Balance
sheet
Net assets at 31 March 2008
were £5,432 million compared with £4,272 million at 31 March
2007, with the increase of £1,160 million mainly due to the profit
for the year of £1,737 million, actuarial gains of £2,621
million, gains on cash flow hedges of £446 million, offset by
dividends of £1,241 million, the net purchase of treasury shares
of £1,529 million and tax charges on items taken to equity of
£877 million.
BT’s
non current assets totalled £22,829 million at 31 March 2008,
of which £15,307 million were property, plant and equipment,
principally forming the UK fixed network. At 31 March 2007, non current
assets were £18,340 million and property, plant and equipment
were £14,997 million.
We
believe it is appropriate to show the sub-total ‘Total assets
less current liabilities’ of £19,648 million at 31 March
2008 (2007: £14,538 million) in the group balance sheet because
it provides useful financial information being an indication of the
level of capital employed at the balance sheet date, namely total
equity and non current liabilities.
BT
Group plc, the parent company, whose financial statements are prepared
in accordance with UK GAAP, had profit and loss reserves (net of the
treasury reserve) of £10,513 million at
31 March 2008, compared with £9,713 million at 31 March 2007.
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