17th Jul 2009 17:09
Friday 17 July 2009
BT Finance B.V.
Annual Financial Report for the year ended 31 March 2009
The above document pertaining to BT Finance B.V., a wholly owned subsidiary of BT Group plc, with bonds listed on the London Stock Exchange, has been published today. Two copies of the document have been submitted to the UK Listing Authority, and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at:
Financial Services Authority
25 The North ColonnadeCanary WharfLondon
E14 5HS
Tel: 020 7066 1000
The document is also available at the BT website at bt.com
As required by the FSA's Disclosure and Transparency Rules,certain information contained in the BT Finance B.V Annual Financial Report for 2009 (the Annual Report) is extracted and set out under 'Additional Information' in this announcement.
Additional Information
The following information is extracted from the BT Finance B.V. Annual Report:
"Directors' statement
The financial statements of BT Finance B.V. give a true and fair view of the Company's assets, liabilities, financial position as of March 31, 2009 and result of the year then ended. Furthermore the directors' report gives a true and fair review of the situation on March 31, 2009, the developments during the financial year at the Company and describes the principal risks which the Company faces.
Review of business and future developments
Total financial income excluding exchange differences for the year was GBP 233,000 (year ended March 31, 2008: expenses of GBP 1,408,000) and the net profit for the year was GBP 172,000 (year ended March 31, 2008: loss of GBP 1,426,000).
The Company's principal activity is to raise funds for the purpose of financing certain operations of the BT Group plc group of companies and to make loans to other subsidiaries of the BT Group plc. The Company's listed securities will be redeemed during the year, at which point the nature of the Company's operations will revert to that of a BT Group investment company.
Principal risks - Financial risk management
The principal risks are the financial risks that the directors manage in line with BT Group plc (the ultimate controlling entity of the company) ("Group") policy.
The Group policy is to ensure that at least 70% of net debt is at fixed interest rates. Short-term interest rate management is delegated to the Group centralised treasury operation, whilst long-term interest rate management decisions require further approval from the Group Finance Director, Director Group Financial Control and Treasury or the Group Treasurer.
Short and medium-term funding are regularly reviewed and managed by BT Group plc's centralised treasury operation. The requirement for operating finance is met whenever possible from the Group central resources. "
"2.3.19 Related party transactions (in GBP 1,000)
During the year, the company entered into the following related party transactions:
|
Name of related parties |
Nature of transactions |
Amount transacted during the year |
Outstanding balance at March 31, 2009 |
|
British Telecommunications plc |
Loan |
- |
280,381 (loan capital) |
|
British Telecommunications plc |
Interest income |
25,638 |
7,856 (accrued interest)" |
Ends
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