|
Profit and loss account
 |
|
|
|
|
|
|
|
|
|
|
|
| Years ended 31 March |
|
1998
£m |
|
1999
£m |
|
2000
£m |
|
2001
£m |
|
2002
£m |
|
|
 |
|
| Total turnover |
|
|
|
| Continuing activities |
|
13,986 |
|
16,186 |
|
18,228 |
|
21,068 |
|
21,815 |
|
|
|
| Discontinued activities |
|
3,425 |
|
2,037 |
|
3,675 |
|
8,598 |
|
2,827 |
|
|
|
|
|
|
17,411 |
|
18,223 |
|
21,903 |
|
29,666 |
|
24,642 |
|
|
Group's share of associates' and joint
ventures' turnover |
|
(1,771 |
) |
(1,270 |
) |
(3,364 |
) |
(9,937 |
) |
(4,764 |
) |
|
Trading between group and principal joint
venture |
|
- |
|
- |
|
176 |
|
698 |
|
681 |
|
|
|
|
| Group turnover: |
|
|
|
| Continuing activities |
|
13,651 |
|
15,197 |
|
16,125 |
|
17,141 |
|
18,447 |
|
|
|
| Discontinued activities |
|
1,989 |
|
1,756 |
|
2,590 |
|
3,286 |
|
2,112 |
|
|
|
|
|
|
15,640 |
|
16,953 |
|
18,715 |
|
20,427 |
|
20,559 |
|
|
| Other operating incomea |
|
380 |
|
157 |
|
216 |
|
359 |
|
362 |
|
|
| Operating costsbc |
|
(12,355 |
) |
(13,305 |
) |
(15,359 |
) |
(20,759 |
) |
(21,400 |
) |
|
|
|
| Group operating profit (loss): |
|
|
|
Before goodwill amortisation and
exceptional items |
|
3,903 |
|
3,874 |
|
3,772 |
|
3,257 |
|
2,580 |
|
|
|
Goodwill amortisation and exceptional
items |
|
(238 |
) |
(69 |
) |
(200 |
) |
(3,230 |
) |
(3,059 |
) |
|
|
|
|
|
3,665 |
|
3,805 |
|
3,572 |
|
27 |
|
(479 |
) |
|
Group's share of operating loss of
associates and joint venturesd |
|
(196 |
) |
(342 |
) |
(400 |
) |
(397 |
) |
(1,381 |
) |
|
|
|
| Total operating profit (loss): |
|
|
|
| Continuing activities |
|
3,066 |
|
3,230 |
|
3,143 |
|
2,456 |
|
(1,489 |
) |
|
|
| Discontinued activities |
|
403 |
|
233 |
|
29 |
|
(2,826 |
) |
(371 |
) |
|
|
|
|
|
3,469 |
|
3,463 |
|
3,172 |
|
(370 |
) |
(1,860 |
) |
|
Profit on sale of fixed asset investments
and group undertakingse |
|
63 |
|
1,107 |
|
126 |
|
619 |
|
4,389 |
|
|
| Profit (loss) on sale of property fixed assets |
|
(8 |
) |
11 |
|
26 |
|
34 |
|
1,089 |
|
|
| Amounts written off investments |
|
- |
|
- |
|
- |
|
- |
|
(535 |
) |
|
| Net interest payablef |
|
(310 |
) |
(286 |
) |
(382 |
) |
(1,314 |
) |
(1,622 |
) |
|
|
|
| Profit (loss) on ordinary activities before taxation: |
|
|
|
Before goodwill amortisation exceptional
items and taxation |
|
2,976 |
|
3,274 |
|
3,100 |
|
2,072 |
|
1,113 |
|
|
|
|
|
Goodwill amortisation and exceptional
items |
|
238 |
|
1,021 |
|
(158 |
) |
(3,103 |
) |
348 |
|
|
|
|
|
|
3,214 |
|
4,295 |
|
2,942 |
|
(1,031 |
) |
1,461 |
|
|
| Tax on profit (loss) on ordinary activities: |
|
| Corporation and similar taxes |
|
(1,007 |
) |
(1,323 |
) |
(957 |
) |
(712 |
) |
(443 |
) |
|
| Windfall tax |
|
(510 |
) |
- |
|
- |
|
- |
|
- |
|
|
|
|
Profit (loss) on ordinary activities after
taxation |
|
1,697 |
|
2,972 |
|
1,985 |
|
(1,743 |
) |
1,018 |
|
|
| Minority interests |
|
(25 |
) |
(19 |
) |
10 |
|
(127 |
) |
(23 |
) |
|
|
|
| Profit (loss) for the financial year |
|
1,672 |
|
2,953 |
|
1,995 |
|
(1,870 |
) |
995 |
|
|
|
|
Average number of shares used in basic
earnings per share (millions) |
|
7,122 |
|
7,183 |
|
7,235 |
|
7,276 |
|
8,307 |
|
|
| Basic earnings (loss) per share |
|
23.5 |
p |
41.1 |
p |
27.6 |
p |
(25.7 |
)p |
12.0 |
p |
|
| Diluted earnings (loss) per share |
|
23.1 |
p |
40.2 |
p |
26.9 |
p |
(25.7 |
)p |
11.9 |
p |
|
Basic earnings (loss) per share from
continuing activities |
|
19.7 |
p |
40.5 |
p |
29.2 |
p |
20.7 |
p |
(34.8 |
)p |
|
Diluted earnings (loss) per share from
continuing activities |
|
19.4 |
p |
39.5 |
p |
28.5 |
p |
20.4 |
p |
(34.8 |
)p |
|
| Dividends per share |
|
17.0 |
p |
18.3 |
p |
19.6 |
p |
7.8 |
p |
2.0 |
p |
|
| Dividends per share, cents |
|
28.2 |
c |
29.6 |
c |
32.0 |
c |
12.6 |
c |
2.9 |
c |
|
|
Basic earnings per share before goodwill
amortisation and exceptional items |
|
28.0 |
p |
30.7 |
p |
29.8 |
p |
17.5 |
p |
6.1 |
p |
|
Diluted earnings per share before goodwill
amortisation and exceptional items |
|
27.6 |
p |
30.0 |
p |
29.1 |
p |
17.3 |
p |
6.0 |
p |
|
Basic earnings per share before goodwill
amortisation and exceptional items on
continuing activities |
|
24.3 |
p |
30.3 |
p |
29.5 |
p |
19.3 |
p |
8.8 |
p |
|
|
|
a Including MCI merger break-up fee net of
expenses |
|
238 |
|
- |
|
- |
|
- |
|
- |
|
|
b Operating costs include net exceptional
costs |
|
- |
|
69 |
|
111 |
|
2,857 |
|
2,707 |
|
|
c Includes redundancy and early leaver
costs |
|
106 |
|
124 |
|
59 |
|
118 |
|
252 |
|
|
d Group's share of operating loss of
associates and joint ventures includes
exceptional costs |
|
- |
|
- |
|
- |
|
332 |
|
1,294 |
|
|
| e Including gain on MCI shares sold in 1999 |
|
- |
|
1,133 |
|
- |
|
- |
|
- |
|
|
f Net interest payable includes exceptional
costs (credits) |
|
- |
|
- |
|
- |
|
(25 |
) |
162 |
|
Cash flow statement
|
|
|
|
|
|
|
|
|
|
|
|
| Years ended 31 March |
|
1998
£m |
|
1999
£m |
|
2000
£m |
|
2001
£m |
|
2002
£m |
|
|
|
|
| Net cash flow from operating activities |
|
6,071 |
|
6,035 |
|
5,849 |
|
5,887 |
|
5,257 |
|
|
Dividends from associates and joint
ventures |
|
5 |
|
2 |
|
5 |
|
10 |
|
2 |
|
|
Returns on investments and servicing of
finance |
|
(160 |
) |
(328 |
) |
(163 |
) |
(727 |
) |
(1,695 |
) |
|
| Taxation paid |
|
(1,886 |
) |
(630 |
) |
(1,311 |
) |
(669 |
) |
(562 |
) |
|
Capital expenditure and financial
investment |
|
(3,108 |
) |
1,046 |
|
(3,752 |
) |
(8,442 |
) |
(1,354 |
) |
|
| Acquisitions and disposals |
|
(1,501 |
) |
(1,967 |
) |
(6,405 |
) |
(13,754 |
) |
5,785 |
|
|
| Equity dividends paid |
|
(3,473 |
) |
(1,186 |
) |
(1,364 |
) |
(1,432 |
) |
- |
|
|
|
|
Cash inflow (outflow) before management
of liquid resources and financing |
|
(4,052 |
) |
2,972 |
|
(7,141 |
) |
(19,127 |
) |
7,433 |
|
|
| Management of liquid resources |
|
2,247 |
|
(2,447 |
) |
1,236 |
|
(480 |
) |
(1,864 |
) |
|
| Financing |
|
1,794 |
|
(458 |
) |
5,959 |
|
19,735 |
|
(5,479 |
) |
|
|
|
| Increase (decrease) in cash in the year |
|
(11 |
) |
67 |
|
54 |
|
128 |
|
90 |
|
|
|
|
| Decrease (increase) in net debt in the year |
|
(3,860 |
) |
3,146 |
|
(6,582 |
) |
(18,942 |
) |
13,930 |
|
|
|
Balance sheet
|
|
|
|
|
|
|
|
|
|
|
|
| Years ended 31 March |
|
1998
£m |
|
1999
£m |
|
2000
£m |
|
2001
£m |
|
2002
£m |
|
|
|
|
| Intangible fixed assets |
|
- |
|
742 |
|
5,777 |
|
18,380 |
|
252 |
|
|
| Tangible fixed assets |
|
17,252 |
|
17,854 |
|
18,163 |
|
21,625 |
|
16,078 |
|
|
| Fixed asset investments |
|
1,708 |
|
1,832 |
|
5,878 |
|
5,204 |
|
1,221 |
|
|
| Net current assets (liabilities) |
|
(2,637 |
) |
(495 |
) |
(7,115 |
) |
(11,143 |
) |
732 |
|
|
|
|
| Total assets less current liabilities |
|
16,323 |
|
19,933 |
|
22,703 |
|
34,066 |
|
18,283 |
|
|
Loans and other borrowings falling due after
one year |
|
(3,889 |
) |
(3,386 |
) |
(5,354 |
) |
(18,775 |
) |
(16,245 |
) |
|
| Provisions for liabilities and charges |
|
(3,291 |
) |
(3,286 |
) |
(3,011 |
) |
(2,738 |
) |
(2,324 |
) |
|
| Minority interests |
|
(223 |
) |
(216 |
) |
(498 |
) |
(499 |
) |
(72 |
) |
|
|
|
| Total assets less liabilities |
|
8,920 |
|
13,045 |
|
13,840 |
|
12,054 |
|
(358 |
) |
|
|
|
| Called up share capital |
|
7,374 |
|
7,438 |
|
7,485 |
|
7,573 |
|
434 |
|
|
| Share premium account |
|
- |
|
- |
|
- |
|
- |
|
2 |
|
|
| Other reserves |
|
(4,103 |
) |
(3,841 |
) |
(3,345 |
) |
(2,848 |
) |
1,025 |
|
|
| Profit and loss account |
|
5,649 |
|
9,448 |
|
9,700 |
|
7,329 |
|
(1,819 |
) |
|
|
|
| Total equity shareholders' funds (deficiency) |
|
8,920 |
|
13,045 |
|
13,840 |
|
12,054 |
|
(358 |
) |
|
|
|
| Total assets |
|
23,285 |
|
27,962 |
|
37,588 |
|
54,799 |
|
27,673 |
|
|
|
US GAAP
|
|
|
|
|
|
|
|
|
|
|
|
| Years ended 31 March |
|
1998
£m |
|
1999
£m |
|
2000
£m |
|
2001
£m |
|
2002
£m |
|
|
|
|
| Group operating profit (loss) |
|
3,243 |
|
3,356 |
|
2,990 |
|
(633 |
) |
(337 |
) |
|
| Income (loss) before taxes |
|
2,791 |
|
3,745 |
|
2,096 |
|
(1,959 |
) |
1,025 |
|
|
| Net income (loss): |
|
|
|
| Continuing activities |
|
1,201 |
|
2,562 |
|
1,559 |
|
809 |
|
(1,680 |
) |
|
|
| Discontinued activities |
|
246 |
|
27 |
|
(166 |
) |
(3,166 |
) |
948 |
|
|
|
|
|
|
1,447 |
|
2,589 |
|
1,393 |
|
(2,357 |
) |
(732 |
) |
|
|
|
Average number of ADSs used in basic
earnings per ADS (millions) |
|
712 |
|
718 |
|
724 |
|
728 |
|
831 |
|
|
| Basic earnings (loss) per ordinary share |
|
20.3 |
p |
36.0 |
p |
19.3 |
p |
(32.4 |
)p |
(8.8 |
)p |
|
| Diluted earnings (loss) per ordinary share |
|
20.0 |
p |
35.2 |
p |
18.8 |
p |
(32.4 |
)p |
(8.8 |
)p |
|
Basic earnings (loss) per ordinary share
from continuing activities |
|
16.9 |
p |
35.7 |
p |
21.5 |
p |
11.1 |
p |
(20.2 |
)p |
|
Diluted earnings (loss) per ordinary share
from continuing activities |
|
16.6 |
p |
34.9 |
p |
21.1 |
p |
11.0 |
p |
(20.2 |
)p |
|
Basic earnings (loss) per ordinary share
from discontinued activities |
|
3.4 |
p |
0.3 |
p |
(2.2 |
)p |
(43.5 |
)p |
11.4 |
p |
|
Diluted earnings (loss) per ordinary share
from discontinued activities |
|
3.4 |
p |
0.3 |
p |
(2.3 |
)p |
(43.5 |
)p |
11.3 |
p |
|
| Basic earnings (loss) per ADS |
|
£2.03 |
|
£3.60 |
|
£1.93 |
|
£(3.24 |
) |
£(0.88 |
) |
|
| Diluted earnings (loss) per ADS |
|
£2.00 |
|
£3.52 |
|
£1.88 |
|
£(3.24 |
) |
£(0.88 |
) |
|
|
|
| Total assets as at 31 March |
|
27,951 |
|
29,323 |
|
38,481 |
|
55,361 |
|
30,428 |
|
|
| Ordinary shareholders' equity as at 31 March |
|
12,615 |
|
13,674 |
|
13,634 |
|
10,231 |
|
(4,247 |
) |
|
|
|
|
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