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09/11/2001
BT issue pension fund shortfall statement
Telecommunications giant BT has issued a warning that its pension fund will show a shortfall of £4 billion for 2002 due to “a different way” of presenting financial information.
According to new accounting rules known as FRS17, details of the financial position of an organisation’s pension arrangements will have to be included in the disclosures in its Annual Report according to a myriad of new methods for the calculation of such figures. These new rules are expected to introduce a greater amount of volatility in the way that balance sheets and profit and loss figures are interpreted.
However, while a spokesperson for BT assured that the shortfall in no way represented the possible inability of the company in meeting its obligations, the figure of £4 billion has been received as signifying a much larger deficit than expected.
Nick Curry, a partner at consulting actuaries Lane, Clark & Peacock described the figure as “a significant rise” on the £1.6 billion shortfall reported by BT last year. While he conceded that reports of larger deficits than in previous years were likely following the introduction of FRS17, he also warned that shareholders should be aware that the increased amount of money BT was now having to add to its pension fund did not signal good news. (CL)
According to new accounting rules known as FRS17, details of the financial position of an organisation’s pension arrangements will have to be included in the disclosures in its Annual Report according to a myriad of new methods for the calculation of such figures. These new rules are expected to introduce a greater amount of volatility in the way that balance sheets and profit and loss figures are interpreted.
However, while a spokesperson for BT assured that the shortfall in no way represented the possible inability of the company in meeting its obligations, the figure of £4 billion has been received as signifying a much larger deficit than expected.
Nick Curry, a partner at consulting actuaries Lane, Clark & Peacock described the figure as “a significant rise” on the £1.6 billion shortfall reported by BT last year. While he conceded that reports of larger deficits than in previous years were likely following the introduction of FRS17, he also warned that shareholders should be aware that the increased amount of money BT was now having to add to its pension fund did not signal good news. (CL)
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British Telecom (BT) has come under pressure from telecommunications regulator Oftel to improve access to its lines for rival operators. Oftel has intervened to determine the service levels that BT must offer to other operators wanting to unbundle BT local loops and the compensation the company must pay if it fails to meet those levels.
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A new wave of hi-tech turnover including broadband connections has helped BT to hold the line on profits. In its quarterly report published today, BT Group reported that turnover for the year was up 1%, at £9.2 billion. Most growth was in what BT described as "new wave" turnover that increased by 34% in the year to reach £1,969 million.
New wave turnover sustains BT profits
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BT gets £18 billion offer from German investment bank
British Telecom has received an offer of £18 billion from a German investment bank West LB for its fixed-line network, according to a report in The Sunday Times. The bid for the network, which according to the Sunday newspaper, was made two months ago, included £5 billion in cash payment with most of the transaction financed by borrowings.
BT gets £18 billion offer from German investment bank
British Telecom has received an offer of £18 billion from a German investment bank West LB for its fixed-line network, according to a report in The Sunday Times. The bid for the network, which according to the Sunday newspaper, was made two months ago, included £5 billion in cash payment with most of the transaction financed by borrowings.
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