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British Telecommunications Plc Annual Report 2019 Strategic Report Governance Financial Statements Extra Information

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British Telecommunications Plc Annual Report 2019 Strategic Report Governance Financial Statements Extra Information BRITISH TELECOMMUNICATIONS plc BRITISH TELECOMMUNI Annual Report CATIONS plc 2019 CATIONS 2019 1 British Telecommunications plc Annual Report 2019 Strategic report Governance Financial statements Extra information British Telecommunications plc (‘the group’ or ‘the company’) is the principal Contents operating subsidiary of BT Group plc. We’re a wholly-owned subsidiary of BT Group plc. The BT Group plc Board has ultimate responsibility for the management of the group while the Executive Committee of BT Group plc is out key management Strategic report committee. It monitors the group’s financial, operational and customer service About BT 2 performance and has cross-business oversight of BT’s customer-facing units. It Market context 4 also reviews the group’s key risks and considers potential threats and opportunities facing the business Our business model 8 Our strategy 10 British Telecommunications plc leverages the governance structure and processes of Strategic progress 12 BT Group plc, including: Our stakeholders 18 Our key performance indicators 26 – BT Group plc Board Group performance 30 – Executive Committee Our approach to risk management 36 – Audit & Risk Committee Our principal risks and uncertainties 38 Key management personnel comprise executive and non-executive directors of the BT Group plc Executive Committee, as well as the members of the BT plc Board. Governance 46 Financial statements 52 Additional information 156 Non-Financial Reporting Information Statement Our integrated approach to reporting means that the requirements of the Non-Financial Reporting Directive are addressed throughout the Strategic report. For ease of reference, information pertaining to each of the matters addressed by the new regulation can be found on the following pages: Human rights (page 21); Our people (page 18); Social (page 20); Environmental (page 22); Anti- corruption and bribery (page 28). 2 British Telecommunications plc Annual Report 2019 About BT Who we are Financial highlights We’re one of the world’s leading Revenue Change in underlyinga revenue communications services companies. We’re based in the UK but we serve £23.4bn (1)% (0.9)% customers in 180 countries. Profit before tax Adjustedb EBITDA What we do We develop and sell communications £2.9bn +3% £7.4bn (2)% products and services and build Net cash inflow from operating Capital expenditurec (excluding and operate networks that are activities an essential part of modern lives, BDUK clawback) businesses and communities. £4.3bn (13)% £3.8bn +8% How we’re organised BT is organised into two types of units: customer-facing units that sell For more information on our products and services and corporate financial performance see page 30. units that support the whole group. a Underlying revenue excludes specific items, foreign exchange movements and disposals. b Items presented as adjusted are stated before specific items. See page 156 for more information. c Additions to property, plant and equipment and software in the period less proceeds from disposals. Alternative performance measures We assess the performance of the group using a variety of performance measures. These measures are not all defined under IFRS and are therefore termed ‘non-GAAP’ measures. We present a reconciliation from these non-GAAP measures to the nearest prepared measure in accordance with IFRS on page 156. The alternative performance measures we use may not be directly comparable with similarly titled measures used by other companies. 3 British Telecommunications plc Annual Report 2019 Strategic report Governance Financial statements Additional information Our customer-facing units Our corporate units Consumer Enterprise Strategy and Transformation Across our three brands – BT, EE and We sell communications and IT services to We are responsible for developing and Plusnet – we connect customers to businesses and public sector organisations setting corporate, network and product information, entertainment, friends in the UK and Ireland. We also provide strategies for the group. We also drive and family, at home and on the move. network products and services to pan-BT transformation programmes. Between them, the three brands serve communications providers operating in Led by the whole of the UK, providing mobile, Great Britain. We’re focused on four main broadband, home phone and TV services. product markets: fixed voice, mobile, Michael Sherman Chief strategy We buy access to fixed-line and broadband converged connectivity and networked and transformation officer infrastructure from Openreach, and we IT services. use EE’s mobile network to provide mobile Led by phone services. Gerry McQuade Led by CEO, Enterprise Technology Marc Allera We are responsible for designing, CEO, Consumer building and operating BT’s core and mobile networks, platforms and IT systems in the UK and globally. We also work with the customer-facing units External revenue External revenue to develop and roll out products and services for their customers. £10,588m +3% £5,933m (4)% Led by Howard Watson Percentage of Percentage of Chief technology group revenue group revenue and information officer 45% 25% Corporate functions The remaining corporate units carry out central activities on behalf of the group. Global Services Openreach We benefit from shared expertise and We are a leading enterprise We build and operate the fixed network economies of scale. They include: Finance, communications provider, serving that connects the UK’s homes and HR, Legal and Company Secretarial, enterprise customers in 180 countries. businesses. We are responsible for Compliance, Corporate Affairs, Property, We provide managed network and providing wholesale ‘last mile’ fixed access Facilities, Procurement, Regulatory Affairs IT infrastructure services, enabling from premises to exchanges, and installing and Group Business Services. customers’ digital transformations. and maintaining the fibre and copper communications networks. Led by Bas Burger Led by CEO, Global Services Clive Selley CEO, Openreach External revenue External revenue £4,735m (6)% £2,200m (3)% Percentage of Percentage of group revenue group revenue 20% 10% 4 British Telecommunications plc Annual Report 2019 Market context By understanding market trends in our own industry and in others that affect us, we can take advantage of opportunities as they arise and act more quickly to reduce any risks to our business. Our share of UK households (Number of households) 15m BT UK share 27m 15m Number of homes in the UK BT UK share Homes with EE relationship 8m Homes with a relationship with both BT & EE 2m Homes with BT relationship 7m Homes with a relationship with Plusnet 1m Service providers Our markets Converged UK fixed Global Fixed UK Mobile TV and content connectivity connectivity telecoms services infrastructure and services Our brands BT EE Plusnet Openreach Selected competitors primary offering Amazon Prime Video Apple TV CityFibre Giffgaff Hyperoptic Netflix O2 Orange Business Solutions Sky TalkTalk Three Virgin Media Vodafone Please note that these are primary offerings. We acknowledge that our competitors also have secondary offerings in some of our markets in addition to the above. 5 British Telecommunications plc Annual Report 2019 Strategic report Governance Financial statements Additional information UK fixed connectivity Providing fixed We connect customers to information, This segment is experiencing a technology entertainment, and friends and family, migration from the legacy Public Switched broadband services to at home. Telephone Network (PSTN) to Internet consumers, businesses Protocol (IP). The UK Government actively Fixed connectivity includes providing supports this. and communications connectivity directly to homes or businesses providers. and is our biggest market by revenue. It In Consumer, fixed internet connectivity is includes voice telephony, internet access and increasingly essential to our individual and the provision of dedicated lines for business household customers, with each using an and public sector customers. average of 240GB a year. In 2018, nine in ten people had access to the internet in their Within Enterprise, we have three main types home. Many adults claim to spend as much as of customers with different communications 24 hours per week online, more than twice as needs: much as in 2007. • Small and Medium Enterprise customers, who we define as having fewer than Price competition on phone calls and 100 employees, often rely heavily on broadband continues to be intense. Therefore, communications services and look for more revenue opportunities in this segment focus consumer-style products. on increased demand for higher speed and • Corporate customers, who often have more better-quality products, driven by consumers complex needs, and who are increasingly and businesses using more data. buying more security and cloud-based products. • Public Sector and Major Business customers, who look to buy both fixed and mobile services in multi-year contracts and who can demand very high security. We also serve communications providers who want to buy solutions to sell on to their end customers. UK mobile Providing mobile This market includes any data or voice services Historically, the mobile market has largely on mobile devices. It is a major segment of our been driven by handset launches. Less connectivity to business. innovation and differentiation mean consumers, businesses consumers are keeping their handset for We use EE’s mobile network to provide
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