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BT Group Plc Annual Report 2019

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BT Group Plc Annual Report 2019 BT Group plc Group BT Annual Report 2019 BT Group plc Annual Report 2019 At a glance We help build better digital In a rapidly … we have a clear lives and businesses, and changing business model … support the UK as a world- industry … class digital economy. Our purpose Market context Business model We use the power of We understand and respond We provide customers with communications to to market opportunities and communications and connectivity make a better world. challenges. services. p 8 p 12 … supported by a strategy … a strong culture with … focused on with three refreshed shared values … sustainable growth… priorities … O ur strategy People and Values Key performance Group • Diff erentiated customer experience. culture • Personal indicators performance • Best converged network. Making BT • Simple • Simplifi ed, lean and agile business. a brilliant • Brilliant place to work. p 14 p 22 p 22 p 30 p 34 … and being a … to achieve responsible business … our goal. Non-fi nancial Governance Our goal performance Corporate Drive sustainable Our performance Governance growth in value. as a sustainable is critical to and responsible delivering our business. strategy. p 32 p 55 N on-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 25 ); Our people (page 22 ); Social (page 24 ); Environmental (page 26 ); Anti-corruption and bribery (page 32 ). 1 BT Group plc Annual Report 2019 Strategic report Governance Financial statements Additional information Contents Strategic report A message from our Chairman 2 Look out for these t hroughout A message from our Chief Executive 3 the report: About BT 4 Executive Committee 6 Reference to another page in the report Market context 8 Our business model 12 Reference to further reading online Our strategy 14 Strategic progress 16 Our stakeholders 22 Critical accounting estimates and key judgements Our key performance indicators 30 Group performance 34 A message from the Openreach More information Chairman 42 Our approach to risk management 44 Our principal risks and uncertainties 46 btplc.com Our viability statement 54 bt.com/annualreport Digital impact and sustainability report Governance 55 btplc .com/ digitalimpactandsustainability Financial statements 100 Additional information 185 This Strategic report was approved by the Board on 8 May 2019. By order of the Board Rachel Canham Company Secretary & General Counsel, Governance 8 May 2019 Please see the cautionary statement regarding forward-looking statements on page 190 . Pages 1 to 54 form the Strategic report. It includes Our business model, Strategic progress, Group performance and Our principal risks and uncertainties. The Governance section on pages 55 to 99 forms the Report of the Directors. 2 BT Group plc Annual Report 2019 A message from our Chairman In May 2018 we agreed the 2017 triennial I would like to extend a warm welcome funding valuation for the BT Pension to our new chief executive Philip Jansen. Scheme. This allows us to move ahead with Philip is a proven leader with outstanding greater fi nancial certainty. experience in managing large, complex businesses and has the right combination Our solid profi t and normalised free cash of skills and experience to take BT into the fl ow not only provide the foundation for future. Philip has made an excellent start as investment in our strategic priorities but chief executive and I am confi dent that he allow us to reward shareholders. We are will have the full support of all our people as paying the same dividend as last year at we embark on the challenging but exciting 15.4 p per share. We also expect to hold next chapter of this great company. the dividend unchanged in respect of the 2019/20 fi nancial year given our outlook This is a very important time for BT and for earnings and cash fl ow. The Board the UK’s digital economy. I look forward to We have made good progress on remains committed to our dividend policy, working with Philip and his team as they delivering our strategy, focused which is to maintain or grow the dividend develop our strategy and accelerate the around diff erentiated customer each year whilst taking into consideration reshaping of BT to deliver future success. experience, our best converged a number of factors including underlying medium term earnings expectations and Jan du Plessis network, and creating a simple, levels of business reinvestment ( which Chairman lean and agile business. would include the consideration of 8 May 2019 accelerated FTTP investment). I am pleased to report that we have over the last year overcome numerous I am satisfi ed we are making progress Full year d ividend per share challenges to deliver a set of solid fi nancial at pace. The coming year will see BT results. More importantly, we have made continuing its transformation to become good progress on delivering our strategy, a simplifi ed, lean and agile business. 15.4 p focused around diff erentiated customer Across the business I see a commitment to experience, our best converged network, streamlining processes, governance and Revenue and creating a simple, lean and agile organisational structures; simplifying lines business. We have continued to deliver the of responsibility; and helping people make vital connectivity and services that families better decisions. £23 .4 bn (1) % and businesses in the UK and beyond need to fl ourish. As a Board, we are leading by example. I recently carried out a review of the Profi t after tax BT has a critical role at the heart of the structure, composition and operation UK’s digital future, and our substantial of our committees to speed up decision £ 2. 2bn + 6 % investments in fi xed and mobile networks making and improve overall governance. make an essential contribution. The new As a result, we have reduced the number converged propositions we launched this of board committees and clarifi ed lines of year are the start of the services of the responsibility. Further details are described future. Within BT we are strengthening in the Governance report on page 55 . our focus on enabling the digital skills of our people, customers and communities, I would like to welcome non-executive thereby further contributing to the UK’s directors Matthew Key and Allison Kirkby digital economy. to the Board. They both bring valuable experience of the communications and We will be launching 5G in 16 cities this technology sectors. year. We will also increase our investment in fi bre-to-the-premises (FTTP), while Gavin Patterson stepped down as chief working with the Government and Ofcom executive at the end of January and I would to create the right conditions to go further like to thank him for his contribution to the and faster. We are pleased with our closer business over his 15 years with the company. relationships with these key stakeholders He led BT with vision and dedication through as we unite around the common goal of a challenging time and started the necessary building the UK’s FTTP network. process of transforming our business for the demands of modern society. We wish him well for the future. 3 BT Group plc Annual Report 2019 Strategic report Governance Financial statements Additional information A message from our Chief Executive succeed by delivering sustainable value that opportunities and challenges of our digital r e fl e cts what customers and society want. age. Enabling these skills will help people adapt to new ways of working and create Our core priorities around customer future customer demand for our products. experience, building the best converged network and transforming our operating We’re committed to respecting human and model underpin how we will compete and digital rights – we launched an overarching drive sustainable growth. human rights policy, and we’re partnering with others to combat modern slavery. Everything we do should start with the We continue to tackle environmental aim of delivering a diff erentiated customer challenges, having recently announced our experience. We are already making ambition to be a net zero carbon emissions progress with this . W e introduced our fi rst business by 2045. converged products, BT Plus, for consumers I am delighted to be the new and 4G Assure, for small businesses, which BT has delivered solid results for the year , chief executive of BT. We play ha ve seen strong take-up . In the coming and this is due to the commitment of our a n important role in UK society year there will be additional investment to colleagues. The markets we are in remain and provide mission-critical improve our propositions, off er great value highly competitive and w e continue to for money and increase consumer loyalty. expect market dynamics, cost infl ation and services all around the world. It is legacy product declines and the changing a privilege to lead such a special We will also invest to maintain our network regulatory environment to impact our company, with a great history and leadership position. We already have the results in the short term, however, we are a very exciting future. BT creates best mobile and fi xed networks and in the confi dent that our plans will deliver good coming year we will launch 5G across 16 returns over the medium term and improve value for a large and diverse UK cities and accelerate our rollout of FTTP. the quality and performance of the business. group of stakeholders. Although important points still need to be agreed, our dialogue with the Government As a result, for 2019/20, we expect My fi rst priority on joining in January was and Ofcom is constructive and we are adjusted revenue to be down around 2%.
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