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B T Gr Oup Plc Annu Al Repor T and Form 20-F 2007

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B T Gr Oup Plc Annu Al Repor T and Form 20-F 2007 BT GROUP PLC ANNUAL REPORT AND FORM 20-F 2007 REPORT ANNUAL PLC GROUP BT Bringing it all together Annual Report & Form 20-F 2007 Filename: 51384_01.3d Time: 15:16:36 Date: 19/05/07 Checksum: 791812615 BT Group plc Annual Report & Form 20-F 2 BT at a glance 4 Chairman’s message 6 Chief Executive’s statement Overview BT is one of the world’s leading providers of communications solutions and services operating in 170 countries. Our vision is to be dedicated 9 Business review 30 Financial review to helping customers thrive 49 Corporate governance in a changing world. Report of the Directors Our mission is to be the leader in delivering converged 74 Statement of directors’ responsibility networked services. 75 Report of the independent auditors 77 Consolidated financial statements 143 Glossary of terms and US equivalents 144 Report of the independent auditors – parent company 145 Financial statements of BT Group plc 148 Subsidiary undertakings and associate 149 Quarterly analysis of revenue and profit Financial statements 150 Selected financial data 154 Financial statistics 156 Operational statistics BT Group 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. 158 Additional information British Telecommunications plc is a wholly-owned subsidiary of BT Group plc and encompasses virtually all the businesses and for shareholders 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. 169 Cross reference to Form 20-F Between November 1984 and July 1993, the UK Government sold all of its shareholding in British Telecommunications plc in three public offerings. This is the annual report for the year ended 31 March 2007. It complies with UK regulations and is the annual report on Form 172 Glossary of terms 20-F for the US Securities and Exchange Commission to meet US regulations. This annual report has been sent to shareholders who have elected to receive a copy. A separate annual review and notice of 174 BT products and services mentioned meeting (including summary financial statements) for the year ended 31 March 2007 has been issued to all shareholders. in this report In 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 175 Index context may require. References 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 2007. Shareholder information Please see cautionary statement regarding forward-looking statements on page 158. A 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 on pages 30, 34-35, 44, 78, 100, 101 and 102. Filename: 51384_02a.3d Time: 15:16:40 Date: 19/05/07 Checksum: 409046724 Overview BT at a glance Our principal activities include networked IT services; local, national and international telecommunications services; higher-value broadband and internet products and services; and converged fixed/mobile products and services. ....................................................................................................................................................................................................................................................................................................... OUR PERFORMANCE Revenue of £20,223 million, up 4% New wave revenue of £7,374 million, up 17% Profit before taxation and specific itemsa of £2,495 million, up 15% Earnings per share before specific itemsa of 22.7 pence, up 16% Free cash flowa of £1,354 million and net debta of £7.9 billion Full year proposed dividends of 15.1 pence per shareb,up27% £2.5 billion allocated to a new share buy back programme ....................................................................................................................................................................................................................................................................................................... OUR PEOPLE THE WAY WE DO BUSINESS We aim to create a high-performance team of people who can We aim to do business in an innovative, really make a difference. ethical and sustainable way. THE QUEEN’S AWARDS FOR ENTERPRISE: Building a global workforce SUSTAINABLE DEVELOPMENT Growth by region (excluding the UK, where the 2003 number of employees remained substantially the same) Dow Jones Sustainability Indexes Member 2006/07 BT is ranked as the top company in the telecommunications 106,200 sector for the sixth year in a row. +54% +4% +29% Employees worldwide Americas Europe, the Middle Asia Pacific including the UK We have ISO 9001 certification for most of East and Africa our operations in the UK and around the world. ....................................................................................................................................................................................................................................................................................................................................................................................... ......................................... KEY PERFORMANCE INDICATORS The key performance indicators against which we test the success of our strategy are earnings per share before specific itemsa, free cash flowa and customer satisfaction. Earnings per share before specific itemsa pence / ) a 3% 22.7 Free cash flow 2006/07 19.5 £1,354m 2006/07 3% c c 2005/06 a Profit before taxation and specific items, earnings per share before specific items, free cash flow and net debt are non-GAAP measures. The rationale for using non-GAAP measures, and reconciliations to the most directly comparable IFRS indicators, are provided on pages 30, 34-35, 44, 78, 100, 101 and 102. b Dividends per share represents the dividend paid and proposed in respect of the 2007 financial year. c Amounts presented in respect of years ended 31 March 2004 and 2003 are presented in accordance with UK GAAP. UK GAAP is not directly comparable with IFRS. 2 BT Group plc Annual Report & Form 20-F Filename: 51384_02a.3d Time: 15:16:42 Date: 19/05/07 Checksum: -2087977220 Overview ....................................................................................................................................................................................................................................................................................................... OUR STRATEGY Defend traditional Long-term partnerships • Improved service with our customers • Price innovation • Reduce costs/improve margin • Creative marketing Grow new wave • Networked IT services • Broadband services • Mobility solutions Global 21st Century Network platform ... consistent delivery ....................................................................................................................................................................................................................................................................................................... OUR CAPABILITIES OUR VALUES Our capabilities range from: The BT values capture the way we get things done. They are at the heart of every compelling customer experience. s the provision of a single, domestic telephone line to the development of an innovative network infrastructure Our values are: for the twenty-first century TRUSTWORTHY we do what we say we will s global networked IT services to broadband packages ................................................................................................................................................ HELPFUL we work as one team for the home ................................................................................................................................................ INSPIRING we create new possibilities s next generation TV to voice over IP services ................................................................................................................................................ STRAIGHTFORWARD we make things clear s innovative calls packages for homes and businesses ................................................................................................................................................ to personal help when your PC goes wrong. HEART we believe in what we do ................................................................................................................................................ We are committed to contributing positively to society and a sustainable future. This
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