• Key points for the fourth quarter:

    • Underlying revenue excluding transit down 1.9% for the year, within our target range 
    • EBITDA target of above £6bn delivered a year early
    • Free cash flow of £2.5bn, up 13% and well above expectations 
    • Net debt up £266m after £2.0bn pension deficit payment 
    • Proposed final dividend of 5.7p, up 14%, giving a full year dividend of 8.3p, up 12% 
    • 10m homes and businesses passed with fibre, many months ahead of schedule

    Ian Livingston, Chief Executive, commenting on the results, said:

    “In what remains a challenging environment we have delivered another year of growth in profits and free cash flow. Our financial strength has allowed us to invest in the business, make a £2bn payment into the pension fund, reward employees and deliver double digit growth in shareholder returns.

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  • Key points for the third quarter:

    • Underlying revenue excluding transit down 3.0%
    • Operating costs down 9%
    • EBITDA up 3%, earnings per share up 13%
    • 7 million premises have access to fibre
    • Active consumer line loss is at its lowest for five years.

    Ian Livingston, Chief Executive, commenting on the results, said:

    “We have delivered another quarter of growth in profits and cash flow despite the economic headwinds. “Our investment to support our customers and improve our services has resulted in new contract wins around the world, with orders so far this year up over 50% in Asia Pacific and Latin America.

    In the UK, our fibre roll-out has accelerated bringing super-fast broadband within reach of over 7m homes and businesses and we remain the number one broadband retailer with over 6m customers.

    Our fixed-line base has now grown for the last five quarters and our active consumer line loss is at its lowest for five years. “We expect to achieve our 2013 EBITDA1 target of above £6bn a year early and to deliver free cash flow2 of around £2.4bn this year.”

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  • Key points for the second quarter:

    • Underlying revenue excluding transit up 0.4%
    • Operating costs down 3%
    • EBITDA up 3%, earnings per share up 10%
    • Fibre network passes more than 6m premises and we are accelerating our roll-out programme to cover two-thirds of the UK by the end of 2014, one year earlier than planned

    Ian Livingston, Chief Executive, commenting on the results, said:

    “We have increased cash flow, profits and underlying revenue2 in the quarter. This progress has been supplemented with positive operational performances in most of our businesses.

    We achieved a market leading 63% share of broadband net additions and another quarter of growth in fixed lines. “We expect to continue to offset the economic headwinds through improved customer service and processes, better efficiency, and investment in the future of the business.

    This strategy and our financial results allow us to invest when others are merely talking about it. We are accelerating our fibre roll-out programme to cover two-thirds of the UK by the end of 2014 – one year earlier than planned and creating 520 new jobs. With the already announced government support, we believe there is the potential for fibre-based services to reach more than 90% of the UK within a few years thereafter.

    “We are also investing across the world and have announced a programme to double our business in key Latin American countries in addition to our expansion in the Asia Pacific region announced last year.

    “Our performance in the quarter reinforces but does not change our outlook for the year.”

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  • Key points for the first quarter:

    • Underlying revenue excluding transit down 3%
    • EBITDA up 3%, earnings per share up 18%
    • DSL broadband net additions were 251,000 in the quarter, of which BT's retail share was 141,000, or 56%
    • Our copper line base grew for the third consecutive quarter
    • BT Global Services' order intake was £1.6bn in the quarter
    • First quarter results add to our confidence in delivering our outlook

    Ian Livingston, Chief Executive, commenting on the results, said:

    “We continue to make progress towards delivering our financial, operational and growth goals.

    “We grew profit before tax1 by 20% at the same time as investing in the future of the business. Our share of DSL broadband net additions was 56%. Our super-fast broadband network has now passed over 5m premises and the customer base has almost trebled in the last six months. BT Global Services is making further progress in high growth economies and secured its largest ever contract in Latin America.”

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