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| 29.
Financial commitments, contingent liabilities and subsequent
events |
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| Contracts placed
for capital expenditure not provided in the accounts |
1,231 |
1,000 |
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948 |
940 |
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| Operating lease
payments payable within one year of the balance
sheet date were in respect of leases expiring: |
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Within one year |
7 |
9 |
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3 |
1 |
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Between one and five years |
32 |
37 |
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23 |
26 |
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After five years |
110 |
140 |
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82 |
85 |
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| Total payable
within one year |
149 |
186 |
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108 |
112 |
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| Future
minimum operating lease payments for the group at 31 March
2001 were as follows: |
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| Payable in the year ending 31
March: |
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| 2002 |
149 |
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| 2003 |
139 |
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| 2004 |
131 |
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| 2005 |
121 |
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| 2006 |
113 |
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| Thereafter |
816 |
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| Total future minimum operating
lease payments |
1,469 |
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Operating
lease commitments were mainly in respect of leases of
land and buildings.
At 31 March 2001, there were no contingent liabilities
or guarantees other than those arising in the ordinary
course of the group’s business and on these no material
losses are anticipated. The group has insurance cover
to certain limits for major risks on property and major
claims in connection with legal liabilities arising in
the course of its operations. Otherwise, the group generally
carries its own risks.
The company has guaranteed certain borrowings of subsidiary
undertakings amounting to £974 million (2000 – £926
million). The company has provided guarantees amounting
to £1,160 million at 31 March 2001, in respect of bank
loans and guarantees provided to associates and joint
ventures, including £782 million relating to J-Phone Communications.
Satellite consortia, in which the company has participating
interests, are organisations without limited liability.
At 31 March 2001, the company’s share of the aggregate
borrowings of these consortia amounted to £100 million
(2000 – £130 million).
The company does not believe there are any pending legal
proceedings which would have a material adverse effect
on the financial position or results of operations of
the group.
Subsequent
events
In April 2001, the group acquired the 49.5% of Esat Digifone
that was not already owned, from Telenor, for £856 million
under an agreement made in early 2000.
On 2 May 2001, BT announced that it had agreed to sell
its interests in Japan Telecom and J-Phones for £3.7 billion,
and its interest in Airtel in Spain for £1.1 billion,
both to Vodafone. The impact of the combined transaction
will be a net reduction in total group debt of £4.4 billion.
Completion of the transactions is conditional upon relevant
regulatory and procedural approvals in Europe and Japan.
On 4 May 2001, BT also announced that it had agreed in
principle to sell its interest in Maxis Communications
in Malaysia for £350 million. This transaction is also
subject to regulatory and other approvals.
On 10 May 2001, BT announced that it proposed to raise
approximately £5.9 billion, net of expenses, by the issue
of up to 1,975,580,052 new ordinary shares at a price
of 300 pence per share. The issue is being made by way
of a rights issue on the basis of 3 new ordinary shares
for every 10 existing ordinary shares held on 9 May 2001.
The rights issue is due to close on 15 June 2001.
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