BT 2010 Annual Report Download - page 50

REVIEW OF THE YEAR FINANCIAL REVIEW
48 BT GROUP PLC ANNUAL REPORT & FORM 20-F
on 6 September 2010 to shareholders on the register on 13 August
2010. When combined with the 2010 interim dividend of 2.3p per
share, the total dividend proposed for 2010 is 6.9p per share,
totalling £534m (2009: £503m, 2008: £1,236m). This compares
with 6.5p in 2009 and 15.8p in 2008. The reduction in the 2009
full year dividend reflected a rebasing of dividend payments to a
level which the Board was confident was sustainable and from
which it could grow.
Dividends recognised in 2010 were £263m (2009: £1,222m,
2008: £1,241m) and have been presented as a deduction from
shareholders’ equity.
A table setting out the interim, final and total cash dividends
paid, or in the case of the final dividend for 2010, proposed, for the
last five financial years are included in the Additional information
for shareholders section on page 158.
Dividends per share
(pence)
15.8
2009 20102008
Final
Interim
0
2
4
6
8
10
12
14
16
18
5.4
2.3
4.6
1.1
5.4
10.4
6.9
6.5
Financial position and resources
Summarised balance sheet
2010 2009a
£m £m
Non current assets
Goodwill 1,432 1,489
Other intangible assets 2,240 2,299
Property, plant and equipment 14,856 15,405
Derivative financial instruments 1,076 2,542
Trade and other receivables 336 322
Deferred tax assets 2,196 1,103
Other non current assets 259 187
22,395 23,347
Current assets
Trade and other receivables 3,696 4,185
Cash and cash equivalents 1,452 1,300
Derivative financial instruments 624 158
Other current assets 513 284
6,285 5,927
Current liabilities
Loans and other borrowings 3,269 1,542
Derivative financial instruments 166 56
Trade and other payables 6,531 7,215
Current tax liabilities 320 1
Provisions 134 254
10,420 9,068
Total assets less current liabilities 18,260 20,206
Non current liabilities
Loans and other borrowings 9,522 12,365
Derivative financial instruments 533 711
Deferred tax liabilities 1,456 1,728
Retirement benefit obligations 7,864 3,973
Provisions 707 466
Other non current liabilities 804 794
20,886 20,037
Equity
Ordinary shares and share premium 470 470
Retained loss and other reserves (3,120) (328)
(2,650) 142
Minority interest 24 27
Total (deficit) equity (2,626) 169
18,260 20,206
aRestated. See page 94.
We believe it is appropriate to show the sub-total ‘Total assets less
current liabilities’ of £18,260m at 31 March 2010 (2009: £20,206m)
in the group balance sheet because it provides useful financial
information being an indication of the level of capital employed at the
balance sheet date, namely total equity and non current liabilities.
Goodwill
Goodwill decreased by £57m during 2010 to £1,432m. This
reduction was primarily due to the impact of foreign exchange
movements. There were no acquisitions during 2010. An analysis of
goodwill by cash generating units for the purposes of the impairment
assessment is provided in note 12 to the consolidated financial
statements.