Summary financial
statement
| Summary
group income statement
|
|
|
|
|
|
|
|
| for the year
ended 31 March
|
|
|
|
|
|
|
|
|
|
|
Before specific items |
|
|
Specific
items |
a |
|
Total |
|
|
Total |
|
| |
2008 |
|
|
2008 |
|
|
2008 |
|
|
2007 |
|
| |
£m |
|
|
£m |
|
|
£m |
|
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
20,704 |
|
|
– |
|
|
20,704 |
|
|
20,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
profit |
2,895 |
|
|
(539 |
) |
|
2,356 |
|
|
2,541 |
|
| Net
finance expense |
(378 |
) |
|
– |
|
|
(378 |
) |
|
(94 |
) |
| Share
of post tax (loss) profit of associates and
joint ventures |
(11 |
) |
|
– |
|
|
(11 |
) |
|
15 |
|
| Profit
on disposal of associate |
– |
|
|
9 |
|
|
9 |
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit
before taxation |
2,506 |
|
|
(530 |
) |
|
1,976 |
|
|
2,484 |
|
| Taxation |
(581 |
) |
|
343 |
|
|
(238 |
) |
|
368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit
for the year |
1,925 |
|
|
(187 |
) |
|
1,738 |
|
|
2,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings
per share |
|
|
|
|
|
|
21.5 |
p |
|
34.4 |
p |
| Earnings
per share before specific itemsa |
|
|
|
|
|
|
23.9 |
p |
|
22.7 |
p |
|
|
|
|
|
|
|
|
|
|
|
|
| Proposed
dividends per share |
|
|
|
|
|
|
15.8 |
p |
|
15.1 |
p |
|
|
|
|
|
|
|
|
|
|
|
|
| aSpecific
items comprise items that are considered to be significant one-off or
unusual items such as restructuring costs and 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. Specific items in 2008 and 2007
are shown in the table below. |
| |
| |
|
|
|
|
|
| |
2008 |
|
|
2007 |
|
| |
£m |
|
|
£m |
|
|
|
|
|
|
|
| Restructuring
costs |
402 |
|
|
– |
|
| Creation of
Openreach and delivery of the Undertakings |
53 |
|
|
30 |
|
| Write off of
circuit inventory and other working capital balances |
74 |
|
|
65 |
|
| Property
rationalisation costs |
– |
|
|
64 |
|
| Loss on disposal
of group undertakings and investments |
10 |
|
|
3 |
|
| Costs associated
with settlement of open tax years |
– |
|
|
10 |
|
|
|
|
|
|
|
| Specific
operating costs |
539 |
|
|
172 |
|
| Interest on
settlement of open tax years |
– |
|
|
(139 |
) |
|
|
|
|
|
|
| Profit on disposal
of joint ventures and associates |
(9 |
) |
|
(22 |
) |
|
|
|
|
|
|
| Tax credit on
specific items above |
(149 |
) |
|
(41 |
) |
| Tax credit in
respect of settlement of open tax years |
(40 |
) |
|
(938 |
) |
| Tax credit on
re-measurement of deferred tax at 28% |
(154 |
) |
|
– |
|
|
|
|
|
|
|
| Specific items
tax credit |
(343 |
) |
|
(979 |
) |
|
|
|
|
|
|
| Net specific
items after tax |
187 |
|
|
(968 |
) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Line
of business summary |
|
|
|
|
|
|
|
|
|
|
| for the year ended 31 March |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Revenue |
|
|
Operating
profit (loss)a |
|
| |
2008 |
|
|
2007a |
|
|
2008 |
|
2007b |
|
| |
£m |
|
|
£m |
|
|
£m |
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
| BT Global Services |
7,889 |
|
|
7,312 |
|
|
117 |
|
70 |
|
| BT Retail |
8,477 |
|
|
8,346 |
|
|
1,050 |
|
912 |
|
| BT Wholesale |
4,959 |
|
|
5,386 |
|
|
502 |
|
592 |
|
| Openreach |
5,266 |
|
|
5,223 |
|
|
1,222 |
|
1,220 |
|
| Other |
28 |
|
|
17 |
|
|
4 |
|
(81 |
) |
| Intra-group |
(5,915 |
) |
|
(6,061 |
) |
|
– |
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
| Group totals |
20,704 |
|
|
20,223 |
|
|
2,895 |
|
2,713 |
|
|
|
|
|
|
|
|
|
|
|
|
| a
Line of business results shown before specific items. |
| b
Restated to reflect the reorganisation of the group. |
| Summary
group cash flow statement |
|
|
|
|
| for the year ended 31 March |
|
|
|
|
|
| |
2008 |
|
|
2007 |
|
| |
£m |
|
|
£m |
|
|
|
|
|
|
|
| Net cash inflow
from operating activities |
5,486 |
|
|
5,210 |
|
| Net cash outflow
from investing activities |
(3,664 |
) |
|
(2,778 |
) |
| Net cash used in
financing activities |
(1,430 |
) |
|
(2,898 |
) |
| Effect of exchange
rate changes |
25 |
|
|
(35 |
) |
|
|
|
|
|
|
| Net increase
(decrease) in cash and cash equivalents |
417 |
|
|
(501 |
) |
| Cash and cash
equivalents at the start of the year |
757 |
|
|
1,258 |
|
|
|
|
|
|
|
| Cash and cash
equivalents at the end of the year |
1,174 |
|
|
757 |
|
|
|
|
|
|
|
| Free cash flowa |
|
|
|
|
|
|
|
|
|
|
|
| Net cash inflow
from operating activities |
5,486 |
|
|
5,210 |
|
| Net purchase of
property, plant and equipment |
(3,253 |
) |
|
(3,209 |
) |
| Net purchase of
non current asset investments |
(1 |
) |
|
(3 |
) |
| Dividends received
from associates and joint ventures |
2 |
|
|
6 |
|
| Net interest paid |
(731 |
) |
|
(650 |
) |
|
|
|
|
|
|
| Free cash flow |
1,503 |
|
|
1,354 |
|
|
|
|
|
|
|
| aFree
cash flow is defined as the net increase in cash and cash equivalents
less cash flows from financing activities (except interest paid) and
less the acquisition or disposal of group undertakings and less the
net sale of short term investments. |
| |
|
|
|
|
|
| |
|
|
|
|
|
| Summary
group balance sheet |
|
|
|
|
|
| at 31 March |
|
|
|
|
|
| |
2008 |
|
|
2007 |
|
| |
£m |
|
|
£m |
|
|
|
|
|
|
|
| Property, plant
and equipment |
15,307 |
|
|
14,997 |
|
|
|
|
|
|
|
| Other non current
assets |
7,522 |
|
|
3,343 |
|
| Current assets |
6,523 |
|
|
5,815 |
|
| Current
liabilities |
(9,704 |
) |
|
(9,572 |
) |
|
|
|
|
|
|
| |
19,648 |
|
|
14,583 |
|
|
|
|
|
|
|
| Non current
liabilities |
14,216 |
|
|
10,311 |
|
| Parent
shareholders’ equity |
5,409 |
|
|
4,238 |
|
| Minority interests |
23 |
|
|
34 |
|
|
|
|
|
|
|
| |
19,648 |
|
|
14,583 |
|
|
|
|
|
|
|
This summary financial statement was approved by the Board of Directors
on 14 May 2008 and was signed on its behalf by:
| Sir Michael
Rake |
Ben
Verwaayen |
Hanif
Lalani |
| Chairman |
Chief Executive |
Group Finance
Director |
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