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15. Earnings (loss) per share continued
The items in the calculation of earnings (loss) per share before goodwill amortisation and exceptional items in
the years were:
2003
pence
per share
2002
pence
per share
2001
pence
per share
2003
£m
2002
£m
2001
£m
Attributable to exceptional items and goodwill amortisation from
continuing activities:
Property rationalisation costs (2.3) ––(198) ––
Goodwill impairment in subsidiary undertakings –(23.5) (2.7) –(1,955) (200)
Asset impairment in subsidiary undertakings –(3.9) – –(324) –
Costs relating to the Concert unwind –(3.0) – –(253) –
Costs relating to the demerger of mmO
2
–(1.2) – –(98) –
BT Retail call centre rationalisation costs –(0.8) – –(68) –
BT Wholesale bad debts costs –(0.9) – –(79) –
Rates refunds relating to prior years –– 2.7 –– 193
Write off of subscriber acquisition costs –– (1.3) –– (96)
Goodwill impairment in associates and joint ventures –(5.2) (2.7) –(433) (200)
Impairment of investment in associates and joint ventures and
release (charge) for related exit costs 1.8 (9.4) – 150 (780) –
Profit on sale of fixed asset investments 19.8 2.0 7.3 1,700 169 534
(Loss) profit on sale of group undertakings (0.1) (1.8) 1.2 (9) (148) 84
Profit on sale of property fixed assets –12.8 – –1,062 –
Amounts written off investments –(6.4) – –(535) –
Finance cost of novating interest rate swaps (3.4) (2.0) – (293) (162) –
Interest receivable on rates refunds, relating to prior years –– 0.3 ––25
Goodwill amortisation (0.3) (2.0) (2.4) (22) (162) (166)
Tax credit (charge) 1.6 1.7 (0.7) 139 143 (47)
Minority interest (0.1) – (0.3) (7) – (21)
Net credit (charge) attributable to exceptional items and goodwill
amortisation from continuing activities 17.0 (43.6) 1.4 1,460 (3,623) 106
Attributable to discontinued activities:
Costs relating to the demerger of mmO
2
–(0.1) – –(11) –
Goodwill impairment in subsidiary undertakings –– (38.5) –– (2,800)
Write off of Viag Interkom IT Systems –– (0.6) –– (43)
Write off of subscriber acquisition costs –– (0.6) –– (43)
Profit on sale of group undertakings –14.0 – –1,160 –
Profit on sale of fixed asset investments –38.6 – –3,208 1
Goodwill amortisation –(3.0) (5.3) –(243) (392)
Tax credit –– 0.4 ––25
Results of discontinued activities before goodwill amortisation and
exceptional items after tax and minority interest –(2.7) (1.8) –(231) (125)
Net credit (charge) attributable to discontinued activities – 46.8 (46.4) –3,883 (3,377)
Basic earnings (loss) per share/profit (loss) for the financial year
after goodwill amortisation and exceptional items 31.2 12.0 (25.7) 2,686 995 (1,870)
Less: Basic earnings (loss) per share/profit (loss) for the financial year
attributable to discontinued activities –46.8 (46.4) –3,883 (3,377)
Basic earnings (loss) per share/profit (loss) for the financial year
before discontinued activities 31.2 (34.8) 20.7 2,686 (2,888) 1,507
Less: Basic earnings (loss) per share/profit (loss) for the financial year
attributable to exceptional items and goodwill amortisation from
continuing activities 17.0 (43.6) 1.4 1,460 (3,623) 106
Basic earnings per share/profit for the financial year from continuing
activities before goodwill amortisation and exceptional items 14.2 8.8 19.3 1,226 735 1,401
Earnings per share before goodwill amortisation and exceptional items are provided to help readers evaluate
the performance of the group.
Notes to the financial statements
98 BT Annual Report and Form 20-F 2003