|
Before goodwill |
|
Goodwill |
|
|
|
|
|
|
amortisation |
|
amortisation |
|
|
|
|
|
|
and exceptional |
|
and
exceptional |
|
|
|
|
|
|
items |
|
items |
(a) |
Total |
|
Total |
(b) |
|
2004 |
|
2004 |
|
2004 |
|
2003 |
|
|
£m |
|
£m |
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
|
| Group turnover |
18,519 |
|
– |
|
18,519 |
|
18,727 |
|
|
|
|
|
|
|
|
|
|
| Group operating profit (loss) |
2,892 |
|
(19 |
) |
2,873 |
|
2,572 |
|
| Group’s share of operating
(loss) profit |
|
|
|
|
|
|
|
|
| of associates and joint ventures |
(8 |
) |
(26 |
) |
(34 |
) |
329 |
|
| Total operating profit (loss) |
2,884 |
|
(45 |
) |
2,839 |
|
2,901 |
|
| Profit on sale of fixed asset investments |
|
|
|
|
|
|
|
|
| and group undertakings |
4 |
|
32 |
|
36 |
|
1,691 |
|
| Profit on sale of property fixed assets |
14 |
|
– |
|
14 |
|
11 |
|
| Amounts written off investments |
– |
|
– |
|
– |
|
(7 |
) |
| Net interest payable |
(886 |
) |
(55 |
) |
(941 |
) |
(1,439 |
) |
|
|
|
|
|
|
|
|
|
| Profit (loss) before taxation |
2,016 |
|
(68 |
) |
1,948 |
|
3,157 |
|
| Tax |
(568 |
) |
29 |
|
(539 |
) |
(459 |
) |
|
|
|
|
|
|
|
|
|
| Profit (loss) after taxation |
1,448 |
|
(39 |
) |
1,409 |
|
2,698 |
|
| Minority interests |
8 |
|
– |
|
8 |
|
(12 |
) |
|
|
|
|
|
|
|
|
|
| Profit (loss) for the financial year |
1,456 |
|
(39 |
) |
1,417 |
|
2,686 |
|
| Dividends |
|
|
|
|
(732 |
) |
(560 |
) |
|
|
|
|
|
|
|
|
|
| Retained profit |
|
|
|
|
685 |
|
2,126 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share |
|
|
|
|
16.4 |
p |
31.2 |
p |
| Dividends per share |
|
|
|
|
8.5 |
p |
6.5 |
p |
|
|
|
|
|
|
|
|
|
| Earnings per share before goodwill |
|
|
|
|
|
|
|
|
| amortisation and exceptional items |
|
|
|
|
16.9 |
p |
14.2 |
p |
|
|
|
|
|
|
|
|
|
| (a) Includes goodwill amortisation
of £12 million, a net exceptional charge of £7 million reflecting
the release of an exceptional bad debt provision of £23 million offset
by rectification costs relating to a major incident, our share of a goodwill
impairment charge made by Albacom SpA of £26 million, a profit of £32
million on the sale of our interest in Inmarsat, and a one-off interest
credit of £34 million offset by a charge for the premium on buying
back bonds of £89 million. This resulted in a net charge of £68
million to profit before taxation. |
(b) Includes goodwill amortisation
of £22 million and net exceptional profits of £1,350 million
before taxation. These net exceptional profits relate principally to the
net profit on sale of our stake in Cegetel of £1,216 million and
the release of exit related cost provisions of £150 million, offset
by a charge of £198 million relating to property rationalisation
costs. |
|
|
|
|
|
Group turnover
Products and services sold to customers by BT.
Net interest payable
Interest paid on borrowings less interest received on short term investments.
Earnings per share
Our profit for the financial year divided by the average number of shares in issue during the period.
|
|
This summary financial statement was approved by the Board on 19 May 2004 and was signed on its behalf by:
Sir Christopher Bland
Chairman
Ben
Verwaayen
Chief Executive
Ian Livingston
Group Finance Director
|
|
|
