; Summary group profit and loss account Summary group balance sheet
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Summary group profit and loss account Summary group balance sheet


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									Summary group                                                                                                         Summary group balance sheet
profit and loss account
for the year ended 31 March 2001                                                                                      at 31 March 2001

                                                                2001           2000                                                                                               2001           2000
                                                                  £m             £m                                                                                                 £m             £m
Total turnover                                                29,666       21,903         (a) The 2001 figures         Fixed assets                                             45,209        29,818
                                                                                          include goodwill
Less group’s share of ventures’ turnover,                                                                             Current assets                                            9,590         7,770
                                                                                          amortisation of
excluding trading between group and                                                                                   Creditors: amounts falling due within one year           (20,733)     (14,885)
                                                                                          £558 million (2000 –
principal joint venture                                       (9,239)       (3,188)       £173 million) and net       Net current liabilities                                  (11,143)       (7,115)
Group turnover                                                20,427       18,715         exceptional pre-tax,
                                                                                          pre-minority interests      Total assets less current liabilities                    34,066        22,703
Group’s share of operating loss of ventures                     (397)          (400)
                                                                                          losses of £2,545 million    Creditors: amounts falling due after one year            18,775         5,354
Total operating profit (loss)                                    (336)        3,198        (2000 – £15 million
                                                                                          gain). The 2001 net         Provisions for liabilities and charges                      723         1,056
Profit on sale of subsidiaries and investments                   619            126
                                                                                          exceptional pre-tax, pre-   Minority interests                                          499            498
Net interest payable                                          (1,314)          (382)      minority interest losses
                                                                                          primarily represent
                                                                                                                      Capital and reserves                                     14,069        15,795
Profit (loss) before taxation (a)                              (1,031)        2,942
                                                                                          impairment of goodwill of                                                            34,066        22,703
Taxation                                                        (652)          (897)      £3,200 million, partially
Profit (loss) after taxation                                   (1,683)        2,045        offset by profit made on
                                                                                          the disposal of group
Minority interests                                              (127)            10       undertakings and rates
Profit (loss) for the financial year                            (1,810)        2,055        refunds received.
Dividends                                                       (571)       (1,426)
Retained profit (transfer from reserves)                       (2,381)          629

                                                                                          Total shareholder
Earnings (loss) per share                                     (27.7)p         31.7p       return (TSR)
Dividends per share                                              8.7p         21.9p       The measure of the
                                                                                          returns that a company
Profit before goodwill amortisation,
                                                                                          has provided for its
exceptional items and taxation (a)                             2,072         3,100
                                                                                          shareholders – the
Earnings per share before goodwill                                                        product of share price
amortisation and exceptional items (a)                          20.5p         34.2p       movement plus
                                                                                          dividends reinvested –
                                                                                          a good indicator of a
Directors’ emoluments                                            4.3            4.2
                                                                                          company’s overall
Value of shares received by directors under                                               performance.
long-term incentive schemes                                      0.8            1.8
The executive directors receive pensions on retirement.

                                 Total turnover                Net interest payable       Earnings (loss) per share   Fixed assets                 Current assets                Creditors: amounts            Provisions for liabilities
Summary                          Products and services         Interest paid on           Our profit (loss) for the    This is mainly exchange      Principally, amounts          falling due after one year    and charges
financial statement               sold to customers by BT,      borrowings less interest   financial year divided by    and network equipment,       which we have billed          Money borrowed on a           Amounts set aside for
A guide to the figures            together with our share of    received on short-term     the average number of       property and similar items   our customers but not yet     long-term basis to fund       liabilities that are not
                                 our ventures’ sales.          investments.               shares in issue during      which we own and use to      received and short-term       our operations.               yet certain.
                                                                                          the period.                 run our business, goodwill   investments.
                                                                                                                      and investments in our

30   BT Annual Review 2001                                                                                                                                                                                    BT Annual Review 2001     31

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