BT 2002 Annual Report Download - page 105

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18. Acquisitions and disposals continued
Amounts included in the cash ¯ow statement for the year ended 31 March 2002 attributable to mmO2 and Yell were:
mmO2
£m
Yell
£m
Net cash ¯ow from operating activities 227 7
Capital expenditure 865 2
Decrease in cash in the year (262) (4)
Results of mmO2 and Yell included to date of demerger/disposal:
Group turnover 2,665 171
Total operating pro®t (loss) (461) 33
Pro®t (loss) before taxation (569) 27
Taxation charge (24) (9)
Pro®t (loss) for the ®nancial year (593) 18
q
On 19 November 2001 BT completed the demerger of mmO2, the group's former mobile phone business in Europe.
mmO2 consists of O2 UK Limited (formerly BT Cellnet Limited), O2 Communications (Ireland) Limited (formerly Esat
Digifone Limited), Telfort Mobiel BV, Viag Interkom GmbH & Co, Manx Telecom and Genie.
r
On 22 June 2001, BT completed the sale of the Yell Group. The Yell Group consisted of the Yellow Pages division of British
Telecommunications plc, Yellow Pages Sales Limited and Yellow Book USA Inc., and its group undertakings.
19. Net debt
At
1 April
2001
£m
Cash ¯ow
£m
Acquisition
or disposal
of subsidiary
undertakings
£m
Demerger of
mmO2
£m
Other
non-cash
changes
£m
Currency
movement
£m
At
31 March
2002
£m
Analysis of net debt
Cash in hand and at bank 412 (254) ± ± ± ± 158
Overnight deposits 20 212 ± ± ± ± 232
Bank overdrafts (148) 132 ± ± ± ± (16)
284 90 ± ± ± ± 374
Other current assets investments 2,537 1,864 ± (369) 360 (43) 4,349
Short-term investments and cash,
less bank overdrafts 2,821 1,954 ± (369) 360 (43) 4,723
Debt due within one year, excluding bank
overdrafts (11,988) 11,902 2 60 (2,140) (15) (2,179)
Debt due after one year (18,775) 74 13 369 2,048 26 (16,245)
Total debt, excluding bank overdrafts (30,763) 11,976 15 429 (92) 11 (18,424)
Net debt (27,942) 13,930 15 60 268 (32) (13,701)
2002
£m
2001
£m
2000
£m
Reconciliation of net cash ¯ow to movement in net debt
Increase in cash in the year 90 128 54
Cash (in¯ow) out¯ow from (increase) decrease in debt 11,976 (19,550) (5,400)
Cash (in¯ow) out¯ow from (decrease) increase in liquid resources 1,864 480 (1,236)
Decrease (increase) in net debt resulting from cash ¯ows 13,930 (18,942) (6,582)
Currency and translation movements (32) (26) (124)
(Increase) decrease in debt on (acquisition) disposal of subsidiary undertakings 75 (48) (971)
Other non-cash movements 268 (226) (70)
Decrease (increase) in net debt in the year 14,241 (19,242) (7,747)
Net debt at 1 April (27,942) (8,700) (953)
Net debt at 31 March (13,701) (27,942) (8,700)
On the demerger, mmO2 had net debt of approximately £500 million of which BT Group was owed approximately
£440 million in addition to ordinary trading account balances. mmO2 repaid this loan to BT Group on 19 November 2001.
Notes to the financial statements
104 BT Group Annual Report and Form 20-F 2002