Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
1997
Income Statement
Total turnover
17379
2001
-174
3203
2101
-24
2077
32.8p
17411
0%
3461
1%
63
-310
3214
1727
-25
1702
26.6p
18223
5%
3474
0%
1107
-286
4295
3002
-19
2983
46.3p
21903
20%
3198
-8%
126
-382
2942
2045
10
2055
31.7p
29666
35%
-336
-111%
619
-1314
-1031
-1683
-127
-1810
(27.7)p
6185
7
-220
-1,045
6071
5
-160
-1,886
6035
2
-328
-630
5849
5
-163
-1,311
5887
10
-727
-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
3429
dc
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
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
Exhibit 6 BT Yellow PagesHistorical Financial Information and Management Projections for the Business, 19992005 (pound
Year
Advertisement Volume (000)
Weighted Average Advertisement Price ()
Revenue
COGS
Operating Income
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
521133
42,402
180,479
102,530
10,570
7,380
5,530
550185
6%
47,276
187,395
88,870
12,772
9,760
5,370
596988
9%
78,180
195,972
74,930
2,178
10,220
6,130
642168
8%
86,585
201,742
77,137
6,000
9,730
8,850
686642
7%
84,324
206,649
79,013
8,497
9,230
8,400
-14,438
-12,641
-8,238
1,362
5%
1%
11%
4%
-13%
21%
32%
-3%
9%
0%
65%
5%
-16%
-83%
5%
14%
7%
1%
11%
3%
3%
175%
-5%
44%
7%
0%
-3%
2%
2%
42%
-5%
-5%
216%
-12%
-35%
-117%
GROWTH
Starting in 2006, cash flows from Other U.K. Businesses should grow dramatically into the tens of millions of pounds. Management, however, found it d
the cash stream post-2005 given the high uncertainty surrounding those future projections.
730774
6%
86,615
211,278
80,783
6,300
8,380
7,630
774906
6%
85,366
214,996
82,204
4,375
8,000
8,000
813846
5%
86,049
216,716
82,862
2,023
8,000
8,000
10,000
20,000
6%
0%
3%
2%
2%
-26%
-9%
-9%
6%
0%
-1%
2%
2%
-31%
-5%
5%
5%
0%
1%
1%
1%
-54%
0%
0%
44%
411%
100%
Exhibit 7 Yellow Book USAHistorical Financial Information and Management Projections for the Business, 19992005 (dolla
Year
New launches (number)
Total Revenues ($000)
Capex ($000)
Depreciation
Revenue Growth
Capex Growth
Actual
31-Mar-00
n/a
Actual
31-Mar-01
n/a
Projected
31-Mar-02
217,500
3,698
N/A
330,000
7,000
7,000
421,600
10,600
6,240
483,200
8,700
7,910
544,050
8,170
7,430
52%
89%
28%
51%
15%
-18%
13%
-6%
Projected
31-Mar-03
Projected
31-Mar-04
Chart Title
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
Projected
31-Mar-06
Projected
31-Mar-07
598,600
8,990
8,810
688,390
8,000
8,000
757,229
8,000
8,000
10%
10%
15%
-11%
10%
0%
Chart Title
3355.9880952381x + 174969.178571428
9901730622
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)
0.54
Debt / EV
15.4%
D/(D+E)
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%
E/(D+E)
Avg Beta
20%
80%
United States
4.77%
5.17%
5.61%
35%
Source: Adapted from Bloomberg International; Offering Memorandum, Yell Finance B.V., August 6, 2001.
United Kingdom
US
UK
5.06%
Rf
5.17%
4.94%
4.52%
Rm-Rf
7%
Beta
0.392
Re= Rf+beta(Rm-Rf)
7%
0.392
7.9%
7.7%
4.94%
Re
30%
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b