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Financial statistics
years ended 31 March

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1999
2000
2001
2002
2003










Financial ratios
Basic earnings per share on continuing activities
   before goodwill amortisation and exceptional
   items – pence
30.3
29.5
19.3
8.8
14.2
Basic earnings (loss) per share on continuing
   activities – pence
40.5
29.2
20.7
(34.8
)
31.2
Basic earnings (loss) per share – pence
41.1
27.6
(25.7
)
12.0
31.2
Return on capital employed %a
19.2
18.2
14.9
6.6
de
15.5
de
Interest coverb
12.2
8.8
2.6
0.6
c
2.0
c










a The ratio is based on profit before tax, goodwill amortisation and interest on long-term borrowings, to average capital employed. Capital employed is represented by total assets, excluding goodwill, less current liabilities, excluding corporate taxes and dividends payable, and provisions other than those for deferred taxation. Year-end figures are used in the computation of the average, except in the case of short-term investments and borrowings where average daily balances are used in their place.
b The number of times net interest payable is covered by total operating profit before goodwill amortisation.
c Interest cover based on continuing activities before goodwill amortisation and exceptional items was 2.6 times (2002 – 1.9 times).
d Return on capital employed is based upon the continuing activities.
e Return on capital employed on continuing activities before goodwill amortisation and exceptional items was 15.7%.
1999
 
2000
 
2001
 
2002
 
2003
£m
£m
£m
£m
£m










Expenditure on research and development
Total expenditure
268
345
364
362
380










1999
2000
2001
2002
2003
£m
£m
£m
£m
£m










Expenditure on tangible fixed assets
Plant and equipment
   Transmission equipment
1,070
1,239
1,655
1,373
1,277
   Exchange equipment
410
412
478
428
228
   Other network equipment
555
636
918
694
466
   Computers and office equipment
364
419
407
273
281
   Motor vehicles and other
227
254
231
189
162
Land and buildings
200
187
171
153
40










2,826
3,147
3,860
3,110
2,454
(Decrease) increase in engineering stores
(15
)
13
(3
)
(10
)
(9
)










Total continuing activities
2,811
3,160
3,857
3,100
2,445
Total discontinued activities
458
520
1,129
808










Total expenditure on tangible fixed assets
3,269
3,680
4,986
3,908
2,445
Decrease (increase) in creditors
(49
)
(112
)
(230
)
161
135










Cash outflow on purchase of tangible fixed assets
3,220
3,568
4,756
4,069
2,580










Financial statistics have been restated where necessary to provide consistency with the presentation of the 2003 financial year figures.

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