BT 2003 Annual Report Download - page 28

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Cash flow statement
Years ended 31 March
1999
£m
2000
£m
2001
£m
2002
£m
2003
£m
Net cash flow from operating activities 6,035 5,849 5,887 5,257 6,023
Dividends from associates and joint ventures 2 5 10 2 6
Returns on investments and servicing of finance (328) (163) (727) (1,695) (1,506)
Taxation paid (630) (1,311) (669) (562) (434)
Capital expenditure and financial investment 1,046 (3,752) (8,442) (1,354) (2,381)
Acquisitions and disposals (1,967) (6,405) (13,754) 5,785 2,842
Equity dividends paid (1,186) (1,364) (1,432) – (367)
Cash inflow (outflow) before management of liquid resources and
financing 2,972 (7,141) (19,127) 7,433 4,183
Management of liquid resources (2,447) 1,236 (480) (1,864) (1,729)
Financing (458) 5,959 19,735 (5,479) (2,473)
Increase (decrease) in cash in the year 67 54 128 90 (19)
Decrease (increase) in net debt in the year 3,146 (6,582) (18,942) 13,930 4,225
Balance sheet
At 31 March
1999
£m
2000
£m
2001
£m
2002
£m
2003
£m
Intangible fixed assets 742 5,777 18,380 252 218
Tangible fixed assets 17,854 18,163 21,625 16,078 15,888
Fixed asset investments 1,832 5,878 5,204 1,221 555
Net current assets (liabilities) (495) (7,115) (11,143) 732 1,876
Total assets less current liabilities 19,933 22,703 34,066 18,283 18,537
Loans and other borrowings falling due after one year (3,386) (5,354) (18,775) (16,245) (13,456)
Provisions for liabilities and charges (3,286) (3,011) (2,738) (2,324) (2,376)
Minority interests (216) (498) (499) (72) (63)
Total assets less liabilities 13,045 13,840 12,054 (358) 2,642
Called up share capital 7,438 7,485 7,573 434 434
Share premium account – – – 2 2
Other reserves (3,841) (3,345) (2,848) 1,025 998
Profit and loss account 9,448 9,700 7,329 (1,819) 1,208
Total equity shareholders’ funds (deficiency) 13,045 13,840 12,054 (358) 2,642
Total assets 27,962 37,588 54,799 27,673 28,217
US GAAP
Years ended 31 March
1999
£m
2000
£m
2001
£m
2002
£m
2003
£m
Group operating profit (loss) 3,356 2,990 (633) (337) 2,693
Income (loss) before taxes 3,745 2,096 (1,959) 1,025 3,653
Net income (loss):
Continuing activities 2,562 1,559 809 (1,680) 4,134
Discontinued activities 27 (166) (3,166) 948 –
2,589 1,393 (2,357) (732) 4,134
Average number of ADSs used in basic earnings per ADS (millions) 718 724 728 831 862
Basic earnings (loss) per ordinary share 36.0p 19.3p (32.4)p (8.8)p 48.0p
Diluted earnings (loss) per ordinary share 35.2p 18.8p (32.4)p (8.8)p 47.7p
Basic earnings (loss) per ordinary share from continuing activities 35.7p 21.5p 11.1p (20.2)p 48.0p
Diluted earnings (loss) per ordinary share from continuing activities 34.9p 21.1p 11.0p (20.2)p 47.7p
Basic earnings (loss) per ordinary share from discontinued activities 0.3p (2.2)p (43.5)p 11.4p –
Diluted earnings (loss) per ordinary share from discontinued activities 0.3p (2.3)p (43.5)p 11.3p –
Basic earnings (loss) per ADS £3.60 £1.93 £(3.24) £(0.88) £4.80
Diluted earnings (loss) per ADS £3.52 £1.88 £(3.24) £(0.88) £4.77
Total assets as at 31 March 29,323 38,481 55,361 30,428 31,131
Ordinary shareholders’ equity (deficiency) as at 31 March 13,674 13,634 10,231 (4,247) (2,258)
Five-year financial summary
BT Annual Report and Form 20-F 2003 27