Professional Documents
Culture Documents
Exhibit 4 British Telecom Selected Historical Financial Information, 19962000 (pounds in millions, except per-share data)
1997
Income Statement
Total turnover
Total operating profit (loss)
Profit on sale of fixed assets
Net interest payable
Profit (loss) before taxation
Profit (loss) after taxation
Minority interests
Profit (loss) for the financial year
Basic earnings (loss) per share
2001
17379
3429
8
-174
3203
2101
-24
2077
32.8p
17411
3461
63
-310
3214
1727
-25
1702
26.6p
18223
3474
1107
-286
4295
3002
-19
2983
46.3p
21903
3198
126
-382
2942
2045
10
2055
31.7p
29666
-336
619
-1314
-1031
-1683
-127
-1810
(27.7)p
6185
7
-220
6071
5
-160
6035
2
-328
5849
5
-163
5887
10
-727
-1,045
-1,886
-630
-1,311
Taxation paid
-2820
-252
-1217
-3108
-1501
-3473
1
-1967
-1186
-3752
-6405
-1364
-8442
-13754
-1432
Financing
Incr. (decr.) in cash for the year
Decr. (incr.) in net debt for the year
-224
-90
849
1794
-11
-3860
-458
67
3146
5959
54
-6582
19735
128
-18942
17252
1708
-2637
-3889
-1426
-223
10785
23285
742
17854
1832
-495
-3386
-1391
-216
14940
27962
5777
18163
5878
-7115
-5354
-1056
-498
15795
37588
18380
21625
5204
-11143
-18775
-723
-499
14069
54799
Balance Sheet
Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Net current assets (liabilities)
LT loans and other borrowings
Provisions for liabilities & charges
Minority interests
Total equity shareholders funds
Total assets
Source: British Telecom.
-504
N/A
2,247
N/A
16802
1273
-2667
-2693
-1391
-208
11116
25062
-2,447
1,236
-669
-480
Exhibit 6 BT Yellow PagesHistorical Financial Information and Management Projections for the Business, 19992005 (pound
Year
Advertisement Volume (000)
Weighted Average Advertisement Price ()
Discounts and free ads (000)
Direct costs (000)
Overhead costs (000)a
Change in WC (000)
Capex (000)
Depreciation (000)
Other U.K. businesses:
Capital cash flows after taxes (000)
Actual
Actual
Projected Projected Projected
31-Mar-00 31-Mar-01 31-Mar-02 31-Mar-03 31-Mar-04
813
853
927
991
1,058
641
645
644
648
649
42,402
47,276
78,180
86,585
84,324
180,479
187,395
195,972
201,742
206,649
102,530
88,870
74,930
77,137
79,013
10,570
12,772
2,178
6,000
8,497
7,380
9,760
10,220
9,730
9,230
5,530
5,370
6,130
8,850
8,400
-4,566
-14,438
-12,641
-8,238
1,362
Starting in 2006, cash flows from Other U.K. Businesses should grow dramatically into the tens of millions of pounds. Management, however, found it difficu
the cash stream post-2005 given the high uncertainty surrounding those future projections.
10,000 b
20,000 b
Exhibit 7 Yellow Book USAHistorical Financial Information and Management Projections for the Business, 19992005 (d
Year
New launches (number)
Total Revenues ($000)
Capex ($000)
Depreciation
Actual
31-Mar-00
n/a
Actual
31-Mar-01
n/a
217,500
3,698
N/A
330,000
7,000
7,000
Projected
31-Mar-02
421,600
10,600
6,240
Projected
31-Mar-03
483,200
8,700
7,910
Projected
31-Mar-04
544,050
8,170
7,430
598,600
8,990
8,810
Projected
31-Mar-06
688,390
8,000
8,000
Projected
31-Mar-07
757,229
8,000
8,000
Exhibit 10 Data for Comparable Listed Companies (five-year average unless otherwise indicated)
Company
Local index
SBC Communications
S&P 500
Verizon
S&P 500
BellSouth
S&P 500
Qwest
S&P 500
Sprint
S&P 500
McLeodUSA
S&P 500
WorldPagesa
S&P 500
Wanadoob
CAC 40 (France)
Directory publishing
IBEX 35 (Spain)
Enirob
OMX (Sweden)
MIB 30 (Italy)
Debt / EV
0.54
0.54
0.63
15.4%
0.53
0.53
0.61
22.6%
0.41
0.41
0.42
17.5%
1.23
1.23
1.39
25.0%
0.66
0.66
0.68
16.4%
1.75
1.75
N/A
20.7%
0.89
0.89
1.08
24.4%
0.97
0.56
0.87
2.8%
1.46
1.19
1.47
1.1%
2.33
1.13
1.9
1.9%
0.43
0.67
0.79
8.2%
United States
4.77%
5.17%
5.61%
1.439 bid1.44 ask
1.4315
1.4290
1.4270
1.4245
1.4570
35%
Source: Adapted from Bloomberg International; Offering Memorandum, Yell Finance B.V., August 6, 2001.
United Kingdom
5.06%
4.94%
4.52%
30%