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Summary group profit and loss account
for the year ended 31 March 2004

 

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 chart Earnings per share chart Dividends per share chart

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

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BT Group plc 2004

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