Financial statistics
  Years ended 31 March  

	2000   2001   2002   2003   2004     Financial ratios                     Basic earnings per share on continuing activities                        before goodwill amortisation and exceptional                        items – pence 29.5   19.3   8.8   14.2   16.9   Basic earnings (loss) per share on continuing                        activities – pence 29.2   20.7   (34.8 ) 31.2   16.4   Basic earnings (loss) per share – pence 27.6   (25.7 ) 12.0   31.2   16.4   Return on capital employed %a 18.2   14.9   6.6 de 15.5 de 15.1   Interest coverb 8.8   2.6   0.6 c 2.0 c 3.0 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 3.3 times (2003 – 2.6 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 15.3% (2003 – 15.7%).                         2000   2001   2002   2003   2004     £m   £m   £m   £m   £m     Expenditure on research and development                     Total expenditure 345   364   362   380   334                             2000   2001   2002   2003   2004     £m   £m   £m   £m   £m     Expenditure on tangible fixed assets                     Plant and equipment                        Transmission equipment 1,239   1,655   1,373   1,277   1,324      Exchange equipment 412   478   428   228   150      Other network equipment 636   918   694   466   585      Computers and office equipment 419   407   273   281   205      Motor vehicles and other 254   231   189   162   316   Land and buildings 187   171   153   40   73       3,147   3,860   3,110   2,454   2,653   Increase (decrease) in engineering stores 13   (3 ) (10 ) (9 ) 20     Total continuing activities 3,160   3,857   3,100   2,445   2,673   Total discontinued activities 520   1,129   808   –   –     Total expenditure on tangible fixed assets 3,680   4,986   3,908   2,445   2,673   (Increase) decrease in creditors (112 ) (230 ) 161   135   11     Cash outflow on purchase of tangible fixed assets 3,568   4,756   4,069   2,580   2,684     Financial statistics have been restated where necessary to provide consistency with the presentation of the 2004 financial year figures.
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