BT 2002 Annual Report Download - page 139
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1998 1999 2000 2001 2002
Financial ratios
Basic earnings per share on continuing activities before goodwill
amortisation and exceptional items ± pence 24.3 30.3 29.5 19.3 8.8
Basic earnings (loss) per share on continuing activities ± pence 19.7 40.5 29.2 20.7 (34.8)
Basic earnings (loss) per share ± pence 23.5 41.1 27.6 (25.7) 12.0
Return on capital employed %
a
19.5 19.2 18.2 14.9 6.6
de
Interest cover
b
11.2 12.2 8.8 2.6 0.6
c
a
The ratio is based on pro®t before tax, goodwill amortisation and interest on long-term borrowings, to average capital employed. Capital employed
is represented by total assets, excluding goodwill, less current liabilities, excluding corporate taxes and dividends payable, and provisions other than those for
deferred taxation. Year-end ®gures are used in the computation of the average, except in the case of short-term investments and borrowings where average
daily balances are used in their place.
b
The number of times net interest payable is covered by total operating pro®t before goodwill amortisation.
c
Interest cover based on continuing activities before goodwill amortisation and exceptional items was 1.9 times (2001 ± 2.4 times).
d
Return on capital employed for 2002 is based upon the continuing activities.
e
Return on capital employed on continuing activities before goodwill amortisation and exceptional items was 15.7%.
1998
£m
1999
£m
2000
£m
2001
£m
2002
£m
Expenditure on research and development
Total expenditure 307 268 345 364 362
1998
£m
1999
£m
2000
£m
2001
£m
2002
£m
Expenditure on tangible ®xed assets
Plant and equipment
Transmission equipment 944 1,070 1,239 1,655 1,373
Exchange equipment 511 410 412 478 428
Other network equipment 501 555 636 918 694
Computers and of®ce equipment 349 364 419 407 273
Motor vehicles and other 227 227 254 231 189
Land and buildings 204 200 187 171 153
Increase (decrease) in engineering stores (16) (15) 13 (3) (10)
Total continuing activities 2,720 2,811 3,160 3,857 3,100
Plant and equipment
Transmission equipment 275 346 324 640 380
Exchange equipment 1 1 1 1 ±
Other network equipment 1 3 67 262 262
Computers and of®ce equipment 23 100 83 167 113
Motor vehicles and other 3 3 3 20 28
Land and buildings 7 5 42 39 25
Total discontinued activities 310 458 520 1,129 808
Total expenditure on tangible ®xed assets 3,030 3,269 3,680 4,986 3,908
Decrease (increase) in creditors (10) (49) (112) (230) 161
Cash out¯ow on purchase of tangible ®xed assets 3,020 3,220 3,568 4,756 4,069
Financial statistics have been restated where necessary to provide consistency with the presentation of the 2002 ®nancial
year ®gures.
Financial statistics
years ended 31 March
138 BT Group Annual Report and Form 20-F 2002