Thursday 24 May 2012
BT Group plc
Annual Financial Report
Annual Report & Form 20-F 2012
Summary financial statement & notice of meeting 2012
Following release on 10 May 2012 of its final results for the fourth quarter and year to 31 March 2012 (the Results Announcement), BT announces that the above documents have been published today and are available on our website at www.bt.com/annualreport
Copies of these documents, together with the proxy forms for the BT Annual General Meeting, have been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM
For the purposes of complying with the FSA's Disclosure and Transparency Rules, additional information including certain information in the BT Annual Financial Report for 2012 (the Annual Report) is set out below.
Additional Information
This information, which is extracted from the Annual Report should be read in conjunction with the Results Announcement which includes a condensed set of consolidated financial statements, an indication of the important events that have occurred in the reporting period, and a description of BT's principal risks and uncertainties. Together these constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the full Annual Report.
Page and note numbers below refer to pages and notes in the Annual Report, and defined terms used refer to terms as defined in the Annual Report.
"28. Related party transactions
Key management personnel comprise executive and non-executive directors and members of the Operating Committee. Key management personnel compensation is shown in the table below:
|
Year ended 31 March
|
2012
|
2011
|
2010
|
| |
£m
|
£m
|
£m
|
|
Salaries and short-term benefits
|
11.6
|
11.4
|
10.3
|
|
Termination benefits
|
-
|
-
|
0.1
|
|
Post employment benefits
|
1.0
|
1.4
|
1.8
|
|
Share-based payments
|
7.8
|
5.3
|
2.6
|
| |
20.4
|
18.1
|
14.8
|
More detailed information concerning directors' remuneration, shareholdings, pension entitlements, share options and other long-term incentive plans is shown in the audited part of the Report on Directors' Remuneration, which forms part of the consolidated financial statements.
Amounts paid to the group's retirement benefit plans are set out in note 20. There were a number of transactions during the year between the company and its subsidiary undertakings, which are eliminated on consolidation and therefore not disclosed.
During 2012 the group purchased services in the normal course of business and on an arm's length basis from its principal associate, Tech Mahindra Limited. The net value of services purchased was £253m (2011: £258m, 2010: £301m) and the amount outstanding and payable for services at 31 March 2012 was £51m (2011: £61m, 2010: £65m). In 2010 a cash payment of £127m was made to Tech Mahindra Limited for the renegotiation of certain supply contracts as part of the rationalisation of procurement channels within BT Global Services."
"Statement of Directors' responsibilities
Each of the directors, whose names and functions are listed on pages 63 to 64 confirms that, to the best of their knowledge:
· the consolidated financial statements, which have been prepared in accordance with IFRSs as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the group; and
· the Report of the Directors on pages 9 to 93 includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal risks and uncertainties that it
faces."
ENDS