BT 2014 Annual Report Download - page 60

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57
The Strategic Report
Group performance
Group performance
Group performance
In this section we set out our progress this
year against our key performance indicators.
We explain the nancial results of the group
as a whole as well as our performance as a
responsible and sustainable business.
58 Group Finance Director’s introduction
59 Group nancial results
60 Group
performance
60 Market context
60 Our progress against our KPIs
62 Outlook
62 Income statement
64 Cash ow
65 Net debt
66 Dividends
67 Taxation
68 Capital expenditure
68 Balance sheet
69 Pensions
70 Contractual obligations and commitments
71 Our performance as a responsible
and sustainable business
Alternative performance measures
We assess and explain the performance of the group using certain
alternative performance measures. These include trends in
underlying revenue and operating costs excluding transit, adjusted
and reported EBITDA, adjusted earnings per share, normalised and
reported free cash ow and net debt. Adjusted measures are before
specic items. A denition of specic items is set out on page 184
and specic items for this year and the two prior years are disclosed
innote 8 to the consolidated nancial statements.
These alternative performance measures are not dened under IFRS
and are therefore termed non-GAAP measures. They are consistent
with how management measures our nancial performance. Each of
these measures is dened and discussed in more detail on pages 184
to 186, where reconciliations to the nearest measure under IFRS are
set out.
A review of the performance of our lines of business during
the year is set out from page 30
Revisions to prior year group results
IAS 19 Employee Benets (Revised 2011) was eective for the
group from 1 April 2013. We have restated comparative gures for
the years ended 31 March 2013 and 31 March 2012 to reect the
position had it applied in those years. This impacted operating costs,
pension interest, and the related tax. Pension interest and the related
tax are treated as specic items. See page 127 for further details.