Annual Report & Accounts 1997
Black Cyan Magenta Yellow PMS300 Earnings & dividends per share (pence) Contents 2 Chairman’s statement 54.85 4 An interview with Chief Executive, Sir Peter Bonfield 6 Business review 13 Financial review 32.8 31.6 21 Report of the directors 28.5 27.8 22 Board of directors 19.8 18.7 17.7 16.7 24 Corporate governance 15.6 26 Auditors’ report on corporate governance matters 27 Report of the Board Committee on Executive Remuneration 93 94 95 96 97 34 Statement of directors’ responsibility Report of the auditors Earnings per share 34 Wordwork Dividends per share 35 Five year financial summary Job Disc No: 1 36 Accounting policies Bag No: 48278 Page No: 01 38 Consolidated financial statements Order No: 00000 Origination: SI 61 Subsidiary and associated undertakings Capital expenditure (£m) Revision: SI 63 Quarterly analysis of turnover and profit Date: 20/05/97 Proof No: 10 64 Financial statistics 2,771 2,719 2,671 65 Operational statistics 2,171 Regulatory statistics and information 2,155 66 67 United States Generally Accepted Accounting Principles reconciliations 69 Additional information for shareholders 72 Index 93 94 95 96 97 Profit before and after tax (£m) 3 Proposed merger with MCI announced to form group with annual turnover of around £26 billion 3,203 3,019 3 Prices reduced by over £800 million in the year 2,756 2,662 3 Strategic alliances and joint ventures in Europe and Asia announced or completed in year 2,101 1,992 1,972 3 Operating cash flow grew by 6 per cent to £6.2 billion 1,805 1,736 3 Capital expenditure maintained at over £2.7 billion 1,248 3 6.1 per cent increase in ordinary dividends per share with a special dividend of 35 pence per share 93 94 95 96 97 Profit before tax Profit after tax 1 Black Cyan Magenta Yellow PMS300 Red Chairman’s In my remarks at the Extraordinary Things have not stood still while General Meeting held in April, merger talks were in progress, and statement I described the merger as a “rite of your company has had a most passage” for BT – on the journey satisfactory year.
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