SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Date of
Announcement: 31 October
2019
BT Group plc
(Translation
of registrant's name into English)
BT
Group plc
81 Newgate Street
London
EC1A 7AJ
England
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form
20-F..X...
Form 40-F
Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes
No ..X..
If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
________
Financial
results
Results for the half year to 30 September 2019
BT Group plc
31 October 2019
BT Group plc (BT.L) today announced its results for the half year
to 30 September 2019.
Key
strategic developments:
●
Launched a
host of new products for consumer and business segments, including
the new Halo converged product plans and BT Mobile
5G
●
Introduced
a range of new service initiatives including bringing the BT brand
to the high street in over 600 EE/BT dual-branded stores, and to
answer 100% of customer calls in the UK & Ireland from January
2020
●
Continued
to make progress on the BT modernisation agenda, including
delivering over £1.1bn transformation benefits, announcing the
first locations in our Better Workplace
Programme, and disposal of BT
Fleet Solutions
●
Outlined
our Skills for
Tomorrow programme to
provide digital skills training for 10m UK children, families and
businesses
Operational:
●
5G network
live in over 20 cities and large towns; 5G smartphone plans now
available on both EE and BT brands
●
Openreach
announced the launch of new FTTP 1Gbps and 550Mbps products. FTTP
rollout at c.23k premises passed per week; 4.2m ultrafast (FTTP and
Gfast) premises passed to date; currently announced plans
to build FTTP in 103 locations
●
Consumer
fixed ARPC £38.5, broadly flat year on year; postpaid mobile
ARPC £20.8, down 5.5% year on year due to impact of regulation
and continued trend towards SIM-only; RGUs per address up to
2.38
●
Postpaid
mobile churn remains low at 1.2% in Q2 despite impact of auto
switching; fixed churn at 1.3% in Q2 down from 1.6% in prior
year
Financial:
●
Reported
revenue £11,467m, down 1%1 mainly
reflecting the impact of regulation, declines in legacy products,
and strategically reducing low margin business
●
Reported
profit before tax £1,333m, broadly flat year on year;
adjusted2 EBITDA
£3,923m, down 3%1 due
to lower revenues, increased spectrum fees, content costs and
investment to improve competitive positioning partly offset by cost
savings from transformation programmes
●
Net cash
inflow from operating activities of £2,173m; normalised free
cash flow2 of
£604m, down 38% due to increased capital expenditure, higher
interest and tax payments, partially offset by one-off cash
flows
●
Capital
expenditure £1,882m. Up £225m excluding BDUK grant
funding deferral, driven by increased network
investment
●
Net
debt2 increased
primarily due to implementation of IFRS 16, £6.1bn, and net
business cash outflows, £1.2bn
●
Interim
dividend of 4.62p per share; 30% of last year's full-year
dividend of 15.4p per share
●
Overall
financial outlook maintained
|
Philip Jansen, Chief Executive, commenting on the results,
said
"BT delivered results in line with our expectations for the second
quarter and first half of the year, and we remain on track to meet
our outlook for the full year.
"We've invested to strengthen our competitive position. We've
accelerated our 5G and FTTP rollouts, introduced an enhanced range
of product and service initiatives for both consumer and business
segments, and announced price and technology commitments to deliver
fair, predictable and competitive pricing for
customers.
"Openreach is significantly accelerating its pace of FTTP build and
is now passing a home or business every 26 seconds. Openreach
announced a further 29 locations in its build plan to reach 4m
premises by March 2021, and we continue to make positive progress
with Government and Ofcom on the enablers to stimulate further
investment in full fibre.
"We continue to make progress on the BT modernisation agenda,
delivering over £1.1bn in annualised cost savings, and
announcing locations in our Better Workplace
Programme."
|
|
|
Half year to 30 September
|
|
2019
(IFRS 16)
|
2018
(IAS 17)
|
2018
(IFRS 16 pro forma2)
|
Change1
|
|
|
|
£m
|
£m
|
£m
|
%
|
|
Reported
measures
|
|
|
|
|
|
|
Revenue
|
11,467
|
11,588
|
|
(1)
|
|
Profit before tax
|
1,333
|
1,340
|
|
n/m
|
|
Profit after tax
|
1,068
|
1,052
|
|
n/m
|
|
Basic earnings per share
|
10.8p
|
10.6p
|
|
2
|
|
Net cash inflow from operating activities
|
2,173
|
754
|
|
188
|
|
Interim dividend
|
4.62p
|
4.62p
|
|
-
|
|
Capital expenditure
|
1,882
|
1,833
|
|
3
|
|
|
|
|
|
|
|
Adjusted
measures
|
|
|
|
|
|
Adjusted2 revenue
|
11,413
|
11,624
|
11,624
|
(2)
|
|
Adjusted2 EBITDA
|
|
3,923
|
3,675
|
4,038
|
(3)
|
|
Normalised free cash flow2
|
|
604
|
974
|
974
|
(38)
|
|
Net debt2
|
18,347
|
11,895
|
|
n/m
|
|
|
|
|
|
|
|
|
Customer-facing unit results for the half year to 30 September
2019
|
|
Adjusted1 revenue
|
Adjusted1 EBITDA
|
Normalised free cash flow1
|
|
Half year to30 September
|
2019
(IFRS 16)
|
20182
(IFRS 16
pro forma1)
|
Change
|
2019
(IFRS 16)
|
20182
(IFRS 16
pro forma1)
|
Change
|
2019
(IFRS 16)
|
20182
(IFRS 16
pro forma1)
|
Change
|
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
|
Consumer
|
5,194
|
5,224
|
(1)
|
1,180
|
1,237
|
(5)
|
534
|
617
|
(13)
|
|
Enterprise
|
3,055
|
3,221
|
(5)
|
968
|
1,003
|
(3)
|
630
|
564
|
12
|
|
Global
|
2,196
|
2,332
|
(6)
|
304
|
255
|
19
|
40
|
(74)
|
154
|
|
Openreach
|
2,536
|
2,548
|
-
|
1,417
|
1,478
|
(4)
|
197
|
448
|
(56)
|
|
Other
|
-
|
2
|
n/m
|
54
|
65
|
(17)
|
(797)
|
(581)
|
(37)
|
|
Intra-group
items
|
(1,568)
|
(1,703)
|
8
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Total
|
11,413
|
11,624
|
(2)
|
3,923
|
4,038
|
(3)
|
604
|
974
|
(38)
|
|
|
|
|
|
|
|
|
|
|
|
|
Second quarter to 30 September
|
|
|
|
|
|
|
|
|
|
|
Consumer
|
2,644
|
2,654
|
-
|
592
|
617
|
(4)
|
|
|
|
|
Enterprise
|
1,539
|
1,633
|
(6)
|
497
|
517
|
(4)
|
|
|
|
|
Global
|
1,111
|
1,185
|
(6)
|
164
|
136
|
21
|
|
|
|
|
Openreach
|
1,268
|
1,293
|
(2)
|
700
|
761
|
(8)
|
|
|
|
|
Other
|
(1)
|
1
|
n/m
|
12
|
27
|
(56)
|
|
|
|
|
Intra-group
items
|
(781)
|
(858)
|
9
|
-
|
-
|
-
|
|
|
|
|
Total
|
5,780
|
5,908
|
(2)
|
1,965
|
2,058
|
(5)
|
281
|
467
|
(40)
|
1
See Glossary below
2
Segmental results as reported in the Q2 2018/19 results release
have been restated to reflect i) the bringing together of our
Business and Public Sector and Wholesale and Ventures
customer-facing units into a single customer-facing unit,
Enterprise, on 1 October 2018; the transfer of our Northern Ireland
Networks business from Enterprise to Openreach and reclassification
of certain internal revenues generated by our Ventures businesses
as segmental revenue rather than internal recovery of cost; (see
press release on 17 January 2019) and ii) the change in the
allocation of group overhead costs and the transfer of the
Emergency Services Network contract from Consumer to Enterprise
(see press release on 3 July 2019)
n/m
= not meaningful
Glossary of alternative performance measures
|
Adjusted
|
Before specific items
|
|
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 flow
|
Net cash inflow from operating activities after net capital
expenditure
|
|
Capital expenditure
|
Additions to property, plant and equipment and intangible assets in
the period
|
|
Normalised free cash flow
|
Free cash flow after net interest paid and payment of lease
liabilities, before pension deficit payments (including the cash
tax benefit of pension deficit payments) and specific
items
|
|
Net debt
|
Loans and other borrowings and lease liabilities (both current and
non-current), less current asset investments and cash and cash
equivalents. 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
|
|
IFRS 16 pro forma
|
On 1 April 2019, BT adopted IFRS 16 Leases, which replaced IAS 17 Leases. To aid comparability, pro forma financial
information for 2018/19 has been presented to reflect how the
results would have looked like if the accounting standard had been
adopted last year. See page 9 for more details.
|
|
Specific items
|
Items that in management's judgement need to be disclosed
separately by virtue of their size, nature or incidence. Further
information is provided in note 6 on page 25
|
We
assess the performance of the group using a variety of alternative
performance measures. The rationale for using adjusted measures is
explained in note 1 on page 32. Results on an adjusted basis are
presented before specific items. Reconciliations from the most
directly comparable IFRS measures are in Additional Information on
pages 32 to 34.
Enquiries
|
Press office:
|
|
|
Tom Engel
|
Tel: 020 7356 5369
|
|
|
|
|
Investor relations:
|
|
|
Mark Lidiard
|
Tel: 020 7356 4909
|
We will hold a conference call for analysts and investors in London
at 9am today and a simultaneous webcast will be available at
www.bt.com/results
We are scheduled to announce the third quarter results for 2019/20
on 30 January 2020.
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/7069R_1-2019-10-30.pdf
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
BT Group plc
(Registrant)
By: /s/
Rachel Canham, Company Secretary
--------------------
Rachel
Canham, Company Secretary.
Date
31 October 2019
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