BT 2014 Annual Report Download - page 144

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141
Financial statements
Financial statements
8. SpeciƬc items
Year ended 31 March
2014
£m
2013
Restated
£m
2012
a Restated
£m
a
Revenue
Retrospective regulatory rulingsb–236 410
Operating costs
Restructuring chargesc276 204 64
Property rationalisation costs ––90
Retrospective regulatory rulingsb– (142) (410)
(Prot) loss on disposal of businesses – (7) 19
Impairment chargesd –18 –
Provisions for claimse–43 –
276 116 (237)
Net Ƭnance expense
Interest expense on retirement benet obligationf235 117 98
Interest on provisions for claims – 2 –
235 119 98
Share of results of associates and joint ventures
Loss (prot) on disposal of interest in associates and joint venturesg4(130) –
Net speciƬc items charge before tax 515 341 271
Taxation
Tax credit on specic items above (111) (127) (55)
Tax credit on re-measurement of deferred taxh(208) (103) (157)
(319) (230) (212)
Net speciƬc items charge after tax 196 111 59
a Restated, see note 1.
b In 201213 reported revenue and EBITDA include a one-oƪ speciƬc item charge of £85m and £58m, respectively, following the Court of Appeal decision that wholesale ladder termination pricing should
not be applied for 0800, 0845 and 0870 calls from mobile phones terminating on our network. In addition charges of £151m and £36m were recognised against revenue and EBITDA respectively,
following Ofcomos determinations on historic Ethernet pricing. In 201112, following a retrospective regulatory ruling in Germany in relation to the period from September 2006 to November 2010, a one-
oƪ charge of £410m was recognised against revenue with an eTual reduction in operating costs.
c The components of the restructuring charges recognised in 201314, 201213 and 201112 were: people and property charges of £217m (201213: £163m, 201112: £28m) principally comprising
leaver costs, property exit costs and networks, products and procurement channels rationalisation charges of £59m (201213: £41m, 201112: £36m).
d In 201213 impairment charges principally include an impairment of £17m to write down the total investment in Onlive Inc., after it entered creditor protection status.
e The group makes provisions for legal or constructive obligations arising from insurance, litigation and regulatory risks. Provisions increased by £43m in 201213, having reassessed potential claims relating to
certain historical matters.
f See note 19 for more details.
g In 201213 a proƬt of £130m was recognised as a result of the disposal of the groupos remaining interest in its associate Tech Mahindra, which was held at a carrying value of £127m at 31{March{2012.
h See note 9 for more details.