BT 2003 Annual Report Download - page 139

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1999 2000 2001 2002 2003
Financial ratios
Basic earnings per share on continuing activities
before goodwill amortisation and exceptional
items – pence 30.3 29.5 19.3 8.8 14.2
Basic earnings (loss) per share on continuing
activities – pence 40.5 29.2 20.7 (34.8) 31.2
Basic earnings (loss) per share – pence 41.1 27.6 (25.7) 12.0 31.2
Return on capital employed %
a
19.2 18.2 14.9 6.6
de
15.5
de
Interest cover
b
12.2 8.8 2.6 0.6
c
2.0
c
a
The ratio is based on profit 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 figures 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 profit before goodwill amortisation.
c
Interest cover based on continuing activities before goodwill amortisation and exceptional items was 2.6 times (2002 – 1.9 times).
d
Return on capital employed is based upon the continuing activities.
e
Return on capital employed on continuing activities before goodwill amortisation and exceptional items was 15.7%.
1999
£m
2000
£m
2001
£m
2002
£m
2003
£m
Expenditure on research and development
Total expenditure 268 345 364 362 380
1999
£m
2000
£m
2001
£m
2002
£m
2003
£m
Expenditure on tangible fixed assets
Plant and equipment
Transmission equipment 1,070 1,239 1,655 1,373 1,277
Exchange equipment 410 412 478 428 228
Other network equipment 555 636 918 694 466
Computers and office equipment 364 419 407 273 281
Motor vehicles and other 227 254 231 189 162
Land and buildings 200 187 171 153 40
2,826 3,147 3,860 3,110 2,454
(Decrease) increase in engineering stores (15) 13 (3) (10) (9)
Total continuing activities 2,811 3,160 3,857 3,100 2,445
Total discontinued activities 458 520 1,129 808 –
Total expenditure on tangible fixed assets 3,269 3,680 4,986 3,908 2,445
Decrease (increase) in creditors (49) (112) (230) 161 135
Cash outflow on purchase of tangible fixed assets 3,220 3,568 4,756 4,069 2,580
Financial statistics have been restated where necessary to provide consistency with the presentation of the 2003
financial year figures.
Financial statistics
years ended 31 March
138 BT Annual Report and Form 20-F 2003