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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:
BT’s strategy and its ability to achieve it; BT’s
debt reduction plans; 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;
BT’s network development and expansion plans; plans
for the launch of new products and services; network
performance and quality; 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; BT’s future
dividend policy; capital expenditure and investment
plans; adequacy of capital; financing plans; 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 ‘‘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 UK 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; 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 communications
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 performance. Certain of these factors
are discussed in more detail elsewhere in this annual
report including, without limitation, in
Risk factors.
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