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Net assets at 31 March 2006 amounted to £1,607 million compared to £95 million at 31 March 2005, with the increase of £1,512 million mainly due to the retained profits for the year of £1,548 million and actuarial gains of £1,485 million (net of deferred tax) offset by dividends of £912 million, losses on
cash flow hedges of £155 million (net of deferred tax) and the net purchase of treasury shares of £344 million.
BTs non current assets totalled £17,978 million at 31 March 2006 of which £15,489 million were property, plant and equipment, principally forming the UK fixed network. At 31 March 2005 non current assets were £18,212 million and property, plant and equipment were £15,391 million.
BT Group plc, the parent company, whose financial statements are prepared in accordance with UK GAAP, had profit and loss reserves of £9,499 million at 31 March 2006 and £9,647 million at 31 March 2005.
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