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| Financial
ratios |
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| Basic
earnings (loss) per share – pence |
32.8 |
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26.6 |
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46.3 |
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31.7 |
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(27.7 |
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| Return
on capital employed % (a) |
19.1 |
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19.5 |
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19.2 |
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18.2 |
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14.9 |
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| Gearing
– net debt to equity % (b) |
1.6 |
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36.1 |
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6.3 |
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53.4 |
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191.8 |
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| Interest
cover (c) |
19.7 |
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11.2 |
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12.2 |
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8.8
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2.6 |
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| (a) |
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The ratio is based on profit
before tax, goodwill amortisation and interest on
long-term borrowings, to average capital employed.
Capital employed is represented by total assets,
excluding goodwill, less current liabilities, excluding
corporate taxes and dividends payable, and provisions
other than those for deferred taxation. Year-end
figures are used in the computation of the average,
except in the case of short-term investments and
borrowings where average daily balances are used
in their place. |
| (b) |
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The ratio is based on borrowings
net of cash and short-term investments to capital
and reserves and minority interests. |
| (c) |
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The number of times net interest
payable is covered by total operating profit before
goodwill amortisation. In 1997, net interest excludes
the premium paid on the repurchase of bonds.
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| Expenditure on research
and development |
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| Total expenditure |
291 |
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307 |
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268 |
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345 |
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364 |
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| Expenditure
on tangible fixed assets |
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| Plant
and equipment |
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| Transmission
equipment |
1,131 |
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1,219 |
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1,416 |
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1,563 |
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2,295 |
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| Exchange
equipment |
445 |
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512 |
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411 |
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413 |
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479 |
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| Other
network equipment |
503 |
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502 |
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558 |
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703 |
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1,180 |
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| Computers
and office equipment |
350 |
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372 |
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464 |
|
502 |
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574 |
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| Motor
vehicles and other |
175 |
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230 |
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230 |
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257 |
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251 |
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| Land
and buildings |
143 |
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211 |
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205 |
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229 |
|
210 |
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| Increase
(decrease) in engineering stores |
(28 |
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(16 |
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(15 |
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13 |
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(3 |
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| Total
expenditure on tangible fixed assets |
2,719 |
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3,030 |
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3,269 |
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3,680 |
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4,986 |
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| Decrease
(increase) in creditors |
104 |
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(10 |
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(49 |
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(112 |
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(230 |
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| Cash
outflow on purchase of tangible fixed assets |
2,823 |
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3,020 |
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3,220 |
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3,568 |
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4,756 |
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| Financial
statistics have been restated where necessary to provide
consistency with the presentation of the 2001 financial
year figures. |
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