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| 27.
Reconciliation of movement in shareholders’ funds |
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| Group |
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| 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 7) |
– |
|
– |
|
– |
|
– |
|
2,214 |
|
2,214 |
|
| Employee share option schemes
– 50 million shares issued (c)
(note 33) |
12 |
|
314 |
|
– |
|
– |
|
– |
|
326 |
|
| Movement relating to BT’s
employee share ownership trust (c) |
– |
|
– |
|
– |
|
– |
|
(165 |
) |
(165 |
) |
| Currency movements (including
£22 million net losses in respect of foreign currency
borrowings) (d) |
– |
|
– |
|
– |
|
– |
|
45 |
|
45 |
|
| Profit for the financial year |
– |
|
– |
|
– |
|
– |
|
2,983 |
|
2,983 |
|
| Dividends (20.4p per ordinary
share) |
– |
|
– |
|
– |
|
– |
|
(1,322 |
) |
(1,322 |
) |
| Scrip dividend – 8 million
shares issued |
2 |
|
– |
|
(2 |
) |
– |
|
74 |
|
74 |
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| Balances at 31 March 1999 |
1,617 |
|
1,206 |
|
747 |
|
27 |
|
11,343 |
|
14,940 |
|
| Goodwill, previously written
off to reserves, taken back to the profit and loss
account (b) |
– |
|
– |
|
– |
|
– |
|
6 |
|
6 |
|
| Employee share option schemes
– 38 million shares issued (c)
(note 33) |
10 |
|
374 |
|
– |
|
– |
|
– |
|
384 |
|
| Movement relating to BT’s
employee share ownership trust (c) |
– |
|
– |
|
– |
|
– |
|
(257 |
) |
(257 |
) |
| Currency movements (including
£10 million net losses in respect of foreign currency
borrowings) (d) |
– |
|
– |
|
– |
|
– |
|
(66 |
) |
(66 |
) |
| Profit for the financial year |
– |
|
– |
|
– |
|
– |
|
2,055 |
|
2,055 |
|
| Dividends (21.9p per ordinary
share) |
– |
|
– |
|
– |
|
– |
|
(1,426 |
) |
(1,426 |
) |
| Unrealised gain on transfer
of assets and group undertakings to a joint venture |
– |
|
– |
|
– |
|
159 |
|
– |
|
159 |
|
|
| Balances at 31 March 2000 |
1,627 |
|
1,580 |
|
747 |
|
186 |
|
11,655 |
|
15,795 |
|
| Employee share option schemes
– 78 million shares issued (c)
(note 33) |
19 |
|
615 |
|
– |
|
– |
|
– |
|
634 |
|
| Movement relating to BT’s
employee share ownership trust (c) |
– |
|
– |
|
– |
|
– |
|
(359 |
) |
(359 |
) |
| Currency movements (including
£65 million net gain in respect of foreign currency
borrowings) (d) |
– |
|
– |
|
– |
|
– |
|
429 |
|
429 |
|
| Loss for the financial year |
– |
|
– |
|
– |
|
– |
|
(1,810 |
) |
(1,810 |
) |
| Dividend (8.7p per ordinary
share) |
– |
|
– |
|
– |
|
– |
|
(571 |
) |
(571 |
) |
| Adjustment to unrealised gain
on transfer of assets and group undertakings to
a joint venture |
– |
|
– |
|
– |
|
(49 |
) |
– |
|
(49 |
) |
|
| Balances at 31 March 2001 |
1,646 |
|
2,195 |
|
747 |
|
137 |
|
9,344 |
|
14,069 |
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| Company |
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| Balances at 31 March
1998 |
1,603 |
|
892 |
|
749 |
|
9,801 |
|
13,045 |
|
| Employee share option
schemes – 50 million shares issued (c)
(note 33) |
12 |
|
314 |
|
– |
|
– |
|
326 |
|
| Movement relating
to BT’s employee share ownership trust (c) |
– |
|
– |
|
– |
|
(165 |
) |
(165 |
) |
| Profit for the financial
year (e) |
– |
|
– |
|
– |
|
3,785 |
|
3,785 |
|
| Dividends (20.4p
per ordinary share) |
– |
|
– |
|
– |
|
(1,322 |
) |
(1,322 |
) |
| Scrip dividend –
8 million shares issued |
2 |
|
– |
|
(2 |
) |
74 |
|
74 |
|
| Currency movements |
– |
|
– |
|
– |
|
1 |
|
1 |
|
|
| Balances at 31 March
1999 |
1,617 |
|
1,206 |
|
747 |
|
12,174 |
|
15,744 |
|
| Employee share option
schemes – 38 million shares issued (c)
(note 33) |
10 |
|
374 |
|
– |
|
– |
|
384 |
|
| Movement relating
to BT’s employee share ownership trust (c) |
– |
|
– |
|
– |
|
(252 |
) |
(252 |
) |
| Profit for the financial
year (e) |
– |
|
– |
|
– |
|
2,064 |
|
2,064 |
|
| Dividends (21.9p
per ordinary share) |
– |
|
– |
|
– |
|
(1,426 |
) |
(1,426 |
) |
| Currency movements |
– |
|
– |
|
– |
|
(8 |
) |
(8 |
) |
|
| Balances at 31 March
2000 |
1,627 |
|
1,580 |
|
747 |
|
12,552 |
|
16,506 |
|
| Employee share option
schemes – 78 million shares issued (c)
(note 33) |
19 |
|
615 |
|
– |
|
– |
|
634 |
|
| Movement relating
to BT’s employee share ownership trust (c) |
– |
|
– |
|
– |
|
(263 |
) |
(263 |
) |
| Loss for the financial
year (e) |
– |
|
– |
|
– |
|
(2,056 |
) |
(2,056 |
) |
| Dividend (8.7p per
ordinary share) |
– |
|
– |
|
– |
|
(571 |
) |
(571 |
) |
| Currency movements |
– |
|
– |
|
– |
|
71 |
|
71 |
|
|
| Balances at
31 March 2001 |
1,646 |
|
2,195 |
|
747 |
|
9,733 |
|
14,321 |
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| |
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| (a) |
The share premium
account, representing the premium on allotment of
shares, the capital redemption reserve and £110
million of the other reserves are not available
for distribution. |
| |
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| (b) |
Aggregate goodwill
at 31 March 2001 in respect of acquisitions completed
prior to 1 April 1998 of £1,383 million (2000 –
£1,383 million, 1999 – £1,389 million) has
been written off against retained earnings in accordance
with the group’s accounting policy. 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. |
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| (c) |
During the year ended
31 March 2001 the company issued shares at a market
value of £400 million (2000 – £375 million)
in respect of the exercise of options awarded under
its principal savings-relating share option scheme.
Employees paid £145 million (2000 – £118 million)
to the group for the issue of these shares and the
balance of £255 million (2000 – £257 million)
comprised contributions to the qualifying employee
share ownership trust from group undertakings. In
addition the company issued shares at a market value
of £171 million to the qualifying employee share
ownership trust in anticipation of the exercise
of share options in August 2001 paid for by contributions
to the trust from group undertakings, these shares
were written down by £96 million to the option exercise
price as part of the movement relating to the employee
share ownership trust. |
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| (d) |
The cumulative foreign
currency translation adjustment, which increased
retained earnings at 31 March 2001, was £278 million
(2000 – £151 million decrease, 1999 –
£85 million decrease). |
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| (e) |
The loss 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 £2,056 million
(2000 – £2,064 million profit, 1999 –
£3,785 million profit). As permitted by Section
230 of the Companies Act 1985, no profit and loss
account of the company is presented. |
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