserve		140		140		140		140
23		Capital reserve		422		422		415		415
23		Profit and loss account		415		273		326		240
23		Shareholders' funds - equity		1,825		1,683		1,729		1,643
		Minority interests - equity		27		52		-		-
		Total equity		1,852		1,735		1,729		1,643

The accounts were approved by the Board of Directors on 18 March 2002 and signed on its behalf by

Peter Giller Chief Executive Officer

Philip Cox Chief Financial Officer