BT Annual Report and Accounts
1997

Chairman's statement An interview with Chief Executive, Sir Peter Bonfield Business review Financial review Report of the directors Board of directors Corporate governance Auditors' report on corporate governance matters Report of the Board Committee on Executive Remuneration Statement of directors' responsibility Report of the auditors Five year financial summary Accounting policies Consolidated financial statements Notes to the financial statements (1-10) Notes to the financial statements (11-20) Notes to the financial statements (21-27) Subsidiary and associated undertakings Quarterly analysis of turnover and profit Financial statistics Operational statistics Regulatory statistics and information United States Generally Accepted Accounting Principles reconciliations Additional information for shareholders

• Proposed merger with MCI announced to form group with annual turnover of around £26 billion
• Prices reduced by over £800 million in the year
• Strategic alliances and joint ventures in Europe and Asia announced or completed in year
• Operating cash flow grew by 6 per cent to £6.2 billion
• Capital expenditure maintained at over £2.7 billion
• 6.1 per cent increase in ordinary dividends per share with a special dividend of 35 pence per share

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