BT 2012 Annual Report Download - page 142
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Financial statements
Notes to the consolidated financial statements
Volatility has been determined by reference to BT’s historical volatility which is expected to reflect the BT share price in the future. An expected life
of three months after vesting date is assumed for Employee Sharesave options and for all other awards the expected life is equal to the vesting
period. The risk-free interest rate is based on the UK gilt curve in effect at the time of the grant, for the expected life of the option or award.
The fair values for the DBP and RSP were determined using the market price of the shares at the date of grant. The weighted average share price
for DBP awards granted in 2012 was 198p (2011: 131p, 2010: 131p).
22. Investments
2012 2011
At 31 March £m £m
Non-current assets
Available-for-sale 58 61
Fair value through profit and loss 10 –
68 61
Current assets
Available-for-sale 505 1
Loans and receivables 87
Fair value through profit and loss –11
513 19
The majority of current asset investments are held for periods ranging from one day to one year.
Current assets consist of investments in AAA rated liquidity funds denominated in Sterling of £505m (2011: £nil). Non-current assets include
unlisted investments of £27m (2011: £27m) and listed investments of £31m (2011: £34m).
23. Cash and cash equivalents
2012 2011
At 31 March £m £m
Cash at bank and in hand 256 141
Cash equivalents
Loans and receivables
US deposits 66 20
UK deposits 8 182
European deposits 18
Total cash equivalents 75 210
Total cash and cash equivalents 331 351
Bank overdrafts (8) (26)
Cash and cash equivalents per the cash flow statement 323 325
The group has cross undertaking guarantee facilities across certain bank accounts which allow a legally enforceable right of set-off of the relevant
cash and overdraft balances on bank accounts included within each scheme.
The group’s cash at bank included restricted cash of £76m (2011: £77m), of which £68m (2011: £59m) were held in countries in which prior
approval is required to transfer funds abroad. Such liquid funds are at the group’s disposition within a reasonable period of time if it complies with
these requirements. The remaining balance of £8m (2011: £18m) were held in escrow accounts.
21. Share-based payments continued
Overview
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BusinessStrategy
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