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CAPITAL
RESOURCES
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During the period under review the group has increased
its level of net debt to £7.9 billion at 31 March
2007 compared with £7.5 billion at 31 March 2006
and £7.9 billion at 31 March 2005 (based on BT’s
definition of net debt as set out in
note 10).
The
directors have a reasonable expectation that the group
has adequate resources to continue in operational existence
for the foreseeable future and therefore they continue
to adopt the going concern basis in preparing the financial
statements.
There
has been no significant change in the financial or trading
position of the group since 31 March 2007.
The
following table sets out the group’s contractual
obligations and commitments as they fall due for payment,
as at 31 March 2007.
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Payments
due by period |
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Contractual
obligations and commitments
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Total
£m |
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Less
than 1
year
£m |
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1-3
years
£m |
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3-5
years
£m |
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More
than 5
years
£m |
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Loans
and other borrowings
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8,022 |
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1,900 |
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637 |
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2,239 |
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3,246 |
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Finance
lease obligations
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567 |
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303 |
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33 |
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23 |
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208 |
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Operating
lease obligations
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9,557 |
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479 |
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882 |
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829 |
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7,367 |
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Pension
deficiency obligations
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2,280 |
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320 |
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280 |
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560 |
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1,120 |
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Capital
commitments
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779 |
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616 |
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118 |
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29 |
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16 |
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Total
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21,205 |
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3,618 |
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1,950 |
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3,680 |
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11,957 |
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At 31 March
2007, the group had cash, cash equivalents and current
asset investments of £1,078 million. At that date,
£2,071 million of debt fell due for repayment in
the 2008 financial year. The group had unused short-term
bank facilities, amounting to approximately £3,535
million at 31 March 2007. These resources will allow the
group to settle its obligations as they fall due. |
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