BT 2001 Annual Report Download - page 126
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(m) Dividends
Under UK GAAP, dividends are recorded in the year in respect of which they are declared (in the case of interim or any special
dividends) or proposed by the board of directors to the shareholders (in the case of ¢nal dividends). Under US GAAP, dividends
are recorded in the period in which dividends are declared.
II Net income and shareholders’ equity reconciliation statements
The following statements summarise the material estimated adjustments, gross of their tax e¡ect, which reconcile net income and
shareholders’ equity from that reported under UK GAAP to that which would have been reported had US GAAP been applied.
Net income
Years ended 31 March
2001
£m
2000
£m
1999
£m
Net income (loss) applicable to shareholders under UK GAAP (1,810) 2,055 2,983
Adjustment for:
Pension costs (42) (209) (104)
Redundancy charges (453) (300) (284)
Capitalisation of interest, net of related depreciation (a) 348 (14) (19)
Goodwill amortisation (a) (55) (64) 85
Mobile licences, software and other intangible asset capitalisation and amortisation, net (a) (32) (33) (226)
Financial instruments (133) (129) (6)
Deferred gain (71) (19) –
Employee share plans (38) ––
Deferred taxation (a) 11 106 220
Directories in progress (82) ––
Other items (a) –– (60)
Net income (loss) as adjusted for US GAAP (2,357) 1,393 2,589
Basic earnings (loss) per American Depositary Share as adjusted for US GAAP (b) £(3.61) £2.15 £4.02
Diluted earnings (loss) per American Depositary Share as adjusted for US GAAP (b) £(3.61) £2.10 £3.93
(a) The disposal of the group’s interest in MCI shares during the year ended 31 March 1999 gave rise to adjustments; increasing net income by £163 million
relating to goodwill and £95 million relating to deferred taxation and decreasing net income by £197 million relating to software and other intangible assets,
£60 million relating to foreign exchange translation differences and £5 million relating to the capitalisation of interest.
(b) Each American Depositary Share is equivalent to 10 ordinary shares of 25p each.
Shareholders’ equity
At 31 March
2001
£m
2000
£m
Shareholders’ equity under UK GAAP 14,069 15,795
Adjustment for:
Pension costs (2,755) (2,202)
Redundancy costs (25) (83)
Capitalisation of interest, net of related depreciation 620 261
Goodwill, net of accumulated amortisation 122 175
Mobile licences, software and other intangible asset capitalisation and amortisation 521 533
Financial instruments (620) (99)
Deferred gain (323) (230)
Deferred taxation (1,296) (1,377)
Directories in progress (82) –
Dividend declared after the financial year end –861
Shareholders’ equity as adjusted for US GAAP 10,231 13,634
United States Generally Accepted Accounting Principles
126 BT Annual report and Form 20-F