BT is one of the
worlds leading providers of communications solutions
and services operating in 170 countries.
is to be dedicated to helping customers thrive in a
is to be the leader in delivering converged networked
plc is a public limited company registered in England
and Wales and listed on the London and New York stock
exchanges. It was incorporated in England and Wales
on 30 March 2001 as Newgate Telecommunications Limited
with the registered number 4190816. Its registered office
address is 81 Newgate Street, London EC1A 7AJ. The company
changed its name to BT Group plc on 11 September 2001.
Following the demerger of O2 in November 2001, the continuing
activities of BT were transferred to BT Group plc.
Telecommunications plc is a wholly-owned subsidiary
of BT Group plc and encompasses virtually all the businesses
and assets of the BT group. The successor to the statutory
corporation British Telecommunications, it was incorporated
in England and Wales as a public limited company, wholly
owned by the UK Government, as a result of the Telecommunications
Act 1984. Between November 1984 and July 1993, the UK
Government sold all of its shareholding in British Telecommunications
plc in three public offerings.
is the annual report for the year ended 31 March 2007.
It complies with UK regulations and is the annual report
on Form 20-F for the US Securities and Exchange Commission
to meet US regulations.
annual report has been sent to shareholders who have
elected to receive a copy. A separate annual review
and notice of meeting (including summary financial statements)
for the year ended 31 March 2007 has been issued to
this annual report, references to BT Group,
BT, the group, the company,
we or our are to BT Group plc
(which includes the continuing activities of British
Telecommunications plc) and its subsidiaries and lines
of business, or any of them as the context may require.
to the financial year are to the year ended
31 March of each year, eg the 2007 financial year
refers to the year ended 31 March 2007. Unless otherwise
stated, all non financial statistics are at 31 March
see cautionary statement regarding forward-looking statements.
number of measures quoted in this annual report are
non GAAP measures. These include EBITDA
and profit before specific items, earnings per share
before specific items, net debt and free cash flow.
The rationale for using non GAAP measures and reconciliations
to the most directly comparable IFRS indicator are provided
Introduction to the financial review,
Free cash flow,
Accounting policies, and