TIDMBT.A
RNS Number : 2400L
BT Group PLC
12 May 2022
Financial results
Results for the full year to 31 March 2022
BT Group plc
12 May 2022
Philip Jansen, Chief Executive, commenting on the results, said
"BT Group has again delivered a strong operational performance
thanks to the efforts of our colleagues across the business. Openreach
continues to build like fury, having now passed 7.2m premises with
1.8m connections; a strong and growing early take-up rate of 25%.
Meanwhile, our 5G network now covers more than 50% of the UK population.
We have the best networks in the UK and we're continuing to invest
at an unprecedented pace to provide unrivalled connectivity for
our customers. At the same time we're seeing record customer satisfaction
scores across the business.
"We have finalised the sports joint venture with Warner Bros. Discovery
to improve our content offering to customers, aligning our business
with a new global content powerhouse. Separately, we have strengthened
our strategic partnership and key customer relationship with Sky,
having now extended our reciprocal channel supply deal into the
next decade and agreed a MoU to extend our co-provisioning agreement.
"Our modernisation continues at pace and we are extending our cost
savings target of GBP2bn by end FY24 to GBP2.5bn by end FY25. We
delivered EBITDA growth of 2% this year as strong savings from
our modernisation programme more than offset weaker revenues from
our enterprise businesses due to well-known market challenges.
"While the economic outlook remains challenging, we're continuing
to invest for the future and I am confident that BT Group is on
the right track. As a result, we are today reconfirming our FY23
outlook for revenue growth, EBITDA of at least GBP7.9bn and also
the reinstatement of our full year FY22 dividend, as promised,
at 7.7 pence per share."
BT Group plc (BT.L) today announced its results for the full
year to 31 March 2022.
Strong progress in strategic priorities:
-- Positive leading indicators: Highest ever BT Group NPS
results; low Ofcom complaints; churn near record lows
-- BT Group and Warner Bros. Discovery agreed to form a new
premium sports joint venture bringing together BT Sport and
Eurosport UK
-- Agreed with Sky a new longer-term reciprocal channel supply deal beyond 2030
-- Openreach signed a MoU on a framework with Sky on FTTP
co-provisioning; Sky engineers to complete the majority of their
FTTP in-premises provisioning activities on Openreach's FTTP
network
-- FTTP footprint at 7.2m with annualised Q4 build rate of over
3m premises; take up of 1.8m driven by Equinox
-- 5G network now covers over 50% of the UK population; our 5G
ready customer base is over 7.2m and EE is once again named as
having the best 5G and 4G network by RootMetrics
-- Achieved gross annualised cost savings now totalling
GBP1.5bn; increased target to GBP2.5bn by end FY25, within the
previously communicated cost to achieve of GBP1.3bn
Adjusted EBITDA growth and return of full year dividend:
-- Revenue GBP20.9bn, down 2%, reflecting revenue decline in
Enterprise and Global offset by growth in Openreach, with Consumer
flat for the year and returning to growth in Q4; adjusted(1)
revenue down 2%
-- Adjusted(1) EBITDA GBP7.6bn, up 2%, with revenue decline more
than offset by lower costs from our modernisation programmes, tight
cost management, and lower indirect commissions
-- Reported profit before tax GBP2.0bn, up 9%, due to increased
EBITDA offsetting higher finance expense
-- Reported profit after tax GBP1.3bn, down 13%, due to remeasurement of our deferred tax balance
-- Net cash inflow from operating activities GBP5.9bn;
normalised free cash flow(1) GBP1.4bn, down 5%, due to higher cash
capital expenditure, offset by higher EBITDA and lower tax and
lease payments
-- Capital expenditure GBP5.3bn, up 25%. Capital expenditure
excluding spectrum GBP4.8bn, up 14% primarily due to continued
higher spend on our fibre infrastructure and mobile networks
-- IAS 19 gross pensions deficit GBP1.1bn, (31 March 2021:
GBP5.1bn) due to an increase in real discount rate, deficit
contributions paid, changes to demographic assumptions and positive
asset returns
-- FY22 final dividend declared at 5.39p per share, bringing the
full year total, as promised, to 7.70p per share
-- Outlook for FY23: adjusted(1) revenue to grow year on year;
adjusted(1) EBITDA of at least GBP7.9bn; capital expenditure
excluding spectrum of around GBP4.8bn; normalised free cash flow of
GBP1.3bn to GBP1.5bn.
(1) See Glossary on page 3.
Full year to 31 March 2022 2021 Change
=============== ===============
GBPm GBPm %
================================= =============== =============== ==================
Reported measures
Revenue 20,850 21,331 (2)
Profit before tax 1,963 1,804 9
Profit after tax 1,274 1,472 (13)
Basic earnings per share 12.9p 14.8p (13)
Net cash inflow from operating
activities 5,910 5,963 (1)
Full year dividend 7.70p - N/A
Capital expenditure(1,2) 5,286 4,216 25
================================= =============== =============== ==================
Adjusted measures
Adjusted(1) Revenue 20,845 21,370 (2)
Adjusted(1) EBITDA 7,577 7,415 2
Adjusted(1) basic earnings
per share 20.3p 18.9p 7
Normalised free cash flow(1) 1,392 1,459 (5)
Capital expenditure(1) excluding
spectrum 4,807 4,216 14
Net debt(1) 18,009 17,802 GBP207m
================================= =============== =============== ==================
Customer-facing unit results for the full year to 31 March
2022
Adjusted(1) revenue Adjusted(1) EBITDA Normalised free
cash flow(1)
Full year
to 31 March 2022 2021 Change 2022 2021 Change 2022 2021 Change
============
GBPm GBPm % GBPm GBPm% GBPm GBPm %
============ ========== ========== =========== ========== ========== ========== ========== ========== ===========
Consumer 9,858 9,885 - 2,262 2,128 6 917 714 28
Enterprise 5,157 5,449 (5) 1,636 1,704 (4) 791 1,352 (41)
Global 3,362 3,731 (10) 456 596 (23) 131 187 (30)
Openreach 5,441 5,244 4 3,179 2,937 8 448 486 (8)
Other 27 23 17 44 50 (12) (895) (1,280) 30
Intra-group
items (3,000) (2,962) (1) - - - - - -
============ ========== ========== =========== ========== ========== =========== ========== ========== ===========
Total 20,845 21,370 (2) 7,577 7,415 2 1,392 1,459 (5)
============ ========== ========== =========== ========== ========== =========== ========== ========== ===========
Fourth
quarter
to 31 March 2022 2021 Change 2022 2021 Change 2022 2021 Change
============
GBPm GBPm % GBPm GBPm% GBPm GBPm %
============ =========== =========== =========== ========== =========== ========== ========= ========= ===========
Consumer 2,416 2,391 1 557 518 8
Enterprise 1,290 1,363 (5) 384 436 (12)
Global 837 908 (8) 135 156 (13)
Openreach 1,373 1,346 2 811 726 12
Other 7 5 40 (18) (24) 25
Intra-group
items (755) (727) (4) - - -
============ =========== =========== =========== ========== =========== =========== ========= ========= ===========
Total 5,168 5,286 (2) 1,869 1,812 3 513 629 (18)
============ =========== =========== =========== ========== =========== =========== ========= ========= ===========
Performance against FY22 outlook
FY22 performance FY22 outlook
================ =================
Change in adjusted(1) revenue Down (2)% Down c.(2)%
Adjusted(1) EBITDA GBP7.6bn GBP7.5bn-GBP7.7bn
Capital expenditure(1) GBP4.8bn c.GBP4.9bn
Normalised free cash flow(1) GBP1.4bn GBP1.1bn-GBP1.3bn
============================= ================ =================
(1) See Glossary on page 3.
(2) Includes investment in spectrum of GBP479m.
Glossary of alternative performance measure
Adjusted Before specific items. Adjusted results are consistent
with the way that financial performance is measured
by management and assist in providing an additional
analysis of the reported trading results of the Group.
EBITDA Earnings before interest, tax, depreciation and amortisation.
Adjusted EBITDA EBITDA before specific items, share of post tax profits/losses
of associates and joint ventures and net non-interest
related finance expense.
Free cash Net cash inflow from operating activities after net
flow capital expenditure.
Capital expenditure Additions to property, plant and equipment and intangible
assets.
Normalised Free cash flow (net cash inflow from operating activities
free cash flow after net capital expenditure) after net interest paid
and payment of lease liabilities, before pension deficit
payments (including cash tax benefit), payments relating
to spectrum, and specific items. For non-tax related
items the adjustments are made on a pre-tax basis.
It excludes cash flows that are determined at a corporate
level independently of ongoing trading operations such
as dividends, share buybacks, acquisitions and disposals,
and repayment and raising of debt.
Net debt Loans and other borrowings and lease liabilities (both
current and non-current), less current asset investments
and cash and cash equivalents, including items which
have been classified as held for sale on the balance
sheet. Currency denominated balances within net debt
are translated into sterling at swapped rates where
hedged. Fair value adjustments and accrued interest
applied to reflect the effective interest method are
removed.
Specific items Items that in management's judgement need to be disclosed
separately by virtue of their size, nature or incidence.
In the current period these relate to retrospective
regulatory matters, restructuring charges, divestment-related
items, Covid-19 related items, net interest expense
on pensions, tax charge on specific items and the impact
of the change in tax rate on our deferred tax balances.
BT Group NPS Group NPS tracks changes in our customers' perceptions
of BT. This is a combined measure of 'promoters' minus
'detractors' across our business units. Group NPS measures
Net Promoter Score in our retail business and Net Satisfaction
in our wholesale business.
5G ready EE consumer customers receiving or capable of receiving
5G network connection using one or both of a 5G enabled
handset and a 5G enabled SIM.
=================== ===============================================================
We assess the performance of the Group using a variety of
alternative performance measures. Reconciliations from the most
directly comparable IFRS measures are in Additional Information on
pages 33 to 34.
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END
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May 12, 2022 02:02 ET (06:02 GMT)
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