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Financial Highlights

The selected financial data set out on the following pages is derived from the Consolidated Financial Statements of the Company on pages 92 to 142 of the Annual Report for the year ended 31 March 2007 and as such should be read in conjunction with them. Certain trends within the financial data presented below have been impacted by business acquisitions and disposals, the most significant of which are described in “Business – Business Overview – How We Developed”. The Consolidated Financial Statements are prepared in accordance with IFRS, on the basis set out in note 1 to the Consolidated Financial Statements, which differ in certain significant respects from US GAAP. For further details, see note 38 to the Consolidated Financial Statements. Solely for convenience, amounts represented below in dollars have been translated at $1.9685: £1, the Noon Buying Rate on 30 March 2007.

Title

At / year ended 31 March
2007 2007 2006 2005
$m £m £m £m
IFRS
Consolidated Income Statement Data
Revenue 61,228 31,104 29,350 26,678
Operating (loss)/profit (3,079) (1,564) (14,084) 7,878
Adjusted operating profit (Non-GAAP measure)(1) 18,762 9,531 9,399 8,353
(Loss)/profit before taxation (4,691) (2,383) (14,853) 7,285
(Loss)/profit for the financial year from continuing operations (9,461) (4,806) (17,233) 5,416
(Loss)/profit for the financial year (10,427) (5,297) (21,821) 6,518
 
Consolidated Cash Flow Data(2)
Net cash flows from operating activities 20,065 10,193 10,190 9,240
Net cash flows from investing activities 8,132 4,131 (6,654) (4,122)
Net cash flows from financing activities (18,352) (9,323) (4,540) (7,242)
Free cash flow (Non-GAAP measure)(1) 12,061 6,127 6,418 6,592
 
Consolidated Balance Sheet Data
Total assets 215,780 109,617 126,738 147,197
Total equity 132,466 67,293 85,312 113,648
Total equity shareholders' funds 132,021 67,067 85,425 113,800
Total liabilities 83,314 42,324 41,426 33,549
 
Earnings Per Share (EPS)(3)
Weighted average number of shares (millions)
- Basic 55,144 55,144 62,607 66,196
- Diluted 55,144 55,144 62,607 66,427
 
Basic (loss)/earnings per ordinary share
- (Loss)/profit from continuing operations (17.60)c (8.94)p (27.66)p 8.12p
- (Loss)/profit for the financial year (19.37)c (9.84)p (35.01)p 9.68p
Diluted (loss)/earnings per ordinary share
- (Loss)/profit from continuing operations (17.60)c (8.94)p (27.66)p 8.09p
- (Loss)/profit for the financial year (19.37)c (9.84)p (35.01)p 9.65p
Basic (loss)/earnings per ADS
- (Loss)/profit from continuing operations (176.0)c (89.4)p (276.6)p 81.2p
- (Loss)/profit for the financial year (193.7)c (98.4)p (350.1)p 96.8p
Diluted (loss)/earnings per ADS
- (Loss)/profit from continuing operations (176.0)c (89.4)p (276.6)p 80.9p
- (Loss)/profit for the financial year (193.7)c (98.4)p (350.1)p 96.5p
 

Title

At / year ended 31 March
2007 2007 2006 2005 2004 2003
$m £m £m £m £m £m
US GAAP
Consolidated Income Statement Data
Revenue 49,919 25,359 23,756 21,370 19,637 15,487
Net loss(4) (8,514) (4,325) (13,270) (13,752) (8,105) (9,072)
 
Consolidated Balance Sheet Data
Shareholders' equity 139,923 71,081 86,984 107,295 129,141 140,580
 
Earnings per share (EPS)(3)
Weighted average number of shares - basic and diluted (millions) 55,144 55,144 62,607 66,196 68,096 68,155
Basic and diluted loss per ordinary share (15.43)c (7.84)p (21.20)p (20.77)p (11.90)p (13.31)p
Basic and diluted loss per ADS (154.3)c (78.4)p (212.0)p (207.7)p (119.0)p (133.1)p
 
Cash dividends(3)(5)
Amount per ordinary share 13.31c 6.76p 6.07p 4.07p 2.0315p 1.6929p
Amount per ADS 133.1c 67.6p 60.7p 40.7p 20.315p 16.929p
 
Other Data
IFRS
Ratio of earnings to fixed charges(6) - - - 7.0
Deficit (8,640) (4,389) (16,520) -
 
US GAAP
Ratio of earnings to fixed charges(6) - - - - - -
Deficit(7) (13,319) (6,766) (13,875) (9,756) (9,059) (8,436)
 

Notes:

  1. Refer to “Performance - Non-GAAP Information” on page 62 of the Annual Report for the year ended 31 March 2007 for a reconciliation of this non-GAAP measure to the most comparable GAAP measure and a discussion of this measure.
  2. Amounts reported refer to continuing operations.
  3. See note 8 to the Consolidated Financial Statements, “(Loss)/earnings per share”. Earnings per American Depository Share (“ADS”) is calculated by multiplying earnings per ordinary share by ten, the number of ordinary shares per ADS. Dividend per ADS is calculated on the same basis.
  4. 2005 net loss includes the cumulative effect of accounting changes related to intangible assets and post employment benefits that increase net loss by £6,372 million or 9.63p per ordinary share.
  5. The final dividend for the year ended 31 March 2007 was proposed by the directors on 29 May 2007.
  6. For the purposes of calculating these ratios, earnings consist of profit before tax adjusted for fixed charges, dividend income from associated undertakings, share of profits and losses from associated undertakings and profits and losses on ordinary activities before taxation from discontinued operations. Fixed charges comprise one-third of payments under operating leases, representing the estimated interest element of these payments, interest payable and similar charges and preferred share dividends.
  7. The deficits for the 2003 and 2004 financial years are presented on the same basis as the Form 20-F for the year ended 31 March 2004. These deficits have not been restated for the effect of discontinued operations, because the UK GAAP information, which forms the basis of the US GAAP information presented, has not been restated. Even if any such adjustments were made, it is expected that the ratio of earnings to fixed charges would still show a deficit.