BT 2013 Annual Report Download - page 48
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Performance
46
Reconciliation of net finance expense and net
interest cash outflow
Net interest cash outflow of £692m (2011/12: £685m, 2010/11:
£944m) is £39m higher (2011/12: £4m, 2010/11: £99m) than the net
finance expense in the income statement. This is mostly due to certain
interest cash outflows and inflows being spread over a number of years
in the income statement.
Year ended 31 March
2013
£m
2012
£m
2011
£m
Net finance expense 653 681 845
Timing differences:
Derivative restructuring
costs 16 (4) (18)
Annual coupon payment on
maturing bonds 15 – 73
Deferred income 8 8 38
Impact of fair value
accounting – – 6
Net interest cash outflow 692 685 944
Earnings per share
Adjusted earnings per share increased by 12% to 26.6p principally
reflecting the growth in profit before tax. Adjusted profit before tax was
£2,694m, up 11% reflecting the higher EBITDA, lower depreciation and
amortisation and lower net finance expense.
Adjusted earnings per share, which is defined on page 171, is one of our
key performance indicators. It is an important measure of the overall
profitability of our business, as detailed in Key performance indicators
on page 4.
The graph below shows the drivers of the rise in adjusted earnings per
share over the last two years.
27.0
19.0
23.0
15.0
Interest
Depreciation &
amortisation
EBITDA
EBITDA
2012/13
Tax
2011/12
Associates
Interest
Depreciation &
amortisation
Othera
Tax
2010/11
Adjusted earnings per share
pence
a Other reflects the impact of the increase in the weighted average number of shares.
21.0
0.1
0.1
2.1
1.7
1.5
1.6
0.4
2.3
23.7
0.3
0.3
26.6
Our earnings per share in future years will be impacted by share options
maturing and share awards vesting under our employee share plans.
Seepage 19 for more details.
Dividends
The Board is proposing a final dividend of 6.5p, up 14%. This gives a full
year dividend of 9.5p, also up 14%, and compares with an increase in
the full year dividend of 12% in 2011/12.
This will be paid, subject to shareholder approval, on 2 September 2013
to shareholders on the register on 9 August 2013.
0.0
6.0
5.0
4.0
3.0
2.0
1.0
7.0
10.0
9.0
8.0
2013
20122011
Final
Interim
Dividends per share
Year ended 31 March
2.4 5.0 7.4
2.6 5.7 8.3
3.0 6.5 9.5
pence
Our future dividend expectations are set out in our Outlook on page 44.