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SUMMARY FINANCIAL STATEMENT

 

SUMMARY GROUP INCOME STATEMENT
for the year ended 31 March
  Before specific items   Specific itemsa   Total   Total  
  2006   2006   2006   2005  
  £m   £m   £m   £m  








 
Revenue 19,514     19,514   18,429  








 
Operating profit 2,633   (138 ) 2,495   2,992  
Net finance expense (472 )   (472 ) (599 )
Share of post tax profit (loss) of associates                
   and joint ventures 16     16   (39 )
Profit on disposal of joint venture   1   1    








 
Profit before taxation 2,177   (137 ) 2,040   2,354  
Taxation (533 ) 41   (492 ) (525 )








 
Profit for the year 1,644   (96 ) 1,548   1,829  








 
Earnings per share         18.4 p 21.5 p
Earnings per share before specific items         19.5 p 18.1 p
Proposed dividends per share         11.9 p 10.4 p








 

a

Specific items comprise items considered to be material and one-off, or unusual in nature such as disposals of businesses and investments.
Separate identification of these items is consistent with the way that financial performance is measured by management and assists in providing a meaningful analysis of the trading results of the group. The principal specific items for the 2006 financial year were property rationalisation costs of £68 million, and a provision of £70 million for the costs of establishing Openreach as a separate line of business. Specific items in the 2005 financial year amounted to a net profit of £290 million after taxation, mainly on the disposal of investments.

SUMMARY GROUP CASH FLOW STATEMENT
for the year ended 31 March

  2006   2005  
  £m   £m  




 
Net cash inflow from operating activities 5,387   5,574  
Net cash received (used) in investing activities 365   (1,740 )
Net cash used in investing activities (5,278 ) (3,529 )




 
Net increase in cash and cash equivalents 474   305  
Cash and cash equivalents at the start of the year 1,310   1,005  




 
Cash and cash equivalents at the end of the year 1,784   1,310  




 
Free cash flowa        




 
Net cash inflow from operating activities 5,387   5,574  
Net purchase of property, plant and equipment (2,874 ) (2,945 )
Net sale of non-current asset investments (1 ) 537  
Dividends received from associates 1   2  
Net interest paid (901 ) (886 )




 
Free cash flow 1,612   2,282  




 
Free cash flow is defined as the net increase in cash and cash equivalents less cash flows from financing activities (except finance expense) and less the acquisition or disposal of group undertakings.
Net debt consists of loans and other borrowings less current asset investments and cash and cash equivalents.
These are not measures recognised under IFRS, but are key indicators used by management in order to assess operational performance.
   
SUMMARY GROUP BALANCE SHEET        
at 31 March        
  2006   2005  
  £m   £m  




 
Property, plant and equipment 15,489   15,391  




 
Other non-current assets 2,489   2,821  
Current assets 6,722   9,321  
Current liabilities (9,480 ) (12,104 )




 
  15,220   15,429  




 
Non-current liabilities 13,613   15,334  
Parent shareholders’ equity 1,555   45  
Minority interests 52   50  




 
  15,220   15,429  




 
Earnings per share Revenue  
Net debt Proposed dividends per share

Net debt consists of loans and other borrowings less current asset investments and cash and cash equivalents.
These are not measures recognised under IFRS, but are key indicators used by management in order to assess operational performance.

This summary financial statement was approved by the Board of Directors on 17 May 2006 and was signed on its behalf by:

Sir Christopher Bland Ben Verwaayen Hanif Lalani
Chairman Chief Executive Group Finance Director
 

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