|
First quarter to 30 June 2012
|
|||
|
£m
|
Change
|
||
|
Revenue
|
4,484
|
(6)%
|
|
|
Underlying revenue excluding transit
|
(3.2)%
|
||
|
EBITDA1
|
1,463
|
2%
|
|
|
Profit before tax1
|
578
|
8%
|
|
|
Earnings per share
|
- adjusted1
|
5.7p
|
10%
|
|
- reported
|
5.8p
|
16%
|
|
|
Normalised free cash flow2
|
(124)
|
£(325)m
|
|
|
Net debt
|
9,142
|
£557m
|
|
|
First quarter to 30 June
|
|||
|
2012
|
2011
|
Change
|
|
|
£m
|
£m
|
%
|
|
|
Revenue
|
4,484
|
4,764
|
(6)
|
|
- underlying revenue excluding transit1
|
(3.2)
|
||
|
EBITDA
|
|||
|
- adjusted2
|
1,463
|
1,436
|
2
|
|
- reported
|
1,461
|
1,370
|
7
|
|
Operating profit
|
|||
|
- adjusted2
|
740
|
697
|
6
|
|
- reported
|
738
|
631
|
17
|
|
Profit before tax
|
|||
|
- adjusted2
|
578
|
533
|
8
|
|
- reported
|
584
|
517
|
13
|
|
Earnings per share
|
|||
|
- adjusted2
|
5.7p
|
5.2p
|
10
|
|
- reported
|
5.8p
|
5.0p
|
16
|
|
Capital expenditure
|
622
|
582
|
7
|
|
Free cash flow
|
|||
|
- normalised3
|
(124)
|
201
|
n/m
|
|
- adjusted2
|
38
|
308
|
(88)
|
|
Net debt
|
9,142
|
8,585
|
6
|
|
Revenue
|
EBITDA
|
Operating cash flow
|
|||||||
|
First quarter to 30 June
|
2012
|
2011
|
Change
|
2012
|
2011
|
Change
|
2012
|
2011
|
Change
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
|
|
BT Global Services
|
1,730
|
1,905
|
(9)
|
119
|
138
|
(14)
|
(315)
|
(60)
|
n/m
|
|
BT Retail
|
1,776
|
1,830
|
(3)
|
476
|
446
|
7
|
247
|
294
|
(16)
|
|
BT Wholesale
|
923
|
1,004
|
(8)
|
300
|
307
|
(2)
|
129
|
119
|
8
|
|
Openreach
|
1,257
|
1,255
|
0
|
553
|
538
|
3
|
209
|
177
|
18
|
|
Other and intra-group items
|
(1,202)
|
(1,230)
|
2
|
15
|
7
|
n/m
|
(232)
|
(222)
|
(5)
|
|
Total
|
4,484
|
4,764
|
(6)
|
1,463
|
1,436
|
2
|
38
|
308
|
(88)
|
|
1) Unless otherwise stated, any reference to revenue, earnings before interest, tax, depreciation and amortisation (EBITDA), operating profit, operating costs, profit before tax, earnings per share (EPS) and free cash flow are measured before specific items. The commentary focuses on the trading results on an adjusted basis being before specific items. This is consistent with the way that financial performance is measured by management and is reported to the Board and the Operating Committee and assists in providing a meaningful analysis of the trading results of the group. The directors believe that presentation of the group's results in this way is relevant to the understanding of the group's financial performance as specific items are those that in management's judgement need to be disclosed by virtue of their size, nature or incidence. In determining whether an event or transaction is specific, management considers quantitative as well as qualitative factors such as the frequency or predictability of occurrence. Specific items may not be comparable to similarly titled measures used by other companies. Reported revenue, reported EBITDA, reported operating profit, reported profit before tax, reported EPS and reported free cash flow are the equivalent unadjusted or statutory measures.
|
|
|
|
2) Underlying revenue, underlying costs and underlying EBITDA are measures which seek to reflect the underlying performance of the group that will contribute to long-term profitable growth and as such exclude the impact of acquisitions and disposals, foreign exchange movements and any specific items. We are focusing on the trends in underlying revenue excluding transit revenue as transit traffic is low-margin and is significantly affected by reductions in mobile termination rates.
|
|
|
|
3) Unless otherwise stated, the references 2011, 2012, 2013, 2014 and 2015 are the financial years to 31 March 2011, 2012, 2013, 2014 and 2015, respectively, except in relation to our fibre roll-out plans and job creation and recruitment plans which are based on calendar years.
|