Overview The Strategic Report Purpose and strategy Delivering our strategy 0ur lines of business Group performance Governance Financial statements Additional information 19 Purpose and strategy 7KLVVHFWLRQLVDERXWRXUSXUSRVHDQGWKH VWUDWHJ\ZHDUHIROORZLQJWRDFKLHYHLW 20 Chief Executive’s introduction ,WH[SODLQVKRZLPSURYLQJRXUFXVWRPHU VHUYLFHDQGWUDQVIRUPLQJRXUFRVWVJRKDQG LQKDQG$QGWKDWFRVWWUDQVIRUPDWLRQJLYHV XVWKHnR[\JHQoWRLQYHVWLQƬYHVWUDWHJLF JURZWKDUHDVVRWKDWZHFDQEURDGHQDQG GHHSHQRXUFXVWRPHUUHODWLRQVKLSV 21 Our goal 21 Our purpose 21 Our strategy 'HOLYHUVXSHULRUFXVWRPHUVHUYLFH 7UDQVIRUPRXUFRVWV ,QYHVWIRUJURZWK 24 Our culture Our purpose 2XUSXUSRVHLVWRXVHWKHSRZHURIFRPPXQLFDWLRQV WRPDNHDEHWWHUZRUOG Our goal 2XUJRDOLVWRGHOLYHUVXVWDLQDEOHSURƬWDEOHUHYHQXH JURZWK7KLVZLOOVXSSRUWFDVKƮRZJURZWKRYHU WKHORQJWHUPZKLFKZHZLOOXVHWRUHZDUGRXU VKDUHKROGHUVDQGRWKHUVWDNHKROGHUV Our culture %HFRPLQJDKHDOWKLHURUJDQLVDWLRQZLOOKHOSXVWR GHOLYHURXUVWUDWHJ\,WZLOOHQVXUHZHFDQEHUHVLOLHQW DQGDJLOHLQDFKDQJLQJZRUOG ,QODVW\HDUoV$QQXDO5HSRUWZHWDONHGDERXW RXUIXWXUHSODQVLQWHUPVRIWKHVL[VWUDWHJLF SULRULWLHVWKDWZHUHSDUWRIRXUnEHWWHU EXVLQHVVZLWKDEHWWHUIXWXUHoVWUDWHJ\6LQFH WKLVVWUDWHJ\KDVQRZHYROYHGZHQRORQJHU UHSRUWDJDLQVWWKRVHSULRULWLHV%XWWKHOLQH RIEXVLQHVVVHFWLRQGRHVKDYHGHWDLOVRIRXU SURJUHVVDQGWKHLQYHVWPHQWVZHKDYHPDGH LQ{WKRVHDUHDVIURPSDJH 7KLV6WUDWHJLF5HSRUWZDVDSSURYHG E\{WKH%RDUGRQ0D\ %\RUGHURIWKH%RDUG Dan Fitz Group General Counsel {&RPSDQ\{6HFUHWDU\ 0D\ PC_FRONT.indb 19 5/15/2015 1:47:29 AM 20 BT Group plc Annual Report 2015 Chief Executive’s introduction 2XU%76SRUW79FKDQQHOVFRQWLQXHWRSURYHSRSXODUZLWKFXVWRPHUVDQG ZHoUHSOHDVHGWRKDYHVHFXUHG)$3UHPLHU/HDJXHIRRWEDOOULJKWVIRUD IXUWKHUWKUHH\HDUVDQGDQH[WHQVLRQZLWK$YLYD3UHPLHUVKLS5XJE\IRUD IXUWKHUIRXU\HDUV:LWKH[FOXVLYHOLYHIRRWEDOOIURPWKH8()$&KDPSLRQV /HDJXHDQG8()$(XURSD/HDJXHZHoOOEHVKRZLQJHYHQPRUHWRS VSRUWLQJDFWLRQIURPWKLVVXPPHU%779QRZRƪHUVDFFHVVWR1HWƮL[ WKHZRUOGoVODUJHVWLQWHUQHW79QHWZRUN:HEHFDPHWKH8.oVƬUVW79 SODWIRUPWRRƪHUEX\WRNHHSƬOPVDQG79VKRZVRQPXOWLSOHGHYLFHV DQGZHoYHDGGHGIXQFWLRQDOLW\VXFKDV79(YHU\ZKHUHVR\RXFDQJHW %7{79LQDVHFRQGURRPRUZDWFKRQWKHJRZLWKWKH%779PRELOHDSS )RURXUEXVLQHVVFXVWRPHUVZHODXQFKHGDQXPEHURILQQRYDWLYHVHUYLFHV VXFKDV%7$VVXUH7KUHDW'HIHQFH%72QH3KRQHDQG%7&ORXG9RLFH :HDUHKHOSLQJFRPSDQLHVWREHWWHULGHQWLI\DQGUHDFWWRVRSKLVWLFDWHG F\EHUVHFXULW\WKUHDWV2XUFORXGEDVHGVHUYLFHVJLYHRXUFXVWRPHUVHYHQ PRUHIXQFWLRQDOLW\DQGƮH[LELOLW\$QGZHHQKDQFHGDQXPEHURIRXUFRUH SURGXFWVDQGVHUYLFHVOLNHRXUDXGLRFRQIHUHQFLQJVHUYLFHLQSDUWQHUVKLS ZLWK'ROE\ZKLFKHQDEOHVRXWVWDQGLQJVRXQGFODULW\ “It’s been a ground-breaking year for BT. 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7KHVHDOWHUQDWLYHSHUIRUPDQFHPHDVXUHV DUHQRWGHƬQHGXQGHU,)56VRWKH\DUH WHUPHGnQRQ*$$3oPHDVXUHV%XWWKH\DUH FRQVLVWHQWZLWKKRZPDQDJHPHQWPHDVXUHV WKHJURXSoVƬQDQFLDOSHUIRUPDQFH:HKDYH GHƬQHGHDFKRIWKHVHPHDVXUHVRQSDJHV WRZKHUHZHKDYHSURYLGHGPRUH GHWDLOLQFOXGLQJ{UHFRQFLOLDWLRQVWRWKHQHDUHVW PHDVXUHXQGHU{,)56 <RXFDQƬQGDUHYLHZRIWKHSHUIRUPDQFHRIRXUOLQHV of business this year, from page 53 PC_FRONT.indb 77 5/15/2015 1:47:59 AM 78 BT Group plc Annual Report 2015 Group Finance Director’s introduction ,Q)HEUXDU\ZHDQQRXQFHGRXUSURSRVHGDFTXLVLWLRQRI((IURP'HXWVFKH 7HOHNRPDQG2UDQJH7KHLQWHJUDWLRQRI%7ZLWK((ZLOODFFHOHUDWHRXU PRELOLW\VWUDWHJ\DQGLQFUHDVHRXUFDSDFLW\IRUIXWXUHLQYHVWPHQWDQG SURGXFWLQQRYDWLRQDQGLVDQH[FLWLQJSURVSHFW 2XUƬQDQFLDOREMHFWLYHVDUHWRUHGXFHQHWGHEWZKLOHLQYHVWLQJLQWKH EXVLQHVVVXSSRUWLQJWKHSHQVLRQIXQGDQGSD\LQJSURJUHVVLYHGLYLGHQGV 2014/15 performance against our outlook Outlook Result %URDGO\OHYHO 'RZQ ~EQs~EQ ~EQ 1RUPDOLVHGIUHHFDVKƮRZb $ERYH~EQ ~EQ Dividend per share 8Ss 8S F~P ~P Underlying revenue 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We’ve been able to do that because RIRXUƬQDQFLDOVWUHQJWK$QGZHoYHGHOLYHUHG RXUƬQDQFLDOUHVXOWVLQOLQHZLWKRUDKHDGRI RXU{RXWORRNq 2XUƬQDQFLDOSHUIRUPDQFH 7KLV\HDUZHKDYHDJDLQGHOLYHUHG(%,7'$DQGIUHHFDVKƮRZJURZWK 8QGHUO\LQJUHYHQXHH[FOXGLQJWUDQVLWZDVGRZQEURDGO\OHYHOZLWK ODVW\HDUDVWKHVWURQJJURZWKLQ%7&RQVXPHUZDVRƪVHWE\WKHLPSDFW RIFKDOOHQJLQJPDUNHWVDQGUHJXODWRU\SULFLQJSUHVVXUHV2XUUHVXOWV ZHUH{LQOLQHZLWKRUDKHDGRIWKHRXWORRNWKDWZHDQQRXQFHGDWWKH VWDUW{RIWKH\HDU 2XUEDODQFHVKHHWUHPDLQVVWURQJDQGKDVHQDEOHGXVWRPDNHVRPHNH\ PRYHVLQWKHPDUNHWWKLV\HDUZLWKRXUSODQQHGDFTXLVLWLRQRI((DQG VHFXULQJIXUWKHUH[FOXVLYHVSRUWVFRQWHQWLQRXU%7&RQVXPHUEXVLQHVV :HDJUHHGWKHWULHQQLDOYDOXDWLRQRIWKH%73HQVLRQ6FKHPHJLYLQJ FHUWDLQW\WRWKHUHTXLUHGGHƬFLWSD\PHQWVIRUWKHIROORZLQJWKUHH\HDUV 2YHUWKHSDVWVL[\HDUVZHKDYHUHGXFHGRXURSHUDWLQJFRVWVDQGFDSLWDO H[SHQGLWXUHLQDJJUHJDWHE\DURXQG~EQ7KLV\HDUZHFRQWLQXHG WKHJRRGSURJUHVVDOUHDG\PDGHLQWUDQVIRUPLQJRXUFRVWV,Q%7*OREDO 6HUYLFHVZHUHSOLFDWHGWKHIRUHQVLFDSSURDFKDSSOLHGLQWKH8.WRWKH LQWHUQDWLRQDOEXVLQHVVDQGDFURVVWKHOLQHVRIEXVLQHVVZHLQFUHDVHG SURGXFWLYLW\ZKLOHUHDOORFDWLQJRXUODERXUUHVRXUFHWREHPRUHHƯFLHQW 7KLVFRQWULEXWHGWRJURZWKLQDGMXVWHG(%,7'$RIWR~EQ $GMXVWHGSURƬWEHIRUHWD[ZDV~EQXSDQGDGMXVWHG(36RI SZDVDOVRXS7KHEHQHƬWRIRXUIRFXVLQUHFHQW\HDUVRQ FDSLWDOH[SHQGLWXUHHƯFLHQFLHVDQGGHEWUHGXFWLRQKDYHƮRZHGWKURXJK WRWKHVHPHWULFV a8QGHUO\LQJUHYHQXHH[FOXGLQJWUDQVLWLVGHƬQHGRQSDJH b$GMXVWHG(%,7'$DQGQRUPDOLVHGIUHHFDVKƮRZDUHGHƬQHGRQSDJH Outlook for 2015/16 :HFRQWLQXHWRH[SHFWJURZWKLQXQGHUO\LQJUHYHQXHH[FOXGLQJWUDQVLWLQ :HH[SHFWPRGHVWJURZWKLQDGMXVWHG(%,7'$7KLVLVGHVSLWH a year-on-year impact of around ~PGXHWRORZHULQFRPHIURPERWK ODGGHUSULFLQJDQGWKHVDOHRIUHGXQGDQWFRSSHUDKLJKHUSHQVLRQVRSHUDWLQJ FKDUJHDQGKLJKHUOHDYHUFRVWV:HZLOODOVRLQFXUFRVWVUHODWLQJWRWKHODXQFK RIRXU8()$&KDPSLRQV/HDJXHDQG8()$(XURSD/HDJXHFRQWHQWLQWKH\HDU :HH[SHFWQRUPDOLVHGIUHHFDVKƮRZWREHDURXQG~EQ7KLVFRPSDUHV ZLWK~PLQDQGLVGHVSLWHDQLQFUHDVHRIDURXQG~PLQ RUGLQDU\SHQVLRQFRQWULEXWLRQV:HDUHPDNLQJQRFKDQJHWRRXUH[SHFWHG GLYLGHQGDQGVKDUHEX\EDFNRXWORRN Outlook for 2015/16 Underlying revenue excluding transita Adjusted EBITDAb 1RUPDOLVHGIUHHFDVKƮRZb Dividend per share Share buyback *URZWK 0RGHVWJURZWK F~EQ 8Ss F~P a'HƬQHGRQSDJH b'HƬQHGRQSDJH ,WUHPDLQVHVVHQWLDOWKDWZHVWD\IRFXVHGRQRXUFRUHEXVLQHVVZKLOHZH PRYHLQWRQHZDUHDV,H[SHFWWKHFRPLQJ\HDUWREHERWKH[FLWLQJDQG UHZDUGLQJIRURXUEXVLQHVV:HKDYHODLGWKHIRXQGDWLRQVWKDWSRVLWLRQ XV{ZHOOIRUJURZWK 1RUPDOLVHGIUHHFDVKƮRZZDVXS~PDW~PDKHDGRIRXU RXWORRNIRUWKH\HDURIDERYH~EQ6WURQJFDVKJHQHUDWLRQDFURVVWKH JURXSKDVHQDEOHGXVWRLQYHVWLQRXUƬYHVWUDWHJLFJURZWKDUHDV 2XUFDSLWDOH[SHQGLWXUHZDV~EQ:HKDYHQRZSDVVHGPRUHWKDQ PSUHPLVHVZLWKRXUVXSHUIDVWƬEUHEURDGEDQGQHWZRUNRYHU WKUHHTXDUWHUVRIWKH8.7KLVLQFOXGHVSUHPLVHVZLWKLQ%'8.DUHDVDV ZHFRQWLQXHWRPDNHSURJUHVVZLWKH[WHQGLQJWKHUHDFKRIƬEUHEH\RQG RXU{FRPPHUFLDOIRRWSULQW PC_FRONT.indb 78 Tony Chanmugam Group Finance Director 0D\ 5/15/2015 1:48:01 AM Overview The Strategic Report Purpose and strategy Delivering our strategy 0ur lines of business Group performance Governance Financial statements Additional information 79 *URXSƬQDQFLDOUHVXOWV :HKDYHPDGHJRRGSURJUHVVDQGDJDLQGHOLYHUHGVWURQJƬQDQFLDOUHVXOWVIRUWKH\HDU :HKDYHPDGHNH\GHFLVLRQVDQGDUHLQYHVWLQJLQWKHWKLQJVWKDWVHWXVDSDUW 2% 2% adjusteda 10 500 5 2014 adjusteda 2015 2014 2015 0% 6% 14% 12% 2013 reported adjusteda £m 2,900 2,800 2,700 2,600 2,500 2,400 2,300 2,200 2,100 2,000 2014 2015 5,791 6,271 6,018 6,116 5,840 2015 2014 2015 1% 0% 3% 3% 2015 2014 2015 2014 2015 4% 7% 3% 12% &KDQJH p 10.9p ^ Net debt At 31 March 2013 reported normalisedd a,WHPVSUHVHQWHGDVDGMXVWHGDUHVWDWHGEHIRUHVSHFLƬFLWHPV6HHSDJHIRUIXUWKHUGHWDLOV b Before depreciation and amortisation. c Before purchases of telecommunications licences. 6,000 2,450 4,000 2,000 2,171 2,300 2,782 £m 8,000 2,292 2,326 2,346 2,438 £m 2,480 2013 adjusteda 2014 Proposed full year dividend <HDUHQGHG0DUFK 0 )UHHFDVKƮRZ Year ended 31 March 2,120 reported Capital expenditurec Year ended 31 March 2,240 4% 5% 2,830 0 reported 2015 1% 0% 15 1,000 2013 2014 25.7 20 26.3 3,172 25 24.8 2,315 2,500 2,645 30 2,827 3,000 2,312 pence 35 2,656 £m 3,500 6,143 11,961 12,171 11,580 reported 2013 2015 5,119 2015 1% 0% 2014 7,028 2014 5,800 5,600 2013 Earnings per share Year ended 31 March 2,000 6,000 31.5 2015 3URƬWEHIRUHWD[DWLRQ Year ended 31 March 2,360 6,200 26.5 adjusteda PC_FRONT.indb 79 12,447 12,312 11,500 28.2 2014 reported 1,500 £m 6,400 11,000 2013 2,000 EBITDA Year ended 31 March 7,797 17,000 12,196 17,851 17,500 12,000 17,979 18,000 18,287 £m 12,500 18,287 £m 18,500 18,339 Operating costsb Year ended 31 March 18,103 Revenue Year ended 31 March 0 2014 2015 2014 2015 5% 7% 28% 16% 2013 2014 2015e d6HHGHƬQLWLRQRQSDJHDQGVXPPDULVHGFDVKƮRZVWDWHPHQWRQSDJH e,QFOXGHVWKHLPSDFWRIRXU~EQHTXLW\SODFLQJ6HHSDJH 5/15/2015 1:48:01 AM 80 BT Group plc Annual Report 2015 Group performance Our progress against our KPIs Our progress against our KPIs Trend in underlying revenue excluding transit :HKDYHDJDLQGHOLYHUHGRQRXUWKUHHƬQDQFLDO.3,V ZLWKVWURQJJURZWKLQDGMXVWHG(36DQGFDVKƮRZ 2XU{FXVWRPHUVHUYLFHSHUIRUPDQFHLVXSEXW ZH{VWLOO{ZDQWWRGREHWWHU :HXVHIRXUNH\SHUIRUPDQFHLQGLFDWRUV.3,VWRPHDVXUHKRZZHDUH GRLQJDJDLQVWRXUVWUDWHJ\2XUƬQDQFLDO.3,VPHDVXUHWKHWUHQGLQ XQGHUO\LQJUHYHQXHH[FOXGLQJWUDQVLWRXUDGMXVWHGHDUQLQJVSHUVKDUH DQGQRUPDOLVHGIUHHFDVKƮRZ&XVWRPHUVHUYLFHLPSURYHPHQWLVDOVR DYLWDOQRQƬQDQFLDO.3,IRUXV7KHVH.3,VDUHXVHGWRPHDVXUHWKH YDULDEOHHOHPHQWVRIRXUVHQLRUH[HFXWLYHVoSD\HDFK\HDUDVVHWRXW LQ{WKHReport on Directors’ RemunerationVHHSDJH Our key measure of the group’s revenue trend, underlying revenue excluding transit, was down 0.4%, in line with the outlook we set at the start of the year. :HKDYHRXWOLQHGRXUSHUIRUPDQFHDJDLQVWHDFK.3,KHUHWRJHWKHUZLWK DQH[SODQDWLRQLQLWDOLFVRIKRZZHGHƬQHHDFKPHDVXUH<RXFDQƬQG UHFRQFLOLDWLRQVRIWKHƬQDQFLDOPHDVXUHVWRWKHFORVHVW,)56PHDVXUHLQ WKHAdditional informationVHFWLRQRQSDJHVWR Adjusted earnings per share Outlook Adjusted earnings per share increased 12% to 31.5p. 2XUJRDOLVWRGHOLYHUVXVWDLQDEOHSURƬWDEOHUHYHQXH JURZWK:HDLPWRDFKLHYHWKLVWKURXJKPDNLQJVWUDWHJLF LQYHVWPHQWVDQGGHOLYHULQJRQRXUXQGHUO\LQJEXVLQHVV $QGZHDUHVWLOOIRFXVLQJRQFRVWWUDQVIRUPDWLRQDFWLYLWLHV WRGULYHRXWLQHƯFLHQF\LPSURYHRXUSURFHVVHVDQG UHGXFH{RXUFRVWEDVH 1RUPDOLVHGIUHHFDVKƮRZLVH[SHFWHGWREHDURXQG~EQLQ 7KLVFRPSDUHVZLWK~PLQDQGLVGHVSLWHDQLQFUHDVHRI DURXQG~PLQRUGLQDU\SHQVLRQFRQWULEXWLRQV :HDUHWDUJHWLQJD%%%%DDFUHGLWUDWLQJRYHUWKHPHGLXPWHUP )RUZHFRQWLQXHWRH[SHFWWRJURZRXUGLYLGHQGSHUVKDUHE\ DQGWRXQGHUWDNHDF~PVKDUHEX\EDFNWRKHOSRƪVHW WKHGLOXWLYHHƪHFWRIPDWXULQJDOOHPSOR\HHVKDUHSODQV ,QWKLVZHLQFOXGHGWKHIROORZLQJVWDWHPHQW p:HH[SHFWDGMXVWHG(%,7'$RI~ELOOLRQs~ELOOLRQLQ ZLWKIXUWKHUJURZWKLQq 2XUDFWXDODGMXVWHG(%,7'$IRUZDV~PDWWKH XSSHUHQGRIWKHUDQJHDQGZHFRQWLQXHWRH[SHFWPRGHVWJURZWKLQ 7KLVLVFRQVLVWHQWZLWKWKHVWDWHPHQWRI IXUWKHUJURZWK WKDW{ZHPDGHLQWKHVKDUHKROGHUFLUFXODU 7KHSURƬWHVWLPDWHDQGWKHSURƬWIRUHFDVWGRQRW WDNHLQWRDFFRXQWDQ\LPSDFWRIWKHSURSRVHGDFTXLVLWLRQRI((7KHEDVLV RISUHSDUDWLRQDQGDVVXPSWLRQVIRUWKHVHDUHVHWRXWLQWKHAdditional information on page 222 2015 &KDQJH 1RUPDOLVHGIUHHFDVKƮRZ We generated normalised free FDVKƮRZRI~PZKLFK was higher than our outlook for the year of more than £2.6bn and £380m above the prior year. 3URƬWHVWLPDWHDQGSURƬWIRUHFDVWFRQVLGHUHGZLWKLQWKH shareholder circular 2Q$SULOZHSXEOLVKHGDVKDUHKROGHUFLUFXODULQUHODWLRQWRRXU SURSRVHGDFTXLVLWLRQRI((,QWKLVZHSURYLGHGLQIRUPDWLRQUHODWLQJ WRRXUSURILWHVWLPDWHDQGRXUSURILWIRUHFDVW 7KLV{LQIRUPDWLRQFRQILUPHGRXURXWORRNDVVWDWHGRQ-DQXDU\ ZKHQZHSXEOLVKHGRXUXQDXGLWHGUHVXOWVIRUWKHWKLUGTXDUWHUDQGQLQH PRQWKVWR'HFHPEHU Outlook for 2015/16 :HFRQWLQXHWRH[SHFWJURZWKLQXQGHUO\LQJUHYHQXHH[FOXGLQJWUDQVLWLQ :HH[SHFWPRGHVWJURZWKLQDGMXVWHG(%,7'$7KLVLVGHVSLWH D\HDURQ\HDULPSDFWRIDURXQG~PGXHWRORZHULQFRPHIURP ERWKODGGHUSULFLQJDQGWKHVDOHRIUHGXQGDQWFRSSHUDKLJKHUSHQVLRQV RSHUDWLQJFKDUJHDQGKLJKHUOHDYHUFRVWV:HZLOODOVRLQFXUFRVWV UHODWLQJWRWKHODXQFKRIRXU8()$&KDPSLRQV/HDJXHDQG8()$(XURSD /HDJXHFRQWHQWLQWKH\HDU 0.5 2015 p p 12 m ~m 2015 ~ &KDQJH Customer service improvement Our customer service improvement measure, ‘Right First Time’ was up 4.7% compared to 1.5% last year. 2015 1.5 6KDUHKROGHUVDSSURYHGWKHWUDQVDFWLRQRQ$SULODQGZHDUH QRZDZDLWLQJDSSURYDOIURPWKH&RPSHWLWLRQDQG0DUNHWV$XWKRULW\ PC_FRONT.indb 80 5/15/2015 1:48:02 AM Overview The Strategic Report Purpose and strategy Delivering our strategy 0ur lines of business % 1.0 2011 2012 2013 (0.4) (3.1) 0.5 (1.9) (1.0) (3.0) 0.0 (0.5) (1.5) (2.0) (2.5) (3.0) (3.5) Governance Financial statements Additional information 2014 8QGHUO\LQJUHYHQXHUHƮHFWVWKHRYHUDOOSHUIRUPDQFHRIWKHJURXSWKDW ZLOOFRQWULEXWHWRORQJWHUPSURƬWDEOHUHYHQXHJURZWK:HH[FOXGHWKH LPSDFWRIDFTXLVLWLRQVDQGGLVSRVDOVIRUHLJQH[FKDQJHPRYHPHQWVDQG VSHFLƬFLWHPVIURPWKLVPHDVXUH:HIRFXVRQWKHWUHQGLQXQGHUO\LQJ UHYHQXHH[FOXGLQJWUDQVLWEHFDXVHWUDQVLWWUDƯFLVORZPDUJLQDQG DƪHFWHGE\UHGXFWLRQVLQPRELOHWHUPLQDWLRQUDWHVZKLFKDUHRXWVLGH RXUFRQWURO 2015 Adjusted earnings per share Year ended 31 March $GMXVWHGSURƬWDIWHUWD[JUHZWKLV\HDUUHƮHFWLQJWKHLPSDFWRI 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