Group profit and loss account
for the year ended 31 March 2002

			Continuing activities
			Before goodwill		Goodwill				Discontinued
			amortisation		amortisation		Total		activities and
			and exceptional		and exceptional		continuing		intra-group
			items		items		activities		items		Total
	Notes		£m		£m		£m		£m		£m
Total turnover	2		21,815		–		21,815		2,827		24,642
Group’s share of joint  ventures’ turnover	3		(2,752	)	–		(2,752	)	(76	)	(2,828	)
Group’s share of  associates’ turnover	3		(1,297	)	–		(1,297	)	(639	)	(1,936	)
Trading between  group and principal  joint venture	3		681		–		681		–		681
Group turnover	2		18,447		–		18,447		2,112		20,559
Other operating income	4		361		–		361		1		362
Operating costs	5		(16,037	)	(2,817	)	(18,854	)	(2,546	)	(21,400	)
Group operating profit  (loss)			2,771		(2,817	)	(46	)	(433	)	(479	)
Group’s share of  operating profit (loss)  of joint ventures	6		(323	)	(1,160	)	(1,483	)	19		(1,464	)
Group’s share of  operating profit (loss)  of associates	6		215		(175	)	40		43		83
Total operating profit  (loss)			2,663		(4,152	)	(1,489	)	(371	)	(1,860	)
Profit on sale of fixed  asset investments	7		–		169		169		3,208		3,377
Profit (loss) on sale of  group undertakings	7		–		(148	)	(148	)	1,160		1,012
Profit on sale of property   fixed assets	8		27		1,062		1,089		–		1,089
Interest receivable	10		360		–		360		–		360
Amounts written off  investments	9		–		(535	)	(535	)	–		(535	)
Interest payable	11		(1,777	)	(162	)	(1,939	)	(43	)	(1,982	)
Profit (loss) on ordinary  activities before  taxation			1,273		(3,766	)	(2,493	)	3,954		1,461
Tax on profit (loss) on  ordinary activities	12		(528	)	143		(385	)	(58	)	(443	)
Profit (loss) on ordinary  activities after  taxation			745		(3,623	)	(2,878	)	3,896		1,018
Minority interests	13		(10	)	–		(10	)	(13	)	(23	)
Profit (loss) for the  financial year			735		(3,623	)	(2,888	)	3,883		995
Dividends (see note  below)	14										(173	)
Retained profit for the  financial year	28										822
Basic earnings (loss) per  share	15		8.8	p			(34.8	)p			12.0	p
Diluted earnings (loss)  per share	15		8.8	p			(34.8	)p			11.9	p

In addition to the final dividend for the year of £173 million there was a demerger distribution of £19,490 million, representing the net assets of mmO₂ (including purchased goodwill) as at the date of demerger. Of the demerger distribution, £9 million represents a cash dividend paid by British Telecommunications plc to mmO₂ plc as part of the demerger process.

Group profit and loss account
for the year ended 31 March 2001

			Continuing activities
			Before goodwill		Goodwill				Discontinued
			amortisation		amortisation		Total		activities and
			and exceptional		and exceptional		continuing		intra-group
			items		items		activities		items		Total
	Notes		£m		£m		£m		£m		£m
Total turnover	2		21,068		–		21,068		8,598		29,666
Group’s share of joint  ventures’ turnover	3		(3,420	)	–		(3,420	)	(598	)	(4,018	)
Group’s share of  associates’ turnover	3		(1,205	)	–		(1,205	)	(4,714	)	(5,919	)
Trading between group  and principal joint  venture	3		698		–		698		–		698
Group turnover	2		17,141		–		17,141		3,286		20,427
Other operating income	4		346		–		346		13		359
Operating costs	5		(14,405	)	(95	)	(14,500	)	(6,259	)	(20,759	)
Group operating profit  (loss)			3,082		(95	)	2,987		(2,960	)	27
Group’s share of  operating loss of joint  ventures	6		(268	)	(241	)	(509	)	(257	)	(766	)
Group’s share of  operating profit (loss)  of associates	6		111		(133	)	(22	)	391		369
Total operating profit  (loss)			2,925		(469	)	2,456		(2,826	)	(370	)
Profit on sale of fixed  asset investments	7		–		534		534		1		535
Profit on sale of group  undertakings	7		–		84		84		–		84
Profit on sale of property  fixed assets	8		34		–		34		–		34
Interest receivable	10		379		25		404		4		408
Interest payable	11		(1,575	)	–		(1,575	)	(147	)	(1,722	)
Profit (loss) on ordinary  activities before  taxation			1,763		174		1,937		(2,968	)	(1,031	)
Tax on profit (loss) on  ordinary activities	12		(385	)	(47	)	(432	)	(280	)	(712	)
Profit (loss) on ordinary  activities after taxation			1,378		127		1,505		(3,248	)	(1,743	)
Minority interests	13		23		(21	)	2		(129	)	(127	)
Profit (loss) for the  financial year			1,401		106		1,507		(3,377	)	(1,870	)
Dividends	14										(571	)
Transfer from reserves  for the financial year	28										(2,441	)
Basic earnings (loss) per  share	15		19.3	p			20.7	p			(25.7	)p
Diluted earnings (loss)  per share	15		19.0	p			20.4	p			(25.7	)p

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