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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;
growth and opportunities in new wave business (ICT, broadband,
mobility and managed services); BT’s network development
and plans for the 21st century network; 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; 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. BT undertakes no obligation to update any forward-looking
statements whether as a result of new information, future events
or otherwise.
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