BT 2015 Annual Report Download - page 185
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183
Overview
The Strategic Report
Purpose and strategy
Delivering our strategy
Group performance
Governance
Financial statements
Additional information
&DVKDQGFDVKHTXLYDOHQWV
At 31 March
2015
£m
2014
£m
&DVKDWEDQNDQGLQKDQG 335 380
&DVKHTXLYDOHQWV
Loans and receivables
US deposits 28 55
UK deposits 28 257
Other deposits 43 3
7RWDOFDVKHTXLYDOHQWV 99 315
7RWDOFDVKDQGFDVKHTXLYDOHQWV 434 695
an overdrafts note 11
&DVKDQGFDVKHTXLYDOHQWVSHUWKHFDVKƮRZVWDWHPHQW 407 684
he roup has cross-undertain uarantee facilities across certain ban accounts which allow a leall enforceable riht of set-o of the relevant
cash and overdraft balances on bank accounts included within each scheme.
he roups cash and cash euivalents included restricted cash of 1 011 109 of which 10 011 10 was held in
countries in which prior approval is required to transfer funds abroad. Such funds can be used by the group within a reasonable period of time if it
coplies with these reuireents. he reainin balance of 011 was held in escrow accounts.
ash and cash euivalents are classified as loans and receivables and are held on the roup balance sheet at aortised cost which euates to fair value.
/RDQVDQGRWKHUERUURZLQJV
Capital management policy
The objective of the group’s capital management policy is to reduce net debt over time whilst investing in the business, supporting the pension
scheme and paying progressive dividends. In order to meet this objective, the group may issue or repay debt, issue new shares, repurchase shares,
or adjust the amount of dividends paid to shareholders. The group manages the capital structure and makes adjustments to it in the light of changes
in economic conditions and the risk characteristics of the group. The Board regularly reviews the capital structure. No changes were made to these
obectives and processes durin 011 and 011. or details of share issues and repurchases in the ear see note 0.
The group’s capital structure consists of net debt and shareholders’ equity. The analysis below summarises the components which the group manages
as capital.
At 31 March
2015
£m
2014
£m
Net debt 5,119 7,028
otal parent shareholders euit deficita796 10
a([FOXGHVQRQFRQWUROOLQJLQWHUHVWVRI~P~P