=+At 30 June 2003 the consolidated carrying values of the assets and liabilities of KINGPIN Limited were as follows:

ASSETS €m €m Non-current Assets Cost 230 Accumulated depreciation (80) 150 Current Assets Trade receivables 60 Cash at bank 56 116 654 INTERNATIONAL FINANCIAL ACCOUNTING AND REPORTING EQUITY AND LIABILITIES Capital and Reserves Share capital Retained earnings 116 Current Liabilities ;

Trade payables 42 Corporation tax 8 oo Apart from the sale of KINGPIN Limited, there were no other acquisitions or disposals of subsidiary undertakings during 2003. It is group policy to provide a full year’s depreciation charge in the year of acquisition and none in the year of disposal.