BT 2008 Annual Report Download - page 155

154 BT Group plc Annual Report & Form 20-F
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: expected growth in revenue,
EBITDA before specific items and leaver costs, and earnings per
share before specific items and leaver costs; expected levels of
free cash flow; increased dividends per share; 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 and the impact of
the Undertakings to Ofcom under the Enterprise Act; BT’s
possible or assumed future results of operations and/or those of
its associates and joint ventures; capital expenditure and
investment plans (including expected reductions in capital
expenditure); 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 ‘aims’, ‘believes’, ‘expects’,
‘anticipates’, ‘intends’, ‘will’, ‘should’ or similar expressions.
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; 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, networks and solutions and the need
to increase expenditures for improving the quality of service; the
anticipated benefits and advantages of new technologies,
products and services, including broadband and other new wave
initiatives 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
and ability to raise finance. Certain of these factors are discussed
in more detail elsewhere in this annual report including, without
limitation, in Group risk factors on page 33. BT undertakes no
obligation to update any forward-looking statements whether as
a result of new information, future events or otherwise.
Additional information
Information for shareholders