Financial review

The review is divided into the following sections:

	Introduction
	Group results
	Line of business results
	BT Retail
	BT Wholesale
	BT Global Services
	Other operating income
	Operating costs
	Group operating profit (loss)
	Associates and joint ventures
	Total operating profit (loss)
	Profit on sale of group undertakings and fixed asset investments
	Profit on sale of property fixed assets
	Interest charge
	Profit (loss) before taxation
	Taxation
	Earnings (loss) per share
	Dividends
	Financing
	Treasury policy
	Capital resources
	Foreign currency and interest rate exposure
	Capital expenditure
	Acquisitions
	Demerger and capital reduction
	Balance sheet
	Return on capital employed
	Pensions
	Regulation and prices
	Competition and the UK economy
	Environment
	Geographical information
	Regulatory financial information
	Critical accounting policies
	New UK accounting standards
	Economic and Monetary Union (EMU)
	US GAAP

� BT Group plc 2003