BT 2014 Annual Report Download - page 69
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66 The Strategic Report
Group performance
Financing and debt maturity
The major source of our cash inow in recent years has been the
cash generated from our operations. This year we issued short-term
commercial paper and raised term debt in the capital markets to
re-nance maturing debt. Together with our committed bank facilities
of £1.5bn, these are expected to remain our key liquidity sources for
the foreseeable future. Our committed bank facilities are available until
March 2016 none of these had been drawn down at 31 March 2014.
Debt due within one year, at hedged rates, is £1,690m.
Net Ƭnance expense
Adjusted net nance expense of £591m (201213 £653m) decreased
by £62m as we reduced net debt levels year on year.
The table below provides an overview of average gross debt, investments
and cash balances, and net debt and the related weighted average
interest rates over the past three years.
Year ended 31 March
2014
£m
2013
£m
2012
£m
Average gross debt 9,336 10,599 9,295
Weighted average interest rate on gross debt 6.1% 6.1% 7.3%
Average investments and cash balances 1,467 1,611 1,148
Weighted average interest rate on investments 0.4% 0.5% 0.6%
Average net debt 7,869 8,988 8,147
Weighted average interest rate on net debt 7.5% 7.3% 8.3%
A reconciliation of net nance expense to net interest cash outow is
shown in note 25 to the consolidated nancial statements.
Dividends
The Board is proposing a nal dividend of 7.5p, up 15%. This gives a full
year dividend of 10.9p, also up 15%, and compares with an increase in
the full year dividend of 14% in 201213.
This years dividend is at the upper end of our expected range, reecting
our strong nancial performance this year. It will be paid, subject to
shareholder approval, on 8 September 2014 to shareholders on the
register on 15 August 2014.
2012 2013 2014
pence
Dividends per share
Year ended 31 March
Final
Interim
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2.6
3.0
3.4 7.5 10.9
6.5 9.5
5.7 8.3
Our future dividend expectations are set out in
our Outlook on page 62
1,800
1,200
1,500
600
900
0
300
2017
2015
2016
2025
2024
2037
2038
2036
2019
2018
2021
2020
2023
2022
2029
2028
2027
2026
2031
2030
2033
2032
2035
2034
Maturity proƬle of gross debt (excluding leasing) and average coupon rate
Year ended 31 March
£m
£ debt $ swapped to £ € swapped to £
6.1%
5.5%
5.2%
6.9%
2.7%
8.7% 6.8%
2.8%
9.5%
6.4%
The maturity prole of our term debt and the applicable average coupon rate is shown in the graph below.