BT 2006 Annual Report Download - page 30

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ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
The group’s consolidated financial statements have been prepared in accordance with IFRS and IFRIC interpretations in issue as
adopted by the EU effective as at 31 March 2006. Following the announcement by the SEC to allow an exemption from the
provision of a second year of comparative financial statements, BT decided to take advantage of the exemption and hence the
transition date for the adoption of IFRS is 1 April 2004. All comparative data in these statements has been restated accordingly
with the exception that the group has taken the exemption allowed by IFRS 1‘First-time Adoption of International Financial
Reporting Standards’ not to restate comparatives for IAS 32 and IAS 39. Further details can be found in note 34 to the group’s
consolidated financial statements on page 111. The parent company financial statements of BT Group plc have been prepared in
accordance with UK GAAP.
SUMMARISED GROUP INCOME STATEMENT 2006 2005
Year ended 31 March £m £m
Revenue 19,514 18,429
Other operating income
a
227 551
Operating costs
a
(17,246) (15,988)
Operating profit:
Before specific items 2,633 2,693
Specific items (138) 299
2,495 2,992
Net finance expense:
Finance expense (2,740) (2,773)
Finance income 2,268 2,174
(472) (599)
Share of post tax profit (losses) of associates and joint ventures:
Before specific items 16 (14)
Specific items –(25)
16 (39)
Profit on disposal of joint venture:
Before specific items ––
Specific items 1–
1–
Profit before taxation:
Before specific items 2,177 2,080
Specific items (137) 274
2,040 2,354
Taxation:
Before specific items (533) (541)
Specific items 41 16
(492) (525)
Profit for the year:
Before specific items 1,644 1,539
Specific items (96) 290
1,548 1,829
Attributable to:
Equity shareholders 1,547 1,830
Minority interests 1(1)
Basic earnings per share
Before specific items 19.5p 18.1p
Specific items (1.1p) 3.4p
Total basic earnings per share 18.4p 21.5p
aIncludes specific items
BT Group plc Annual Report and Form 20-F 2006 Operating and financial review28