Second quarter
to 30 September 2012
|
Half year
to 30 September 2012
|
|||
£m
|
Change
|
£m
|
Change
|
|
Revenue1
|
4,474
|
(9)%
|
8,958
|
(7)%
|
Underlying revenue excluding transit
|
(5)%
|
(4)%
|
||
EBITDA1
|
1,497
|
flat
|
2,960
|
1%
|
Profit before tax1
|
608
|
7%
|
1,186
|
8%
|
Earnings per share - adjusted1
|
6.0p
|
7%
|
11.7p
|
8%
|
- reported
|
7.2p
|
13%
|
13.0p
|
15%
|
Interim dividend
|
3.0p
|
15%
|
||
Normalised2 free cash flow
|
316
|
£(247)m
|
192
|
£(572)m
|
Net debt
|
9,037
|
£720m
|
|
. More than 12m premises passed by fibre with over 950,000 now connected and growing strongly
|
|
. 47% share of DSL, LLU and fibre broadband market net additions
|
|
. For the 2013 financial year we expect
|
|
. underlying revenue excluding transit to show an improved trend for the second half of the year compared with the first half, but not for the year as a whole to
. grow adjusted EBITDA and deliver normalised free cash flow broadly level with 2012
|
Second quarter to 30 September
|
Half year to 30 September
|
|||||
2012
|
2011
|
Change
|
2012
|
2011
|
Change
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
|
Revenue
|
||||||
- adjusted1
|
4,474
|
4,894
|
(9)
|
8,958
|
9,658
|
(7)
|
- reported
(see Note below)
|
4,389
|
4,484
|
(2)
|
8,873
|
9,248
|
(4)
|
- underlying excluding transit2
|
(5)
|
(4)
|
||||
EBITDA
|
||||||
- adjusted1
|
1,497
|
1,495
|
flat
|
2,960
|
2,931
|
1
|
- reported
(see Note below)
|
1,362
|
1,428
|
(5)
|
2,823
|
2,798
|
1
|
Operating profit
|
||||||
- adjusted1
|
775
|
742
|
4
|
1,515
|
1,439
|
5
|
- reported
|
640
|
675
|
(5)
|
1,378
|
1,306
|
6
|
Profit before tax
|
||||||
- adjusted1
|
608
|
570
|
7
|
1,186
|
1,103
|
8
|
- reported
|
602
|
552
|
9
|
1,186
|
1,069
|
11
|
Earnings per share
|
||||||
- adjusted1
|
6.0p
|
5.6p
|
7
|
11.7p
|
10.8p
|
8
|
- reported
|
7.2p
|
6.4p
|
13
|
13.0p
|
11.3p
|
15
|
Interim dividend
|
3.0p
|
2.6p
|
15
|
|||
Capital expenditure
|
596
|
652
|
(9)
|
1,218
|
1,234
|
(1)
|
Free cash flow
|
||||||
- normalised3
|
316
|
563
|
(44)
|
192
|
764
|
(75)
|
- adjusted1
|
478
|
671
|
(29)
|
516
|
979
|
(47)
|
Net debt
|
9,037
|
8,317
|
9
|
|
Revenue
|
EBITDA
|
Operating cash flow
|
|||||||
Second quarter to
|
2012
|
2011
|
Change
|
2012
|
2011
|
Change
|
2012
|
2011
|
Change
|
30 September
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
BT Global Services
|
1,757
|
2,014
|
(13)
|
130
|
159
|
(18)
|
(171)
|
(55)
|
n/m
|
BT Retail
|
1,791
|
1,853
|
(3)
|
474
|
445
|
7
|
317
|
344
|
(8)
|
BT Wholesale
|
861
|
982
|
(12)
|
280
|
305
|
(8)
|
200
|
222
|
(10)
|
Openreach
|
1,269
|
1,280
|
(1)
|
582
|
567
|
3
|
246
|
350
|
(30)
|
Other and intra-group items
|
(1,204)
|
(1,235)
|
3
|
31
|
19
|
63
|
(114)
|
(190)
|
40
|
Total
|
4,474
|
4,894
|
(9)
|
1,497
|
1,495
|
flat
|
478
|
671
|
(29)
|
|
1 Before specific items. Specific items are defined below
|
2 Underlying revenue excluding transit is defined below
|
n/m = not meaningful
|
1) Unless otherwise stated, any reference to revenue, operating costs, earnings before interest, tax, depreciation and amortisation (EBITDA), operating profit, 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 recruitment plans which are
based on calendar years.
|