Together with a small decline in depreciation and a lower interest charge, profit before tax grew by 18%. As a result, EPS of GBP 0.061 was 13% higher than last year. Free cash flow before specific items was GBP 65 million higher, and this contributed to a further reduction in our net debt to GBP 7.7 billion. This is a reduction of over GBP 900 million compared with a year ago. In fact, over the last 3 years, our net debt has come down by over GBP 3 billion.Turning to free cash flow in more detail. Cash CapEx was GBP 31 million lower than last year, partly due to the timing of payments. CapEx in the fourth quarter is typically higher, so expect our CapEx to upturn in line with our outlook of around GBP 2.6 billion for the full year. Interest was GBP 67 million lower, reflecting our lower debt levels. This was offset by higher tax due to our higher profits and as we return to a more normalized tax position.
BT Group Plc's CEO Discusses Q3 2012 Results - Earnings Call Transcript
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