Financial headlines
	Chairman's message
	Chief Executive's statement
	Operating and Financial Review
	Business review
	Five-year financial summary
	Financial review
	Our commitment to society
	Board of directors and Operating Committee
	Report of the directors
	Corporate governance
	Report on directors' remuneration
	Statement of directors' responsibility
	Report of the independent auditors
	Consolidated financial statements
	United States Generally Accepted Accounting Principles
	Subsidiary undertakings, joint ventures and associates
	Quarterly analysis of turnover and profit
	Financial statistics
	Operational statistics
	Risk factors
	Additional information for shareholders
	Glossary of terms and US equivalents
	Cross reference to Form 20-F

	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 Off-balance sheet arrangements Capital resources Foreign currency and interest rate exposure Capital expenditure Acquisitions Demerger and capital reduction Balance sheet Return on capital employed Pensions Geographical information Economic and Monetary Union Regulatory financial information Regulation, competition and prices Competition and the UK economy Environment Critical accounting policies International accounting standards US GAAP   Please see cautionary statement regarding forward-looking statements.
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