BT 2016 Annual Report Download - page 204
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210 BT Group plc
Annual Report 2016
24. Cash and cash equivalents
At 31 March
2016
£m
2015
£m
Cash at bank and in hand 401 335
Cash equivalents
Loans and receivables
US deposits 44 28
UK deposits 20 28
Other deposits 32 43
Total cash equivalents 96 99
Total cash and cash equivalents 497 434
Bank overdrafts (note 25) (38) (27)
Cash and cash equivalents per the cash flow statement 459 407
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 those bank accounts.
The group’s cash and cash equivalents included restricted cash of £101m (2014/15: £143m), of which £99m (2014/15: £140m) was
held in countries in which prior approval is required to transfer funds abroad. Such funds can be used by the group within a reasonable
period of time if it complies with these requirements. The remaining balance of £2m (2014/15: £3m) was held in escrow accounts.
Cash and cash equivalents are classified as loans and receivables and are held on the group balance sheet at amortised cost which equates to
fair value.
25. Loans and other borrowings
Capital management policy
The objective of the group’s capital management policy is to reduce net debt over time whilst investing in the business, supporting
the pension scheme and paying progressive dividends. In order to meet this objective, the group may issue or repay debt, issue new
shares, repurchase shares, or adjust the amount of dividends paid to shareholders. The group manages the capital structure and makes
adjustments to it in the light of changes in economic conditions and the risk characteristics of the group. The Board regularly reviews the
capital structure. No changes were made to these objectives and processes during 2015/16 and 2014/15. For details of share issues and
repurchases in the year see note 21.
The group’s capital structure consists of net debt and shareholders’ equity. The analysis below summarises the components which the
group manages as capital.
At 31 March
2016
£m
2015
£m
Net debt 9,845 5,119
Total parent shareholders’ equitya10,358 796
20,203 5,915
a Excludes non-controlling interests of £22m (2014/15: £12m).