|
Share
|
Capital
|
Profit
|
||||
|
Share
|
premium
|
redemption
|
Other
|
and
loss
|
||
| 26. Reconciliation of movement in |
capital
|
account
(a)
|
reserve
|
reserves
|
account
|
Total
|
| shareholders' funds |
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
| ------------------------------------------------------------------------------ |
----------------------------------------------------------------------------------
|
|||||
| Group | ||||||
| Balances at 31 March 1996 |
1,573
|
531
|
750
|
27
|
9,797
|
12,678
|
| Goodwill,
arising on acquisition of subsidiaries, associates and joint ventures (b) |
||||||
|
-
|
-
|
-
|
(199)
|
(199)
|
||
| Goodwill,
previously written off to reserves, taken back to the profit and loss account |
||||||
|
-
|
-
|
-
|
5
|
5
|
||
| Employee
share option schemes - 64 million shares issued (note 31) |
||||||
|
16
|
144
|
-
|
-
|
-
|
160
|
|
| Currency
movements (including £29 million net gains in respect of foreign currency borrowings) (c) |
||||||
|
-
|
-
|
-
|
(76)
|
(76)
|
||
| Profit for the financial year |
-
|
-
|
-
|
-
|
2,077
|
2,077
|
| Dividends (54.85p net per ordinary share) |
-
|
-
|
-
|
-
|
(3,510)
|
(3,510)
|
| Other movements |
-
|
-
|
-
|
-
|
(19)
|
(19)
|
| ------------------------------------------------------------------------------ |
----------------------------------------------------------------------------------
|
|||||
| Balances at 31 March 1997 |
1,589
|
675
|
750
|
27
|
8,075
|
11,116
|
| Goodwill,
arising on acquisition of subsidiaries, associates and joint ventures (b) |
||||||
|
-
|
-
|
-
|
(937)
|
(937)
|
||
| Goodwill,
previously written off to reserves, taken back to the profit and loss account |
||||||
|
-
|
-
|
-
|
5
|
5
|
||
| Employee
share option schemes - 52 million shares issued (note 31) |
||||||
|
13
|
217
|
-
|
-
|
230
|
||
| Movement relating to BT's employee share ownership trust (d) |
-
|
-
|
-
|
-
|
(85)
|
(85)
|
| Currency
movements (including £31 million net gains in respect of foreign currency borrowings) (c) |
||||||
|
-
|
-
|
-
|
-
|
(74)
|
(74)
|
|
| Profit for the financial year |
-
|
-
|
-
|
-
|
1,702
|
1,702
|
| Dividends (19.0p net per ordinary share) |
-
|
-
|
-
|
-
|
(1,216)
|
(1,216)
|
| Scrip dividend - 4 million shares issued (note 25) |
1
|
-
|
(1)
|
-
|
18
|
18
|
| Other movements |
-
|
-
|
-
|
-
|
26
|
26
|
| ------------------------------------------------------------------------------ |
----------------------------------------------------------------------------------
|
|||||
| Balances at 31 March 1998 |
1,603
|
892
|
749
|
27
|
7,514
|
10,785
|
| Goodwill,
previously written off to reserves, taken back to the profit and loss account (note 6) |
||||||
|
-
|
-
|
-
|
2,214
|
2,214
|
||
| Employee
share option schemes - 50 million shares issued (d) (note 31) |
||||||
|
12
|
314
|
-
|
-
|
-
|
326
|
|
| Movement relating to BT's employee share ownership trust (d) |
-
|
-
|
-
|
-
|
(165)
|
(165)
|
| Currency
movements (including £22 million net losses in respect of foreign currency borrowings) (c) |
||||||
|
-
|
-
|
-
|
-
|
45
|
45
|
|
| Profit for the financial year |
-
|
-
|
-
|
-
|
2,983
|
2,983
|
| Dividends (20.4p net per ordinary share) |
-
|
-
|
-
|
-
|
(1,322)
|
(1,322)
|
| Scrip dividend - 8 million shares issued (note 25) |
2
|
-
|
(2)
|
-
|
74
|
74
|
| ------------------------------------------------------------------------------ |
----------------------------------------------------------------------------------
|
|||||
| Balances at 31 March 1999 |
1,617
|
1,206
|
747
|
27
|
11,343
|
14,940
|
| ------------------------------------------------------------------------------ |
----------------------------------------------------------------------------------
|
|||||
|
Share
|
Capital
|
Profit
|
||||
|
Share
|
premium
|
redemption
|
and
loss
|
|||
|
capital
|
account
(a)
|
reserve
|
account
|
Total
|
||
|
£m
|
£m
|
£m
|
£m
|
£m
|
||
| ---------------------------------------------------------------------- | ||||||
| Company | ||||||
| Balances at 31 March 1996 |
1,573
|
531
|
750
|
11,194
|
14,048
|
|
| Employee
share option schemes - 64 million shares issued (note 31) |
||||||
|
16
|
144
|
-
|
-
|
160
|
||
| Profit for the financial year (e) |
-
|
-
|
-
|
1,475
|
1,475
|
|
| Dividends (54.85p net per ordinary share) |
-
|
-
|
-
|
(3,510)
|
(3,510)
|
|
| Currency
movements (including £29m net gain in respect offoreign currency borrowings) |
||||||
|
-
|
-
|
-
|
(155)
|
(155)
|
||
| ------------------------------------------------------------------------------ | ---------------------------------------------------------------------- | |||||
| Balances at 31 March 1997 |
1,589
|
675
|
750
|
9,004
|
12,018
|
|
| Employee
share option schemes - 52 million shares issued (note 31) |
||||||
|
13
|
217
|
-
|
-
|
230
|
||
| Movement relating to BT's employee share ownership trust (d) |
-
|
-
|
-
|
(85)
|
(85)
|
|
| Profit for the financial year (e) |
-
|
-
|
-
|
2,146
|
2,146
|
|
| Dividends (19.0p net per ordinary share) |
-
|
-
|
-
|
(1,216)
|
(1,216)
|
|
| Scrip dividend - 4 million shares issued (note 25) |
1
|
-
|
(1)
|
18
|
18
|
|
| Currency
movements (including £31m net gain in respect offoreign currency borrowings) |
||||||
|
-
|
-
|
-
|
(66)
|
(66)
|
||
| ------------------------------------------------------------------------------ | ---------------------------------------------------------------------- | |||||
| Balances at 31 March 1998 |
1,603
|
892
|
749
|
9,801
|
13,045
|
|
| Employee
share option schemes - 50 million shares issued (d) (note 31) |
||||||
|
12
|
314
|
-
|
-
|
326
|
||
| Movement relating to BT's employee share ownership trust (d) |
-
|
-
|
-
|
(165)
|
(165)
|
|
| Profit for the financial year (e) |
-
|
-
|
-
|
3,785
|
3,785
|
|
| Dividends (20.4p net per ordinary share) |
-
|
-
|
-
|
(1,322)
|
(1,322)
|
|
| Scrip dividend - 8 million shares issued (note 25) |
2
|
-
|
(2)
|
74
|
74
|
|
| Currency movements |
-
|
-
|
-
|
1
|
1
|
|
| ------------------------------------------------------------------------------ | ---------------------------------------------------------------------- | |||||
| Balances at 31 March 1999 |
1,617
|
1,206
|
747
|
12,174
|
15,744
|
|
| ------------------------------------------------------------------------------ | ---------------------------------------------------------------------- | |||||
| (a) The share premium account, representing the premium on allotment of shares and the capital redemption reserve is not available for distribution. |
| (b) Aggregate goodwill at 31 March 1999 in respect of acquisitions completed prior to 1 April 1998 of £1,389m (1998 - £3,603m, 1997 - £2,671m) has been written off against retained earnings in accordance with the group's accounting policy. The goodwill written off in the year ended 31 March 1998 mainly arose in connection with the acquisition of the interest in Cegetel; that written off in the year ended 31 March 1997 mainly arose in connection with the acquisition of shares not already owned in BT Telecomunicaciones SA and the acquisition of Syntegra Groep BV. The goodwill written off against retained earnings will be charged in the profit and loss account on the subsequent disposal of the business to which it related. |
| (c) The cumulative foreign currency translation adjustment, which decreased retained earnings at 31 March 1999, was £85m (1998 - £130m decrease, 1997 - £56m decrease). |
| (d) During the year ended 31 March 1999 the company issued shares at a market value of £311m (1998 - £203m) in respect of the exercise of options awarded under its principal savings-related share option scheme. Employees paid £146m (1998 - £118m) to the group for the issue of these shares and the balance of £165m (1998 - £85m) comprised contributions to the qualifying employee share ownership trust from group undertakings. |
| (e) The profit for the financial year, dealt with in the profit and loss account of the company and after taking into account dividends from subsidiary undertakings, was £3,785m (1998 - £2,146m, 1997 - £1,475m). As permitted by Section 230 of the Companies Act 1985, no profit and loss account of the company is presented. |