BT 2011 Annual Report Download - page 165

162
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; EBITDA; free cash flow; net debt; operating
cost reductions; investment in and roll out of our fibre network; our
broadband service and strategy; charges, interest and cash
contributions to the BT Pension Scheme; 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 Global Services’ cash flow; 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 39 to 43. BT undertakes no
obligation to update any forward-looking statements whether as a
result of new information, future events or otherwise.
OVERVIEWBUSINESS REVIEWFINANCIAL REVIEWREPORT OF THE DIRECTORSFINANCIAL STATEMENTSADDITIONAL INFORMATION