BT 2003 Annual Report Download - page 27

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Profit and loss account
Years ended 31 March
1999
£m
2000
£m
2001
£m
2002
£m
2003
£m
Total turnover:
Continuing activities 16,186 18,228 21,068 21,815 20,182
Discontinued activities 2,037 3,675 8,598 2,827 –
18,223 21,903 29,666 24,642 20,182
Group’s share of associates’ and joint ventures’ turnover (1,270) (3,364) (9,937) (4,764) (1,455)
Trading between group and principal joint venture – 176 698 681 –
Group turnover:
Continuing activities 15,197 16,125 17,141 18,447 18,727
Discontinued activities 1,756 2,590 3,286 2,112 –
16,953 18,715 20,427 20,559 18,727
Other operating income 157 216 359 362 215
Operating costs
ab
(13,305) (15,359) (20,759) (21,400) (16,370)
Group operating profit (loss):
Before goodwill amortisation and exceptional items 3,874 3,772 3,257 2,580 2,790
Goodwill amortisation and exceptional items (69) (200) (3,230) (3,059) (218)
3,805 3,572 27 (479) 2,572
Group’s share of operating profit (loss) of associates and
joint ventures
c
(342) (400) (397) (1,381) 329
Total operating profit (loss):
Continuing activities 3,230 3,143 2,456 (1,489) 2,901
Discontinued activities 233 29 (2,826) (371) –
3,463 3,172 (370) (1,860) 2,901
Profit on sale of fixed asset investments and group undertakings
d
1,107 126 619 4,389 1,691
Profit on sale of property fixed assets 11 26 34 1,089 11
Amounts written off investments – – – (535) (7)
Net interest payable
e
(286) (382) (1,314) (1,622) (1,439)
Profit (loss) on ordinary activities before taxation:
Before goodwill amortisation and exceptional items 3,274 3,100 2,072 1,113 1,829
Goodwill amortisation and exceptional items 1,021 (158) (3,103) 348 1,328
4,295 2,942 (1,031) 1,461 3,157
Tax on profit (loss) on ordinary activities (1,323) (957) (712) (443) (459)
Profit (loss) on ordinary activities after taxation 2,972 1,985 (1,743) 1,018 2,698
Minority interests (19) 10 (127) (23) (12)
Profit (loss) for the financial year 2,953 1,995 (1,870) 995 2,686
Average number of shares used in basic earnings per share (millions) 7,183 7,235 7,276 8,307 8,616
Basic earnings (loss) per share 41.1p 27.6p (25.7)p 12.0p 31.2p
Diluted earnings (loss) per share 40.2p 26.9p (25.7)p 11.9p 31.0p
Basic earnings (loss) per share from continuing activities 40.5p 29.2p 20.7p (34.8)p 31.2p
Diluted earnings (loss) per share from continuing activities 39.5p 28.5p 20.4p (34.8)p 31.0p
Dividends per share 18.3p 19.6p 7.8p 2.0p 6.5p
Dividends per share, cents
f
38.5c 35.7c 14.0c 3.1c 10.3c
Basic earnings per share before goodwill amortisation and
exceptional items 30.7p 29.8p 17.5p 6.1p 14.2p
Diluted earnings per share before goodwill amortisation and
exceptional items 30.0p 29.1p 17.3p 6.0p 14.1p
Basic earnings per share before goodwill amortisation and
exceptional items on continuing activities 30.3p 29.5p 19.3p 8.8p 14.2p
a
Operating costs include net exceptional costs 69 111 2,857 2,707 198
b
Includes redundancy and early leaver costs 124 59 118 252 276
c
Group’s share of operating profit (loss) of associates and joint ventures
includes exceptional costs (release) – – 332 1,294 (150)
d
Including gain on MCI shares sold in 1999 1,133 – – – –
e
Net interest payable includes exceptional costs (credits) – – (25) 162 293
f
Based on actual dividend paid and/or year end exchange rate on proposed
dividends
Five-year financial summary
26 BT Annual Report and Form 20-F 2003