BT 2011 Annual Report Download - page 11
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BUSINESS REVIEW
09 INTRODUCTION FROM THE CHIEF EXECUTIVE
10 OUR BUSINESS AND STRATEGY
10 Who we are
10 What we do
10 Our aim
11 Our strategic priorities
13 How we measure our progress
14 OUR MARKETS AND CUSTOMERS
14 UK consumers
15 UK SMEs
15 Global networked IT services
16 Wholesale
16 Access
17 Regulation
19 OUR RESOURCES
19 Brand and reputation
19 People
21 Networks and platforms
21 Global research capability
22 Suppliers
22 Property portfolio
23 OUR LINES OF BUSINESS
23 BT Global Services
26 BT Retail
30 BT Wholesale
33 Openreach
35 BT Innovate & Design
35 BT Operate
36 OUR CORPORATE RESPONSIBILITY
36 Introduction
36 Building stronger communities
37 Reducing carbon emissions and our impact on the
environment
38 Behaving responsibly
38 Our corporate responsibility risks
38 Further information
39 OUR RISKS
39 Our approach to managing risk
39 Principal risks and uncertainties
40 Our risks
8
Our lines of business
Our customer-facing lines of business are BT Global Services, BT Retail, BT Wholesale and Openreach. The financial performance of our
customer-facing lines of business for 2011, 2010 and 2009 is discussed in this section. We measure the performance of the customer-
facing lines of business on an ‘adjusted’ basis being revenue, EBITDA and operating profits; all stated not including specific items which are
not allocated to customer-facing lines of business. Specific items are not allocated to the customer-facing lines of business as this reflects
how financial performance is measured by management and reported to the Board and
Operating Committee
. For further discussion of
specific items, see pages 56 to 57. A reconciliation of adjusted EBITDA to group operating profit by customer- facing lines of business, and
for the group, is provided in Segment information, note 1 to the consolidated financial statements. The financial performance
commentaries for each customer-facing line of business also discuss movements in operating cash flow. Operating cash flow is defined as
adjusted EBITDA less direct and allocated capital expenditure, working capital movements and other non-cash items.
OVERVIEWBUSINESS REVIEWFINANCIAL REVIEWREPORT OF THE DIRECTORSFINANCIAL STATEMENTSADDITIONAL INFORMATION