BT 2012 Annual Report Download - page 178

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: outlook;
revenue and revenue trends; EBITDA; free cash flow; net debt; credit
ratings; operating cost reductions; BT Global Services’ EBITDA,
restructuring costs, operating cash flow and revenue growth in higher
growth economies; investment in and roll-out of our fibre network,
and its reach, innovations, increased speeds and speed availability; our
broadband service and strategy; the BT Pension Scheme recovery plan,
operating charge, regular contributions and interest; capital
expenditure; effective tax rate; shareholder returns including growing
dividends and share buyback; growth opportunities in networked IT
services, the pay-TV services market, broadband and mobility;
enhancing our IP-enabled TV service; 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; plans for the launch of new products and
services; network performance and quality; the impact of regulatory
initiatives, decisions and outcomes 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; 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 BT’s 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; 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 32 to 37. BT undertakes no obligation to update any forward-
looking statements whether as a result of new information, future
events or otherwise.
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