BT 2001 Annual Report Download - page 28

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Profit and loss account
Years ended 31 March
1997
£m
1998
£m
1999
£m
2000
£m
2001
£m
Total turnover – ongoing activities 15,021 16,039 18,223 21,903 29,666
– discontinued activities 2,358 1,372 – – –
Total turnover, including discontinued activities 17,379 17,411 18,223 21,903 29,666
Group’s share of associates’ and joint ventures’ turnover (2,444) (1,771) (1,270) (3,364) (9,937)
Trading between group and principal joint venture – – – 176 698
Group turnover – ongoing activities 14,935 15,640 16,953 18,715 20,427
Other operating income (a) 106 372 168 242 393
Operating costs (b)(c)(d)(e)(f)(g)(h) (11,796) (12,355) (13,305) (15,359) (20,759)
Group operating profit 3,245 3,657 3,816 3,598 61
Group’s share of operating profit (loss) of associates and joint ventures (i)(j) 184 (196) (342) (400) (397)
Total operating profit (loss):
Ongoing activities 3,209 3,436 3,474 3,198 (336)
Discontinued activities 220 25 – – –
3,429 3,461 3,474 3,198 (336)
Profit on sale of fixed asset investments and group undertakings (k) 8 63 1,107 126 619
Net interest payable (l) (174) (310) (286) (382) (1,314)
Premium on repurchase of bonds (60) – – – –
Profit (loss) on ordinary activities before taxation 3,203 3,214 4,295 2,942 (1,031)
Tax on profit (loss) on ordinary activities:
Corporation and similar taxes (1,102) (977) (1,293) (897) (652)
Windfall tax – (510) – – –
Profit (loss) on ordinary activities after taxation 2,101 1,727 3,002 2,045 (1,683)
Minority interests (24) (25) (19) 10 (127)
Profit (loss) for the financial year 2,077 1,702 2,983 2,055 (1,810)
Average number of shares used in basic earnings per share (millions) 6,332 6,387 6,442 6,488 6,525
Basic earnings (loss) per share 32.8p 26.6p 46.3p 31.7p (27.7)p
Diluted earnings (loss) per share 32.2p 26.2p 45.3p 30.9p (27.7)p
Basic earnings (loss) per share from ongoing activities 30.8p 26.3p 46.3p 31.7p (27.7)p
Diluted earnings (loss) per share from ongoing activities 30.2p 25.9p 45.3p 30.9p (27.7)p
Dividends per share (including 1997 special dividend of 35p) 54.85p 19.0p 20.4p 21.9p 8.7p
Dividends per share, cents (including 1997 special dividend of 56c) (m) 87.8c 31.5c 33.0c 35.7c 14.0c
Profit before goodwill amortisation, exceptional items and taxation 3,203 2,976 3,274 3,100 2,072
Basic earnings per share before goodwill amortisation and
exceptional items 32.8p 31.7p 35.0p 34.2p 20.5p
Diluted earnings per share before goodwill amortisation and
exceptional items 32.2p 31.2p 34.2p 33.4p 20.2p
(a) Including MCI merger break-up fee net of expenses in 1998 – 238 – – –
(b) Including redundancy charges 367 106 124 59 104
(c) Including exceptional costs relating to the disengagement from MCI – – 69 64 –
(d) Including exceptional costs relating to the proposed closure of the BT Cellnet
analogue network in 2000 –––47–
(e) Including exceptional costs relating to impairment in goodwill ––––3,000
(f) Including exceptional credit for rates refunds, relating to prior years ––––193
(g) Including exceptional costs relating to the write off of Viag Interkom IT systems ––––43
(h) Including exceptional costs relating to the write off of subscriber acquisition costs ––––7
(i) Including exceptional costs relating to the write off of subscriber acquisition costs ––––132
(j) Including exceptional costs relating to impairment in goodwill ––––200
(k) Including gain on MCI shares sold in 1998 – – 1,133 – –
(l) Including exceptional credit for interest receivable on rates refunds, relating to
prior years ––––25
(m) Dividends expressed in US currency have been converted at the actual exchange rate used in the payment of dividends to US shareholders.
Five-year financial summary
28 BT Annual report and Form 20-F