BT 2002 Annual Report Download - page 30

Lines of business results
In the following commentary, we discuss the operating
results of the group for the 2002 and 2001 ®nancial years in
terms of the lines of business established during the 2001
®nancial year. Elements of the information for the 2001
®nancial year have been restated to show the businesses as
if they had traded as separate units throughout the relevant
period. However, as it is not practical for us to compile
comparative ®gures for the 2000 ®nancial year for the lines
of business, this earlier year is discussed in the context of
the overall group results.
Line of business summary
Group turnover
Group operating pro®t
(loss) before
goodwill amortisation
and exceptional items
2002
£m
2001
£m
2002
£m
2001
£m
BT Retail 12,085 12,063 1,102 888
BT Wholesale 12,256 11,728 2,242 2,538
BT Ignite 4,476 3,468 (353) (309)
BTopenworld 222 140 (118) (233)
Other 373 138 (102) 198
Intra-group (10,965) (10,396) ±±
Total continuing
activities 18,447 17,141 2,771 3,082
Discontinued
activities 2,112 3,286 (191) 175
Group totals 20,559 20,427 2,580 3,257
Financial review
BT Group Annual Report and Form 20-F 2002 29
Summarised pro®t and loss account 2002 2001 2000
Continuing
activities
£m
Total
£m
Continuing
activities
£m
Total
£m
Continuing
activities
£m
Total
£m
Total turnover 21,815 24,642 21,068 29,666 18,228 21,903
Group's share of associates' and joint ventures' turnover (4,049) (4,764) (4,625) (9,937) (2,279) (3,364)
Trading between group and principal joint venture 681 681 698 698 176 176
Group turnover 18,447 20,559 17,141 20,427 16,125 18,715
Other operating income 361 362 346 359 216 216
Operating costs (18,854) (21,400) (14,500) (20,759) (12,985) (15,359)
Group operating pro®t (loss):
Before goodwill amortisation and exceptional items 2,771 2,580 3,082 3,257 3,430 3,772
Goodwill amortisation and exceptional items (2,817) (3,059) (95) (3,230) (74) (200)
(46) (479) 2,987 27 3,356 3,572
Group's share of operating loss of associates
and joint ventures (1,443) (1,381) (531) (397) (213) (400)
Total operating pro®t (loss):
Before goodwill amortisation and exceptional items 2,663 2,546 2,925 3,377 3,274 3,456
Goodwill amortisation and exceptional items (4,152) (4,406) (469) (3,747) (131) (284)
(1,489) (1,860) 2,456 (370) 3,143 3,172
Pro®t on sale of ®xed asset investments and group
undertakings 21 4,389 618 619 126 126
Pro®t on sale of property ®xed assets 1,089 1,089 34 34 26 26
Amounts written off investments (535) (535) ±±±±
Net interest payable (1,579) (1,622) (1,171) (1,314) (327) (382)
Pro®t (loss) on ordinary activities before taxation:
Before goodwill amortisation, exceptional items
and taxation 1,273 1,113 1,763 2,072 2,973 3,100
Goodwill amortisation and exceptional items (3,766) 348 174 (3,103) (5) (158)
(2,493) 1,461 1,937 (1,031) 2,968 2,942
Taxation (385) (443) (432) (712) (864) (957)
Pro®t (loss) after taxation (2,878) 1,018 1,505 (1,743) 2,104 1,985
Minority interests (10) (23) 2 (127) 9 10
Pro®t (loss) for the ®nancial year (2,888) 995 1,507 (1,870) 2,113 1,995
Basic earnings (loss) per share (34.8)p 12.0p 20.7p (25.7p) 29.2p 27.6p
Basic earnings per share before goodwill amortisation
and exceptional items 8.8p 6.1p 19.3p 17.5p 29.5p 29.8p