Summary
financial review and financial statements
–
continued
Group
Balance Sheet at 28 December 2003
2003
£m
2002
£m
Fixed
Assets
Intangible
assets and goodwill
5,827
3,919
Tangible
assets, associates and investments
2,176
1,896
8,003
5,815
Current
Assets
2,407
2,052
Creditors:
amounts falling due within one year
(3,091
)
(2,585
)
Net Current
Liabilities
(684
)
(533
)
Total assets
less Current Liabilities
7,319
5,282
Non-Current
Liabilities
Creditors:
amounts falling due after more than one year
(3,698
)
(1,577
)
Provisions
for liabilities and charges
(428
)
(419
)
Net Assets
3,193
3,286
Total Shareholders’
Funds
2,950
3,020
Minority
Interests
243
266
Total Capital
Employed
3,193
3,280
Capital
Structure and resources
During 2003 the
Group’s market capitalisation increased by approximately £0.5
billion to £8.4 billion, due to a 26.25 pence increase in the share
price during the year to 408.25 pence at 28 December 2003 (382 pence at
29 December 2002). Net borrowings rose during the year from £1,846
million at the end of 2002, to £4,211 million at the end of 2003,
representing 50% of total market capitalisation.
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