Key points for the fourth quarter:
· Underlying revenue excluding transit down 1.3%
· Underlying operating costs excluding transit down 6%
· EBITDA grew 7%, partly helped by the settlement of ladder pricing arrangements
· Our best ever quarter for Openreach fibre broadband net connections of 455,000, up 31%
· Agreed definitive terms for proposed acquisition of mobile operator EE
· Secured content for FA Premier League to 2018/19 and Aviva Premiership Rugby to 2020/21
· Launched great value mobile offerings into the consumer market
· 2014 triennial pension funding valuation agreed in January
Key points for the year:
· Results in line with or ahead of our outlook for the year
· Underlying revenue excluding transit down 0.4%
· Underlying operating costs excluding transit down 2%
· EBITDA of £6,271m, up 3%
· Earnings per share up 12%
· Normalised free cash flow of £2,830m, up 16%
· Net debt at £5,119m down £1,909m including the benefit of our £1.0bn share placing
· Proposed final dividend of 8.5p, up 13%, giving a full year dividend of 12.4p, up 14%
