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BT Group PLC (BT.A)

  Print      Mail a friend       Annual reports

Thursday 12 May, 2011

BT Group PLC

BT GROUP PLC RESULTS FOR THE YEAR TO 31 MARCH 2011

RNS Number : 4422G
BT Group PLC
12 May 2011
 



     12 May 2011

 

 

BT GROUP PLC

RESULTS FOR THE FOURTH QUARTER AND YEAR TO 31 MARCH 2011 

 

 

BT Group plc (BT.L) today announces its results for the fourth quarter and year to 31 March 2011.

 

Ian Livingston, Chief Executive, commenting on the results, said:

 

"We have delivered profits and free cash flow ahead of expectations for the year, while making significant investment in the business for the future. Free cash flow has nearly trebled compared with two years ago.

 

"We have consolidated our position as the leading provider of broadband in the UK with our highest quarterly share of DSL broadband net additions for eight years. BT Global Services order intake was up 10% at £7.3bn and it has turned cash flow positive a year ahead of plan. Openreach saw growth in its copper line base in the year, reversing historic trends. Our roll out of super-fast broadband is one of the most rapid in the world, passing an average of 80,000 additional premises each week and we have plans to roughly double the speed of our fibre-to-the-cabinet based service in 2012.

 

"We expect to continue to grow our profits and free cash flow whilst investing to return BT to growth. These results show we are making progress, but we are well aware there remains a lot more to do."

 

 

Fourth quarter and full year results:


Fourth quarter to

31 March 2011


Year to

31 March 2011


£m


Change


£m


Change

Revenue1

5,055


(6)%


20,076


(4)%

EBITDA1

1,551


3%


5,886


4%

Profit before tax      - adjusted1

610


21%


2,083


20%

-       reported

495


97%


1,717


71%

Earnings per share - adjusted1

6.2p


22%


21.0p


21%

-       reported

6.1p


126%


19.4p


46%

Free cash flow1, 2

619


(43)%


2,223


6%

Net debt





8,816


  £(467)m

Full year proposed dividend





7.4p


7%

 

 

Key points:

·      Full year results in line with or ahead of our outlook for the year

·      Revenue of £20bn in line with our outlook, underlying revenue excluding transit down 3% in the year

·      Operating cost savings of £1.1bn in the year, ahead of our outlook of around £900m

·      Net debt reduced to £8.8bn, in line with our outlook, after pension deficit payments of £1.0bn in the year

·      Free cash flow1,2 of £2.2bn, ahead of our outlook and nearly trebled from two years ago

·      Proposed final dividend of 5.0p, up 9%, giving a full year dividend of 7.4p, up 7%

·      BT Global Services operating cash flow positive a year ahead of plan at £119m

·      IAS 19 pension deficit of £1.4bn (net of tax), down £4.3bn in the year

·      DSL broadband net additions of 252,000 in the quarter, of which BT's retail market share was 64%

 

Outlook: 

We expect

·      Underlying revenue excluding transit to be in the range of down 2% to flat in 2012 and to grow by up to 2% in 2013

·      Adjusted EBITDA to grow in 2012 and to be above £6.0bn in 2013

·      Adjusted free cash flow to be above 2011 level in both 2012 and 2013

 

1 Before specific items

2 Before pension deficit payments

  Unless otherwise stated, the changes in results are year on year against the fourth quarter or year to 31 March 2010. The references 2010,

  2011, 2012 and 2013 are the financial years to 31 March 2010, 2011, 2012 and 2013, respectively, except in relation to our fibre roll out plans

  which are based on calendar years.

 

 RESULTS FOR THE FOURTH QUARTER AND YEAR TO 31 MARCH 2011

 

Group results


Fourth quarter to 31 March

Year to 31 March


2011

2010

Change

2011

2010

Change


£m

£m

%

£m

£m 

%

Revenue







- adjusted1

5,055

5,356

(6)

20,076

20,911

(4)

- reported

5,055

5,356

(6)

20,076

20,859

(4)

EBITDA







- adjusted1

1,551

1,512

3

5,886

5,639

4

- reported

1,449

1,341

8

5,557

5,162

8

Operating profit







- adjusted1

789

724

9

2,907

2,600

12

- reported

687

553

24

2,578

2,123

21

Profit before tax







- adjusted1

610

505

21

2,083

1,735

20

- reported

495

251

97

1,717

1,007

71

Earnings per share







- adjusted1

6.2p

5.1p

22

 21.0p

17.3p

21

- reported

6.1p

2.7p

126

19.4p

13.3p

46

Full year proposed dividend




7.4p

6.9p

7

Capital expenditure

779

862

(10)

2,590

2,533

2

Free cash flow2







- adjusted1

619

1,089

(43)

2,223

2,106

6

- reported

546

1,045

(48)

2,011

1,933

4

Net debt




8,816

9,283

(5)

 

Line of business results


Revenue

Adjusted EBITDA1

Operating cash flow


2011

20103

Change

2011

20104

Change

2011

     2010

Change

Fourth quarter to 31 March

£m

£m

%

£m

£m

%

£m

£m

%

BT Global Services

2,075

2,292

(9)

184

177

4

70

113

(38)

BT Retail

1,927

2,017

(4)

476

438

9

432

437

(1)

BT Wholesale

1,027

1,078

(5)

321

334

(4)

331

360

(8)

Openreach

1,255

1,230

2

539

490

10

282

337

(16)

Other and intra-group items

(1,229)

(1,261)

3

31

73

(58)

(496)

(158)

n/m

Total

5,055

5,356

(6)

1,551

1,512

3

619

1,089

(43)

 


Revenue

Adjusted EBITDA1

Operating cash flow


2011

20103

Change

2011

20104

Change

2011

     2010

Change

Year to 31 March

£m

£m

%

£m

£m

%

£m

£m

%

BT Global Services

8,047

8,513

(5)

593

457

30

119

(482)

n/m

BT Retail

7,748

8,124

(5)

1,784

1,777

-

1,382

1,566

(12)

BT Wholesale

4,210

4,388

(4)

1,316

1,353

(3)

911

917

(1)

Openreach

4,930

4,960

(1)

2,132

1,960

9

1,078

1,167

(8)

Other and intra-group items

(4,859)

(5,074)

4

61

92

(34)

(1,267)

(1,062)

(19)

Total

20,076

20,911

(4)

5,886

5,639

4

2,223

2,106

6

 

Notes:

1 Before specific items. Specific items are defined below and analysed in note 4. In 2011, net interest on pensions has been included within specific items because of its volatile nature. Accordingly specific items for comparative periods have been re-presented.

2 Before pension deficit payments of £505m in Q4 2011 and £1,030m in FY 2011 (Q4 2010: £nil, FY 2010: £525m). 

 3 Adjusted for the impact of customer account moves and after reflecting the impact of changes in the internal trading model.  The effect of the changes is primarily to reduce internal revenue in both BT Wholesale and Openreach by around £62m per quarter in 2011. There is no impact from these changes on total group revenue. In the line of business commentaries for BT Wholesale and Openreach, revenue has been measured against an adjusted basis reflecting the impact of changes in the internal trading model to enable a like for like comparison.

4 Restated for the impact of customer account moves.

  n/m = not meaningful

 

Specific items - unless otherwise stated, any reference to earnings before interest, tax, depreciation and amortisation (EBITDA), operating profit, operating costs, profit before tax and earnings per share (EPS) 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 EBITDA, reported operating profit, reported profit before tax and reported EPS are the equivalent unadjusted or statutory measures.

 

Underlying revenue is a measure which seeks to reflect the underlying revenue performance of the group that will contribute to long term profitable growth.  As such it excludes any increases or decreases in revenue as a result of acquisitions or disposals, any foreign exchange movements affecting revenue and any specific items. We are focusing on the trends in underlying revenue excluding transit as transit traffic is low-margin and is significantly affected by reductions in mobile termination rates which have no impact on the group's profitability.

 

 

 

Enquiries

 

Press office:


Ross Cook

Tel: 020 7356 5369



Investor relations:


Catherine Nash

Tel: 020 7356 4909

 

The fourth quarter and full year 2011 results presentation for analysts and investors will be held in London at 9.00am today and a simultaneous webcast will be available at www.bt.com/results.

 

The BT Group plc Annual Report & Form 20-F is expected to be published on 27 May 2011. The Annual General Meeting of BT Group plc will be held at Old Billingsgate, London on 13 July 2011. Results for the first quarter to 30 June 2011 are expected to be announced on 28 July 2011.

 

About BT

BT is one of the world's leading providers of communications solutions and services operating in over 170 countries. Its principal activities include the provision of networked IT services globally; local, national and international telecommunications services to our customers for use at home, at work and on the move; broadband and internet products and services and converged fixed/mobile products and services. BT consists principally of four lines of business: BT Global Services, BT Retail, BT Wholesale and Openreach.

 

British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on stock exchanges in London and New York.

 

For more information, visit www.btplc.com.

 

Click on, or paste the following link into your web browser, to view the associated PDF document.

 

http://www.rns-pdf.londonstockexchange.com/rns/4422G_-2011-5-11.pdf

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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