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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 include,
without limitation, those concerning: BT’s strategy and its
ability to achieve it; the benefits and advantages of the restructuring;
BT’s debt reduction plans; BT’s credit ratings; the
plans to demerge BT Wireless, the structure of the demerger and
the composition of the demerged group; BT’s plans regarding
Yell; BT’s plans regarding Concert; growth of, and opportunities
available in, the communications industry and BT’s positioning
to take advantage of those opportunities; expectations regarding
competition, prices and growth; expectations regarding the convergence
of technologies; expectations regarding the future of the mobile
data market; BT’s network development and expansion plans;
plans for the launch of new products and services; expectations
regarding participation in bids for third-generation (3G) licences
outside the United Kingdom; the impact of regulatory initiatives
on operations, including the regulation of the UK fixed wholesale
and retail businesses; 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 those preceded by, followed by, or that include the words
“believes”, “expects”, “anticipates”,
“intends” 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 and its lines of business; future regulatory
actions and conditions in its operating areas, including competition
from others in the United Kingdom and other international communications
markets; selection by BT and its lines of business of the appropriate
trading and marketing models for its products and services; the
costs associated with deploying GPRS technology and building 3G
networks and the speculative nature of future revenues and earnings
streams from these investments; technological innovations, including
the cost of developing new products and the need to increase expenditures
for improving the quality of service; the anticipated benefits and
advantages of new technologies 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 and its lines of business
in certain communication markets; significant changes in market
shares for BT and its principal products and services; fluctuations
in foreign currency exchange rates and interest rates; to the extent
that BT chooses to sell assets or minority interests in its subsidiaries,
prevailing market levels for such sales; and general financial market
conditions affecting BT’s ability to succeed with its restructuring.
Certain of these factors are discussed in more detail elsewhere
in this annual report including, without limitation, in “Risk
Factors”. |
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