|
SELECTED
FINANCIAL DATA
The group
is required to prepare its audited consolidated financial
statements in accordance with IFRSs, as adopted by the
EU and those parts of the UK Companies Act 1985 applicable
to companies reporting under IFRSs.
Prior
to the 2006 financial year the group prepared its audited
financial statements under UK GAAP. The policies set
out in
the accounting policies section
of this report have been applied
consistently to all financial years, with the exception
of those policies relating to financial instruments
under IAS 32 and IAS 39, which have been applied with
effect from 1 April 2005. The selected financial data
is shown in accordance with IFRS
for 2007, 2006 and 2005 and UK GAAP for 2005 to 2003.
Summary
of group income statement – IFRS
|
2007 |
|
2006 |
|
2005 |
|
|
Year
ended 31 March
|
£m |
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
Revenue
|
20,223 |
|
19,514 |
|
18,429 |
|
|
Other
operating income
|
233 |
|
227 |
|
551 |
|
|
Operating
costs
|
(17,915 |
) |
(17,246 |
) |
(15,988 |
) |
|
|
|
|
|
|
|
|
Operating
profit
|
|
|
|
|
|
|
|
Before
specific itemsa
|
2,713 |
|
2,633 |
|
2,693 |
|
|
Specific
itemsa
|
(172 |
) |
(138 |
) |
299 |
|
| |
2,541 |
|
2,495 |
|
2,992 |
|
|
Net
finance expense
|
|
|
|
|
|
|
|
Finance
expense before specific items
|
(2,604 |
) |
(2,740 |
) |
(2,773 |
) |
|
Finance
income before specific items
|
2,371 |
|
2,268 |
|
2,174 |
|
|
Specific
items
|
139 |
|
– |
|
– |
|
| |
(94 |
) |
(472 |
) |
(599 |
) |
|
Share
of post tax profits (losses) of associates and
joint ventures
|
|
|
|
|
|
|
|
Before
specific itemsa
|
15 |
|
16 |
|
(14 |
) |
|
Specific
itemsa
|
– |
|
– |
|
(25 |
) |
| |
15 |
|
16 |
|
(39 |
) |
|
Profit
on disposal of associates and joint ventures
|
|
|
|
|
|
|
|
Before
specific items
|
– |
|
– |
|
– |
|
|
Specific
items
|
22 |
|
1 |
|
– |
|
| |
22 |
|
1 |
|
– |
|
|
Profit
before tax
|
|
|
|
|
|
|
|
Before
specific itemsa
|
2,495 |
|
2,177 |
|
2,080 |
|
|
Specific
itemsa
|
(11 |
) |
(137 |
) |
274 |
|
| |
2,484 |
|
2,040 |
|
2,354 |
|
|
Taxation
|
|
|
|
|
|
|
|
Before
specific itemsa
|
(611 |
) |
(533 |
) |
(541 |
) |
|
Specific
itemsa
|
979 |
|
41 |
|
16 |
|
| |
368 |
|
(492 |
) |
(525 |
) |
|
|
|
|
|
|
|
|
Profit
for the year
|
|
|
|
|
|
|
|
Before
specific itemsa
|
1,884 |
|
1,644 |
|
1,539 |
|
|
Specific
itemsa
|
968 |
|
(96 |
) |
290 |
|
| |
2,852 |
|
1,548 |
|
1,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended 31 March
|
2007 |
|
2006 |
|
2005 |
|
|
|
|
|
|
|
|
|
Average
number of shares used in basic earnings per share
(millions)
|
8,293 |
|
8,422 |
|
8,524 |
|
|
Average
number of shares used in diluted earnings per
share (millions)
|
8,479 |
|
8,537 |
|
8,581 |
|
|
Basic
earnings per share
|
34.4 |
p |
18.4 |
p |
21.5 |
p |
|
Diluted
earnings per share
|
33.6 |
p |
18.1 |
p |
21.3 |
p |
|
Dividends
per sharec
|
15.1 |
p |
11.9 |
p |
10.4 |
p |
|
Dividends
per share, centsbc
|
29.7 |
c |
20.7 |
c |
19.5 |
c |
|
|
|
|
|
|
|
|
Basic
earnings per share before specific itemsa
|
22.7 |
p |
19.5 |
p |
18.1 |
p |
|
Diluted
earnings per share before specific itemsa
|
22.2 |
p |
19.2 |
p |
17.9 |
p |
|
|
|
|
|
|
|
| a |
A
definition of specific items is provided in
the accounting policies section. The directors
believe these measures provide a more meaningful
analysis of the trading results of the group and
are consistent with the way the financial performance
is measured by management.
|
| b |
Based
on actual dividends paid and/or year end exchange
rate on proposed dividends |
| c |
Dividends
per share represents the dividend proposed in respect
of the relevant financial year. Under IFRSs, dividends
are recognised as a deduction from shareholders’
equity when they are paid. |
Summary
of group income statement – UK GAAP
|
2005 |
|
2004 |
|
2003 |
|
|
Year
ended 31 March
|
£m |
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
Total
turnover
|
19,031 |
|
18,914 |
|
20,182 |
|
|
Group’s
share of associates’ and joint ventures’
turnover
|
(408 |
) |
(395 |
) |
(1,455 |
) |
|
|
|
|
|
|
|
|
Group
turnover
|
18,623 |
|
18,519 |
|
18,727 |
|
|
Other
operating income
|
171 |
|
177 |
|
215 |
|
|
Operating
costsab
|
(16,005 |
) |
(15,826 |
) |
(16,366 |
) |
|
|
|
|
|
|
|
|
Group
operating profit
|
|
|
|
|
|
|
|
Before
goodwill amortisation and exceptional items
|
2,864 |
|
2,889 |
|
2,794 |
|
|
Goodwill
amortisation and exceptional items
|
(75 |
) |
(19 |
) |
(218 |
) |
| |
2,789 |
|
2,870 |
|
2,576 |
|
|
Group’s
share of operating (loss) profit of associates
and joint venturesc
|
(25 |
) |
(34 |
) |
329 |
|
|
|
|
|
|
|
|
|
Total
operating profit
|
2,764 |
|
2,836 |
|
2,905 |
|
|
Profit
on sale of fixed asset investments and group undertakings
|
358 |
|
36 |
|
1,696 |
|
|
Profit
on sale of property fixed assets
|
22 |
|
14 |
|
11 |
|
|
Net
interest payabled
|
(801 |
) |
(941 |
) |
(1,439 |
) |
|
|
|
|
|
|
|
|
Profit
on ordinary activities before taxation
|
|
|
|
|
|
|
|
Before
goodwill amortisation and exceptional items
|
2,085 |
|
2,013 |
|
1,840 |
|
|
Goodwill
amortisation and exceptional items
|
258 |
|
(68 |
) |
1,333 |
|
| |
2,343 |
|
1,945 |
|
3,173 |
|
|
Tax
on profit on ordinary activitiese
|
(523 |
) |
(539 |
) |
(459 |
) |
|
|
|
|
|
|
|
|
Profit
on ordinary activities after taxation
|
1,820 |
|
1,406 |
|
2,714 |
|
|
Minority
interests
|
1 |
|
8 |
|
(12 |
) |
|
|
|
|
|
|
|
|
Profit
for the year
|
1,821 |
|
1,414 |
|
2,702 |
|
|
|
|
|
|
|
|
|
Average
number of shares used in basic earnings per share
(millions)
|
8,524 |
|
8,621 |
|
8,616 |
|
|
Basic
earnings per share
|
21.4 |
p |
16.4 |
p |
31.4 |
p |
|
Diluted
earnings per share
|
21.2 |
p |
16.3 |
p |
31.2 |
p |
|
Dividends
per share
|
10.4 |
p |
8.5 |
p |
6.5 |
p |
|
Dividends
per share, centsf
|
19.5 |
c |
15.3 |
c |
10.3 |
c |
|
|
|
|
|
|
|
|
Basic
earnings per share before goodwill amortisation
and exceptional items
|
18.1 |
p |
16.9 |
p |
14.4 |
p |
|
Diluted
earnings per share before goodwill amortisation
and exceptional items
|
18.0 |
p |
16.8 |
p |
14.3 |
p |
|
|
|
|
|
|
|
|
a
|
Includes
net exceptional costs |
59 |
|
7 |
|
198 |
|
|
b
|
Includes
early leaver costs |
166 |
|
202 |
|
276 |
|
|
c
|
Includes
exceptional costs (release) |
25 |
|
26 |
|
(150 |
) |
|
d
|
Includes
exceptional costs |
– |
|
55 |
|
293 |
|
|
e
|
Includes
exceptional tax credit |
(16 |
) |
(29 |
) |
(139 |
) |
|
f
|
Based
on actual dividends paid and/or year end exchange
rate on proposed dividends |
|
|
|
|
|
|
Summary
of group cash flow statement – IFRS
|
2007 |
|
2006 |
|
2005 |
|
|
Year
ended 31 March
|
£m |
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
Net
cash inflow from operating activities
|
5,210 |
|
5,387 |
|
5,574 |
|
|
Net
cash (outflow) inflow from investing activities
|
(3,035 |
) |
365 |
|
(1,740 |
) |
|
Net
cash used in financing activities
|
(2,898 |
) |
(5,278 |
) |
(3,529 |
) |
|
Effect
of exchange rate changes on cash and cash equivalents
|
(37 |
) |
– |
|
– |
|
|
|
|
|
|
|
|
|
Net
(decrease) increase in cash and cash equivalents
|
(760 |
) |
474 |
|
305 |
|
|
Cash
and cash equivalents at the start of the year
|
1,784 |
|
1,310 |
|
1,005 |
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents at the end of the year
|
1,024 |
|
1,784 |
|
1,310 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Summary
of group cash flow statement – UK GAAP
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
2005 |
|
2004 |
|
2003 |
|
|
Year
ended 31 March
|
£m |
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
Net
cash flow from operating activities
|
5,898 |
|
5,389 |
|
6,023 |
|
|
Dividends
from associates and joint ventures
|
2 |
|
3 |
|
6 |
|
|
Returns
on investments and servicing of finance
|
(878 |
) |
(527 |
) |
(1,506 |
) |
|
Taxation
paid
|
(332 |
) |
(317 |
) |
(434 |
) |
|
Capital
expenditure and financial investment
|
(2,408 |
) |
(2,477 |
) |
(2,381 |
) |
|
Acquisitions
and disposals
|
(418 |
) |
(60 |
) |
2,842 |
|
|
Equity
dividends paid
|
(784 |
) |
(645 |
) |
(367 |
) |
|
|
|
|
|
|
|
|
Cash
inflow before management of liquid resources and
financing
|
1,080 |
|
1,366 |
|
4,183 |
|
|
Management
of liquid resources
|
587 |
|
1,123 |
|
(1,729 |
) |
|
Financing
|
(1,485 |
) |
(2,445 |
) |
(2,473 |
) |
|
|
|
|
|
|
|
|
Increase
(decrease) in cash in the year
|
182 |
|
44 |
|
(19 |
) |
|
|
|
|
|
|
|
|
Decrease
in net debt in the year resulting from cash flows
|
887 |
|
1,222 |
|
4,225 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Summary
of group balance sheet – IFRS |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
2007 |
|
2006 |
|
2005 |
|
| At
31 March |
£m |
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
Intangible
assets
|
2,584 |
|
1,908 |
|
1,379 |
|
| Property,
plant and equipment |
14,997 |
|
15,222 |
|
15,266 |
|
|
Other
non current assets
|
759 |
|
1,153 |
|
1,567 |
|
|
|
|
|
|
|
|
| |
18,340 |
|
18,283 |
|
18,212 |
|
|
Current
assets less current liabilities
|
(3,802 |
) |
(3,063 |
) |
(2,783 |
) |
|
|
|
|
|
|
|
|
Total
assets less current liabilities
|
14,538 |
|
15,220 |
|
15,429 |
|
|
Non
current loans and other borrowings
|
(6,387 |
) |
(7,995 |
) |
(7,744 |
) |
|
Retirement
benefit obligations
|
(389 |
) |
(2,547 |
) |
(4,807 |
) |
|
Other
non current liabilities
|
(3,490 |
) |
(3,071 |
) |
(2,783 |
) |
|
|
|
|
|
|
|
|
Total
assets less liabilities
|
4,272 |
|
1,607 |
|
95 |
|
|
|
|
|
|
|
|
|
Called
up share capital
|
432 |
|
432 |
|
432 |
|
|
Share
premium account
|
31 |
|
7 |
|
3 |
|
|
Capital
redemption reserve
|
2 |
|
2 |
|
2 |
|
|
Other
reserves
|
88 |
|
364 |
|
762 |
|
|
Retained
earnings (deficit)
|
3,685 |
|
750 |
|
(1,154 |
) |
|
|
|
|
|
|
|
|
Total
parent shareholders’ equity
|
4,238 |
|
1,555 |
|
45 |
|
|
Minority
interests
|
34 |
|
52 |
|
50 |
|
|
|
|
|
|
|
|
|
Total
equity
|
4,272 |
|
1,607 |
|
95 |
|
|
|
|
|
|
|
|
Summary
of group balance sheet – UK GAAP
|
2005 |
|
2004 |
|
2003 |
|
|
At
31 March
|
£m |
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
Intangible
fixed assets
|
623 |
|
204 |
|
218 |
|
|
Tangible
fixed assets
|
15,916 |
|
15,487 |
|
15,888 |
|
|
Fixed
asset investments
|
115 |
|
324 |
|
457 |
|
|
Net
current (liabilities) assets
|
(2,165 |
) |
2,027 |
|
1,913 |
|
|
|
|
|
|
|
|
|
Total
assets less current liabilities
|
14,489 |
|
18,042 |
|
18,476 |
|
|
Loans
and other borrowings falling due after one year
|
(8,091 |
) |
(12,426 |
) |
(13,456 |
) |
|
Provisions
for liabilities and charges
|
(2,497 |
) |
(2,504 |
) |
(2,376 |
) |
|
Minority
interests
|
(50 |
) |
(46 |
) |
(63 |
) |
|
|
|
|
|
|
|
|
Total
assets less liabilities
|
3,851 |
|
3,066 |
|
2,581 |
|
|
|
|
|
|
|
|
|
Called
up share capital
|
432 |
|
432 |
|
434 |
|
|
Share
premium account
|
3 |
|
2 |
|
2 |
|
|
Capital
redemption reserve
|
2 |
|
2 |
|
– |
|
|
Other
reserves
|
998 |
|
998 |
|
998 |
|
|
Profit
and loss account
|
2,416 |
|
1,632 |
|
1,147 |
|
|
|
|
|
|
|
|
|
Total
equity shareholders’ funds
|
3,851 |
|
3,066 |
|
2,581 |
|
|
|
|
|
|
|
|
|
Total
assets
|
26,950 |
|
26,565 |
|
28,119 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| US
GAAP |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
|
Year
ended 31 March
|
£m |
|
£m |
|
£m |
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
Group
operating profit
|
2,448 |
|
2,437 |
|
2,779 |
|
2,420 |
|
2,693 |
|
|
Income
before taxes
|
2,334 |
|
1,350 |
|
1,576 |
|
1,188 |
|
3,653 |
|
|
Net
income
|
2,792 |
|
1,063 |
|
1,297 |
|
883 |
|
4,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per ordinary share
|
33.7 |
p |
12.6 |
p |
15.2 |
p |
10.2 |
p |
48.0 |
p |
|
Diluted
earnings per ordinary share
|
32.9 |
p |
12.5 |
p |
15.1 |
p |
10.2 |
p |
47.7 |
p |
|
Average
number of ADSs used in basic earnings per ADS
(millions)
|
829 |
|
842 |
|
852 |
|
862 |
|
862 |
|
|
Basic
earnings per ADS
|
£3.37 |
|
£1.26 |
|
£1.52 |
|
£1.02 |
|
£4.80 |
|
|
Diluted
earnings per ADS
|
£3.29 |
|
£1.25 |
|
£1.51 |
|
£1.02 |
|
£4.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
25,747 |
|
27,030 |
|
29,006 |
|
28,674 |
|
31,131 |
|
|
Total
shareholders’ equity (deficit)a
|
3,586 |
|
162 |
|
(264 |
) |
(1,135 |
) |
(1,938 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
