|
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 |
|
|
|
|
|
|
| a |
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. |
| b
|
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 |
|
|
|
|
|
|
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 |
|
