BT 2005 Annual Report Download - page 129

Download and view the complete annual report

Please find page 129 of the 2005 BT annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 146

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146

Cautionary statement regarding forward-looking statements
Certain statements in this annual report are forward-looking and are made in reliance on the safe harbour provisions of
the US Private Securities Litigation Reform Act of 1995. These statements relate to analyses and other information
which are based on forecasts of future results and estimates of amounts not yet determinable. These statements
include, without limitation, those concerning: BT’s transformation strategy and its ability to achieve it; expected cost
savings; growth of, and opportunities available in, the communications industry and BT’s positioning to take advantage
of those opportunities; expectations regarding competition, market shares, prices and growth; expectations regarding
the convergence of technologies; growth and opportunities in new wave business (such as networked IT services,
broadband and mobility); BT’s network development and plans for the 21st century network; plans for the launch of
new products and services; network performance and quality; the impact of regulatory initiatives on operations,
including the regulation of the UK fixed wholesale and retail businesses; BT’s possible or assumed future results of
operations and/or those of its associates and joint ventures; BT’s future dividend policy; capital expenditure and
investment plans; adequacy of capital; financing plans; demand for and access to broadband and the promotion of
broadband by third-party service providers; and those preceded by, followed by, or that include the words ‘believes’,
‘expects’, ‘anticipates’, ‘intends’ or similar expressions.
Due to a number of new and revised Standards included within the body of Standards that comprise IFRS
(International Financial Reporting Standards), there is not yet a significant body of established practice on which to
draw in forming opinions regarding interpretation and application. Accordingly, practice is continuing to evolve. At this
preliminary stage, therefore, the full financial effect of reporting under IFRS as it will be applied and reported on in the
group’s first IFRS financial statements cannot be determined with certainty and may be subject to change.
Although BT believes that the expectations reflected in these forward-looking statements are reasonable, it can give
no assurance that these expectations will prove to have been correct. Because these statements involve risks and
uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements.
Factors that could cause differences between actual results and those implied by the forward-looking statements
include, but are not limited to: material adverse changes in economic conditions in the markets served by BT and its
lines of business; future regulatory actions and conditions in its operating areas, including competition from others in
the UK and other international communications markets; selection by BT and its lines of business of the appropriate
trading and marketing models for its products and services; technological innovations, including the cost of developing
new products and the need to increase expenditures for improving the quality of service; the anticipated benefits and
advantages of new technologies not being realised; developments in the convergence of technologies; prolonged
adverse weather conditions resulting in a material increase in overtime, staff or other costs; the timing of entry and
profitability of BT and its lines of business in certain communications markets; significant changes in market shares for
BT and its principal products and services; fluctuations in foreign currency exchange rates and interest rates; and
general financial market conditions affecting BT’s performance. Certain of these factors are discussed in more detail
elsewhere in this annual report including, without limitation, in Risk factors.BTundertakes no obligation to update
any forward-looking statements whether as a result of new information, future events or otherwise.
128 BT Group plc Annual Report and Form 20-F 2005 Additional information for shareholders