BT 2016 Annual Report Download - page 242

248 BT Group plc
Annual Report 2016
Information for shareholders
Cautionary statement regarding forward-looking
statements
This Annual Report contains certain forward-looking statements
which 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: current and future years’ outlook; revenue
and revenue trends; EBITDA; free cash flow; capital expenditure;
shareholder returns including progressive dividends and share
buyback; net debt; credit ratings; our group-wide restructuring
programme, cost transformation plans and restructuring
costs; investment in and roll out of our fibre network, and its
reach, innovations, increased speeds and speed availability; our
broadband-based service and strategy; our investment in TV,
enhancing our TV service and BT Sport; the BT Pension Scheme
recovery plan, operating charge, regular cash contributions and
interest expense; effective tax rate; growth opportunities in
networked IT services, the pay-TV services market, broadband,
and mobility and future voice; growth of, and opportunities
available in, the communications industry and BT’s positioning to
take advantage of those opportunities; anticipated financial and
other benefits to be realised from the EE acquisition; 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 statements preceded by, followed by, or that
include the words ‘aims’, ‘believes’, ‘expects’, ‘anticipates’, ‘intends’,
‘will’, ‘should’ ‘plans’, ‘strategy’, ‘future’, ‘likely’, ‘seeks’, ‘projects’,
‘estimates’ 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, decisions, conditions or
requirements 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; external
threats to cyber security, data or resilience; political and geo-
political risks; prolonged adverse weather conditions resulting
in a material increase in overtime, staff or other costs or impact
on customer service; the timing of entry and profitability of BT in
certain markets; significant changes in market shares for BT or its
principal products and services; fluctuations in foreign currency
exchange rates or interest rates; the underlying assumptions and
estimates made in respect of major customer contracts proving
unreliable; the aims of the group-wide restructuring programme
not being achieved; the anticipated benefits and synergies of the
EE integration not being delivered; 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 46 to 56. BT undertakes no obligation to update any
forward-looking statements whether written or oral that may be
made from time to time, whether as a result of new information,
future events or otherwise.