1994
1995
1996
1997
1998
£m
£m
£m
£m
£m
Profit and loss account
Turnover
13,675
13,893
14,446
14,935
15,640
Other operating income (a)
53
129
103
106
372
Operating profit (b)
2,982
2,663
3,100
3,245
3,657
Group’s share of profits (losses) of associated undertakings
18
92
82
139
(252)
Profit (loss) on sale of group undertakings
(14)
241
7
8
63
Net interest payable
(230)
(259)
(170)
(129)
(249)
Premium on repurchase of bonds
–
(75)
–
(60)
–
Profit on ordinary activities before taxation
2,756
2,662
3,019
3,203
3,219
Tax on profit on ordinary activities:
Corporation and similar taxes
(951)
(926)
(1,027)
(1,102)
(978)
Windfall tax
–
–
–
–
(510)
Profit on ordinary activities after taxation
1,805
1,736
1,992
2,101
1,731
Minority interests
(38)
(5)
(6)
(24)
(25)
Profit for the financial year
1,767
1,731
1,986
2,077
1,706
Earnings per share
28.5p
27.8p
31.6p
32.8p
26.7p
Earnings per share before exceptional items
28.5p
27.8p
31.6p
32.8p
31.7p
Fully diluted earnings per share
27.9p
27.2p
31.0p
32.2p
26.3p
Fully diluted earnings per share before exceptional items
27.9p
27.2p
31.0p
32.2p
31.2p
Dividends per share (including 1997 special dividend of 35p)
16.7p
17.7p
18.7p
54.85p
19.0p
(a) Including MCI merger break-up fee net of expenses
–
–
–
–
238
(b) Including redundancy charges
517
820
421
367
106
Cash flow statement
Cash flow from operating activities
4,917
5,119
5,834
6,192
6,076
Returns on investments and servicing of finance
(202)
(348)
(150)
(220)
(160)
Taxation
(605)
(1,175)
(784)
(1,045)
(1,886)
Capital expenditure and financial investment
(2,123)
(2,535)
(2,500)
(2,820)
(3,108)
Acquisitions and disposals
(482)
(2,260)
(132)
(252)
(1,501)
Equity dividends paid
(999)
(1,065)
(1,138)
(1,217)
(3,473)
Cash inflow (outflow) before management of liquid resources
and financing
506
(2,264)
1,130
638
(4,052)
Management of liquid resources
(797)
2,557
(1,317)
(504)
2,247
Financing
273
(207)
215
(224)
1,794
Increase (decrease) in cash for the year
(18)
86
28
(90)
(11)
Decrease (increase) in net debt for the year
563
(2,146)
1,319
849
(3,860)
Balance sheet
Tangible fixed assets
15,584
16,012
16,496
16,802
17,252
Fixed asset investments
1,312
1,082
1,057
1,273
1,708
Net current assets (liabilities)
125
(725)
(106)
(2,667)
(2,637)
Total assets less current liabilities
17,021
16,369
17,447
15,408
16,323
Loans and other borrowings falling due after one year
(3,199)
(3,361)
(3,322)
(2,693)
(3,889)
Provisions for liabilities and charges
(701)
(879)
(1,267)
(1,391)
(1,426)
Minority interests
(95)
(132)
(180)
(208)
(223)
Total assets less liabilities
13,026
11,997
12,678
11,116
10,785
Total equity shareholders’ funds
13,026
11,997
12,678
11,116
10,785
Total assets
22,565
21,459
23,536
25,062
23,285
US GAAP
YEARS ENDED 31 MARCH
Income before taxes
2,333
2,580
2,774
3,326
2,796
Net income
1,476
1,744
1,806
2,149
1,451
Basic earnings per ordinary share
23.8p
28.0p
28.8p
33.9p
22.7p
Diluted earnings per ordinary share
23.4p
27.6p
28.4p
33.6p
22.4p
Basic earnings per ADS
£2.38
£2.80
£2.88
£3.39
£2.27
Diluted earnings per ADS
£2.34
£2.76
£2.84
£3.36
£2.24
AT 31 MARCH
Total assets
23,181
23,879
26,183
27,239
27,951
Ordinary shareholders’ equity
11,511
12,185
13,010
11,588
12,615