BT 2010 Annual Report Download - page 158

156 BT GROUP PLC ANNUAL REPORT & FORM 20-F
ADDITIONAL INFORMATION
INFORMATION FOR SHAREHOLDERS
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: revenue; operating cost savings; adjusted
EBITDA after leaver costs; free cash flow; payments to the BTPS;
net debt; investment in operating expenditure; enhancing our TV
offering; capital expenditure; progressive dividends; 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 opportunities in networked IT services, the TV market,
broadband and mobility; BT’s network development and fibre
roll-out; opportunities in BT Global Services; plans for the launch
of new products and services; network performance and quality;
the impact of regulatory initiatives and decisions 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; adequacy of capital;
financing plans and refinancing requirements; 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; future regulatory actions and conditions in its
operating areas, including competition from others; selection by
BT 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 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 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; the underlying
assumptions and estimates made in respect of major customer
contracts proving unreliable; the aims of the BT Global Services
restructuring programme not being achieved; the outcome of the
Pensions Regulator’s review; 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 Our risks on
pages 36 to 37. BT undertakes no obligation to update any
forward-looking statements whether as a result of new
information, future events or otherwise.