|   | **EXHIBIT 14.1** |
|--------|------------------|

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The Company's responses to the requirements of Form 20-F have been incorporated into this annual report by reference to the Company's Report on Form 6-K dated June 4, 2003 which contains the Company’s Annual Report 2003. Pursuant to Rule 12b-23(a) of the Securities Exchange Act of 1934, the information incorporated into this annual report by reference to such Form 6-K is attached as an exhibit hereto.

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BT is one of Europe’s    leading providers of telecommunications services. Its principal activities      include local, national and international telecommunications services,    higher-value broadband and internet products and services, and IT solutions.    In the UK,      BT serves over 20 million business and residential customers with more    than 29 million exchange lines, as well as providing network services to    other    operators.

|   | ****Contents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 6      |
|   | **Business      review**6 **Five-year financial summary**24 **Financial      review**26 **Our commitment to society**47 Board      of directors and Operating Committee49 Report      of the directors51 Corporate      governance52 Report      on directors’ remuneration58 Statement      of directors’ responsibility72 Report      of the independent auditors73 Consolidated      financial statements74 United      States Generally Accepted Accounting Principles124 Subsidiary      undertakings, joint ventures and associates134 Quarterly      analysis of turnover and profit135 Financial      statistics136 Operational      statistics137 Risk      factors138 Additional      information for shareholders140 Glossary      of terms and US equivalents154 Cross reference to Form 20-F155 Index158
BT Group plc is a public limited  company registered in England and Wales, with listings on the London and NewYork stock exchanges.     This    is the annual report for the year ended 31 March 2004. It complies with UK    regulations and is the annual report on Form 20-F for the Securities and Exchange    Commission to meet USregulations.     This annual report has been sent to shareholderswho have elected to receive a copy. A separate annual review and summary financialstatement for the year ended 31 March 2004 has been issued to all shareholders.

  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 context  may require.     References to the ‘‘financial year’’ areto the year ended 31 March of each year, eg the ‘‘2004 financial year’’ refersto the year ended 31 March 2004. Unless otherwise stated, all non-financial statisticsare at 31 March 2004.     Please see cautionary statement regarding forward-lookingstatements on page 141.

BT was incorporated      in England and Wales on 30 March 2001 as Newgate Telecommunications Limited      with the registered number4190816. The company changed its name to BT Group plc on 11 September 2001. Following    the demerger of mmO2 inNovember 2001, the continuing activities of BT were transferred to BT Group.     BT Group’s registered office address is 81Newgate Street, London EC1A 7AJ.

 

 

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3 BT        Annual Report and Form 20-F 2004
 

 

 

 

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4 BT Annual Report and        Form 20-F 2004
 

 

 

 

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5 BT Annual Report and        Form 20-F 2004
 

 

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6 BT Annual Report and        Form 20-F 2004
Operating and financial  reviewBusiness review
  The **Business    review** is divided into    the following sections:   **7** **Introduction****7** **Group      structure**   **10** **Group      strategy****10** **Keep      a relentless focus on improving      customer satisfaction****10** **Put      broadband at the heart of BT****12** **Create      mobility services and solutions****12** **Transform      our network for the twenty-first****century****13** **Achieve      competitive advantage through cost**  **leadership****13** **Lead      the world in network-centric ICT**  **solutions****15** **Reinvent      our traditional business****16** **Motivate      our people and live the BT values**   **17** **Research      and development and IT support****17** **Regulation,      competition and prices****23** **Relationship      with HM Government****23** **Legal      proceedings**     Please see cautionary      statement regarding  forward-looking      statements on page 141.     All customer numbers are given      as at 31 March  2004, unless stated otherwise.  EBITDA = Earnings before interest,      taxation,  depreciation and amortisation.      The definition,  reconciliation and reasons for      disclosing EBITDA  are discussed in the **Financial      review**.
 

 

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**Introduction******BT Group plc is the listed holding company for an integrated  group of businesses that provides voice and data services in the UK and overseas,  particularly in Europe, but also in the Americas and the Asia Pacific region.  British Telecommunications plc is a wholly-owned subsidiary of BT Group plc  and holds virtually all businesses and assets of the BT group.       Our aim is to increase shareholder  value through service excellence, an effective brand, our large-scale networks  and our existing customer base, and also through innovation in products, services  and solutions. These increasingly build on our strengths in ICT (information  and communications technology), broadband, IP (internet protocol) and solutions.       BT is the UK’s largest  communications service provider, by market share, to the residential and business  markets, supplying over 20 million customers with a wide range of communications  products and services, including voice, data, internet and multimedia services,  and offering a comprehensive range of managed and packaged communications solutions.        Our core portfolio covers traditional  telephony products such as calls, analogue/digital lines and private circuits.  New wave revenue generation is focused on ICT, broadband, mobility and managed  services.        In the UK wholesale market, we provide  network services and solutions – including broadband ADSL (asymmetric digital  subscriber line), interconnect, transit and private circuits – to other  operators. We serve around 500 communications companies, fixed and mobile network  operators, and service providers. We aim to build complete communications packages  and work with our customers to help them succeed in their businesses.        Our aim in these markets is to continue  to increase profitable revenues from data and advanced broadband and internet  services, which will further reduce our dependence on revenues and profit generated  by traditional fixed-line voice services.        In the year ended 31 March 2004  (the 2004 financial year), 93% of our revenues were derived from operations  within the UK.        Outside the UK, we supply managed  services and solutions to multi-site organisations worldwide. Our core target  market is the top 10,000 global multi-site corporations and European multi-site  organisations. Building on our existing relationships with large multi-site  organisations in the UK and internationally, we provide global reach and a complete  range of ICT solutions and services.        Our extensive global communications  network and strong strategic partnerships enable us to serve customers in the  key commercial centres of Europe, North America and the Asia Pacific region.  In Europe, this network links more than 270 towns and cities across 19 countries  to our UK network, and beyond into the Americas and the Asia Pacific region.        Our global communications services  portfolio ranges from desktop and network equipment and software, transport  and connectivity, managed LAN (local area network), WAN  (wide area network) and IPVPN (internet protocol virtual private network) services,  applications hosting, storage and security services, through to business transformationand change management.

**Governance**BT’spolicy is to achieve best practice in our standards of business integrity inall our operations, in line with our published statement of business practice – *TheWayWe Work*. This includes a commitment to maintaining the highest standards of corporategovernance throughout the group (see **Corporate governance**).

**Corporate social responsibility**BT is committed to enhancing its positiveimpact on society through leadership in CSR (corporate social responsibility).In ourview, a well managed CSR programme supports the delivery of strategy and is inthe bestinterests of customers, shareholders, employees and the community (see **Ourcommitmentto society**).

**From Oftel to Ofcom**The UK regulatory environment changed in 2003when, on 25 July, the Communications Act came into force, bringing in a new regulator – the Office of Communications (Ofcom) – anda new regulatoryframework.     See **Regulation, competition and prices**formore information on Ofcom’s duties and powers, and theCommunications Act.

**Group structure****Background**Telephone services in almost all of the UKwere, until 1981, provided by the Post Office, which was a government departmentuntil 1969, when it was established as a state public corporation. In 1981, thepostal and telecommunications services of the Post Office became the responsibilityof two separate corporations, with British Telecommunications – under the trading name of British Telecom – takingover the telecommunications business.     As a result of the Telecommunications Act 1984, British Telecommunications plc was incorporated in England and Wales as a public limited company, wholly owned by the UK Government.     In November 1984, the UK Government offered 3,012 million ordinary shares (50.2% of the total issued ordinary shares) to the public. British Telecom shares made their debut on the LondonStock Exchange on 3 December 1984. From April 1991, British Telecommunications plc traded as BT.     In December 1991, the UK Government sold over half its remaining shares in BT, retaining a holding of about 22%. It sold this residual holding in July 1993.     In 1985, Cellnet, the mobile phone operator, waslaunched as a joint venture between British Telecom and Securicor, which held40% of the company. BT acquiredfull control of Cellnet (now O2UK – part  of  mmO2 plc)by acquiring Securicor’s minority holding in November1999. 

 

 

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In January 2000, BT and AT&T    established Concert as a 50/50 joint venture serving customers around the  world and transferred their trans-border assets and operations to Concert.
**2002 restructuring** During the 2002 financial        year, we substantially completed a radical restructuring programme, the    key elements of which were:the UK’s largest-ever rights issue – raising £5.9    billionthe demerger of the majority        of BT’s    mobile businessesthe disposal of significant non-core businesses    and assetsthe    unwind of Concert, BT’s joint venture with AT&Tthe creation of customer-focused lines    of business.   This    restructuring resulted in a significant reduction of our debt levels.  
**Demerger of mmO2**    On 19 November 2001, we completed the demergerof mmO2,comprising what were BT’s wholly-owned mobile assets in Europe.

**Concert**On 1 April 2002, we completed the unwind of Concert. The assets taken back into our ownership have been rationalised and integrated with our existing operations with the aim of optimising performance of the businessand simplifying the product set for our customers.

**Acquisitions and disposals prior to the 2004 financial year**Between the 1999 and 2002 financial years, we made a number of significant acquisitions, including a stake in J-Phone Communications and Japan Telecom and control of Viag Interkom in Germany.     Duringthe 2002 financial year, reflecting the change in the group’s strategy,we disposed of a number of businesses and assets, including Yell – our internationaldirectoriesand e-commerce business – and our stakes in Japan Telecom, J-Phone Communicationsand Airtel – theSpanish wireless operator.     InJanuary 2003, we completed the sale of our 26% stake in Cegetel Groupe SA, theleading alternative fixed-line operator in France, to Vivendi Universal for £2.6 billion in cash.After accounting for goodwill written back from reserves, BT realised a profit of approximately £1.5 billion before an exceptional interest charge of £0.3billion on closing out fixed interest rate swaps.     Also in the 2003 financial year, we disposed of a number of non-core investments, including our stakes in BSkyB, Mediaset, Blu and SmarTone.

**Acquisitions and disposals in the 2004 financial year**In July 2003, BT received full repayment ofloan notes issued by Yell plc, the principal and accrued interest totalling £109million. The notes, redeemable in 2013 andaccruing interest at LIBOR, became repayable, in full, on the IPO (initial publicoffering) of Yell.     InDecember 2003, BT issued bonds worth £99 million, maturing in December 2008, which are exchangeable into our 16.6% holding in LG Telecom (LGT) shares. LGT is a wirelesstelecommunications service provider in the Republic of Korea. At a 17.5% premium to LGT’scurrent share price at the time of issue and a coupon of 0.75%, this was an efficientway to monetise our shareholding in LGT.     InDecember 2003, we sold our 7.8% stake in Inmarsat Ventures – a provider of global mobile satellite communication services – for a total cash consideration of £67million.     InJanuary 2004, we acquired the UK operations of NSB Retail Systems, a supplierof software products and services to the retail market for a consideration of £17 million. We alsobecame NSB’s exclusive distributor in the UK and Ireland.     Alsoin January 2004 we announced an offer for the entire issued, and to be issued,share capital of Transcomm plc, at a price of 15.5 pence per share, valuing thecompany at £16million. Transcomm is one of the leading providers of data-only wireless services in the UK. In March 2004, the offer was declared wholly unconditional and in April 2004, more than 90% of Transcomm’sshareholders had accepted the offer, enabling us compulsorily to purchase theremaining shares in the company.

**How BT operates**BT consists principally of three lines of business: BT Retail, BT Wholesale and BT Global Services.     BTRetail and BT Wholesale operate almost entirely within the UK, addressing theconsumer, major corporate, business and wholesale markets, and offer a broadspectrum of communicationsproducts and services. BT Global Services is BT’s managed services and solutionsprovider, serving the needs of global, multi-site corporations and European multi-siteorganisations. These three lines of business are focused on providing a simpleand complete experience for our customers.

 

 

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9Operating and financial      reviewBT Annual      Report and Form 20-F 2004
 

  Consumer includes the external turnover of BT Retail from consumer customers.  Major corporate includes the external turnover of BT Retail from major corporate  customers, and the external turnover of BT Global Services, excluding the global  carrier business.Business includes the external turnover of BT Retail from SME customers.Wholesale includes the externalturnover of BT Wholesaleand BT Global Services’ global carrier business. 

      Further analysis of group turnover by customer segment and between new wave and traditional turnover is provided in the **Financial review.**

Consumer customers********As at 31 March 2004, BT had approximately19 million UK consumer customers with more than 20 million residential customerlines (exchange line connections). In the 2004 financial year, consumer revenuesdeclined by 2%to £5,974 million.     Our strategy in the consumer market is to defend traditional revenues and market share vigorously through innovative service offerings backed by innovative marketing and excellent qualityof service, at the same time as driving for new wave revenues, particularly in the areas of ICT, broadband and mobility.     Underlying12 month rolling average revenue per customer household (net of mobile terminationcharges) was £268 in the 2004 financial year, compared with £271in the 2003financial year.     Inthe consumer market, new wave revenues grew by 135% from £95 million in the 2003 financial year to £223million in the 2004 financial year, driven principally bybroadband.     The number of UK consumer DSL (digital subscriber line) lines grew by 132%.

Business customers****As at 31 March 2004, we had over one million business customers worldwide, with more than nine million exchange lines.     Inthe 2004 financial year, major corporate revenues increased by 2% to £5,909 million. The increase in new wave turnover of 21% to £2,452million was driven by ICT, broadband and by mobility, not only in the UK butalso globally.Our strategy in the major corporate market is to drive a continued migration from traditional voice-only services to managed ICT solutions. This enables us to build closer and more integrated relationships with ourcustomers, enabling them to manage their communications spend more effectively and gain competitive advantage in their markets.     Inthe SME market (companies with between one and 500 employees), our strategy isto provide business customers with tailored communications products and servicesthat enable them to manage their business more simply and efficiently. Althoughwe increased the number of BT Business Plan customers, the contraction of thefixed-call market and regulation-driven price cuts in our telephony servicesreduced our traditional turnover.This reduction was only partially offset by robust and continued turnover growthin new wave services. Overall, in the SME market during the 2004 financial year,revenues reduced by 4% to £2,600 million.

Wholesale customers********In the 2004 financial year, turnover fromour wholesale activities totalled £4,002 million, a decline of 3%.     Inthe UK, external turnover from BT Wholesale activities was £3,445 million in the 2004 financial year, compared with £3,525million in the 2003 financial year.     Newwave revenues were £361 million, up 54% on the 2003 financial year. Thisgrowth has been achieved through broadband and the provision of tailored managedservices to UK wholesalecustomers.     In the coming year, our strategic emphasis for growth will continue to move from the capital-intensive products of our traditional portfolio to broadband, ICT and mobility.     We aim to provide the right solution, be it application, service or product, for our wholesale customers in order that we can continue to build our new wave revenues.     Inour global carrier business, revenues were £557 million in the 2004 financial year, down from £585million in the 2003 financial year. Our global carrier business customers includeother fixed-line telecommunications operators, mobile operators and selectedinternet service providers.

Report structureFor the purposes of this **Business review,** we are reportingon each of our strategic priorities.     Forfinancial reporting purposes, we continue to report by line of business (see**Financial review**).
**Other businesses** As at 31 March 2004, we held    stakes in a number of other businesses, including:stakes    in three satellite entities – Eutelsat, Intelsat and New Skiesa 16.6% stake in LG Telecom, a mobile    cellular telephone operator in the Republic of Koreaan 11.9% stake in StarHub, a fixed and    mobile communications operator and pay-TV operator in Singapore.
 

 

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**Group    strategy**Our        strategy is to build long-term partnerships with our customers. With        their support, we aim to maximise the potential of our traditional business – through        a combination of enhanced quality of service, creative marketing, innovative        pricing and cost efficiency – while pursuing profitable growth by        migrating our customers to new wave products and services such as ICT,        broadband, mobility and managed services. Our strategic priorities are    to:keep a relentless    focus on improving customer satisfactionput broadband    at the heart of BTcreate mobility    services and solutionstransform our    network for the twenty-first centuryachieve competitive    advantage through cost leadershiplead the world    in network-centric ICT solutionsreinvent our traditional businessmotivate our    people and live the BT values.
**Keep a relentless focus on improving customer satisfaction**    Reducing customer dissatisfaction by 25% a year over three years, on a compound annual basis, to the 2005 financial year is a key target in our drive to deliver the highest levels of customer satisfaction. In the 2004financial year, we achieved a 22% reduction in customer dissatisfaction, based on qualitative customer research conducted by external agencies. This follows a 37% reduction in the 2003 financial year.     The lines of business all reduced customer dissatisfaction levels during the year.     We are working to remove barriers to providing customers with excellent service and to involve all our customer-facing people in improving our service.     For example, our retail customer-facing and support teams participated in the *my customer* programme,designed toimprove our customers’ experience and to promote teamworking.     Examples of *my customer* successes include the introduction of a new contact centre structure that enables ourpeople to handle more calls at the first point of contact and enabling engineering and contact centre teams directly to update customer records.

**Put broadband at the heart of BT******In the 2004 financial year, we continued our driveto enhance the awareness, availability and attractiveness of broadband. As at31 March 2004, in the highly competitive retail market, BT’s share of consumerandbusiness broadband connections in the UK was 42%, representing 928,000 lines.     We aim to be a major player in wholesale broadband and data services in the UK.
**Broadband    for wholesale customers** In February        2004, ahead of our target, BT’s installed base of broadband lines        reached two million. We achieved the second million lines in just over        eight months. As at 31 March 2004, we had 2.2 million broadband lines,        which represents growth        of 177% on the previous year, and our target is to reach five million        by 2006. In March 2004, we were taking an average of 50,000 orders a        week. In total, 2,465 exchanges had been upgraded by the end of the 2004        financial year, reaching more than 85% of the UK’s homes and businesses.        In May 2004, we announced further broadband progress. The number of broadband        lines increased to 2.45 million, 2,652 exchanges had been upgraded and        totalUK coveragereached 90%. The first step        was upgrading to broadband more than 1,100 of our exchanges where there        was a clear commercial case for doing so. In July 2002, we introduced        a demand-driven registration scheme, which enabled people in areas where        the exchange had not been upgraded to register an interest. This hugely        successful scheme attracted more than 860,000 registrations, helping        us match our investment to demand. Because the registration scheme gave        us such a clear picture of demand, we were able to announce in April        2004 the speeding up of the delivery of broadband services to rural communities.        The scheme is now closed and we intend to roll out broadband to a further        1,128 exchanges by no later than the summer of 2005. This will help bring    broadband to exchanges serving 99.6% of UK homes and businesses.We continue        to explore commercially viable ways of bringing wireless broadband to        rural communities. In December 2003, for example, we launched a trial        ofwireless broadband at sites throughout the UK.The commercial        launch of BT DataStream Symmetric and BT IPStream Symmetric to 150 exchanges        during the year significantly strengthened our portfolio of business-class        broadband services, which service providers can offer their customers.        Based on SDSL (symmetric digital subscriber line) technology, it provides        the same rate upstream and downstream and is suitable for the SME, remote        office andteleworking access markets.In November        2003, we introduced a new, faster broadband service for wholesale customers.        BT IPStream Home 1000 is a self-install product for residential customers    who want greater bandwidth than the standard 512Kbit/s available at present.In May        2004, we announced that we are to redesign and cut the price for our        LLU (local        loop unbundling) product by between 15% and up to 70% in a phased series        of price cuts. We believe that this move will benefit those companies        that are willing to innovate and invest in broadband infrastructure.        The new LLU product will be closer to simpler continental European models        and we aim to bring it to the market within six months. Immediate price        cuts should ensure that there is sustainable demand prior to launch and        help potential customers plan ahead with confidence. (See **Other    market reviews**).  
 

 

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We also      announced that we will be adjusting the price of Datastream products to      ensure there are adequate margins between Datastream and IPStream Home 500.      The details will be announced by the end of May 2004.**Broadband      for consumers**During        the year, we focused on improving sales processes, reduced the cost of        our broadband help-desk operations and increased the number of orders        placed online. We also launched several additions to our family of products        and announced trials and launches of a new set of value-added products        and services.      In September      2003, BT and Yahoo! relaunched the Openworld consumer internet service as      BT Yahoo! Broadband, a broadband internet service combining high-quality      access and a wide range of content and services, for the same price as the      existing BT Openworld Broadband offering. The service combines high-quality      access with compelling content and services such as intelligent personalisation      (to help understand our customers’ needs and tailor content accordingly),      LAUNCHcast (a personalised radio station), advanced security services –      including anti-spam, e-mail anti-virus and a free firewall – news,      sport and entertainment.  In October      2003, we launched a broadband access product for gamers – Broadband      from BT for Online Console Gaming.       December      2003 saw the launch of our BT Broadband Voice package, which enables cable      broadband customers to make voice calls over the internet. This was the      first move by a major UK player into the consumer VOIP (voice over IP) market.       In January      2004, we offered our fastest-ever consumer internet service, a 1Mbit/s broadband      service through BT Yahoo! Broadband and BT Broadband. This is twice the      speed of ordinary broadband and up to 20 times faster than traditional dial-up      internet. The service is availableto customers living within approximately3.5      kilometres of a broadband-enabled exchange – around 75% of existing      broadband users.In March      2004, we launched BT Broadband Basic, a simple to use, 0.5Mbit/s broadband      entry level service, for under £20 a month.       From      March 2004, our broadband advertising changed to focus on the range of our      broadband portfolio – a set of broadband products which give the consumer      choice.  In March      2004, we announced a set of broadband products and services for consumers      that will be at the heart of our broadband lifestyle strategy, as the priorities      in the market switch from access to content, applications, flexibility and      managed services. Flexible Bandwidth, which began trials in April 2004,      enables users to increase bandwidth – up to 2Mbit/s – temporarily      or permanently. BT Rich Media, launched in April 2004, is a platform that      enables content providers to make content easily available to users. BT      Communicator enables consumers to use a home PC for VOIP, instant messaging,      text messaging and other related services. Trials will begin later this      year.    **Broadband      for business customers**In        January 2004, we rebranded our business broadband products and business        broadband information portal, in order to simplify our offerings. BT        Openworld Broadband products became BT Business Broadband products and        our revamped business information portal became BT Broadband Office.        BT Business Broadband remained the leading ISP for SMEs in the UK. As        at March 2004, we had over 240,000 business customers. Around 40% of        these customers use value-added services such as the Internet Security        Pack and the Internet Business Pack.      During        the financial year, BT Business Broadband joined forces with a number        of companies to enhance its networking and value-added services. These        companies include: Siebel e.pages, Worldpay, Interland, learndirect,      2Wire and Lexis Nexis. As        part of our drive to break down perceived barriers to broadband adoption        and to accelerate take-up rates, we offered SME customers savings and        activation deals worth up to £260 during the summer of 2003 on        a range of broadband products (BT Business Broadband, 500 PLUS, 1,000        PLUS and 2,000 PLUS).      At        the end of the 2004 financial year, we were connecting around 500 business      customers to broadband every day. In        April 2004, we announced that we had joined forces with Microsoft to        launch a one-stop shop IT and broadband solution. BT Connected & Complete,        featuring Microsoft technology, gives small businesses access to regularly        updated and individually tailored IT software and support – previously        available only to large companies. BT Connected & Complete will,      for the first time, provide small businesses with secure broadband 
 

 

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 access,      applications service, support and maintenance, all from a single source      and on one bill.   **Create    mobility services and solutions****Mobility    for consumers**In        the consumer mobility market our strategy is to build a foundation for    the delivery of added-value, fixed/mobile convergent solutions.The        launch of BT Mobile Home Plan was a major step back into the mass mobility        market and a first step towards a converged fixed/mobile service. BT        Mobile Home Plan is targeted at families and its features include bundled,        fixed-price packages of call minutes, lower line rental and free short        calls home to the family fixed line. The launch was supported by a major        advertising campaign. As at 31 March 2004, we had over 41,000 contract        customers (for BT Mobile Home Plan and BT Mobile Sense, a previous mobile        consumer offering). BT Mobile Home Plan is available through bt.com,        BT’s direct voice channels and over 1,000 retail outlets (Carphone    Warehouse, The Link and Phones 4U). In        May 2004, we announcedplans to launch Project Bluephone – the first step towards handset convergence.Project Bluephone removes the need to own more than one phone as customers willbe able to use a single device that can switch seamlessly between fixed and mobilenetworks, offering a better service with more guaranteed coverage and lower overallcosts. A ‘‘soft launch’’, involving more than 1,000 users,is planned for the summer of 2004 and a fulllaunch for later in the year. **Mobility    for business customers**We        are a service provider in the business mobile market and had over 103,000    business connections at 31 March 2004.     BT          provides a range of managed mobile services to UK and global customers          who either outsource their mobile communications entirely or rely on          BT to provide specific managed services, such as supplier management    or managed billing for mobility.The        introductionof BT Mobile Office – a convergent, multi-access remote and flexible solution – inSeptember 2003 made it possible for business customers to access their corporatenetworks via a single, smart log-in application. During        the year, we established our position as a major UK provider of public        wireless broadband (Wi-Fi) services. As at 31 March 2004, we had almost        2,400 Openzone live sites throughout the UK. In January 2004, we reached        agreement with McDonald’s to install Openzone access points in more        than 500 McDonald’s restaurants. We also started installing Openzone        access points in our public telephone network. The target is to have        4,000 access points throughout the UK by the end of summer 2004. In January        2004, we sponsored Wireless Broadband Week, which offered seven days        of free access to BT Openzone and saw traffic in        the network increase by 133%. In February 2004, we announced a global        deal with British Airways to install Openzone access points in 80 of    its main customer lounges around the world. The        acquisition ofTranscomm in 2004 enhanced BT’s position in providing remote monitoringand management information services for business customers in the UK. Remotemonitoring enables the control of electronic devices over long distances, helpingbusinesses to manage their assets and risks. Devices which can be remotely monitoredinclude: fire and burglar alarms, vending machines, refrigerators, EPOS (electronicpoint of sale) terminals, parking meters and distribution fleets. Through ourBT Redcare operation, BT is already a leading player in fixed-line M2M (machineto machine) applications in the UK. This acquisition enhances our M2M serviceoffering by adding wireless capabilities.   **Mobility    for wholesale customers**For        wholesale customers, we will move towards our strategy in the UK wholesale        mobile arena which is to defend our traditional mobility revenues and    to grow the new mobility business. We        reached agreement to provide Vodafone UK with a managed access transmission        network in the UK, connecting its base stations to its core switches.        Vodafone will benefit fromsimplification of processes – including a formalised payment structure – aswell as access to any new technologies implemented by BT within the five-yearterm of the contract. 
**Transform      our network for the twenty-first centuryOur UK network today**In the UK, we have 873 local and trunkprocessor units, 121.7 million kilometres of copper wire and 7.3 million kilometresof optical fibre. The network services we provide include Frame Relay, ATM (asynchronoustransfer mode) and IPVPN, and we have the most extensive IP backbone networkin the UK. We interconnect with over 100 other operators, as well as carryingtransit traffic between telecommunications operators.

**Our global reach**In Europe, we own operations in Belgium,France, Germany, Ireland, Netherlands, Spain, Scandinavia and Central and EasternEurope. We deliver service to our customers in Italy through our joint venture,Albacom, and our applications hosting company, I.Net. In the Americas and theAsia Pacific region, we deliver service to our customers through a combinationof direct sales and services operations and strategic partners.     Our network-based services (Frame Relay, ATM and IPVPN) extend to and across North and South America and the Asia Pacific region. This means that products are delivered seamlessly withinand from Europe to our own locations in the Americas and delivered locally through interconnect and supply agreements with regional carriers.

 

 

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  As at 31 March 2004, our flagship MPLS        (multi-protocol label switching) product, which was launched in 2002,        had 1,000 points of presence around the globe and could be accessed from        more than 70 countries. MPLS-based IP virtual private networks are the        next generation of data networks for corporate customers, supporting        voice, data and video applications, offering enhanced flexibility and        service performance. MPLS revenues grew by 102% during the 2004 financial    year.      Global customer service is provided via        service and network management centres around the world, 24 hours a day,    seven days a week. **Twenty-first century network**As one of our strategic        priorities, we are working to create an intelligent, flexible and customer-focused        network    for the 21st century (21CN). BT’s 21CN is designed to support the next    generation of services and revenues for BT and for our wholesale customers,    while enhancing the customer experience and reducing costs through greater    network intelligence and automation.     21CN    aims to support the end-to-end transformation of BT’s wholesale business    and is designed to deliver tangible benefits to our customers’ businesses.    The multi-service capabilities of 21CN were refined during a period of consultation    with many of the leading communications operators in the industry, as well    astechnical and equipment vendors from around the world.     The    phased introduction of the new platform will support communication in a range    of formats and across multiple devices. 21CN will also introduce new levels    of network simplicity, intelligence and flexibility and will aim to support    the delivery of new revenue-generating services faster than is currently    possible.     This    is an innovative, long-term transformation programme which is already delivering    benefits for our customers. Key developments in the 2004 financial year included: a programme of industry consultation to    help refine the network’s technical architecture requirements.BT’s supplier base for next-generation        exchange equipment to support voice, video and data was expanded following        comprehensive assessments andtrials.advanced next-generation network component        and services trials will enable us to begin to move 21CN from the laboratory        to the live network over the next 12months.we continued to eradicate duplication,        increase efficiency and reduce network operating costs. For example,        our Hands Off Access Network project is helping to improve efficiency    by minimising manual network intervention and reducing exchange visits. We expect to launch a range of new commercial    broadband services over the next 12 months. These include:variable        bandwidth – giving users the power to boost temporarily broadband        speeds online, providing access to premium content such as DVD-quality        streamedvideos or online gaming.digital content management – capitalising        on flexible bandwidth, we are launching a platform to support the management        anddistribution of new digital content.voice        over IP – domestic customers will be able to manage all personal        communications from a home PC, enabling phone or video calls over broadband    connections.       During the 2004 financial year, we undertook        a detailed technical and economic analysis of the options for 21CN deployment.        The 2005 financial year will see the initial stages of implementation        and live technical trials will begin, prior to investment and deployment    decisions being taken.       Capital expenditure    is expected to rise, but remain within the group’s £3 billion    annual target, in the 2005 financial year as the group invests in its 21CN    programme. **Achieve competitive          advantage through cost leadership**Our focus on continued              operational efficiencies helped reduce overall group operating              costs before goodwill    amortisation and exceptional items by £348 million in the 2004 financial    year. Some of the savings in traditional activities have been re-invested    in growing new wave activities.     Looking    forward, we have identified additional efficiency savings of over £1    billion which we aim to achieve over the next three years by focusing on    reducing the costs of failure, complexity and duplication and by working    smarter. For example, we will continue to use new technology to develop more    cost-effective relationshipswith our customers.As at 31 March 2004, we had a total of        4.4 million online relationships with customers (via bt.com) and 1.2    million customers receiving e-bills.During the 2004 financial year, we completed        our Next Generation Contact Centre programme, having achieved our three-year        target of £150 million annual savings by 31 March 2004. (The reduction        in the 2004 financial year was £63.6 million). We also invested        1.5 million hours in training contact centre people and continued to        rationalise the number of sites – down from 104 to 41 in the last        three financial years. We invested £45 million in upgrading environmental    standards and deploying new systems and technology.       We are driving for cost leadership within        the telecoms industry. Although we currently benchmark well against many        other large European telecommunications companies, we remain less efficient        than the best in class in our industry. We aim to narrow that gap significantly    over the next three years.
**Lead the world in network-centric ICT solutions**Our strategy in the ICT market is to establish BT as a global ICT player capable of competing with the

 

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world’s best in selected growth markets – outsourcing; IP infrastructure; broadband; mobility; managed desktop solutions; and CRM. These are the markets in which communication and networking skills aresignificant, migration is from our traditional markets, our brand has value and in which partnerships profitably supplement our capability.

**ICT for business customers**As applications such as email and office productivity software are increasingly being networked, networks are increasingly seen as vital to productivity and competitive advantage.     ICTrevenues for the 2004 financial year were £2.6 billion, a rise of 19% onthe 2003 financial year, itself a rise of 8% on the previous year. We aim todeliver ICT solutions to large business customers and other organisations (particularlyin the public and government sectors), which give them the communications toolsthey need for profitability and/or business improvement.     Ourlarger or more complex and global customer contracts are delivered through ormanaged by our BT Global Solutions and BT Syntegra businesses. BT Global Solutions’ portfoliocovers a number of key ICT-related areas including IP infrastructure, CRM, applicationsand hosting, and outsourcing. BT Syntegraoffers business transformation and change management services and is a key playerin the global trading systems market. BT Global Solutions and BT Syntegra wonbusiness worth more than £7 billion duringthe 2004 financial year.
The highest profile contracts in the year        were three NHS contracts which are expected to be worth more than £2.1        billion and form an integral part of the National Programme for Information        Technology in the NHS. These contracts represent some of the largest    BT has ever won.       One,        worth up to £620 million over ten years is to design, deliver and        manage a national patient record database and transactional messaging        service        for the NHS Care Records Service. This will provide all 50 million NHS        patients in England with an individual electronic care record and connect    more than 30,000 GPs and 270 acute communityand    mental health NHS trusts in a single, secure national system.
        A            second contract, expected to be worth up to £996 million over            ten years, is to design, deliver and operate integrated local patient            record applications    and systems for the whole of the London care community.
       The          third, worth an estimated £533 million over seven years, is to          procure, integrate and manage high-speed, broadband networking services          for the        New National Network for theNHS.Capgemini UK chose BT under a ten-year        sub-contract with a total sales order value of approximately £364        million as the telecommunication and WAN supplier for service delivery    to the Inland Revenue.Other significant wins included a six-year        contract with ITV to create a new multimedia network and a five-year        deal with Alliance & Leicester worth £10.5 million to upgrade    its existing network infrastructure to IP.In February 2004, we launched BT Applications        Assured Infrastructure (AAI), designed to help organisations understand        and master the complex interactions that occur within their communications        infrastructure – from desktop to data centre. With AAI, it becomes        possible to guarantee that the performance of our customers’ ICT        systems supports their business priorities and enhances their efficiency.        This new proposition combines BT’s extensive experience in the provision        of corporate data networks and hosting with our professional services    capability.In the first quarter of 2004, BT became        the first UK-based company to introduce Siebel CRM OnDemand to businesses        in the UK, enabling SMEs and divisions of larger businesses to organise,        manage and streamline their sales, marketing and customer service activity        through a hosted environment. Customers can access the service either        as an integrated part of BT’s existing Siebel-based Contract Central        CRM portfolio, which provides a full multimedia contact centre solution,    or as a stand-alone CRM application.In May 2004, BT and HP announced        plans to develop a strategic alliance to address mutual growth opportunities        jointly in the global ICT marketplace. As a first step, we have signed        managed service agreements with a combined value of US$1.5 billion over        the next seven years. Under these agreements, HP will manage BT’s        mid-range and desktop ICT infrastructure in the UK, and BT will manage        HP’s voice and data network and product support call centres in    Europe, the Middle East and Africa.  **ICT for consumers** Initiatives under          the ‘‘Home        of Possibilities’’ programme aim to bring the benefits of broadband        into the home. BT Home Networking enables customers to connect a number        of PCs to broadband simultaneously, without wires. And in December 2003,    we introduced a broadband-
 

 

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15Operating and financial reviewBT Annual Report and          Form 20-F 2004   enabled entertainment service, in partnership        with Phillips, which enables customers to stream online radio stations    and download music to any part of the house – wirelessly.BT Home Computing is a leading provider        of computing technology in line with the Government’s Home Computing        Initiative legislation, which enables companies to provide employees    with the use of computers at rates significantly below high street prices.  **ICT for wholesale customers**To further our growth strategy,        we aim to be the network ICT supplier and sales channel of choice, serving        major    corporate and government users, and to serve SME and consumer end-users,    building on our existing  intermediate and broadband portfolio.We signed wholesale ICT deals including        a contract, estimated at £5.5 million, to provide Fibernet, the        bespoke network service provider, with a fully managed voice network        and a managed services contract with Intelliplus Group, a subsidiary    of Eckoh Technologies.
**Reinvent our traditional business**Weface continued challenges in our traditional markets as a result of regulatoryintervention, competition and a shift in our customers’ buying patterns,as we provide them with higher-specification, high-value,new wave products.     Private circuit volumes fell, due to the switch into lower-priced partial private circuits (as a result of regulatory intervention).     Total fixed-to-fixed voice call minutes in the UK market declined by an estimated two percentage points in the 2004 financial year. This was driven by customers making use of alternativessuch as mobile calls, e-mail, instant messaging, corporate IPVPNs and VOIP.     However, call minutes are less important to BT as customer take-up of pricing packages continues and we actively migrate customers to new wave services such as broadband.
**Traditional services for consumers**The BT Together pricing packages, which        offer a range of competitive call prices and fixed-fee pricing options,        are an important part of our traditional revenue defence strategy, and        had around nine million customers as at 31 March 2004. During the year,        we announced we would abolish the standard rate on 1 July 2004 to give        more value for money. Existing standard rate customers will move to join        those already on BT Together Option 1, which will become the benchmark    for our fixed-line call prices.We transformed more than 1,300 payphones        in UK high streets, shopping centres, airports and stations into internet        kiosks, offering internet access, e-mail, text messaging and video. These        kiosks give fast access to a range of services, from news and sport to        shopping, games, local maps and information about shops and restaurants.    Wealso continued to offer space in    our payphone kiosks for mobile antennas, Wi-Fi hotspots and CCTV (closed-circuit    television).During the 2004 financial year,        we launched new calling card products to serve the needs of businesses        and international travellers, including a virtual card for data-only    users.The immediate impact of the opening up        to competition of the directory enquiries market in the UK in August        2003 was significantly to reduce the overall size of the market. Volumes        of calls have continued to decline since deregulation. According to the        latest figures from Ofcom, calls to all 118 service providers from the        BT network in the April 2004 sample were 23% down on September 2003.        However, since deregulation, calls to BT Directories 118 services have        performed far better than the total market. Calls to 118 500 are 30%    up on the level experienced immediately following the 192 switch-off.We successfully re-entered the        classified directories market with *The BT        Phone Book*. 62,300 advertisers have signed up and 116 directories        have been published, achieving market penetration of 5% in the first        year.        Our online directory enquiries service, www.bt.com/directoryenquiries,        is the leading online player in the market, with almost 1.5 million searches        (business name, residential and classified) a week. The classified service    is currently generating more than one million searches a month.  **Traditional services for business    customers**During the 2004 financial year, we introduced        an enhanced version of BT Business Plan offering a ten pence price cap        on calls to the US and a 20 pence cap on calls to Europe and certain        countries in the Asia Pacific region. We also reduced the annual spend        commitment to £250. As at 31 March 2004, BT Business Plan had over    175,000 customers, compared with 20,000 as at 31 March 2003.Our innovative BT Local Business initiative        helped us gain traction in the SME market by building closer relationships        with smaller business customers, who are often more comfortable dealing        with other small companies rather than large corporations. At the end        of the 2004 financial year, BT Local Business was active in 73 locations        around the country and managing £1.1 billion of annual billedturnover.BT remains the largest supplier        of public and managed payphones, strengthening our market position during        the year by securing a five-year deal with BAA to supply traditional    and new multimedia payphones.
**Traditional services for wholesale customers**Our strategy in the UK traditional wholesale market has been to stem the decline in traditional revenues while seeking areas for revenue growth. Our traditional UK wholesale business has been under pressure fromseveral directions over the year. As 77% of our

 

 

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traditional revenue is regulated, the impact of  regulatory changes served to reduce UK wholesale revenues. The impact of the  mobile termination rate price cuts reduced our external UK wholesale revenue  by £126 million (4%) in the year. The reductions from the regulatory network  charge control pricing formulae resulted in weighted average price reductions  of around 7% across the basket of relevant products.       New regulatory-driven  products, such as carrier pre-selection and wholesale access lines, necessitated  investment to create and introduce systems and processes – all of which  are at a cost. However, we achieved a 1% increase in our UK external revenues  (excluding the impact of mobile termination rate cuts). We have further developed  our product portfolio, launching products such as wholesale calls and ISDN 30  Service Provider. We have continued with our cost reduction programmes across  the business and reduced our UK operating cost base by 4% over the financial  year.       In May 2004, we announced  we will be introducing a new wholesale calls product for carrier pre-selection  (CPS) operators that will allow them to use BT directly for certain calls at  a price such that their overall costs can be considerably reduced. This will  be developed in consultation with Ofcom and the industry, with interim arrangements  to be put in place from July 2004.

**Motivate our people and live the BT values****Our people**As at 31 March 2004, we had a diverse workforce of 99,900 people, 91,600 of whom were employed in the UK. To support our international operations, we employ 8,300 people in 37 countries outside the UK.

**Workforce flexibility**The changing nature of the markets in which we operate, our focus on cost leadership and our investment in new services have impacted the shape of our permanent workforce. During the 2004 financial year, 2,287 peoplejoined BT, natural attrition was running at 2.5% and, in the UK, 4,514 people left BT under our voluntary paid leaver package.     The composition of our workforce is regularly reviewed and, at the end of the 2004 financial year, managers and professionals represented 31% of our workforce.     We supplemented our long-term customer contact centre workforce in the UK with an additional workforce of 4.6% outside the UK. This workforce is under our direction and control.     We also instigated a review of our procurement contracts for the employment of temporary and agency workers. At 31 March 2004, we were working with ten agencies, with costs for contingencyworkers (agency and contractors) reducing year on year by 17%.

**Shares and pensions**Since privatisation, we have been committed to providing our employees with a stake in the company.     Under the BT EmployeeShare Investment Plan (ESIP), employees can purchase shares in the company fromtheir pre-tax salaries. In addition, they can buy shares at a discount underour savings-related share option plans. In the 2004 financial year, £20million was allocated to provide free shares to employees under the ESIP. (Employeesoutside the UK receive a cash payment equivalent to the value of the shares.)This allocation was linked to corporate performance measures determined by theBoard. 98% of eligible employees participate in one or more of these plans.     Most of our employees are members of the BT Pension Scheme or the BT Retirement Plan, both of which are controlled by independent trustees. The BT Pension Scheme was closed to new memberson 31 March 2001. The majority of new employees are eligible to join the BT Retirement Plan.

**Listening to our people**Our annual employee attitude survey, most recently conducted in early 2004, gives employees the chance to express their opinions about the company, their managers and the work they do. It encourages managers and theirteams to work together to implement action plans to address specific issues. 80% of people participated in the survey and the results showed, for example, that 95% of employees are committed to our customers and 90% feel that their actions alignwith our brand and people values.     Employees areinformed about our business through a wide range of communications channels,including our online news service, monthly newspaper, regular e-mail bulletinsand senior management web chats and web cast briefings. This ensures that keymessages are available for everyone, with additional information sourced on an ‘‘as needs’’ basis.     In the UK two main trade unions are recognised by the company. In continental Europe, we have strong relationships with the works councils, with which we work closely, both on anoperational basis and as strategic stakeholders.

**Health and safety**We have zero tolerance of workplace accidents and have set rigorous targets to effect significant improvements across the company. During the 2004 financial year, we beat our three-year targets set in 2000/01. Over thethree years, we have reduced workplace injuries by 40% and the number of cases of occupational ill-health referred to our occupational health service by 36%.

**Diversity in our workforce**A work environment that actively supports allour employees is central to BT’s culture. We champion equality of opportunity – regardless of gender, race, sexual orientation, disability or age –throughout the company. Internal networks include the Womens’ Network (genderequality) and Kaleidoscope (sexual orientation).     During the 2004financial year, we were awarded the platinum standard by Opportunity Now forour work  on gender equality, the gold standard by Race for Opportunity for our workon race equality, and the Business in the Community Diversity Award – recognisingour forward-thinking and diverse approach

 

 

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to equal opportunities. We also work closely with  the Employers’ Forum on Disability.

**Learning and flexibility**In addition to culture change programmes, such as  *my customer*, during the year we spent over £61 million (excluding  staff and other direct costs) on the training and development of our employees.     We have also increased the emphasis on broadband, e-learning and self-teach opportunities. This is particularly important as we extend our practices of flexible working. At 31 March 2004,we had around 500 job sharers, 5,570 people working part time and more than 7,900 people working from home.

**Research and development and IT support**BT Exact is BT’s research, technology and IT operations business. It offers expertise and experience in ICT, backed by a team of over 6,000 technologists and one of the world’s largest communications researchand development facilities. The work undertaken by BT Exact is part of an investment of £334 million in research and development made by BT in the 2004 financial year. This compares with £380 million and £362million invested inthe 2003 and 2002 financial years, respectively.     At BT Exact’s core are our world-renowned laboratories at Adastral Park near Ipswich, which have been responsible for some of the world’smost far-reaching advances in telecommunications technology, including the advancementof single-mode optical fibre and of the technology and worldwide standards behindpassenger phones on aircraft and videoconferencing.     Brightstar – BT’s business ‘‘incubator’’ with the goal of commercialising our patent portfolio – was created in January 2000. In March 2003, BT Exactteamed up with Coller Capital and New Venture Partners (NVP) to create a new, independent corporate venturing partnership – NVPBrightstar.     BT remains a limitedpartner and NVP Brightstar remains closely associated with BT Exact through exclusiverights to continue to spin-out companies from its R&D, professional andcomputing services base. This venturing unit complements our existing patentlicensing programme, for which we have an exclusive long-term arrangement withSilicon Valley-based IPValue Management Inc.

**Regulation, competition and prices******The commercial environment in the UK and in the countries in which BT operates is increasingly competitive and dynamic. However, we remain subject to extensive regulation, particularly in the UK, which can materiallyaffect the way in which we carry out our business. We also use inputs, such as networks and services from other regulated operators, largely outside the UK, and the availability and price of these inputs may change from time to time, which in turnaffects our business.

**Regulation in the UK**It is our policy to be fully compliant withthe regulatory framework in which we operate. During the 2004 financial year,we reviewed our compliance activities because we want to ensure that we continueto meet theobligations imposed by the UK’s Communications Act (previously the TelecommunicationsAct) and the Competition Act while competing fairly and vigorously within therules. We have published an annual compliance report which can be found in oursocial and environment report at www.bt.com/betterworld.
OfcomThe UK regulatory environment changed      materially in 2003. On 25 July 2003, the Communications Act 2003 (‘‘the      Communications Act’’) came into force, bringing in a new regulator,      the Office of Communications (Ofcom), and a new regulatory framework for      electronic communications networks and services. Ofcom did not, however,      assume its regulatory functions until 29 December 2003 and, in the transitional      period, the existing regulatorscontinued to carry out Ofcom’s functions relating to networks and services,and spectrum.     Ofcom wasset up, as a result of the increasing convergence between telecommunications,broadcasting and radio, to provide a single, seamless approach to regulationacross the whole converging marketplace. It amalgamates the roles of five formerregulatory agencies: the Director General of Telecommunications (Oftel), theIndependent Television Commission, the Broadcasting Standards Commission, theRadio Authority and theRadiocommunications Agency.     Ofcom isheaded by a board consisting of a chairman and executive and non-executive members.Currently, the chairman is Lord Currie and the chief executive is Stephen Carter.     The mainregulatory changes for providers of electronic communications networks and servicesare:the regulator’s ability to impose conditions without agreementthe possibility of fines being imposed    for breach of regulatory obligationsthe availability of appeals against regulatory    decisions, based on their meritsthe creation of a new regulatory regime        which, among other things, implements the requirements of the new EU        Directives for general authorisations, instead of individual licences,        and bases economic regulation on dominance, or ‘‘significant    market power’’ (SMP).Ofcom’s          duties and powersOfcom has a wide range of general and        specific duties laid down in the Communications Act. Below is a summary        of those dutiesand functions of particular relevance to BT’s activities:the principal duty to further the interests      of citizens in relation to communications matters and, secondly, to further      the interests of consumers, where appropriate, by promoting competition.      In doing so, Ofcom must secure,
 

 

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 among other things, the availability in the      UK of a wide range of electronic communications services.the duty to have regard to the principles      under which its regulatory activities should be transparent, accountable,      proportionate, consistent and appropriately targeted.the duty to review regulatory burdens on a      regular basis and ensure that they do not involve the imposition or maintenance      of unnecessary burdens.the functions of setting conditions of entitlement      (see **Regulatory conditions**), and enforcing those conditions (see      **Enforcement**). Ofcom’s decisions are subject to appeal on the      merits (see **Appeals**).      In        carrying out its duties, Ofcom must consider promoting competition and        the use of effective self-regulation; encouraging investment and innovation;        and encouraging the availability and use of high-speed data services    (including broadband).
Regulatory conditionsUnder the new framework, based on 2003 EU Directives, providers are no longer required to obtain licences before offering telecommunications services. Individual licences, such as that granted to BT in 1984, no longerexist. Instead, there is a general authorisation for anybody who wishes to provide electronic communications networks and services.     Regulationis applied through separate sets of conditions made by Ofcom, of which some applyto all relevant communications providers and others are imposed individuallyon particular providers which, following a review of the relevant markets, arefound to have SMP, or which are designated as ‘‘universal service providers’’. Other general obligations are set out in the Communications Act. The general andspecific obligations that form BT’s regulatory environment are describedbelow.

Conditions applying to all providers of electronic communications networks or services*General conditions*The foundation of the new regulatory frameworkis the set of general obligations referred to in the Communications Act as ‘‘general conditions’’. These apply to all providers of electroniccommunications networks or services, including ‘‘systemless’’ serviceproviders and internet service providers. These general conditions are mainlyconcerned with consumer protection, but also address matters such as generalaccess and interconnection obligations, standards, emergency planning and numbering.In addition, a separate condition has been set regulating the provision of premiumrate services.

*Electronic Communications Code conditions***The Electronic Communications Code deals with powers to carry out streetworks and similar activities for the purposes of providing networks and its application is subject to conditions made by the Secretary of Statefor Trade and Industry.
*Other          general obligations***Other obligations corresponding      to licence conditions under the old framework now apply directly through    provisions of the Communications Act. These are: payment of administrative charges (broadly    the equivalent of licence fees under the old framework)provision of information to Ofcom when    required to do so.
Conditions applying to BT only*****USO (universal service obligation) conditions***BT has been designated as the supplier of universal service for the UK excluding the Hull area, where Kingston Communications is the designated provider. The services covered by the USO are defined in an Order issuedby the Secretary of State for Trade and Industry. Our basic obligation is to provide a single narrowband connection to the fixed telephone network, but additional USO conditions relate to issues such as schemes for consumers with special socialneeds and the provision of call box services.     Ofcom is to carry out a fundamental review of the USO with a consultation expected in summer 2004 and a statement towards the end of the year. All aspects of the USO will be reviewed,including schemes for consumers with special social needs, disconnections, payphone provision, minimum data speeds, scope of USO and funding.

*Significant market power (SMP) conditions and market reviews*The EU Directives on which the regulatory frameworkis based require member state national regulatory authorities (in the case ofthe UK, Ofcom) to define and analyse markets (‘‘market review’’)and to determine whether any communications provider has SMP, which is alignedwith the competition law concept of dominance. Economic regulation can only beimposed following a market review and finding of SMP.     In markets where Ofcom finds that a provider has SMP, it must impose appropriate additional obligations in the form of SMP conditions as specified in the Communications Act. These mayinclude obligations to meet reasonable requests to supply certain services to other communications providers, not to unduly discriminate, and to notify price changes. In some cases, additional obligations relating to, for example, price control andregulatory accounting have also been, or will be, imposed.     Under provisionsin the Communications Act, conditions of BT’s former licence are kept inforce as necessary pending the making of new significant market power conditionsfollowing reviews of the relevant markets. Where market reviews have not yetbeen completed in relation to services for which BT was formerly regulated, BTis accordingly still regulated under conditions of the former licence.     In the UK, the majority of market reviews have been completed, although some are still in hand, and the local loop unbundling review has only recently commenced (see **Other market reviews**). The current

 

 

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status of the UK market review programme and its implications for and effects on BT are summarised below.

*Narrowband market reviews*Five reviews of narrowband marketswere concluded in November 2003. In four of these reviews, BT was found to haveSMP in some or all of the markets concerned, and conditions were imposed accordingly,including pricecontrols (see **Pricingregulation**), non-discrimination, publication of charges, terms and conditions,and the publicationof a ‘‘Reference Offer’’ inrelation to access services. While many of these obligations are similar in scope of application and severity to those which applied under the old regulatory regime, a number of changes have been introduced. Some of these are favourable to BT. Forexample, BT is no longer subject to SMP conditions in retail international calls made by business customers or in wholesale international services on country routes accounting for 95% of call volumes. In addition, BT was found not to have SMP inmarkets for wholesale unmetered narrowband internet termination. However, these reviews also produced some outcomes less favourable to BT: for example, Oftel’sproposal to require us to provide digital wholesale line rental products wasconfirmed.

*Leased lines market review*In December 2003, Oftel published itssecond draft Leased Lines Market Review (LLMR). Among other things, this continuedthe obligation to provide cost-oriented partial private circuits (PPCs) as awholesale alternative to retail private circuits, or leased lines. The draftLLMR also required a further effective price reduction of RPI-7%, to take effectfrom August 2003. We are working with Ofcom to agree a forward-looking pricecontrol for PPCs.     The      LLMR included a new requirement to provide a wholesale variant of BT’s      retail ethernet-interface leased line services. We were already in negotiation      with wholesale customers for provision of a wholesale product and these      commercial negotiations will be guided by our regulatory obligations.

*Wholesale broadband access market review*The consultation period on this marketreview closed on 6 February2004, and the publication of Ofcom’s final decisions is awaited. In theconsultation document, Ofcom proposed that BT has SMP in markets for wholesalebroadband origination and conveyance, and set out plans to impose a full rangeof SMP obligations.     BT is required to pass margin squeeze tests in advance of any price change on some of the wholesale products in our broadband portfolio. Margin squeeze tests are designed to address aparticular risk where a company with market power upstream is vertically integrated and sells an upstream input both to its own downstream operation and also to its downstream competitors. The test is to determine whether the company would beprofitable in the downstream market if it had to pay the same price for the upstream inputas its downstream competitors. This Direction has been continued pending completionof the market review, and margin squeeze tests are likely to appear as regulatoryremedies in the event that BT is found to haveSMP in broadband access.     On      3 April 2003, Oftel began an investigation into BT’s proposed price      change of the IPStream products, on the grounds that there might be a margin      squeeze on the Datastream products (regarded by Ofcom as the upstream product).      We agreed voluntarily to reduce the corresponding Datastream prices and,      in May 2004, announced our intention to further adjust the prices to ensure      there are adequate margins between Datastream andIPStream Home 500 (see **Traditional services for wholesale customers**).

*Other market reviews*Ofcom is conducting a market reviewof local loop unbundling (LLU) and, in May 2004, published the first consultation.A second will take place during the summer, with completion anticipated for December2004.     On the mobile front, Oftel concluded a market review of mobile access and origination in November 2003, and a final statement is awaited from Ofcom on the review of mobile voicetermination.     Ofcom published a consultation document on financial reporting in April 2004. This makes proposals for SMP obligations relating to accounting separation and cost accounting systems acrossall markets where SMP designations have been made.

*SMP apparatus conditions*The Government has made provision inthe Communications Act for Ofcom to review markets for terminal apparatus (egtelephones) and impose conditions on accounting methods, systems and separation,and to impose price controls in relation to hard-wired phones on any providerdesignated with SMP. Ofcom is considering whether to conduct a review of hard-wiredtelephones.

EnforcementThe Communications Act sets out theenforcement process to be followed in relation to breaches of conditions. Wherea breach is not remedied following notification by Ofcom, Ofcom may take legallyenforceable enforcement action and/or impose a penalty of up to 10% of relevantturnover. In addition, a person who suffers loss or damage as a result of thebreach may, with Ofcom’s consent, sue for damages, and, in the case of seriousand repeatedcontraventions, Ofcom may restrict or suspend the provider’s entitlementto provide electronic communications networks or services.     The Communications Act contains similar enforcement procedures (though with much smaller penalties) for matters such as non-compliance with a request for information or non-payment of anadministrative charge.

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20Operating and financial reviewBT          Annual Report and Form 20-F 2004
Appeals One of the main features of the      new regulatory framework is that full appeals on the merits are now available      against regulatory decisions. Consequently, appeals can be made against    matters such as:SMP, SMP apparatus (see above)    and USO designationsthe setting, modification and    revocation of conditionsenforcement actions, including    the imposition of a penalty. Any          person affected by a decision may appeal to the Competition Appeal          Tribunal. However, the Tribunal must refer on to the Competition Commission          for determination any matters in any appeal which relates to price          controls.  In          an appeal by BT, the Competition Appeal Tribunal has ruled that it          was wrong for Oftel to force us to supply mobile companies with the          private circuits that connect their cell sites to their main networks          more cheaply, on the basis that such circuits were interconnection,      than we had done historically. 
**Competition**The competitive environmentThe UK telecommunications market isfully open and highly competitive.     Althoughit is some years since theTelecommunications Act abolishedthe monopoly of the former statutory corporation, British Telecommunications,obligations placed on BT, including pricing regulation, network access, non-discriminationobligations and the requirement to provide universal service, are generally moreonerous than for other providers of electronic communications networks and services.

Competition and the UK economyThe growth of mobile over the lastdecade has been a major factorin shaping the UK’s telecommunications landscape. Mobile now accounts forapproximately 30% of the total UK voice minutes. BT’s market share of thetotal UK voice market including mobile is estimated to beapproximately 40%.     BT’s      share of the residential fixed-voice market, as measured by the volume      of fixed-to-fixed voice minutes, declined to an estimated 70% in the 2004      financial year, compared with an estimated 73% in the 2003 and 2002 financial      years. CPS has been one of the contributors to the loss of share in the      fixed-voice market. We estimate that BT had 42% of the market for business      fixed-voice calls in the 2004 financial year, comparedwith an estimated 45% and 49% in the 2003 and 2002 financial years, respectively.     The estimated market shares are based on our actual minutes, market data provided by Ofcom and an extrapolation of the historical market trends.     We also estimate that BT has supplied approximately 80% of exchange lines in the UK during the three years under review.     The      growth in cable operators’ networks in the UK has historically had an adverse effect on BT’s      share of the residential market as a result of increasingcompetition from these cableoperators. However, in the 2004 financial year, BT grew its residential customerbase by 190,000. Current and future wholesale line rental arrangements will allowBT’s fixed-line customers to move PSTN lines to other operators which areexpected to be thesource of more competition in future.     Since      2000, we have been required to provide other operators with the use of      the lines connecting BT’s local exchanges to our customers and to      other operators to install equipment in our exchanges (local loop unbundling)      (see **Other market      reviews**).

Competition ActIn addition to telecommunications industryregulation, BT is subject to general competition law.     By virtue of provisions in the Competition Act 1998, UK competition law is in line with European Community law in prohibiting anti-competitive agreements, concerted practices and the abuseof a dominant market position. In the case of electronic communications, Ofcom has concurrent investigatory and enforcement powers with the Office of Fair Trading. Breach of the relevant prohibitions could lead to fines of up to 10% of relevantturnover in the UK for each year of infringement (up to a maximum of three years) and/or result in claims for damages in the civil courts. A company may also be ordered to cease an infringing activity. There is an independent mechanism for appealsto the Competition Appeal Tribunal against decisions under the Competition Act.     The      Competition Appeal Tribunal is hearing Freeserve’s appeal against Ofcom’s decision in which BT was found not to have infringed the prohibition on abuse of a dominant positionin relation to BT Openworld’s consumer broadband products.

Enterprise ActThe Enterprise Act 2002 aims to givemore independence to the competition authorities, to reform insolvency and bankruptcylaws and to tackle trading practices that harm consumers.     The key provisions of the Enterprise Act, including the new cartel offence and the section on director disqualification, entered into force on 20 June 2003. It is now a criminal offence,punishable by imprisonment or a fine, or both, to engage in cartel activity. In addition, where companies infringe UK or EC competition law, company directors can be disqualified from acting as such for a maximum period of 15 years.

**Pricing regulation**Fixed networkWe are subject to price controls onour fixed network services in the UK at two levels: retail and network. Fixednetwork competitors are generally not subject to direct price controls, althoughthere are some controlson mobile network operators.

Retail price controlsWe are subject to two sets of UK retailprice controls, one on certain public-switched telephony call charges

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21Operating and financial reviewBT          Annual Report and Form 20-F 2004
Price control formula (RPI-X)
 Years    commencing 1 August    1998 1999 2000 2001 2002 2003  % RPI movement for the relevant period**a**3.75 1.35 3.32 1.93 1.03 **2.89** X in price control formula**b**4.50 4.50 4.50 4.50 1.03 **2.89** % required reduction in base prices**cd**(0.73)(3.15)(1.09)(2.45)0 **0** % reduction in base prices overall(0.73)(3.24)(1.20)(2.50)(0.22)**(0.16****)e** **a**Annual increase in RPI to previous    June**b**From 1 August 1997, the RPI        formula covers the main switched telephone services provided to the lowest    80% of BT’s residential customers by bill size**c**After permitted carry forward        of any unused allowance or shortfallfrom previous years**d**From 1 August 2002, the RPI        formula covers the change in average prices (including residential discount    packages)**e**Price changes implemented up        to March 2004 for all residentialcustomers
and exchange line rentals, and one    on certain private circuits. Each price control is based on a formula calculated    by reference to the UK Retail Prices Index (RPI) and a factor, X.     For  services covered by the controls, the weighted average of base prices cannot  increase in each year beginning 1 August by more than the annual change in RPI  minus X. The current retail price control for public-switched telephony, applying  from August 2002 to July 2006, is RPI minus RPI (ie the value of X is RPI and  prices cannot increase). It is measured on services used by the lowest 80% of  our residential customers classified by bill size. From August 2002, the services  covered by the control were extended to include BT’s share of the revenue  for calls to all four mobile networks, replacing the previous separate control  on BT for calls to Vodafone and O2. The price  control formula and our performance  against the formula are set out in the table above.      Under the new controls, we have also given an assurance that increases in line rental for business customers will be no more than the annual change in RPI. Under the price controls forprivate circuits that applied from August 1997 to July 2001, prices for domestic analogue and low-speed digital private circuits could not increase by more than the change in the RPI in any year. For all retail analogue private circuits and 8 Mbit/sdigital private circuits, we have voluntarily given an assurance to adhere to a RPI+0% price cap from 30 June 2003 (ie applied retrospectively) until 30 June 2006.     As      part of the review of price controls in 2002, BT was required to provide      a cost-based wholesale line rental product to other service providers at      a regulated price and in a way thatdoes not discriminate between BT’s retail business and service providers.This product (Wholesale Access) has been available from BT since 1 September2002. Further consultation by Ofcom has resulted in an enhanced wholesale accessproductbeing available from 29 March 2004.

Network charge controlWe operate under interconnection agreementswith most other operators. The current network charge control period began on1 October 2001 and will last for four years from that date. It requires us toset reasonable charges based on long-run incremental costs for our standard interconnectionservices. Depending on the degree of competition for these services, chargesare cap-controlled each year by RPIminus X (where X ranges from7.5% to 13%) for services Ofcom considers unlikely to become competitive in thenear future; and safeguard cap controlled (ie no increases above RPI during anyrelevant year of the overall control period) for services likely to become competitive.Those services considered fully competitive are not subject to direct chargecontrols. Later in 2004, Ofcom will begin a review of the network charge controlto determine what control shouldapply from 1 October 2005.
        The    main network price caps are listed below: BasketX               Factor in      RPI – X    formula DurationCall termination10 30 Sept 2005Call origination10 30 Sept 2005Tandem layer13 30 Sept 2005Safeguard cap0 30 Sept 2005Interconnect specific8.25 30 Sept 2005Local exchange FRIACO7.5 30 Sept 2005Number portability5 31 July 2006
The number portability charge control runs from 1 August 2002 until 31 July 2006.The charges are controlled by a RPI minus X formula, with X set at 5%. Underthe new regime, General Condition 18 requires all providers to offer number portability,among other things, on reasonable terms and for charges to be cost-orientated.Ofcom is currently consulting on proposals for Condition 69A, presently maintainingthe number portability charge control, to be replaced by a non-binding undertakingfrom BT that we will continue to comply with its terms, including the RPI-5 chargecontrol as though the provision was still operative until 31 August 2006.     BT must publish a notification to Ofcom and other operators if we intend to amend existing charges or to offer new services. Notice periods range from 28 to 90 days for regulated services,depending on the degree to which they are judged to be competitive.

FRIACOFRIACO (flat-rate internet access callorigination) is a service that provides flat-rate charges for internet dialledaccess. On 21 July 2003, Oftel issued a Direction on the intelligent networkcomponent of the FRIACO price that required BT to delete this component fromthe charge retrospectively to 1 June 2002. BT incurred rebate payments in the2004 financial year of around £16million.

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22Operating and financial reviewBT Annual Report and        Form 20-F 2004
 

Wholesale access charge controlThe charges for wholesale access services are  also subject to price control. The charges for the line rental (residential  and business products), line transfer and new line installations have been set  by Ofcom and are subject to a price control of RPI minus 2%, effective from  1 September 2002 for four years. The control applies to the aggregate of all  charges (rental, transfer and installation) as well as to line transfers separately.  We are also under an obligation to notify Ofcom and service providers if we  intend to amend existing charges. Notice periods range from 28 to 90 days, depending  on the specific service.     On 28  November  2003 Oftel published its statement on the fixed narrowband wholesale  exchange  line market. This statement contained new obligations on BT to provide business   ISDN2 wholesale line rentals with cost-oriented prices. We must also provide  residential ISDN2 and ISDN30 wholesale line rentals at retail minus prices.   Furthermore, the wholesale ISDN2 business and ISDN30 products have to be provided  in accordance with a functional specification defined by Ofcom. Ofcom is conducting   an investigation into the prices of business ISDN2 wholesale line rental.

**Non-UK regulation**BT must comply with the regulatory regimes in  the countries in which we operate or wish to operate. The obligations placed  on BT and our suppliers continue to be relevant to our business models and have  cost implications for our end-user services. These rules are generally applied  by national regulatory authorities operating under a government mandate. The  impact of the decisions of these bodies can have a material impact on our business  models from time to time.

European UnionThe degree to which the European directives have  been implemented varies by country. While 2004 should see a general move towards  the new regime, in some countries the directives may not be fully implemented  until 2005. In most, but not all, member states the primary legislation that  will enable the introduction of the new regulatory regime is going through,  or has been through, the legislative process. The processes of identification  of operators with SMP and the subsequent setting of regulatory obligations on  those operators are mostly in progress. The implementation process in Germany  is notably behind that in other major member states.     BT will not have  universal service obligations outside the UK, although in certain member states  we may be required to contribute towards an industry fund to pay for the cost  of meeting universal service obligations in those countries. Any findings that  BT has SMP in any non-UK market are not expected to have a material impact.  We are lobbying the European Commission and other EU bodies with responsibility  for electronic communications for consistent and timely implementation of thenew directives and associated regulation.The availability of cost-oriented access products from regulated incumbents remains an important element of our strategy around the world and we continue to press these incumbents, their national regulatory authoritiesand at EU level for such access. Their availability varies by country.

Rest of the worldThe vast majority of the markets in  which we operate around the world are regulated, and in the majority of these    we have to obtain licences or other authorisations and to comply with the    conditions  of these. The degree to which these markets are liberalised varies widely:    while many are fully open to competition, others place restrictions on market    entrants,  such as the extent to which foreign ownership is permitted, or restrictions    on the services which may be provided. The extent to which the national incumbent    operator is effectively regulated also varies considerably. BT’s ability  to compete fully in some countries is therefore constrained.
**Other      significant changes and issues**Mobile      call terminationIn early 2003,      the Competition Commission ruled that mobile termination rates were against      the public interest and recommended one-off cuts of 15% in real terms before      25 July 2003 and RPI minus X cuts forthe      following two years (X = 15% for Vodafone and O2and X = 14% for T-Mobile and Orange).(There        are two types of mobile termination charge.When a BT fixed-line customer makes a call      to a mobile phone, we incur a termination charge payable to the mobile operator.      This charge is incorporated in the cost of the call.When a customer of any mobile operator      makes a call to another mobile network, this can pass through BT’s      fixed network. In this case, BT passes the termination charge on behalf      of the calling mobile network to the receiving mobile network.)Oftel        introduced changes to the mobile operators’ licences to implement        the one-off 15% cut by 25 July 2003 and Ofcom is currently undertaking        a market review of mobile termination rates to evaluate what, if any,        controls should exist going forward. Ofcom’s latest proposals seek        to implement the Competition Commission’s original findings.The        financial effect has been to reduce group revenues by over £200        million during the 2004 financial year. However, payments to mobile operators        have reduced by exactly the same amount, leaving a neutral effect on profits.
Strategic Review of TelecommunicationsDuring 2004, Ofcom will be carrying out    a strategic review of the UK telecommunications sector and published its    first consultation  in April 2004. The review will be comprehensive, wide ranging and will assess    the options for enhancing value and choice in the UK telecommunications sector    while having regard to investment and innovation. Ofcom’s proposals  will be set out in a report to be published before the end of 2004.

 

 

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23Operating and financial reviewBT Annual Report and        Form 20-F 2004
 

The review focuses on five fundamental  issues, relating respectively to: the key attributes of a well-functioning telecoms  market for citizen-consumers; the achievement of sustainable competition; the  possibility of a significant reduction in regulation; incentivising efficient  and timely investment in next-generation networks; and the relevance of the  issue of structural or operational separation of BT.

Funds for liabilitiesUnder conditions relating to the ElectronicCommunications Code, an electronic communications  provider which has apparatus on or in the public highway is required to make  financial provision to cover damage suffered by highway or other relevant authorities,  resulting from works carried out by the communications provider, for the removal  of its network, if necessary, in the event of the liquidation or bankruptcy  of the company.     The conditionsrequire the company to provide Ofcom annually with a certificate that, in thecompany board’s opinion, the company has fulfilled its obligations to ensurethe availability of the required funds.

**Relationship with HM Government**The UK Government, collectively, is our largest  customer, but the provision of services to any one department or agency of the  UK Government does not comprise a material proportion of our revenues. Except  as described below, the commercial relationship between BT as a supplier and  the UK Government as customer has been on a normal customer and supplier basis.We can, however, be required by law to do certain  things and provide certain services for the UK Government. General conditions  made under the Communications Act 2003 require all providers of public telephone  networks and/or publicly available telephone services, including BT, on the  request of and in consultation with the authorities, to make, and if necessary  implement, plans for the provision or restoration of services in connection  with disasters. Furthermore, the Civil Contingencies Bill, currently before  Parliament, contains provision enabling obligations to be imposed on providers  of public electronic communications networks, including BT, in connection with  civil contingency planning. In addition, the Secretary of State has statutory  powers to require us to take certain actions in the interests of national securityand international relations.

**Legal proceedings**The company does not believe that there are any  pending legal proceedings which would have a material adverse effect on the  financial position or operations of the group.     Proceedings have  been initiated in Italy against 21 defendants, including a former BT employee,  in connection with the Italian UMTS auction. Blu, in which BT held a minority  interest, participated in that auction process. The evidential hearings are  continuing in Rome. If the proceedings are successful, BT could be held liable,  with others, for any damages. The company has concluded that it would not beappropriate to make a provision in respect of any such potential claim.

 

 

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24Operating and financial reviewBT Annual Report and        Form 20-F 2004
 

Five-year financial  summary
**Profit      and loss account**            2000 2001 2002 2003 **2004** Years ended 31 March£m £m £m £m **£m**       Total turnover:                Continuing      activities18,228 21,068 21,815 20,182 **18,914**       Discontinued      activities3,675 8,598 2,827 – **–**  21,903 29,666 24,642 20,182 **18,914** Group’s share of associates’ and      joint ventures’ turnover(3,364)(9,937)(4,764)(1,455)**(395****)**Trading between group and principal      joint venture176 698 681 – **–**  Group turnover:                Continuing      activities16,125 17,141 18,447 18,727 **18,519**       Discontinued      activities2,590 3,286 2,112 – **–**  18,715 20,427 20,559 18,727 **18,519** Other operating income216 359 362 215 **177** Operating costs**ab**(15,359)(20,759)(21,400)(16,370)**(15,823****)** Group operating profit (loss):                Before      goodwill amortisation and exceptional items3,772 3,257 2,580 2,790 **2,892**       Goodwill      amortisation and exceptional items(200)(3,230)(3,059)(218)**(19****)** 3,572 27 (479)2,572 **2,873** Group’s share of operating      profit (loss) of associates and                joint      ventures**c**(400)(397)(1,381)329 **(34****)** Total operating profit (loss):                Continuing      activities3,143 2,456 (1,489)2,901 **2,839**       Discontinued      activities29 (2,826)(371)– **–**  3,172 (370)(1,860)2,901 **2,839**            Profit on sale of fixed asset      investments and group undertakings126 619 4,389 1,691 **36** Profit on sale of property      fixed assets26 34 1,089 11 **14** Amounts written off investments– – (535)(7)**–** Net interest payable**d**(382)(1,314)(1,622)(1,439)**(941****)** Profit (loss) on ordinary activities      before taxation:                Before      goodwill amortisation and exceptional items3,100 2,072 1,113 1,829 **2,016**       Goodwill      amortisation and exceptional items(158)(3,103)348 1,328 **(68****)** 2,942 (1,031)1,461 3,157 **1,948** Tax on profit (loss) on ordinary      activities**e**(957)(712)(443)(459)**(539****)** Profit (loss) on ordinary activities      after taxation1,985 (1,743)1,018 2,698 **1,409** Minority interests10 (127)(23)(12)**8**  Profit (loss) for the financial      year1,995 (1,870)995 2,686 **1,417**  Average number of shares used      in basic earnings per share (millions)7,235 7,276 8,307 8,616 **8,621** Basic earnings (loss) per share27.6p(25.7)p12.0p31.2p**16.4****p**Diluted earnings (loss) per      share26.9p(25.7)p11.9p31.0p**16.3****p**Basic earnings (loss) per share      from continuing activities29.2p20.7p(34.8)p31.2p**16.4****p**Diluted earnings (loss) per      share from continuing activities28.5p20.4p(34.8)p31.0p**16.3****p**Dividends per share19.6p7.8p2.0p6.5p**8.5****p**Dividends per share, cents**f**35.7c14.0c3.1c10.3c**15.6****c** Basic earnings per share before      goodwill amortisation and                exceptional      items29.8p17.5p6.1p14.2p**16.9****p**Diluted earnings per share      before goodwill amortisation and                exceptional      items29.1p17.3p6.0p14.1p**16.8****p**Basic earnings per share before      goodwill amortisation and                exceptional      items on continuing activities29.5p19.3p8.8p14.2p**16.9****p** **a**Operating costs include net        exceptional costs111 2,857 2,707 198 **7** **b**Includes redundancy and early        leaver costs59 118 252 276 **202** **c**Group’s share of          operating profit (loss) of associates and joint ventures  includes          exceptional costs (release) –  332  1,294  (150)  **26** **d**Net interest payable includes        exceptional costs (credits)– (25)162 293 **55** **e**Includes exceptional tax charge        (credit)5 22 (143)(139)**(29****)****f**Based on actual dividends paid        and/or year end exchange rate on          ** **proposed dividends          
 

 

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25Operating and financial reviewBT Annual Report and Form 20-F 2004
 

**Cash flow statement**
             2000 2001 2002 2003 **2004** Years ended 31 March£m£m£m£m**£m** Net cash flow from operating activities5,849 5,887 5,257 6,023 **5,389**** **Dividends from associates and      joint ventures5 10 2 6 **3**** **Returns on investments and servicing      of finance(163)(727)(1,695)(1,506)**(527****)**Taxation paid(1,311)(669)(562)(434)**(317****)**Capital expenditure and financial      investment(3,752)(8,442)(1,354)(2,381)**(2,477****)**Acquisitions and disposals(6,405)(13,754)5,785 2,842 **(60****)**Equity dividends paid(1,364)(1,432)– (367)**(645****)** Cash (outflow) inflow before management      of liquid resources        ** **** **   and financing(7,141)(19,127)7,433 4,183 **1,366**** **Management of liquid resources1,236 (480)(1,864)(1,729)**1,123**** **Financing5,959 19,735 (5,479)(2,473)**(2,445****)** Increase (decrease) in cash in      the year54 128 90 (19)**44**** **** **(Increase) decrease in net debt      in the year(6,582)(18,942)13,930 4,225 **1,222**** **            **Balance      sheet**           2000 2001 2002 2003 **2004** At 31 March£m£m£m£m**£m**  Intangible fixed assets5,777 18,380 252 218 **204**** **Tangible fixed assets18,163 21,625 16,078 15,888 **15,487**** **Fixed asset investments5,878 5,204 1,221 555 **377**** **Net current assets (liabilities)(7,115)(11,143)732 1,876 **2,002**** ** Total assets less current liabilities22,703 34,066 18,283 18,537 **18,070**** **Loans and other borrowings falling      due after one year(5,354)(18,775)(16,245)(13,456)**(12,426****)**Provisions for liabilities and      charges(3,011)(2,738)(2,324)(2,376)**(2,504****)**Minority interests(498)(499)(72)(63)**(46****)** Total assets less liabilities13,840 12,054 (358)2,642 **3,094**** **** **Called up share capital7,485 7,573 434 434 **432**** **Share premium account– – 2 2 **2**** **Capital redemption reserve– – – – **2**** **Other reserves(3,345)(2,848)1,025 998 **998**** **Profit and loss account9,700 7,329 (1,819)1,208 **1,660**** ** Total equity shareholders’      funds (deficiency)13,840 12,054 (358)2,642 **3,094**** **** **Total assets37,588 54,799 27,673 28,217 **26,618**** **            **US GAAP**           2000 2001 2002 2003 **2004** Years ended 31 March£m £m £m £m **£m**  Group operating profit (loss)2,990 (633)(337)2,693 **2,420**** **Income (loss) before taxes2,096 (1,959)1,025 3,653 **1,188**** **Net income (loss):        ** **** **     Continuing      activities1,559 809 (1,680)4,134 **883**** **     Discontinued      activities(166)(3,166)948 – **–**** ** 1,393 (2,357)(732)4,134 **883**** ** Average number of ADSs used in      basic earnings per ADS (millions)724 728 831 862 **862**** **Basic earnings (loss) per ordinary      share19.3p(32.4)p(8.8)p48.0p**10.2****p**Diluted earnings (loss) per ordinary      share18.8p(32.4)p(8.8)p47.7p**10.2****p**Basic earnings (loss) per ordinary      share from continuing activities21.5p11.1p(20.2)p48.0p**10.2****p**Diluted earnings (loss) per ordinary      share from continuing activities21.1p11.0p(20.2)p47.7p**10.2****p**Basic (loss) earnings per ordinary      share from discontinued activities(2.2)p(43.5)p11.4p– **–**** **Diluted (loss) earnings per ordinary      share from discontinued activities(2.3)p(43.5)p11.3p– **–**** **Basic earnings (loss) per ADS£1.93 £(3.24) £(0.88) £4.80 **£1.02**** **Diluted earnings (loss) per ADS£1.88 £(3.24)£(0.88) £4.77 **£1.02**** ** Total assets as at 31 March38,481 55,361 30,428 31,131 **28,674**** **Ordinary shareholders’ equity      (deficiency) as at 31 March13,634 10,231 (4,247)(2,258)**(1,455****)** 
 

 

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26Operating and financial reviewBT Annual Report and Form 20-F 2004
 

Financial review
 The review is divided    into the following sections:**26****Introduction****28****Group    results****30****Line    of business results****30****BT    Retail****32****BT    Wholesale****34****BT    Global Services****34****Other    operating income****34****Operating    costs****36****Group    operating profit (loss)****36****Associates    and joint ventures****37****Total    operating profit (loss)****37****Profit    on sale of group undertakings and** **fixed    asset investments****38****Profit    on sale of property fixed assets****39****Interest    charge****39****Profit    (loss) before taxation****39****Taxation****40****Earnings    (loss) per share****40****Dividends****40****Financing****42****Treasury    policy****42****Off-balance    sheet arrangements****42****Capital    resources****42****Foreign    currency and interest rate exposure****43****Capital    expenditure****43****Acquisitions****43****Demerger    and capital reduction****43****Balance    sheet****43****Return    on capital employed****44****Pensions****44****Geographical    information****44****Economic    and Monetary Union****45****Regulatory    financial information****45****Regulation,    competition and prices****45****Competition    and the UK economy****45****Environment****45****Critical    accounting policies****46****International    accounting standards****46****US    GAAP**   Please see cautionary statement regarding forward-looking    statements on page 141.
**Introduction**The 2004 financial year was marked by the continuingtransformation of our business operations and markets, where the pace of changeis accelerating. We are driving the change by providing our customers with newtechnology and services with greater capabilities and lower cost. The focus ondelivering the strategy continued and the group’s performance benefitedfrom the growth in new wave activities such as Information and CommunicationsTechnology (ICT) solutions, broadband, mobility and managed services and continuedcost efficiency programmes.      The 2003 financialyear was characterised by a focus on implementing and delivering the strategyannounced in April 2002 and further corporate transactions in the continued restructuringof the group and reduction of net debt. The corporate transactions included theunwind of the Concert joint venture on 1 April 2002 and the disposal of our interestin Cegetel for £2.6 billion.      The2002 financial year was dominated by a series of corporate transactions designedtofocus and transform the group and reduce its net debt position. Those corporatetransactionsincluded raising £5.9 billion through the rights issue in June 2001, sellingour Japanese telecom and Spanish mobile investments for £4.8billion, selling the Yell directories business for approximately £2billion, the demergerof mmO2and the sale and leaseback of properties for £2.4billion.     As a result of the major restructuring of the group and the significant level of corporate transactions completed during the period under review, we believe it is difficult for investorsto meaningfully compare the financial performance of the group between the financial years under review. In this Financial review the commentary is therefore focused principally on the trading results of the continuing activities of BT Group beforegoodwill amortisation and exceptional items. In comparing the continuing activities of the group, the results of our discontinued activities, namely our Japanese telecom and Spanish mobile investments, Yell and mmO2 are excluded. Goodwill amortisation is excluded because the annual charge has varied significantly during the period under review as a result of the corporate transactions noted above and the exceptional impairment charges. The exceptional items, by virtueof their size or nature, are excluded because they predominantly relate to corporate transactions rather than the trading activities of the group. This is also consistent with the way that financial performance is measured by management and webelieve allows a meaningful comparison to be made of the trading results of the group during the period under review.    The goodwill amortisation and exceptional items are therefore analysed and discussed separately from the line of business results in this Financial review because they are considered to bea reflection of the corporate activity rather than the trading activity of the lines of business.     The following table shows the summarised profit and loss account which includes a reconciliation of the key performance measures before and after goodwill amortisation and exceptionalitems and is discussed further in this Financial review. The operating results by line of business are discussed in addition to the overall group results as we believe the activities and markets they serve are distinct and this analysis provides agreater degree of insight to investors.

 

 

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27Operating and financial      reviewBT Annual      Report and Form 20-F 2004
 

Summarised profit  and loss account
 **2004**  2003 2002 **Continuing**Continuing   **activities**activitiesContinuing **and      total**and totalactivitiesTotal***£m**£m£m£m **Total turnover****18,914**** **20,182 21,815 24,642 Group’s share of associates’      and joint ventures’ turnover**(395****)**(1,455)(4,049)(4,764)Trading between group and principal      joint venture**–**** **– 681 681  **Group turnover****18,519**** **18,727 18,447 20,559 Other operating income**177**** **215 361 362 Operating costs**(15,823****)**(16,370)(18,854)(21,400) Group operating profit (loss):** **** **           Before      goodwill amortisation and exceptional items**2,892**** **2,790 2,771 2,580      Goodwill      amortisation**(12****)**(20)(121)(352)     Exceptional      items**(7****)**(198)(2,696)(2,707) **2,873**** **2,572 (46)(479)Group’s share of operating      profit (loss) of associates and joint ventures**(34****)**329 (1,443)(1,381) Total operating profit (loss):** **** **           Before      goodwill amortisation and exceptional items**2,884**** **2,971 2,663 2,546      Goodwill      amortisation**(12****)**(22)(162)(405)     Exceptional      items**(33****)**(48)(3,990)(4,001) **2,839**** **2,901 (1,489)(1,860)Profit on sale of group undertakings      and fixed asset investments**36**** **1,691 21 4,389 Profit on sale of property fixed      assets**14**** **11 1,089 1,089 Amounts written off investments**–**** **(7)(535)(535)Net interest payable**(941****)**(1,439)(1,579)(1,622) Profit (loss) on ordinary activities      before taxation:** **** **           Before      goodwill amortisation and exceptional items**2,016**** **1,829 1,273 1,113      Goodwill      amortisation**(12****)**(22)(162)(405)     Exceptional      items**(56****)**1,350 (3,604)753  **1,948**** **3,157 (2,493)1,461  ** **** **      Tax**(539****)**(459)(385)(443) **Profit (loss) after taxation****1,409**** **2,698 (2,878)1,018 Minority interests**8**** **(12)(10)(23) **Profit (loss) for the financial      year****1,417**** **2,686 (2,888)995  Basic earnings (loss) per share:** **** **           Before      goodwill amortisation and exceptional items**16.9****p**14.2p8.8p6.1p     Goodwill      amortisation**(0.1****)p**(0.3)p(2.0)p(5.0)p     Exceptional      items**(0.4****)p**17.3p(41.6)p10.9p **16.4****p**31.2p(34.8)p12.0p * Including discontinued activities        
 

 

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28Operating and financial reviewBT Annual Report and          Form 20-F 2004
**Group results**All references in this sectionto the 2002 financial year results or performance against the 2002 financialyear are in relation to the results from continuing activities.     Whilst driving a significant transformation in the business, the group continued to make further progress with earnings per share before goodwill amortisation and exceptional items at 16.9pence which were 19% ahead of the 2003 financial year and 92% ahead of the 2002 financial year.     The      acceleration of our transformation is demonstrated by the 30% growth of      new wave turnover to £3,387 million compared to an increase of 20%      in the 2003 financial year. New wave turnover represented 18% of group      turnover in the 2004 financial year compared to 14% and 12% in the 2003      and 2002 financial years, respectively. New wave turnover is mainly generated      from ICT solutions, broadband, mobility and managedservices.

In the 2004 financial year, performance was driven by particularlystrong growth in the ICT solutions business and broadband. However, this growthwas more than offset by a 6% decline in turnover from the group’straditional businesses. The decline reflects regulatory intervention, price reductions and competitive and technological changes that are being used to drive customers from traditional services to better value and more flexible new wave services,such as broadband and IPVPN’s. Mobile operators were required to reduce their fees for terminating calls and these regulatory reductions were passed on to BT customers resulting in lower revenues but are profit neutral as payments to mobileoperators were reduced by the same amount. Group turnover was maintained after excluding the £219million impact of these regulatory reductions to mobile termination rates.     In the 2003 financial year performance in new wave services was also driven by strong growth in ICT solutions and broadband. This growth was partly offset by the 1% decline in traditionalrevenues.     The table below analyses the group turnover by customer segment. Consumer includes the external turnover of BT Retail from consumer customers. Business includes the external turnover of BTRetail from smaller and medium sized enterprise (SME)customers. Major Corporate includesthe external turnover of BT Retail Major Corporate customers, and the externalturnover of BT Global Services, excluding global carrier. Wholesale includesthe external turnover of BT Wholesaleand BT Global Services’ global carrier business.

**Group turnover by customer segment**
 2004£m 2003£m 2002£m  Consumer**5,974** 6,067 5,916 Business**2,600** 2,716 2,748 Major Corporate**5,909** 5,794 4,962 Wholesale**4,002** 4,110 4,433 Other**34** 40 388   **18,519** 18,727 18,447  
 Consumer turnover in 2004 was  2% lower (1% excluding the impact of regulatory reductions in mobile termination  rates) at £5,974 million when compared to the 2003 financial year. In  the consumer fixed voice market, Carrier Pre Selection (CPS) had some impact  with BT’s estimated residential market share, as measured by the volume  of fixed to fixed voice minutes, declining by 3 percentage points to 70% compared  to the 2003 financial year. The estimated market share, as measured by the volume  of fixed to fixed voice minutes, is based on our actual minutes, market data  provided by Ofcom and an extrapolation of the historical market trends.       The  proportion of contracted revenues has been increasing, now approaching 60% of  total revenues, with the success of the BT Together packages and broadband.  The underlying 12 months rolling average revenue per customer household (net  of mobile termination charges) of £268 in the 2004 financial year was  1% lower than the 2003 financial year. Consumer turnover in the 2003 financial  year was 3% higher at £6,067 million when compared to the 2002 financial  year. The number of BT Together packages increased by 304,000 packages during  the 2003 financial year.       The  aggregate Business and Major Corporate turnover in the 2004 financial year was  maintained when compared to the 2003 financial year after an increase of 10%  from the 2002 financial year. BT’s estimated business market share of fixed  to fixed voice minutes declined to an estimated 42% in the 2004 financial year  compared to an estimated 45% and 49% in the 2003 and 2002 financial years, respectively.       Turnover  from smaller and medium sized enterprise customers in the 2004 financial year  reduced by 4% to £2,600 million compared to the 2003 financial year, reflecting  the continued penetration of CPS and the impact of customers switching from  traditional telephony services to new wave services such as broadband. However,  BT Business Plan, launched in January 2003, had successfully attracted more  than 267,000 business locations (175,000 customers) by 31 March 2004, helping  to mitigate the rate of market share decline. Revenues from smaller and medium  sized businesses in the 2003 financial year decreased by 1% compared to the  2002 financial year. 

 

 

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29Operating and financial    reviewBT Annual          Report and Form 20-F 2004
 Major Corporate turnover increased    by 2% to £5,909 million in the 2004 financial year with the growing    new wave turnover offsetting the decline in traditional UK services. This    reflects the continued migration of traditional voice only services to managed    ICT contracts from which turnover grew by 19% to £2,564 million in    the 2004 financial year confirming BT’s status as a major ICT provider    in this market. Contract wins from ICT solutions amounted to more than £7    billion in the 2004 financial year. The highest profile of these were three    NHS contracts expected to be worth more than £2.1 billion and forming    an integral part of the National Programme for Information Technology in    the NHS. In the 2003 financial year Major Corporate revenues increased by    17% to £5,794 million with part of this increase reflecting the re-integration    of Concert. Contract wins from ICT solutions in the 2003 financial year amounted    to more than £4.4 billion compared to more than £3.3 billion    in the 2002 financial year.     Wholesale  (UK and Global Carrier) turnover in the 2004 financial year fell by 3% (maintained  excluding the impact of regulatory reductions to mobile termination rates) to  £4,002 million when compared to the 2003 financial year. New wave turnover  in the UK Wholesale business increased by 54% driven by broadband and managed  services after growing by 110% in the 2003 financial year. The Global Carrier  business turnover declined by 5% in the 2004 financial year. In the 2003 financial  year, Wholesale (UK and Global Carrier) turnover decreased by 7% when compared  to the 2002 financial year partly reflecting the re-integration of Concert.       Group  operating costs before goodwill amortisation and exceptional items reduced by  2% to £15,804 million in the 2004 financial year when compared to the  prior year. The group continued to focus on operational efficiency and effectiveness  initiatives which were offset by investment in new wave activities and the adverse  impact of currency movements of £80 million. Group operating costs before  goodwill amortisation and exceptional items in the 2003 financial year of £16,152  million increased by 1% compared to the 2002 financial year. Net staff costs  in the 2004 financial year, excluding leaver costs of £202 million, increased  by £138 million to £3,533 million due to the impact of increased  pay and national insurance rates and the higher SSAP 24 pension charge, offset  by improved efficiency. In the 2003 financial year, net staff costs excluding  leaver costs of £276 million declined by 2%. Payments to other telecommunications  operators were £3,963 million, an increase of 1% on the 2003 financial  year as both UK and overseas payments increased. In the 2003 financial year  payments to other telecommunication operators reduced by 8% to £3,940  million. The payments in the 2002 financial year include those made to the Concert  global venture for the delivery of BT’s outgoing international calls, which  accounts for most of the reduction in the 2003 financial year. Other operating  costs before goodwill amortisation and exceptional items reduced by 6% in the  2004 financial year largely due to efficiency cost savings offset by the  adverse impact of currency  movements. Other operating costs in the 2003 financial year include the costs  associated with the re-integrated activities of the former Concert global venture.       Group  operating profit before goodwill amortisation and exceptional items at £2,892  million for the 2004 financial year was 4% higher than the prior year. This  reflects cost efficiencies achieved during the year, the improved performance  of BT Global Services and a £74 million decrease in leaver costs offset  by the decline in turnover. In the 2003 financial year, group operating profit  before goodwill amortisation and exceptional items at £2,790 million was  £19 million higher than the prior year. The cost efficiencies achieved  during the year were offset by a £90 million increase in leaver costs,  the negative group operating profit effects of unwinding the Concert global  venture and the Telereal property sale and leaseback transaction. In total,  these effects reduced group operating profits by over £400 million, although  this was compensated for at the profit before tax level by a corresponding improvement  in our share of the operating profits of associates and joint ventures and net  interest payable.       BT’s  share of associates’ and joint ventures’ operating losses before goodwill  amortisation and exceptional items was £8 million in the 2004 financial  year, compared to a £181 million profit in the 2003 financial year and  a £108 million loss in the 2002 financial year. The 2003 financial year  includes the results of our interest in Cegetel which was sold in January 2003.  The improvement in the 2003 financial year mainly reflected the benefit of the  unwind of the Concert global venture.       Net  interest payable before exceptional items was £886 million for the 2004  financial year, an improvement of £260 million against the 2003 financial  year following an improvement of £271 million in the 2003 financial year.  This reflects the reduction in net debt in both years.       The  above factors resulted in the group achieving a profit before taxation, goodwill  amortisation and exceptional items of £2,016 million in the 2004 financial  year, an increase of 10% compared to the 2003 financial year, reflecting the  underlying operating performance of the group and lower net interest costs.  In the 2003 financial year the profit before taxation, goodwill amortisation  and exceptional items of £1,829 million was £556 million higher  than the 2002 financial year. The improvement in the 2003 financial year was  principally due to the exit from loss making businesses, improved operating  profits and lower interest charges.       The  taxation charge for the 2004 financial year was £568 million on the profit  before goodwill amortisation and exceptional items, an effective rate of 28.2%  compared to 32.7% and 41.5% in the 2003 and 2002 financial years, respectively.  The high effective rate in the 2002 financial year was mainly due to the impact  of loss making subsidiaries outside the UK for which tax relief was not available.       Basic  earnings per share before goodwill amortisation and exceptional items were 16.9pence 

 

 

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30Operating and financial reviewBT Annual Report and Form 20-F 2004
Line of business summary
   Group turnover Group    operating profit (loss)   Goodwill amortisation Exceptional    charges (credits)        **2004£m****  **2003£m  2002£m  **2004£m****  **2003£m  2002   £m  **2004£m****  **2003   £m  2002   £m  **2004£m****  **2003   £m  2002   £m    ** **     ** **     ** **     ** **     BT Retail**13,534**** **13,882 13,284 **1,433**** **1,527 894 **1**** **1 1 **–**** **– 111 BT Wholesale**10,859**** **11,247 12,325 **1,682**** **1,758 2,070 **–**** **– – **(1****)**– 79 BT Global Services**5,782**** **5,417 4,678 **(116****)**(394)(2,625)**11**** **19 120 **–**** **– 2,211 Other**35**** **41 95 **(126****)**(319)(385)**–**** **– – **8**** **198 295 Intra-group**(11,691****)**(11,860)(11,935)**–**** **– – **–**** **– – **–**** **– –  Total continuing** **** **    ** **** **    ** **** **    ** **** **       activities**18,519**** **18,727 18,447 **2,873**** **2,572 (46)**12**** **20 121 **7**** **198 2,696 Discontinued** **** **    ** **** **    ** **** **    ** **** **       activities**–**** **– 2,112 **–**** **– (433)**–**** **– 231 **–**** **– 11  Group totals**18,519**** **18,727 20,559 **2,873**** **2,572 (479)**12**** **20 352 **7**** **198 2,707  
for the 2004 financial year, an increase of 19% from 14.2 pence in the 2003 financialyear, and were 8.8 pence in the 2002 financial year. The 2002 financial yearreflected the higher operating costs and net interest payable which have continuedto improve during the 2004 and 2003 financial years.

**Line of business results**In the following commentary, we discuss the operating results of the group for the 2004, 2003 and 2002 financial years in terms of the lines of business.     There is extensive trading between the lines of business and their profitability is dependent on the transfer price levels. The intra-group trading arrangements and operating assets aresubject to review and have changed in certain circumstances. Where that is the case the comparative figures have been restated to reflect those changes.     The      table below analyses the trading relationships between each of the lines      of business for the 2004 financial year. The majority of the internal trading      is performed by BT Wholesale with BT Retail, reflecting sales of calls      and access lines and network charges for other products. This trading relationship      also reflects the pass through of termination charges on other telecom      operator networks and the sale of wholesale broadband ISPproducts. BT Retail also trades with BT Wholesale, selling calls and lines products,      private circuits, apparatus and conferencing for onward sale to other telecom      operators. BT Global Services’ turnover with BT Retail mainly reflects the salesof Global Services products in the UK. BT Global Services trades with BT Wholesale mainly for use of the IP/ATM network, International Direct Dial traffic settlements and certain dial IP revenue share arrangements. BT Wholesale’s turnover withBT Global Services reflects the use of the network infrastructure for BT Global Services’ products.
 Internal    cost recorded by:   Internal       turnover****recorded by:BTRetail£m BTWholesale£m BT       GlobalServices£m Other£m Total£m    BT Retail– 769 130 5 904 BT Wholesale6,902 – 510 2 7,414 BT Global Services2,702 646 – 24 3,372 Other– – 1 – 1  Total9,604 1,415 641 31 11,691  
The line of business results are presented and discussed before goodwill amortisation and exceptional items, for the reasons set out above, to provide a meaningful comparison of the trading results between thefinancial years under review. Goodwill amortisation and exceptional items are discussed separately in a group context in this Financial review.     In addition to measuring financial performance of the lines of business based on the operating profit before goodwill amortisation and exceptional items, management also measure theoperating financial performance of the lines of business based upon the EBITDA before exceptional items. EBITDA is defined as the group operating profit (loss) before depreciation and amortisation. This may not be directly comparable to the EBITDAof other companies as they may define it differently. EBITDA excludes depreciation and amortisation, both being non cash items, from group operating profit and is a common measure, particularly in the telecommunications sector, used by investors andanalysts in evaluating the operating financial performance of companies.     EBITDA      before exceptional items is considered to be a good measure of the operating      performance because it reflects the underlying operating cash costs, by      eliminating depreciation and amortisation, and excludes non-recurring exceptional      items that are predominantly related to corporate transactions. EBITDA      is not a direct measure of the group’s liquidity, which is shown by the group’s cash flow statement and needs to beconsidered in the context of the group’s financial commitments. A reconciliationof EBITDA before exceptional items to group operating profits (losses) by lineof business and for the group is provided in the table across the page above.Trends in EBITDA before exceptional items are discussed for each line of businessin the following commentary.
**BT    Retail****2004£m**  2003£m  2002£m  Group turnover**13,534** 13,882 13,284 Gross margin**3,722** 3,936 3,584 Sales, general and         administration costs***2,126** 2,207 2,369 Group operating profit***1,434** 1,528 1,006 EBITDA***1,596** 1,729 1,215 Capital expenditure**118** 109 147  * Before goodwill amortisation    and exceptional items      
 

 

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31Operating and financial reviewBT Annual      Report and Form 20-F 2004
 
Group      operating profit (loss)             before      goodwill amortisationAmortisation      of EBITDA      beforeand      exceptional itemsDepreciation    intangible      assetsexceptional      items **2004** 2003 2002**2004** 2003 2002 **2004** 2003 2002**2004** 2003 2002**£m**£m£m**£m**£m£m**£m**£m£m**£m**£m£m**1,434**** **1,528 1,006 **162**** **201 209 **–** – – **1,596** 1,729 1,215 BT Retail**1,681**** **1,758 2,149 **1,919**** **1,923 1,914 **–** – – **3,600** 3,681 4,063 BT Wholesale**(105****)**(375)(294)**610**** **609 503 **3** 4 3 **508** 238 212 BT Global Services**(118****)**(121)(90)**230**** **278 348 **–** – – **112** 157 258 Other**–**** **– – **–**** **– – **–** – – **–** – – Intra-group** **** **    ** **** **    ** **     ** **     Total continuing**2,892**** **2,790 2,771 **2,921**** **3,011 2,974 **3** 4 3 **5,816** 5,805 5,748    activities** **** **    ** **** **    ** **     ** **     Discontinued**–**** **– (191)**–**** **– 414 **–** – 11 **–** – 234    activities**2,892**** **2,790 2,580 **2,921**** **3,011 3,388 **3** 4 14 **5,816** 5,805 5,982 Group totals
BT Retail’s results have demonstrated the strategic focus of defending traditional turnover and gross margins, cost reductions through a series of cost transformation programmes and focusing on turnover growththrough new wave initiatives in the ICT, broadband and mobility markets. In the 2004 and 2003 financial years, the results include those of the re-integrated Concert business relating to UK multinational customer accounts, including the associatedsales force and account management functions.     BTRetail’s turnover decreased by 3% in the 2004 financial year to £13,534million after rising by 5% in the 2003 financial year. The growth in new waveturnover of 29% in the 2004 financial year was more than offset by the declinein traditional turnover driven by the increased impact of regulation and competition.After adjusting for the regulatory impact of the reduction in mobile terminationrates, turnover declinedby 2% compared to the 2003 financial year. The increase in the 2003 financialyear included turnover from the UK multinational customers re-integrated intoBT Retail from the Concert global venture. Turnover for the three years is summarisedasfollows:
**BT Retail    turnover****2004** 2003 2002  **£m** £m £m  Voice services**9,012** 9,665 9,590 Intermediate products**2,356** 2,534 2,285 **Traditional****11,368** 12,199 11,875 ICT**1,734** 1,502 1,378 Broadband**307** 131 31 Mobility**84** 42 – Other**41** 8 – **New wave****2,166** 1,683 1,409  **Total****13,534** 13,882 13,284  
Voice services comprise calls made by customers on the BT fixed line network in the UK, analogue lines, equipment sales and rentals and other business voice products. Overall turnover from voice services was 7% lowerin the 2004 financial year after an increase of 1% in the 2003 financial year.     Theoverall market for fixed to fixed voice call minutes in the 2004 financial yearwas estimated to have declined by 2%, partly reflecting the migration to newwave products and servicessuch as IPVPN’s andsubstitution by e-mail, instant messaging and mobile services. In the 2003 financial year, the estimated overall market for fixed to fixed voice call minutes declined by 3%.     BTRetail’s total originating measured call volumes declined by 10% in the 2004 financial year (2003 – 5%) with geographic (local, national and international) calls declining by8% (2003 – 4%), reflecting the decline in the market and some loss of market share due to CPS. Fixed to mobile call volumes were flat in the 2004 financial year after a 6% increase in the 2003 financial year. BT Retail’s internet and datarelated call volumes declined by 16% reflecting the move to wholesale flat rate internet access products in the 2004 financial year. Total BT Group internet and data related call volumes increased by 1% (2003 – 30%), with the decline in theyear on year rate of growth driven by the migration to broadband which is not measured in minutes and a slow down in the growth of flat rate internet access minutes. As a result, BT Group’s total originating measured call volumes declined by 2%in the 2004 financial year (2003 – 13% increase).     Thedirectory services market was deregulated following an announcement in September2001 which resulted in the introduction of the new 118 XXX number range in December2002 and thetermination of the 192 and 153 services in August 2003. BT’s market shareof the deregulated directory enquiries market through the 118 500 service hasincreased during the year as the benefits and awareness of the quality of serviceand pricing, supported by a marketing campaign became apparent. However, revenuesreduced significantly year on year due to a contraction in the market.     Turnoverfrom intermediate products in the 2004 financial year of £2,356 milliondecreased by 7% in the 2004 financial year after increasing by 11% in the 2003financial year. In the 2004 financial year, the change was mainly driven by adecline in retail private circuits and ISDN as customers migrate to cheaper partialprivate circuits and new wave products such as broadband and IPVPN. In the 2003financial year growth wasachieved, which included the benefit of the re-integration of Concert, despitethe migration of customers from retail private circuits to partial private circuits.As a result of changes required by Ofcom, partial private circuits used by UKfixednetwork

 

 

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32Operating and financial reviewBT Annual Report and Form 20-F 2004
 

operators are no longer provided by  BT Retail, but are provided as a BT Wholesale product. Private circuit revenues  declined by £228 million in the 2004 financial year and by £109  million in the 2003 financial year.        The total number of BT Retail lines, which includes  voice, digital and broadband, were flat at 29.6 million at 31 March 2004 following  an increase of 1% in the 2003 financial year, reflecting the continued growth  in broadband offset by the declining PSTN lines. The movement in the 2003 financial  year mainly reflected the growth of high speed ISDN lines and broadband.        New wave turnover grew by 29% to £2,166  million in the 2004 financial year compared to growth of 19% in the 2003 financial  year. ICT turnover increased by 15% in the 2004 financial year to £1,734  million after an increase of 9% in the 2003 financial year reflecting the growth  in new IP based services and solutions contracts, offset by the decline in business  telephony equipment. Broadband turnover grew by 134% to £307 million in  the 2004 financial year after an increase of 322% in the 2003 financial year.  This reflects the increased take up of broadband, with 928,000 BT Retail customers  at 31 March 2004 and 429,000 customers at 31 March 2003, reflecting increases  of 116% and 298% on the respective prior years. In November 2003, BT entered  the consumer mobile market with the launch of BT Mobile Home Plan through on-line,  voice and retail store outlets. BT now has a consumer and corporate mobile customer  base of 144,000. Total turnover from mobile services increased by 100% in the  2004 financial year to £84 million.        The gross margin percentage decreased by 1 percentage  point in the 2004 financial year after an increase of 1 percentage point in  the 2003 financial year. The decline in the 2004 financial year reflects lower  prices and changes in the revenue mix, partly offset by lower charges from BT  Wholesale, in line with market and regulatory prices. The improvements in the  2003 financial year were driven by the success of BT Together packages, improved  product mix and lower wholesale prices which more than offset the impact of  the decline in call volumes.        Gross margin is turnover less costs directly  attributable to the provision of the products and services reflected in turnover  in the period. Selling, general and administration costs are those costs that  are ancillary to the business processes of providing products and services and  are the general business operating costs. BT Retail analyses its costs in this  manner for management purposes in common with other retail organisations and  it has set target savings for selling, general and administration costs.        Cost transformation programmes in the 2004 financial  year generated selling, general and administration cost savings of £228  million before leaver costs in the traditional business compared to the 2003  financial year (£154 million net of new wave investment). The savings  in the year were driven by a reduction in people related expenses such as travel,  accommodation and communications, lower service costs resulting from improvements  in service quality, billing initiatives and cost reduction programmes focusing  on customer contact centres, improving the billing platform, and optimising  processes across BT Retail.        Excluding leaver costs and investment in new  wave activities, BT Retail has achieved its target of £800 million savings  almost a year early in the traditional business, achieving savings of £228  million, £275 million and £290 million in the 2004, 2003 and 2002  financial years, respectively.        The number of employees in BT Retail at 31 March  2004 and 31 March 2003 was 41,500 and 50,400, respectively.        BT Retail’s EBITDA before exceptional items  and goodwill amortisation declined by 8% to £1,596 million in the 2004  financial year after showing strong growth in the 2003 financial year of 42%  to £1,729 million. In the 2004 financial year, cost savings were more  than offset by the decline in turnover and the impact on margins of the product  mix. In the 2003 financial year, the cost savings and improved gross margins  contributed towards BT Retail’s strong EBITDA growth before exceptional  items. 
**BT Wholesale****2004** 2003 2002   **£m** £m £m  Group turnover**10,859** 11,247 12,325 Group operating profit***1,681** 1,758 2,149 EBITDA***3,600** 3,681 4,063 Capital expenditure**1,809** 1,652 1,974  * Before        goodwill amortisation and exceptional items
BT Wholesale is the line      of business within BT that provides network services and solutions within      the UK. Its customers  include communications companies, fixed and mobile network operators and service      providers. The customer base includes BT’s lines of business, BT Retail  and BT Global Services. The majority of BT Wholesale’s turnover is internal  (2004 – 68%, 2003 – 69%, 2002 – 68%) and mainly represents trading  with BT Retail. External turnover is derived from providing wholesale products  and solutions to other operators interconnecting with BT’s UK  fixed network, including mmO2 since thedemerger. Internal turnover and costs  with mmO2 for the  2002 financial year have been reclassified as external in this section to enable  a meaningful year on year comparison.     In the  2004 financial year, turnover totalled £10,859 million, a decline of 3%  following a decrease of 9% to £11,247 million in the 2003 financial year.  The reduction in the 2004 and 2003 financial years is primarily due to lower  sales volumes and prices to BT Retail. The results for the 2002 financial year  included turnover of £770 million relating to the former Concert global  venture, which was re-integrated from 1 April 2002. Excluding this Concert  turnover  in the 2002 financial year, the underlying turnover declined by 3% in the 2003  financial year.     External  turnover declined by 2% in the 2004 financial year to £3,445 million  which is fully accounted for by regulatory price reductions on mobile termination  rates which have reduced external turnover 

 

 

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33Operating and financial reviewBT Annual Report and Form 20-F 2004
 

by £126 million, although this  has no impact on profitability. In the 2003 financial year external turnover  declined by 11% to £3,525 million, although excluding sales to Concert  in the 2002 financial year, the underlying external turnover increased by 3%.       The  decline in external turnover from traditional products in the 2004 and 2003  financial years is due to the mobile termination rate impact and price reductions,  Network Charge Control (NCC) and other Oftel price determinations, coupled with  unfavourable market conditions. Turnover from retail private circuits at £207million  reduced by 36% in the 2004 financial year and in the 2003 financial year at  £325 million reduced by 9%. The decline is due to the migration of customers  from retail private circuits to lower priced partial private circuits, introduced  in August 2001. Turnover from partial private circuits showed an increase of  43% to £152 million in the 2004 financial year and an increase of 89%  to £106 million in the 2003 financial year. FRIACO generated turnover  of £78 million in the 2004 financial year (2003 – £84 million,  2002 – £68 million) and the trend follows the move to flat rate packages  by internet service providers in 2003 and their subsequent substitution by broadband  in 2004. Conveyance and low margin transit revenues of £2,054 million  decreased compared to the 2003 financial year and at £2,075 million increased  marginally compared to the 2002 financial year.      New  wave turnover, including broadband and managed services, at £361 million,  showed strong growth of 54% following growth of 110% in the 2003 financial year.  This growth in the 2004 financial year completely offsets the reduction in external  traditional turnover after excluding the impact of mobile termination rate cuts.  Wholesale broadband lines had an installed base of 2.2 million at 31 March 2004  representing growth of 177% on the number of lines as at 31 March 2003 which  had grown 380% on the previous year. At 14 May 2004 the installed base was 2.45  million, with net additions growing at more than 35,000 connections per week  since January 2004.      In  the 2004 financial year, internal turnover decreased by 4% to £7,414 million  after a decrease of 8% to £7,722 million in the 2003 financial year. Lower  call and retail private circuit volumes, reductions on mobile termination rates  and price reductions reflected most of the decline in the 2004 financial year.  The unwind of the Concert global venture resulted in a reduction of internal  revenues in the 2003 financial year. Excluding the Concert related revenues  in the 2002 financial year, the reduction in internal turnover in the 2003 financial  year was 5%. This reduction was primarily due to a reduction in prices on sales  to BT Retail, partly offset by the increased sales to BT Global Services.       Despite  network volume increases in the 2004 financial year, operating costs, excluding  depreciation and exceptional items, decreased by 4% to £7,351 million  (10% to £7,691 million in 2003). The movement in the 2003 financial year  was mainly due to £905 million of Concert related costs in the 2002 financial  year offset by an increase in leaver costs of £108 million. Interconnect payments to other network  operators remained broadly flat in the 2004 financial year at £3,165  million. In the 2003 financial year, these payments decreased by 18% to £3,143  million and the unwind of the Concert global venture accounted for the majority  of this reduction as interconnect payments to Concert were no longer made.  These costs are mainly recharged to BT Retail with no margin or reflect external  transit revenues with a minimal margin.      Net  staff costs in the 2004 financial year, at £805 million, decreased by  1% after increasing by 19% to £816 million in the 2003 financial year.  The increase in the 2003 financial year reflects an increase in leaver costs  compared to the prior year of £108 million.      Payments  to other BT lines of business declined by 8% in the 2004 financial year to £2,933  million after declining by 12% to £3,175 million in the 2003 financial  year. The reduction in the 2004 financial year reflects the decline in private  circuits purchased from BT Retail. The reduction in the 2003 financial year  was principally due to the unwind of the Concert global venture which reduced  the cost of sales of BT Retail products, and a reduction in service costs.       EBITDA  before exceptional items at £3,600 million in the 2004 financial year  was 2% lower than in the 2003 financial year following a reduction of 9% to  £3,681 million in the 2003 financial year. EBITDA margins before exceptional  items were maintained at 33% across all three financial years.      Depreciation  costs were broadly flat at £1,919 million in the 2004 financial year and  £1,923 million in the 2003 financial year.      Operating  profit before goodwill amortisation and exceptional items at £1,681 million  decreased by 4% in the 2004 financial year. This was after a reduction of 18%  to £1,758 million in the 2003 financial year. The operating profit margin,  before exceptional items, remained broadly flat in the 2004 and 2003 financial  years.      Capital  expenditure on plant and equipment at £1,809 million in the 2004 financial  year was 10% higher than the 2003 financial year reflecting the focused expenditure  on transformational projects. In the 2003 financial year capital expenditure  declined by 16% to £1,652 million which reflected cost control, tight  governance and the alignment of capital spend with the development of the future  network strategy.      Managed  cash costs are used to measure the controllable operating and capital cash costs  of the BT Wholesale business. Accordingly it is based on operating costs excluding  payments to other network operators and depreciation, plus capital expenditure.  Targets have been set for achieving managed cash cost savings and accordingly  performance against those targets is reported. In the 2004 financial year, managed  cash costs at £5,995 million decreased by 3%, despite a 10% increase in  capital expenditure. In the 2003 financial year, after adjusting for the unwind  of Concert, managed cash costs at £6,200 million decreased by 1% despite  the extra leaver payments of £108 million in the 2003 financial year.  After allowing 

 

 

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34Operating and financial reviewBT Annual Report and          Form 20-F 2004
for price changes and volume effects,    the efficiency cost savings were £280 million in the 2004 financial year and £237 million in the 2003 financial year. This brings the two year efficiency cost savingstotal to £517 million, which is above our two year target of £500million.
**BT    Global Services****2004**  2003 2002  **£m** £m £m  Group turnover**5,782**** **5,417 4,678 Group operating loss***(105****)**(375)(294)EBITDA***508**** **238 212 Capital expenditure**479**** **445 615  * Before goodwill amortisation        and exceptional items
BT Global Services is at the forefront of two areas of the group’sgrowth, being ICT solutions and servicing the needs of global multi-site corporationsand European multi-site organisations. The product portfolio covers a numberof key ICT related areas including IP infrastructure, Customer Relationship Management(CRM), outsourcing and system integration. These are provided to customers throughBT Syntegra and BT Global Solutions. The 2004 financial yearresults demonstrate the success of the re-integration of Concert and deliveryof customer orientated ICT based services and solutions. In the 2003 financialyear, the financial performance of Global Products and Global Carrier reflectsthere-integration of the returning businesses as a result of the unwind of Concert.     In      the 2004 financial year BT Global Services’ turnover was £5,782 million, representing an increase of 7% compared to the prior year following an increase of 16% to£5,417 million in the 2003 financial year reflecting the returning Concert businesses. BT Global Solutions’ turnover grew by 14% in the 2004 financial year to £2,802 million. In the 2003 financial year, BT Global Solutions’turnover grew by 10% to £2,455 million. BT Syntegra performed strongly with turnover of £721 million in the 2004 financial year, an increase of 16%, and turnover of £623 million in the 2003 financial year, an increase of 3%. In the2004 financial year, contract wins from ICT solutions amounted to more than £7 billion. The highest profile of these were three NHS contracts expected to be worth over £2.1 billion and forming an integral part of the National Programmefor Information Technology in the NHS. In the 2003 financial year, contract wins from ICT solutions amounted to more than £4.4 billion. BT Global Products’ turnover grew by 9% in the 2004 financial year to £1,831 million reflectingthe growth of Multi Protocol Label Switching. In the 2003 financial year, BT Global Products’ turnover increased by 33% to £1,674 million and was mainly due to the re-integration of Concert and the growth in IPVPN products. The GlobalCarrier division turnover decreased by 1% in the 2004 financial year to £962 million (2003 – £974 million, 2002 – £292million). The increase in 2003 was principally due to the re-integration of theinternational carrierbusiness of the former Concert global venture.     Continued cost reductions,in network costs as well as selling, general and administration costs, helpedgenerate improvements in EBITDA before exceptional items in the 2004 financialyear of 113% to £508 million, following an improvement of 12% in the 2003financial year. The re-integration of the former Concert business had an adverseimpact on the growth in EBITDA before exceptional items in the 2003 financialyear. The 2004, 2003 and 2002 financial years include leaver costs of £33million, £65 million and £55 million, respectively. Headcount increasedby 23% to 21,200 in the 2004 financial year which includes transfers of operationsfrom other lines of business and an increase in BT Global Solutions’ headcountdue to increased outsourcing contracts. Headcount increased by 3% to 17,200 inthe 2003 financial year. All major European operations achieved their targetof becoming EBITDA positive during the 2003 financial year.     The        group operating loss before goodwill amortisation and exceptional items        decreased by £270 million in the 2004 financial year to a loss of £105 million after increasing by£81 million to a loss of £375 million in the 2003 financial year.  The loss in the 2003 financial year includes the adverse impact of the former  Concert business.       Capital        expenditure for the 2004 financial year was £479 million, an increase of 8%, and £445        million in the 2003 financial year, a reduction of 28%.  

**Other operating income**Other operating income for the groupdecreased by £38 million to £177 million in the 2004 financial yearand by £146 million to £215 million in the 2003 financial year. Aspart of the arrangements for the establishment of Concert, BT had been secondingstaff and providing administrative and other services from its launch in earlyJanuary 2000. The income from these services before the re-integration of Concertwas £135million in the 2002 financial year.

**Operating costs**Total operating costs from continuingactivities were reduced by 3% in the 2004 financialyear to £15,823 million after reducing by 13% in the 2003 financial year.As a percentage of group turnover from continuing activities, operating costsfrom continuing activities, excluding goodwill amortisation and exceptional items,reduced from 87% in the 2002 financial year, to 86% in the 2003 financial yearand 85% in the 2004 financial year. Operating costs in the 2003 financial yearinclude the costs associated with the re-integrated activities of the formerConcert global venture. Because these activities have been fully integrated intothe lines of business it is not possible to separately identify those specificcosts associated with the activities of the former Concert global venture. Inall three financial years, net exceptional costs from continuing activities wereincurred. These amounted to £7 million, £198 millionand £2,696 million in the 2004, 2003 and 2002 financial years, respectively.These exceptional costs are considered separately in the discussion which follows.

 

 

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35Operating and financial        reviewBT Annual Report          and Form 20-F 2004
 
Operating    costs**2004**  2003 2002  **£m** £m £m  Continuing activities:      Staff costs**4,412** 4,254 4,260 Own work capitalised**(677****)**(583)(623)Depreciation**2,921** 3,011 2,974 Goodwill and other          intangibles amortisation**15** 24 124 Payments to          telecommunications          operators**3,963** 3,940 4,289 Other operating costs**5,182** 5,526 5,134  Total operating costs from          continuing activities before          exceptional costs**15,816** 16,172 16,158 Net exceptional costs**7** 198 2,696  Total operating costs    from          continuing activities**15,823** 16,370 18,854 Total operating costs    from          discontinued activities**–** – 2,546  Total operating costs**15,823** 16,370 21,400  
Staff costs from continuing activities increased by 4% to £4,412 million in the 2004 financial year after being broadly flat in the 2003 financial year. In the 2004 financial year, the number of staff employed inthe continuing activities decreased by 4,800 to 99,900 at 31 March 2004 after decreasing by 3,900 in the 2003 financial year. Increased pay rates and national insurance and a £141million increase in the pension charge offset the impact of the lower headcountand leaver costs in the 2004 financial year. The increased leaver costs and salaryincreases offset the impact of lower headcount in the 2003 financial year.     The      allocation for the employee profit share scheme, included within staff      costs, was £20 million in the 2004 financial year. The allocation for the 2003 and 2002 financial years was£36 million and £25 million, respectively.     Early      leaver costs from continuing activities before exceptional items of £202 million were incurred in the 2004 financial year, compared with £276 million in the 2003financial year and £186 million in the 2002 financial year. This reflects BT’s continued focus on reducing headcount and improving operational efficiencies. Leaver costs include the cost of enhanced pension benefits provided to leaverswhich amounted to £1 million, £60 million and £21 million in the 2004, 2003 and 2002 financial years, respectively. In the 2002 financial year this did not reflect the full cash cost because there was a pension fund accountingsurplus, which for accounting purposes includes any provision for pensions on the group’s balance sheet, and in accordance with BT’s accounting policies, the accounting surplus was utilised before making a charge to the profit and lossaccount. The cost of enhanced pension benefits charged against the accounting surplus in the 2002 financial year amounted to £140million.     The      depreciation charge from continuing activities decreased by 3% in the 2004      financial year to £2,921 million after increasing by 1% in the 2003 financial      year. The decrease in the 2004 financial year reflects more efficient capital      expenditure over recent years. The increase in the 2003 financial year      is despite the reduction in property depreciation as a result of the property      sale and leaseback in December 2001. The increase in the 2003 financial      year also reflects a reduction in the estimated asset lives, due toBT’s continuing investment in its networks and broadband.     Goodwill      amortisation in respect of subsidiaries and businesses acquired since 1      April 1998, when BT adopted Financial Reporting Standard No. 10, and amortisation      of other intangiblestotalled £15 million in the 2004 financial year compared with £24 million in the 2003 financial year and £124million in the 2002 financial year. The low charge in the 2004 and 2003 financialyears reflect the impact of thedemerger of mmO2 and the impairment of goodwillinthe 2002 financial year which significantly reduced the carrying value of goodwill. Goodwill on acquisitions before 1 April 1998 was written off directly to reserves.     Payments      to other telecommunications operators from continuing activities increased      by 1% in the 2004 financial year to £3,963 million after reducing by 8% in the 2003 financialyear. The increase in the payments for the 2004 financial year reflects the increase in both UK and overseas payments. The payments in the 2002 financial year include those made to the Concert global venture for the delivery of BT’soutgoing international calls, which accounts for most of the reduction in the2003 financial year following the re-integration of Concert.     Other      operating costs before goodwill amortisation and exceptional items, which      reduced by 6% in the 2004 financial year to £5,182 million after increasing by 8% in the 2003financial year, include the maintenance and support of the networks, accommodation and marketing costs, the cost of sales of customer premises equipment and non pay related leaver costs. The decrease in the 2004 financial year was largely due toefficiency cost savings offset by the adverse impact of currency movements. The increase in the 2003 financial year includes the property rental costs of around £190million following the sale and leaseback transaction in December 2001 and thecosts associated with the re-integrated activities of the former Concert globalventure.

 

 

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36Operating and financial        reviewBT Annual Report          and Form 20-F 2004
 

The exceptional items within operating    costs for the 2004, 2003 and 2002 financial years are shown in the table    below.
Exceptional    operating costs**2004**  2003 2002  **£m** £m £m  Rectification costs**30** – – Property rationalisation costs**–** 198 – Impairment of goodwilland             tangible fixed    assets**–** – 2,202 Concert unwind costs**–** – 172 BT Retail call    centre          rationalisation**–** – 68 BT Wholesale    bad debt          (release) expense**(23****)**– 79 mmO2 demerger costs**–** – 98 Other**–** – 77  Total attributable    to          continuing activities**7** 198 2,696 Total attributable    to          discontinued activities**–** – 11  Total exceptional             operating costs**7** 198 2,707          In the 2004 financial year,          net exceptional operating costs are the estimated rectification costs          relating to a major incident offset by the £23 million release          of the surplus exceptional bad debt provisions made in the 2002 financial          year.             In    the 2003 financial year a property rationalisation charge of £198 million    was recognised in relation to the rationalisation of the group’s London    office portfolio. The rationalisation involves the exit from a number of    office properties.                 The    most significant item in the 2002 financial year was the impairment of goodwill    and tangible fixed assets in the European activities of BT Global Services.    In the light of our announcement that BT Global Services was streamlining    its activities to focus on multi-site corporate customers with European activities    and the assimilation of BT’s share of Concert’s activities, an    impairment review of the investment in its European activities was performed.    As a result, a goodwill impairment charge of £1,939 million and a tangible    fixed asset impairment charge of £263 million was recognised. The goodwill    in the European activities was fully writtendown as a result of the charge.         Other exceptional items    inthe 2002 financial year included:costs of £172 million associated        with the unwind of the Concert global venture, discussed further on page    37charges of £68 million in        relation to BT Retail’s call centre rationalisation programme, reducing    the number of call centres from 104 to 30 over two yearsbad debt charges of £79        million, in BT Wholesale, as a result of severe liquidity problems in    the TMT sector during the latter part of the yearcosts of £98 million associated    with the demerger of mmO2othercharges of £77 million including impairment of payphone assets.  
**Group operating profit (loss)**Inthe 2004 financial year, group operating profit from continuing activities beforegoodwill amortisation and the exceptional items described above,of £2,892 million was 4% higher than in the 2003 financialyear, which in turn was 1% higher than in the 2002 financial year.     Total      group operating profit for the 2004 financial year was £2,873 million compared to a profit of £2,572 million in the 2003 financial year and a loss of £479 millionin the 2002 financial year. The 2002 financial year loss reflects the losses generated by the discontinued activities and the exceptional charges of £2,707million.

**Associates and joint ventures**The results of associates andjoint ventures, split between continuing and discontinued activities, are shownbelow:
 **2004**  2003 2002  **£m** £m £m  Share of turnover:         Continuing activities**395** 1,455 4,049 Discontinued activities**–** – 715  Total**395** 1,455 4,764   Share of operating (loss)          profit before goodwill          amortisation and          exceptional items:      Continuing    activities           **(8****)**181 (108)Discontinued activities**–** – 74   Total**(8****)** 181 (34) 
The group’s share of associates’ and joint ventures’ turnover reduced by £1,060 million during the 2004 financial year mainly reflecting the disposal of the group’sinterest in Cegetel in the2003 financial year.     During      the 2003 financial year there was a significant rationalisation of the      group’s investments in associates and joint ventures. On 1 April 2002 the unwind of the Concert globalventure was completed and on 22 January 2003 the sale of the group’s stake in Cegetel was completed. As a result BT’s share of its ventures’ turnover fell to £1,455 million in the 2003 financial year from £4,764 million inthe 2002 financial year. In the 2004 financial year, £386 million of the total arose from ventures located outside the UK, compared with £1,447 million in the 2003 financial year and £4,618million in the 2002 financialyear.     The      principal contributors to turnover in the 2004 financial year were LG Telecom      in Korea (£196 million) and Albacom in Italy (£147 million). The principal contributors toturnover in the 2003 financial year were Cegetel in France (£956 million) up to the date of disposal and LG Telecom (£198 million). The principal contributors to turnover from continuing activities in the 2002 financial year were Concert(£2,158 million), Cegetel (£1,068 million) and LG Telecom (£240million).

 

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37Operating and financial        reviewBT Annual Report      and Form 20-F 2004
The principal contributors to turnover  from discontinued activities in the 2002 financial year were Japan Telecom and  J-Phone (£559 million to June 2001) and Airtel (£76 million to June  2001).       The group’s  share of its ventures’ operating losses from continuing activities before  goodwill amortisation and exceptional items totalled £8 million in the  2004 financial year. This compares to a profit of £181 million and a loss  of £108 million in the 2003 and 2002 financial years, respectively.     The  principal contributor to the group’s share of operating profits from continuing  activities before goodwill amortisation and exceptional items in the 2003 financial  year was Cegetel (£198 million) and in the 2002 financial year the principal  contributor to the loss was Concert (£225 million) offset by profits from  Cegetel (£168 million).     Exceptional  items within the operating (losses) profits from joint ventures and associates  are as follows:
  **2004** 2003 2002 **£m**£m£m Goodwill impairment**26** – 173 Impairment of Concert**–** – 806 Concert unwind costs**–** – 81 Impairment of       investments and       (release) charge of       related exit costs**–** (150)234  Total exceptional operating       costs (credits)**26** (150)1,294  
In the 2004 financial year, BT charged its shareof an exceptional goodwill impairment made by Albacom, amounting to £26million.     Inthe 2003 financial year BT completed the exit from its investment in Blu on morefavourable terms than anticipated and accordingly exit cost provisions of £150million werereleased.     Concert’s performance was a cause of concern in 2001 and in October 2001 BT and AT&T announced the unwind of Concert which was subsequently completed on 1 April 2002. Oncompletion, the businesses, customer accounts and networks returned to the two parent companies with BT and AT&T each taking ownership of substantially those parts of Concert originally contributed by them. As part of the settlement withAT&T for the unwind of the Concert global venture, BT received net cash of US$72 million (£56million). This net settlement includes the receipt of US$350 million reflectingthe allocation of the businesses and the payment of US$278 million to achievethe equal division of specified working capital and other liability balances.     BTand AT&T also terminated their Canadian joint venture agreement under whichBT was committed to participate in AT&T’s future obligation to acquireall of the publiclytraded shares of AT&T Canada. AT&T has taken full ownership of BT’sinterest in the Canadian joint venture and in AT&TCanada, and has now assumed full responsibility for all future obligations ofthe joint venture. BT has nowceased to have any interestin AT&T Canada, and has been released from its future expenditure commitment associated with AT&TCanada.     Inthe 2002 financial year BT wrote down the carrying value of its investments inboth Concert and AT&T Canada. The exceptional impairment charge of £1,153 million against theseinvestments comprises Concert goodwill impairment of £260 million, Concert tangible fixed asset write-downs of £546 million and the write off of BT’s £347 million interest in AT&TCanada (included within amounts writtenoff investments).     BTalso recognised exceptional restructuring charges of £81 million for its share of redundancy and other unwind costs in Concert and BT’s own unwind costs of £172million have been charged against group operating costs in the 2002 financialyear.     In the2002 financial year exceptional impairment charges and related exit costs totalling £407million, principally relating to goodwill and asset impairments in Blu and SmarTone,were recognised in the light of the rapidly changing global telecoms market conditions.     Goodwillamortisation in the 2004 financial year amounted to £nil, compared to £2 million in the 2003 financial year and £53million in the 2002 financial year. The reduction in the 2003 financial yearreflects the disposals and the goodwill impairment charges referred to above.

**Total operating profit (loss)**Totaloperating profit from continuing activities before goodwill amortisation andexceptional items for the 2004 financial year of £2,884 million was 3%lower than in the 2003 financial year which in turn was 12% higher than the previousfinancial year. The movement in the underlying total operating profit was dueto the factors explained above.     Totaloperating profit for the 2004 financial year was £2,839 million, including BT’s share of the operating results of its associates and joint ventures. This compared to£2,901 million for the 2003 financial year and a loss of £1,860 million for the 2002 financial year. The reduction in total operating profit in the 2004 financial year reflects the reduction in group turnover and associates’ andjoint ventures’ profits offset by cost efficiency savings, the strong performance of BT Global Services and lower leaver costs. The improved performance in the 2003 financial year reflects the group’sexit from certain loss making activities and the lower level of goodwill amortisationand exceptional items.

**Profit on sale of group undertakings and fixed asset investments**Duringthe 2004 financial year, the consideration for disposals totalled £133 million and the profit before tax from disposals totalled £36 million. This was principally in relation to the disposal of thegroup’s 7.8% interest in Inmarsat which was sold for US$118 million (£67 million) realising a profit on disposal of £32million.

 

 

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38Operating and financial        reviewBT Annual Report      and Form 20-F 2004
In the 2003 financial year a number  of non-core investments were sold. The consideration for the disposals totalled  £3,028 million and the profit before taxation from disposals totalled  £1,691 million. This was principally in relation to the disposal of our  26% interest in Cegetel, a French telecommunications operator, on 22 January  2003. The total proceeds were £2,603 million, received in cash, and the  profit was £1,509 million before the recognition of an exceptional interest  charge of £293 million on closing out fixed interest rate swaps following  receipt of the sale proceeds.     A  major feature of the 2002 financial year was the successful disposal of many  non-core businesses. The consideration for these disposals totalled £8.0  billion as shown in the table below.
Disposals  Profit (loss) Considerationbefore taxYear ended 31 March 2002£m£mJapan Telecom and J-Phone       Communications3,709 2,358 Yell1,960 1,128 Airtel1,084 844 Maxis Communications Berhard350 (4)Rogers Wireless Communications267 (23)BiB241 120 Clear Communications119 (126)e-peopleserve70 61 Other173 31  Total7,973 4,389  
BT completed the sale to Vodafone of its 20%economic interest in Japan Telecom and its 20% interest in J-Phone Communicationson 1 June 2001 and subsequently its interest in J-Phone group companies. Thetotal proceedsof sale were £3,709 million received in cash, and the profit was £2,358million.     Thesale of Yell, BT’s classified advertising directory businesses in the UK and the USA, was completed on 22 June 2001 for a consideration of £1,960 million, giving a profit of£1,128 million. In May 2001, the UK Office of Fair Trading announced that the price controls over the UK Yellow Pages advertising rates were to be tightened significantly. The price we achieved for the sale of Yell, which was announced on 26May 2001, reflected the impact of these controls on Yell’s prospects.     BTcompleted the sale of its 18% interest in Airtel, a major Spanish wireless operator,to Vodafone for £1,084 million on 29 June 2001. The profit of £844 million on the salecompares with BT’s investment in the company of £223 million, builtup during the 1990s.     InNovember 2001, BT completed the sale of its 33% interest in Maxis Communicationsof Malaysia for £350 million, which broadly equated with its carrying value. We completed the saleof our interest in Rogers Wireless to AT&T for £267 million on 29 June 2001 and recognised a loss of £23million.     BT’sinterest in BiB was diluted in July 2000 when BSkyB gained control and in May2001 we agreed to exchangeour residual interest in BiB for tranches of shares in BSkyB. We received thefirst trancheof 19 million BSkyB shares with an initial value of £128 million on 28 June 2001. We were required to hold 50%of this tranche until May 2002 and recognised a profit on these shares when they were sold in May 2002. We also received the second tranche of BSkyB shares with a similar value in November 2002, and they were sold at that time. The profit of£120 million recognised in the 2002 financial year relates to the BSkyB shares which we were permitted to sell on receipt. In the 2003 financial year a profit on disposal of BSkyB shares of £131million was recognised.     InDecember 2001, BT completed the sale of its wholly owned subsidiary company,Clear Communications Limited, which operates a communications network in NewZealand, for consideration of £119 million. A loss of £126 million has been recognised on this sale of which £45million relates to goodwill taken directly to reserves before April 1998.     InFebruary 2002, we completed the sale of our 50% interest in e-peopleserve, amajor human resource outsourcing activity, to our joint-venture partner, Accenture,for an initialconsideration of £50 million. BT is entitled to receive additional payments from an earn-out arrangement based on e-peopleserve’s revenues from customers other than BT and Accenture over the five years to 2007. These additional earn-outpayments will total between £27 million and approximately £167 million. A profit of £61 million on this transaction has been recognised in the 2002 financial year based on the initial consideration and the discounted value of theadditional minimum payments of £20 million.     Inaddition, in the 2002 financial year we recognised an impairment charge of £347 million in relation to the fixed asset investment in AT&T Canada, as noted above, and£157 million in relation to Impsat.

**Profit on sale of property fixed assets**InDecember 2001, as part of a wider property outsourcing arrangement, BT completedthe sale and leaseback of the majority of its UK properties to Telereal, a 50/50joint venture partnership formed by Land Securities Trillium and The WilliamPears Group. Around 6,700 properties – offices, telephone exchanges, vehicle depots, warehouses, call centres and computer centres – were transferred totalling some 5.5 million square metres. Under thesearrangements, Telereal is responsible for providing accommodation and estate management services to BT. The consideration received amounted to £2,380 million. BT has leased the properties back at a total annual rental commencing at around£190 million for the 2003 financial year and subject to a 3% annual increase. This charge was offset by reduced depreciation and interest charges. In addition, BT has transferred the economic risk on a large portion of its leased properties toTelereal in return for an annual rental commencing at approximately £90million per annum. This was broadly equivalent to the existing

 

 

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39Operating and financial        reviewBT Annual Report      and Form 20-F 2004
level of rentals. In February 2002, BT outsourced its property management unit to Telereal.Theprofit on the sale of the properties amounted to £1,019 million and was determined after allowing £129 million for BT’s actual and future obligations under the terms of the legal agreement withTelereal and for the cost of advisors’ fees. The obligations include expenditure of £34million to be incurred on completing nearly finished new properties and remedialwork to be undertaken on several properties.     Partof the proceeds of sale were used in novating fixed interest rate obligationsto support Telereal’s financing. An exceptional cost of £162 millionwas incurred in unwinding this position and was included in the interest chargefor the year.     Insummary, the property transaction benefited the results for the 2002 financialyear by £857 million as shown below:
Profit on sale and leaseback of properties£m Sales proceeds2,380 Net book value of assets disposed(1,232)Estimated cost of BT’s future obligations(129) Profit on properties sold1,019 Interest rate swap novation costs(162) Net profit on sale and leaseback of properties857  
Following this transaction, we retained directownership of approximately 220 properties – including certain telephone exchanges, computer centres and high radio towers – totallingsome 800,000 square metres. We also retained BT Centre, our headquarters building,Adastral Park, our major research facility near Ipswich, Madley and Goonhillyearth satellite stations and the BT Tower in central London.     Inadvance of the property transaction being completed with Telereal, BT also completedthe sale of one of its major properties in London at a profit of £43 million.

**Interest charge**Inthe 2004 financial year, the total net interest charge, including BT’s share of its ventures’ charges, at £941 million was £498 million lower than in the preceding year, which in turn was£183 million lower than in the 2002 financial year. Of the total net charge, £924 million arises in the BT group for the 2004 financial year, compared with £1,420 million and £1,540million in the 2003 and 2002 financialyears, respectively.     The reduction in the net interest charge in the 2004 financial year reflects the continued reduction in the level of net debt and lower net exceptional charges in the current year. The netexceptional charge represents the premium on buying back €1.1billion of 7.125% bonds due in 2011 and US$195 million of the group’s USdollar bonds, partially offset by a credit from the one off interest recognisedon full repayment of loan notes received as part of the original considerationfrom the disposal of Yell.     The reductionin the net interest charge in the 2003 financial year reflects the reductionin the level of net debtand is partlyoffset by the £293 million exceptional cost of terminating fixed interestrate swaps as a consequence of the receipt of the Cegetel sale proceeds.     Thesubstantially higher charge in the 2002 financial year is mainly due to the costof fundingthe acquisition of mmO2’s third-generationmobilelicences, principally inthe UK and Germany. In the 2002 financial year, the group’s net interest charge included the £162million exceptional cost of novating interest swaps as a consequence of the propertysale and leaseback transaction.     Interest cover in the 2004 financial year represented 3.3 times total operating profit before goodwill amortisation and exceptional items, and compares with interest cover of 2.6 in the2003 financial year and 1.9 for continuing activities in the 2002 financial year. The improvement in cover in the 2004 financial year is due to the reduction in the interest charge mainly arising from the reduction in net debt. The improvement incover in the 2003 financial year is due to the reduction in the interest charge and improvement in the operating profit before goodwill amortisation and exceptional items. We expect the net interest charge to decrease and interest cover to continueto improve in the 2005 financial year following the continued reduction in net debt during the 2004 financial year.

**Profit (loss) before taxation**Thegroup’s profit before taxation for the 2004 financial year was £1,948 million, compared with a profit of £3,157 million in the 2003 financial year and a profit of £1,461 million in the 2002financial year. The profit in the 2003 financial year included the exceptional profits from the sale of investments and businesses totalling £1,691 million. The profit in the 2002 financial year included net exceptional gains of £753million.     Thegroup’s profit before taxation from continuing activities before goodwill amortisation and exceptional items for the 2004 financial year was £2,016 million, compared with£1,829 million in the 2003 financial year and £1,273 million in the2002 financial year. The improvement in the 2004 underlying profit was due tocost efficiency savings, the strong performance of BT Global Services, lowerleaver costs and lower interest charges explained above. The improvement in the2003 financial year was principally due to the exit from loss making businesses,improved operating profits and lower interest charges explained above.     Theprofit before taxation from discontinued activities in the 2002 financial yearamounted to £3,954 million. The 2002 financial year included gains on disposals from discontinuedactivities of £4,368 million.

**Taxation**Thetax charge for the 2004 financial year was £539 million and comprises £568 million on the profit before taxation, goodwill amortisation and exceptional items, offset by tax relief of £29millionon certain exceptional charges. The tax charge on the profit

 

 

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before taxation, goodwill amortisation and exceptional items is at an effective rate of 28.2%.The tax charge for the 2003 financial year was £459 million and comprises £598 million on the profit before taxation, goodwill amortisation and exceptional items, offset by tax relief of £139million on certain exceptional charges. The tax charge on the profit before taxation,goodwill amortisation and exceptional items is at an effective rate of 32.7%.     The tax charge for the 2002 financialyear was £443 million. The effective rate was 41.5% of the profit fromcontinuing activities before taxation, goodwill amortisation and exceptionalitems. This was in excess of the standard UK tax rate of 30% due to the impactof loss making subsidiaries outside the UK for which tax relief is not immediatelyavailable and associate company taxation.

**Earnings (loss) per share******The basic earnings per share of 16.4 pence per share for the 2004financial year compares with 31.2 pence for the 2003 financial year and 12.0pence for the 2002 financial year. The following table illustrates the impactof the group’s discontinued activities up to the date of demerger or salefor the 2002 financial year, as well as significant exceptional items and goodwillamortisation on the basic earnings per share for the past three financialyears:
 **2004    pence** 2003    pence 2002    pence  Basic earnings per share before         goodwill    amortisation and       exceptional items from   continuing activities**16.9** 14.2 8.8 Exceptional items and         goodwill amortisation        from       continuing activities**(0.5****)**17.0 (43.6) Basic earnings (loss) per share         from    continuing activities**16.4** 31.2 (34.8)Basic earnings per share from         discontinued    activities**–** – 46.8  Total basic earnings per share**16.4** 31.2 12.0  
  Basic earnings per share before goodwill  amortisation and exceptional items, from BT’s continuing activities of  16.9 pence for the 2004 financial year compare with an equivalent of 14.2 pence  and 8.8 pence for the2003 and 2002 financial years, respectively.     Diluted earnings per share were not materially different in all three years.

**Dividends**In line with the policy announced in November 2003, the board recommendsa final dividend of 5.3 pence per share to shareholders, amounting to £454 million. This will be paid, subject to shareholder approval, on6 September 2004 to shareholders on the register on 6 August 2004. This takes the dividend for the full year to 8.5 pence per share, compared to 6.5 pence in the 2003 financial year, an increase of 31%. This year’sdividend pay out ratio is 50% of earnings before goodwill amortisation and exceptionalitems and we expect this to increase to around 60% for the 2006 financial year.     The interim and final dividend inthe 2003 financial year was 2.25 pence per share and 4.25 pence per share, respectively.This gave a full dividend for the year of 6.5 pence per share,amounting to £560 million.     The final and full dividend for the2002 financial year was 2.0 pence per share, which absorbed £173 million. As part of BT’sdebt reduction and restructuring plans, the Board decided in May 2001 that therewas to be no interim dividend for the 2002 financial year.

**Financing******Net cash inflow from operating activities of £5,389 million in the 2004 financial year compares with £6,023 million in the 2003 financial year and £5,257 million in the 2002 financial year. Net cash inflow from continuing operating activitiesamounted to £5,023 million in the 2002 financial year. Special and deficiency contributions to the main pension fund, described below, of £742 million in the 2004 financial year, £329million in the 2003 financial year and
**Summarised cash flow statement****2004£m** 2003£m 2002£m  Net cash inflow from operating activities:** **** **    Continuing activities**5,389**** **6,023 5,023 Discontinued activities**–**** **– 234  Total net cash inflow from operating activities**5,389**** **6,023 5,257 Dividends from associates and joint ventures**3**** **6 2 Net cash outflow for returns on investments and servicing of finance**(527****)**(1,506)(1,695)Taxation paid**(317****)**(434)(562)Net cash outflow for capital expenditure and financial investment**(2,477****)**(2,381)(1,354)Net cash (outflow) inflow for acquisitions and disposals**(60****)**2,842 5,785 Equity dividends paid**(645****)**(367)–  Cash inflow before management of liquid resources and financing**1,366**** **4,183 7,433 Management of liquid resources**1,123**** **(1,729)(1,864)Net cash outflow from financing**(2,445****)**(2,473)(5,479) Increase (decrease) in cash in the year**44**** **(19)90  Decrease in net debt in the year resulting from cash flows**1,222**** **4,225 13,930  
 

 

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£600 million in the 2002 financial year were paid, consequently reducing the net cash inflow by these amounts. The pension payments in the 2004 financial year include early payment of £380million deficiency contributions to the BT Pension Scheme, which represents mostof the deficiency contributions for the 2005 and 2006 financial years.     The net cash outflow for returns oninvestments and servicing of finance amounted to £527 million, £1,506 million and £1,695 million in the 2004, 2003 and 2002 financialyears, respectively. The reduction in the 2004 financial year outflow of £979 million reflects the receipt of £420 million of funds on restructuring some of the group’s swap portfolio. There will be offsetting higher interestpayments in future years as a result of restructuring the swaps. The 2003 financial year included the payment of a £293 million premium on closing out £2.6billion of fixed interest rate swaps, following receipt of the Cegetel saleproceeds.     Tax paid in the 2004 financial yeartotalled £317 million compared with £434 million in the 2003 financial year and £562million paid in the 2002 financial year. The lower tax paid in the 2004 and 2003financial years reflects the lower current tax charge and the level of paymentsmade on account.     The net cash outflow of £2,477 million for capital expenditure and financial investment in the 2004 financial year included £2,684 million of capital expenditure on property,plant and equipment, offset by £208 million received on the sale of fixed assets. In the 2003 financial year the net cash outflow of £2,381 million for capital expenditure and financial investment included £2,580 million of capitalexpenditure on plant and equipment, offset by £200 million received on the sale of fixed assets. In the 2002 financial year the net cash outflow of £1,354 million for capital expenditure and financial investment included £4,069million of capital expenditure on plant and equipment, offset by £2,752 million received on the sale of fixed assets. These proceeds included £2,380million from the property sale and leaseback transaction completed in December2001,described above.     The net cash outflow from acquisitionsless disposals in the 2004 financial year totalled £60 million. The principal cash outflow for acquisitions was due to the purchase of acontrolling interest in BT Expedite Limited (formerly NSB Retail plc) and Transcomm plc. In the 2003 financial year the net cash inflow from disposals less acquisitions totalled £2,842 million. Cash proceeds from disposals amounted to£2,919 million and principally comprised £2,603 million from the sale of the investment in Cegetel. In the 2002 financial year the net cash inflow from disposals less acquisitions totalled £5,785 million. Cash proceeds fromdisposals amounted to £6,916 million and principally comprised £3,075 million from the sale of the investment in Japan Telecom and J-Phone, £1,838 million from the sale of the Yell directories business and £1,084 million fromthe sale of our investment in Airtel. The principal cash outflow for acquisitions was the completion of the purchase of a minority interest in Esat Digifone in April 2001 for £869million.     Equity dividends paid in the 2004financial year totalled £645 million whilst those paid in the 2003 financial year totalled £367million. There were no equity dividends paid in the 2002 financial year as explainedabove.     The resulting cashinflow for the 2004 financial year, before management of liquid resources andfinancing, of £1,366 million was mainly applied in repaying long-term borrowingsandshort-term investments with total borrowings of £3,627 million being repaid.In addition, the group issued new loans of £1,326 million. The new loansincluded a US$172 million 0.75% exchangeable bond due in 2008, exchangeable intoordinary shares of LG Telecom, BT’s Korean based associate and a sale andleaseback of circuit switches which had no effect on net debt but increased grossdebt and cash by around £1 billion. The cash inflow for the 2003 financialyear of£4,183 million was applied in repaying short-term borrowings and investingin short-term investments, with total borrowings of £2,535 million beingrepaid. The cash inflow for the 2002 financial year of £7,433 million wasalso  applied in repaying short-term borrowings and investing in short-term investments.This was in part due to the success of the company’s rights issue whichclosed in June 2001. 1,976 million new shares were issued for a total considerationof£5,876 million, net of expenses. As part of the demerger arrangements, £440million was received from mmO2, additionally mmO2 assumed £60 millionof the group’s external net debt.     The cash inflow for the 2004 financialyear resulted in net debt reducing by a further £1,148 million to £8,425 million having reduced by £4,128 million to £9,573million in the 2003 financial year. In the 2002 financial year the cash inflow resulted in net debt reducing to £13,701million at 31 March 2002.     During the 2004 financial year, asnoted earlier, the group restructured some of its swaps portfolio to mitigatecredit risk to certain counterparties. As a result, the group terminated £7 billion of cross-currency interest rate swaps and replaced these with new swaps which had the same economic hedging effect. This resulted in the group paying £445 million in reducing gross debt and receiving £420million of interest receipts. The interest receipts have been included withindeferred income on the balance sheet and will be amortised to the profit andloss account over the term of the underlying hedged debt.     During the 2004 financial year thegroup commenced a share buyback programme, repurchasing 81 million shares duringthe year for consideration of £144 million. The buyback programmewill be funded from cash generated over and above that required to meet our net debt target of around £7billion in the 2007 financial year, after paying dividends and taking into accountacquisitions or disposals.

 

 

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**Treasury policy**The group has a centralised treasury operation whose primary roleis to manage liquidity, funding, investment and the group’s financial risk,including risk from volatility in currency and interest rates and counterpartycredit risk. The treasury operation is not a profit centre and the objectiveis to manage risk at optimum cost.     The Board sets the treasury department’spolicy and its activities are subject to a set of controls commensurate withthe magnitude of the borrowings and investments under its management. Counterpartycredit risk is closely monitored and managed within controls set by the Board.Derivative instruments, including forward foreign exchange contracts, are enteredinto for hedging purposes only.     We have set out further details on this topic and on our capital resources and foreign currency exposure in note 36 to the financial statements in compliance with FRS 13.
**Off-balance            sheet arrangements**As disclosed in the financial statements there are no off-balancesheet arrangements that have or are reasonably likely to have a current or futurematerial effect on the group’s financial condition, changes in financialcondition, revenues or expenses, results of operations, liquidity, capital expenditureor capital resources, with the exception of the following: Operating leases (note 30)Capital commitments and guarantees (note    30)  Derivative contracts (note 36)
**Capital resources**  During the 2004 and 2003 financial years the group has reduced  its level of borrowings so that its net debt was £8.4 billion at 31 March 2004 compared with £9.6 billion at 31 March 2003 and £13.7  billion at 31 March 2002. The debt reduction in the 2003 financial year was  principally achieved by the disposal of our stake in Cegetel.     The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and therefore they continue to adopt thegoing concern basis in preparing the financial statements.     There has been no significant change in the financial or trading position of the group since 31 March 2004.     The following table sets out the group’scontractual obligations and commitments as they fall due for payment, as at 31March 2004.
  Payments    due by period      Less     More    than 1 1-3 3-5 than 5  Total year years years years Contractual             obligations£m £m £m £m £m  Loans and other borrowings12,598 989 4,582 693 6,334 Finance lease obligations1,099 282 556 261 – Operating lease obligations10,914 367 723 736 9,088 Capital commitments879 640 113 50 76  Total25,490 2,278 5,974 1,740  15,498  
At 31 March 2004, the group had cash and short-term investmentsof £5,272 million. At that date, £1,271 million of debt fell due for repayment in the 2005 financial year. The group had unused short-termbank facilities, amounting to approximately £145 million at 31 March 2004.These resources will allow the group to settle its obligations as they fall due.     At 31 March 2003, the group had cashand short-term investments of £6,431 million. The group had unused short-term bank facilities, amounting to approximately £575million at31 March 2003.

**Foreign currency and interest rateexposure**Most of the group’s current turnover is invoiced in pounds sterling, and most of its operations and costs arise within the UK. The group’s foreign currency borrowings, which totalled £9.4 billion at 31March 2004, are used to finance its operations. These borrowings have been predominantly swapped into sterling. Cross currency swaps and forward foreign exchange contracts have been entered into to reduce the foreign currency exposure on thegroup’s operations and the group’s net assets. The group also enters into forward foreign exchange contracts to hedge investment, interest expense and purchase and sale commitments. The commitments hedged are principally US dollar and eurodenominated. As a result of these policies, the group’s exposure to foreigncurrency arises mainly on the residual currency exposure on its non-UK investmentsin its subsidiaries and ventures and on any imbalances between the value of outgoingand incoming international calls.     The group’s exposure to changesin currency movements decreased significantly following the demerger of the mmO2 businessand its European operations in November 2001. A 10% strengthening in sterlingagainst major currencies would cause the group’s net assets at 31 March 2004 to fall by less than £120 million, with insignificant effect on thegroup’s profit. This compares with a fall of less than £100 million and £150million in the years ended 31 March 2003 and 2002, respectively.     Foreign exchange contracts are entered into as a hedge of sales and purchases, accordingly a change in the fair value of the hedge is offset by a corresponding change in the value of theunderlying sale or purchase.     The majority of the group’s long-term borrowings have been, and are, subject to fixed interest rates. The group has entered into interest rate swap agreements with commercial banksand other institutions to vary the amounts and period for which interest rates are fixed. At 31 March 2004, the group had outstanding interest rate swap agreements with notional principal amounts totalling £5,210 million compared to£5,170 million at 31 March 2003.     The long-term debt instruments whichBT issued in December 2000 and February 2001 both contained covenants that ifthe BT group credit rating were downgraded below A3 in the case ofMoody’s or below A minus in the case of Standard & Poor’s (S&P),additional interest would accrue from the next interest coupon period at therate of 0.25 percentage points

 

 

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for each ratings category adjustment  by each ratings agency. In May 2001, Moody’s downgraded BT’s credit  rating to Baa1, which increased BT’s annual interest charge by approximately  £32 million. BT’s credit rating from S&P is A minus. Based upon  the total amount of debt of £9 billion outstanding on these instruments  at 31 March 2004, BT’s annual interest charge would increase by approximately  £45 million if BT’s credit rating were to be downgraded by one credit  rating category by both agencies below a long-term debt rating of Baa1/ A minus.  If BT’s credit rating with Moody’s was to be upgraded by one credit  rating category the annual interest charge would be reduced by approximately  £23 million.       Based  upon the composition of net debt at 31 March 2004, a one percentage point increase  in interest rates would increase the group’s annual net interest expense  by less than £15 million. This compares with an increase of less than  £10 million and less than £20 million in the years ended 31 March  2003 and 2002, respectively.

**Capital expenditure**Capital expenditure on plant, equipment     and property (excluding the movement on capital accruals) totalled £2,673  million in the 2004 financial year, compared with £2,445 million and £3,908  million in the 2003 and 2002 financial years, respectively. Of the total capital  expenditure in the 2002 financial year, £3,100 million was in relation  to the group’s continuing activities. Work continues on enhancing the intelligence  of the network to enable customers to benefit from advanced services and improving  the network’s capacity to carry high-speed data. Capital expenditure is  expected to rise, but remain within its £3 billion annual target, in  the 2005 financial year as the group invests in its 21st century network (21CN)  programme.     Capital  expenditure in relation to the group’s discontinued activities amounted  to £808 million in the  2002 financial year. Prior to the demerger, mmO2continued improving the quality and  capacity of its digital GSM network.     Of the  capital expenditure, £86 million was in Europe, outside the UK, in the  2004 financial year and £138 million was spent there in the 2003 financial  year.     Contracts  placed for ongoing capital expenditure totalled £879 million at 31 March  2004. We plan to develop the 21CN using stringent capital return criteria and  a rigorous approach to any investment in the narrowband network. 21CN aims  to  deliver long term, structural cost reduction, as we progressively migrate onto  a simpler, lower cost network architecture. BT expects that future capital  expenditure  will be funded from net cash inflows from operating activities, and, if required,  by external financing.

**Acquisitions**The total amount invested in the 2004  financial year, including further funding of existing ventures, was £61  million. The total amount invested in the 2003 financial year, including further  funding of existingventures,  was £77 million, significantly lower than the £1,131 million invested  in the 2002 financial year. In the 2002 financial year the significant acquisition  made in April 2001 was of the 49.5% interest in Esat Digifone that we did not  already own, from Telenor, for £869 million under an agreement made in  early 2000.

**Demerger and capital  reduction**The demerger of mmO2,  the group’s former mobilephone  business, was completed in November 2001. The demerger, scheme of arrangement  and associated reduction in capital were approved by shareholders in October  2001 and the High Court in November 2001.The  demerger of mmO2 created  two new listed companies and dealings in BT Group and mmO2shares commenced on 19 November 2001.  BT shareholders on record on 16 November 2001, received one BT Group plc share  and one mmO2 plcshare for each existing British Telecommunications  plc share held. Based on the first day’s dealings on the London Stock  Exchange, BT Group represented approximately 78% of the equity value of the  formerBT group and mmO2  represented approximately 22%.     On the demerger,net assets of £19,490 million attributable  to mmO2 were distributed to shareholdersin  the form of a demerger distribution. mmO2assumed approximately £500 million  of debt, with the bulk of the outstanding debt remaining with the continuing  BT Group. The reduction of capital had the effect of increasing distributable  reserves in BT Group plc by £9,537 million.

**Balance sheet**Net assets at 31 March 2004  amounted to £3,094 million compared to £2,642 million at 31 March  2003, with the increase due to the retained profits of £685 million offset  by the £144 million buyback of shares and currency movements.     BT Group  plc, the parent company, has reserves of £9,585 million at 31 March 2004  and £9,537 million at 31 March 2003.     BT’s  fixed assets totalled £16,068 million at 31 March 2004 of which £15,487  million were tangible assets, principally forming the UK fixed network. At 31  March 2003 fixed assets were £16,661 million and tangible assets were  £15,888 million.

**Return on capital  employed**The return before goodwill amortisation  and exceptional items on the average capital employed (total assets, excluding  goodwill, less current liabilities, excluding corporate taxes and dividends  payable, and provisions other than those for deferred taxation) was 15.3% for  the 2004 financial year. In the 2003 financial year the group made a return  from continuing activities before goodwill amortisation and exceptional items  of 15.7%. In the 2002 financial year the group made a return from continuing  activities before goodwill amortisation and exceptional items of 15.7% on the  average capital employed in its businessexcluding  mmO2 and goodwill.

 

 

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**Pensions**The most recently completed triennial  actuarial valuation of the BT Pension Scheme (BTPS), BT’s main pension  fund, performed by the BTPS independent actuary for the trustees of the scheme,  was carried out as at 31 December 2002. This valuation showed the fund to be  in deficit to an amount of £2.1 billion. Assets of the fund of £22.8  billion at that date covered 92% of the fund’s liabilities. The previous  valuation was carried out as at 31 December 1999. The result of this valuation  was that the fund was in deficit by £1.0 billion. Assets of the fund of  £29.7 billion at that date covered 97% of the fund’s liabilities.  The deterioration in the funding position was principally the result of lower  equity returns over the three years and improved life expectancy of BTPS members  and was in spite of the additional deficiency funding payments totalling £600  million that were paid over the previous three years. The valuation under the  prescribed Minimum Funding Requirement approach showed the assets to cover 101%  of the liabilities at 31 December 2002.       The group’s  ordinary contribution rate increased to 12.2% of employees’ pensionable  pay with effect from April 2003. The contribution rate was 11.6% for the 2003  and 2002 financial years. In addition, the company agreed to make annual deficiency  contributions to the BTPS of £232 million with effect from the 2004 financial  year. In the 2004 financial year total deficiency contributions of £612  million were made, including early payment of £380 million scheduled for  payment in subsequent years. This compares to the £200 million annual  deficiency payments made in the 2003 and 2002 financial years. The group is  also required to pay special contributions to cover costs arising from enhanced  pension benefits provided to leavers. The special contributions paid in the  2004, 2003 and 2002 financial years amounted to £130 million, £129  million and £400 million, respectively, in respect of early leavers. The  payment expected to be made in the 2005 financial year is £5 million in  relation to leavers in the calendar year ended 31 December 2003.       The group  continues to account for pension costs in accordance with UK Statement of Standard  Accounting Practice No. 24 (SSAP 24). The group’s total annual pension  charges, including discontinued activities, for the 2004, 2003 and 2002 financial  years were £404 million, £322 million and £382 million, respectively.  This includes £376 million, £306 million and £373 million,  respectively, in relation to the BTPS. The increase in the pension charge in  the 2004 financial year reflects the £154 million amortisation charge  for the pension deficit partly offset by a reduction in the number of active  members and the interest credit related to the balance sheet prepayment.       The reduction  in the pension charge in the 2003 financial year reflects the lower membership  of the BTPS and the interest credit on the balance sheet prepayment.       The costs  of providing incremental pension benefits for leavers amounted to £1 million,£60 million and £46 million  in the 2004, 2003 and 2002 financial years, respectively.       The pension  charge for the 2004 financial year is based upon the SSAP 24 valuation as at  31 March 2003. This valuation is based on the December 2002 funding valuation,  rolled forward to 31 March 2003, and uses a slightly higher investment return  assumption than was used for the trustees’ funding valuation, a lower inflation  rate and lower salary increase assumptions. The resulting SSAP 24 deficit amounts  to £1.4 billion. The regular pension cost is charged at 11.3% of pensionable  salaries compared to the 11.6% rate applied in the 2003 and 2002 financial years.       The full  FRS 17 disclosures are provided in the notes to the financial statements. At  31 March 2004 the FRS 17 deficit was £3.6 billion, net of tax, being a  reduction of 43% from £6.3 billion at 31 March 2003.       The number  of retired members and other current beneficiaries in the pension fund has been  increasing in recent years and, at 31 December 2003, was approximately 104%  higher than the number of active members. Consequently, BT’s future pension  costs and contributions will depend on the investment returns of the pension  fund and could fluctuate in the medium term.       The BTPS  was closed to new entrants on 31 March 2001 and we launched a new defined contribution  pension scheme for people joining BT after that date which is to provide benefits  based on the employees’ and the employing company’s contributions.  This change is in line with the practice increasingly adopted by major UK groups  and is designed to be more flexible for employees and enable the group to determine  its pension costs more precisely than is the case for defined benefit schemes.  The financial impact of this change was not significant in the financial years  under review and is not expected to be significant in the next few years but  it should reduce pension costs in the longer term.

**Geographical information**In the 2004 financial year, approximately    93% of the group’s turnover was generated by operations in the UK, compared  with 94% in the 2003 and 89% in the 2002 financial years. Of its continuing  activities, approximately 92% of the group’s turnover was generated by  operations in the UK in the 2002 financial year. BT’s operating profits  have been derived from its UK operations with losses being incurred outside  the UK in each of the last three financial years.

**Economic and Monetary  Union**The euro is established as the single  currency spanning the 12 EU member countries participating in Economic and  Monetary Union (EMU). Most of the group’s business in Europe is conducted  in the UK, which is not one of the 12 participants.     Following  the June 2003 announcement by the UK Government detailed planning and preparation  for euro conversion has been put on hold until a Government decision to recommend  UK entry. After any such decision the issue will be put to a vote in

 

 

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Parliament and then to a referendum.  BT has completed outline planning, participated in by representatives from across  each of the BT lines of business and supporting group functions, for adoption  of the euro. BT policy will ensure consistency of approach across the group  and will be in line with Government plans for a phased transition.

**Regulatory financial  information**BT is required under the continuation  notice issued by Oftel on 25 July 2003, which extends the applicability of  certain conditions previously included in its main licence, to publish disaggregated  financial information for various activities of the group, which have been  used  as the basis of charges paid by other telecommunication operators in the UK  for the use of BT’s network. The activities presented separately in the  regulatory financial statements do not necessarily correspond with any businesses  separately managed, funded or operated within the group. The results set out  in regulatory financial statements for the 2003 and 2002 financial years showed  that the group’s operating profit is derived predominantly from fixed-network  calls.

**Regulation, competition  and prices**See pages 17 to 23 in the ‘‘Business  review’’ section.

**Competition and  the UK economy**See page 20 in the ‘‘Business  review’’ section.

**Environment**See pages 47 to 48 in the ‘‘Our  commitment to society’’ section.

**Critical accounting  policies**The group’s principal accounting  policies are set out on pages 75 to 77 of the Consolidated financial statements  and conform with UK Generally Accepted Accounting Principles (UK GAAP). In  accordance  with the requirements of Financial Reporting Standard No. 18, these policies  and applicable estimation techniques have been reviewed by the directors who  have confirmed them to be the most appropriate for the preparation of the 2004  financial statements.     We, in  common with virtually all other companies, need to use estimates in the preparation  of our financial statements. The most sensitive estimates affecting our financial  statements are in the areas of assessing the level of interconnect income with  and payments to other telecommunications operators, providing for doubtful  debts,  establishing fixed asset lives for depreciation purposes, assessing the stage  of completion and likely outcome under long term contracts, making appropriate  long-term assumptions in calculating pension liabilities and costs, making  appropriate  medium-term assumptions on asset impairment reviews and calculating current  tax liabilities on our profits.     We are  required to interconnect our networks with other telecommunications operators.  In certain instances we rely on other operators to measure the traffic flows  interconnecting with our networks. We useestimates  in these cases to determine the amount of income receivable from or payments  we need to make to these other operators. The prices at which these services  are charged are often regulated and are subject to retrospective adjustment.  We use estimates in assessing the likely effect of these adjustments. We provide  services to over 20 million individuals and businesses, mainly on credit terms.  We know that certain debts due to us will not be paid through the default of  a small number of our customers. We use estimates, based on our historical experience,  in determining the level of debts that we believe will not be collected. These  estimates include such factors as the current state of the UK economy and particular  industry issues.     The plant  and equipment used in our networks is long-lived with cables and switching  equipment operating for over ten years and underground ducts being used for  decades. The  annual depreciation charge is sensitive to the estimated service lives we allocate  to each type of asset. We regularly review these asset lives and change them  when necessary to reflect current thinking on their remaining lives in light  of technological change, prospective economic utilisation and physical condition  of the assets concerned.     As part  of the property rationalisation programme we have identified a number of properties  that are surplus to requirements. Although efforts are being made to sub-let  this space it is recognised by management that this may not be possible immediately  in the current economic environment. Estimates have been made of the cost of  vacant possession and any shortfall arising from the sub lease rental income  being lower than the lease costs being borne by BT.     We enter  into long term customer contracts which can extend over a number of financial  years. During the contractual period, turnover, cost and profits may be impacted  by estimates of the ultimate profitability of each contract. If, at any time,  these estimates indicate the contract will be unprofitable, the entire estimated  loss for the contract is recognised immediately. The company performs ongoing  profitability analyses of its contracts in order to determine whether the latest  estimates require updating. Key factors reviewed include future staff and third  party costs and potential productivity efficiencies.     We have  a commitment, mainly through the BT Pension Scheme, to pay pension benefits  to approximately 362,000 people over more than 60 years. The cost of these  benefits  and the present value of our pension liabilities depend on such factors as  the life expectancy of the members, the salary progression of our current employees,  the return that the pension fund assets will generate in the time before they  are used to fund the pension payments and the discount rate at which the future  pension payments are discounted. We use estimates for all these factors in  determining  the pension costs and liabilities incorporated in our financial statements.     In the  2002 financial year, we made charges for the impairment of the carrying value  of goodwill,

 

 

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investments and tangible fixed assets  in our balance sheet. The amount of the charges are in most cases based on the  discounted present value of the future cash flows that we expected to be derived  from these assets. We use estimates in determining these future cash flows and  the discount rate.       The actual  tax we pay on our profits is determined according to complex tax laws and regulations.  Where the effect of these laws and regulations is unclear, we use estimates  in determining the liability for the tax to be paid on our past profits which  we recognise in our financial statements.

**International accounting standards**The Council of the European Union (EU) announced  in June 2002 that all European listed companies will be required to adopt EU  endorsed International Financial Reporting Standards (IFRSs) and International  Accounting Standards (IASs) in the preparation of financial statements from  2005 onwards. This means the group will prepare its first financial statements  in accordance with endorsed IFRSs and IASs for the year ending 31 March 2006.  The international standard setter, the International Accounting Standards Board  (IASB), has undertaken an extensive exercise to develop new standards and improve  existing ones. The work on those standards that are applicable is now substantially  complete. In addition, the IASB may issue non-mandatory standards up to the  date of transition.     Our project to  manage the transition of financial reporting from UK GAAP to international accounting  is progressing well. The group has completed initial high level assessments  of the impact on our results and net assets and rolled out the initial phase  of detailed quantifications of comparative information.     The IFRSs whichwill be mandatory in the 2006 financial year are now substantially complete  and, in addition, certain IFRSs may be issued before the 2006 financial yearwhich we may decide to adopt early. The effects of such early adoptions, if  any, cannot be quantified at present. However, we believe that the major areasof impact on our net profit and shareholders’ funds will be due to the  standards regarding financial instruments, pensions, leases and share basedpayments. Details of the required adjustments for the restated periods willbe provided at the appropriate time.

**US GAAP**The group’s net income (loss) and earnings  (loss) per share for the three financial years ended 31 March 2004 and shareholders’ equity  at 31 March 2004 and 2003 under US Generally Accepted Accounting Principles  (US GAAP) are shown further in the United States Generally Accepted Accounting  Principles Section (see Consolidated financial statements). Differences between  UK GAAP and US GAAP include results of the differing accounting treatment of  leasing transactions, pension costs, redundancy costs, intangible assets, goodwill,  deferred taxation, capitalisation of interest, financial instruments, contributing  assets to joint ventures, stock compensation, and dividends. Cash flow information  under the US GAAP presentation is also shown further in this document.     In January 2003,  the Financial AccountingStandards  Board (FASB) issued Financial Interpretation No. 46 (FIN 46), ‘‘Consolidation  of Variable Interest Entities’’ and in December 2003 issued a revised  interpretation, FIN 46R. The interpretation requires the primary beneficiary  to consolidate a variable interest entity if it has a variable interest that  will absorb a majority of the entity’s losses if they occur, or receive  a majority of the entity’s expected returns or both. BT had adopted FIN  46 in June 2003, and the further adoption of FIN 46R did not have a material  effect on the results or statement of financial position of the group.     In May 2003 theFASB issued SFAS No. 150, ‘‘Accounting for Certain Financial Instruments  with Characteristics of both Liabilities and Equity’’. SFAS No. 150  establishes standards for how to classify and measure certain financial instruments  with characteristics of both liabilities and equity. It requires that an issuer  classify a financial instrument that is within its scope as a liability, or  an asset in some circumstances. On adoption, SFAS No. 150 did not have a material  effect on the results or statement of financial position of the group.     In November 2002the Emerging Issues Task Force reached a consensus on EITF 00-21 ‘‘Revenue  arrangements with multiple deliverables’’. BT adopted this consensus  for contracts entered into after 15 June 2003. Adoption of the consensus didnot have a material impact on the results of the group.

 

 

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47Operating and financial        reviewBT Annual Report          and Form 20-F 2004
Our commitment to society

**Corporate social responsibility  (CSR)**Our challenge is to manage social,  ethical and environmental issues in ways that grow shareholder value and help  make sustainable development happen.     The Dow Jones Sustainability Indexes rank companies for their success in meeting this challenge. During the 2004 financial year, BT was ranked as the top telecommunications company in theDow Jones Sustainability Index for the third year running.     Wealso hold the Queen’s Award for Enterprise in recognition of our contributionto sustainable development.     This  section of the report, together with the broad statement on social, environmental  and ethical matters included in the section on **Corporate governance**,  provides information in response to the Association of British Insurers’ disclosure  guidelines on social responsibility.     Moredetailed disclosures on BT’s implementation of social, ethical and environmentalpolicies and procedures are available online in our independently-verified socialand environmental report, which has been prepared in accordance with the 2002Global Reporting Initiative (GRI) sustainability reporting guidelines.

**CSR governance**TheBoard is kept informed of BT’s main CSR risks and opportunities and any new developments which may impact on its duties and reviews annually our CSR strategy. In addition, social, ethical and environmentalmatters have been incorporated into the directors’ induction programme.     ABoard committee – the Community Support Committee – oversees community,charitable and arts expenditure and establishes the strategy for maximising ourcontribution to society. The committee, chaired by Sir Christopher Bland, consistsof representatives from BT businesses, two non-executive directors and two externalindependent members, who have a reputation for excellence in this field.     Anexecutive committee, the Corporate Social Responsibility Steering Group (CSRSG),oversees the implementation of our CSR programme. This includes risk assessment,target and objectivesetting, ISO14001 certification – the international standard for environmental management systems – andpublic accountability.     The CSRSG consists of CSR champions nominated by the lines of business and six support functions (human resources, corporate governance, health and safety, finance, communications andprocurement).     TheCSRSG is chaired by BT’s overall CSR champion, Alison Ritchie, Chief BroadbandOfficer and a member of the Operating Committee. It is supported by advice froman independent panelof CSR experts.     Toensure that CSR is embedded into BT’s commercial operations, we undertake CSR ‘‘health checks’’ ofour main commercial initiatives.     These healthchecks identify specific social, economic and environmental impacts (both positiveand negative) and particular CSR risks and opportunities. A report is then compiled, including recommended actions.     We have important relationships with a wide range of stakeholders, including employees, customers and suppliers. We engage with these stakeholders in a number of ways, including consumerliaison panels, an annual employee survey and a supplier relationship management programme.     Wealso employ a number of CSR experts who investigate long-term societal trends,identify potential issues that might affect the business and support BT’scommercialactivities.     Wehave identified 11 non-financial KPIs (key performance indicators) in this contextto provide a quick overview of BT’s social and environmental performance.     These KPIs have also been used to establish ten strategic social and environmental targets and are published in our social and environmental report.
**Social,          environmental and ethical risks**During the 2004 financial    year, we developed a separate CSR risk register that sets out our important    social, ethical and environmental risks. It identifies the following risks    as the most significant in the context ofCSR: supply chain working conditionshealth and safetyclimate changediversitygeography of jobs (‘‘offshoring’’)breach of the code of business ethics.        Each of        these CSR risks has a risk owner and mitigation strategy in place (more    detail can be found in our social and environmental report).
**CSR business opportunities**Followinga detailed statistical analysis of customer opinion data going back up to 80months and based on tens of thousands of interviews, we have been able to showthat a 1% improvement in the public’sperception of our CSR activities results in a 0.1% increase in our retail customersatisfaction figures.     This is a critical correlation and shows how important it is not only to protect our reputation through appropriate risk management activities, but also to enhance it through our communityactivities.     Long-term sustainability trends are creating market opportunities for us, such as the use of teleconferencing and flexible working to reduce the need to travel and provide more flexiblelifestyles.     Increasingly,BT has to address social and environmental matters when bidding for business.In the 2004 financial year, bids to the value of almost £900 million requiredus todemonstrate expertise in managing these issues.

**Environment**BTis one of the largest consumers of industrial and commercial electricity in theUK, and the growth of broadband is likely to increase our electricity use. However,during the 2004 financial year, a £675,000investment in our energy conservation programme

 

 

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enabled us to reduce our electricity  consumption by 1.5%.     The   use of renewable energy and combined heat and power – together with energy    and transport efficiency measures – has enabled us to reduce our global-warming     CO2 emissions by 42% since 1996. We have set a target  to cap our 2010 CO2 emissions at 25% below those of 1996.
**CO2 emissions**      Financial year**2004**20032002Total (UK only; million tonnes)**0.92** 0.96 1.03 % below 1996**42%** 40% 36% Tonnes per £1m turnover**50** 51 56  
During the 2004 financial year, we received an income of £4 million from our recycling activities, offset against the £10 million we spent managing our waste contracts, recycling our waste and sending wasteto landfill.
**Waste**         Financial year**2004**20032002Total waste (tonnes)**107,303**** **117,688 114,999 Total waste recycled (tonnes)**27,626**** **27,809 24,099 % Recycled**26%** 24% 21%  
Also during the 2004 financial year we reduced both our commercial fleet – still one of the largest in the UK – and our fuel consumption by 4%.
**Transport**         Financial year**2004**20032002Number of vehicles (UK only)**32,663** 33,979 37,509 Fuel consumption (million litres)**53.85** 56.12 62.76  
**Digital inclusion**Digital inclusion is a key public policy issue and we are working with the UK Government and the voluntary sector to find effective ways to use communications technology to tackle social exclusion.     Inparticular, we launched a digital inclusion campaign to support the Government’saim to give all citizens online access within the next few years and demonstratehow communicationscan help improve society.     Akey element of the campaign is the ‘‘Everybodyonline’’ programme,established in partnership with charity campaign group, Citizens Online. Thecampaign is currently focused on eight deprived communities and aims to increaseskills and access to communications technology in underprivileged areas and todeepen the understanding of the causes and effects of the digital divide andhow they may be addressednationally.

**Disability services**OurAge and Disability Action team promotes equal access to a wide range of productsand services. We work directly with older and disabled people and their representativesto raise awareness of BT’s inclusiveapproach.     Forpeople with hearing or speech impairments, for example, our textphone offerseasy access to BT TextDirect – the service that enables users to dial directto other text or voice users. Customers with visual or mobility impairments benefitfrom products with large clear keypads and cordless or hands-free options. Avariety of new products and network services with mixed-ability appeal will belaunched during the 2005financial year.     We continue to offer services to protect the telephone lines of people who need support. This includes free directory enquiries for those unable to use the printed directory and billing,service and product information in a variety of formats, such as Braille and large print.     We are committed to increasing the accessibility of our internet pages. In the 2004 financial year, our Age and Disability Action website (www.btplc.com/ age_disability) was awarded theRNIB *See it Right* logo.

**Community**Wecommit a minimum of 0.5% of our UK pre-tax profits to direct activities in supportof society. This has ranged from £10 million in 1987, peaking at £16 million in 2001 and was £5.6 million(including £1.2 million to charities) in the 2004 financial year. BT operations also provided a further £12.4million in funding and support in kind over the past financial year.     The focus of our community programmes is on big issues where better communication can make a real difference to society.     Forexample, more than 9,500 schools and over two million young people have takenpart in the BT Education Programme – a drama-based campaign helping childrento improve their communication skills. This activity is supported by our volunteeringprogramme which, at 31 March 2004, had 3,000 registered volunteers working withschools.     We are working with ChildLine on a major new campaign to raise funds to ensure that every one of the 4,000 children who call ChildLine every day has his/her call answered.     Inaddition, BT people gave £2 million directly to charities during the 2004 financial year through Give as you Earn, to which BT added a direct contribution of £1million.

 

 

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49 BT          Annual Report and Form 20-F 2004
Board of directors    and Operating Committee

**Board of directors**Sir Christopher Bland Chairman**d,e,f**Sir Christopher Bland  was appointed to the Board as Chairman on 1 May 2001. He chairs the *Nominating* and *Community  Support* committees.     He      was chairman of the BBC Board of Governors from 1 April 1996 until 30 September      2001. From 1972 to 1979, Sir Christopherwas deputy chairman of the Independent Broadcasting Authority and chairman ofits Complaints Review Board. In 1982, he became a non-executive director of LWTHoldings and was chairman from 1983 to 1994, when LWT was acquired by GranadaGroup. From December 1994 to May 2000, he was chairman of NFC. From 1977 to1985, he was chairman of Sir Joseph Causton & Sons.     Sir      Christopher, who was chairmanof the Hammersmith and Queen Charlotte’s Hospitals Special Health Authority from 1982 to 1994 and of Hammersmith Hospital’s NHS Trust from 1994to February 1997, was knighted for his work in the NHS in 1993. He was chairman of the Private Finance Panel from 1995 to 1996 and a member of the Prime Minister’s Advisory Panel on the Citizen’sCharter. He is senior adviser at Warburg Pincus and chairman of the Royal ShakespeareCompany. Aged 65.

**Executive directors**Ben Verwaayen Chief Executive**a**Ben Verwaayen was appointed  to the Board on 14 January 2002 and became Chief Executive on 1 February 2002.  He chairs the *Operating Committee*.     Ben Verwaayen was formerly vice chairman of the management board of Lucent Technologies in the USA from October 1999. He joined Lucent in September 1997 as executive vice presidentinternational and became chief operating officer the following month. Prior to joining Lucent, Ben Verwaayen worked for KPN in the Netherlands for nine years as president and managing director of its telecoms subsidiary, PTT Telecom. From 1975 to1988, he worked for ITT in Europe. A Dutch national, he is aged 52.

  Ian Livingston Group Finance Director**a,f**Ian Livingston was appointed  Group Finance Director in April 2002. He was formerly group finance director  of Dixons Group from 1997. He joined Dixons in 1991 after working for 3i Group  and Bank of America International. His experience at Dixons spanned a number  of operational and financial roles, both in the UK and overseas. He was also  a director of Freeserve from its inception. He is a Chartered Accountant. He  is a non-executive director of HiltonGroup. Aged 39.

  Pierre Danon Chief Executive, BT Retail**a**Pierre Danon was appointed to theBoard on 19 November 2001. He joined BT as Chief Executive of BT Retail in October 2000 and was a member of the former Executive Committee. From 1981 to 2000, he worked for Rank Xerox (which became Xerox in 1997), latterly as president of XeroxEurope. He was a senior vice president of Xerox Corporation since 1997.He is a non-executive director of Emap. A French national, he is aged 48.

  Andy Green Chief Executive, BT Global Services**a**Andy Green was appointed tothe Board on 19 November 2001. He was appointed as Chief Executive of BT Global Services in October 2001. Since joining BT in 1986, he has held a number of positions, including Chief Executive of BT Openworld and Group Director of Strategy andDevelopment. Andy Green was a member of the former Executive Committee from February 1995. Aged 48.

  Dr Paul Reynolds Chief  Executive, BT Wholesale**a**Paul  Reynolds was appointed to the Board on 19 November 2001. In April 2000, he  was appointed to the former Executive Committee as Chief Executive of BT Wholesale.  He joined BT from the company’s predecessor corporation, which he joined  in 1983, and has held a number of roles, including Director of the Office of  the Chairman, Director of Multimedia and, from 1999, Managing Director of Networks  and Information Services. He will become a non-executive director of E-Access  (a Japanese corporation), in June 2004. Aged47.

**Non-Executive directors**Clayton Brendish**b,e**Clayton Brendish  was appointed to the Board on 1 September 2002. He is non-executive chairman  of Beacon Investment Fund and a non-executive director of Elexon and Herald  Investment Trust. He is also a trustee of Economist Newspapers and the Foundation  for Liver Research and a council member of City University of London. Prior  to his retirement in May 2001, Clayton Brendish was executive deputy chairman  of CMG having joined the board when it acquired Admiral. Clayton Brendish was  co-founder and executive chairman of Admiral, incorporated in 1979. He also  acted as an advisor to the Government on the efficiency of the Civil Service,  working as an advisor to the Chancellor of the Duchy of Lancaster and the Office  of Public Services on their respective Next Steps Agencies. Aged 57.

  Sir Anthony Greener Deputy Chairman**b,c,d**Sir  Anthony Greener was appointed to the Board on 1 October 2000. He was appointed  Joint Deputy Chairman and chairman of the *Audit Committee* on 1 January 2001.  He is the senior independent director. He became Deputy Chairman and chairman  of the *RemunerationCommittee*on 18 July 2001.     Sir Anthony is chairman of University for Industry (learndirect) and the Qualifications and Curriculum Authority and a non-executive director of Robert Mondavi Corporation. He was formerlychairman of Diageo. Prior to the merger of Guinness and Grand Metropolitan, he was chairman and chief executive of Guinness, having been chief executive of Guinness since 1992. Aged 63.

 

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50Board of directors and Operating CommitteeBT Annual Report and Form 20-F 2004
Louis R Hughes**b,c**Louis Hughes joinedthe Board on 1 January 2000. He is non-executive chairman of Maxager TechnologyInc. (USA). He was formerly president and chief operating officer of LockheedMartin Corporation and previouslyexecutive vice president of General Motors.     Louis Hughes is a non-executive director of AB Electrolux (Sweden) and Sulzer AG and ABB Limited (both Switzerland). From 1993 to 2000, he was a member of the supervisory board of DeutscheBank. A US national, he is aged 55.

The Rt Hon Baroness Jay of Paddington PC**c,e**Baroness (Margaret) Jay was appointed to the Board on 14 January 2002.She was formerly Lord Privy Seal, Leader of the House of Lords and Minister for Women. Previously, she was Minister of State at the Department of Health.     Baroness      Jay is a non-executive directorof Independent News & Media and has held non-executive positions with ScottishPower, Carlton Television and LBC. Currently chairman of the Overseas DevelopmentInstitute, she has been a member of the Central Research and Development Committeefor the NHS, was a founding director of the National AIDS trust, a governor ofSouth Bank University and a member of the Meteorological OfficeCouncil. Aged 64.

John Nelson**b,d,f**John Nelson wasappointed to the Board on 14 January 2002. A Chartered Accountant, he retiredas chairman of Credit Suisse First Boston Europe (CSFB) on 31 January 2002. Hewas a member of the executive board and chairman of the European executive committeeof CSFB.     Prior to joining CSFB in January 1999, John Nelson spent 13 years with Lazard Brothers. He was appointed vice chairman of Lazard Brothers in 1990. He was also a chairman of Lazard S.p.A.in Italy and a managing director of Lazard Freres, New York.     He was a non-executive director of Woolwich until it was taken over by Barclays Bank in 2000. He is deputy chairman of Kingfisher and a non-executive director of Hammerson. Aged 56.

Carl G Symon**b,c**Carl Symon was appointed to the Boardon 14 January 2002. He retired from IBM in May 2001 after a 32-year career, duringwhich he held senior executive positions in the USA, Canada, Latin America, Asiaand Europe,including chairman and chief executive officer of IBM UK.     Carl Symon is chairman of a number of private companies and a non-executive director of Rolls-Royce and Rexam. A US national, he is aged 58.

Maarten van den Bergh**b,c,d,f**Maarten van denBergh was appointed to the Board on 1 September 2000. He chairs the *PensionScheme Performance Review Group*. He is chairman of Lloyds TSB Group and anon-executive director of Royal Dutch Petroleum Company and British Airways.Prior to his retirement in July 2000,  Maarten van den Bergh was president of the Royal Dutch Petroleum Company and  vice chairman of its committee of managing directors from July 1998, having  been appointed a managing director of the Royal Dutch Shell Group of companies  in July 1992. A Dutch national, he is aged 62.

**Operating Committee**Ben Verwaayen Chief  ExecutiveIan  Livingston Group Finance DirectorPierre Danon Chief  Executive, BT RetailAndy Green Chief Executive, BT Global ServicesDr Paul Reynolds ChiefExecutive, BT WholesaleSee page 49 for biographical details.

Alison Ritchie**a,e**Alison Ritchiejoined BTfrom the company’s predecessor corporation, which she joined in 1981. Shewas appointed a member of the former Executive Committee in December 2000.     Alison      Ritchie was appointed Chief Broadband Officer in November 2002 and she      directs BT’s policy on broadband developments across the whole of BT ensuring a co-ordinated approach tothe delivery of high quality broadband services to residential and business customers. Alison Ritchie was formerly Chief Executive, BT Openworld. Before joining BT Openworld, she was BT’sRestructuring Project Director, co-ordinating the project teams working on thefinancial, organisational and managerial restructuring of BT. She is a memberof the board of the British Quality Foundation and a non-executive director ofRoffey Park Institute. Aged 43.

**Company Secretary**Larry StoneLarry Stone, formerly Corporate Governance Director from 1 June 2000, was appointed Company Secretary on 27 March 2002. He previously held external relations and regulatory roles with BT in Tokyo and Brussels and with BT Cellnet (now O2 UK). He is a trustee of the BT Pension Scheme, a member of the executive committee of the British Quality Foundation and a director of ProShare. Aged 46.
**Key        to membership of principal Board committees:****a***Operating***b***Audit***c***Remuneration***d***Nominating***e***Community        Support***f***Pension Scheme        Performance Review Group* All the non-executive        directors are considered independent of the management of the company.
 

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51Report of the directorsBT Annual Report and Form 20-F 2004
Report of the directors

**Directors**The names and biographical details of the directors of the company are given on pages 49 and 50. All served throughout the financial year.     In      accordance with the articles of association, Sir Christopher Bland retires      by rotation at the forthcoming annualgeneral meeting and will be proposed for re-election. Andy Green, Ian Livingstonand John Nelson also retire by rotation and will be proposed for re-election.Details of these directors’ contracts of appointment are included in the**Reporton directors’ remuneration** on pages 58 to 71 and the discussion on **Corporate governance** on pages 52 to 57.

**Substantial shareholdings**At 19 May 2004, the company  had received notifications from Legal & General Investment Management Limited,  Barclays PLC and Brandes Investment Partners LLC, under Part VI of the Companies  Act 1985, in respect of holdings of 289,727,496 shares, 347,436,030 shares  and 347,201,310 shares respectively, representing holdings of 3.37%, 4.04%  and 4.04% of the company’sissued ordinary share capital.

**Interest of management in certain transactions**During and at the end  ofthe 2004 financial year, none of the company’s directors was materiallyinterested in any material transaction in relation to the group’s businessand none is materially interested in any presently proposed material transactions.
By order of the Board   **Larry Stone**Secretary19    May 2004  Registered office:        81 Newgate Street, London EC1A 7AJ      Registered in England and Wales No.    4190816
 

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52BT Annual Report and Form 20-F 2004
 

Corporate governance

BT’s policy is to achieve best practice in our standards ofbusiness integrity in all our operations. This includes a commitment to maintainingthe highest standards of corporate governance and ethics throughoutthe group.     Thecompany took part in the consultations leading up to the publication in July2003 of the UK’s new Combined Code on Corporate Governance. BT is obliged this year to report on howit has applied the previous version of the Combined Code. The directors consider that BT has, throughout the year, complied with the provisions of that version of the Code. This section also reports on BT’sposition in respect of the provisions introduced by the new Combined Code. Thecompany will report fully on its compliance with the new Code next year.

**The Board********Composition and role**TheBoard, which operates as a single team, is currently made up of the part-timeChairman, the Chief Executive, four other executive directors and seven non-executivedirectors. All of the non-executive directors meet the criteria for independenceset out in the new Combined Code and are therefore considered by the Board tobe independent. It is BT’s policy that the Board will comprise a majority of independent non-executive directors. The directors’ biographiesare set out on pages 49 and 50.     The      Board’s principal focus is the overall strategic direction, development and control of the group. In support of this the Board approves the group’s values, business practicepolicies, strategic plans, annual budget, capital expenditure and investments budgets, larger capital expenditure proposals and the group’s overall system of internal controls, governance and compliance authorities. It also has oversight andcontrol of the group’s operating and financial performance. These responsibilities are set out in a formal statement of the Board’s role which is available on the company’s website. The Board has agreed the group’s corporategovernance framework, as part of which it has empowered the company’s keymanagement committee, the *OperatingCommittee*, to make decisions on operational and othermatters. The roles and powers of these committees are set out later in this reportunder Principal Board committees. Their powers and the authorities delegatedto individual members of the *Operating Committee* are available to everyone inthe group on the group’s intranet site.     The Board meets every month, except in August. Additionally, it meets on an ad hoc basis to consider matters which are time critical. The Board met 11 times during the 2004 financialyear.     The roles of the Chairman and the Chief Executive are set out in written job descriptions. In addition to chairing the Board, the Chairman is responsible for consulting the non-executivedirectors, particularly the Deputy Chairman, on corporate governance issues, matters considered by the Nominating Committee, which the Chairman chairs, and the individual performances of the non-executive directors. With the Chief Executive and theSecretary, he ensures the Board is kept properly informed,is consulted on all issues reserved to it and that its decisions are made ina timely and considered way that enables the directors to fulfil their fiduciaryduties. The Chairman ensures that the views of the shareholders are known tothe Board and considered appropriately. He represents the company in specifiedstrategic and Government relationships, as agreed with the Chief Executive, andgenerally acts as the bridgebetween the Board and the Company’s executive team, particularly on theGroup’s broad strategic direction. The Chief Executive has final executiveresponsibilityto the Board for the success of the group.     The      Secretary manages the provision of timely, accurate and considered information      to the Board for its meetings and, in consultation with the Chairman and      Chief Executive, at other appropriate times. He recommends to the Chairman      and the Chief Executive, for Board consideration where appropriate, the      company’s corporate governance policies and practices and is responsible      for their communication and implementation.

**BT’s non-executive directors******The desired combination of experience,skills and other attributes that the non-executive directors as a whole are tobring to the Board is agreed and reviewed by the *NominatingCommittee*. This profile is used by the Committee to assess the suitability asnon-executive directors of candidates put forward by the directors and outsideconsultants before the Committee meets short-listed candidates and goes on torecommend to the Board a candidate for appointment.     The      non-executive directors provide a strong, independent element on the Board.      Between them, they bring experience and independent judgement, gained at      the most senior levels, of international business operations and strategy,      marketing, technology, communications and political and international affairs.      The Chairman and the non-executive directors hold regular dinners at which      they discuss matters without the executivedirectors being present. At least annually, these provide an occasion for the      non-executive directors, led by the Deputy Chairman, Sir Anthony Greener,      to meet, without the Chairman present to review the Chairman’s performance.     Sir      Anthony Greener, the Deputy Chairman, is the senior independent director.      He chairs the *Audit* and *Remuneration* committees.    In his capacity as the chairman of the *Remuneration Committee*, he    meetswith BT’s major institutional shareholders. The Deputy Chairman also continues to be available to discuss matters with institutional shareholders where it would be inappropriate for those discussions to take place with either the Chairman orthe Chief Executive. He will also attend, at his discretion and in consultation with the Chairman and the Chief Executive, other meetings with shareholders during the year. The other non-executive directors may attend, at their request, meetingswith the company’s major shareholders and others.

 

 

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53Corporate governanceBT Annual Report and        Form 20-F 2004
Non-executive directors are appointed  initially for three years, subject to three months’ termination notice from either BT or the director. At the end of the first three years the appointment may be continued bymutual agreement. Each non-executive director is provided, upon appointment, with a letter setting out the terms of his or her appointment, including membership of Board committees, the fees to be paid, the time commitment expected from the directorand covering such matters as the confidentiality of information and the company’sshare dealing code. The appointment letter was reviewed by the *NominatingCommittee* followingthe publication of the new Combined Code and new letters sent to all non-executivedirectors which align the company’s letter, as appropriate, to the sampleletter annexed to the new Code.

**Election and re-election**********All directors are required by thecompany’s articles of association to be elected by shareholders at the firstAGM after their appointment, if appointed by the Board. A director must subsequentlyretire by rotation at an AGM at intervals of not more than three years. The directormay seek re-election.

**Service agreements**********The Chairman and executive directorshave service agreements, which are approved by the Remuneration Committee. Informationabout the periods of these contracts is in the **Reportondirectors’ remuneration**.

**Independent advice**********The Board has a procedure for directors,in furtherance of their duties, to take independent professional advice if necessary,at the company’s expense. In addition, all directors have access to theadvice and services of the Secretary, the appointment and removal of whom isa matter for the whole Board. He advises the Board on appropriate proceduresfor the management of its meetings and duties (and the meetings of the company’sprincipal committees), as well as the implementation of corporate governanceand compliance within the group.

**Training and information**********On appointment, the directors takepart in an induction programme when they receive information about BT, the roleof the Board and the matters reserved for its decision, the terms of referenceand membership of the principal Board and management committees, and the powersdelegated to those committees,the company’s corporate governance practices and procedures, including thepowers reserved to the group’s most senior executives, and the latest financialinformation about the group. This is supplemented by visits to key BT locationsand meetings with membersof the *Operating Committee* andother key senior executives. Throughout their period in office the directorsare continually updated on BT’s business, the competitive and regulatoryenvironments in which it operates, technology and corporate social responsibilitymatters and other changes affecting BT and thecommunications industry as a whole, by written briefings and meetings with seniorBT executives. Directors are also advised on appointment of their legal and otherduties and obligations as a director of a listed company, both in writing andin face-to-face meetings with the Secretary. They are reminded of these dutieseach year and they are also updated on changes to the legal and governance requirementsupon the company and themselves as directors. During the 2004 financial year,for example, they have been advised on the changes to UK corporate governancebrought about by the new Combined Code, continued to receive briefings on theUS Sarbanes-Oxley Act of 2002, which affects BT because its securities are registeredwith the US Securities and Exchange Commission (SEC), and various corporate proposalsfrom the European Commission. They also received an updated briefing on UK, USand international financialreporting developments.     Guidelines are in place concerning the content, presentation and delivery of papers for each Board meeting, so that the directors have enough information to be properly briefedsufficiently far ahead of each Board meeting and at other appropriate times.

**Board evaluation**********During summer 2003 the Board carriedout, through a questionnaire and discussion with directors, an evaluation ofits performance and the quality of board processes. The results of that exercisewere considered by the Board in July 2003 and a number of actions agreed. A furtherevaluation, includingon the performance of directors and the Board’s committees, will be carriedout during 2004.

**Directors’ and officers’ liabilityinsurance and indemnity******For some years the company has purchasedinsurance to cover its directors and officers against their costs in defendingthemselves in civil legal proceedings taken against them in that capacity andin respect of damages resulting from the unsuccessful defence of any proceedings.To the extent permitted by UK law, the company also indemnifies its directorsand officers. Neither the insurance nor the indemnity provide cover where thedirector has actedfraudulently or dishonestly.

**Principal Board committees**To meet best corporate governance practice,Audit, Remuneration and Nominating Committees have long been an established partof BT’s system of governance. Each committee has written terms of reference,which areavailable on the company’s website. The minutes of Audit and NominatingCommittee meetings are sent, at their request, to directors who are not a memberof a committee. In the case of the *RemunerationCommittee*, minutes are circulated, on request, to other non-executive directorsas well as to members of the committee.

 

 

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**Audit Committee******The *Audit  Committee* is chaired by Sir Anthony Greener, the Deputy Chairman and senior  independent director.The other members are Maarten van den Bergh, Clay Brendish, Lou Hughes, JohnNelson and Carl Symon. They are all independent non-executive directors. Theywere members of the committee throughout the 2004 financial year. The Board considersthat the Committee’s members havebroad commercial experience and extensive business leadership, having held variousroles in accountancy, financial management and supervision, treasury and corporatefinance and that there is a broad and suitable mix of business, financial andIT experience on the Committee. The Board has reviewed membership of the Committeeand is satisfied, for the purposes of the new Combined Code, that collectivelythe Committee has recent and relevant financial experience.     The        Committee recommends the appointment and reappointment of the company’s external auditors and considers their resignation or dismissal, recommending to the Board appropriate  action to appoint new auditors. It ensures that key partners are rotated at appropriate intervals. It discusses with the auditors the scope of their audits before they commence, reviews the results and considers the formal reports of the auditors  and reports the results of those reviews to the Board. It reviews the auditors’ performance,  including the scope of the audit, and recommends to the Board appropriate remuneration.     As      a result of regulatory or similar requirements, it may be necessary to      employ the company’s external auditors for certain non-audit work. In order to safeguard the independence andobjectivity of the external auditors, the Board has determined policies as to what non-audit services can be provided by the company’sexternal auditors and the approval processes related to them. Under those policieswork of a consultancy nature will not be offered to the external auditors unlessthere are clear efficiencies and value added benefits to the company. The overallpolicies and the processes to implement them were reviewed and appropriatelymodified in the light of theprovisions of the US Sarbanes-Oxley Act of 2002 relating to non-audit servicesthat external auditors may not perform. The *AuditCommittee* monitorsthe extent of non-auditwork being performed by the company’s auditors and approves such work beforeit is undertaken. It also monitors the level of non-audit fees paid to the externalauditors.     The *Audit    Committee* reviews the company’s published financial results, the Annual Report and Form 20-F and    other published information for statutory and regulatory compliance. It also reviews the disclosure made by the Chief Executive and Group Finance Director during the certification process for the annual report about the design or operation of    internal controls or material weaknesses in the controls, including any fraud involving management or other employees who have a significant role in the company’s    financial controls. The Board, as required by UK law, takes responsibility    for all disclosures in the annual report.The *AuditCommittee* monitors and reviews the standards of risk management and internalcontrol, the effectivenessof internal control, financial reporting, accounting policies and procedures,and the company’s statements on internal controls before they are agreed by the Board for each year’s annual report. It also reviews the company’s internal audit function andits relationship with the external auditors, including internal audit’s plans and performance. It reviews the arrangements for dealing, in confidence, with complaints from employees about accounting or financial management impropriety, fraud,poor business practices and other matters. At each of its meetings, the Committee sets aside time to seek the views of the company’sinternal and external auditors in the absence of executives.     The      Group Finance Director, the Secretary, the group’s chief internal auditor and the company’s external auditors attend the Committee’s meetings. The Committee met fourtimes during the 2004 financial year. At its meetings the Committee has reviewed the company’s full year and quarterly results and its Annual Report and Form 20-F and considered the adequacy of the financial systems that have produced thoseresults. It has reported its views to the Board so it has been able to approve the results announcements and the annual report for publication. It has also during the 2004 financial year considered the group’srisk register, as submitted to itby the *Management Council*,and reviewed the company’s internal control, accounting systems, IT security and related matters. It also approved the arrangements foremployees to make confidential complaints about accounting and other issues and adopted, for the purposes of the Sarbanes-Oxley Act, a code of ethics for the Chief Executive, Group Finance Director and Director Group Financial Control and Treasury,which is consistent with BT’s overall statement of business ethics.

**Remuneration Committee******The *RemunerationCommittee* comprises solely independent non-executive directors and is chairedby Sir Anthony Greener. It met four times during the 2004 financial year. Furtherdetails about the Committee are included in the **Report on directors’ remuneration**.

**Nominating Committee**********The *NominatingCommittee* consists of the Chairman, the Deputy Chairman, John Nelson and Maartenvan den Bergh. Its members have not changed during the 2004 financial year. Itensures an appropriate balance of experience and abilities on the Board, usingthis evaluation to review the size and composition of the Board and to recommendany proposed changes to the Board. It keeps underreview the need for appointments to the Board, prepares a description of thespecific experience and skills needed for an appointment, considers candidateswho are put forward by the directors and external consultants, and recommendsto the Board the appointments of all directors after having met short-listedcandidates. It

 

 

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also reviews the time required from  the Deputy Chairman and other non-executive directors to carry out their duties  and advises the Board on succession planning for the positions of the Chairman,  Deputy Chairman, Chief Executive and all other Board appointments. The Committee  met once during the 2004 financial year at which time it reviewed the current  structure profile and balance of the Board, reviewed and recommended to the  Board the continued appointments as non-executive directors of Sir Anthony Greener  and Maarten van den Bergh (neither of whom took part in the review of his own  position) and agreed changes to the non-executive directors’ letter of  appointment to align it to recommended best practice.

**Meetings attendance**The following table shows the attendance of directors at meetings of the Board and *Audit,Remuneration*and*Nominating* committees during the 2004 financial year.
    Audit Remuneration Nominating  Board Committee Committee Committee     (attendance is shown only for a committee        member) Number of meetings/           Director11 4 4 1 Sir Christopher Bland11     1 Maarten van den Bergh9 4 3 1 Clay Brendish11 3     Pierre Danon11       Andy Green11       Sir Anthony Greener10 4 4 1 Lou Hughes11 4 4   Margaret Jay11   3   Ian Livingston11       John Nelson11 4   1 Paul Reynolds11       Carl Symon11 4 4   Ben Verwaayen11        
**Operating Committee and Management Council******The Chief Executive, Ben Verwaayen,  chairs the *OperatingCommittee*, which meets weekly. The other members are the Group Finance Director,the ChiefExecutives of BT Retail, BT Wholesale and BT Global Services and the Chief BroadbandOfficer. The Secretary attends all meetings. The Committee has collective responsibilityfor running the group’s business end-to-end. To do that, itdevelops the group’s strategy and budget for Board approval, recommendsto the Board the group’s capital expenditure and investments budgets, monitorsthe financial, operational and customer quality of service performance of thewhole  group, allocates resources across the group within plans agreed by theBoard, plans and delivers major cross-business programmes and reviews the seniortalent base and succession plans of the group. Within the group’scorporate governanceframework, approved by the Board, the *Operating Committee* is empoweredto approve up to limits after which Board approval is required, capital expenditure,disposalsoffixed assets, the making of investments by the group and divestments. It is authorisedto delegate these approvals, up to its own limits, to senior executives.     A sub-committee of the *Operating    Committee*, the *ManagementCouncil*, meets monthly. It consists of the *Operating Committee* members plus anumber of other senior executives. It is an advisory forum supporting the ChiefExecutive and the *Operating Committee* in policy formulation, in areas such ascultural change, public policy, reputation and business practices policies, humanresources, pensions matters and employment policies.
**Internal    control and risk management**The Board is responsible        for the group’s systems of internal control and risk management        and for reviewing the effectiveness of those systems. Such systems are        designed to manage, rather than eliminate, the risk of failure to achieve        business objectives; any system can provide only reasonable and not absolute        assurance against materialmisstatement or loss.     The        Board also takes account of significant social, environmental and ethical        matters that relate to BT’s businesses and reviews annually BT’s        corporate social responsibility.The company’s workplace practices, specific environmental, social and ethicalrisks and opportunities and details of underlying governance processes are dealtwith in the **Our people** and **Ourcommitment to society** sections of this report.     BT        has processes for identifying, evaluating and managing the significant        risks faced by the group. These processes have been in place for the        whole of the 2004 financial year and have continued up to the date on        which this document was approved. The processes are in accordance with    the guidance for directors published in the UK in September 1999.     Risk        assessment and evaluation takes place as an integral part of the group’s        annual strategic planning cycle. The group has a detailed risk management        process, culminating in a Board review, which identifies the key risks        facing the group and each business unit. This information is reviewed        by senior management as part of the strategic review. The group’s    current key risks are summarised in **Risk factors** of this document.     The          key features of the risk management process comprise the following    procedures:senior executives, led by the      Secretary, review the group’s key risks and have created a group risk      register, describing the risks, owners and mitigation strategies. This is      reviewed by the *Management Council* before being reviewed and approved      by the Board.the lines of business carry out        risk assessments of their operations, have created registers relating        to those risks, and ensure that the key risks areaddressed.senior management report regularly        to the Group Finance Director on the operation of internal controls in    their area of responsibility.the Chief Executive receives    annual reports from senior executives with responsibilities for major
 

 

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56Corporate governanceBT Annual      Report and Form 20-F 2004
 
 group operations with their opinion      on the effectiveness of the operation of internal controls during the financial      year. the group’s internal auditors      carry out continuing assessments of the quality of risk management and control.      Internal Audit reports to the management and the *Audit Committee*      on the status of specific areas identified for improvement.      They also promote effective risk management in the lines of business operations.the *Audit Committee*, on      behalf of the Board, considers the effectiveness of the operation of internal      control procedures in the group during the financial year. This follows      consideration of the matter by the *Management Council*. The *Audit      Committee* reviews reports from the internal auditors and from the external      auditors and reports its conclusions to the Board. The *Audit Committee*      has carried out these actions for the 2004 financial year.      Material      joint ventures and associates, which BT does not control, outside the UK      have not been dealt with as part of the group for the purposes of this internal      control assessment.     The        Board has approved the formal statement of matters which are reserved        to it for consideration, approval or oversight. It has also approved        the group’s corporate governance framework, which sets out the high        level principles by which the group is managed and the responsibilities        and powers of the *Operating Committee*,      *Management Council* and the group’s senior executives. As part      of this framework the development and implementation of certain powers relating      to group-wide policies and practices are reserved to identified senior executives.
**Relations with shareholders**Senior executives,ledby the Chief Executive and the Group Finance Director and including, as appropriate,the other executive directors, hold meetingswith the company’s principal institutional shareholders todiscuss the company’s strategy, financial performance and specific majorinvestment activities. The Deputy Chairman also attends, at his discretion andin consultation with the Chairman and the Chief Executive, meetings with shareholdersduringthe year. As explained in the **Reporton directors’ remuneration**, we also maintain contact, when appropriate,through the chairman of the *Remuneration Committee* and other senior executivesto discuss overall remuneration policies and plans. Contact with institutionalshareholders (and with financial analysts, brokers and the media) is controlledby written guidelines to ensure the protection of share price sensitive informationthat has not already been made generally available to the company’s shareholders.The directors are provided with reports and other written  briefings from thecompany’s major shareholders and analysts, either in full or through summariesfrom the company’s brokers and are regularly informed by the Secretary aboutthe holdings of its principal shareholders. The Secretary alsosurveys the company’s retail shareholders about the quality of the company’sshareholdercommunications and share registrationservices.     We are continuing our policy that shareholders vote on the annual report at the AGM. Shareholders will also again be asked to vote on the **Report    ondirectors’ remuneration.**     It      is part of our policy to involve shareholders fully in the affairs of the      company and to give them the opportunity at the AGM to ask questions about      the company’s activities andprospects. We also give the shareholders the opportunity to vote on every substantially different issue by proposing a separate resolution for each issue. The Board’sopinion is that the re-election and the fees of the auditors are interrelatedmatters and should therefore be dealt with in one resolution.     The proxy votes for and against each resolution,as well as abstentions, will be counted before the AGM and the results will bemade available at the meeting after the shareholders have  voted on each resolutionon a show of hands and at the end of the meeting. It is our policy for all directorsto attend the AGM if at all possible. Whilst, because of ill health or otherpressing reasons, this may not always be possible, in normalcircumstances this means that the chairman of the *Audit,Nominating* and *Remuneration*committees**is at the AGM and is availableto answer relevant questions.     The      Annual Review and, if requested, the Annual Report and Form 20-F, together      with the Notice of the AGM, are sent to shareholders in the most cost-effective      fashion, given the large number of shareholders. We aim to give as much      notice as possible and at least 21 clear days, as required by the company’s      articles of association. In practice, these documents are being sent to      shareholders more than 20 working days before theAGM.     Established      procedures ensure the timely release of share price sensitive information      and the publication of the company’s financial results and regulatory      financial statements.

**Statement of business practice******To reinforce our commitment to achieve best practice in our standards of business integrity and ethics, BT has a written statement of business practice (*TheWay We Work*). The statement covers all our operations and reflects the expectationsin thearea of corporate governance and business practice standards. A copy of the statementhas been sent to every employee and is also available onthe company’s intranet site.     These high-level principles are supported by a continuing and comprehensive communications programme and online training. A confidential helpline and e-mail facility are also available toemployees who have questions about the application of these principles. We also continue to require our agents and contractors to apply these principles when representing BT.

**Political donations******It has always been BT’spolicy that no company in the groupshall make cash contributions to any political

 

 

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57Corporate governanceBT Annual Report and Form 20-F 2004
party. This policy continues and appropriate arrangements are in place to implement it throughout the group. However, the Companies Act 1985 requires companies to obtain shareholder authority before they can makedonations to EU political organisations (which includes UK political parties). The definition of political donations used in the Act is very much broader than the sense in which these words are ordinarily used. As a result, it covers activitieswhich form part of normal relationships between BT, individual politicians and the principal political parties. These activities are not designed to provide support to or to influence public support for any political party. They would not be thoughtof as political donations in the everyday sense of these words. They are entirely non-political in nature and are designed so that BT can make MPs and others aware of key industry issues and matters affecting the company.     The      authority we are requesting from shareholders at the AGM is not designed      to change the company’s stated policy of not making cash contributions. It will, however, ensure that BTacts within the provisions of the current UK law when carrying out the above activities. They are carried out on an even-handed basis related broadly to the major UK political parties’ electoralstrength and the company believes that they make an important contribution tothe success of BT. The level of political donations split as between the majorUK political parties is shown in the **Report of the directors.**

**Pension funds******BT’s two main pension funds – the BT Pension Scheme and the BT Retirement Plan – are not controlled by the Board but by separate trustees who are company and union nominees, under independent chairmen.The trustees look after the assets of the funds, which are held separately from those of the company. The pension funds’ assetscan only be used in accordance with their respective rules and for no other purpose.

**Financial**A statement by the directorsof their responsibilities for preparing the financial statements is includedin the **Statement of directors’ responsibility.**Thedirectors report on page 72 that the company is a going concern.

**US Sarbanes-Oxley Act of 2002******BT has securities registered with the US Securities and Exchange Commission (SEC). As a result, BT is obliged to comply with those provisions of the Sarbanes-Oxley Act (the Act) applicable to foreign issuers. BT willcomply with the legal and regulatory requirements introduced pursuant to this legislation, in so far as they are applicable to the group.     Giventhe narrow and prescriptive definition under the relevant SEC rules, it is theopinion of the Board that the *Audit Committee* does not include a member who isan ‘audit committee financial expert’. However, the Board considers that the Committee’s    members have broad commercial experience and extensive business leadership,    having heldvarious roles in accountancy, financial management and supervision, treasury and corporate finance and that there is a broad and suitable mix of business, financial and IT experience on the Committee. The Board and its committees willkeep under active review the financial expert matter during the 2005 financial year as part of their nomination and succession planning activities.     The      Chief Executive and Group Finance Director, after evaluating the effectiveness      of BT’s disclosure controls and procedures as of the end of the period covered by this Annual Reportand Form 20-F, have concluded that, as of such date, BT’s disclosure controlsand procedures were effective to ensure that material information relating toBT was made known to them by others within the group. The Chief Executive andGroup Finance Director have also provided the certifications required by theAct.     There      were no changes in BT’s internal control over financial reporting that occurred during the year ended 31 March 2004 that have materially affected, or are reasonably likely tomaterially affect, BT’s internal control over financial reporting.     The      code of ethics for the Chief Executive, Group Finance Director and Director      Group Financial Control and Treasury, adopted for the purposes of the Act,      is posted on the company’swebsite at http://www.btplc.com/Thegroup/Companyprofile/ Ourcodesofethics/CodeofethicsCEO.htm

**The New York Stock Exchange******In November 2003, the SEC approved the new corporate governance listing standards of the New York Stock Exchange (NYSE). The company, as a foreign issuer with American Depositary Shares listed on the NYSE, is obligedto disclose any significant ways in which its corporate governance practices differ from these standards.     The      company has reviewed the NYSE’s new listing standards and believes      that its corporate governance practices are consistent with them, with      one exception where the company does not meet the strict requirements set      out in the standards. The standards state that companies must have a nominating/      corporate governance committee composed entirely of independent directors      and with written terms of reference which, in addition toidentifying individuals qualified to become board members, develops and recommends      to the Board a set of corporate governance principles applicable to the      company. BT has a *Nominating Committee*. Information      about it is set out on pages 54 and 55. It does not develop corporate governance      principles for the Board’s approval. The Board approves the group’s      overall system of governance internal controls, governance and compliance      authorities. The Board and the *Nominating Committee* are made up of a majorityof independent, non-executive directors.

 

 

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58BT Annual Report and Form 20-F 2004
 

Report  on directors’ remuneration
 The      review is divided into the following sections:**59****Remuneration      policy (Not audited)** (i)Packages (ii)Annual package      – 2005 financial year (iii)Other Matters  Executive share      ownership  Pensions  Other benefits  Service agreements  Termination      payments  Outside appointments  Non-executive      directors’ letters of      appointment  Non-executive      directors’ remuneration  Directors’      service agreements      and contracts of appointment  Directors’      interests  Performance      graph**65****Remuneration      review (Audited)** Directors’      remuneration Former      directors Loans Pensions Share      options Share      awards under long-term incentive      schemes Deferred      Bonus Plan Share      awards under all-employee share      ownership plans Operating      Committee 
The        *Remuneration Committee*is made up wholly of independent non-executive        directors. Throughout the year, the company has applied the principles        in Section 1 of the 1998 version of the Combined Code on Corporate Governance        (the Code) and complied with the Code. The Committee also adopted the        main principles set out in the Higgs Report, reviewing the role and effectiveness        of non-executive directors, and this report explains how the company has        complied with the principles and provisions of the new Combined Code on        Corporate Governance which will begin to apply for the company in the        2005 financial year. Shareholders will be invited to approve this report        at the company’s 2004 AGM.             The Board is ultimately responsible for        both the structure and amount of executive remuneration, but it has delegated        prime responsibility for executive remuneration to the Committee. The        terms of reference of the Committee are available on the company’s        website at www.bt.com. The Committee’s role is to set the remuneration        policy and individual remuneration packages for the Chairman and the senior        management team, comprising the executive directors, members of the Operating        Committee (OC)        and other senior executives reporting to the Chief Executive. This includes        approving changes to the company’s long-term incentive plans, recommending        to the Board those plans which require shareholder approval and overseeing        their operation. In this role the Committee also monitors the structure        of reward for executives reporting to the senior management team and determines        the basis on which awards are granted under the company’s executive        share plans.             The        Committee met four times during the 2004 financial year. Sir Anthony Greener        has chaired the Committee since 18 July 2001. Other members of the Committee        who served during the financial year were:
Maarten      van den BerghLouis      HughesMargaret      JayCarl      Symon     The      Chairman and Chief Executive are invited to attend meetings. They are not      present when matters affecting their own remuneration arrangements are considered.      No director is involved in any decision relating to his or her remuneration.           Non-executive directors who are not members      of the Committee are entitled to receive papers and minutes of the Committee.     The Committee has access to professional advisers,both from within the company and externally. Towers Perrin (HR consultants);Ben Verwaayen, Chief Executive; Ian Livingston, Group Finance Director; AlexWilson, Group HR Director and Larry Stone, Company Secretary, provided advicethat materially assisted the Committee in relation to the 2004 financial year.The Committee has agreed that Towers Perrin may advise both the Committee andBT, and should be invited to attend meetings when major remuneration policy issuesare being discussed. Towers Perrin provides BT with a range of data and advisoryservices covering all aspects of executive pay, bonus arrangements, shares andbenefits.
 

     

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59Report on directors’ remunerationBT Annual Report and          Form 20-F 2004
 

**Remuneration  policy****This  part of the Report on directors’ remuneration is not subject to audit.**BT’s  executive remuneration policy is to reward employees competitively, taking into  account individual performance, company performance, market comparisons and  the competitive pressures in the information and communications technology industry.  Base salaries are positioned around the mid-market, with total direct compensation  (basic salary, annual bonus and the value of any long-term incentives) to be  at the upper quartile only for sustained and excellent performance. There are  no plans to change this policy.       A significant proportion of the total executive  remuneration package is linked to line of business and corporate performance.  Remuneration arrangements and performance targets are kept under regular review  to achieve this. The Committee has decided to review during the 2005 financial  year the company’s current arrangements for executive remuneration, including  the structure of the remuneration packages, their constituent parts and their  mix.       Where  any significant changes are proposed to executive remuneration, these will be  discussed with BT’s principal shareholders and the main representative  groups of the institutional shareholders.

**(i)   Packages**The remuneration package is made up of some or all of the following:

Basic salarySalaries are reviewed annually. Salary increases are made only where the Committee believes that adjustments are appropriate to reflect contribution, increased responsibilities and/or market pressures.

Performance-related remuneration*Annual bonus and deferred bonus*The annual bonus plan is designed to reward the achievement of results against set objectives.     For the 2004 financial year, on-target and maximum (requiring truly exceptional performance) bonus levels for executive directors and OC members, as a percentage of salary, were 50% and100% (increased from 75% at the beginning of the 2003 financial year to reward the achievement of increasingly stretching targets). The on-target and maximum bonus levels for the Chief Executive were 85% and 130%, respectively, under his serviceagreement. Under his contract, the Chairman is not entitled to a bonus.     Targetsset at the beginning of the 2004 financial year for each objective, to whichspecific weights were attached, were based on earnings per share and free cashflow, each representing 40% of the potential bonus, and customer satisfactionrepresenting 20% of the potential bonus. For the three line of business CEO’s, 75% of the potential bonus was linked to BT’scorporate performance and 25% to the performance of their respective line ofbusiness. For all other relevant executives, bonuses are based solely on corporateperformance.

The Committee retains the flexibility to enhance or reduce bonus awards in exceptional circumstances.     Awards    in the form of BT shares, granted under the Deferred Bonus Plan (DBP), are    directly linked to the value of annual bonuses and hence to performance.    The shares are held in trust and transferred to the executive if still employed    by the company in three years’ time. There are no additional performance    measures for the vesting of DBP awards. The DBP rewards performance and acts    as a retention measure.     Awards for the senior management team are equivalent in value to 50% of gross annual bonus.     The awards under the DBP held by BenVerwaayen, Pierre Danon, Andy Green, Ian Livingston and Paul Reynolds at the end of the 2004 financial year are contained in the table on page 69. The amounts are in note e on page 65.

*Long-term incentives*The BT Equity Incentive Portfolio (the Portfolio) is designed to ensure that equity participation is a significant part of overall remuneration. It comprises three elements: share options, incentive shares andretention shares. Share options were the main element of equity participation in the 2004 financial year. Retention shares are used as a recruitment and retention tool.     Underhis service agreement, the Chairman is not entitled to participate in the annualoperation of the Portfolio.     Generally,awards vest and options become exercisable only if a predetermined performancetarget has been achieved. Normally, the performance measure for outstanding awardsand options is  TSR (total shareholder return) compared with the FTSE 100 companies.TSR links the reward given to directors with the performance of BT against theshares of other major UK companies.     For 1999, 2000, 2001 and 2003 awards, the baseprice at the beginning of the performance period has been calculated by averagingthe BT share price over the six months to 31 March in the  year of award. Forthe 2002 awards, the period was from 19 November 2001 (the date of the mmO2 demerger)to 31 March 2002. The end price is the average of the share price over the six months to the end of the performance period. The end price is adjusted for all capital actions and dividend payments that occur during the performanceperiods.

*Share options*The price at which shares may be acquired under the Global Share Option Plan (GSOP) is the market price at the date of grant. Other than for new recruits, the size of option grant is based on corporate and individualperformance, and market relativity.     Options granted will be exercisable in three years, subject to the performance target being met. The Committee would not normally expect the initial value of annual grants of options,based on the market price of a BT share, to exceed three times salary.

 

 

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For options granted  subject to a TSR measure, BT’s TSR at the end of the three-year period  must be in the upper quartile for all of the options to be exercisable. At median,  30% of the options will be exercisable. Below that point, none of the options  may be exercised. If the performance measure is not met at the first measurement,  it may be re-tested against a fixed base in years four and five for options  granted in 2002. If TSR has not reached the median at the end of the fifth year,  previously unexercisable options will lapse. This was reduced to one re-testing  in year five for options granted in 2003.       The  one-off grant of options in 2002 to the seven senior executives most responsible  for delivering BT’s strategic plan is subject to an earnings per share  test. The Committee believes that earnings per share was the most appropriate  measure for this grant as BT embarked on a radical business transformation that  will require exceptional performance in exceeding business goals. For these  options to become exercisable, there must be a 35% compound annual growth in  BT’s earnings per share over three years (equivalent to 22 pence per share  at the end of the 2005 financial year). There will be no opportunity to re-test.  Earnings per share is calculated as basic earnings per share before goodwill  amortisation and exceptional items.       The  option granted to Sir Christopher Bland on 22 June 2001 as part of his recruitment  package is not subject to a performance measure as it matched a personal investment  in BT shares of £1 million.       The  details of the options held by Sir Christopher Bland, Ben Verwaayen, Pierre  Danon, Andy Green, Ian Livingston and Paul Reynolds at the end of the 2004 financial  year are contained in the table on page 67.

*Incentive shares*There were no awards under the Incentive Share Plan (ISP) in the 2004 financial year. A number of awards made in previous years were, however, still outstanding at the beginning of the 2004 financial year, and arecontained in the table on page 68.     Participantsare entitled to shares at the end of a three-year performance period if the companyhas met the relevant predetermined performance target and participants are stillemployedby the group. At the end of the three-year period, BT’s TSR must be in theupper quartile for all the shares to vest. At median, 25% of the shares underaward vest. Below that point, none of the shares vest.     Noneof the awards of incentive shares granted in 2001 vested as BT’s TSR wasat 83rd position on 31 March 2004, the end of the performance period.

*Retention shares*Retention shares are granted under the Retention Share Plan (RSP) to individuals with critical skills, as a recruitment or retention tool. As a result, shares currently under award are not linked to a corporateperformance target. The length of the retention period before awards vest is flexible. The shares are transferred at the end of the specified period if the individual is still employed by BT.

Retention shares are used only in exceptional circumstances and, in the 2004 financial year, five awards were made for recruitment purposes and a further two were made for retention purposes, one of which was to SirChristopher Bland under his new contract securing his services for the company until 2007.     The awards under the RSP held by Sir Christopher Bland, Ben Verwaayen and Ian Livingston at the end of the 2004 financial year are contained in the table on page 68.

*Executive Share Plan (ESP)*Thelast awards under the ESP were granted in 1999. Participants are generally onlyentitled to the shares at the end of a five-year performance period if the companyhas met the relevant predetermined performance target and participants are stillemployed by the group. At the end of the five-year period, if BT’s TSR reaches30th position, all the shares vest. If BT is at 70th position starting from thetop of the list, none of the shares vest. Between those points, the shares veston a straight line pro rata basis.     Noneof the awards of shares granted under the ESP in 1999 vested as BT’s TSRwas at 90th position on 31 March 2004, the end of the performance period.

*Other share plans*Theexecutive directors and the Chairman may participate in BT’s Inland Revenueapproved all-employee share plans, the Employee Sharesave Scheme and EmployeeShare Investment Plan (which replaced the Employee Share Ownership Scheme), onthe same basis as other employees. There are further details of these plans innote 34 to the accounts.

**(ii)   Annual package – 2005financial year**The*Remuneration Committee* has decided that there should be no increase in base payfor executive directors in the 2005 financial year, which reflects the restraintbeing exercised across the company. Salaries have now been held flat for threeyears. There is no change either to on-target and maximum bonus levels (see page59). The annual bonus plan will continue to focus on annualobjectives and to reward the achievement of results against those objectives.Performance will again be against earnings per share, free cash flow and customersatisfaction measures. Performance targets for the 2005 financial year are morechallenging than the outturn of the 2004 financial year, as BT continues itstransformation.     For the achievement of target, performance-related remuneration is approximately 63% of total remuneration (excluding pension) for the Chief Executive and 55% for the other executivedirectors.     Totalremuneration comprises base salary, annual bonus and awards under the DBP, andthe expected value of share options and awards under BT’s long-term incentiveplans.     The Committee has decided that a combination of performance-linked share options and incentive shares will be granted in the 2005 financial year. For the last two years, only share optionshave been granted. The

 

 

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combination of share options and share awards creates, in the Committee’s view, a better balance of remuneration in the light of BT’s business strategy, including the development of new wave business and theachievement of operating efficiencies. In the 2005 financial year, the maximum grant of options will reduce from three times base salary to 1.5 times base salary, and the maximum share award will be equivalent to two-thirds of salary. The overallvalue of long-term incentive awards will not change as a result of these proposals, which were determined by the Committee with advice from Towers Perrin.     The performance measure will be relative TSR for both elements but the FTSE 100 is being replaced by the FTSE E300 Telecommunication Services index as the comparator group. Performanceagainst an appropriate industry sector is considered a more appropriate test of executive capability in driving absolute performance.     At1 April 2004, the index contained the following companies, excluding BT:
Cable & WirelessSwisscomCosmote MobileTDC   TelecommunicationsTele2Deutsche TelekomTelecom ItaliaFrance TelecomTelecom Italia MobileHellenicTelefonica   TelecommunicationsTelekom AustriammO2TelenorPortugal TelecomTeliaSoneraKPNVodafone Group     For awardsmade last year subject to TSR, there was provision for re-testing in year fiveagainst a fixed base. The Committee has decided that there will be no re-testingin respect of the share awards or options to be granted in the 2005 financialyear.
**(iii)   Other matters****Executive share ownership**Ashareholding programme encourages executive directors and OC members to buildup a shareholding in the company by retaining shares received as a result ofparticipating in a BT employee share plan (other than the shares sold to paya National Insurance or income tax liability). The programme, which is not mandatory,is designed to encourage executive directors and members of the OC to build upa shareholding with a value of 100% of their annual salary. Giventhat a large part of an executive’s remuneration is already variable, theproposal specifically excludes the need to make a personal investment shouldawards not vest.

**Pensions**Those executive directors and mostother senior executives who joined the company prior to 1 April 2001, have theirpension benefits based on service and salary (known as defined benefit arrangements).Those with  longer BT service are entitled to pensions at normal retirement ageof two-thirds of final salary, including any cash lump sum entitlement. Thosewith shorter BT service are entitled to a pension of one-thirtieth of salaryfor each year of service.In both cases, a spouse’s pension of two-thirds of the executive’s pension is provided in the event of death after retirement. Should the executive die in service, a lump sum equal to four times annual salary ispayable together with a spouse’s pension of two-thirds of the executive’s anticipated pension at normal retirement age. BT closed its defined benefit arrangements to new employees with effect from 1 April 2001. From this date retirementprovision is made on a defined contribution basis. The company agrees to pay a fixed percentage of the executive’s salary each year towards the provision of retirement benefits, typically this is 20-30% of salary. Additionally, a lump sum equalto four times annual salary is payable on death in service. Pension provision for all executives is based on salary alone – bonuses,other elements of pay and long-term incentives are excluded.

**Other benefits**Other benefits for the Chairman and the senior management team include some or all of the following: company car, fuel and driver, personal telecommunications facilities and home security, medical and dental cover forthe director and immediate family, professional subscriptions and personal tax and financial counselling. The company has a permanent health insurance policy to provide cover for the Chairman and executive directors and members of the OC who maybecome permanently incapacitated.

**Service agreements**Itis the policy for the Chairman and executive directors to have service agreementsproviding for one year’s notice. It may be necessary on recruitment to offerlonger initial periods to new directors from outside BT, or circumstances maymake it appropriate to offer a longer fixed term. All the service agreementscontain provisions dealing with the removal of a director through poor performance,including in the event of early termination of thecontract by BT.

**Termination payments**SirChristopher Bland’s contract expires at the conclusion of the AGM in 2007. On termination of his contract by BT before that date, he is entitled to payment of salary and the value of benefits for the period of12 months from date of termination, or until the conclusion of the company’s AGM in 2007, if that period is shorter. Ben Verwaayen’s contract entitles him on termination of his contract by BT to payment of £700,000.The contracts of Pierre Danon, Andy Green, Ian Livingston and Paul Reynolds entitlethem on termination of their contract by BT to payment of salary and the valueof benefits until the earlier of 12 months from notice of termination or thedirector obtainingfull-time employment.     Ifthe contract of a director (but not the Chairman) is terminated by BT withinone year of BT entering into a scheme of arrangement or becoming a subsidiaryof another company, he will be entitled to receive the higher of that currentyear’s on-target bonus or the previous year’s bonus, the market valueof shares

 

 

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awarded under an employee share ownership plan or deferred bonus plan that have not vested, together with a year’s salary and the value of any benefits.     The Committee has reviewed contracts taking into account the joint statement of best practice on executive contracts and severance, published in December 2002 by the Association of BritishInsurers and the National Association of Pension Funds, and other relevant guidelines, and believes contract terms are generally in line with best practice. The clause dealing with termination following BT entering into a scheme of arrangement orbecoming a subsidiary of another company will be reviewed for future appointments and in any contract renegotiations.

**Outside appointments**TheCommittee believes that there are significant benefits, to both the company andthe individual, from executive directors accepting non-executive directorshipsof companies outside BT. The Committee will consider up to two external appointments(of which only one may be to the Board of a major company), for which a directormay retain the fees. Pierre Danon receives fees of £35,000 per year as a non-executive director of Emap plc and Ian Livingston feesof £35,000 per year as a non-executive director of Hilton Group plc. Pierre Danon has resigned from the Board of Hays plc where he received fees of £45,000per year.

**Non-executive directors’ letters of appointment**Non-executivedirectors have letters of appointment. They are appointed for an initial periodof three years. During that period, either party can give the other at leastthree months’ notice. At the end of theperiod the appointment may be continued by mutual agreement. Further detailsof appointment arrangements for non-executive directors are set out on page 53 in the section dealing with corporate governance issues.     The letters of appointment of non-executive directors are terminable on notice by the company without compensation.

**Non-executive directors’ remuneration**Sevenof the directors on the Board are non-executive directors who, in accordancewith BT’s articles of association, cannot individually vote on their ownremuneration. Non-executive remuneration is reviewed by the Chairman and theChief Executive and discussed and agreed by the Board. Non-executive directorsmay attend the Board discussion but may not participate in it.     Thefees paid to non-executive directors were increased with effect from 1 January2004 to reflect their increasing responsibilities and time commitments. Non-executivedirectors’ fees were last changed five years ago, on 1 January 1999.     Thebasic fee for non-executive directors is £40,000 per year. An additionalfee for membership of Board committees is £5,000per year, other than for the Pensions Performance Review Group for which no feeis paid. Sir Anthony Greener, Deputy Chairman and senior non-executive director,who also chairs both the *Remuneration Committee*and the *Audit Committee*,receives total fees of £115,000 per year.     Toalign further the interests of the non-executive directors with those of shareholders,the company’s policy is to encourage these directors to purchase, on a voluntary basis,£5,000 of BT shares each year. The directors are asked to hold these sharesuntil they retire from the Board. This policy is not mandatory.     Noelement of non-executive remuneration is performance-related. Non-executive directorsdo not participate in BT’s bonus or employee share plans and are not membersof any of thecompany pension schemes.

 

 

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**Directors’ service agreements and contractsof appointment**The dates on which directors’ initialservice agreements/letters of appointment commenced and the current expiry datesare as follows:
**Chairman and executive      directors****Commencement date** **Expiry date of      current service agreement or letter of appointment**Sir Christopher Bland1 May      2001 Sir Christopher      Bland entered into a new service agreement on   29 August 2003 which terminates      at the conclusion of the 2007   AGM, terminable on 12 months’      notice by either the company or the   director before that date.B Verwaayen14 January 2002 The agreement was terminable during      the first year by the company   giving two years’ notice and      thereafter by notice of not less than one   year; terminable by the director      on six months’ notice ending after   the first two years.  }    P Danon The contract is terminable by the      company on 12 months’ notice andA Green19 November 2001 by      the director on six months’ notice.Dr P Reynolds  I Livingston8 April 2002 The initial period was for two      years. The contract is terminable on   12 months’ notice by the company      and six months’ notice by the   director ending at any time after      the initial period.    **Non-executive      directors** Letters of appointment were for        an initial period of three years.Appointments were extended for        a further three years and areterminable        by the company or the director on three months’ notice.The appointments are renewable        by mutual agreement.Sir Anthony Greener1 October 2000M van den Bergh1 September 2000L R Hughes1 January 2000      C BrendishBaroness JayJ NelsonC G Symon1 September 200214 January 200214 January 200214 January 2002Letters      of appointment are for an initial period of three years and areterminable      by the company or the director on three months’ notice.The      appointments are renewable by mutual agreement.
There are no other service agreements or material contracts, existing or proposed, between the company and the directors. There are no arrangements or understandings between any director or executive officer and anyother person pursuant to which any director or executive officer was selected to serve. There are no family relationships between the directors.

**Directors’ interests**Theinterests of directors and their families in the company’s shares at 31March 2004 and 1 April 2003, or date of appointment if later, are shown below:
    No. of shares** ** Beneficial holdings**2004** 2003Sir Christopher Bland**c****674,062****b**673,876** **B Verwaayen**c****387,876**** **387,876** **P Danon**c****93,508****b**61,228**b**A Green**c****92,351****b**85,729**b**I Livingston**c****209,637****b**110,444** **Dr P Reynolds**c****46,823****ab**43,223**b**Sir Anthony Greener**34,607**** **11,167** **M van den Bergh**4,800**** **4,800** **C Brendish**23,920**** **10,920** **L R Hughes**6,800**** **6,800** **Baroness Jay**5,572**** **5,572** **J Nelson**50,000**** **50,000** **C G Symon**10,069**** **10,069** **** **Total**1,640,025**** **1,461,704** **   **a**During the period from 1 April 2004 to        17 May 2004, Paul Reynolds purchased 144 shares under the BT Group Employee    Share Investment Plan. **b**Includes free shares awarded under the        Employee Share Investment Plan and Employee Share Ownership Scheme – details    are set out on page 70. **c**At 31 March 2004, Sir Christopher Bland        and each of the executive directors, as potential beneficiaries, had        a non-beneficial interest in 30,463,435 shares (2003 – 31,719,402)        held in trust by Ilford Trustees (Jersey) Limited for allocation to employees        under the employee share schemes. They each also had a non-beneficial        interest in 141,864 shares (2003 – 19,822) held in trust by Halifax        Corporate Trustees Limited for participants in the Employee Share Investment    Plan.
 

 

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**Performance graph******This graph illustrates, as requiredby the Directors’ Remuneration Report Regulations 2002, the performance of BT Group plc measured by TSR (adjusted for the rights issue and the demerger of BT’smobile business in the 2002 financial year) relative to a broad equity marketindex over the past five years. The FTSE 100 is considered to be the most appropriateindex against which to measure performance for these purposes, as BT has beena constituentof the FTSE 100 throughout the five-year period and the index is widely used.TSR is the measure of the returns that a company has provided for its shareholders,reflecting share price movements and assuming reinvestment of dividends.

 

 

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**Remuneration Review  – this part of the Report on directors’ remuneration is subject to  audit****Directors’ remuneration**Directors’ remuneration for the2004 financial year was as follows:
    Pension       Other      Basic allowance net       benefits      salary and of pension Total salary Annual Expenses excluding **Total** Total  fees contributions**a**and fees bonus allowance pension**d****2004** 2003    £000 £000 £000 £000 £000 £000 **£000** £000  Sir Christopher Bland**500** **–** **500** **–** **–** **32** **532** 512 B Verwaayen**ce****700** **110** **810** **859** **250** **49** **1,968** 2,174 P Danon**be****450** **–** **450** **259** **19** **22** **750** 829 A Green**e****425** **–** **425** **336** **–** **30** **791** 761 I Livingston**bef****450** **115** **565** **325** **19** **4** **913** 1,116 Dr P Reynolds**be****400** **–** **400** **295** **19** **23** **737** 732 Sir Anthony Greener**96** **–** **96** **–** **–** **–** **96** 90 M van den Bergh**44** **–** **44** **–** **–** **–** **44** 40 C Brendish**g****39** **–** **39** **–** **–** **–** **39** 20 L R Hughes**40** **–** **40** **–** **–** **–** **40** 37 Baroness Jay**39** **–** **39** **–** **–** **–** **39** 35 J Nelson**39** **–** **39** **–** **–** **–** **39** 35 C G Symon**40** **–** **40** **–** **–** **–** **40** 37   **3,262** **225** **3,487** **2,074** **307** **160** **6,028** 6,418  **a**Balance or part of the pension        allowance for the 2004 financial year – see ‘‘Pensions’’ on    pages 65 to 66.**b**Pierre Danon, Ian Livingston and        Paul Reynolds each received a monthly cash allowance in lieu of a company    car totalling £18,500 per annum.**c**Ben Verwaayen is entitled to a        housing allowance of £250,000 per annum until 13 January 2005.        In the 2004 financial year, £250,000 was paid in respect of that        year (2003 – £250,000). These amounts are included in the    table above under Expenses allowance.**d  **Includes some or all of the following:        company car, fuel and driver, personal telecommunications facilities        and home security, medical and dental cover for the director and immediate    family, professional subscriptions and personal tax and financial counselling.**e  **Deferred bonuses payable in          shares in three years’ time, were awarded to Ben Verwaayen £429,500          (2003 – £849,000), Pierre Danon £129,500 (2003 –£169,000),          Andy Green 168,000 (2003 – £153,000), Ian Livingston £162,500          (2003 – £169,000) and Paul Reynolds £147,500 (2003 – £144,000).When            added to the amounts paid or payable for the 2004 financial year,    in the table above, the total            remuneration of Ben Verwaayen was £2,397,500 (2003 – £3,023,000);            Pierre Danon £879,500 (2003 – £998,000), Andy Green £959,000            (2003 – £914,000); Ian Livingston £1,075,500 (2003 – £1,285,000)    and Paul Reynolds £884,500 (2003 – £876,000).**f**Ian Livingston joined the Board    on 8 April 2002.**g**Clayton Brendish joined the Board    on 1 September 2002.**h**Retirement benefits are accruing        to three directors (2003 – three) under defined contribution arrangements        and to three directors (2003 – three)undera defined benefit scheme.
The salaries of the Chairman and executive  directors remained unchanged during the 2003 and 2004 financial years and,  following this year’s salary review, the Committee decided there should  be no increase from 1June 2004 in basic salaries.     SirChristopher Bland was appointed as part-time Chairman on 1 May 2001. His annualsalary on appointment was £500,000.     BenVerwaayen joined the company on 14 January 2002 on an annual salary of £700,000.He became Chief Executive on 1 February 2002.     PierreDanon, Andy Green and Paul Reynolds joined the Board on 19 November 2001 on salariesof £450,000, £425,000 and £400,000, respectively.     IanLivingston joined the Board on 8 April 2002 on a salary of £450,000.     Annual bonus awards to executive directors ranged from 58% to 123% of salary in the 2004 financial year (2003: 72% to 121%). These payments are not pensionable.

**Former directors**YveNewbold remains a member of the Community Support Committee for which she receivedfees of £5,000 in the 2004 financial year. She also received fees of £4,000 as a member of BT’sSocial PolicyLeadership Panel.Dr Iain Anderson      received fees of £12,000 in the 2004 financial year as chairman of  the BT Scotland Board. He will retire in June 2004.     SirPeter Bonfield received, under pre-existing arrangements, a pension of £331,000 payable by the company in the 2004 financial year (2003 – £322,000).

**Loans**Priorto the date of their appointment to the Board on 19 November 2001, Pierre Danonand Paul Reynolds each had interest-free loans from the company to assist withrelocation of £375,000 and £300,000,respectively. At 31 March 2004, Pierre Danon owed £243,750 (2003 – £281,250) and Paul Reynolds owed £260,000 (2003 – £290,000). During the 2004 financial year, the maximum amount outstanding was £571,250.There are no outstanding loans granted by any member of the BT group to any otherof the directors or guarantees provided by any member of the BT group for theirbenefit.

**Pensions**SirChristopher Bland is not a member of any of the company pension schemes, butthe company matches his contributions, up to 10% of the earnings cap, to a personalpension plan. Company contributions of £9,900were payable in respect of the 2004 financial year. The earnings cap is a restrictionon the amount

 

 

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of pay which can be used to calculate contributions and benefits due to a tax approved pension scheme.     BenVerwaayen is not a member of any of the company pension schemes, but the companyhas agreed to pay an annual amount equal to 20% of his salary towards pensionprovision. The companypaid £29,700 into his personal pension plan plus a cash payment of £110,300representing the balance of the pension allowance for the 2004 financial year.BT also provides him with a lump sum death in service benefit of four times hissalary.     IanLivingston is not a member of any of the company pension schemes, but the companyhas agreed to pay an annual amount equal to 30% of his salary towards pensionprovision. The companypaid £19,800 into his personal pension plan plus a cash payment of £115,200representing the balance of the pension allowance for the 2004 financial year.BT also provides him with a lump sum death in service benefit of four times hissalary.Pierre Danon’s pension accrues at the rate of one-thirtieth of his final salary for each year of service. In addition, a two-thirds widow’s  pension would be payable on his death. He is a member of the BT Pension Scheme,  but as he is subject to the earnings cap the company has agreed to increasehis benefits to the target level by means of a non-approved, unfunded arrangement.     Andy  Green is a member of the BT Pension Scheme. From 31 December 1997 the company  has been purchasing an additional 203 days of pensionable service each year  to bring his pensionableservice at age 60 up to 40 years. A two-thirds widow’s pension would bepayable on his death.     PaulReynolds is a member of the BT Pension Scheme. From 1 July 1996 the company hasbeen purchasing an additional 109 days of pensionable service each year to bringhis pensionableservice at age 60 up to 40 years. A two-thirds widow’s pension would bepayable on his death.

The table below shows the increase in the accrued benefits, including those referred to above, to which each director has become entitled during the year and the transfer value of the increase in accrued benefit:
             Transfer        value          Change        in Additional of        increase          transfer accrued in        accrued          value**c-d** benefits benefits        less      Transfer        value of less        directors’ earned        in directors’  Accrued        pension accrued        benefits contributions the        year contributions        **2004**** **2003 **2004**** **2003 **2004** **2004** **2004**** ** **£000****a**£000**b****£000****c**£000**d****£000** **£000****e****£000****f** P Danon**52** 37 **519** 286 **218** **14**** ****125**** **A Green**117** 109 **1,553** 1,103 **424** **6**** ****48**** **P Reynolds**116** 110 **1,405** 1,014 **367** **4**** ****21**** ** **a-d**As required by the    Companies Act 1985 Schedule 7A.**a-b**These amounts represent        the deferred pension to which the directors would have been entitled    had they left the company on 31 March 2003 and 2004, respectively.**c**Transfer value of        the deferred pension in column (a) as at 31 March 2004 calculated on        the basis of actuarial advice in accordance with Actuarial Guidance Note        GN11 and excludes directors’ contributions. The transfer value represents        a liability of the company rather than any remuneration due to the individual        and cannot be meaningfully aggregated with annual remuneration, as it    is not money the individual is entitled to receive.**d**The equivalent transfer value but calculated as at        31 March 2003 on the assumption that the director left service at that    date.**e**The increase in pension    built up during the year, net of inflation.**f **The transfer value    of the pension in column (e), less directors’ contributions.**g **Directors’ contributions        in the 2004 financial year were as follows: Pierre Danon, £14,850        (2003 – £14,580); Andy Green, £25,500 (2003 – £25,500);    and Paul Reynolds, £24,000 (2003 – £24,000).
 

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67Report on directors’ remunerationBT        Annual Report and Form 20-F 2004
**Share options held at 31 March  2004**
 Number of      shares under option   Usual date   Option exercisefrom whichUsual expiry1 April 2003  Granted Lapsed **31      March 2004**price per shareexercisabledate Sir Christopher Bland314,244**a**    **314,244** 318p 01/05/04 01/05/11  B Verwaayen1,121,121**b**– – **1,121,121** 250p 11/02/05 11/02/12  935,830**c**– – **935,830** 187p 29/07/05 29/07/12  561,500**d**– – **561,500** 187p 29/07/05 29/07/12   ** **1,052,632**e**– **1,052,632** 199.5p 24/06/06 24/06/13   2,618,451** **1,052,632** **  **3,671,083**        P Danon601,610**c**–** **– **601,610** 187p 29/07/05 29/07/12  360,970**d**–** **– **360,970** 187p 29/07/05 29/07/12  – 676,692**e**– **676,692** 199.5p 24/06/06 24/06/13   962,580 676,692** **  **1,639,272**        A Green2,905**f**–** **– **2,905** 255p 14/08/05 13/02/06  568,190**c**–** **– **568,190** 187p 29/07/05 29/07/12  340,910**d**–** **– **340,910** 187p 29/07/05 29/07/12   ** **639,098**e**– **639,098** 199.5p 24/06/06 24/06/13   912,005** **639,098** **  **1,551,103**        I Livingston7,290**f**–** **– **7,290** 227p 14/08/07 13/02/08  601,610**c**–** **– **601,610** 187p 29/07/05 29/07/12  360,970**d**–** **– **360,970** 187p 29/07/05 29/07/12  –** **676,692**e**– **676,692** 199.5p 24/06/06 24/06/13   969,870** **676,692** **– **1,646,562**        Dr P Reynolds4,555**g**–** **– **4,555** 218p 14/02/07 13/08/07  534,760**c**–** **– **534,760** 187p 29/07/05 29/07/12  320,860**d**–** **– **320,860** 187p 29/07/05 29/07/12  – 601,504**e**– **601,504** 199.5p 24/06/06 24/06/13   860,175 601,504 – **1,461,679**        Total6,637,325 3,646,618 – **10,283,943**         All of the above options were    granted for nil consideration. No options were exercised during the year.**a**Options granted under the GSOP      on 22 June 2001. The option is not subject to a performance measure. It      was a term of Sir Christopher Bland’s initial service contract that      (i) he purchased BT shares to the value of at least £1 million; and      (ii) as soon as practicable after the purchase of the shares (‘invested      shares’), the company would grant a share option over shares to the      value of at least £1 million. Sir Christopher Bland was the legal      and beneficial owner of the invested shares on 1 May 2004, so the option      became exercisable on that date.**b**Options granted under the GSOP on 11 February 2002.      The exercise of options is subject to a performance measure being met. The      performance measure is relative TSR compared with the FTSE 100. BT’s      TSR must be in the upper quartile for all of the options to become exercisable.      At median, 40% of the options will be exercisable. Below that point, none      of the options may be exercised.**c**Options granted under the GSOP on 29 July 2002. The      exercise of options is subject to a performance measure being met. The performance      measure is relative TSR compared with the FTSE 100. Details are set out      on page 60. **d**Options granted under the GSOP      on 29 July 2002. The exercise of options is subject to a performance measure      being met. The performance measure is earnings per share. Details are set      out on page 60. **e**Options granted under      the GSOP on 24 June 2003. The exercise of options is subject to a performance      measure being met. The performance measure is relative TSR compared with      the FTSE 100. Details are set out on page 60.**f**Options granted on 24 June 2002      under the Employee Sharesave Scheme, in which all employees of the company      are eligible to participate.**g**Options granted on 21 December      2001 under the Employee Sharesave Scheme, in which all employees of the      company are eligible to participate.**h**Details of the GSOP and performance      conditions are set out on pages 59 and 60.  
The market price of the shares          at 31 March 2004 was 177p (2003 – 157p) and the range during the    2004 financial year was 162p – 206.75p.
 There were no unrealised gains        onthe above share options at 31 March 2004 (2003 – nil), based on the shareprice of the shares at that date.
 

 

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68Report on directors’      remunerationBT Annual      Report and Form 20-F 2004
**Share awards under long-term  incentive schemes held at 31 March 2004**  Details of the company’s ordinary shares provisionally awarded to directors,  as participants under the ESP, ISP and RSP are as follows:
                                   **Total            number of award shares**                     Monetary        value of vested      1        April 2003           Dividends  **31          March**  Expected  Market Price **h**Market Price  award  AwardedVestedLapsedre-invested**2004**vesting dateat grantat vesting£000 Sir Christopher Bland          ** **         ISP 2001318,308 – – 331,488**d**13,180 **–** – 267.912p – – RSP 2003– 274,725**a**– – 11,375 **286,100** –**a**182p – –  B Verwaayen          ** **         RSP 2001799,754 – – – 33,115 **832,869** 10/01/05 257.814p – –  P Danon          ** **         RSP 200053,253 – 54,474**b**– 1,221 **–** – 267.912p 185p 101 ISP 200099,850 – – 99,850**c**– **–** – 267.912p – – ISP 2001179,047 – – 186,460**d**7,413 **–** – 267.912p – –  A Green          ** **         ESP 199838,095 – – 38,095**e**– **–** – 267.912p – – ESP 199938,710 – – 40,032**f**1,322 **–** – 267.912p – – ISP 200085,292 – – 85,292**c**– **–** – 267.912p – – ISP 2001179,047 – – 186,460**d**7,413 **–** – 267.912p – –  I Livingston          ** **         RSP 2002505,081 – 168,360**g**– 13,943 **350,664** 05/04/05 273.5p 185p 311 RSP 2002113,012 – – – 4,679 **117,691** 20/05/05 202.0p      Dr P Reynolds          ** **         ESP 199811,626 – – 11,626**e**– **–** – 267.912p – – ESP 199911,605 – – 11,999**f**394 **–** – 267.912p – – ISP 200048,111 – – 48,111**c**– **–** – 267.912p – – ISP 2001148,012 – – 154,140**d**6,128 **–** – 267.912p – –  **Former directors**          ** **         Sir Peter Bonfield**i**          ** **         ESP 1998112,579 – – 112,579**e**– **–** – 267.912p – – ESP 1999100,239 – – 103,666**f**3,427 **–** – 267.912p – – ISP 2000272,947 – – 272,947**c**– **–** – 267.912p – – ISP 2001522,025 – – 543,641**d**21,616 **–** – 267.912p – –  R Brace**j**          ** **         ESP 199857,149 – – 57,149**e**– **–** – 267.912p – –  B Cockburn**j**          ** **         ESP 199877,935 – – 77,935**e**– **–** – 267.912p – – ESP 199968,432 – – 70,771**f**2,339 **–** – 267.912p – –  **a**An award under the RSP was made to Sir      Christopher Bland on 1 September 2003 with an initial value of £500,000.      The award will vest, subject to continued employment, at the conclusion    of the 2007 AGM.**b**The final tranche of the RSP award granted      on 4 October 2000, vested on 6 October 2003.**c**The ISP 2000 performance measurement        period ended on 31 March 2003. At that time, BT’s position was at      85th position. As a consequence, all awards lapsed.**d**The ISP 2001 performance measurement        period ended on 31 March 2004. At that time, BT’s position was at      83rd position. As a consequence, all awards lapsed.**e**The ESP 1998      performance measurement period ended on 31 March 2003. At      that time, BT’s position was at 83rd position. As a consequence, all      awards have lapsed.**f**The ESP 1999 performance measurement        period ended on 31 March 2004. At that time, BT’s position was at      90th position. As a consequence, all awards have      lapsed.**g**The first tranche of the RSP award granted        on 30 May 2002 vested on 27 May 2003. The second and third tranches will        vest on the second and third anniversaries of Ian Livingston joining      BT.**h**Adjusted for the demerger of BT’s      wireless business in November 2001.**i**Under the terms of his agreement, the        awards granted to Sir Peter Bonfield were preserved on his leaving the      company until the normal vesting date.**j**The awards granted to Bill Cockburn        and Robert Brace were preserved at the discretion of the Remuneration      Committee on their leaving until their normal vesting date.**k**Details of the ISP, ESP and RSP and        any relevant performance conditions are set out on page 60.

 

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69Report on directors’      remunerationBT Annual      Report and Form 20-F 2004
**Vesting of outstanding  share awards and options**Details of options granted under the GSOP and awards  of shares under the ESP and ISP which would have vested based on BT Group’s  TSR compared with the other companies in the FTSE 100 for the relevant performance  period up to 31 March 2004 are as follows:
   **31      March 2004** 31 March      2003        **Expected**   **Percentage      of**   Percentage of  **vesting date** **TSR      position** **shares      vesting** TSR position shares vesting  ESP 1999**a****31/03/04** **90** **–** 87 – ISP 2001**b****31/03/04** **83** **–** 73 –  GSOP 2002**29/07/05** **77** **–** 61 – GSOP 2003**24/06/06** **93** **–** – –  **a**The ESP 1999 performance measurement        period ended on 31 March 2004. At that time, BT’s position was at      90th position. As a consequence, all awards have lapsed.**b**The ISP 2001 performance measurement        period ended on 31 March 2004. At that time, BT’s position was at        83rd position. As a consequence, all awards lapsed.
Options granted to executive directors  under the GSOP during the 2003 financial year as an additional incentive, whose  exercise is subject to a 35% compound annual growth in earnings per share, before  goodwill amortisation and exceptional items, being achieved over three years  (equivalent to 22p per share at the end of the 2005 financial year), are not  included in the above table, but are included in the table on page 67. Earnings  per share, before goodwill amortisation and exceptional items, for the 2004  financial year are 16.9p per share (2003 –14.2p). The compound annual growth  in earnings per share over the 2003 and 2004 financial years was 38.6%.

**Deferred Bonus Plan awards  at 31 March 2004**The following deferred  bonuses have been awarded to the directors under the DBP. These shares will  normally be transferred to participants at the end of the three-year deferred  period if those participants are still employed by BT Group.
        1 April 2003       Awarded       Vested      Dividends    re-invested    **Total number****of award shares****31 March****2004**      Expectedvesting date      Market Priceat grant      Market Priceat vesting    Monetary value    of vested award    £000 B Verwaayen76,996 – – 3,187 **80,183** 01/08/05 202.0p – –  – 425,614**c**– 17,624 **443,238** 01/08/06 199.5p – –  P Danon22,292 –** **– 762 **23,054** 01/08/04 267.912p – –  75,983 –** **– 3,146 **79,129** 01/08/05 202.0p – –  – 84,586**c**– 3,502 **88,088** 01/08/06 199.5p – –  A Green10,924 –** **10,924**ad**– **–** – 267.912p 197.215p 22  45,179 –** **–** **1,544 **46,723** 01/08/04 267.912p – –  50,654 –** **–** **2,097 **52,751** 01/08/05 202.0p – –  – 76,803**c**–** **3,180 **79,983** 01/08/06 199.5p – –  I Livingston– 84,586**c**–** **3,502 **88,088** 01/08/06 199.5p – –  Dr P Reynolds4,419 –** **4,419**ad**– **–** – 267.912p 197.215p 9  32,813 –** **–** **1,121 **33,934** 01/08/04 267.912p – –  45,590 –** **–** **1,886 **47,476** 01/08/05 202.0p – –  – 72,285**c**–** **2,992 **75,277** 01/08/06 199.5p – –  **Former director****b**     ** **  ** **         Sir Peter Bonfield86,725 – 86,725**ad**– **–** – 267.912p 197.215p 171  152,502 – – 5,216 **157,718** 01/08/04 267.912p – –  **a**Andy Green, Paul Reynolds and Sir Peter        Bonfield received 70p per share on their awards vesting as compensation        for the difference between the price of a BT share at the date of vesting        and the demerger when the awards should have vested. The Remuneration        Committee determined that the awards should continue until their normal        vesting date and that participants should be compensated if there was      a subsequent fall in the share price.**b**Under the terms of his service agreement,        the awards granted to Sir Peter Bonfield were preserved on his leaving      until the normal vesting date.**c**Awards granted on 24 June 2003. **d**Awards granted on 2 August 2000, vested    on 4 August 2003.**e**Details of the DBP are set out on page    59.
 

 

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70Report on directors’      remunerationBT Annual Report      and Form 20-F 2004
**Share awards under all-employee  share ownership plans at 31 March 2004**
        **Total          number****of          award shares****31 March 2004**  Expected    vesting date           1 April 2003 Awarded Vested    Sir Christopher Bland          ESIP 2003– 186**a**– **186** 05/08/08  P Danon   ** **      ESIP 2002130 –** **– **130** 14/08/07 ESIP 2003– 186**a**– **186** 05/08/08   130 186** **– **316**    A Green   ** **      ESOS 200085 –** **85**b****–** 17/08/03 ESOS 200166 –** **–** ****66** 30/07/04 ESIP 2002130 –** **–** ****130** 14/08/07 ESIP 2003– 186**a**–** ****186** 05/08/08   281 186** **85** ****382**    P Reynolds   ** ** ** **    ESOS 200085 –** **85**b****–** 17/08/03 ESOS 200166 –** **– **66** 30/07/04 ESIP 2002130 –** **– **130** 14/08/07 ESIP 2003– 186**a**– **186** 05/08/08   281 186 85 **382**    **a**Awards granted under      the BT Group Employee Share Investment Plan on 14 August 2003. On that date      the market price of a BT Group share was 194p.**b**Awards granted under      the BT Employee Share Ownership Scheme on 17 August 2000 vested on 17 August      2003. On 18 August 2003, the first dealing day after that date, the market      price of a BT Group share was 191p. The market price on the date of award      was 812p.
 

 

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71Report on directors’      remunerationBT Annual Report      and Form 20-F 2004
**Operating Committee**The aggregate remuneration of members  of the Operating Committee (OC), other than directors, for services in all capacities  during the 2004 financial year was as follows:
 **2004** 2003  **£000** £000  Salaries and benefits**296**        275 Annual bonuses** 198** 201 Provision for long-term incentive awards**268** 327 Company pension contributions**34** 32  **Total****796** 835  
Of the six members of the OC, five  are members of the Board.       No options  were granted under the BT Group Employee Sharesave Scheme to OC members, other  than directors, during the 2004 financial year (2003 – Nil).       The members  of the OC beneficially own less than 1% of the company’s outstanding ordinary  shares.

By order of the Board

**Sir Anthony Greener**Deputy Chairman and Chairman of Remuneration  Committee  19 May 2004

 

 

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72 BT Annual Report      and Form 20-F 2004
Statement of directors’  responsibilityfor preparing the financial  statements

The directors are required by law  to prepare financial statements for each financial year which give a true and  fair view of the state of affairs of the company and the group as at the end  of the financial year and of the profit or loss and cash flows of the group  for that period.     The directors  consider that, in preparing the financial statements for the year ended 31 March  2004, on pages 74 to 134 the company has used appropriate accounting policies,  consistently applied and supported by reasonable and prudent judgements and  estimates. The directors also consider that all applicable accounting standards  have been followed and confirm that the financial statements have been prepared  on the going concern basis.     The  directors are responsible for ensuring that the company keeps accounting records  which disclose with reasonable accuracy at any time the financial position of  the company and which enable them to ensure that the financial statements comply  with the Companies Act 1985.     The directors  are also responsible for taking such steps that are reasonably open to them  to safeguard the assets of the group and to prevent and detect fraud and other  irregularities.     The auditors’ responsibilitiesare stated in their report to the shareholders.

 

 

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73 BT Annual Report          and Form 20-F 2004
Report of the independent auditors

**To theboard of directors and shareholders of BT Group plc** In our opinion, the accompanyinggroup profit and loss account, group balance sheet, group cash flow statement,group statement of total recognised gains andlosses and the related notes present fairly, in all material respects, the financialposition of BT Group plc and its subsidiaries at 31 March 2004 and 2003, andthe results of their operations and their cash flows for each of the three yearsin the period ended 31 March 2004, in conformity with accounting principles generallyaccepted in the United Kingdom. These financial statements are the responsibilityof the group’s management; our responsibility is to express an opinion onthese financial statements based on our audits. We conducted our audits of thesestatements in accordance with the standards of the Public Company AccountingOversight Board (United States). Those standardsrequirethatweplanandperform the audit to obtainreasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements,assessing the accounting principles used and  significant estimates made by management,and evaluating the overall financial statement presentation. We believe thatour audits provide a reasonable basis for our opinion.     Accountingprinciples generally accepted in the United Kingdom vary in certain importantrespects from accounting principles generally accepted in the United States ofAmerica. Information relating to the nature and effect of such differences ispresented in the United States Generally Accepted Accounting Principles section. 

**PricewaterhouseCoopers LLP**Chartered Accountants and RegisteredAuditorsLondon19 May 2004

 

 

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74BT Annual Report and Form 20-F 2004
Consolidated financial statements
The consolidated financial statements    are  divided into the following sections:**75****Accounting policies****78****Group profit and loss account****81****Group           statement of total recognised gains      and losses****82****Group cash flow statement****83****Group balance sheet****84****Notes to the financial statements****84****Changes           in accounting policy and      presentation and discontinued activities****84****Segmental analysis****88****Turnover****88****Other operating income****89****Operating costs****91****Group’s    share of operating (loss) profit    of associates and joint ventures****91****Profit           on sale of fixed asset investments      and group undertakings****92****Profit on sale of property fixed assets****92****Amounts written off investments****92****Interest receivable****92****Interest payable****92****Tax on profit (loss) on ordinary activities****93****Minority interests****93****Dividends****94****Earnings (loss) per share****96****Reconciliation    of operating profit (loss) to    operating cash flows****96****Management of liquid resources****96****Acquisitions and disposals****99****Net debt****99****Intangible assets****100****Tangible fixed assets****101****Fixed asset investments****102****Debtors****102****Current asset investments****103****Loans and other borrowings****104****Other creditors****104****Provisions for liabilities and charges****105****Reconciliation    of movement in    shareholders’ funds****106****Related party transactions****107****Financial           commitments, contingent      liabilities and subsequent events****108****Pension costs****112****Directors’ emoluments****113****People employed****113****Employee share schemes****117****Auditors****117****Financial instruments and risk management****122****Company balance sheet**
 

 

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75BT Annual Report and Form 20-F 2004
Accounting policies

**i   Basis      of preparation of the financial statements**The financial statements  are prepared under the historical cost convention and in accordance with applicable  accounting standards and the provisions of the Companies Act 1985. The group  financial statements consolidate those of the company and all of its subsidiary  undertakings. Where the financial statements of subsidiary undertakings, associates  and joint ventures do not conform with the group’s accounting policies,  appropriate adjustments are made on consolidation in order to present the group  financial statements on a consistent basis. The principal subsidiary undertakings’  financial years are all coterminous with those of the company.       The  preparation of financial statements requires management to make estimates and  assumptions that affect the reported amounts of assets and liabilities and disclosure  of contingent assets and liabilities at the date of the financial statements  and the reported amounts of income and expenditure during the reporting period.  Actual results could differ from those estimates. Estimates are used principally  when accounting for interconnect income, provision for doubtful debts, payments  to telecommunication operators, long-term contracts, depreciation, goodwill  amortisation and impairment, employee pension schemes, provisions for liabilitiesand charges and taxes. 

**ii   Turnover**Group turnover net  of discounts, which excludes value added tax and other sales taxes, comprises  the value of services provided and equipment sales by group undertakings, excluding  those between them.       Total  turnover is group turnover together with the group’s share of its associates’  and joint ventures’ turnover, excluding the group’s share of transactions  between the group and its principal joint venture, Concert BV in the 2002 financial  year.       Turnover  from calls is recognised in the group profit and loss account at the time the  call is made over the group’s networks. Turnover from rentals is recognised  evenly over the period to which the charges relate. Turnover from equipment  sales is recognised at the point of sale. Prepaid call card sales are deferred  until the customer uses the stored value in the card to pay for the relevant  calls. Turnover arising from the provision of other services, including maintenance  contracts, is recognised evenly over the periods in which the service is provided  to the customer.Turnover from  installation and connection activities is recognised in the period in which  its is earned. Turnover from long term contracts is recognised throughout the  duration of the contract, to the extent that the outcome of the contract can  be assessed with reasonable certainty and in accordance with the stage of completion  of contractual obligations. Turnover from classified directories, mainly comprising  advertising revenue, is recognised in the group profit and loss account uponcompletion of delivery. 

**iii   Research      and development**Expenditure on research and developmentis written off as incurred. 

**iv   Leases**Assets held under  finance leases are capitalised and depreciated over their useful lives. The  capital element of future obligations under finance leases are recognised as  liabilities. The interest element of rental obligations are charged over the  period of the finance lease and represent a constant proportion of the balance  of capital repayments outstanding.       Operating  lease rentals are charged against the profit and loss account on a straight-line  basis over the lease period except where the contractual payment terms are consideredto be a more systematic and appropriate basis. 

**v   Interest**  Interest payable, including that related  to financing the construction of tangible fixed assets, is written off as incurred.  Discounts or premiums and expenses on the issue of debt securities are amortised  over the term of the related security and included within interest payable.  Premiums payable on early redemptions of debt securities, in lieu of future  interest costs, are written off when paid. 

**vi   Foreign  currencies**  On consolidation, assets  and liabilities of foreign undertakings are translated into sterling at year  end exchange rates. The results of foreign undertakings are translated into  sterling at average rates of exchange for the year.       Exchange  differences arising from the retranslation at year end exchange rates of the  net investment in foreign undertakings, less exchange differences on borrowings  which finance or provide a hedge against those undertakings, are taken to reserves  and are reported in the statement of total recognised gains and losses.       All  other exchange gains or losses are dealt with through the profit and loss account.  

**vii   Intangibles****(a)   Goodwill**Goodwill, arising from the purchase  of subsidiary undertakings and interests in associates and joint ventures, represents  the excess of the fair value of the purchase consideration over the fair value  of the net assets acquired.     For  acquisitions completed on or after 1 April 1998, the goodwill arising is capitalised  as an intangible asset or, if arising in respect of an associate or joint venture,  recorded as part of the related investment. Goodwill is amortised on a straight  line basis from the time of acquisition over its useful economic life. The economic  life is normally presumed to be a maximum of 20 years.       For  acquisitions on or before 31 March 1998, the goodwill is written off on acquisition  against group reserves. 

 

 

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76Accounting policiesBT Annual Report          and Form 20-F 2004
If an undertaking is subsequently divested, the appropriate unamortised goodwill or goodwill written off to reserves is dealt with through the profit and loss account in the period of disposal as part of the gain orloss on divestment.

**(b)   Other intangibles**Licence fees paid to governments, which permit telecommunication activities to be operated for defined periods, are amortised from the latter of the start of the licence period or launch of service to the end of thelicence period on a straight-line basis.

**viii   Tangiblefixed assets**Tangible fixed assets are stated at historical cost less depreciation.

**(a)   Cost**Costin the case of network services includes contractors’ charges and paymentson account, materials, direct labour and directly attributable overheads.

**(b)   Depreciation**Depreciation is provided on tangible fixed assets on a straight line basis from the time they are available for use, so as to write off their costs over their estimated useful lives taking into account any expectedresidual values. No depreciation is provided on freehold land.

The lives assigned to other significant tangible fixed assets are:
Freehold buildings –40 yearsLeasehold land and buildings –Unexpired portion   of lease or  40 years,  whichever is  the shorterTransmission equipment:    duct –25 years   cable –3 to 25 years   radio and repeater    equipment –2 to 25 yearsExchange equipment –2 to 13 yearsComputers and office equipment –2 to 6 yearsPayphones, other network equipment, motor vehicles and cableships –2 to 20 yearsSoftware –2 to 5 years
**ix   Fixed  asset investments**Investments in subsidiary undertakings, associates and joint ventures are stated in the balance sheet of the company at cost less amounts written off. Amounts denominated in foreign currency are translated intosterling at year end exchange rates.     Investmentsin associates and joint ventures are stated in the group balance sheet at thegroup’s share of their net assets, together with any attributable unamortisedgoodwill onacquisitions arising on or after 1 April 1998.     Thegroup’s share of profits less losses of associates and joint ventures isincluded in the group profit and loss account.Investments in other participating interests and other investments are stated at cost less amounts written off.

**x   Asset        impairment**Intangible and tangible fixed assets are tested for impairment when an event that might affect asset values has occurred. Goodwill is also reviewed for impairment at the end of the first financial year afteracquisition.     An impairment loss is recognised to the extent that the carrying amount cannot be recovered either by selling the asset or by the discounted future cash flows from operating theassets.

**xi   Stocks**Stocks mainly comprise items of equipment, held for sale or rental, consumable items and work in progress on long-term contracts.     Equipment held and consumable items are stated at the lower of cost and estimated net realisable value, after provisions for obsolescence.     Work in progress on long-term contracts is stated at cost, after deducting payments on account, less provisions for any foreseeable losses.

**xii   Debtors**Debtors are stated in the balance sheet at estimated net realisable value. Net realisable value is the invoiced amount less provisions for bad and doubtful debtors. Provisions are made specifically against debtorswhere there is evidence of a dispute or an inability to pay. An additional provision is made based on an analysis of balances by age, previous losses experienced and general economic conditions.

**xiii   Redundancy        costs**Redundancy or leaver costs arising from periodic reviews of staff levels are charged against profit in the year in which the group is demonstrably committed to the employees leaving the group.     Ifthe estimated cost of providing incremental pension benefits in respect of employeesleaving the group exceeds any total accounting surplus based on the latest actuarialvaluation ofthe group’s pension scheme and the amount of the provision for pension liabilitieson the balance sheet, then the excess estimated cost is charged against profitin the year in which the employees agree to leave the group, within redundancyorleaver costs.

**xiv   Pension        schemes**Thegroup operates a funded defined benefit pension scheme, which is independentof the group’s finances, for the substantial majority of its employees. Actuarial valuations of the main scheme are carried out byan independent actuary as determined by the trustees at intervals of not more than three years, to determine the rates of contribution payable. The pension cost is determined on the advice of the company’sactuary, having regard to the results of these valuations. In any interveningyears, the actuaries review the continuing appropriateness of the contributionrates.

 

 

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77Accounting policiesBT Annual Report          and Form 20-F 2004
The cost of providing pensions is charged against profits over employees’ working lives with the group using the projected unit method. Variations from this regular cost are allocated on a straight-line basis overthe average remaining service lives of current employees to the extent that these variations do not relate to the estimated cost of providing incremental pension benefits in the circumstances described in xiii above.     Interest is accounted for on the provision or prepayment in the balance sheet which results from differences between amounts recognised as pension costs and amounts funded. The regularpension cost, variations from the regular pension cost, described above, and interest are all charged within staff costs. The group also operates defined contribution pension schemes and the profit and loss account is charged with the contributionspayable.

**xv   Taxation**Full provision is made for deferred taxation on all timing differences which have arisen but have not reversed at the balance sheet date. Deferred tax assets are recognised to the extent that it is regarded as morelikely than not that there will be taxable profits from which the underlying timing differences can be deducted. No deferred tax is provided in respect of any future remittance of earnings of foreign subsidiaries or associates where no commitmenthas been made to remit such earnings. The deferred tax balances are not discounted.

**xvi   Financial  instruments****(a)   Debt instruments**Debt instruments are stated at the amount of net proceeds adjusted to amortise any discount evenly over the term of the debt, and further adjusted for the effect of currency swaps acting as hedges.

**(b)   Derivative financial instruments**The group uses derivative financial instruments to reduce exposure to foreign exchange risks and interest rate movements. The group does not hold or issue derivative financial instruments for financial tradingpurposes.

Criteria to qualify for hedge accountingThegroup considers its derivative financial instruments to be hedges when certaincriteria are met. For foreign currency derivatives, the instrument must be relatedto actual foreign currency assets or liabilities or a probable commitment andwhose characteristics have been identified. It must involve the same currencyor similar currencies as the hedged item and must also reduce the risk of foreigncurrency exchange movements on the group’s operations. Forinterest rate derivatives, the instrument must be related to assets or liabilitiesor a probable commitment, such as a future bond issue, and must also change theinterest rate or the nature of the interest rate by converting a fixed rate toavariable rate or vice versa.

Accounting for derivative financialinstrumentsPrincipal amounts underlyingcurrency swaps are revalued at exchange rates ruling at the date of the groupbalance  sheet and, to the extent that they are not related to debt instruments,are included in debtors or creditors.     Interest differentials, under interest rate swap agreements used to vary the amounts and periods for which interest rates on borrowings are fixed, are recognised by adjustment of interestpayable.     The forward exchange contracts used to change the currency mix of net debt are revalued to balance sheet rates with net unrealised gains and losses being shown as part of debtors,creditors, or as part of net debt. The difference between spot and forward rate for these contracts is recognised as part of net interest payable over the term of the contract.     The forward exchange contracts hedging transaction exposures are revalued at the prevailing forward rate on the balance sheet date with net unrealised gains and losses being shown asdebtors and creditors.     Instruments that form hedges against future fixed-rate bond issues are marked to market. Gains or losses are deferred until the bond is issued when they are recognised evenly over the termof the bond.

 

 

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78 BT Annual Report          and Form 20-F 2004
Group profit and loss accountfor the year ended 31 March 2004
   Continuing      activities****   Before      goodwill Goodwillamortisationamortisationand      exceptionaland      exceptionalitemsitems**Total**Notes£m£m**£m** **Total turnover**2 18,914 – **18,914**** ** Group’s share of joint ventures’      turnover3 (352)– **(352****)**Group’s share of associates’      turnover3 (43)– **(43****)** **Group turnover**2 18,519 – **18,519**** **Other operating income4 177 – **177**** **Operating costs5 (15,804)(19)**(15,823****)** Group operating profit (loss)  2,892 (19)**2,873**** **Group’s share of operating      loss of joint ventures6 (12)(26)**(38****)**Group’s share of operating      profit of associates6 4 – **4**** ** Total operating profit (loss)  2,884 (45)**2,839**** **Profit on sale of fixed asset investments7 4 34 **38**** **Loss on sale of group undertakings7 – (2)**(2****)**Profit on sale of property fixed      assets  14 – **14**** **Interest receivable10 264 34 **298**** **Interest payable11 (1,150)(89)**(1,239****)** **Profit (loss) on ordinary activities      before taxation**  2,016 (68)**1,948**** **Tax on profit (loss) on ordinary      activities12 (568)29 **(539****)** **Profit (loss) on ordinary activities      after taxation**  1,448 (39)**1,409**** **Minority interests13 8 – **8**** ** Profit (loss) for the financial      year  1,456 (39)**1,417**** **Dividends14     **(732****)** **Retained profit for the financial      year**28     **685**** ** **Basic earnings per share**15 16.9p  **16.4****p****Diluted earnings per share**15 16.8p  **16.3****p** 
 

 

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79BT Annual Report and Form 20-F 2004
  Group profit and loss accountfor the year ended 31 March 2003
    Continuing      activities            Before goodwill Goodwill      amortisation amortisation      and exceptional and exceptional      items items **Total**  Notes £m £m **£m**  **Total turnover**2 20,182 – **20,182**  Group’s share of joint ventures’      turnover3 (425)– **(425****)**Group’s share of associates’      turnover3 (1,030)– **(1,030****)** **Group turnover**2 18,727 – **18,727** Other operating income4 215 – **215** Operating costs5 (16,152)(218)**(16,370****)** Group operating profit (loss)  2,790 (218)**2,572** Group’s share of operating      profit (loss) of joint ventures6 (31)150 **119** Group’s share of operating      profit (loss) of associates6 212 (2)**210**  Total operating profit (loss)  2,971 (70)**2,901** Profit on sale of fixed asset investments7 – 1,700 **1,700** Loss on sale of group undertakings7 – (9)**(9****)**Profit on sale of property fixed      assets  11 – **11** Interest receivable10 195 – **195** Amounts written off investments9 (7)– **(7****)**Interest payable11 (1,341)(293)**(1,634****)** **Profit on ordinary activities      before taxation**  1,829 1,328 **3,157** Tax on profit on ordinary activities12 (598)139 **(459****)** **Profit on ordinary activities      after taxation**  1,231 1,467 **2,698** Minority interests13 (5)(7)**(12****)** Profit for the financial year  1,226 1,460 **2,686** Dividends14     **(560****)** **Retained profit for the      financial year**28     **2,126**  **Basic earnings per share**15 14.2p  **31.2****p****Diluted earnings per share**15 14.1p  **31.0****p** 
 

 

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80BT Annual Report and Form 20-F 2004
  Group profit and loss accountfor the yearended 31 March 2002
  ** **** **Continuing      activities      ** **** **      ** **** **Before goodwill Goodwill   Discontinued    ** **** **amortisation amortisation **Total** activities and    ** **** **and exceptional       and exceptional **continuing** intra-group    ** **** **items items **activities** items **Total**  Notes** **£m £m **£m** £m **£m**  **Total turnover**2 21,815 – **21,815**** **2,827 **24,642**** **** **Group’s share of joint ventures’      turnover3 (2,752)– **(2,752****)**(76)**(2,828****)**Group’s share of associates’      turnover3 (1,297)– **(1,297****)**(639)**(1,936****)**Trading between group and principal      joint venture3 681 – **681** – **681** ** ****Group turnover**2 18,447 – **18,447** 2,112 **20,559** Other operating income4 361 – **361** 1 **362** Operating costs5 (16,037)(2,817)**(18,854****)**(2,546)**(21,400****)**** **Group operating profit (loss)  2,771 (2,817)**(46****)**(433)**(479****)**Group’s share of operating      profit (loss) of joint ventures6 (323)(1,160)**(1,483****)**19 **(1,464****)**Group’s share of operating      profit (loss) of associates6 215 (175)**40** 43 **83** ** **Total operating profit (loss)  2,663 (4,152)**(1,489****)**(371)**(1,860****)**Profit on sale of fixed asset investments7 – 169 **169** 3,208 **3,377** Profit (loss) on sale of group      undertakings7 – (148)**(148****)**1,160 **1,012** Profit on sale of property fixed      assets8 27 1,062 **1,089** – **1,089** Interest receivable10 360 – **360** – **360** Amounts written off investments9 – (535)**(535****)**– **(535****)**Interest payable11 (1,777)(162)**(1,939****)**(43)**(1,982****)**** ****Profit (loss) on ordinary      activities before taxation**  1,273 (3,766)**(2,493****)**3,954 **1,461** Tax on profit (loss) on ordinary      activities12 (528)143 **(385****)**(58)**(443****)**** ****Profit (loss) on ordinary      activities after taxation**  745 (3,623)**(2,878****)**3,896 **1,018** Minority interests13 (10)– **(10****)**(13)**(23****)**** **Profit (loss) for the financial      year  735 (3,623)**(2,888****)**3,883 **995** Dividends (see note below)14     ** **   **(173****)**** ****Retained profit for the      financial year**28     ** **   **822**  **Basic earnings (loss) per      share**15 8.8p  **(34.8****)p**  **12.0****p****Diluted earnings (loss)      per share**15 8.8p  **(34.8****)p**  **11.9****p** 
In addition to the final dividend for the year of £173 million there was a demerger distribution of £19,490 million, representing the net assets of mmO2 (including purchased goodwill) as at the date ofdemerger. Of the demerger distribution, £9 million represents a cash dividend paid by British Telecommunications plc to mmO2 plc as part of the demerger process.

 

 

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81BT Annual Report and Form 20-F 2004
Group statement of total recognised gains and lossesfor the yearended 31 March 2004
  **2004** 2003 2002  **£m** £m £m  Profit (loss) for the financial year:         Group**1,468**** **2,483 2,580    Joint ventures**(54****)**103 (1,524)   Associates**3** 100 (61) Total profit for the financial year**1,417** 2,686 995 Currency movements arising on consolidation of non-UK:** **        Subsidiaries**(87****)**(2)(14)   Joint ventures**(1****)**5 (46)   Associates**(1****)**2 45 Unrealised gain on transfer of assets and group undertakings to a joint venture**–** – 5  **Total recognised gains      and losses for the financial year****1,328** 2,691 985  
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82BT Annual Report and Form 20-F 2004
 

Group cash flow statementfor the year ended 31 March 2004

 
    **2004**** **2003 2002** ** Notes **£m**** **£m £m** ** **Net cash inflow from operating      activities**16 **5,389**** **6,023 5,257 **Dividends from associates and      joint ventures**  **3**** **6 2 **Returns on investments and servicing      of finance**  ** **** **    Interest received  **673**** **231 309 Interest paid, including finance      costs  **(1,200****)**(1,737)(2,004)**Net cash outflow for returns      on investments and servicing of finance**  **(527****)**(1,506)(1,695) **Taxation**  ** **** **    UK corporation tax paid  **(305****)**(425)(557)Non-UK tax paid  **(12****)**(9)(5)**Taxation paid**  **(317****)**(434)(562) **Capital expenditure and financial      investment**  ** **** **    Purchase of tangible fixed assets  **(2,684****)**(2,580)(4,069)Sale of tangible fixed assets  **76**** **94 2,645 Purchase of fixed asset investments  **(1****)**(1)(37)Disposal of fixed asset investments  **132**** **106 107 **Net cash outflow for capital      expenditure and financial investment**  **(2,477****)**(2,381)(1,354) Free cash flow      before acquisitions, disposals and dividends  **2,071**** **1,708 1,648    ** **** **    **Acquisitions and disposals**  ** **** **    Purchase of subsidiary undertakings,         net of £1m cash acquired      (2003 – £13m, 2002 – £nil)  **(32****)**56 (896)Investments in joint ventures  **(29****)**(133)(235)Disposal of subsidiary undertakings,      net of £nil cash disposed      (2003 – £nil, 2002 – £28m)  **–**** **3 1,959 Sale of investments in joint ventures      and associates  **1**** **2,916 4,957 **Net cash (outflow) inflow for      acquisitions and disposals**  **(60****)**2,842 5,785    ** **** **    **Equity dividends paid**  **(645****)**(367)–  **Cash inflow before management      of liquid resources and financing**  **1,366**** **4,183 7,433 **Management of liquid resources**17 **1,123**** **(1,729)(1,864)**Financing**  ** **** **    Issue of ordinary share capital  **–**** **42 6,057 Repurchase of ordinary share capital  **(144****)**– – Inflow on demerger of mmO219 **–**** **– 440 New loans  **1,326**** **20 30 Repayment of loans  **(3,627****)**(2,471)(1,851)Net decrease in short-term borrowings  **–**** **(64)(10,155)**Net cash outflow from financing**  **(2,445****)**(2,473)(5,479) **Increase (decrease) in cash      in the year**  **44**** **(19)90  **Decrease in net debt in the      year resulting from cash flows**19 **1,222**** **4,225 13,930  
 

 

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83BT Annual Report and Form 20-F 2004
 

Group balance sheetas at 31 March 2004

 
  ** **** ****2004**** **2003** ** Notes** ****£m**** **£m** ** **Fixed assets**      Intangible assets20 **204**** **218 Tangible assets21 **15,487**** **15,888 Investments in joint ventures:22 ** **** **     Share      of gross assets and goodwill  **496**** **741    Share      of gross liabilities  **(399****)**(610) Total investments in joint ventures  **97**** **131 Investments in associates22 **24**** **27 Other investments22 **256**** **397 Total investments22 **377**** **555  **Total fixed assets**  **16,068**** **16,661        **Current assets**  ** **** **  Stocks  **89**** **82 **Debtors:**  ** **** **     Falling      due within one year  **4,017**** **4,413    Falling      due after more than one year  **1,172**** **630  **Total debtors**23 **5,189**** **5,043 Investments24 **5,163**** **6,340 Cash at bank and in hand  **109**** **91  **Total current assets**  **10,550**** **11,556  **Creditors: amounts falling due      within one year**  ** **** **  Loans and other borrowings25 **1,271**** **2,548 Other creditors26 **7,277**** **7,132  **Total creditors: amounts falling      due within one year**  **8,548**** **9,680  **Net current assets**  **2,002**** **1,876  **Total assets less current liabilities**  **18,070**** **18,537     ** **** **  **Creditors: amounts falling due      after more than one year**  ** **** **  Loans and other borrowings25 **12,426**** **13,456 **Provisions for liabilities and      charges**  ** **** **  Deferred taxation27 **2,191**** **2,017 Other27 **313**** **359 **Total provisions for liabilities      and charges**  **2,504**** **2,376 **Minority interests**  **46**** **63        **Capital and reserves**  ** **** **  Called up share capital28, 37 **432**** **434 Share premium account28 **2**** **2 Capital redemption reserve28 **2**** **– Other reserves28 **998**** **998 Profit and loss account28 **1,660**** **1,208 **Total equity shareholders’      funds**28 **3,094**** **2,642     **18,070**** **18,537  
The financial statements on pages 74 to 134 were approved by the board of directors on 19 May 2004 and were signed on its behalf by

**Sir Christopher Bland**Chairman**Ben Verwaayen**Chief Executive**Ian Livingston**Group Finance Director

 

 

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84BT Annual Report and Form 20-F 2004
 

Notes to the financial  statements

 
**1.  ****Changes        in accounting policy and presentation and discontinued activities****(a)****Changes in accounting          policy and presentation **There        have been no changes to accounting policies in the 2004 financial year.        A small number of changes in the presentation of the notes to the financial        statements have been made and comparative figures have been restated        accordingly as explained in the notes where material.  **(b)****Discontinued activities**On 1        June 2001, BT disposed of its interests in Japan Telecom and J-Phone        Communications and, on 29 June 2001, its interest in Airtel. On 22 June        2001, BT sold Yell, its classified advertising directory businesses in        the UK and the USA. These activities, together with mmO2 which        was demerged on 19 November 2001, are shown as discontinued operations        in the profit and loss accounts. The eliminations are intra-group eliminations.        The interest charge allocated to mmO2 up to the date of the        demerger has been calculated assuming that mmO2’s net        debt at the date of the demerger of £500 million, had been in existence        for the whole of the period, and had been bearing an interest charge        of 8% per annum.           The interest charge allocated to Yell up to the date of disposal represents      amounts payable on intercompany loans charged at an arm’s length rate      of interest. The taxation charge allocated to discontinued activities,      up to the date of demerger or disposal, represents amounts charged to these      entities before recognising credit for group relief surrendered to entities      within continuing activities.  **2.****Segmental        analysis **The group        provides telecommunication services, principally in the UK, and essentially        operates as a unitary business. Its main services and products are fixed        voice and data calls, the provision of fixed exchange lines to homes        and businesses, the provision of communication services to other operators,        the provision of private services to businesses and the supply of telecommunication        equipment for customers’ premises. The turnover of each line of business    is derived as follows:BT Retail derives its turnover from the supply of exchange        lines and from the calls made over these lines, the provision of ICT        products and services, the leasing of private circuits and other private        services, the sale and rental of customer premises equipment to the group’s        UK customers and other lines of business and from its narrowband and        broadband internet access products.BT Wholesale derives its turnover from providing network        services to other BT lines of business, and from interconnecting the        group’s UK network to other operators.BT Global Services        mainly generates its turnover from the provision of ICT products and        services, outsourcing and systems integration work and from the fixed        network operations of the group’s European subsidiaries. The business        also derives revenues from providing web hosting facilities to end customers        and through BT lines of business.     Segmented        information on the lines of business is given below for the years ended        31 March 2004, 31 March 2003 and 31 March 2002 as required by the UK        accounting standard SSAP 25 and the US accounting standard SFAS No. 131        (SFAS 131).      There is extensive trading between the linesof business and profitability is dependent on the transfer price levels. Theseintra-group trading arrangements and operating assets are subject to periodicreview and have changed in some instances. In addition, the group moved managementresponsibility of BT Openworld to BT Retail. Comparative figures have been restatedfor these and other changes and in certain instances have been determined usingapportionments and allocations.**     ****   ****  **     **      **  **      ** **      ****  ****      **OperatingTurnoverprofit (loss)      ofDepreciationassociatesTotal** ****   **    Groupandand jointoperatingExternalInternaltotalamortisationventuresprofit (loss)Year ended 31 March 2004£m£m£m£m£m£m BT Retail12,630 904 13,534 163 1 **1,434**** **BT Wholesale3,445 7,414 10,859 1,919 – **1,682**** **BT Global Services2,410 3,372 5,782 624 (37)**(153****)**Other34 1 35 230 2 **(124****)**Intra-group– (11,691)(11,691)– – **–**** **** ****Group totals****18,519** **–** **18,519** **2,936** **(34****)****2,839**** ** 
 

 

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85Notes to the financial statementsBT Annual Report          and Form 20-F 2004
**2.   Segmental  analysis**continued
         Operating       Turnover   profit (loss)      of  DepreciationassociatesTotal     Group andand jointoperating External Internal total amortisationventuresprofit (loss)Year ended 31 March 2003£m £m £m £m£m£m BT Retail12,979 903 13,882 202 (3)1,524 BT Wholesale3,525 7,722 11,247 1,923 (1)1,757 BT Global Services2,183 3,234 5,417 632 180 (214)Other40 1 41 278 153 (166)Intra-group– (11,860)(11,860)– – –  **Group totals****18,727**** ****–**** ****18,727**** ****3,035**** ****329**** ****2,901**                        Operating       Turnover     profit (loss)      of     Depreciation associates Total      Group and and joint operating  External Internal total amortisation ventures profit (loss) Year ended 31 March 2002£m £m £m £m £m £m  BT Retail12,139 1,145 13,284 248 (6)888 BT Wholesale3,735 8,590 12,325 1,914 – 2,070 BT Global Services2,185 2,493 4,678 2,835 144 (2,481)Concert– – – – (1,123)(1,123)Other58 37 95 348 (458)(843)Intra-group– (11,935)(11,935)– – –  **Total continuing activities**18,117 330 18,447 5,345 (1,443)(1,489) mmO22,273 392 2,665 648 5 (461)Other169 2 171 8 57 90 Intra-group– (724)(724)– – –  **Total discontinued activities**2,442 (330)2,112 656 62 (371) **Group totals****20,559**** ****–**** ****20,559**** ****6,001**** ****(1,381****)****(1,860****)** 
Transactions between divisions are at pricesset in accordance with those agreed with Ofcom (and previously Oftel) where theservices provided are subject to regulation. Other transactions are at arm’slength.     The following tables show the capital expenditure on plant, equipment and property, the net operating assets or liabilities and the net book value of associates and joint ventures by lineof business for the years ended 31 March 2004 and 2003. Net operating assets comprise tangible and intangible fixed assets, stocks, debtors, less creditors (excluding loans and other borrowings) and provisions for liabilities and charges (excludingdeferred tax).
      Interest in Net operatingassociatesCapitalassetsand jointexpenditure(liabilities)venturesYear ended, or as at, 31 March      2004£m£m£m BT Retail118 (40)(9)BT Wholesale1,809 11,940 – BT Global Services479 1,291 89 Other267 188 41  **Total****2,673**** ****13,379**** ****121**** **              Interest in Net operatingassociatesCapitalassetsand jointexpenditure(liabilities)venturesYear ended, or as at, 31 March      2003£m£m£m BT Retail109 (430)(8)BT Wholesale1,652 12,041 – BT Global Services445 1,912 141 Other239 217 25  **Total****2,445**** ****13,740**** ****158**  
 

 

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86Notes to the financial        statementsBT Annual Report          and Form 20-F 2004
**2.   Segmental  analysis**continuedInformation about geographic areas:
 **2004**  2003  2002  **£m**£m£m **Turnover with external customers**** **     Attributable to UK**17,190** 17,536 16,703 Attributable to non-UK countries**a****1,329** 1,191 1,414  **Total continuing activities****b****18,519** 18,727 18,117  Attributable to UK**–** – 1,555 Attributable to non-UK countries**a****–** – 887  **Total discontinued activities****–** – 2,442  **Group turnover****18,519** 18,727 20,559  **a** Turnover attributable to non-UK countries        comprises the external turnover of group companies and branches operating        outside the UK, income from non-UK operators for calls terminating in        or in transit through the UK and turnover with non-UK joint ventures    and associates.**b**The group turnover from continuing activities        as disclosed in the group profit and loss account includes intra-group    trading with discontinued activities.      **2004** 2003 **£m**£m **Group fixed assets are located**** **   UK**14,591** 14,785 Europe, excluding the UK**1,029** 1,227 Americas**305** 510 Asia and Pacific**143** 139  **Total****16,068** 16,661  
Geographical segment analysis in accordance with the requirements of SSAP 25 is as follows:
 **2004** 2003 2002 **£m**£m£m **Total turnover on basis of origin**** **     UK**17,198** 17,544 16,428 Europe, excluding the UK**1,272** 2,151 2,449 Americas**151** 155 2,000 Asia and Pacific**293** 332 608  **Total continuing activities****a****18,914** 20,182 21,485  UK**–** – 1,635 Europe, excluding the UK**–** – 927 Americas**–** – 36 Asia and Pacific**–** – 559  **Total discontinued activities****–** – 3,157  **Total****18,914** 20,182 24,642  **a** The total turnover from continuing activities        as disclosed in the group profit and loss account includes intra-group    trading with discontinued activities.        **2004**  2003  2002  **£m**£m£m **Group turnover on basis of origin**** **     UK**17,190** 17,536 16,703 Europe, excluding the UK**1,124** 978 1,113 Americas**151** 153 147 Asia and Pacific**54** 60 154  **Total continuing activities****a****18,519** 18,727 18,117  UK**–** – 1,555 Europe, excluding the UK**–** – 851 Americas**–** – 36  **Total discontinued activities****–** – 2,442  **Total****18,519** 18,727 20,559  **a** The group turnover from continuing activities        as disclosed in the group profit and loss account includes intra-group    trading with discontinued activities.
 

 

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87Notes to the financial        statementsBT Annual Report          and Form 20-F 2004
**2.   Segmental        analysis**continuedThe analysis of turnover by geographical  area is stated on the basis of origin. In an analysis of turnover by destination,incoming and transit international calls by country of origin and turnover withnon-UK joint ventures and associates would be treated differently but would  not lead to a materially different geographical analysis. See ‘‘Information  about geographic areas’’ above.
 **2004** 2003 2002 **£m**£m£m **Group operating profit (loss)**** **** **    UK**2,999**** **3,220 2,628 Europe, excluding the UK**(132****)**(627)(2,829)Americas**9**** **(28)153 Asia and Pacific**(3****)**7 2  **Total continuing activities****2,873**** **2,572 (46) UK**–**** **– 4 Europe, excluding the UK**–**** **– (429)Americas**–**** **– (6)Asia and Pacific**–**** **– (2) **Total discontinued activities****–**** **– (433) **Total****2,873**** **2,572 (479)          **2004** 2003 2002  **£m** £m £m  **Share of operating (losses)      profits of associates and joint ventures,**** **** **    **     including      goodwill amortisation**** **** **    UK**(1****)**(2)(17)Europe, excluding the UK**(48****)**305 (240)Americas**–**** **(1)(1,135)Asia and Pacific**15**** **27 (51) **Total continuing activities****(34****)**329 (1,443) UK**–**** **– 5 Europe, excluding the UK**–**** **– 20 Asia and Pacific**–**** **– 37  **Total discontinued activities****–**** **– 62  **Total****(34****)**329 (1,381)                    **2004**     2003       **Interest      in**   Net Interest in    **Net** **associates**   operating associates    **operating** **and      joint**   assets and joint    **assets** **ventures** **Total** (liabilities) ventures Total  **£m** **£m** **£m** £m £m £m  UK**11,419**** ****7**** ****11,426** 12,196 (8)12,188 Europe, excluding the UK**1,742**** ****24**** ****1,766** 1,652 76 1,728 Americas**199**** ****–**** ****199** (85)– (85)Asia and Pacific**19**** ****90**** ****109** (23)90 67  **Total****13,379**** ****121**** ****13,500** 13,740 158 13,898  
Net operating assets (liabilities)  comprise tangible and intangible fixed assets, stocks, debtors less creditors  (excluding loans and other borrowings), and provisions for liabilities and charges  (excluding deferred tax).

 

 

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88Notes to the financial statementsBT Annual Report and Form 20-F 2004
**3.   ****Turnover**Group’s share of associates’ and joint ventures’ turnovercomprised:
  **2004** 2003 2002  **£m** £m £m  Joint ventures:** **        Continuing      activities**352** 425 2,752    Discontinued      activities**–** – 76  **352** 425 2,828 Associates:** **        Continuing      activities**43** 1,030 1,297    Discontinued      activities**–** – 639  **43** 1,030 1,936  **Group’s      share of associates’ and joint ventures’ turnover****395** 1,455 4,764  
Concert, the joint venture with AT&T, was formed on 5 January 2000 and was unwound on 1 April 2002 (see note 18). The group’s share of trading with Concert in the 2002 financial year, primarily in respect ofinternational calls made to and from the UK and for services provided to Concert in the UK for the multinational customers transferred to Concert, is eliminated in arriving at total turnover, including the proportionate share of the group’sassociates and joint ventures, and is added back in arriving at group turnover.

****4.   ****Otheroperating income****
  **2004** 2003 2002  **£m** £m £m  Seconded staff,      administration and other services provided to Concert**–** – 135 Other**177** 215 226  **Total      continuing activities****177** 215 361 Discontinued      activities**–** – 1  **Total      other operating income****177** 215 362  
 

 

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89Notes to the financial statementsBT Annual Report and Form 20-F 2004
**5.   Operating  costs**
  **2004** 2003 2002 **Total      Group****£m** £m £m  Staff costs:         Wages      and salaries**3,672**** **3,621 4,013    Social      security costs**316**** **275 304    Pension      costs (note 31)**404**** **322 382    Employee      share ownership**a****20**** **36 25  Total staff      costs**4,412**** **4,254 4,724 Own work capitalised**(677****)**(583)(659)Depreciation      (note 21)**2,921**** **3,011 3,680 Amortisation      and impairment of goodwill and other intangibles (note 20)**15**** **24 2,321 Payments to      telecommunications operators**3,963**** **3,940 4,299 Other operating      costs**5,189**** **5,724 7,035  **Total      operating costs****15,823**** **16,370 21,400  Operating costs      included the following:** **** **    Early leaver      costs**b****202**** **276 252 Research and      development**334**** **380 362 Rental costs      relating to operating leases, including plant and equipment hire of** **** **       £25      million (2003 – £34 million, 2002 – £51 million)**370**** **395 283 Foreign currency      gains**(5****)**(12)(1) Amortisation      of goodwill and exceptional items comprising:** **** **       Rectification      costs**30**** **– –    Property      rationalisation provision**–**** **198 –    Goodwill      impairment in subsidiary undertakings**–**** **– 1,955    Asset      impairments**–**** **– 324    Costs      relating to the Concert unwind**–**** **– 172    Costs      relating to the demerger of mmO2**–**** **– 109    BT      Retail call centre rationalisation costs**–**** **– 68    BT      Wholesale bad debt (release) costs**(23****)**– 79  Total exceptional      items**7**** **198 2,707 Goodwill amortisation**12**** **20 352  **Total amortisation      of goodwill and exceptional items****19**** **218 3,059  **a** Amount set aside for the year for allocation    of ordinary shares in the company to eligible employees.**b**Includes £61 million of leaver costs associated        with the rationalisation of the BT Retail call centres in the year ended    31 March 2002.
The directors believe that the nature of the    group’s business is such that the analysis of operating costs required by the Companies Act 1985 is not appropriate. As required by the Act, the directors havetherefore adapted the prescribed format so that operating costs are disclosed in a manner appropriate to the group’sprincipal activity.

 

 

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90Notes to the financial statementsBT Annual Report and Form 20-F 2004
**5.   Operating      costs**continued
  **2004** 2003 2002 **Continuing      activities****£m** £m £m  Staff costs:         Wages      and salaries**3,672**** **3,621 3,659    Social      security costs**316**** **275 270    Pension      costs (note 31)**404**** **322 367    Employee      share ownership**a****20**** **36 25  Total staff      costs**4,412**** **4,254 4,321 Own work capitalised**(677****)**(583)(623)Depreciation      (note 21)**2,921**** **3,011 3,266 Amortisation      and impairment of goodwill and other intangibles (note 20)**15**** **24 2,079 Payments to      telecommunications operators**3,963**** **3,940 4,289 Other operating      costs**5,189**** **5,724 5,522  **Total operating      costs****15,823**** **16,370 18,854  Operating costs      included the following:** **** **    Early leaver      costs**b****202**** **276 247 Research and      development**334**** **380 362 Rental costs      relating to operating leases, including plant and equipment hire of** **** **       £25      million (2003 – £34 million, 2002 – £51 million)**370**** **395 277 Foreign currency      gains**(5****)**(12)(1) Amortisation      of goodwill and exceptional items comprising:** **** **       Rectification      costs**30**** **– –    Property rationalisation      provision**–**** **198 –    Goodwill impairment      in subsidiary undertakings**–**** **– 1,955    Asset impairments**–**** **– 324    Costs relating      to the Concert unwind**–**** **– 172    Costs      relating to the demerger of mmO2**–**** **– 98    BT Retail call      centre rationalisation costs**–**** **– 68    BT Wholesale      bad debt (release) costs**(23****)**– 79  Total exceptional      items**7**** **198 2,696 Goodwill amortisation**12**** **20 121  **Total amortisation      of goodwill and exceptional items****19**** **218 2,817  **a**Amount set aside for the year for allocation    of ordinary shares in the company to eligible employees.**b**Includes £61 million of leaver costs associated        with the rationalisation of the BT Retail call centres in the year ended    31 March 2002.         **2004** 2003 2002 **Discontinued      activities****£m** £m £m  Staff costs:         Wages      and salaries**–** – 354    Social      security costs**–** – 34    Pension      costs**–** – 15  Total staff      costs**–** – 403 Own work capitalised**–** – (36)Depreciation**–** – 414 Amortisation      and impairment of goodwill and other intangibles**–** – 242 Payments to      telecommunications operators**–** – 10 Other operating      costs**–** – 1,513  **Total operating      costs****–** – 2,546  Operating costs      included the following:** **     Early leaver      costs**–** – 5 Rental costs      relating to operating leases**–** – 6  Amortisation      of goodwill and exceptional items comprising:** **     Costs relating      to the demerger of mmO2**–** – 11 Goodwill amortisation**–** – 231  **Total amortisation      of goodwill and exceptional items****–** – 242  
 

 

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91Notes to the financial      statementsBT Annual Report and        Form 20-F 2004
 

**6.****   Group’s      share of operating (loss) profit of associates and joint ventures**The group’s share of operating(loss) profit of associates and joint ventures comprised:
  **2004** 2003 2002  **£m**£m £m  Joint ventures:** **** **          Continuing      activities**(38****)**119 (1,483)      Discontinued      activities**–**** **– 19  **(38****)**119 (1,464)Associates:** **** **          Continuing      activities**4**** **210 40       Discontinued      activities**–**** **– 43  **4**** **210 83  **Group’s      share of operating (loss) profit of associates and joint venturesa****(34****)**329 (1,381) **a** Includes:** **** **     Exceptional costs relating    to the impairment of goodwill**26**** **– 433   Exceptional costs relating        to the impairment of investments and (release) charge of related exit    costs**–**** **(150)780  Exceptional costs relating    to the Concert unwind**–**** **– 81  Amortisation of goodwill arising    in joint ventures and associates**–**** **2 53  
**7.****   Profit  on sale of fixed asset investments and group undertakings**In December 2003 the group sold its  7.8% interest in Inmarsat Ventures plc for total cash consideration of US$118  million (£67 million) realising a profit on disposal of £32 million.     Other  gains of £6 million and losses of £2 million were recognised during  the year ended 31 March 2004. The consideration received in relation to these  disposals was £6 million.     In the  year ended 31 March 2003, disposals of subsidiary undertakings resulted inlosses of £9 million, the consideration received in relation to these disposals  was £3 million.     In January  2003, the group sold its 26% interest in Cegetel Groupe SA to Vivendi Universal  SA for consideration of €4,000 million (£2,603 million) in cash. The profit  on disposal was £1,509 million, before the recognition of an exceptional  interest charge of £293 million on closing out fixed interest rate swaps  following receipt of the sale proceeds, and includes a write-back of £862  million of goodwill taken directly to reserves before April 1998.     In December  2002, the group sold its interest in Blu SpA for consideration of £29  million. The profit on disposal was £19 million.     In October  2002, the group sold its 2% interest in Mediaset for consideration of £87  million in cash. The profit on disposal was £14 million.     In May  2002 and November 2002, the group sold its remaining holding of shares in BSkyB,received for the exchange of the residual interest in British Interactive Broadcasting,for consideration of £192 million recognising a profit of £131 million.     Other  gains of £39 million and losses of £12 million were recognised during  the year ended 31 March 2003. These gains and losses included a write-back of  £7 million of goodwill taken directly to reserves before April 1998. The  consideration received in relation to these disposals was £114 million.     In June  2001, the group sold its interest in the Yell Group comprising mainly the YellowPages unit of BT, Yellow Pages Sales Limited and Yellow Book USA Inc. and itssubsidiary undertakings. The consideration for this sale was £1,960 million  and a profit of £1,128 million was realised. This profit includes a write-back  of £9 million of goodwill taken directly to reserves before April 1998.     In December  2001, the group sold its wholly owned subsidiary Clear Communications Limited,which operates in New Zealand, for consideration of £119 million. A loss  of £126 million was recognised on this sale, of which £45 million  relates to goodwill taken directly to reserves before April 1998.     Other  disposals of subsidiary companies in the year ended 31 March 2002 resultedin gains on disposal of £10 million.     A profit  of £120 million was recognised for the exchange of the residual interest  in British Interactive Broadcasting for BSkyB shares in May 2001. The consideration  received was £241 million of BSkyB shares and the profit recognised relates  to those shares that were marketable.     In June  2001, the group sold its effective 20% interest in Japan Telecom Co. Limitedand its 20% interest in J-Phone Communications Co. Limited to Vodafone plc for £3,075 million in cash. Under the sale agreement, the group also sold  shares representing 4.9% of J-Phone Communications Co. Limited obtained by exercising  an option in June 2001 for £634 million in cash. The realised profit on  the sale of the 20% interest in Japan Telecom Co. Limited and J-Phone Communications  Co. Limited, and the sale of the 4.9% share of J-Phone Communications Co. Limited  obtained through the exercise of options was £2,358 million.     In June  2001, the group sold its 17.81% interest in Airtel Movil SA to Vodafone plcfor £1,084 million in cash. The profit on disposal was £844 million.

 

 

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92Notes to the financial      statementsBT        Annual Report and Form 20-F 2004
 

**7.****   Profit  on sale of fixed asset investments and group undertakings**continuedOther gains of £135 million and  losses of £80 million were also recognised during the year ended 31 March  2002. These gains and losses included a write-back of £14 million of goodwill  taken directly to reserves before April 1998. The consideration received in  relation to these disposals was £860 million, including deferred and non-cashamounts of £63 million.

**8.****   Profit  on sale of property fixed assets**In December 2001 the group entered into  a sale and leaseback transaction with Telereal under which substantially all  of the group’s interest in most of its UK freehold and long leasehold  properties and its obligations in respect of rack rented properties were transferred  to  Telereal for cash consideration of£2,380  million. Of the total profit from the sale of property in the year to 31 March2002, £1,019 million relates to this transaction.

**9.****   Amounts  written off investments**Amounts written off investments were £nil (2003 – £7 million, 2002 – £535 million). In  the year ended 31 March 2002 these were mainly attributable to investments inAT&T Canada, £347 million and Impsat, £157 million.
**10.   Interest    receivable** **2004**** **2003 2002  **£m**** **£m £m  Income from listed investments**13**** **2 5 Other interest receivable**a****283**** **187 334  Group**296**** **189 339 Joint ventures**2**** **1 14 Associates**–**** **5 7  **Total interest receivable****298**** **195 360  **a**Includes an exceptional      credit of £34 million in the year ended 31 March 2004 being one off      interest recognised on full repayment of loan notes received as part of      the original consideration from the disposal of Yell.
**11.   Interest    payable** **2004** 2003 2002  **£m** £m £m  Interest payable and similar charges      in respect of:      Bank loans and overdrafts**87**** **82 184 Interest payable on finance leases**19**** **– 10 Other borrowings**abc****1,114**** **1,527 1,685  Group**1,220**** **1,609 1,879 Joint ventures**19**** **17 60 Associates**–**** **8 43  **Total interest payable****1,239**** **1,634 1,982  **a**Includes an exceptional      charge of £89 million in the year ended 31 March 2004 being the premium      on repurchasing £813 million of the group’s issued bonds.**b**Includes an exceptional      charge of £293 million in the year ended 31 March 2003 on the termination      of interest rate swap agreements following the receipt of the Cegetel sale      proceeds.**c**Includes an exceptional      charge of £162 million in the year ended 31 March 2002 on the novation      of interest rate swap agreements as a consequence of the property sale and      leaseback transaction with Telereal.
 
**12.   Tax    on profit (loss) on ordinary activities****** **2004** 2003 2002  **£m** £m £m  United Kingdom:         Corporation      tax at 30%**328**** **447 275    Taxation      on the group’s share of results of associates**–**** **– 2    Prior      year adjustments**–**** **12 – Non-UK taxation: ** **       Current**37**** **47 23    Taxation      on the group’s share of results of associates**–**** **81 50    Taxation      on the group’s share of results of joint ventures**–**** **– 34    Prior      year adjustments**–**** **(26)(7) **Total current taxation****365** 561 377 Deferred taxation charge (credit)      at 30%         Origination      and reversal of timing differences**184** (29)34    Prior      year adjustments**(10****)**(73)32  **Total deferred taxation****174** (102)66  **Total tax on profit (loss)      on ordinary activities****539** 459 443  
 

 

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93Notes to the financial      statementsBT Annual Report        and Form 20-F 2004
 

**12.   Tax on      profit (loss) on ordinary activities**continuedThe tax credit relating to exceptional  items is £29 million (2003 – £139 million, 2002 – £143  million).     A  tax charge on recognised gains and losses not included in the profit and loss  account of £47 million (2003 – £16 million, 2002 – £11  million) related to exchange movements offset in reserves.     Current tax and total tax on  profit on ordinary activities, differs from the amount computed by applying  the corporation tax rate to profit on ordinary activities before taxation. Thedifferences were attributable to the following factors:
 **2004** 2003 2002 **%****%****%** UK corporation tax rate**30.0**** **30.0 30.0 Non-deductible depreciation, amortisation      and impairment**0.9**** **0.4 92.6 Non-deductible non-UK losses**1.6**** **3.3 17.8 Higher taxes on non-UK profits**0.2**** **0.4 0.8 Excess depreciation over capital      allowances**3.2**** **3.4 9.7 Pension provisions and prepayments**(9.9****)**(3.2)(11.5)Other timing differences**(2.8****)**0.7 (0.5)Lower effective tax on gain on      disposal of fixed asset** **** **       investments      and group undertakings**(1.3****)**(16.5)(66.3)Higher (lower) effective tax on      gain on disposal of non qualifying assets**–**** **2.0 (44.6)Prior year adjustments**–**** **(2.0)(0.5)Other**(3.2****)**(0.8)(1.7) **Current tax – effective      corporation tax rate****18.7**** **17.7 25.8 Deferred taxes on excess depreciation      over capital allowances**(3.2****)**(3.4)(9.7)Pension provisions and prepayments**9.9**** **3.2 11.5 Other timing differences**2.8**** **(0.7)0.5 Prior year adjustments**(0.5****)**(2.3)2.2  **Total tax – effective      corporation tax rate****27.7**** **14.5 30.3  
**Factors that may affect future  tax charges**The group operates in countries  where the tax rate is different to the UK corporate tax rate, primarily the  USA, the Netherlands, the Republic of Ireland, Germany and Spain.     As at  31 March 2004, the group had overseas corporate tax losses estimated to be £1  billion which are not recognised as deferred tax assets. In addition, the group  has unutilised capital losses estimated to be in excess of £10 billion  which were not recognised as deferred tax assets.
**13.   Minority    interests****2004** 2003 2002   **£m**£m£m        Minority interests in (losses)      profits:** **** **    Group**(8****)**4 7 Associates**–**** **8 16  **Total minority interests****(8****)**12 23  
**14.   Dividends** **2004**  2003 2002         **pence**pencepence**2004**20032002 **per      share**per shareper share**£m**£m£m Interim dividend paid**3.20** 2.25 – **278** 194 – Proposed final dividend**5.30** 4.25 2.00 **454** 366 173  **Total dividends****8.50** 6.50 2.00 **732** 560 173  
In addition to the final dividend  for the year ended 31 March 2002 of £173 million there was a demerger  distribution of £19,490 million, representing the net assets of mmO2 (including  purchased goodwill) asat  the date of demerger. Of the demerger distribution, £9 million represents  a cash dividend paid by British Telecommunications plc to mmO2 plc as part of  the demerger process.

 

 

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94Notes to the financial statementsBT Annual Report and Form 20-F 2004
**15.   Earnings (loss) per share**Thebasic earnings (loss) per share are calculated by dividing the profit for thefinancial year attributable to shareholders by the weighted averagenumber of shares in issue after deducting the company’s sharesheld by employee share ownership trusts and treasury shares.     In calculating the diluted earnings (loss) per share, share options outstanding and other potential ordinary shares have been taken into account.The weighted average number of shares inthe years were:
 **2004****millions****of shares** 2003****millions   of shares 2002****millions   of shares  Basic**8,621** 8,616 8,307 Dilutive ordinary shares from share options outstanding and shares held in trust**55** 52 70  Total diluted**8,676** 8,668 8,377  
Options over 259 million shares (2003 – 177 million, 2002 – 16 million)were excluded from the calculation of the total diluted number of shares as theywere anti-dilutive.

 

 

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95Notes to the financial statementsBT Annual Report and Form 20-F 2004
**15.   Earnings (loss) per share**continuedThe items in the calculation of earnings (loss) per share before goodwill amortisationand exceptional items in the years were:
 **2004****pence****per share**   2003penceper share 2002penceper share  **2004****£m**   2003£m 2002£m  **Attributable to exceptional items and goodwill amortisation from**** **** **    ** **** **    **   continuing    activities:**** **** **    ** **** **    Rectification costs**(0.3****)**– – **(30****)**– – Goodwill amortisation**(0.1****)**(0.3)(2.0)**(12****)**(22)(162)Property rationalisation costs**–**** **(2.3)– **–**** **(198)– Goodwill impairment in subsidiary undertakings**–**** **– (23.5)**–**** **– (1,955)Asset impairment in subsidiary undertakings**–**** **– (3.9)**–**** **– (324)Costs relating to the Concert unwind**–**** **– (3.0)**–**** **– (253)Costs relating to the demerger of mmO2**–**** **– (1.2)**–**** **– (98)BT Retail call centre rationalisation costs**–**** **– (0.8)**–**** **– (68)BT Wholesale bad debts release (costs)**0.2**** **– (0.9)**23**** **– (79)Goodwill impairment in associates and joint ventures**(0.3****)**– (5.2)**(26****)**– (433)Impairment of investment in associates and joint ventures and** **** **    ** **** **       release (charge) for related exit costs**–**** **1.8 (9.4)**–**** **150 (780)Profit on sale of fixed asset investments**0.4**** **19.8 2.0 **32**** **1,700 169 Loss on sale of group undertakings**–**** **(0.1)(1.8)**–**** **(9)(148)Profit on sale of property fixed assets**–**** **– 12.8 **–**** **– 1,062 Amounts written off investments**–**** **– (6.4)**–**** **– (535)Finance cost of novating interest rate swaps**–**** **(3.4)(2.0)**–**** **(293)(162)Interest receivable on Yell loan notes**0.4**** **– – **34**** **– – Premium on repurchasing bonds**(1.1****)**– – **(89****)**– – Tax credit**0.3**** **1.6 1.7 **29**** **139 143 Minority interest**–**** **(0.1)– **–**** **(7)–  **Net (charge) credit attributable to exceptional items and goodwill**** **** **    ** **** **    **   amortisation    from continuing activities****(0.5****)**17.0 (43.6)**(39****)**1,460 (3,623)**Attributable to discontinued activities:**** **** **    ** **** **    Costs relating to the demerger of mmO2**–**** **– (0.1)**–**** **– (11)Profit on sale of group undertakings**–**** **– 14.0 **–**** **– 1,160 Profit on sale of fixed asset investments**–**** **– 38.6 **–**** **– 3,208 Goodwill amortisation**–**** **– (3.0)**–**** **– (243)Results of discontinued activities before goodwill amortisation and** **** **    ** **** **       exceptional items after tax and minority interest**–**** **– (2.7)**–**** **– (231) **Net credit attributable to discontinued activities****–**** **– 46.8 **–**** **– 3,883   ** **** **    ** **** **    **Basic earnings per share/profit for the financial year**** **** **    ** **** **    **   after    goodwill amortisation and exceptional items****16.4**** **31.2 12.0 **1,417**** **2,686 995 Less: Basic earnings per share/profit for the financial year attributable to** **** **    ** **** **       discontinued activities**–**** **– 46.8 **–**** **– 3,883  **Basic earnings (loss) per share/profit (loss) for the financial year**** **** **    ** **** **    **   before    discontinued activities****16.4**** **31.2 (34.8)**1,417**** **2,686 (2,888)Less: Basic (loss) earnings per share/(loss) profit for the financial year** **** **    ** **** **       attributable to exceptional items and goodwill amortisation from** **** **    ** **** **       continuing activities**(0.5****)**17.0 (43.6)**(39****)**1,460 (3,623) **Basic earnings per share/profit for the financial year from continuing**** **** **    ** **** **    **   activities    before goodwill amortisation and exceptional items****16.9**** **14.2 8.8 **1,456**** **1,226 735  
Earnings per share before goodwill amortisation and exceptional items is providedto help readers evaluate the performance of the group.

 

 

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96Notes to the financial statementsBT Annual Report and Form 20-F 2004
 
**16.   Reconciliation    of operating profit (loss) to operating cash flows** **2004** 2003**** 2002  **£m** £m £m  Group operating profit (loss)**2,873**** **2,572 (479)Depreciation**2,921**** **3,011 3,680 Amortisation and impairment**15**** **24 2,321 (Increase) decrease in stocks**(6****)**31 43 Decrease (increase) in debtors**414**** **764 (545)(Decrease) increase in creditors**(171****)**(294)803 Increase in pension prepayment and decrease in pension liabilities**(655****)**(314)(537)(Decrease) increase in provisions**(49****)**171 52 Other**47**** **58 (81) **Net cash inflow from operating activities****5,389**** **6,023 5,257  Analysed as:** **** **    Continuing activities**5,389**** **6,023 5,023 Discontinued activities**–**** **– 234  **Net cash inflow from operating activities****5,389**** **6,023 5,257  
**17.   Managementof liquid resources****2004** 2003**** 2002****   **£m**£m£m Purchase of short-term investments and payments into short-term** **** **       deposits over 3 months**(5,306****)**(3,990)(7,601)Sale of short-term investments and withdrawals from short-term** **** **       deposits over 3 months**4,467**** **4,082 4,695 Net movement of short-term investments and short-term** **** **       deposits under 3 months not repayable on demand**1,962**** **(1,821)1,042  **Net cash inflow (outflow) from management of liquid resources****1,123**** **(1,729)(1,864) 
Movements in all short-term investments and deposits not repayable on demandare reported under the heading of management of liquid resources.

**18.   Acquisitions      anddisposals****Acquisition of subsidiary companiesand businesses**
  **Total** **a**Year ended 31 March    2004**£m**  Consideration:  Cash**33** Deferred**3**  **Total****36**     Concert**b** Other**c** **Total** Year ended 31 March 2003£m £m **£m**  Consideration:      Cash– 13 **13** Carrying value of Concert global venture338 – **338**  **Total****338** **13** **351**  
In addition, net cash of £56 million was received in settlement of theunwind of the Concert global venture.
  Esat Digifone**d** Other**e** **Total** Year ended 31 March 2002£m £m **£m**  Consideration:      Cash869 27 **896** Deferred– 8 **8**  **Total****869** **35** **904**  
**a**On 5 January 2004 the group acquiredthe UK trade and assets of BT Expedite Limited (formerly NSB Retail plc) forconsideration of £17 million (£2 milliondeferred). The net liabilities acquired amounted to £1 million giving rise to goodwill of £18 million which is being amortised over a period of 5 years. On 15 March 2004 the group acquired controlling interest in Transcomm plc forconsideration of £15 million. The group’s share of the net assets acquired was £2 million giving rise to goodwill of £13 million which is being amortised over a period of 13 years. On 13 January 2004 the group took fullcontrol of Siosistemi SpA for consideration of £4 million including deferred consideration of £1 million. Net assets of £1 million were acquired giving rise to goodwill of £4million which is being amortised over a period of10 years.

 

 

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97Notes to the financial statementsBT Annual Report and Form 20-F 2004
**18.   Acquisitions and disposals**continued**b**Oncompletion of the unwind of Concert on 1 April 2002, the former Concert businesses,customer accounts and networks were returned to the two parent companies withBT and AT&T each taking ownership of substantially those parts of the Concert global venture originally  contributed by them. As part of the settlement with AT&T for the unwind of the Concert global venture BT received net cash of US$72 million (£56  million). This net settlement included the receipt of US$350 million reflecting  the allocation of the businesses and the payment of US$278 million to achieve  the equal division of specified working capital and other liability balances.  The results of the acquired businesses, both pre and post acquisition, cannot  be separately identified and,therefore, cannot be reported.
 Book value and fair value£m Fixed assets398 Current assets301 Current liabilities(405)Provisions for liabilities and charges(2)Long-term debt(10) Group’s    share of original book value and fair value of net assets282 Net receivable    from AT&T56  Total net assets acquired338 Goodwill–  **Total cost****338**  
The consideration was satisfied through the unwind of the Concert global venture,the carrying value of which was £338 million. Accordingly there is no furtherprofit or loss on the unwind and no goodwill on theacquisition.**c**During theyear ended 31 March 2003, the acquisition of other subsidiary companies and businessesand the consideration given comprised:
 Book value and fair value£m Fixed assets1 Current liabilities(1) Group’s    share of original book value of net assets and fair value to group– Goodwill13  **Total cost****13**  
**d**On 18 April 2001, the group took full control of O2 Communications(Ireland)(formerly Esat Digifone). Under anagreement made in 2000 thegroup purchased from Telenor its 49.5%interest in Esat Digifone for £869 million. Goodwillarising on the acquisition was being amortised over 20 years until it was demergedwith mmO2.
 Book value and fair value£m Minority interest(7) Group’s    share of original book value of net liabilities(7)Goodwill876  **Total cost****869**  
**e**Other subsidiary companiesDuring the year ended 31 March 2002, the acquisition of interests in other subsidiarycompanies and theconsideration given comprised:
 Book value and fair value£m Fixed assets3 Current assets5 Current liabilities(6) Group’s    share of original book value of net assets and fair value to group2 Goodwill33  **Total cost****35**  
 

 

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98Notes to the financial statementsBT Annual Report and Form 20-F 2004
**18.   Acquisitions and disposals**continued

**Acquisition of associates and joint ventures******On 31 July 2003 the group’seffective interest in Albacom SpAincreased by 3% to 26%.

During the year ended 31 March 2002 the group increased its interest in Blu SpA.
 Blu**f**Year ended 31 March 2002£m  Group share of original book value of net assets and fair value to the group16 Goodwill50  **Total cost****66**  
**f**On 31 January 2002, one of the venturepartners in Blu exercised a put option for BT to purchase a 9% interest for £66 million. The cost of £66 millionarising on this purchase was written off. In addition in the year ended 31 March 2002 the value of BT’sinvestment was reviewed and provision was made for the associated impairmentand exit costs. In December 2002 the group sold its interest inBlu (note 7).

**Disposal of subsidiaries and the demerger of mmO2**In the year ended 31 March2003, BT disposed of subsidiaries withnet assets of £12 million. Consideration amounted to £3 million resulting in a loss on disposal of £9million.     Thetable below analyses the disposalof subsidiaries and the demergerof mmO2 for the year ended 31 March 2002.
Year       ended 31 March 2002mmO2£m**g**Yell£m**h**Other£m ******Total****£m**  Net assets demerged or disposed of:      ** ** Fixed assets20,459 467 211 **21,137** Stocks109 98 – **207** Debtors1,381 400 19 **1,800** Cash121 21 7 **149** Creditors: amounts falling due within one year(1,790)(153)(46)**(1,989****)**Creditors: amounts falling due after more than one year– (10)– **(10****)**Provisions(229)– – **(229****)**Intercompany loans(561)– – **(561****)**Goodwill previously written off to reserves– 9 44 **53**  Net assets disposed of19,490 832 235 **20,557** Profit (loss) on disposal– 1,128 (116)**1,012**  **Consideration****19,490** **1,960** **119** **21,569**  Cash– 1,859 119 **1,978** Demerger distribution19,490 – – **19,490** Loan notes– 60 – **60** Other– 41 – **41**  **Total****19,490** **1,960** **119** **21,569**  
In addition £9 million deferred consideration was received during the yearended 31 March 2002 in settlement of the disposals on 18 July 1999 of BT NewTowns Cable and Westminster Cable Limited.     Amountsincluded in the cash flowstatement for the year ended 31March 2002 attributable to mmO2 and Yelland the results of mmO2 andYell included inthe results for the year ended 31 March 2002 to the date of demergerand disposal respectivelywere:
 mmO2£m Yell£m  Net cash flow from operating activities227 7 Capital expenditure865 2 Decrease in cash in the year(262)(4)     Results of mmO2 and    Yell included to date of demerger/disposal:    Group turnover2,665 171 Total operating (loss) profit(461)33 (Loss) profit before taxation(569)27 Taxation charge(24)(9)(Loss) profit for the financial year(593)18  
**g**On 19 November 2001 BT completedthe demerger of mmO2,the group’sformer mobile phone business in Europe. mmO2consistedof O2 UKLimited(formerly BT Cellnet Limited), O2 Communications(Ireland) Limited (formerly Esat Digifone Limited), Telfort Mobiel BV, Viag InterkomGmbH & Co, Manx Telecom and Genie.

 

 

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99Notes to the financial statementsBT Annual Report and Form 20-F 2004
**18.   Acquisitions and disposals**continued**h**On 22 June 2001, BT completed thesale of the Yell Group. The Yell Group consisted of the Yellow Pages division of British Telecommunications plc, Yellow Pages Sales Limited and Yellow Book USA Inc., and its group undertakings.

**19.   Net    debt**     Acquisition        At 1 April   of subsidiary Other Currency  **At 31 March**  2003 Cash flow undertakings non-cash changes movement **2004**  £m £m £m £m £m **£m**  **Analysis of net debt**            Cash in hand and at bank91 18 – – – **109** Overnight deposits268 24 – – – **292** Bank overdrafts(4)2 – – – **(2****)**  355 44 – – – **399** Other current asset investments6,072 (1,123)– (74)(4)**4,871**  **Short-term investments and     cash,   less    bank overdrafts**     6,427 (1,079)– (74)(4)**5,270**  Debt due within one year, excluding  bank overdrafts(2,544)2,144 – (869)– **(1,269****)**Debt due after one year(13,456)157 (1)874 – **(12,426****)** **Total debt, excluding bank       overdrafts**(16,000)2,301 (1)5 – **(13,695****)** **Net debt**(9,573)1,222 (1)(69)(4)**(8,425****)**        **2004**20032002**£m**£m£m **Reconciliation of net cash flow to movement in net debt**      Increase (decrease) in cash in the year**44** (19)90 Cash outflow from decrease in debt**2,301** 2,515 11,976 Cash (outflow) inflow from increase in liquid resources**(1,123****)**1,729 1,864  Decrease in net debt resulting from cash flows**1,222** 4,225 13,930 Currency and translation movements**(4****)**(67)(32)(Increase) decrease in debt on acquisition or disposal of subsidiary undertakings**(1****)**13 75 Other non-cash movements**(69****)**(43)268  Decrease in net debt in the year**1,148** 4,128 14,241 Net debt at 1 April**(9,573****)**(13,701)(27,942) **Net debt at 31 March****(8,425****)**(9,573)(13,701) 
On the demerger, mmO2 hadnetdebt of approximately £500 million of which BT Group was owed approximately £440million in addition to ordinary tradingaccount balances. mmO2 repaidthis loan to BTGroup on 19 November 2001.

**20.   Intangible    assets**Goodwill£m Telecommunicationlicencesand other£m Total£m  **Cost**      1 April 20032,578 21 2,599 Acquisitions35 1 36 Disposals– (13)(13)Currency movements(28)– (28) **Total cost at 31 March 2004****2,585** **9** **2,594**  **Amortisation**      1 April 20032,371 10 2,381 Charge for the year12 3 15 Disposals– (6)(6) **Total amortisation    at 31 March 2004****2,383** **7** **2,390**  **Net book    value at 31 March 2004****202** **2** **204**  Net book value at 31 March 2003207 11 218  
 

 

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100Notes to the financial statementsBT Annual Report          and Form 20-F 2004
 
**21.   Tangible         fixed assets**      Assets           Land andPlant andin course of buildings**a**equipment**b **constructionTotal £m £m £m£m **Cost**        1 April 2003955 34,346 958 36,259 Acquisitions of subsidiary undertakings7 38 – 45 Additions**c**20 691 1,942 2,653 Transfers75 1,969 (2,044)– Disposals and adjustments(120)(1,388)(10)(1,518)Currency movements(8)(77)(26)(111) **Total cost at 31 March 2004****929**** ****35,579**** ****820**** ****37,328**  **Depreciation**        1 April 2003352 20,064 – 20,416 Acquisitions of subsidiary undertakings5 35 – 40 Charge for the year53 2,868 – 2,921 Disposals and adjustments(67)(1,352)– (1,419)Currency movements(3)(49)– (52) **Total depreciation at 31 March 2004****340**** ****21,566**** ****–**** ****21,906**** ** **Net book value at 31 March 2004****589**** ****14,013**** ****820**** ****15,422**** **Engineering stores– – 65 65  **Total tangible fixed assets at 31 March 2004****589**** ****14,013**** ****885**** ****15,487**** ** Net book value at 31 March 2003603 14,282 958 15,843 Engineering stores– – 45 45  Total tangible fixed assets at 31 March 2003603 14,282 1,003 15,888          **2004**     2003 **£m** £m  **a** The net book value of land    and buildings comprised:      Freehold**363** 374   Long leases (over 50 years    unexpired)**13** 27   Short leases**213** 202    **Total net book value of land    and buildings****589** 603   
**b**The net book value of assets held under finance leases included within plant and equipment was £620 million at 31 March 2004 (2003 – £6 million). Thedepreciation charge for the year to 31 March 2004 on those assets was £174 million (2003 – £1 million).
   **2004** 2003 **£m** £m  **c** Expenditure    on tangible fixed assets comprised:      Plant and equipment       Transmission    equipment**1,324** 1,277    Exchange equipment**150** 228    Other network    equipment**585** 466    Computers and    office equipment**205** 281    Motor vehicles    and other**316** 162   Land and buildings**73** 40      **2,653** 2,454   Increase (decrease)    in engineering stores**20** (9)   **Total expenditure    on tangible fixed assets****2,673** 2,445   
 

 

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101Notes to the financial        statementsBT Annual Report          and Form 20-F 2004
 
**22.   Fixed asset investments**  Interests in associates and joint ventures**b**         Share of post  acquisitionOtherSharesLoanslossesinvestments**c**Total£m£m£m£m £m **Cost**          1 April 2003595 20 (236)585 964 Additions23 9 – 19 51 Disposals(8)– (26)(197)(231)Share of losses for the year– – (54)– (54)Currency movements(2)(1)1 (2)(4)Other movements– – 13 – 13  **Total cost at 31 March 2004****608**** ****28**** ****(302****)****405**** ****739**** ** **Provisions and amounts written off**          1 April 2003221 – – 188 409 Disposals(11)– – (41)(52)Increase in the year3 – – 2 5  **Total provisions and amounts written off at**** **** **** **** **** **** **** **** **** **** ****   31 March 2004****213**** ****–**** ****–**** ****149**** ****362**** ** **Net book value at 31 March 2004****395**** ****28**** ****(302****)****256**** ****377**** ** Net book value at 31 March 2003374 20 (236)397 555  
**a**** Subsidiaryundertakings, associates and joint ventures   **Details of the principal operating subsidiary undertakings, joint ventures and associates are set out on page 134.
**b****Associates    and joint ventures****2004** 2003    **£m** £m    Associates:       Goodwill**1** 1    Loans**–** 1    Share of other    net assets**23** 25   Total associates**24** 27   Joint ventures:       Loans**28** 19    Share of other    net assets**69** 112   Total joint ventures**97** 131    **Net book value    at 31 March****121** 158   
 

 

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102Notes to the financial        statementsBT Annual Report          and Form 20-F 2004
 

**22.   Fixed asset investments**continuedThe      group’s proportionate share of its associates’ and joint ventures’ assets      and liabilities, in aggregate, at 31 March was as follows:
 **2004** 2003 **£m** £m Fixed assets**347** 570 Current assets**149** 186 Current liabilities**(217****)**(344)Net current liabilities**(68****)**(158)Long-term liabilities**(187****)**(271)Minority interests**–** (4) **Share of net assets****92** 137  
The group’s proportionate share of its associates’ and joint ventures’ losses less profits before taxation excluding minority interests totalled £51 million (profits less losses 2003 –£310 million, losses less profits 2002 –£1,463 million) and its share of their losses less profits attributable to shareholders excluding minority interests totalled £51 million for the year ended 31 March 2004 (profits lesslosses 2003 – £229 million, losses less profits 2002 – £1,548 million).

**c ****Other investments** Other investments include ordinary shares ofthecompany, with a net book value of £53 million (2003 –£61 million) and a market value of £54 million (2003 – £50 million), held in trustfor the BT Incentive Share Plan, the BT Retention Share Plan, the BT Executive Share Plan and the BT Deferred Bonus Plan (note 34). In the 2003 financial year they also include ordinary shares of the company with a net book value of £37million and a market value of £25 million, held in trust for employee sharesave schemes. In the group balance sheet at 31 March 2004, listed investments were held with a book value of £22 million (2003 – £22 million) and amarket value of £20 million (2003 – £15 million).
**23.   Debtors****2004**  2003  **£m**£m  Trade debtors**a****2,126** 2,240 Amounts owed by joint ventures (trading)**5** 9 Other debtors**327** 517 Accrued income**1,392** 1,486 Pension fund prepayment**b****1,172** 630 Other prepayments**167** 161  **Total debtors****5,189** 5,043  **a ** Trade debtors are stated after        deducting £345 million (2003  –  £491        million) for doubtful debts. The amount charged to the group profit and        loss account for doubtful debts for the year ended 31 March 2004 was £136        million net of an exceptional credit of £23 million (2003  – £264        million, 2002  – £369    million including an exceptional charge of £79 million).**b**Falling    due after more than one year.
 
**24.   Current asset investments****2004**  2003   **£m**£m Listed investments**1,247** 267 Other short-term deposits and investments**a****3,916** 6,073  **Total current asset investments****5,163** 6,340  Market value of listed investments**1,247** 268  **a**Included within other short-term        deposits and investments is £144 million invested with a swap counterparty        (2003  –  £149        million). The counterparty has security over this investment in the event    of BT defaulting on the swap.
 

 

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103 Notes to the    financial statementsBT Annual Report and Form 20-F 2004
**25.   Loans    and other borrowings****2004** 2003 **£m**£m US dollar 8.875% notes 2030 (minimum      8.625%**a**)**1,686** 1,928 5.75% bonds 2028**596** 596 3.5% indexed linked notes 2025**270** 262 8.625% bonds 2020**297** 297 7.75% notes 2016 (minimum 7.5%**a**)**691** 691 Euro 7.125% notes 2011 (minimum      6.875%**a**)**734** 1,368 US dollar 8.375% notes 2010 (minimum      8.125%**a**)**1,795** 2,049 US dollar 8.765% bonds 2009**123** 138 Euro 11.875% senior notes 2009**3** 3 US dollar convertible 2008 (0.75%)**97** – US dollar 7% notes 2007**596** 606 12.25% bonds 2006**229** 229 7.375% notes 2006 (minimum 7.125%**a**)**398** 398 Euro 6.375% notes 2006 (minimum      6.125%**a**)**1,861** 1,858 US dollar 7.875% notes 2005 (minimum      7.624%**a**)**1,902** 1,942 US dollar 6.75% bonds 2004**597** 604 Euro 5.875% notes 2004 (minimum      5.625%**a**)**–** 1,087 US dollar floating rate notes      2003**a****–** 761 7.125% bonds 2003**–** 500  Total listed bonds, debentures      and notes**11,875** 15,317 Lease finance**1,099** 13 Bank loans due 2004-2009 (average      effective interest rate 9.8%)**480** 558 Floating rate note 2004-2009 (average      effective interest rate 4.1%)**101** 112 Floating rate loan 2006 (average      effective interest rate 4.6%)**140** – Bank overdrafts and other short-term      borrowings**2** 4  **Total loans and other borrowings****13,697** 16,004  **a**The interest rate        payable on these notes will be subject to adjustment from time to time        if either        Moody’s or Standard and Poor’s (S&P) reduces the rating        ascribed to the group’s senior unsecured debt below A3 in the case        of Moody’s or below A minus in the case of S&P. In this event,        the interest rate payable on the notes and the spread applicable to the        floating notes will be increased by 0.25% for each ratings category adjustment        by each ratings agency. In addition, if Moody’s or S&P subsequently        increase the rating ascribed to the group’s senior unsecured debt,        then the interest rate then payable on notes and the spread applicable        to the floating notes will be decreased by 0.25% for each rating category        upgrade by each rating agency, but in no event will the interest rate    be reduced below the minimum interest rate reflected in the table above.
Apart from the lease finance all borrowings at 31 March 2004 are unsecured. Lease finance is repayable by instalments.
 **2004** 2003 **£m** £m Repayments fall due as follows:    Within one year, or on demand**1,271** 2,548 Between one and two years**4,361** 846 Between two and three years**777** 4,031 Between three and four years**854** 501 Between four and five years**100** 606 After five years**6,334** 7,472 Total due for repayment after more than one year**12,426** 13,456  **Total loans and other borrowings****13,697** 16,004  
 

 

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104Notes to the financial statementsBT Annual Report and Form 20-F 2004
**26.   Other           creditors****2004** 2003  **£m** £m  Trade creditors**2,307** 2,772 Amounts owed to joint ventures (trading)**1** 3 Corporation taxes**441** 406 Other taxation and social security**448** 438 Other creditors**1,365** 1,389 Accrued expenses**729** 718 Deferred income**1,532** 1,040 Dividends payable**454** 366  **Total other creditors****7,277** 7,132  
**27.   Provisionsfor liabilitiesand charges****Provisions for liabilities and chargesexcluding deferred taxation**
 Property  Pension Other   provisions**a**provisions**b**provisions**c**Total£m £m £m £m Balances at 1 April 2003258 33 68 359 Charged against profit for the year– 5 16 21 Unwind of discount5 – – 5 Utilised in the year(70)(2)– (72) **Total provisions at 31 March 2004****193** **36**** ****84**** ****313**  **a**Property provisions        comprise amounts provided for obligations to complete nearly finished        new properties        and remedial work to be undertaken on properties and the onerous lease        provision on rationalisation of the group’s London office portfolio.    The provisions will be utilised over the remaining lease periods.**b**Provision for unfunded pension obligations which will be utilised    over the remaining lives of the beneficiaries.**c**Other provisions include        amounts provided for legal or constructive obligations arising from insurance    claims and litigation which will be utilised as the obligations are settled.
**Deferred taxation**Deferred tax is provided for in fullon certain timing differences, BT does not discount the provision.
 **£m**  Balance at 1 April 2003**2,017** Charge against profit for the year**174**  **Total deferred tax provisions at 31 March 2004****2,191**   **2004** 2003 **£m** £m Tax effect of timing differences due to:** **   Excess capital allowances**1,960** 2,035 Pension prepayment**335** 167 Other**(104**)(185) **Total provision for deferred taxation****2,191** 2,017  
 

 

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105Notes to the        financial statementsBT        Annual Report and Form 20-F 2004
**28.   Reconciliation of movementin shareholders’ funds**
   Share Capital   Profit   SharepremiumredemptionOtherand loss capitalaccountreservereservesaccountTotal£m£m£m£m£m£m Balances at 1 April 20017,573 – – (2,848)7,329 12,054 Rights issue**a**2,272 – – 3,604 – 5,876 Shares issued to special purpose trust**b**65 – – 108 – 173 Other allotments of ordinary       shares prior to   demerger – 52    million shares issued61 – – 160 – 221 Distribution relating to demerger of mmO2**c**– – – – (19,490)(19,490)Capital reduction on 21 November 2001**d**(9,537)– – – 9,537 – Goodwill, previously written off to reserves, taken               back to the    profit and loss account**e**(note 7)– – – – 68 68 Employee share option schemes – 1    million shares issued (note 34)– 2 – – – 2 Movement relating    to BT’s employee share ownership trust**f**– – – – (70)(70)Unrealised gain on start up of joint ventures– – – 5 – 5 Realisation of gain made on start up of joint ventures– – – (2)– (2)Movement in other reserves due to demerger– – – (2)– (2)Currency movements (including £36       million net movements in   respect of    foreign currency borrowings)**g**– – – – (15)(15)Profit for the financial year– – – – 995 995 Dividends (2.0p per ordinary share)– – – – (173)(173) Balances at 1 April 2002434 2 – 1,025 (1,819)(358)Goodwill, previously written off to reserves, taken               back to the profit and loss account**e**(note 7)– – – – 869 869 Employee share option schemes – 0.2    million shares issued (note 34)– – – – – – Transfer between reservesi– – – (27)27 – Currency         movements (including £106    million net movements in   respect of foreign currency borrowings)**g**– – – – 5 5 Profit for the year– – – – 2,686 2,686 Dividends (6.5p per ordinary share)– – – – (560)(560) Balances at 1 April 2003434 2 – 998 1,208 2,642 Purchase of own shares:**h**               – shares    cancelled(2)– 2 – (64)(64)   – shares    held as treasury shares– – – – (80)(80)Currency         movements (including £133    million net movements in   respect of    foreign currency borrowings)**g**– – – – (89)(89)Profit for the year– – – – 1,417 1,417 Dividends (8.5p per ordinary share)– – – – (732)(732) **Balances at 31 March 2004****432**** ****2**** ****2**** ****998**** ****1,660**** ****3,094**** ** **a**The group’s        rights issue closed on 15 June 2001, when British Telecommunications        plc was the parent company of the group. A total of 1,976 million ordinary        shares of 25p each was issued at 300p per share in a 3 for 10 rights        issue. Of the total of £5,876 million raised, net of £52        million expenses, £494 million was credited to share capital and £5,382        million to the share premium account of British Telecommunications plc.        Following the introduction of BT Group plc as the parent company of the        group, the increase in consolidated share capital has been restated to        reflect the nominal value of BT Group plc shares and the balance has    been credited to other reserves. **b**In connection with outstanding        share options at the date of demerger, 57 million British Telecommunications        plc ordinary shares were issued on 14 November 2001 to a special purpose        trust.Of the consideration of £173 million, £159 million was credited tothe share premium account of British Telecommunications plc. Following the introductionof BT Group plc as the parent company of the group, the increase in consolidatedshare capital has been restated to reflect the nominal value of BT Group plcshares and the balance has been credited to other reserves.**c**The demerger distribution          of £19,490 million representsthe net assets of mmO2, including purchasedgoodwill, as at the date of the demerger. See also thenote on the face of the group profit and loss account for the year ended 31 March2002.**d**Following the approval of the        Court, the nominal value of BT Group shares was reduced from 115p each        to 5p each on 21 November 2001 by way of a reduction of capital under        section 135 of the Companies Act 1985. The surplus of £9,537 million        arising from this reduction has been credited to group profit and loss    reserve.**e**Aggregate goodwill at 31 March        2004 in respect of acquisitions completed prior to 1 April 1998 of £385        million(2003 – £385 million, 2002 – £1,254 million) has been writtenoff against retained earnings in accordance with the group’s accountingpolicy. The goodwill written off against retained earnings will be charged inthe profit and loss account on the subsequent disposal of the business to whichit related.**f**During the year ended 31 March        2002 the companyissued shares at a market valueof £154 million in respect of the exercise of options awarded under itsprincipal savings-related share option scheme. Employees paid £84 millionto the group for the issue of these shares and the balance of £70 millioncomprised contributions to the qualifying employee share ownership trust fromgroup undertakings.**g**The cumulative foreign currency        translation adjustment, which increased retained earnings at 31 March        2004, was £133 million (2003 – £222 million, 2002 – £217    million).**h**During the year ended 31 March        2004 the company repurchased 80,571,000 of its own shares of 5p each,        representing 1% of the called-up share capital, for an aggregate consideration        of £144 million. Of the total shares repurchased 36,222,000 shares        with an aggregate nominal valueof £2 million were cancelled immediately and 44,349,000 shares with anaggregate nominal value of £2million are held as treasury shares.**i**Release of statutory reserves    in subsidiary undertakings on cessation of associated activities.
 

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106Notes to the financial statementsBT Annual Report and Form 20-F 2004
**28.   Reconciliation  of movement in shareholders’ funds**continued**Reorganisation and demerger**On 19 November 2001, the legal separation  of the mmO2 business from the rest of the former BritishTelecommunications  plc group was completed and BT Group plc (BT Group) became the ultimate parent  company of British Telecommunications plc (BT). The legal structure of the transaction  was such that BT transferred the mmO2 business to mmO2 plc and BT  Group Investments Limited (BTGI) became the immediate parent company of BT on  16 November 2001. On 19 November 2001, mmO2 plc transferred the  shares in BTGI to BT Group, as consideration  for the issue to former BT shareholders of one ordinary share of 115 pence  in the company, credited as fully paid, for each ordinary share in BT held  on 16  November 2001.     On  21 November 2001, following the approval of the Court, the nominal value of  BT Group shares was reduced from 115 pence per ordinary share to 5 pence per  ordinary share by way of a reduction of capital under section 135 of the Companies  Act 1985. The surplus of £9,537 million arising from this capital reduction  has been credited to the group profit and loss reserve.     The  transfer of BTGI to the company has been accounted for as a group reconstruction  in accordance with the principles of merger accounting set out in Financial  Reporting Standard 6 (FRS 6) and Schedule 4A to the Companies Act 1985. The  consolidated financial statements are therefore presented as if the company  had been the parent company of the group throughout the year ended 31 March  2001 and up to the date of the demerger. The results of mmO2 have  been included in discontinued activities in all three years.     The  transfer of BT to BTGI on 16 November 2001 was a group reorganisation effected  for non-equity consideration. This transaction has been accounted for in these  financial statements using the principles of merger accounting as if BT had  been owned and controlled by BTGI throughout the year ended 31 March 2001 and  up to 16 November 2001. This is not in accordance with the Companies Act 1985  since the group reorganisation does not meet all the conditions for merger  accounting.  If acquisition accounting had been applied to account for the reorganisation  whereby BTGI became the parent company of BT, this would have resulted in all  the separable assets and liabilities of the BT Group as at 16 November 2001  being recorded at their fair values, substantial goodwill and goodwill amortisation  charges arising and only the post demerger results being reflected within the  BT Group consolidated financial statements. The directors consider that to  have  applied acquisition accounting in preparing these financial statements would  have failed to give a true and fair view of the group’s state of affairs  and results. This is because, in substance, BT Group is the successor to BT  and its shareholders have had a continuing interest in the BT business both  before and after the demerger. The directors consider that it is not practicable  to quantify the effects of this departure from the requirements of the Companies  Act 1985.     In  the company’s financial statements, its investment in BTGI is stated at  the nominal value of shares issued. In accordance with sections 131 and 133  of the Companies Act 1985, no premium was recorded on the ordinary shares issued  (see note 37). On consolidation, the difference between the nominal value of  the shares issued and the aggregate share capital, share premium and capital  redemption reserve of BT at the date of the demerger (the merger difference),  has been debited to the other reserves.

**29.    Related        party transactions**In the year ended 31 March 2004, the  group’s turnover with its associates and joint ventures amounted to £1  million (2003 – £3 million, 2002 – £15 million) and the  group purchased £60 million (2003 – £69 million, 2002 –  £99 million) in services and products from these undertakings. Interest  for the year of £nil (2003 – £nil, 2002 – £1 million)  was receivable on debt due from these undertakings. The amount of debt outstanding  with these undertakings, at 31 March 2004, was £28 million (2003 –  £20 million). The maximum debt outstanding during the year was £43  million (2003 – £92 million). As at the latest practicable date,  14 May 2004, the amount of debt outstanding was £28 million.     There  were a number of transactions during the year between the company and its subsidiary  undertakings, which are eliminated on consolidation and therefore not disclosed.

 

 

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107 Notes to the financial statementsBT Annual Report and Form 20-F 2004
**30.    Financial  commitments, contingent liabilities and subsequent events**
   **2004** 2003   **£m** £m  Contracts placed for      capital expenditure not provided in the accounts**879** 616  Operating lease payments      payable within one year of the balance sheet date were in respect of** **    leases expiring:** **    Within one year**8** 11  Between one and five years**29** 26  After five years**330** 317  **Total payable within      one year****367** 354  Future minimum operating lease      payments for the group at 31 March 2004 were as follows: **2004**   **£m**  Payable in the year ending 31 March:   2005 **367** 2006 **361** 2007 **362** 2008 **367** 2009 **369** Thereafter **9,088**  **Total future minimum operating      lease payments** **10,914**  
Operating lease commitments were mainly  in respect of leases of land and buildings.     At 31 March 2004, other than disclosed below there  were no contingent liabilities or guarantees other than those arising in the  ordinary course of the group’s business and on these no material losses  are anticipated. The group has insurance cover to certain limits for major  risks  on property and major claims in connection with legal liabilities arising in  the course of its operations. Otherwise, the group generally carries its own  risks.     The  group has provided guarantees relating to certain leases entered into by O2  UK Limited prior to its demerger with mmO2 on 19 November 2001, mmO2  plc has given BT a counterindemnity for these guarantees.The  maximum likely exposure is US$76 million (£41 million) as at 31 March  2004, although this could increase by a further US$582 million, (£317  million) in the event of credit default in respect of amounts used to defease future lease obligations. The  guarantee lasts until O2 UK Ltd has discharged all its obligations,  which is expectedto  be when the lease ends on 30 January 2017.     The group  has guaranteed part of the bank borrowings of its joint venture Albacom SpA  under the terms of the joint venture’s refinancing in the 2004 financial  year. This expires on the earlier of the loan being repaid or 31 October 2011.  The guarantee is triggered if Albacom fails to meet the repayment schedule  under  the terms of the loan and is effectively capped at €34.5 million.     The  company does not believe there are any pending legal proceedings which wouldhave a material adverse effect on the financial position or results of operationsof the group.     Proceedings  have been initiated in Italy against 21 defendants, including a former BT employee,in connection with the Italian UMTS auction. Blu, in which BT held a minorityinterest, participated in that auction process. The evidential hearings are  continuing, in Rome. If the proceedings are successful, BT could be held liable,with others, for any damages. The company has concluded that it is not appropriateto make a provision in respect of any such potential claim.

 

 

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108Notes to the financial statementsBT Annual Report and Form 20-F 2004
**31.   Pension  costs********Background**The group continues to account  for pension costs in accordance with UK Statement of Standard Accounting Practice  No. 24 ‘‘Pension Costs’’ (SSAP 24). In addition, disclosures  have been presented in accordance with Financial Reporting Standard No. 17 ‘‘Retirement  Benefits’’ (FRS 17).     The  group offers retirement plans to its employees. The group’s main scheme,  the BT Pension Scheme (BTPS), is a defined benefit scheme where the benefits  are based on employees’ length of service and final pensionable pay. The  BTPS is funded through a legally separate trustee administered fund. This scheme  has been closed to new entrants since 31 March 2001 and replaced by a defined  contribution scheme. Under this defined contribution scheme the profit and loss  charge represents the contribution payable by the group based upon a fixed percentage  of employees’ pay.     The  total pension costs of the group (including discontinued activities) expensed  within staff costs in the year was £404 million (2003 – £322  million, 2002 – £382 million), of which £376 million (2003  – £306 million, 2002 – £373 million) related to the group’s  main defined benefit pension scheme, the BTPS. The increase in the pension cost  reflects the amortisation charge for the pension deficit partly offset by a  reduction in the number of active members of the BTPS and the interest credit  relating to the balance sheet prepayment. This total pension cost includes the  cost of providing enhanced pension benefits to leavers, which amounted to £1  million (2003 – £60 million, 2002 – £46 million). In the  year ended 31 March 2002 this profit and loss charge of £46 million was  not the full cash cost of £186 million because there was a pension fund  accounting surplus, including the provision on the balance sheet of £140  million, that was fully utilised before making a charge to the profit and loss  account.     The  pension cost applicable to the group’s main defined contribution schemes  in the year ended 31 March 2004 was £7 million, (2003 – £4  million, 2002 – £5 million), and £0.7 million (2003 –  £0.4 million, 2002 – £0.3 million) of contributions to the  schemes were outstanding at 31 March 2004.     The  group occupies four properties owned by the scheme on which an annual rental  of £3 million is payable. The BTPS assets are invested in UK and overseas  equities, UK and overseas properties, fixed interest and index linked securities,  deposits and short-term investments. At 31 March 2004, the UK equities included  33 million (2003 – 37 million, 2002 – 55 million) ordinary shares  of the company with a market value of £58 million (2003 – £58million, 2002 – £154 million).
**BT Pension Scheme**Funding    valuationA triennial valuation is      carried out for the independent scheme trustees by a professionally qualified      independent actuary, using the projected unit method. The purpose of the      valuation is to design a funding plan to ensure that present and future      contributions should be sufficient to meet future liabilities. The triennial      valuation as at31 December 2002 forms the basis of determining the group’s pension fundcontributions for the year ending 31 March 2004 and future periods until thenext valuation is completed. The funding valuation is performed at 31 Decemberbecause this is the financial year end of the BTPS. The valuation basis for funding    purposes is broadly as follows:scheme assets are valued at market    value at the valuation date; andscheme liabilities are measured        using a projected unit method and discounted at the estimated rate of    return reflecting the assets of the scheme. The last three triennial valuations    were determined using the following long-term assumptions:      Real rates (per annum) Nominal rates (per        annum)      2002 1999 1996 2002 1999 1996 valuationvaluationvaluationvaluationvaluationvaluation%%%%%% Return on existing assets,        relative to market values 4.52 2.38 3.80 7.13 5.45 7.95      (after        allowing for an annual increase in dividends of) 1.00 1.00 0.75 3.53 4.03 4.78 Return on future investments 4.00 4.00 4.25 6.60 7.12 8.42 Average increase in        retail price index – – – 2.50 3.00 4.00 Average future increases        in wages and salaries 1.50*1.75 1.75 4.04*4.80 5.82 Average increase in        pensions – – – 2.50 3.00 3.75-4.00  *There is a short term reduction    in the real salary growth assumption to 1.25% for the first three years.
The mortality assumption reflects improvements in life expectancy since the 1999 valuation and incorporates further future improvements.

 

 

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109 Notes to the financial statementsBT Annual Report and Form 20-F 2004
 

**31.   Pension      costs**continuedThe assumed rate of investment return, salary increases and mortality all have a significant effect on the funding valuation. A 0.25 percentage point change in these assumptions would have the following effects on thefunding deficit:
 Impact on funding deficit     Increase Decrease  £bn £bn  0.25 percentage point change in:    Investment return(0.9)0.9 Wage and salary increases0.2 (0.2) 
An additional year of life expectancy wouldresult in a £0.7 billion increase in the deficit.     At31 December 2002, the assets of the BTPS had a market value of £22.8 billion(1999 – £29.7 billion) and were sufficient to cover 91.6% (1999 – 96.8%)of the  benefits accrued by that date, after allowing for expected future increasesin wages and salaries but not taking into account the costs of providing incrementalpension benefits for employees leaving under release        schemes since that date. This represents a funding deficit of £2.1        billion compared to £1.0 billion at 31 December 1999. The funding        valuation uses conservative assumptions whereas, had the valuation been        based on the actuary’s view of the median estimate basis,      the funding deficit would have been reduced to £0.4 billion. Although      the market value of equity investments had fallen, the investment income      and contributions received by the scheme exceeded the benefits paid by £0.3      billion in the  year ended 31 December 2002. As a result of the triennial      funding valuation the group agreed to make employer’s contributions      at a rate of 12.2% of pensionable pay from April 2003 and annual deficiency      payments of £232 million. This      compared to the employer’s contribution rate of 11.6% and annual deficiency      payments of £200 million that were determined under the 1999 funding      valuation. In the year ended 31 March 2004, the group made regular contributions      of£284 million (2003 – £278 million, 2002 – £303 million)and additional special contributions for enhanced pension benefits to leaversin the year ended 31 December 2002 of £130 million in the 2004 financialyear  (2003 – £129 million, 2002 – £400 million) and deficiencycontributions of £612 million (2003 – £200 million, 2002 – £200million) which includes the early payment of £380million scheduled for payment in subsequent years.     Under the terms of the trust deed that governs the BTPS the group is required to have a funding plan that should address the deficit over a maximum period of 20 years whilst the agreedfunding plan addresses the deficit over a period of 15 years. The group will continue to make deficiency payments until the deficit is made good.     TheBTPS was closed to new entrants on 31 March 2001 and the age profile of activemembers will consequently increase. Under the projected unit method, the currentservice cost, as aproportion of the active members’ pensionable salaries, is expected to increaseas the members of the scheme approach retirement. Despite the scheme being closedto new entrants, the projected payment profile extends over more than 60years.
SSAP 24 accounting        valuationThe SSAP 24 valuation is broadly      on thefollowing basisscheme assets are valued at market value;    andscheme liabilities are measured using        the projected unit method and discounted at the estimated rate of return    reflecting the assets of the scheme.     The        pension costs for the 2003 and 2002 financial years were based on the        SSAP 24 valuation at 31 March 2000. At 31 March 2000 there was a SSAP        24 deficit of £0.2 billion and the regular cost for the 2003 and        2002 financial years was 11.6% of pensionable salaries. The SSAP 24 valuation        at 31 March 2000 was based on the same assumptions as the December 1999        funding valuation, with the exception that, over the long term, it has        been assumed that the return on the existing assets of the scheme, relative        to market values, would be a nominal 5.6% per annum which equates to    a real return of 2.5% per annum.     The        pension cost for the 2004 financial year was based upon the SSAP 24 valuation        at 31 March 2003. At 31 March 2003 there was a SSAP 24 deficit of £1.4        billion, before taking account of the balance sheet prepayment and the        regular cost is 11.3% of pensionable salaries. The SSAP 24 valuation        at 31 March 2003 is based on the 31 December 2002 funding valuation rolled        forward, and uses the same assumptions as set out above, with the following    exceptions: return on existing assets is assumed to        be a nominal 7.1% per annum, which equates to a real return of 4.7%;average increase in retail price index        is assumed to be 2.25% per annum; andthe average future increases in wages and salaries is assumed        to include a short term reduction in the real salary growth assumption        to 0.75% for the first three years, before returning to 1.5%.
 

 

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110Notes to the financial statementsBT Annual Report and Form 20-F 2004
 

**31.   Pension      costs**continuedThe    cumulative difference since the adoption of SSAP 24 between the cash contributions    paid by the group to the pension scheme and the profit and loss charge is    reflected on the balance sheet. The cumulative cash contributions exceed    the profit and loss charge and the resulting difference is shown as a prepayment    on the balance sheet. At 31 March 2004 the prepayment was £1,172 million (2003 – £630    million) with the increase being principally due to the additional specialand deficiency contributions in the year.     The pension charge to the profit and loss account will also include the amortisation of the combined pension fund position and pension prepayment over the average remaining service livesof scheme members, which amounts to 13 years, and the cost of enhanced pension benefits provided to leavers.
FRS 17 – Retirement        benefitsThe group continues to account      for pensions in accordance with SSAP 24. Full implementation of FRS 17      has been deferred by the Accounting Standards Board and would apply to      the group for the 2006 financial year. However, in the 2006 financial year      the group will adopt International Financial Reporting Standards (IFRS).      The requirements for disclosure under FRS 17 remain in force between its      issue and adoption of IFRS, and the required information is set out below.      FRS 17 specifies how key assumptions should be derived and applied. These      assumptions are often different to the assumptions adopted by the pension      scheme actuary and trustees in determining the funding position of pension      schemes. Theaccounting requirements under FRS 17 are broadly as follows:scheme assets are valued at market value    at the balance sheet date;scheme liabilities are measured using        a projected unit method and discounted at the current rate of return        on high quality corporate bonds of equivalent term to the liability;    andmovement in the scheme surplus/deficit        is split between operating charges and financing items in the profit        and loss account and, in the statement of total recognised gains and        losses, actuarial gains and losses.The        financial assumptions used to calculate the BTPS liabilities under FRS    17 at 31 March 2004 are:   Real rates (per annum) Nominal rates (per annum)        **2004**  2003 2002 **2004** 2003 2002   **%**  % % **%** % %    Average future increases in wages and    salaries**1.00***** **1.50* 1.50 **3.63***** **3.78* 4.04  Average increase in pensions    in payment and deferred pensions**–** – – **2.60** 2.25 2.50  Rate used to discount scheme liabilities**2.83** 3.08 3.41 **5.50** 5.40 6.00  Inflation – average increase in retail    price index**–** – – **2.60** 2.25 2.50   *There is a short term reduction        in the real salary growth assumption to 0.75% for the first two years    (2003 – three years).
 

The expected nominal rate of return and fair values of the assets of the BTPS at 31 March were:
 **31 March 2004** 31 March 2003 31 March 2002       **Expected long-**     Expected long-     Expected long-      **term rate of**     term rate of     term rate of      **return**     return     return      **(per annum)** **Asset fair value** (per annum) Asset fair value (per annum) Asset fair value  **%** **£bn** **%** % £bn % % £bn %  UK equities**8.2**** ****9.2**** ****34**** **8.2 7.4 34 8.0 11.1 41 Non-UK equities**8.2**** ****8.1**** ****30**** **8.2 6.4 30 8.0 8.1 30 Fixed-interest securities**5.3**** ****4.0**** ****15**** **5.2 3.1 14 5.6 3.0 11 Index-linked securities**4.4**** ****2.3**** ****9**** **4.3 1.7 8 4.8 1.9 7 Property**6.8**** ****3.3**** ****12**** **7.0 3.3 15 7.0 2.8 10 Cash and other**4.0**** ****–**** ****–**** **4.0 (0.4)(1)4.5 0.2 1  **Total****7.3**** ****26.9**** ****100**** **7.4 21.5 100 7.4 27.1 100  
 

 

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111 Notes to the financial statementsBT Annual Report and Form 20-F 2004
 

**31.   Pension      costs**continuedThe long-term expected rate of return on investments does not affect the level of the deficit but does affect the level of the expected return on assets within the net finance cost charged to the profit and loss  account under FRS 17.     The net pension deficit set out below under FRS 17 is as if this standard was fully applied. The fair value of the BTPS assets, the present value of the BTPS liabilities based on thefinancial assumptions set out above, and the resulting deficit, together with those of unfunded pension liabilities at 31 March 2004 and 31 March 2003 are shown below. The fair value of the BTPS assets is not intended to be realised in the shortterm and may be subject to significant change before it is realised. The present value of the liabilities is derived from long-term cash flow projections and is thus inherently uncertain.
 **31 March 2004** 31 March 2003        **Present value**     Present value    **Assets** **of liabilities** **Deficit** Assets of liabilities Deficit  **£m** **£m** **£m** £m £m £m  BTPS**26,900**** ****32,000**** ****5,100**** **21,500 30,500 9,000 Other liabilities**–**** ****36**** ****36**** **– 33 33  Total deficit** **** **** **** ****5,136**** **    9,033 Deferred tax asset at 30%** **** **** **** ****(1,541****)**    (2,710) **Net pension liability**** **** **** **** ****3,595**** **    6,323  
If the above amounts had been recognised in the financial statements, the group’s net assets and profit and loss reserve at 31 March would be as follows:
  **2004** 2003  **£m** £m  **Net assets (deficiency)**** **** **  Net assets as reported**3,094**** **2,642 SSAP 24 pension prepayment (net of deferred    tax)**(820****)**(441) SSAP 24 pension provision (net of deferred    tax)**25**** **23 Net pension liability under FRS 17**(3,595****) **
(6,323
)  **Net deficiency including net pension liability****(1,296****) **(4,099)         **2004** 2003  **£m** £m  **Profit and loss reserve**** **** **  Profit and loss reserve, as reported**1,660**** **1,208 SSAP 24 pension prepayment (net of deferred tax)**(820****)**(441)SSAP 24 pension provision (net of deferred tax)**25**** **23 Net pension liability under FRS 17**(3,595****)**(6,323) **Profit and loss reserve including net pension liability****(2,730****)**(5,533) 
On the basis of the above assumptions and in compliance with FRS 17 the amounts that would have been charged to the consolidated profit and loss account and the statement of total recognised gains and losses for theyear ended 31 March 2004 would be as follows:
  **2004** 2003  **£m** £m  **Analysis of amounts that would be charged to operating profit on an FRS 17 basis**** **** **  Current service cost**438**** **444 Past service cost**1**** **60  **Total operating charge****439**** **504  **Amount that would be charged (credited) to net interest payable on an FRS 17 basis**** **** **  Expected return on pension scheme assets**(1,560****)**(1,983)Interest on pension scheme liabilities**1,615**** **1,694  **Net finance expense (return)****55**** **(289) **Amount that would be charged to profit before taxation on an FRS 17 basis****494**** **215  **Analysis of the amount that would be recognised in the consolidated statement of total**** **** **  **   recognised gains and losses on an FRS 17 basis**** **** **  Actual return less expected return on pension scheme assets**4,130**** **(6,995)Experience (losses) gains arising on pension scheme liabilities**(290****)**1,056 Changes in assumptions underlying the present value of the pension scheme liabilities**(500****)**(1,660) **Actuarial gain (loss) recognised****3,340**** **(7,599) 
 

 

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112Notes to the financial statementsBT Annual Report and Form 20-F 2004
 

**31.   Pension costs**continuedThe net pension cost of £494 million for the year ended 31 March 2004 (2003 – £215 million) under FRS 17 is £90 million higher (2003 – £107  million lower) than the profit and loss  charge recognised under SSAP 24.     The movementsin the net pension liability, on an FRS 17 basis, during the year were:
 **2004** 2003  **£m** £m  Deficit at 1 April**9,033**** **1,830 Current service cost**438**** **444 Contributions**(1,051****)**(611)Past service costs**1**** **60 Other finance expense (income)**55**** **(289)Actuarial (gain) loss recognised**(3,340****)**7,599  **Deficit at 31 March****5,136**** **9,033  **Net pension liability, post tax, at 31 March****3,595**** **6,323  
The history of experience gains (losses) which would have been recognised under FRS 17 were
 **2004** 2003  **Difference between expected and actual return on scheme assets:**    Amount (£m)**4,130**** **(6,995)Percentage of scheme assets**15.4%** 32.5% **Experience gains and losses on scheme liabilities:**** **** **  Amount (£m)**(290****)**1,056 Percentage of the present value of scheme liabilities**0.9%** 3.5% **Total amount recognised in statement of total recognised gains and losses:**** **** **  Amount (£m)**3,340**** **(7,599)Percentage of the present value of scheme liabilities**10.4%** 24.9%  
**32.   Directors’ emoluments******The emoluments of the directors for the year ended 31 March 2004 and the benefits received under the long-term incentive plans were, in summary, as follows:
 **2004** 2003 2002  **£000** £000 £000  Salaries**3,150** 3,212 2,223 Performance-related and special bonus**2,074** 2,309 1,691 Deferred bonus in shares**1,037** 1,484 492 Other benefits**467** 644 160   **6,728** 7,649 4,566 Payments to non-executive directors**337** 294 414  **Total emoluments****7,065** 7,943 4,980  Gain on the exercise of share options**a****–** – 75 Value of shares vested under the Executive Share Plan and Retention Share Plan**412** 411 483  **a**The        amount for the year ended 31 March 2002 is entirely attributable to former    directors.
More detailed information concerning directors’ remuneration, shareholdings, pension entitlements, share options and other long-term incentive plans is shown in the report on directors’ remuneration on pages58 to 71.

 

 

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113 Notes to the financial statementsBT Annual Report and Form 20-F 2004
 

**33.   People  employed**
    **2004**   2003   2002      **Year end** **Average** Year end Average Year end Average  **’000** **’000** ’000 ’000 ’000 ’000  Number of employees in the group:            UK**91.6**** ****94.8** 96.3 98.4 100.1 104.9 Non-UK**8.3**** ****8.3** 8.4 9.0 8.5 9.7  **Total continuing activities****99.9**** ****103.1** 104.7 107.4 108.6 114.6  UK**–**** ****–** – – – 5.8 Non-UK**–**** ****–** – – – 4.4  **Total discontinued activities****–**** ****–** – – – 10.2  **Total employees****99.9**** ****103.1** 104.7 107.4 108.6 124.8  
**34.   Employeeshare schemes**The company has a share ownership scheme used for employee share allocations (profit sharing), an employee share investment plan, savings-related share option schemes for its employees and those of participatingsubsidiaries, further share option schemes for selected group employees and an employee stock purchase plan for employees in the United States. It also has several share plans for executives.

**Share option schemes**The major share option scheme, the BT Group Employee Sharesave Scheme, is savings related and the share options are normally exercisable on completion of a three or five year Save As You Earn contract. A similarsavings related scheme exists for group employees based outside the UK.     Following the scheme of arrangement and demerger in November 2001, all options under the savings related schemes became exercisable for a period of six months. On expiry of this period,these options lapsed to the extent to which they had not been exercised. Shortly before the scheme of arrangement, 57 million shares were allotted to a special purpose trust to satisfy options which were likely to be exercised during that six monthperiod.     Participantsin the BT Share Option Scheme, the BT US Stock Option Plan, the BT WorldwideShareOption Scheme, and the BT Global Share Option Plan (the Executive Option Plans)were given  the opportunity to (i) conditionally on the scheme of arrangementbeing sanctioned by the Court, release their options over British Telecommunicationsplc shares in consideration for the grant of options in their employer’snew holdingcompany(BT Group plc or mmO2 plc);or (ii) if their options were already exercisable, exercise their options overordinary shares irrespective of whetherthe scheme of arrangement was sanctioned by the Court; or (iii) if their optionswere not already exercisable, conditionally on the scheme of arrangement beingsanctioned by the Court, exercise their options immediately following that timebut prior to the reduction of BT Group’s share capital.     To the extent that they had not already been exercised, these options lapsed on 16 November 2001, the effective date of the scheme of arrangement.     TheBT Group Legacy Option Plan was operated on 17 December 2001 following the schemeof arrangementand demerger in November 2001. Replacement unapproved options over BT Group shareswere  granted to all participants in the Executive Option Plans who had releasedtheir options over British Telecommunications plc shares. The value of the replacementoptions was determined by averaging the combined prices of BT Group plc and mmO2 plcshares over the 20 dealing days following the demerger on 19 November 2001. Thisresulted in a factor of 1.3198 being applied to the former option over BritishTelecommunications plc shares in order to give the number of BT Group sharesunder the new option. The option  prices of the original options were also adjustedto take account of the different number of shares under option.     Onthe demerger of mmO2, BT’s share option plans ceased to operateand were replaced by similar BT Group Employee Sharesave schemes and the BT GroupGlobal Share  Option Plan.     In the 2004 financial year, options over 55 million shares were granted under the BT Group Share Option Plan. The options will be exercisable subject to continued employment and meetingcorporate performance targets, on the third anniversary of the date of grant. A second award of options over 64 million shares was also granted. This second award will vest in three equal tranches, on each of the first three anniversaries of thedate of grant, subject to continued employment.

 

 

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114Notes to the financial statementsBT Annual Report and Form 20-F 2004
 

**34.   Employee share schemes**continued****Options outstanding under these share option schemes at 31 March 2004 and 2003, together with their exercise prices and dates, were as follows:
  **2004**   2003    **Option price** **2004** Option price 2003 Normal dates of exercise**per share** **millions** per share millions  **BT Group Employee Sharesave schemes**        2005**218p–255p**** ****26**** **218p–255p 51 2006**154p–173p**** ****30**** **– – 2007**218p–227p**** ****54**** **218p–227p 113 2008**154p** **123**** **– –  Total** **** ****233**** **  164  **BT Group Legacy Option Plana**** **** **** **** **    1994-2009**–**** ****–**** **277p–727p 2 2001-2011**318p–602p**** ****16**** **318p–602p 17  Total** **** ****16**** **  19  **BT Group Global Share Option Plan**** **** **** **** **    2004-2014**176p–199.5p**** ****63**** **– – 2005-2012**163p–263p**** ****61**** **163p–263p 66 2006-2014**176p–199.5p**** ****54**** **– –  Total** **** ****178**** **  66  Total outstanding options** **** ****427**** **  249  **a**The option prices of shares        under the BT Group Legacy Option Plan were adjusted at the time of the    demerger as detailed on page 113.
The weighted average fair value of share optionsgranted during the year ended 31 March 2004 has been estimated on the date ofgrant using a binomial option pricing model. The following weighted average assumptionswere used in that model: an expected life extending one month later than thefirst exercise date; estimated annualised dividend yield of approximately 5%(2003 – 5%, 2002 – 5%); risk free interest rates of approximately 4% (2003 – 5%,2002 – 6%); and expected volatility of approximately 25% (2003 – 40%, 2002 – 34%).     Theweighted average fair value of the share options granted in the year ended 31March 2004 was 42p (2003 – 55p, 2002 – 55p) for options exercisable three years after the dateof grant and 51p (2003 – 72p, 2002 – 55p) for options exercisable five years after the date of grant. The weighted average fair value of options granted under the BT Group Global Share Option Plan has been estimated as 41p. The weightedaverage fair value of options granted under the Special Incentive Award has been estimated as 42p. The total value of share options granted by BT in the year ended 31 March 2004 was £22 million (2003 – £41 million, 2002 –£88 million).     Inaccordance with UK accounting practices, no compensation expense is recognisedfor the fair value of options granted where the exercise price equals the marketprice at date of grant or options granted under approved Sharesave schemes. SeeUnited States Generally Accepted Accounting Principles – IV Accounting forshare options for the treatment under US GAAP.

 

 

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115 Notes to the financial      statementsBT Annual      Report and Form 20-F 2004
 

**34.   Employee      share schemes**continuedOptions granted, exercised and    lapsed under these share option schemes during the years ended 31 March 2002,    2003 and 2004 and options exercisable at 31 March 2002, 2003 and 2004 were as    follows:
 Savings**a**Savings**b**Executive     Weighted   related related option   Exercise average  schemes schemes plans Total price exercise  millions millions millions millions range price Outstanding, 31 March 2002160 92 24 276 218p–852p 448p Granted45 – 65 110 168p–255p 201p Exercised– (8)– (8)240p–332p 321p Lapsed(41)(84)(4)(129)187p–852p 432p Outstanding, 31 March 2003164 – 85 249 163p–727p 231p Granted165 – 119 284 154p–199.5p 175p Lapsed(96)– (10)(106)154p–716p 220p **Outstanding,      31 March 2004**233 – 194 427 154p–727p 196p Exercisable, 31 March 2002– 47 7 54 218p–852p 395p Exercisable, 31 March 2003– – 11 11 255p–727p 491p Exercisable, 31      March 2004– – 13 13 255p–727p 476p **a**The BT Group Employee Sharesave      schemes.**b**The BT Employee Sharesave schemes.
**Incentive Share Plan and Retention  Share Plan**The BT Incentive Share  Plan (ISP) and the BT Retention Share Plan (RSP) were introduced for employees  of the group in 2000. Under the plans, company shares are acquired by an employee  share ownership trust and are conditionally awarded to participants. Under the  ISP participants are normally only entitled to these shares in full at the end  of a three-year period if the company has met the relevant pre-determined corporate  performance measure and if the participants are still employed by the group.  If the company has exceeded the pre-determined corporate performance measure  the participants may be awarded up to double the shares conditionally awarded.  The corporate performance measure is BT’s total shareholder return (TSR)  measure against those top 100 companies listed on the London Stock Exchange,  as rated by the *Financial Times* (the FTSE 100 index), at the beginning  of the relevant performance period. Awards made under the ISP in 2000 and 2001  did not vest as the company did not meet the corporate performance measure.  Under the RSP the length of retention period before awards vest is flexible.  Awards may vest in annual tranches. The shares are transferred at the end of  a specified period, only if the individual is still employed by the group. During  the 2004 financial year 720,472 (2003 –374,039) shares vested in 7 (2003  – 11) participants in the RSP.

**Executive Share Plan and Deferred  Bonus Plan**The BT Executive Share  Plan (ESP) was introduced for employees of the group in 1994. Under the ESP,  company shares are acquired by an employee share ownership trust and are conditionally  awarded to participants. Participants are only entitled to these shares in full  at the end of a five-year period under the ESP if, at the end of the period,  the company has met the relevant pre-determined corporate performance measure.  Awards of shares were granted in each of the years from 1994 to 1999 under the  ESP.     The  corporate performance measure is BT’s total shareholder return (TSR) measure  against those top 100 companies listed on the London Stock Exchange, as rated  by the FTSE 100 index, at the beginning of the relevant performance period.     The  sixth five-year performance cycle of the ESP ended on 31 March 2004 and on the  basis of the corporate performance measure, the company’s Total Shareholder  Return (TSR) target relative to other companies in the FTSE 100, no shares  vested.  The fifth five-year performance cycle of the ESP ended on 31 March 2003 and  on the basis of the corporate performance measure, no shares vested. The fourth  five-year performance cycle of the ESP ended on 31 July 2002 and on the basis  of the corporate performance measure, 32.5% of the shares vested on 1 August  2002 in 65 participants and 1.0 million shares were transferred to those participants.

 

 

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116Notes to the financial      statementsBT Annual      Report and Form 20-F 2004
**34.   Employee  share schemes**continuedThe BT Deferred Bonus Plan (DBP)  was established in 1998 and awards are granted annually to employees of the  group. Under this plan, shares in the company are acquired by an employee share  ownership trust and transferred to participants at the end of three years if  he or she has continued to be employed by the group throughout that period.  On 1 August 2003, 653,899 shares (1 August 2002 – 657,592) were transferred  to 225 participants (1 August 2002 – 223) at the end of the three-year  deferred period.     At  31 March 2004, 30.5 million shares (2003 – 31.7 million shares) in the  company were held in trust for employee share schemes, of which no shares (2003  – 15.5 million shares) were held for the ISP, 3.0 million shares (2003  – 2.9 million shares) were held for the RSP, no shares (2003 – 2.3  million shares) were held for the ESP and 6.5 million shares (2003 – 4.2  million shares) were held for the DBP. Dividends or dividend equivalents earned  on the shares during the conditional periods are reinvested in company shares  for the potential benefit of the participants.        Additional  information relating to the plans is as follows:
 ISP RSP ESP DBP **Total** Year      ended 31 March 2004£m £m £m £m **£m**  Value of range      of possible future transfers: nil to– 5.3 – 11.4 **16.7** Provision for        the costs of the plans charged to the profit           and loss account    in year– 7.8 – 6.7 **14.5** Nominal value      of shares held in trust– 0.2 – 0.3 **0.5** Market value of      shares held in trust– 5.3 – 11.4 **16.7**    ISP RSP ESP DBP **Total** Year ended      31 March 2003£m £m £m £m **£m**  Value of range of possible future      transfers: nil to24.3 4.6 3.6 6.7 **39.2** Provision    for the costs of the plans charged (credited) to the profit       and    loss account in year– (0.2)(0.2)5.8 **5.4** Nominal value of shares held in      trust0.8 0.1 0.1 0.2 **1.2** Market value of shares held in      trust24.3 4.6 3.6 6.7 **39.2**  
Of the total BT Group plc      shares held, 21.0 million shares were held at 31 March 2004 in trust for      future awards under  employee share schemes. These shares had a nominal value of £1 million  and a market value of £37.2 million at 31 March 2004.     The  values of possible future transfers of shares under the plans were based on  the BT Group plc share price at 31 March 2004 of 177p (2003 – 157p). The  provisions for the costs of the ISP, RSP and ESP were based on best estimates  of the company’s performance over the plans’ conditional periods,  relating to those portions of the plan conditional periods from commencement  up to the financial year end.

**Employee Share Investment  Plan**From December 2001 the  BT Group Employee Share Investment Plan (ESIP) was in operation. The ESIP, which  has been approved by the Inland Revenue, gives UK employees an opportunity to  purchase shares (partnership shares) monthly out of pre-tax salary up to a maximum  value of £1,500 per year. During the 2004 financial year, 6.0 million  shares (2003 – 5.3 million shares) were purchased by the Trustee of the  ESIP on behalf of 13,974 (2003 – 12,092) employees at a total cost of £11.1  million (2003 – £10.6 million). The free shares element of the ESIP  allows BT to provide free shares to UK employees which are held in trust for  at least three years. A phantom plan, which delivers cash awards equivalent  to the value of the free shares, operates for employees outside the UK. In 2004,  1% of pre-tax profits, amounting to £20 million, was set aside for the  ESIP and the phantom plan for employees outside the UK (2003 – £36  million). The allocation of this sum was subject to two performance targets,  one of increasing earnings per share by 15% and the other of reducing customer  dissatisfaction by 25%, with only the first target being achieved. The ESIP  replaced the BT Employee Share Ownership Scheme which operated for employee  profit sharing until 2001.

**Employee Stock Purchase Plan**The BT Group Employee Stock Purchase  Plan (ESPP) for employees in the US enables participants to purchase ADSs quarterly  at a price (the Base Option Price) which is 85% of the market price of an ADS  at the start of the offer (and in the case of employees who have joined the  ESPP after the start of the offer, 85% of the market price on the date of joining,  whichever is higher). Up to 15 May 2004, 69,164 new shares have been issued  and 226,218 shares have been transferred to participants out of treasury under  the ESPP. As the ADS price was less than the Base Option Price of US$31.72 from  July 2002 to April 2003, the ESPP was suspended in accordance with the rules  of the ESPP from April 2003 until the end of the first offer in December 2003.  A second offer was launched in December 2003, with a Base Option Price of US$25.61  and will run until December 2004.

 

 

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117 Notes to the financial      statementsBT Annual      Report and Form 20-F 2004
**35.   Auditors**The auditors’ remuneration  for the year ended 31 March 2004 for the group was £3,790,000 (2003 –£2,943,000, 2002 – £2,702,000).  The audit fees payable to the company’s auditors, PricewaterhouseCoopers  LLP, for the company and UK subsidiary undertakings’ statutory accounts  were £2,482,000 (2003 – £1,910,000, 2002 – £1,656,000).  The audit fee of the company was £32,000 (2003 – £31,000, 2002  – £44,000). The following fees for audit and non-audit services were  paid or are payable to the company’s auditors, PricewaterhouseCoopers LLP,  for the years ended 31 March 2004, 31 March 2003 and 31 March 2002:
  **2004** 2003 2002  **£000** £000 £000  **Audit services**** **     Statutory audit**3,767** 2,916 2,649 Regulatory audit**1,950** 1,690 1,142   **5,717** 4,606 3,791 **Further assurance services**** **     Rights issue, restructuring and      demerger projects**–** – 14,161 Corporate finance advice**462** 265 982 Other**82** 829 1,960   **544** 1,094 17,103        **Tax services****2,656** 2,245 1,883 **Other services**** **     Systems advice**–** 3,765 2,565 Other**110** 766 1,537   **110** 4,531 4,102  **Total****9,027** 12,476 26,879  
Total fees paid or payable      to PricewaterhouseCoopers LLP in the UK for non audit services in the year      ended 31 March 2004 were £4,545,000  (2003 – £8,980,000, 2002 – £22,683,000).     In  order to maintain the independence of the external auditors, the Board has determined  policies as to what non audit services can be provided by the company’s  external auditors and the approval processes related to them. Under those policies  work of a consultancy nature will not be offered to the external auditors unless  there are clear efficiencies and value added benefits to the company.     Under  the terms of BT’s main licence the group is required to publish audited  regulatory financial statements. The fees for regulatory work principally reflect  the audit fees associated with those regulatory financial statements. The fees  for tax services include tax compliance and tax advisory services. The fees  for systems advice in the year ended 31 March 2003 related to advisory services  provided in connection with the implementation of certain billing systems.  These  services, which were provided by PwC Consulting, the consulting business of  PricewaterhouseCoopers that was sold to IBM in October 2002, commenced in 2002  and were completed in 2003.

**36.   Financial        instruments and risk management**The group holds or issues   financial instruments mainly to finance its operations; for the temporary  investment  of short-term funds; and to manage the currency and interest rate risks arising  from its operations and from its sources of finance. In addition, various financial  instruments – for example trade debtors and trade creditors – arise  directly from the group’s operations.     The  group finances its operations primarily by a mixture of issued share capital,  retained profits, deferred taxation, long-term loans and short-term loans,  principally  by issuing commercial paper and medium-term notes. The group borrows in the  major long-term debt markets in major currencies. Typically, but not exclusively,  the bond markets provide the most cost-effective means of long-term borrowing.  The group uses derivative financial instruments primarily to manage its exposure  to market risks from changes in interest and foreign exchange rates. The derivatives  used for this purpose are principally interest rate swaps, gilt locks, currency  swaps and forward currency contracts.     The  types of financial instrument used for investment of short-term funds are prescribed  in group treasury policies with limits on the exposure to any one organisation.  Short-term investing in financial instruments is undertaken on behalf of the  group by substantial external fund managers who are limited to dealing in debt  instruments and certain defined derivative instruments and are given strict  guidelines on credit, diversification and maturity profiles.

 

 

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118Notes to the financial statementsBT Annual Report and Form 20-F 2004
 

**36.   Financial instruments      and risk management**continuedDuring    the year ended 31 March 2004, the group’s net debt reduced from £9.6 billion to £8.4 billion due to working capital inflows. During the 2004 financial year, the group restructured some of itsswaps portfolio to mitigate credit risk to certain counter parties. As a result, the group terminated £7 billion of cross-currency interest rate swaps and replaced these with new swaps which had the same economic hedging effect. This resultedin the group paying £445 million in reducing gross debt and receiving £420 million of interest. The interest receipt has been included in deferred income and will be amortised to the profit and loss account over the term of theunderlying debt. The group’s fixed:floating interest rate profile is 76:24at 31 March 2004.       Duringthe year ended 31 March 2003, the group’s net debt reduced from £13.7 billion to £9.6 billion. £2.6 billion was realised from the disposal of the group’sinterest in Cegetel Groupe SA in the year, and the group has closed out £2.6 billion of associated fixed interest rate swaps. The group’sfixed:floating interest rate profile therefore remained at 88:12 at 31 March2003.       Duringthe year ended 31 March 2002, net debt was reduced from £27.9 billion to £13.7 billion mainly by the group’srights issue, disposal of its Yell business, its Japanese and Spanish interests,and the property sale and leaseback transaction. The proceeds of the rights issueand sale of assets were applied mainly in reducing short-term borrowings. Thegroup repaid substantially all of its medium-term notesand commercial paper in that year.As a result of the demerger of the mmO2 business including its European operations,the group swapped anadditional €7billion into floating rate sterling debt. This, in conjunction with the novationof £1 billion fixed rate swaps to Telereal forthe property transaction, enabled the group to maintain its fixed:floating ratioat approximately 88:12 at 31 March 2002.     Thegroup uses financial instruments to hedge some of its currency exposures arisingfrom its non-UK assets, liabilities and forward purchase commitments. The groupalso hedges some of its interest liabilities. The financial instruments usedcomprise borrowings in foreign currencies, forward foreign currency exchangecontracts, gilt locks and interest and currency swaps.     Therehas been no change in the nature of the group’s risk profile between 31March 2004 and the date of these financial statements.     Thenotional amounts of derivatives summarised below do not necessarily representamounts exchanged by the parties and, thus, are not necessarily a measure ofthe exposure of the group through its use of derivatives. The amounts exchangedare calculated on the notional amounts and other terms of the derivatives whichrelate to interest and exchange rates.

**(a)   Interest rate risk management**Thegroup has entered into interest rate swap agreements with banks and other institutionsto vary the amounts and periods for which interest rates on borrowings are fixed.Under interest rate swaps, the group agrees with other parties to exchange, atspecified intervals, the differences between fixed rate and floating rate interestamounts calculated by reference to an agreed notional principal amount. Undergilt locks, forward sales of UK government long-datedtreasury stock were entered into for periods of up to one year. This hedge effectivelyfixed in the interest on part of the group’s then future borrowings, allof which have now been taken on.     At31 March 2004, the group had outstanding interest rate swap agreements havinga total notional principal amount of £5,210 million (2003 – £5,170million).

**(b)   Foreign exchange risk management**Crosscurrency swaps and forward foreign exchange contracts have been entered intoto reduce the foreign currency exposure on the group’s operations and the group’snet assets. The group also enters into forward foreign exchange contracts tohedge investments, interest expense and purchase and sale commitments denominatedin foreign currencies (principally US dollars and the euro). The remaining termsof the currency swaps are up to 30 years and theterms of currency forward exchange contracts are typically less than one year.     Thepurpose of the group’s foreign currency hedging activities is to protectthe group from the risk that the eventual net inflows and net outflows will beadversely affected bychanges in exchange rates.     At31 March 2004, the group had outstanding foreign currency swap agreements andforward exchange contracts having a total notional principal amount of £11,367 million (2003 –£14,545 million).     The fairvalues of forward foreign currency contracts at 31 March 2004 were £301million (2003 – £673 million) for purchases of currency and £1,223 million (2003 – £1,041million) for sales of currency. These fair values have been estimated by calculatingtheir present values using the market discount rates, appropriate to the termsof the contracts, in effect at the balance sheet dates.     At31 March 2004, the group had deferred unrealised gains of £nil (2003 – £2 million) and losses of £5 million (2003 – £nil), based on dealer-quotedprices, from hedging purchase and sale commitments, and in addition had deferred realised net gains of £3 million (2003 – £10million). These are included in the profit and loss account as part of the hedgedpurchase or sale transaction when it is recognised, or as gains or losses whena hedged transaction is no longer expected to occur.

 

 

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119 Notes to the financial statementsBT Annual Report and Form 20-F 2004
 

**36.   Financial      instruments and risk management**continued**(c)   Concentrations of credit risk and credit exposures      of financial instruments**      The group      considers that it is not exposed to major concentrations of credit risk. The      group, however, is exposed to credit-related losses in the event of non-performance      by counterparties to financial instruments, but does not expect any counterparties      to fail to meet their obligations. The group limits the amount of credit exposure      to any one counterparty. The group does not normally see the need to seek collateral      or      other security.     The      long-term debt instruments issued in December 2000 and February 2001 both contained      covenants that if the group credit rating was downgraded below A3 in the case      of Moody’s or below A minus in the case of S&P, additional interest      would accrue from the next interest coupon period at the rate of 0.25 percentage      points for each ratings category adjustment by each ratings agency. In May 2001,      Moody’s downgraded BT’s credit rating to Baa1, which increased BT’s      interest charge by approximately £32 million per annum. BT’s current      credit rating from S&P is A minus. Based upon the total debt of £9      billion  outstanding on these instruments at31      March 2004, BT’s annual interest charge would increase by approximately £45      million if BT’s credit ratings were to be downgraded by one credit rating      category by both agencies below a long-term debt rating of Baa1/A minus. If BT’s      credit rating with Moody’s was to be upgraded by one credit rating category      the annual interest charge would be reduced by approximately £23  million.

**(d)   Fair value of financial instruments**  The    following table shows the carrying amounts and fair values of the group’s    financial instruments at 31 March 2004 and 2003. The carrying amounts are    included in the group balance sheet under the indicated headings, with the    exception of derivative amounts, which are included in debtors or other creditors    or as part of net debt as appropriate. The fair values of the financial instruments    are the amount at which the instruments could be exchanged in a current transactionbetween willing parties, other than in forced or liquidation sale.
  Carrying amount Fair value **2004** 2003**2004** 2003**£m**£m**£m**£m Non-derivatives:** **** **  ** **** **   Assets** **** **  ** **** **    Cash at bank and in hand**109**** **91 **109**** **91   Short-term investments**a****5,117**** **6,311 **5,117**** **6,319   Fixed asset investments**b****231**** **317 **229**** **311  Liabilities** **** **  ** **** **    Short-term borrowings**2**** **4 **2**** **4   Long-term borrowings, excluding    finance leases**c****11,800**** **15,966 **13,506**** **17,720 Derivatives relating to investments and borrowings (net)**d**:** **** **  ** **** **   Assets**–**** **10 **–**** **229  Liabilities**748**** **– **1,182**** **– Derivative financial      instruments held or issued to hedge the current          exposure    on expected future transactions (net):** **** **  ** **** **   Assets**–**** **2 **–**** **2  Liabilities**–**** **– **–**** **–  **a**The fair values of listed short-term        investments were estimated based on quoted market prices for those investments.        The carrying amount of the other short-term deposits and investments        approximated to their fair values due to the short maturity of the instruments    held.**b**The fair values of listed fixed        asset investments were estimated based on quoted market prices for those    investments.**c**The fair value of the group’s        bonds, debentures, notes and other long-term borrowings has been estimated        on the basis of quoted market prices for the same or similar issues with        the same maturities where they existed, and on calculations of the present        value of future cash flows using the appropriate discount rates in effect        at the balance sheet dates, where market prices of similar issues did    not exist.**d**The        fair value of the group’s outstanding foreign currency and interest        rate swap agreements was estimated by calculating the present value,        using appropriate discount rates in effect at the balance sheet dates,        of affected future cash flows translated, where appropriate, into pounds    sterling at the market rates in effect at the balance sheet dates.
 

 

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120Notes to the financial statementsBT Annual Report and Form 20-F 2004
 

**36.   Financial      instruments and risk management**continuedThe      following information is provided in accordance with the requirements of    FRS 13 – ‘‘Derivatives and other financial instruments: disclosures’’.      Except for disclosures under *currency exposures* below,      the financial information excludes all of the group’s short-term debtors  and creditors.

**Financial liabilities**Aftertaking into account the various interest rate swaps and forward foreign currencycontracts entered into by the group, the interest rate profile of the group’sfinancial liabilities at 31 March was:
 **2004** 2003       **Financial**       Financial   **Fixed rate****Floating rate****liabilities on** Fixed rateFloating rateliabilities on **financial****financial****which no** financialfinancialwhich no **liabilities****liabilities****interest is paid****Total**liabilitiesliabilitiesinterest is paidTotalCurrency:**£m**  **£m** **£m****£m** £m£m £m £m  Sterling**7,747**** ****5,950**** ****–**** ****13,697** 8,814 7,172 – 15,986 Euro**–**** ****–**** ****–**** ****–** – – 18 18  **Total****7,747**** ****5,950**** ****–**** ****13,697** 8,814 7,172 18 16,004  
For the fixed rate financial liabilities, the average interest rates and the average periods for which the rates are fixed are:
 **2004** 2003     **Weighted**   Weighted **Weighted** **average** Weighted average **average** **period for** average period for **interest** **which rate** interest which rate **rate** **is fixed** rate is fixed Currency:**%**  **Years** % Years  Sterling**8.7** **13** 8.5 13  
The floating rate financial liabilities bear interest at rates fixed in advance for periods ranging from one day to one year by reference to LIBOR. The financial liabilities on which no interest is paid are due tomature within one year of the balance sheet date.     The maturity profile of financial liabilities is as given in note 25.

**Financial assets**Aftertaking into account the various interest rate swaps and forward foreign currencycontracts entered into by the group, the interest rate profile of the group’sfinancial assets at 31 March was:
  **2004** 2003     **Fixed rate** **Floating rate** **Financial assets**   Fixed rate Floating rate Financial assets    **financial** **financial** **on which no**   financial financial on which no    **assets** **assets** **interest is paid** **Total** assets assets interest is paid Total Currency:**£m** **£m** **£m** **£m** £m £m £m £m  Sterling**1,310** **3,962** **167** **5,439** 457 5,974 255 6,686 Euro**–** **–** **23** **23** – – 19 19 Other**–** **–** **41** **41** – – 43 43  Total**1,310** **3,962** **231** **5,503** 457 5,974 317 6,748  
The sterling fixed rate financial assets yield interest at a weighted average of 4.5% (2003 – 4.3%) for a weighted average period of 22 months (2003 – 16 months).     The floating rate financial assets bear interest at rates fixed in advance for periods up to one year by reference to LIBOR.

 

 

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121 Notes to the financial statementsBT Annual Report and        Form 20-F 2004
 

**36.   Financial instruments  and risk management**continued******Currency exposures**The table below shows the currency  exposures of the group’s net monetary assets (liabilities), in terms of  those transactional exposures that give rise to net currency gains and losses  recognised in the profit and loss account. Such exposures comprise the monetary  assets and monetary liabilities of the group that are not denominated in the  operating (or ‘‘functional’’) currency of the operating  unit involved, other than certain non-sterling borrowings treated as hedges  of net investments in non-UK operations. At 31 March, these exposures were  as  follows:
  **2004** 2003     **Sterling** **US      dollar** **Euro** **Other** **Total** Sterling US dollar Euro Other Total **£m****£m****£m****£m****£m**£m£m£m£m£m Functional currency of                       group      operation:                    Sterling**–**** ****43**** ****7**** ****1** **51** – – – 1 1 Euro**–**** ****2**** ****–**** ****2** **4** 3 (6)– – (3)Other**–**** ****–**** ****–**** ****–** **–** 1 3 – – 4  **Total****–**** ****45**** ****7**** ****3** **55** 4 (3)– 1 2  
The amounts shown in the table above take into  account the effect of any currency swaps, forward contracts and other derivatives  entered into to manage those currency exposures.     At 31 March  2004, the group also held various forward currency contracts that the group  had taken out to hedge expected future foreign currency purchases and sales.
**Fair values of    financial assets held for trading****2004** 2003 **£m**£m Net gain included in profit and      loss account**61** 34 Fair value of financial assets      held for trading at 31 March**785** 2,610  
The net gain was derived from government bonds, commercial paper and similar debt instruments. The average fair value of financial assets held during the year ended 31 March 2004 did not differ materially from the yearend position.

**Hedges**Gains and losses on instruments used  for hedging are not recognised until the exposure that is being hedged is itself  recognised. Unrecognised and deferred gains and losses on instruments used for  hedging and those recognised in the years ended 31 March 2004 and 31 March 2003  are as follows:
  **2004** 2003     **Gains** **Losses** Gains Losses **£m****£m**£m£m Gains and losses:           recognised      in the year but arising in previous years**a****104** **106** 16 27    unrecognised      at the balance sheet date**306** **740** 1,088 878    carried           forward in the year end balance sheet, pending recognition in the** ** ** **           profit and loss account**a****564** **122** 140 128    expected      to be recognised in the following year:** ** ** **           unrecognised      at balance sheet date**9** **–** 16 1       carried           forward in the year end balance sheet, pending recognition in** ** ** **              the          profit and loss account**a****124** **59** 104 106  **a**Excluding gains and losses on hedges accounted      for by adjusting the carrying amount of a fixed asset.
During the year ended 31 March 2003, the group entered into two derivatives contracts as an investment in a UK listed equity, with limited net overall exposure. At 31 March 2003, the two contracts had a net value of£nil, consisting of a futures purchase contract with a fair value of £68 million and a futures sales contract with a fair value of £68 million. These contracts were closed out in April 2003.

**Unused committed lines of credit**Unused committed lines of credit for  short-term financing available at 31 March 2004 totalled approximately £145  million (2003 – £575 million), which was in support of a commercial  paper programme or other borrowings. These lines of credit are available for  up to one year.

 

 

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122Notes to the financial statementsBT Annual Report and        Form 20-F 2004
 
**37.   Company    balance sheet****2004** 2003 **£m**£m **Fixed assets**    Investment in subsidiary undertaking**9,971** 9,971  **Total fixed assets****9,971** 9,971 **Current assets**** **   Debtors**a****456** 368 Investments**b****2** 2 Cash at bank and in hand**62** 2  **Total current assets****520** 372 Creditors: amounts falling due      within one year**c****470** 370  **Net current assets****50** 2  **Total assets less current liabilities****10,021** 9,973  **Capital and reserves****d**** **   Called up share capital**432** 434 Share premium account**2** 2 Capital redemption reserve**2** – Profit and loss account**9,585** 9,537  **Total equity shareholders’      funds****10,021** 9,973  **a**Debtors consists of amounts owed by subsidiary      undertakings of £456 million (2003 – £368 million).**b**The company invested in a listed investment,      with a book value and market value of £1 million (2003 – £1      million), and short term loans to subsidiary undertakings of £1 million      (2003 – £1 million).**c**Creditors consists of dividends payable      of £454 million (2003 – £366 million), amounts owed to      subsidiary undertakings of £9 million (2003 – £nil) and      other creditors of £7 million (2003 – £4 million).**d**Capital and reserves are shown on page      123.
The financial statements of the company on pages 122 to 123 were approved by the board of directors on 19 May 2004 and were signed on its behalf by

**Sir Christopher Bland**Chairman**Ben Verwaayen**Chief  Executive**Ian Livingston**Group  Finance Director

 

 

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123Notes to the financial statementsBT Annual Report and        Form 20-F 2004
 
**37.****Company balance sheet**continued                  Share Capital Profit     Share premium redemption and loss     capital**e**account**f**reserve account Total   £m £m £m £m £m             Balance at 1 April 2001– – – – – Issue of shares9,971 – – – 9,971 Capital reduction(9,537)– – 9,537 – Movement relating to BT’s      employee share             ownership trust– 2 – – 2 Profit for the financial year**g**– – – 173 173 Dividends (2.0p per ordinary share)– – – (173)(173) Balances at 31 March 2002434 2 – 9,537 9,973  Profit for the financial year**g**– – – 560 560 Dividends (6.5p per ordinary share)– – – (560)(560) Balances at 31 March 2003434 2 – 9,537 9,973  Movement relating to BT’s      employee share ownership trust**i**– – – – – Purchase of own shares**h**             –      shares cancelled(2)– 2 (64)(64)   –      treasury shares– – – (80)(80)Profit for the financial year**g**– – – 924 924 Dividends (8.5p per ordinary share)– – – (732)(732) **Balances at      31 March 2004****432**** ****2**** ****2**** ****9,585**** ****10,021**  **e**The authorised share capital        of the company throughout the years ended 31 March 2004 and 31 March        2003 was £13,463 million representing 269,260,253,468 ordinary        shares of 5p each. The allotted, called up and fully        paid ordinary share capital of the company at 31 March 2004 was £432        million (2003 – £434 million), representing 8,634,629,038        ordinary shares of 5p each (2003 – 8,670,849,554). Of the authorised but unissued        share capital at 31 March 2004, 26 million ordinary shares (2003 – 25        million) were reserved to meet options granted under employee share option        schemes described in note 34.**f**The share premium        account, representing the premium on allotment of shares is not available        for distribution.**g**The profit for the        financial year, dealt with in the profit and loss account of the company        and after taking into account dividends from subsidiary undertakings,        was £924 million (2003 – £560 million). As permitted        by Section 230 of the Companies Act 1985, no profit and loss account        of the company is presented.**h**During the year ended 31 March        2004 the company repurchased 80,571,000 of its own shares of 5p each,        representing 1% of the called-up share capital, for an aggregate consideration        of £144 million. Of the total shares repurchased 36,222,000 shares        with an aggregate nominal value of £2 million were cancelled immediately        and 44,349,000 shares with an aggregate nominal value of £2 million        are held as treasury shares.**i**Ordinary shares allotted during the year were as follows:   Nominal value Consideration Number£m£m **Savings related schemes      for the year ended 31 March 2004**1,484 – –  
 

 

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124 BT Annual Report and Form 20-F 2004
 

United States Generally Accepted Accounting Principles
 The United States Generally Accepted Accounting Principles are divided into the following sections:**125****Differences between United Kingdom and** **United States generally accepted** **accounting principles****128****Net    income and shareholders’ equity** **reconciliation statements****128****Minority interests****129****Accounting for share options****129****Consolidated statements of cash flows****129****Current asset investments****130****Pension costs****132****Income statement in US GAAP format****133****US GAAP developments**
 

 

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125United States Generally Accepted Accounting PrinciplesBT Annual Report and Form 20-F 2004
 

The group’s consolidated financial statements are prepared in accordance      with accounting principles generally accepted in the UK (UK GAAP), which      differ in certain respects from those applicable in the US (US GAAP).

**i   Differences between United Kingdom andUnited States generally accepted accountingprinciples******The following are the main differences between UK and US GAAP which are relevantto the group’s financial statements.

**(a)   Sale and leaseback of properties**Under UK GAAP, the sale of BT’s property portfolio is treated as a fixedasset disposal and the subsequent leaseback is an operating lease. Under US GAAP,the transaction is regarded as financing and the land and buildings are recordedon the balance sheet at their net book value, an obligation equivalent to thecash proceeds is recognised and the gain on disposal is deferred until the propertiesare vacated by BT. Rental payments made by BT are reversed andreplaced by a finance lease interest charge and a depreciation charge.

**(b)   Pension costs******Under UK GAAP, pension costs are accounted for in accordance with UK Statementof Standard Accounting Practice No. 24, with costs being charged against profitsover employees’ working lives. Under US GAAP, pensioncosts are determined in accordance with the requirements of US Statements ofFinancial Accounting Standards (SFAS) Nos. 87 and 88. Differences between theUK and US GAAP figures arise from the requirement to use different actuarialmethods andassumptions and a different method of amortising surpluses or deficits.

**(c)   Accounting for redundancies**Under UK GAAP, the cost of providing incremental pension benefits in respect of workforce reductions is taken into account when determining current and future pension costs, unless the most recent actuarial valuation,combined with the provision for pension costs in the group balance sheet, under UK actuarial conventions, shows a deficit. In this case, the cost of providing incremental pension benefits is included in redundancy charges in the year in which theemployees agree to leave the group.     Under US GAAP, the associated costs of providing incremental pension benefits are charged against profits in the period in which the termination terms are agreed with the employees. Thefair value of termination benefits for employees who are to be retained beyond their minimum contractual retention period is recognised on a straight line basis over the future service period.

**(d)   Capitalisation of interest******Under UK GAAP, the group does not capitalise interest. To comply with US GAAP, the estimated amount of interest incurred whilst constructing major capital projects is included in fixed assets, and depreciated over thelives of the related assets. This included capitalisation of interest incurred on funding the 3G licences up to the date of the mmO2 demerger. The amount of interest capitalised is determined by reference to the average interest rates on outstanding borrowings. At 31 March 2004 under US GAAP, gross capitalised interest of £358 million (2003 – £461 million) with regard to the company and its subsidiary companies was subject to depreciation generally over periods of 3 to 25 years.

**(e)   Goodwill**Under UK GAAP, in respect of acquisitions completed prior to 1 April 1998, the group wrote off goodwill arising from the purchase of subsidiary undertakings, associates and joint ventures on acquisition againstretained earnings. The goodwill is reflected in the net income of the period of disposal, as part of the calculation of the gain or loss on divestment. All unamortised and pre-April 1998 goodwill will be brought back to the profit and loss accounton disposal. Following the implementation of UK Financial Reporting Standard No. 10 (FRS 10), goodwill arising on acquisitions completed after 1 April 1998 is capitalised and amortised on a straight line basis over its useful economic life.      UnderUS GAAP up to 31 March 2002, goodwill arising on the acquisition of subsidiaries,associates and joint ventures was capitalised as an intangible asset and amortisedover its useful life. With effect from 1 April 2002 BT has adopted SFAS No. 142,and goodwill is no longer amortised but tested annually for impairment. In connectionwith the adoption of SFAS No. 142 transitional and annual impairment reviewswere performed. Therewas no transitional impairment charge recorded. As a result of the annual impairmentreview, no goodwill impairment charge was recognised in the year ended 31 March2004 (2003 – £54 million). Goodwill of £12 million (2003 –£20 million) amortised under UK GAAP is written back through the incomestatement.

 

 

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126United States Generally Accepted Accounting PrinciplesBT Annual Report and Form 20-F 2004
 

Had the cessation of goodwill amortisation requirement of SFAS No. 142 been applied in prior periods, results of operations would have been as follows:
  2003 2002   £m  £m  Net income (loss) as adjusted for US GAAP4,134 (732)Add back: goodwill amortisation– 34  Adjusted net income (loss)4,134 (698)Adjusted basic earnings per American Depositary Share£4.80 £(0.84) Adjusted diluted earnings per American Depositary Share£4.80 £(0.84)  
**(f)   Mobile cellular telephone licences, software and other intangible assets******Certain intangible fixed assets recognised under US GAAP purchase accounting requirements are subsumed within goodwill under UK GAAP. Under US GAAP these separately identified intangible assets are valued and amortisedover their useful lives of 20 years.

**(g)   Financial instruments**Under UK GAAP, investments are held on the balance sheet at historical cost,and own shares held in trust for share schemes are recorded in fixed asset investments.Gains and losses on instruments used for hedges are not recognised until theexposure being hedged is recognised. Under US GAAP, trading securities and available-for-salesecurities are carried at market value with appropriate valuation adjustmentsrecorded in profit and loss and shareholders’ equity, respectively.      Certainderivative financial instruments which qualify for hedge accounting under UKGAAP do not qualify for hedge accounting under US GAAP. Under US GAAP,financial instruments do not qualify for hedge accounting due to the extensivedocumentation requirements. These financial instruments, under US GAAP, are carriedat market value with valuation adjustments recorded in the profit and loss account.The reassessment and purchaseof derivatives in the year ended 31 March 2004 gave rise to an adjustment reducingnet income by £133 million net of tax (2003 – increase £610 million). The net unrealised holding gain on equity investments held asavailable-for-sale securities for the year ended 31 March 2004 was £5 million (2003 – £22 million, 2002 – £271 million). SFAS 133 became effective for BT on 1 April 2001 and the unamortised transitional adjustment of£9 million net of tax remains in shareholders’ equity at 31 March2004.

**(h)   Deferred gain**Under UK GAAP, assets contributed to a joint venture by the group’s partners are measured at their net replacement cost. Any difference between the group’s share of the joint venture’s resulting netassets and the net book value of assets contributed by the group to the joint venture, including certain accrued start up costs, is immediately reflected by adjusting the group’s investment in the joint venture and recording a deferreddifference in shareholders’ equity. Under US GAAP, the assets contributed by all joint venture partners are carried at their historical net book value and any difference between the group’s share of the joint venture’sresulting net assets and the net book value of assets contributed by the groupto the joint venture is amortised over the life of the items giving rise to thedifference.

**(i)   Employee share plans**Certain share options have been granted under BT save-as-you-earn plans at a 20% discount. Under UK GAAP, the share issues are recorded at their discounted price when the options are exercised. Under US GAAP, a plan isconsidered compensatory when the discount to market price is in excess of 15%. Compensation cost is recognised for the difference between the exercise price of the share options granted and the quoted market price of the shares at the date of grantor measurement date and accrued over the vesting period of the options.      UnderUK GAAP, shares held by employee share ownership trusts are recorded as fixedasset investments at cost less amounts written off. Under US GAAP, thoseshares not fully vested are regarded as treasury stock and recorded at cost asa deduction from shareholders’ equity.

**(j)   Investments in associates******Under UK GAAP, the economic interest in the associates’ operating profitsbefore minority interest is reported as part of the total operating profit. Forthose associates in which a minority interest is recognised in their respectivestatements of profit and loss, such minority interest is reported as minorityinterest in the consolidated profit and loss account. Under US GAAP, the minorityinterest in the associates is reclassified from minority interest andreported within the share of results of associates.

 

 

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127 United States Generally Accepted Accounting    PrinciplesBT Annual Report and Form 20-F 2004
 

**(k)    Deferred taxation**Under      UK GAAP, provision is made for deferred tax in so far as a liability or asset      arose as a result of transactions that had occurred by the balance sheet      date and give rise to an obligation to pay more tax in the future, or a right      to pay less tax in the future. Under US GAAP, deferred taxation is provided      for on a full liability basis. Future tax benefits are recognised as deferred      tax assets to the extent that their realisation is more likely than not.      As  a result of changes in circumstances, previously recognised deferred tax liabilities      were released in the 2003 financial year. At 31 March 2004 total deferred      tax liabilities were £2,780 million primarily in respect of accelerated capital  allowances and total deferred tax assets were £2,240 million, primarily  in respect of pension obligations.

**(l)    Dividends**Under UK GAAP, dividends are recorded in the year in respect of which they are declared (in the case of interim or any special dividends) or proposed by the board of directors to the shareholders (in the case of finaldividends). Under US GAAP, dividends are recorded in the period in which dividends are declared.

**(m)  Impairment**Under UK GAAP, if there is an indication of impairment the assets should be tested for impairment and, if necessary written down to the value in use, calculated based on discounted future pre-tax cash flows related tothe asset or the income generating unit to which the asset belongs.     USGAAP requires that an entity assess whether impairment has occurred based onthe undiscounted future cash flows. An impairment loss exists if the sum of thesecash flows is less than the carrying amount of the asset. The impairment lossrecognised in the income statement is based on the asset’s fair value, beingeither market value or the sum of discounted future cash flows.

**(n)   Discontinued operations**Under UK GAAP, the disposal of certain lines of business and joint ventures and associates are shown as discontinued activities. Under US GAAP, only the disposals of lines of business under SFAS No. 144 would bereported as discontinued operations.

**(o)   Disposals of businesses**There are timing differences between UK GAAP and US GAAP for recognition of gains on the sale of certain businesses. Foreign exchange movements taken to reserves under UK GAAP are reported in the income statement underUS GAAP. Historical GAAP differences on disposed businesses are also shown under this line item.

**(p)   Property rationalisation provision**UnderUK GAAP in the 2003 financial year, a provision in connection with the rationalisationof the group’s London office property portfolio was recorded. Under US GAAP,in accordance with SFAS No 146, these costs are not recognised until the groupfully exits and therefore ceases to use the affected properties.

**(q)   Software**UnderUK GAAP long-term contracts to design, build and operate software solutions areaccounted for under SSAP 9 ‘‘Stocks and long-term contracts’’ and FRS 5 ‘‘Reporting the substance oftransactions’’, under which turnover is recognised as earned over thecontract period.     UnderUS GAAP revenue of £77 million under these contracts is deferred in the 2004 financial year under SOP 97-2 ‘‘Software revenue recognition’’,which requires vendor specific objective evidence to support the fair value ofthe separate elements to be delivered. There was no impact on net income.

 

 

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128United States Generally Accepted Accounting PrinciplesBT Annual Report and Form 20-F 2004
 

**ii   Net income and        shareholders’ equity  reconciliation statements**The following  statements summarise the material estimated adjustments, gross of their tax effect,  which reconcile net income and shareholders’ equity from that reported under  UK GAAP to that which would have been  reported had US GAAP been applied.
**Net income** **2004** 2003 2002 Years ended 31 March  **£m** £m £m  Net income applicable to shareholders under UK GAAP **1,417**** **2,686 995 Adjustment for: ** **** **     Sale and leaseback of properties **(85****)**(114)(1,178) Pension costs **(428****)**(177)(106) Redundancy charges **20**** **– (140) Capitalisation of interest,    net of related depreciation **(23****)**(17)398  Goodwill **12**** **(35)11  Mobile licences, software and    other intangible asset capitalisation and  ** **        amortisation,        net **–**** **(26)(32) Financial instruments **(82****)**731 23  Deferred gain **–**** **– 313  Impairment **(24****)**(24)147  Employee share plans **(8****)**(11)(8) Property rationalisation provision **(142****)**147 –  Disposals of businesses **–**** **130 254  Deferred taxation **4**** **976 (1,320)    **661**** **4,266 (643) Tax effect of US GAAP adjustments **222**** **(132)(89) **Net income (loss) as adjusted for US GAAP** **883**** **4,134 (732) Basic earnings (loss) per American Depositary Share as adjusted for US GAAP**a** **£1.02**** **£4.80 £(0.88)Diluted earnings (loss) per American Depositary Share as adjusted for US GAAP**a** **£1.02**** **£4.77 £(0.88) **a******Each American Depositary Share    is equivalent to ten ordinary shares.
In the 2004 and 2003 financial      years all the adjustments relate to continuing operations (2002 – £2,009      million reduction in relation to discontinued operations). Net income fromcontinuing operations was £883 million (2003 –  £4,134million, 2002 – £1,680 million loss).     Theadjustments to net income relating to discontinued operations are £nil(2003 – £nil, 2002 –£282 million).
**Shareholders’ equity****2004** 2003 At 31 March**£m** £m  Shareholders’ equity under UK GAAP**3,094**** **2,642 Adjustment for:** **** **   Sale and leaseback of properties**(1,377****)**(1,292) Pension costs**(5,714****)**(6,371) Redundancy charges**20**** **–  Capitalisation of interest,    net of related depreciation**195**** **225  Goodwill**124**** **113  Financial instruments**(8****)**86  Impairment**100**** **124  Property rationalisation provision**5**** **147  Deferred taxation**(59****)**(63) Dividend declared after the    financial year end**454**** **366    **(3,166****)**(4,023) Tax effect of US GAAP adjustments**1,711**** **1,765  **Shareholders’ equity    as adjusted for US GAAP****(1,455****)**(2,258) 
**iii   Minority interests**UnderUS GAAP, the income to minority interests would have been unchanged (2003 – £27 million reduction, 2002 – £26 million reduction) after adjusting for goodwill amortisation and accounting forassociates and joint ventures. Net assets attributable to minority interests would have been unchanged (2003 – unchanged)after adjusting for financial instruments.

 

 

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129 United States Generally Accepted    Accounting PrinciplesBT Annual Report and Form 20-F 2004
**iv   Accounting for      share options**Under    UK GAAP, the company does not recognise compensation expense for the fair    value, at the date of grant, of share options granted under the employee    share option schemes. Under US GAAP, the company adopted the disclosure-only    provisions in SFAS No. 123 ‘‘Accounting for Stock-Based Compensation’’. Accordingly, the company accounts for share options in accordance with APB Opinion No. 25 ‘‘Accounting for Stock Issued toEmployees’’, under which no compensation expense is recognised. Had the group expensed recognised compensation cost for options granted in accordance with SFAS No. 123, the group’s pro forma net income (loss), basic earnings (loss)per share and diluted earnings (loss) per share under US GAAP would have been £862 million (2003 – £4,127 million, 2002 – £792 million loss), 10.0p (2003 – 47.9p, 2002 – 9.5p loss) and 9.9p (2003 – 47.6p,2002 – 9.5p loss), respectively. See note 34 for the SFAS No. 123 disclosuresof the fair value of options granted under employee schemes at date of grant.

**v   Consolidated statementsof cash flows**Under UK GAAP, the Consolidated Statements of Cash Flows are presented in accordance with UK Financial Reporting Standard No. 1 (FRS 1). The statements prepared under FRS 1 present substantially the same information asthat required under SFAS No. 95.     Under SFAS No. 95, cash and cash equivalents include cash and short-term investments with maturities of three months or less at the date of purchase. Under FRS 1 cash comprises cash inhand and at bank and overnight deposits, net of bank overdrafts.     Under FRS 1, cash flows are presented for operating activities; returns on investments and servicing of finance; taxation; capital expenditure and financial investments; acquisitions anddisposals; dividends paid to the company’s shareholders; management of liquidresources and financing. SFAS No. 95 requires a classification of cash flowsas resulting from operating, investing and financing activities.     Cashflows under FRS 1 in respect of interest received, interest paid (net of thatcapitalised under US GAAP) and taxation would be included within operating activitiesunder SFAS No. 95. Cash flows from purchases, sales and maturities of tradingsecurities, while not separately identified under UK GAAP, would be includedwithin operating activities under US GAAP. Capitalised interest, while not recognisedunder UK GAAP, is includedin investing activities under US GAAP. Dividends paid are included within financingactivities under US GAAP.     The following statements summarise the statements of cash flows as if they had been presented in accordance with US GAAP, and include the adjustments which reconcile cash and cashequivalents under US GAAP to cash at bank and in hand reported under UK GAAP.
  **2004** 2003 2002  **£m** £m £m  Net cash provided by operating activities**4,632**** **3,395 1,455 Net cash (used) provided by investing activities**(3,460****)**1,253 3,049 Net cash used in financing activities**(3,093****)**(2,852)(5,611) Net (decrease) increase in cash and cash equivalents**(1,921****)**1,796 (1,107)Effect of exchange rate changes on cash**(5****)**13 (50)Cash and cash equivalents under US GAAP at beginning of year**2,933**** **1,124 2,281  Cash and cash equivalents under US GAAP at end of year**1,007**** **2,933 1,124 Short-term investments with original maturities of less than three months**(898****)**(2,842)(966) **Cash at bank and in hand under UK GAAP at end of year****109**** **91 158  
**vi   Current asset investments**UnderUS GAAP, investments in debt securities would be classified as either trading,available-for-sale or held-to-maturity. Trading investments would be stated atfair values and the unrealised gains and losses would be included in income.Securities classified as available-for-sale would be stated at fair values, withunrealised gains and losses, net of deferred taxes, reported in shareholders’ equity.Debt securities classified as held-to-maturity would be stated at amortised cost.The following analyses do not include securities with original maturities ofless than three months.

 

 

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130United States Generally Accepted Accounting PrinciplesBT Annual Report and Form 20-F 2004
**vi    Current asset investments**continuedAt 31 March 2004, the group held tradinginvestments (as defined by US GAAP) with fair values totalling £423 million (2003 – £935million). Held-to-maturity securities at 31 March 2004 and 2003 consisted ofthe following:
  Amortised Estimated  cost fair value  £m £m  **Commercial paper, medium-term notes and other investments at 31 March 2004**3,629 3,629  Commercial paper, medium-term notes and other investments at 31 March 20032,565 2,565   
The contractual maturities of the held-to-maturity debt securities at 31 March 2004 were as follows:
  Amortised Estimated  cost fair value  £m £m  Maturing on or before 31 March 20052,253 2,253 Maturing after 1 year through 5 years1,376 1,376  **Total at 31 March 2004****3,629**** ****3,629**** ** 
Available for sale investments at 31 March 2004 and 2003 consisted of the following:
  Amortised Estimated  cost fair value  £m £m  **Commercial paper, medium-term notes and other investments at 31 March 2004**214 214  Commercial paper, medium-term notes and other investments at 31 March 2003– –  
The contractual maturities of the available for sale investments at 31 March 2004 were as follows:
  Amortised Estimated  cost fair value  £m £m  Maturing on or before 31 March 2005214 214 Maturing after 1 year through 5 years– –  **Total at 31 March 2004****214**** ****214**** ** 
**vii   Pensioncosts**The following position for the main pension scheme is computed in accordance with US GAAP pension accounting rules under SFAS No. 87 and SFAS No. 88, the effect of which is shown in the above reconciliationstatements.     The pension cost determinedunder SFAS No. 87 was calculated by reference to an expected long-term rate ofreturn on scheme assets of 7.35% (2003 – 6.9%, 2002 – 6.5%). Thecomponents of the pension cost for the main pension scheme comprised:
  **2004** 2003 2002  **£m** £m £m  Service cost**388**** **453 564 Interest cost**1,657**** **1,707 1,739 Expected return on scheme assets**(1,646****)**(1,813)(1,863)Amortisation of prior service costs**24**** **24 24 Amortisation of net obligation at date of limited application of SFAS No. 87**2**** **52 52 Recognised gains**378**** **(22)(67)Additional cost of termination benefits**1**** **60 140  **Pension cost for the year under US GAAP****804**** **461 589   
 

 

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131United States Generally    Accepted Accounting PrinciplesBT Annual Report and Form 20-F    2004
**vii   Pension      costs**continuedThe information required to be disclosed in accordance with SFAS No. 132 concerning the funded status of the main scheme at 31 March 2003 and 31 March 2004, based on the valuations at 1 January 2003 and 1 January 2004,respectively, is given below.
  **2004** 2003 Minimum liability, intangible asset and other comprehensive income**£m** £m  Plan assets at fair value**26,675**** **22,757 Accumulated benefit obligation**31,137**** **28,551  Minimum liability**4,462**** **5,794 Net amount recognised at end of year**(2,275****)**(2,497) Minimum additional liability**2,187**** **3,297 Intangible asset as at 31 March 2004:** **** **  Unrecognised net transition obligation**–**** **(2)Unrecognised prior service cost**(79****)**(103) **Accumulated other comprehensive income****2,108**** **3,192       **Changes in benefit obligation****2004**  2003  **£m** £m  Benefit obligation at the beginning of the year**30,277**** **29,097 Service cost**388**** **453 Interest cost**1,657**** **1,707 Employees’ contributions**148**** **156 Additional cost of termination benefits**1**** **60 Actuarial movement**1,428**** **152 Other changes**5**** **13 Benefits paid or payable**(1,456****)**(1,361) **Benefit obligation at the end of the year****32,448**** **30,277  
The benefit obligation and pension cost for the main pension scheme were determined using the following assumptions at 1 January 2002, 2003 and 2004:
  **2004** 2003 2002  **per annum** per annum per annum  **%** % %  Discount rate**5.5** 5.6 6.0 Rate of future pay increases**3.6** 3.8 4.0 Rate of future pension increases**2.6** 2.25 2.5  
Contributions expected to be paid to the plan during the next fiscal year are estimated at £290 million.
**Changes in scheme assets****2004** 2003  **£m** £m  Fair value of scheme assets at the beginning of the year**22,757**** **26,597 Actual return on scheme assets**4,195**** **(3,255)Employer’s contributionsa**1,026**** **607 Employees’ contributions**148**** **156 Other changes**5**** **13 Benefits paid or payable**(1,456****)**(1,361) **Fair value of scheme assets at the end of the year****26,675**** **22,757       **Funded status under US GAAP****2004** 2003  **£m** £m  Projected benefit obligation in excess of scheme assets**(5,773****)**(7,520)Unrecognised net obligation at date of initial application of SFAS No. 87**b****–**** **2 Unrecognised prior service costs**c****79**** **103 Other unrecognised net actuarial losses**3,419**** **4,918  **Net amount recognised under US GAAP****(2,275****)**(2,497) **a** The employer’s contributions        for the year ended 31 March 2004 includes special contributions of £362        million paid in December 2003 and £380 million paid in March 2004    (2003 – £329 million paid in December 2002).**b**The unrecognised net obligation        at the date of initial application is being amortised over 15 years from    1 April 1988.**c** 
Unrecognised prior service          costs on scheme benefit improvements are being amortised over periods          of 15 or 16 years commencing in the years of the introduction of the          improvements.

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132United States Generally Accepted Accounting PrinciplesBT Annual Report and Form 20-F 2004
**vii    Pensioncosts**continued**Asset allocation**The Trustees of the main pension scheme approve the target asset allocation as well as deviation limits. The objective of the investment activities is to maximise investment return within an acceptable level of risk,taking into consideration the liabilities of the main pension scheme.
  Year ended 31 December 2003    Fair value   Target  £bn % %  Equities17.1 65.0 64.75 Fixed interest bonds3.9 14.8 15.25 Index linked securities2.1 8.0 8.00 Property3.2 12.2 12.00 Cash– – –   26.3 100.0 100.00           Year ended 31 December 2002    Fair value   Target  £bn % %  Equities14.8 64.9 64.75 Fixed interest bonds3.4 15.0 15.25 Index linked securities1.8 7.7 8.00 Property3.1 13.9 12.00 Cash(0.4)(1.5)–   22.7 100.0 100.00  
The assumption for the expected return in scheme assets is a weighted average based on an assumed expected return for each asset class and the proportions held of each asset class at the beginning of the year. Theexpected returns on bonds are based on the gross redemption yields at the start of the year. Expected returns on equities and property are based on a combination of an estimate of the risk premium above, yields on government bonds and consensuseconomic forecasts of future returns. The expected return of 7.27% per annum used for the calculation of pension costs for the year ending 31 March 2005 is consistent with that adopted for FRS 17.

**viii    Incomestatement in US GAAP format**The group profit and loss accounts onpages 78 to 80 comply with UK GAAP and the directors believe they are in themost appropriate format for shareholders to understand the results of our business.We believe that it is important to show our results before deducting goodwillamortisation and exceptional items because these items predominantly relate tocorporate transactions rather than the trading activities of the group. For SECreporting purposes thispresentation would be considered ‘‘non GAAP’’ and thereforethe group has also prepared the following income statement which meets the SECreporting format set forth in Item 10 of Regulation S-X. The financial numbersdisclosedin the following income statement are prepared under UK GAAP.
  **2004** 2003 2002  **£m** £m £m  Revenue**18,519**** **18,727 18,447 Operating expenses:** **** **    Payroll costs**3,735**** **3,671 3,698 Depreciation and amortisation**2,936**** **3,035 5,345 Payments to telecommunication operators**3,963**** **3,940 4,289 Other operating expenses**5,189**** **5,724 5,522  Total operating expenses**15,823**** **16,370 18,854  Net operating income (loss)**2,696**** **2,357 (407)Other income, net**227**** **1,910 936 Net interest expense**(941****)**(1,439)(1,579)Income taxes**(539****)**(459)(385)Minority interests**8**** **(12)(10)Equity in earnings (losses) of investees**(34****)**329 (1,443) Income (loss) from continuing operations**1,417**** **2,686 (2,888)Discontinued operations**–**** **– 3,883  Net income**1,417**** **2,686 995  Earnings per share – basic**16.4****p**31.2p12.0pEarnings per share – diluted**16.3****p**31.0p11.9p
 

 

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133 United States Generally Accepted Accounting    PrinciplesBT Annual Report and Form 20-F 2004
 

**ix   US GAAP  developments******In January 2003, the Financial Accounting  Standards Board (FASB) issued Financial Interpretation No. 46 (FIN 46), ‘‘Consolidation of Variable Interest Entities’’ and in December 2003 issued a  revised interpretation, FIN 46R. The interpretation requires the primary beneficiary to consolidate a variable interest entity if it has a variable interest that will absorb a majority of the entity’s losses if they occur, or receive a majority  of the entity’s expected returns or both. BT had adopted FIN 46 in June  2003, and the further adoption of FIN 46R did not have a material effect on the  results or statement of financial position of the group.     In  May 2003 the FASB issued SFAS No. 150 ‘‘Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity’’.  SFAS No. 150 establishes standards for how to classify and measure certain financial  instruments with characteristics of both liabilities and equity. It requires  that an issuer classify a financial instrument that is within its scope as a  liability, or an asset in some  circumstances. On adoption, SFAS No. 150 did not have a material effect on the  results or statement of financial position of the group.     In  November 2002 the Emerging Issues Task Force reached a consensus on EITF 00-21 ‘‘Revenue arrangements with multiple deliverables’’.  BT adopted this consensus for contracts entered into after 15 June 2003. Adoption  of the consensus did not have a material impact on the results of the group.

 

 

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134BT Annual Report and Form 20-F 2004
 

Subsidiary undertakings, jointventures and associates.

BT Group plc is the parent company of the group. Brief details of its principal operating subsidiary undertakings, joint ventures and associates at 31 March 2004, all of which were unlisted unless otherwise stated,    were as follows:
 ActivityGroup interestCountryin allotted capital**b**of operations**c****Subsidiary undertakings**   British Telecommunications plc**d**Communication related services and products provider100% ordinaryUKBT Australasia Pty Limited**de**Communication related services and products provider100% ordinaryAustralia  100% preference BT Cableships Limited**d**Cableship owner100% ordinaryInternationalBT CommunicationsTelecommunication services provider100% ordinaryUK   Management Limited**d**   BT Hong Kong Limited**df**Communication related services and products provider100% ordinaryHong Kong  100% preference BT Fleet Limited**d**Fleet management company100% ordinaryUKBT Global Services Limited**dg**International telecommunication network systems provider100% ordinaryUKBT Holdings Limited**d**Investment holding company100% ordinaryUKBT (Germany) GmbH & Co. oHG**dh**Communication related services and products provider100% ordinaryGermanyBT Nederland NV**d**Communication related services and products provider100% ordinaryNetherlandsBT Americas Inc.**d**Communication related services and products provider100% commonUSABT Property Limited**d**Property holding company100% ordinaryUKBT Subsea Cables Limited**d**Cable maintenance and repair100% ordinaryUKBT ESPANA, Compania de ServiciosCommunication related services and products provider100% ordinarySpain   Globales de Telecommunicaciones,   
   S.A.**di**
   BT Limited**dj**International telecommunication network systems provider100% ordinaryInternationalBT US Investments LLC**d**Investment holding company100% ordinaryUSACommunications Networking ServicesCommunication related services and products provider100% ordinaryUK   (UK)**d**   Communications Global NetworkCommunication related services and products provider100% ordinaryBermuda   Services Limited**d**   Esat Telecommunications Limited**d**Telecommunication services provider100% ordinaryIrelandFarland BV**cd**Provider of trans-border fibre network across BT’s100% ordinaryInternational    partners in Europe  Syntegra Limited**d**Systems integration and application development100% ordinaryUKSyntegra Groep BV**d**Systems integration and application development100% commonNetherlandsSyntegra SA**d**Systems integration and application development100% ordinaryFranceSyntegra (USA) Inc.**cd**Systems integration and electronic business100% commonInternational    outsourcing services  **a**The        group comprises a large number of companies and it is not practical to        include all of them in this list. The list, therefore, only includes        those companies that have a more significant impact on the profit or    assets of the group. **b**The proportion of voting        rights held corresponds to the aggregate interest percentage held by        the holdingcompany and subsidiary undertakings. **c**All overseas undertakings        are incorporated in their country of operations. Subsidiary undertakings        operating internationally are all incorporated in England and Wales,        except Farland BV and Syntegra (USA) Inc. which are incorporated in the        Netherlandsand USA, respectively. **d**Held through intermediate        holdingcompany. **e**In June 2003, BT Pty Limited    changed its name to BT Australasia Pty Limited. **f**In August 2003, BT (Hong        Kong) Limited changed its name to BT Hong KongLimited. **g**In June 2003, BT Global Networks        Limited changed its name to BT GlobalServices Limited. **h**In September 2003, BT Ignite        GmbH & Co. oHG changed its name to BT(Germany) GmbH & Co. oHG. **i**In October 2003, BT Ignite        Espana SAU changed its name to BT ESPANA, Compania de Servicios Globales        de Telecommunicaciones,S.A. **j**In April 2003, BT (Worldwide)    Limited changed its name to BT Limited.      Share capital   b = billions   Percentage Country ofm = millionsActivityIssued**a**owned operations**b****Joint Ventures**     Albacom SpACommunication related services and products provider€51m26.0%**c**ItalyLG TelecomMobile cellular telephone system provider and operatorWon 1,386b16.59%**c**Republic of South Korea**a**Issued        share capital comprises ordinary or common shares, unless otherwise stated.    All investments are held through intermediate holding companies. **b**All overseas companies are    incorporated in their country of operations.**c** Held through intermediate    holding company.
 

 

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135BT Annual Report and Form 20-F 2004
 

Quarterly analysis of turnover and profit
**Year ended 31 March 2004**  Unaudited      **Quarters**1st 2nd 3rd 4th **Total**  £m£m£m£m**£m**         ** **** ****Total turnover**4,693 4,667 4,676 4,878 **18,914**** **Group’s share of associates’ and joint ventures’ turnover(107)(99)(98)(91)**(395****)****Group turnover**4,586 4,568 4,578 4,787 **18,519**** **Other operating income52 44 37 44 **177**** **Group operating profit727 745 740 661 **2,873**** **Group’s share of operating (loss) profit of associates and joint        ** **** **   ventures(3)(4)5 (32)**(34****)**Total operating profit724 741 745 629 **2,839**** **Profit (loss) on sale of fixed asset investments and group undertakings(1)– 33 4 **36**** **Profit on sale of property fixed assets– 1 1 12 **14**** **Net interest payable(225)(234)(260)(222)**(941****)****Profit on ordinary activities before taxation**498 508 519 423 **1,948**** **Tax on profit on ordinary activities(153)(132)(133)(121)**(539****)****Profit on ordinary activities after taxation**345 376 386 302 **1,409**** **Minority interests6 1 – 1 **8**** ****Profit for the financial period**351 377 386 303 **1,417**** **Basic earnings per share4.1p4.3p4.5p3.5p**16.4****p**Diluted earnings per share4.0p4.3p4.4p3.5p**16.3****p**Profit before goodwill amortisation, exceptional items and taxation502 529 526 459 **2,016**** **Basic earnings per share before goodwill amortisation and        ** **** **   exceptional items4.1p4.4p4.4p3.9p**16.9****p**Diluted earnings per share before goodwill amortisation and        ** **** **   exceptional items4.1p4.4p4.4p3.9p**16.8****p**         **Year ended 31 March 2003**  Unaudited               **Quarters**1st 2nd 3rd 4th **Total**  £m £m £m £m **£m**  **Total turnover**4,998 5,094 5,124 4,966 **20,182**** **Group’s share of associates’ and joint ventures’ turnover(411)(433)(423)(188)**(1,455****)** **Group turnover**4,587 4,661 4,701 4,778 **18,727**** **Other operating income52 44 52 67 **215**** ** Group operating profit562 726 555 729 **2,572**** **Group’s share of operating profit of associates and joint ventures49 66 197 17 **329**** ** Total operating profit611 792 752 746 **2,901**** **Profit (loss) on sale of fixed asset investments and group undertakings70 (4)99 1,526 **1,691**** **Profit on sale of property fixed assets3 3 1 4 **11**** **Amounts written off investments– (7)– – **(7****)**Net interest payable(300)(295)(285)(559)**(1,439****)** **Profit on ordinary activities before taxation**384 489 567 1,717 **3,157**** **Tax on profit on ordinary activities(107)(165)(116)(71)**(459****)** **Profit on ordinary activities after taxation**277 324 451 1,646 **2,698**** **Minority interests(2)(9)(6)5 **(12****)** **Profit for the financial period**275 315 445 1,651 **2,686**** ** Basic earnings per share3.2p3.7p5.2p19.1p**31.2****p**Diluted earnings per share3.2p3.6p5.1p19.0p**31.0****p** Profit before goodwill amortisation, exceptional items and taxation322 496 521 490 **1,829**** **Basic earnings per share before goodwill amortisation and        ** **** **   exceptional items2.5p3.7p4.1p3.9p**14.2****p**Diluted earnings per share before goodwill amortisation and        ** **** **   exceptional items2.5p3.7p4.1p3.9p**14.1****p** 
 

 

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136 BT Annual Report and Form 20-F 2004
 

Financial statisticsYears ended 31 March
 2000 2001 2002 2003 **2004**  **Financial ratios**          Basic earnings per share on continuing      activities             before      goodwill amortisation and exceptional             items      – pence29.5 19.3 8.8 14.2 **16.9** Basic earnings (loss) per share      on continuing        ** **    activities      – pence29.2 20.7 (34.8)31.2 **16.4** Basic earnings (loss) per share      – pence27.6 (25.7)12.0 31.2 **16.4** Return on capital employed %**a**18.2 14.9 6.6**de**15.5**de****15.1** Interest cover**b**8.8 2.6 0.6**c**2.0**c****3.0****c** **a**The ratio is based        on profit before tax, goodwill amortisation and interest on long-term        borrowings, to average capital employed. Capital employed is represented        by total assets, excluding goodwill, less current liabilities, excluding        corporate taxes and dividends payable, and provisions other than those        for deferred taxation. Year-end figures are used in the computation of        the average, except in the case of short-term investments and borrowings    where average daily balances are used in their place.**b**The number of times net interest    payable is covered by total operating profit before goodwill amortisation.**c**Interest cover based on continuing        activities before goodwill amortisation and exceptional items was 3.3    times (2003 – 2.6 times).**d**Return on capital employed is    based upon the continuing activities.**e**Return on capital employed on continuing activities    before goodwill amortisation and exceptional items was 15.3% (2003 – 15.7%).             2000 2001 2002 2003 **2004**  £m £m £m £m **£m**  **Expenditure on research and      development**          Total expenditure345 364 362 380 **334**              2000 2001 2002 2003 **2004**  £m £m £m £m **£m**  **Expenditure on tangible fixed      assets**          Plant and equipment             Transmission      equipment1,239 1,655 1,373 1,277 **1,324**    Exchange      equipment412 478 428 228 **150**    Other      network equipment636 918 694 466 **585**    Computers      and office equipment419 407 273 281 **205**    Motor      vehicles and other254 231 189 162 **316** Land and buildings187 171 153 40 **73**   3,147 3,860 3,110 2,454 **2,653** Increase (decrease) in engineering      stores13 (3)(10)(9)**20**  **Total continuing activities**3,160 3,857 3,100 2,445 **2,673** **Total discontinued activities**520 1,129 808 – **–**  **Total expenditure on tangible      fixed assets**3,680 4,986 3,908 2,445 **2,673** (Increase) decrease in creditors(112)(230)161 135 **11**  **Cash outflow on purchase of      tangible fixed assets**3,568 4,756 4,069 2,580 **2,684**  
Financial statistics have been restated where necessary to provide consistency with the presentation of the 2004 financial year figures.

 

 

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137 BT Annual Report and Form 20-F 2004
 

Operational statisticsYears ended 31 March
  2000 2001 2002 2003 **2004**  **Call growth (decline)**          % growth (decline) in UK fixed-network call volumes             (minutes) over the previous year12 18 19 13 **(2****)** 
Growth is estimated by reference to growth in absolute call minutes.
  2000 2001 2002 2003 **2004**  **UK exchange line connections**          Business (’000)8,450 8,918 9,072 9,198 **9,071** % growth (decline) over previous year5.9 5.5 1.7 1.4 **(1.4****)**Residential (’000)20,035 19,981 20,093 20,357 **20,550** % growth (decline) over previous year(0.1)(0.3)0.6 1.3 **0.9** Service providers (’000)95 67 56 91 **377** % growth (decline) over previous year– (29.5)(16.4)62.5 **314**  Total exchange line connections (’000)28,580 28,966 29,221 29,646 **29,998**  % growth over previous year1.9 1.4 0.9 1.5 **1.2**               2000 2001 2002 2003 **2004**  **People employed**          Continuing activities (’000)120.8 116.8 108.6 104.7 **99.9** Discontinued activities (’000)16.0 20.2 – – **–**  Total employees (’000)136.8 137.0 108.6 104.7 **99.9**  
 

 

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138 BT Annual Report and Form 20-F 2004
 

Risk factors

 

The business of BT is affected by a    number of factors, not all of which are wholly within BT’s control. Although many of the factors influencing BT’s performance are macro economic and likely to affect the  performance of businesses generally, some aspects of BT’s business make  it particularly sensitive to certain areas of business risk. This section highlights  some of those specific areas. However, it does not purport to be an extensive  analysis of the factors affecting the business and some risks may be unknown  to us and other risks, currently believed to be immaterial, could turn out  to be material. All of these could materially adversely affect our business,  turnover, profits, assets,  liquidity and capital resources. They should also be considered in connection  with the forward looking statements in this document and the cautionary statement  regarding forward-looking statements on page 141 of this document.

**If BT’s activitiesare subject to significant price and other regulatory controls, its market share,competitive position and future profitability may be affected**Most of BT’s fixed network activities in the UK are subject to significant regulatory controls. The controls regulate, among other things, the prices BT may charge for many of its services and the extent to whichit has to provide services to its competitors. In recent years, the effect of these controls has been to cause BT to reduce its prices. BT cannot assure its shareholders that the regulatory authorities will not increase the severity of the pricecontrols, nor extend the services to which controls apply (including any new services that BT may offer in the future), nor extend the services which it has to provide its competitors. These controls may adversely affect BT’s market share, theseverity of competition and its future profitability. During 2004 Ofcom is undertaking a strategic review of the UK telecommunications market in order to formulate the principles on which it can base its regulatory decisions in the future. Thisreview is scheduled to be completed before the end of 2004. It is not possible to predict the outcome or implications for BT of Ofcom’s review. Further details on the regulatory framework in which BT operates can be found in‘‘Business Review – regulation, competition and prices’’ onpages 17 to 23 of this document.

**BT faces strong competition in UK fixed network services**BT continues to have a significant marketshare in some aspects of UK fixed network services. In particular, in the 2004financial year we estimate we had a market share of 70% of consumer calls and42% of business calls in the UK. Regulators have promoted competition in thisarea by allowing BT’s competitors to site equipment in or adjacent to its exchanges (local loop unbundling), to make it easier for BT’s customers to route some or all of theircalls over competitors’ networks (carrier pre-selection) and by the introduction of a wholesale access product (wholesale line rental). Reduction in BT’smarket share in the fixed network maylead to a fall in BT’s turnover and an adverse effect on profitability.Unlike its competitors, BT continues to be obliged by the current regulatoryregime to serve customers in the United Kingdom, whether or not such provisionof service is economic, and the competitive measures described above may havethe effect of accelerating the diversion of its more profitable existing customerswithout it being able to reduce its costs commensurately. Thesechanges in the regulatory environment and ensuing increased competition on itsfixed network may cause adverse effects on its business, results of operations,financial condition and prospects.

**BT’s businessis dependent on the ability to exploit technological advances quickly and successfully**BT operates in an industry with a recenthistory of fast technological changes. It expects that new products and technologieswill emerge and that existing products and technologies will develop further.BT needs to continually develop its services and products to exploit those nextgeneration technologies. However, BT cannot predict the actual effect of thesetechnological changes on its business or on its ability to provide competitiveservices. For examplethere is evidence of substitution by customers using mobile phones for day-to-dayvoice calls in place of making such calls over the fixed network. Additionally,some calls are now being routed over the internet in place of the traditionalswitchednetwork. If these trends accelerate, BT’s fixed network assets may be useduneconomically and its investment in these assets may not be recovered throughprofits on fixed-network calls and line rentals. Impairment write-downs may beincurred and margins may decline if fixed costs cannot be reduced in line withfalling turnover.

**BT is carrying out a transformation strategy, including the targeting of significant growth in new business areas**BT has a strategy to transform its business.This may result in changes to its products, services, markets and culture. Ifthe group’s transformation strategy is unsuccessful there is a risk thatthe future turnover and profitability will decline. In particular BT has targetedsignificant growth in new business areas, such as broadband, mobility and Informationand Communications Technology (ICT) solutions. In view of the likely level ofcompetitionand uncertainties regarding the level of economic activity, there can be no certaintythat BT will meet its growth targets in these areas, with a consequential impacton future turnover and profitability.

**BT’s businessesmay be adversely affected if they fail to perform on major contracts**BT has entered into a number of complexand high value services contracts with customers. Failure to manage and meetBT’s commitments under these contracts may lead to a reduction in BT’sfuture turnover,profitability and cash generation.

 

 

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139 Risk factorsBT Annual Report and        Form 20-F 2004
 

**BT’s businesses      may be adversely affected if their networks or systems experience any significant      failures  or interruptions******BT’s businesses are dependent  on their ability to transfer substantial volumes of data speedily and without  interruption. Any significant failure or interruption of such data transfer  due to factors outside their control could have a material adverse effect on  the businesses and their results from operations. BT has a business continuity  strategy designed to deal with such catastrophic events, including for example  major terrorist action, industrial action, extreme virus attack, hurricane or  flooding, that may impact the ability to maintain an effective service to customers.  A failure to deliver that strategy may result in a material loss and there canbe no assurance that material adverse events will not occur.

**Declining investment returns  and longer life expectancy may result in the funding cost of the defined benefit  pension scheme becoming a significant burden on the financial resources of BT******The defined benefit pension scheme,  the BT Pension Scheme (BTPS), was closed to new members on 31 March 2001 and  has been replaced by a defined contribution scheme (BTRP). The latest full triennial  actuarial valuation of the BTPS was completed as at 31 December 2002. As a result,  BT agreed to make normal contributions of 12.2% of pensionable pay and annual  deficiency payments of £232 million. This will apply until the next triennial  actuarial valuation is completed as at 31 December 2005. In March 2004 a £380  million prepayment of deficiency contributions was made, representing most of  the deficiency contributions for the 2005 and 2006 financial years. The results  of future scheme valuations will be impacted by the future investment market  performance, interest rates and the general trend towards longer life expectancy,  all of which are outside the control of BT. In the event that investment returns  decline or life expectancy increases, the cash funding cost to BT may increaseand may have a significant effect on the financial resources of BT.

 

 

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140  BT Annual Report and        Form 20-F 2004
 

Additional information for  shareholders

 
**141****Cautionary statement regarding** **forward-looking statements****142****Listings****142****Share and ADS prices****142****Capital gains tax (CGT)** **Rights issue** **Demerger of mmO2****143****Analysis of shareholdings****143****Dividends****144****Dividend mandate****144****Dividend investment plan****144****Global Invest Direct****145****Total shareholder return****145****Results announcements****145****Individual savings accounts (ISAs)****145****ShareGift****145****Unclaimed Assets Register****146****Exchange rates****146****Memorandum and Articles of Association** **Memorandum** **Articles****149****Material contracts** **Cegetel****149****Taxation (US Holders)** **Taxation of dividends** **Taxation of capital gains** **US information reporting and backup** **withholding** **UK stamp duty** **UK inheritance and gift taxes in connection** **with ordinary shares and/or ADSs****152****Exchange controls and other limitations** **affecting security holders****152****Documents on display****152****Publications****153****Electronic communication****153****Shareholder communication** **Private shareholders** **Institutional investors and analysts**
 

 

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141Additional information for shareholdersBT Annual Report and        Form 20-F 2004
 

**Cautionary statement regarding  forward-looking statements**Certain statements in this annual report  are forward-looking and are made in reliance on the safe harbour provisions  of the US Private Securities Litigation Reform Act of 1995. These statements  relate to analyses and other information which are based on forecasts of future  results and estimates of amounts not yet determinable. These statements include,  without limitation, those concerning: BT’s strategy and its ability to  achieve it; BT’s debt reduction plans; growth of, and opportunities available  in, the communications industry and BT’s positioning to take advantage  of those opportunities; expectations regarding competition, market shares, prices  and growth; expectations regarding the convergence of technologies; growth and  opportunities in new wave business (ICT, broadband, mobility and managed services);  BT’s network development and plans for the 21st century network; plans  for the launch of new products and services; network performance and quality;  the impact of regulatory initiatives on operations, including the regulation  of the UK fixed wholesale and retail businesses; BT’s possible or assumed  future results of operations and/or those of its associates and joint ventures;  BT’s future dividend policy; capital expenditure and investment plans;  adequacy of capital; financing plans; demand for and access to broadband and  the promotion of broadband by third-party service providers; and those preceded  by, followed by, or that include the words ‘‘believes’’,  ‘‘expects’’, ‘‘anticipates’’, ‘‘intends’’  or similar expressions.     Although  BT believes that the expectations reflected in these forward-looking statements  are reasonable, it can give no assurance that these expectations will prove  to have been correct. Because these statements involve risks and uncertainties,  actual results may differ materially from those expressed or implied by these  forward-looking statements.     Factors  that could cause differences between actual results and those implied by the  forward-looking statements include, but are not limited to: material adverse  changes in economic conditions in the markets served by BT and its lines of  business; future regulatory actions and conditions in its operating areas,  including  competition from others in the UK and other international communications markets;  selection by BT and its lines of business of the appropriate trading and marketing  models for its products and services; technological innovations, including  the  cost of developing new products and the need to increase expenditures for improving  the quality of service; the anticipated benefits and advantages of new technologies  not being realised; developments in the convergence of technologies; prolonged  adverse weather conditions resulting in a material increase in overtime, staff  or other costs; the timing of entry and profitability of BT and its lines of  business in certain communications markets; significant changes in market shares  for BT and its principal products and services; fluctuations in foreign currency  exchange rates and interest rates; and general financial market conditions  affecting  BT’s performance. Certain of these factors are discussed in more detail  elsewhere in this annual report including, without limitation, in **Risk  factors**. BT undertakes no obligation to update any forward-lookingstatements whether as a result of new information, future events or otherwise.

 

 

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142Additional information for shareholdersBT Annual Report and Form 20-F 2004
 

**Listings**The  principal listing of BT Group’s ordinary shares is on the London Stock Exchange. American Depositary Shares (ADSs), each representing 10 ordinary shares, have been issued by JPMorgan Chase Bank, as Depositary  for the American Depositary Receipts (ADRs) evidencing the ADSs, and are listed on the New York Stock Exchange. ADSs also trade, but are not listed, on the London Stock Exchange. Trading on the New York Stock Exchange is under the symbol‘‘BTY’’.
**Share and ADS prices****a**Pence per     US$         per       ordinary shareADS  High  LowHigh  Low pencepence$$ **Years ended 31 March**        20001,060.88 623.35 183.04 110.52 2001821.78 328.85 139.25 51.47 2002420.71 215.75 67.19 30.60 2003286.25 141.00 41.95 23.16 2004206.75 162.00 34.97 25.65  **Year ended 31 March 2003**        1 April – 30 June 2002286.25 241.00 41.95 36.05 1 July – 30 September 2002255.00 154.00 39.62 24.80 1 October – 31 December 2002219.00 154.00 35.19 24.30 1 January – 31 March 2003209.00 141.00 33.65 23.16  **Year ended 31 March 2004**        1 April – 30 June 2003206.00 162.00 34.97 25.65 1 July – 30 September 2003206.75 180.00 33.70 28.90 1 October – 31 December 2003190.50 171.25 34.22 29.76 1 January – 31 March 2004189.75 173.25 34.80 32.40  **Month**        November 2003188.75 171.25 32.04 29.76 December 2003188.25 171.75 34.22 30.17 January 2004189.75 175.75 34.80 32.40 February 2004182.00 173.25 34.60 32.70 March 2004185.00 177.00 34.14 32.69 April 2004181.75 177.00 33.48 32.00 May 2004179.50 172.00 32.44 30.53  **a**The pre-19 November 2001 prices        shown have been adjusted for the rights issue and demerger that occurred    in the 2002 financial year.
The prices are the highest and lowest closing middle market prices for BT ordinary shares, as derived from the Daily Official List of the London Stock Exchange and the highest and lowest sales prices of ADSs, asreported on the New York Stock Exchange composite tape.     Fluctuationsin the exchange rate between the pound sterling and the US dollar affect thedollar equivalent of the pound sterling price of the company’s ordinaryshares on the London Stock Exchange and, as a result, are likely to affect themarket price of the ADSs on the New York Stock Exchange.

**Capital gains tax (CGT)**The rights issue in June 2001and the demerger of mmO2 inNovember 2001 adjusted the value for capital gainstax purposes of BT shares.

**Rights issue**An explanatory note on the effects of the rights issue on the CGT position relating to BT shareholdings is available from the Shareholder Helpline (see page 153).

 

 

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143 Additional information for shareholdersBT Annual Report and Form 20-F 2004
 

**Demerger      of****mmO2 – capital  gains tax calculation**The confirmed official opening  prices for BT Group and mmO2 shares on 19 November 2001 following  the demerger were 285.75p and 82.75p, respectively.  This means that, of the total (combined) value of 368.50p, 77.544%  is attributable to BT Group and 22.456% to mmO2.  Accordingly, for CGT calculations, the base costof your BT Group shares and  mmO2  shares  is calculated by multiplying the acquisition cost of yourBT shareholding by 77.544% and 22.456%, respectively.
**Analysis of shareholdings**    Ordinary shares     of 5p each      Number of shares   Number ofPercentageheld PercentageRangeholdingsof total(millions) of total 1 – 399659,504 41.1 139 1.6 400 – 799466,739 29.1 259 3.0 800 – 1,599290,728 18.1 323 3.7 1,600 – 9,999180,231 11.3 513 5.9 10,000 – 99,9995,468 0.3 111 1.3 100,000 – 999,999968 0.1 359 4.2 1,000,000 – 4,999,999398 0.0 888 10.3 5,000,000 and above**a,b,c,d**229 0.0 6,042 70.0  **Total****1,604,265**** ****100.0**** ****8,634**** ****100.0**** ** **a**31 million shares were held in        trust by Ilford Trustees (Jersey) Limited for allocation to employees    under the employee share plans.**b **Under the BT Employee Share Ownership        Scheme and the BT Group Employee Share Investment Plan, 7 million and        39 million shares respectively were held in trust on behalf of 105,657        and 89,129 participants respectively who were beneficially entitled to        the shares. 137 million shares were held in the corporate nominee BT    Group EasyShare on behalf of 124,279 beneficial owners.**c**208 million shares were represented    by ADSs. Analysis by size of holding is not available for this holding.**d**14.3%        of the shares were in 1,572,571 individual holdings, of which 135,432        were joint holdings, and 85.7% of the shares were in 31,694 institutional    holdings.
So far as the company is aware, the company is not directly or indirectly owned or controlled by another corporation or by the UK Government or any other foreign government or by any other natural or legal personseverally or jointly. There are no arrangements known to the company the operation of which may at a subsequent date result in a change in control of the company.     At 14 May 2004, there were 8,590,507,813 ordinary shares outstanding and 44,121,225 shares were held as treasury shares. At the same date, approximately 21.2 million ADSs (equivalent to212 million ordinary shares, or approximately 2.5% of the total number of ordinary shares outstanding on that date) were outstanding and were held by 2,461 record holders of ADRs. At 31 March 2004, there were 3,577 shareholders with a US address onthe register of shareholders.

**Dividends**Sinceshortly after its incorporation in 1984, British Telecommunications plc paidinterim dividends annually in February and final dividends in September. However,as part of BT’s debt reduction and restructuringplans, neither a final dividend for the year ended 31 March 2001 nor an interimdividend for the year ended 31 March 2002 was paid to shareholders.     A final dividend in respect of the year ended 31March 2003, was paid on 8 September 2003 to shareholders on the register on 8August 2003, and an interim dividend in respect of the year ended 31 March 2004was paid on 9 February 2004 to shareholders on the register on 30 December 2003.     The dividends paid or payable on BT shares andADSs for the last five years are shown in the following table. The dividendson the ordinary shares exclude the associated tax credit. The amounts shown arenot those that were actually paid to holders of ADSs. For the tax treatment ofdividends paid on or after 6 April 1999 see *Taxation of dividends* below. Thedividends on the ADSs paid before 5 April 1999 include the associated UK tax credit available to certain beneficial owners who are resident in the United States or Canada for tax purposes, but before deduction of UK withholding taxes. Dividends havebeen translated from pounds sterling into US dollars using exchange rates prevailing on the date the ordinary dividends were paid.

 

 

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144Additional information        for shareholdersBT Annual Report and        Form 20-F 2004
 
  Per ordinary share Per ADS Per ADS       Years ended Interim Final Total Interim Final Total Interim Final Total 31 March pence pence pence £ £ £ US$ US$  US$  2000 8.70 13.20 21.90 0.870 1.320 2.190 1.529 2.039 3.568 2001 8.70 – 8.70 0.870 – 0.870 1.397 – 1.397 2002 – 2.00 2.00 – 0.200 0.200 – 0.311 0.311 2003 2.25 4.25 6.50 0.225 0.425 0.650 0.366 0.673 1.039 2004 3.20 5.30 8.50 0.320 0.530 0.850 0.590 –**a**–**a** **a**Qualifying holders        of ADSs on record as of 6 August 2004 are entitled to receive the final        dividend which will be paid on 14 September 2004, subject to approval        at the annual general meeting. The US dollar amount of the final dividend        of 53 pence per ADS to be paid to holders of ADSs will be based on the        exchange rate in effect on 6 September 2004, the date of payment to holders    of ordinary shares.
As dividends paid by the company are in pounds sterling, exchange rate fluctuations will affect the US dollar amounts received by holders of ADSs on conversion by the Depositary of such cash dividends.

**Dividend mandate**Any shareholder wishing dividendsto be paid directly into a bank or building society account should contact theShareholder Helpline (see page 153). Dividends paid in this way will be paidthrough the Bankers  Automated Clearing System (BACS). Alternatively, a formmay be downloaded from the internet at **www.bt.com/aboutbt.**

**Dividend investment plan**The dividend investment plan replacedthe share dividend plan for shareholders following the 1999 interim dividend.Under the dividend investment plan, cash from participants’ dividends isused to buy further BTGroup shares in the market.

Shareholders could elect to receive additional shares in lieu of a cash dividend for the following dividends:
 Date paid Price per share pence  2000 final18 September 2000 809.6 2001 interim12 February 2001 621.8 2002 final9 September 2002 191.19 2003 interim10 February 2003 178.23 2003 final8 September 2003 184.41 2004 interim9 February 2004 175.98  
**Global Invest Direct**Details of the direct purchase plan run by the ADR Depositary, JPMorgan Chase Bank, Global Invest Direct, including reinvestment of dividends, are available from JPMorgan Chase Bank on 1 800 749 1687 (toll free withinthe USA) or +1 781 575 4328 (from outside the USA), or on written request to the ADR Depositary.

 

 

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145 Additional information for      shareholdersBT Annual Report and        Form 20-F 2004
 

**Total Shareholder Return**Total shareholder return (TSR) is the  measure of the returns that a company has provided for its shareholders, reflecting  share price movements and assuming reinvestment of dividends. It is, therefore,  a good indicator of a company’s overall performance.     Over  the past five years (as shown in the TSR chart below), BT after performing very  strongly in the first year, has suffered falls in its share price like many  stocks in the telecoms, media and technology (TMT) sector. BT’s TSR (as  adjusted for the rights issue and demerger) over the last five years was negative  72% compared to a FTSE 100 TSR fall of negative 20%. However, over the past  year both BT and the FTSE 100 have delivered a very positive performance (BT  positive 18% and the FTSE 100 positive 26%).     In  the period between the demerger on 19 November 2001 and 31 March 2004, BT’s  share price outperformed the European Telecoms sector for most of the period.  However, BT shares have not matched the sector recovery in the most recent months  resulting in an underperformance versus the European Telecom sector by around8% (as shown in the share price performance chart), over the 28 month period.
    **Results announcements** Expected announcements of results:   1st quarter29 July 20042nd quarter and half year11 November 20043rd quarter and nine monthsFebruary 20054th quarter and full yearMay 20052005 annual report and accounts publishedJune 2005
**Individual savings accounts  (ISAs)**Information about investing in BT shares  through an ISA may be obtained from Halifax Share Dealing Limited, Trinity Road,  Halifax, W.Yorkshire HX1 2RG (telephone 0870 242 5588). ISAs are also offeredby other organisations.

**ShareGift**The Orr Mackintosh Foundation operates  a charity share donation scheme for shareholders with small parcels of shares  whose value makes it uneconomic to sell them. Details of the scheme are available  from ShareGift at **www.sharegift.org** or telephone 020 7337 0501, or canbe obtained from the Shareholder Helpline.

**Unclaimed Assets Register**BT is among a growing number of companies  who subscribe to the Unclaimed Assets Register, which provides a search facility  for financial assets, such as shareholdings and dividends which have become  separated from their owners. The Register donates a proportion of its public  search fees to charity via ShareGift. For further information on the UnclaimedAssets Register, visit **www.uar.co.uk** or telephone 0870 241 1713.

 

 

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146Additional information for      shareholdersBT Annual        Report and Form 20-F 2004
 

**Exchange rates**BT publishes its consolidated  financial statements expressed in pounds sterling. The following tables detail  certain information concerning the exchange rates between pounds sterling and  US dollars based on the noon buying rate in New York City for cable transfers  in pounds sterling as certified for customs purposes by the Federal ReserveBank of New York (the Noon Buying Rate).
Years ended 31 March2000  2001 2002 2003 **2004**  Period end1.59 1.42 1.43 1.57 **1.84** Average**a**1.61 1.47 1.43 1.55 **1.71** High1.68 1.60 1.48 1.65 **1.90** Low1.55 1.40 1.37 1.43 **1.55**            Month    November December January February March **April** 20032003200420042004**2004** High1.72 1.78 1.85 1.90 1.87 **1.86** Low1.67 1.72 1.79 1.82 1.79 **1.77**  **a**The average of the      Noon Buying Rates in effect on the last day of each month during the relevant      period. 
On 14 May 2004, the most recent practicable  date for this annual report, the Noon Buying Rate was US$1.7572 to £1.00.

**Memorandum and Articles of Association**  The following is a summary of the principal provisions of BT’s memorandum  and articles of association (‘‘Memorandum’’ and ‘‘Articles’’),a copy of which has been filed with the Registrar of Companies.

**Memorandum**The Memorandum provides that its principal  objects are, among other things, to carry on any business of running, operating,  managing and supplying telecommunication systems and systems of any kind for  conveying, receiving, storing, processing or transmitting sounds, visual images,  signals, messages and communications of any kind.

**Articles**In the following description of the rights  attaching to the shares in the company, a ‘‘holder of shares’’  and a ‘‘shareholder’’ is, in either case, the person entered  on the company’s register of members as the holder of the relevant shares.  Shareholders can choose whether their shares are to be evidenced by share certificates  (i.e. in certificated form) or held in electronic (i.e. uncertificated) form  in CREST (the electronic settlement system in the UK).

**(a)  Voting  rights**Subject to the restrictions described below, on a show of hands, every shareholderpresent in person or by proxy at any general meeting has one vote and, on a poll,every shareholder present in person or by proxy has one vote for each share whichthey hold.       Voting at any meeting of shareholders is by a  show of hands unless a poll is demanded by the chairman of the meeting or by  at least five shareholders at the meeting who are entitled to vote (or their  proxies), or by one or more shareholders at the meeting who are entitled to  vote (or their proxies) and who have, between them, at least 10% of the total  votes of all shareholders who have the right to vote at the meeting.       No person is, unless the Board decide otherwise,  entitled to attend or vote at any general meeting or to exercise any other  right conferred by being a shareholder if he or any person appearing to be  interested in those shares has been sent a notice under section 212 of the  Companies Act 1985 (which confers upon public companies the power to require  information with respect to interests in their voting shares) and he or any  interested person has failed to supply to the company the information requested  within 14 days after delivery of that notice. These restrictions end seven  days after the earlier of the date the shareholder complies with the request  satisfactorily or the company receives notice that there has been an approved  transfer of the shares.
**(b)****Variation      of rights **Whenever the share      capital of the company is split into different classes of shares, the special      rights attached to any of those classes can be varied or withdrawn either:(i)with the sanction of an extraordinary      resolution passed at a separate meeting of the holders of the shares of      that class; or(ii)with the consent in writing      of the holders of at least 75% in nominal value of the issued shares of      that class.At any separate      meeting, the necessary quorum is two persons holding or representing by      proxy not less than one-third in nominal amount of the issued shares of      the class in question (but at any adjourned meeting, any person holding      shares of the class or his proxy is a quorum).
 

 

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The company can issue new shares and  attach any rights and restrictions to them, as long as this is not restricted  by special rights previously given to holders of any existing shares. Subject  to this, the rights of new shares can take priority over the rights of existing  shares, or existing shares can take priority over them, or the new shares and  the existing shares can rank equally.
**(c)****Changes in capital**The company may by ordinary      resolution:(i) consolidate and divide all or any of its      share capital into shares of a larger amount;(ii) divide all or part of its share capital      into shares of a smaller amount; (iii)cancel any shares which have      not, at the date of the ordinary resolution, been taken or agreed to be      taken by any person and reduce the amount of its share capital by the amount      of the shares cancelled; and(iv)increase its share capital.The company may      also:(i)buy back its own shares; and(ii)by special resolution reduce      its share capital, any capital redemption reserve and any share premium      account.  **(d)****Dividends**The company’s shareholders      can declare dividends by passing an ordinary resolution provided that no      dividend can exceed the amount recommended by the directors. Dividends must      be paid out of profits available for distribution. If the directors consider      that the profits of the company justify such payments, they can pay interim      dividends on any class of shares of the amounts and on the dates and for      the periods they decide. Fixed dividends will be paid on any class of shares      on the dates stated for the payments of those dividends.The directors can offer ordinary shareholders      the right to choose to receive new ordinary shares, which are credited as      fully paid, instead of some or all of their cash dividend. Before they can      do this, the company’s shareholders must have passed an ordinary resolution      authorising the directors to make this offer.Any        dividend which has not been claimed for 10 years after it was declared        or became due for payment will be forfeited and will belong to the company        unless the directors decide otherwise. **(e)****Distribution of assets      on winding up**If the company is wound up      (whether the liquidation is voluntary, under supervision of the court or      by the court) the liquidator can, with the authority of an extraordinary      resolution passed by the shareholders, divide among the shareholders all      or any part of the assets of the company. This applies whether the assets      consist of property of one kind or different kinds. For this purpose, the      liquidator can place whatever value the liquidator considers fair on any      property and decide how the division is carried out between shareholders      or different groups of shareholders. The liquidator can also, with the same      authority, transfer any assets to trustees upon any trusts for the benefit      of shareholders which the liquidator decides. The liquidation of the company      can then be finalised and the company dissolved. No past or present shareholder      can be compelled to accept any shares or other property under the Articles      which could give them a liability.  **(f)****Transfer of shares**Certificated shares of the      company may be transferred in writing either by an instrument of transfer      in the usual standard form or in another form approved by the Board. The      transfer form must be signed or made effective by or on behalf of the person      making the transfer. The person making the transfer will be treated as continuing      to be the holder of the shares transferred until the name of the person      to whom the shares are being transferred is entered in the register of members      of the company. The Board may refuse to register    any transfer of any share held in certificated form:which is in favour of more than    four joint holders; orunless the transfer        form to be registered is properly stamped to show payment of any applicable        stamp duty and delivered to the company’s registered office or any        other place the Board decide. The transfer must have with it the share        certificate for the shares to be transferred; any other evidence which        the Board ask for to prove that the person wanting to make the transfer        is entitled to do this; and if the transfer form is executed by another        person on behalf of the person making the transfer, evidence of the authority    of that person to do so.Transfers of uncertificated        shares must be carried out using a relevant system (as defined in the Uncertificated Securities Regulations 1995 (the Regulations)).        The Board can refuse to register a transfer of an uncertificated share    in the circumstances stated in the Regulations.If the Board decide not to register a transfer of a share, they        must notify the person to whom that share was to be transferred no later        than two months after the company receives the transfer or instruction        from the operator of the relevant system.The        Board can decide to suspend the registration of transfers, for up to 30        days a year, by closing the register of shareholders. The register must        not be closed without the consent of the operator of a relevant system        (as defined in the Regulations) in the case of uncertificated shares.
 

 

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**(g)  Untraced      shareholders**BT may sell any shares after advertising its intentionand waiting for three months if the shares have been in issue for at least 10years, during that period at least three dividends have become payable on themand have not been claimed and BT has not heard from the shareholder or any personentitled to the dividends by transmission. The net sale proceeds belong to BT,but it must pay those proceeds to the former shareholder or the person entitledto them by transmission if that shareholder, or that other person, asks for them.

**(h)****  General    meetings of shareholders**    Every year    the company must hold an annual general meeting. The Board can call an extraordinary    general meetingat any time and, under general law, must call one on a shareholders’ requisition.

**(i)   Limitations      on rights ofnon-resident or foreign shareholders**Theonly limitation imposed by the Articles on the rights of non-resident or foreignshareholders is that a shareholder whose registered address is outside the UKand who wishes to receive notices of meetings of shareholders or documents fromBT must give the company an address within the UK to which they may besent.

**(j)   Directors**Directors’ remunerationExcluding    remuneration referred to below, each director will be paid such fees for    his services as the Board decide, not exceeding £50,000 a year and    increasing by the percentage increase of the UK Retail Prices Index (as defined    by Section 833(2) Income and Corporation Taxes Act 1988) for any 12-month    periodbeginning1 April1999 or an anniversary of that date. The company may by ordinary resolution decideon a higher sum.This resolution can increasethe fee paid to all or any directors either permanently or for a particular period.The directors may be paid their expenses properly incurred in connection withthe business of thecompany.     TheBoard can award extra fees to a director who holds an executive position; actsas chairman or deputy chairman; serves on a Board committee at the request ofthe Board; or performs any other services which the Board consider extend beyondthe ordinary duties of a director.     Thedirectors may grant pensions or other benefits to, among others, any directoror former director or persons connected with them. However, BT can only providethese benefits to any director or former director who has not been an employeeor held any other office or executive position in the company or any of its subsidiaryundertakings, or to relations or dependants of, or people connected to, thosedirectors or former directors, if the shareholders approve this by passing anordinary resolution.

Directors’ votesA    director need not be a shareholder, but a director who is not a shareholder    can still attend and speak at shareholders’ meetings.         Unless    the Articles say otherwise, a director cannot vote on a resolution about    a contract in which the director has a material interest (this will also    apply to interests of a person connected with the director). The director    can vote if the interest is only an interest in BT shares, debentures or    other securities. A director can, however, vote and be counted in a quorum    in respect of certain matters in which he is interested as set out in the    Articles.     Subject    to the relevant legislation, the shareholders can by passing an ordinary    resolution suspend or relax, among other things, the provisions relating    to the interest of a director in any contract or arrangement or relating    to a director’s right to vote and be counted in a quorum on resolutions    in which he is interested to any extent or ratify any particular contractcarried out in breach of those provisions.
Directors’ interestsIf the        legislation allows and the director has disclosed the nature and extent        of the interest to the Board, the directorcan:(i)have any kind of interest in a contract        with or involving BT (or in which BT has an interest or with or involving    another company in which BT has an interest);(ii)have any kind of interest in a company        in which BT has an interest (including holding a position in that company    or being a shareholder of that company);(iii)hold a position (other than auditor) in        BT or another company in which BT has an interest on terms and conditions    decided by the Board; and(iv)alone (or through some firm with which        the director is associated) do paid professional work (other than as        auditor) for BT or another company in which BT has an interest on terms    and conditions decided by the Board.A director does not have to hand    over to BT any benefit received or profit made as a result of anything permitted    to be done under the Articles.When a director knows that they are interested in a contract with BT they musttell the other directors.

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Retirement of directorsProvisions of the legislation which, read with the Articles, would prevent a person from being or becoming a director because that person has reached the age of 70 do not apply to the company.     At every annual general meeting any director who was elected or last re-elected a director at or before the annual general meeting held in the third year before the current year, shallretire by rotation. Any director appointed by the directors automatically retires at the next following annual general meeting. A retiring director is eligible for re-election.

Directors’ borrowing powersTo the extent that the legislation and the Articlesallow, the Board can exercise all the powers of the company to borrow money,to mortgage or charge its business, property and assets (present and future)and to issue debentures and other securities, and give security either outrightor as collateral security for any debt, liability or obligation of the companyor another person. The Board must limit the borrowings of the company and exerciseall thecompany’s voting and other rights or powers of control exercisable by the company in relation to its subsidiary undertakings so as to ensure that the aggregate amount of all borrowings by the group outstanding, net of amounts borrowedintra-group among other things, at any time does not exceed £35 billion.

**Material contracts**The following contracts (not being contracts entered into in the ordinary course of business) have been entered into in the two years preceding the date of this document by BT or another member of the group and are, ormay be, material to the group or have been entered into by BT or another member of the group and contain a provision under which a member of the group has an obligation or entitlement which is, or may be, material to BT or such other member of thegroup.

**Cegetel******On 5 December 2002, Vivendi Universal(‘‘Vivendi’’) served a notice exercising its pre-emptionrights under the Shareholders’ Agreement in respect of Cegetel Groupe SA(‘‘Cegetel’’) to acquire BT’s entire shareholding – a26% interest – in Cegetel from Cegetel Holdings I BV Sarl (‘‘CegetelHoldings’’),a BT group company for €4.0 billion (£2.6billion) in cash. This pre-emption right became exercisable as a result of CegetelHoldingshaving entered into a share purchase agreement for the sale of its shareholdingin Cegetel to Vodafone AG for €4.0billion in cash, in October 2002.     Vivendi paid €2.7 billion of the consideration to Cegetel Holdings on 17 January 2003 and the transaction wascompleted when Vivendi paid the balance of €1.3 billion on 22 January 2003.

******Taxation (US Holders)**This is a summary only of the principal US federal income tax and UK tax consequences of the ownership and disposition of ordinary shares or ADSs by US Holders (as defined below) who hold their ordinary shares or ADSsas capital assets. It does not address all aspects of US federal income taxation and does not address aspects that may be relevant to persons who are subject to special provisions of US federal income tax law, including US expatriates, insurancecompanies, tax-exempt organisations, financial institutions, securities broker-dealers, traders in securities who elect a mark-to-market method of accounting, persons subject to alternative minimum tax, investors that directly, indirectly or byattribution own 10% or more of the outstanding share capital or voting power of BT, persons holding their ordinary shares or ADSs as part of a straddle, hedging transaction or conversion transaction, persons who acquired their ordinary shares orADSs pursuant to the exercise of options or otherwise as compensation, or persons whose functional currency is not the US dollar, amongst others. Those holders may be subject to US federal income tax consequences different from those set forthbelow.     For purposes of this summary, a ‘‘US Holder’’ isa beneficial owner of ordinary shares or ADSs that, for US federal income taxpurposes, is: an individual citizen or resident of the United States, a corporation(or other entity taxable as a corporation for US federal income tax purposes)created or organised in or under the laws of the United States or any state thereof,an estate the income of which is subjectto US federal income taxation regardless of its source, or a trust if a US courtcan exercise primary supervision over the administration of the trust and oneor more US persons are authorised to control all substantial decisions of thetrust. If a partnership holds ordinary shares or ADSs, the tax treatment of apartner generally will depend upon the status of the partner and the activitiesof the partnership. A partner in a partnership that holds ordinary shares orADSs is urged to consultits own tax advisor regarding the specific tax consequences of owning and disposingof the ordinary shares or ADSs.     In particular,this summary is based on (i) current UK tax law and UK Inland Revenue practiceand US law and US Internal Revenue Service (‘‘IRS’’) practice, includingthe Internal Revenue Code of 1986, as amended, Treasury regulations, rulings, judicial decisions and administrative practice, all as currently in effect, (ii) the United Kingdom–United States Income Tax Convention that entered into force on 25April 1980 as in effect on 1 January 2003 (the ‘‘1980 Convention’’), (iii) the United Kingdom–United States Convention relating to estate and gift taxes, and (iv) the new United Kingdom–UnitedStates Tax Convention thatentered into force on

 

 

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31 March 2003 (the ‘‘New Convention’’), all as in effect on the date of this Annual Report, all of which are subject to change or changes in interpretation, possibly with retroactive effect.     US Holders should be aware that the New Convention generally will have effect in respect of dividends paid on or after 1 May 2003. However, a US Holder entitled to benefits under the 1980Convention may elect to have the provisions of the 1980 Convention continue for an additional twelve months if the election to apply the 1980 Convention would result in greater benefits to the Holder. If a US Holder were to make an effectiveelection, the discussion below with respect to dividend payments made pursuant to the 1980 Convention would continue to apply to dividends paid by BT prior to 1 May 2004. The discussion below notes instances where the relevant provisions of the NewConvention will produce a materially different result for a US Holder. US Holders should note that certain articles in the New Convention limit or restrict the ability of a US Holder to claim benefits under the New Convention and that similarprovisions were not contained in the 1980 Convention.     US Holders should consult their own tax advisors as to the applicability of the Conventions and the consequences under UK, US federal, state and local, and other laws, of the ownership anddisposition of ordinary shares or ADSs.

**Taxation of dividends**The UK currently does not apply a withholding tax on dividends under its internal tax laws.     For US federal income tax purposes, a distribution (including any additional dividend income arising from a foreign tax credit claim as described below) will be treated as ordinarydividend income to the extent paid out of the current or accumulated earnings and profits, as determined for US tax purposes, based on the US dollar value of the distribution calculated by reference to the spot rate in effect on the date thedistribution is actually or constructively received by a US Holder of ordinary shares, or by the Depositary, in the case of ADSs. Distributions by BT in excess of its current andaccumulated earnings and profits will be treated first as a tax-free return ofcapital to the extent of the US Holder’s adjusted tax basis in the ordinaryshares or ADSs, and thereafter taxable as capital gain. Dividends paid by BTwill not be eligible for the US dividends received deduction.     Fordividends paid on or before 5 April 1999, US Holders were generally entitledto receive the cash dividend plus a Treaty payment from the Inland Revenue ofone quarter of the dividend, subject to a UK withholding tax of 15% of the aggregateamount paid. As an example for illustration purposes only, a US Holder who wasentitled to a dividend of £80 was also entitled to a Treaty payment of £20, reduced by the withholdingtax of 15% on the gross amount of £100, i.e. £15, leaving a net cash payment of £85.The full dividend plus the full Treaty payment including the UK tax withheldwas taxable income for US purposes, and the UK tax withheld generally was availableas a US credit or deduction.     For dividendspaid on or after 6 April 1999 and subject to the 1980 Convention as describedabove, the Treaty payment reduces to one ninth of the dividend (i.e. one tenthof the gross payment). As a result of the UK withholding tax (which cannot exceedthe amount of the hypothetical Treaty payment), US Holders will no longer receiveany Treaty payment. In the above example, the cash dividend would be £80, and thehypothetical Treaty payment would be £8.89 (one ninth of £80). However, since the UK withholding tax (15% of £88.89), would exceed the amount of the hypothetical Treaty payment, no Treaty payment will be made and the US Holder willreceive only the cash dividend (here, £80). A US Holder will be taxable in the US on the full dividend and full hypothetical Treaty payment (£88.89), and will be treated as having paid a foreign tax equal to the hypothetical Treatypayment (here, £8.89). The effect on each US Holder will depend on circumstancesthat are particular to that Holder.     Theforeign tax deemed paid generally will be available as a US credit or deduction.A US Holder could elect to receive a foreign tax credit or deduction with respectto any UK withholding tax on IRS Form 8833 (Treaty-Based Return Position DisclosureUnder Section 6114 or 7701(b)). For purposes of calculating the foreign tax credit,dividends paid on the ordinary shares or ADSs will be treated as income fromsources outside the UnitedStates and generally will constitute ‘‘passive income’’ or, for certain Holders, ‘‘financial services income’’.The rules relating to the determination of the foreign tax credit are very complex.US Holders who do not elect to claim a credit with respect to any foreign taxespaid in a given taxable year may instead claim a deduction for foreign taxespaid. A deduction does not reduce US federal income tax on a dollar for dollarbasis like a tax credit.The deduction, however, is not subject to the limitations applicable to foreigncredits.     There will be no hypothetical Treaty payment and no notional UK withholding tax applied to a dividend payment made under the New Convention. Therefore, it will not be possible for USHolders to claim a foreign tax credit in respect of any dividend payment made by BT on or after 1 May 2003 (or 1 May 2004 in the case of a US Holder who effectively elects to extend the applicability of the 1980 Convention as describedabove).     US Holders should consult theirown tax advisors to determine whether the US Holder is eligible for benefitsunder the 1980 Convention and the New Convention, whether, and to what extent,a foreign tax credit will be available with respect to dividends received fromBT, whether it may be advisable in light of the Holder’s particular circumstancesto elect to have the provisions of the 1980 Convention continue in force until1 May 2004, and the treatment of any foreign currency gain or loss on any poundssterling received with respect to ordinary shares that are not converted intoUS dollars on the date the pounds sterling are actually or constructively received.

 

 

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**Recent US tax law changes applicable to individuals******Under 2003 US tax legislation, someUS Holders (including individuals) are eligible for reduced rates of US federalincome tax (currently a maximum of 15%) in respect of ‘‘qualified dividendincome’’ received in taxable years beginning after 31 December 2002and beginning before 1 January 2009. For this purpose, qualified dividend incomegenerally includes dividends paid by non-US corporations if, among other things,certain minimum holding periods are met and either (i) the shares (or ADSs) withrespect to which the dividend has been paid are readily tradeable on an establishedsecurities market in the United States, or (ii) the non-US corporation is eligiblefor thebenefits of a comprehensive US income tax treaty (such as both Conventions) whichprovides for the exchange of information. BT currently believes that dividendspaid with respect to its ordinary shares and ADSs will constitute qualified dividendincome for US federal income tax purposes, provided the individual US Holdersof its ordinary shares and ADSs meet certain requirements. Some of the eligibilityrequirements for non-US corporations are not entirely certain, however, and furtherguidance from the IRS is anticipated. In addition, the IRS is expected to issuecertification procedures in 2004 whereby a non-US corporation will be requiredto certify as to the eligibility of its dividends for the reduced US federalincome taxrates.

******Taxation of capital gains**Unless a US resident carries on a trade through a branch or agency in the UK, and the disposal of ordinary shares and/or ADSs is related to the activities of that trade, UK capital gains tax is not charged on US  residents who dispose of ordinary shares and/or ADSs.       For  US federal income tax purposes, a US Holder generally will recognise capital  gain or loss on the sale or other disposition of ordinary shares or ADSs in  an amount equal to the difference between the US dollar value of the amount  realised on the disposition and the US Holder’s adjusted tax basis (determined  in US dollars) in the ordinary shares or ADSs. Such gain or loss generally  will be US source gain or loss, and will be treated as long-term capital gain  or loss if the ordinary shares have been held for more than one year at the  time of disposition. The deductibility of capital losses is subject to significant  limitations. Capital gains recognised by anindividual US Holder generally are subject to US federal income tax at preferential  rates if specified holdings periods are met.

**Passive foreign investment company status**A non-US corporation will be classifiedas a Passive Foreign Investment Company (a ‘‘PFIC’’) for any taxable year if at least 75% of its gross income consists of passive income or at least 50% ofthe average value of its assets consist of assets that produce, or are held for the production of, passive income. BT currently believes that it did not qualify as a PFIC for the taxable year ending 31 March 2004 for US federal income tax purposes.If BT were to become a PFIC for any taxable year, US Holders would suffer adverse tax consequences. These consequences may include having gains realised on the disposition of ordinary shares or ADSs treated as ordinary income rather than capitalgains and being subject to punitive interest charges on certain dividends and on the proceeds of the sale or other disposition of the ordinary shares or ADSs. Furthermore, dividends paid by BT would not be ‘‘qualified dividendincome’’ and would be subject to the higher rates applicable to otheritems of ordinary income. US Holders should consult their own tax advisors regardingthe potential application of the PFIC rules to BT.

******US information reporting and backup withholding**Dividends paid on and proceeds received from the sale or disposition of ordinary shares or ADSs may be subject to information reporting to the IRS and backup withholding at a current rate of 28%. Certain exemptrecipients (such as corporations) are not subject to these information reporting requirements. Backup withholding will not apply, however, to a Holder who provides a correct taxpayer identification number or certificate of foreign status and makesany other required certification or who is otherwise exempt. US persons who are required to establish their exempt status generally must furnish IRS Form W-9 (Request for Taxpayer Identification Number and Certification). Non-US Holders generallywill not be subject to US information reporting or backup withholding. However, such Holders may be required to provide certification of non-US status in connection with payments received in the United States or through certain US-related financialintermediaries.     Amountswithheld as backup withholding may be credited against a Holder’s US federalincome tax liability. A Holder may obtain a refund of any excess amounts withheldunder the backup withholding rules by timely filing the appropriate claim forrefund with the IRS and furnishing any required information.

******UK stamp duty**A transfer of an ordinary share will generally be subject to UK stamp duty or UK stamp duty reserve tax at 0.5% of the amount or value of any consideration provided. A transfer of an ordinary share into a clearanceservice or American depository system gives rise to a 1.5% charge of either the amount of the consideration provided or the value of the share issued. No UK stamp duty will be payable on the transfer of an ADS (assuming it is not registered in theUK), provided that the transfer documents are executed and always retained outside the UK.

 

 

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******UK inheritance and gift taxes in connection with ordinary shares and/or ADSs**Where an individual holder, who is not  a UK national, of ordinary shares and/or ADSs falls within the scope of the  UK/US Estate and Gift Tax Convention, US-domiciled holders of ordinary shares  and/or ADSs will not generally be subject to UK inheritance tax on a gift of  ordinary shares and/or ADSs if the gift is subject to US federal gift tax.  Similarly, ordinary shares and/or ADSs passing on the death of a US-domiciled  shareholder, who is not a UK national,will not generally be subject to UK inheritance tax if the estate is subject  to US estate tax. The rules and scope of domicile are complex and action should  not be taken without advice specific to the individual’s circumstances.

**Exchange controls and other limitations affecting security holders**There are currently no government laws,decrees or regulations in the United Kingdom that restrict the export or importof capital, including, but not limited to, UK foreign exchange control restrictions,or that affect the remittances of dividends or other payments to non-residentholders of the company’s ordinary shares, except as otherwise describedin *Taxation (US Holders)* above. There are no limitations under the laws of the United Kingdom restricting the right of non-residents to hold or to vote shares in the company.

**Documents on display**All reports and other information thatBT files with the US Securities and Exchange Commission may be inspected at theSEC’s public reference facilities at Room 1200, 450 Fifth Street, Washington, DC, USA. Thesereports may be accessed via the SEC’s website at **www.sec.gov**.

**Publications**BT produces a series of reports on thecompany’s financial, economic, social and environmental performance. Mostof these reports, which are available to shareholders on request, can be accessedon the internet at **www.bt.com/aboutbt**.More detailed disclosures on BT’s implementation of social, ethical andenvironmental policies and procedures are available online through our fullyand independently verified social and environment report at **www.bt.com/betterworld**.
**Document****Publication date**Annual Review including summary financial statementJuneAnnual Report and Form 20-FJuneQuarterly results releasesJuly, November, February and MayCurrent Cost Financial Statements for the Businesses    and Activities and Statement of Standard Services (as required by Ofcom)AugustSocial and Environment ReportJuneStatement of Business PracticeOctober 2003
For printed copies, when available, contact the Shareholder Helpline on Freefone 0808 **100 4141** or, alternatively, contact the Registrar in theUK, at the address on page 153.

 

 

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**Electronic communication**Shareholders can now choose to receive  their shareholder documents electronically rather than by post. Shareholders  may elect to receive documents in this way by going to **www.bt.com/signup** andfollowing the online instructions, or by calling the Shareholder Helpline.

**Shareholder communication**BT is committed to communicating openly with each of its stakeholder audiences in the manner most appropriate to their requirements.     All investors can visit our website at **www.bt.com/aboutbt** for more information about BT. There are direct linksfrom this page to sites providing information particularly tailored for shareholders, institutional investors and analysts, industry analysts and journalists.An electronic copy of this document isavailable at **www.bt.com/aboutbt**.

**Private shareholders**If private shareholders have any enquiries about their shareholding, they should contact the Registrar (the address can be found below).     LloydsTSB Registrars maintain BT Group’s share register and the separate BT GroupEasyShare and BT Employee Share Ownership Scheme registers. They also providea Shareholder Helplineservice on Freefone 0808 **100 4141**.

**Institutional investors and analysts**Institutional investors and equity research analysts may contact Investor Relations on:Tel 020 7356 4909Fax 020 7356 5270e-mail: investorrelations@bt.com
Industry analysts may contact:Tel 020 7356 5378Fax 01332 577434e-mail: industryenquiry@bt.com**Shareholder Helpline** Tel Freefone 0808 **100 4141** Fax 01903 833371 Textphone Freefone 0800 **169 6907** From outside the UK: Tel +44 121 433 4404 Fax +44 1903 833371 Textphone +44 121 415 7004 e-mail: bt@lloydstsb-registrars.co.uk   **The Registrar****ADR Depositary**Lloyds TSB Registrars (2450)JPMorgan Chase BankThe CausewayJPMorgan Service CentreWorthing, West SussexP.O. Box 43013BN99 6DAProvidence, RI 02940-3013United KingdomUnited StatesWebsite:Tel 1 800 634 8366 (toll free)**www.lloydstsb-registrars.co.uk**or +1 781 575 4328 (from outside the USA) e-mail: adr@jpmorgan.com Website: **www.adr.com**  **General enquiries** BT Group plc BT Centre 81 Newgate Street London EC1A 7AJ United Kingdom Tel (020) 7356 5000 Fax (020) 7356 5520 From overseas: Tel +44 20 7356 5000 Fax +44 20 7356 5520 
 

 

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154BT Annual Report and Form 20-F 2004
Glossary of terms and US equivalents

 
A full list of BT contacts, and an electronic    feedback facility, is available at **www.bt.com/talk****.****Term used in UK annual report****US equivalent or definition**  AccountsFinancial statements  AssociatesEquity investees  Capital allowancesTax depreciation  Capital redemption reserveOther additional capital  CreditorsAccounts payable and accrued liabilities  Creditors: amounts falling due within one yearCurrent liabilities  Creditors: amounts falling due after more than one yearLong-term liabilities  Debtors: amounts falling due after more than one yearOther non-current assets  Employee share schemesEmployee stock benefit plans  Finance leaseCapital lease  Financial yearFiscal year  Fixed asset investmentsNon-current investments  FreeholdOwnership with absolute rights in perpetuity  GearingLeverage  Inland callsLocal and long-distance calls  Interests in associates and joint venturesSecurities of equity investees  Investment in own sharesTreasury shares  Loans to associates and joint venturesIndebtedness of equity investees not current  Net book valueBook value  Operating profitNet operating income  Other debtorsOther current assets  Own work capitalisedCosts of group’s employees engaged    in the construction of plant    and equipment for internal use  ProfitIncome  Profit and loss account (statement)Income statement  Profit and loss account (under ‘‘capital and reserves’’ in balance sheet)Retained earnings  Profit for the financial yearNet income  Profit on sale of fixed assetsGain on disposal of non-current assets  Provision for doubtful debtsAllowance for bad and doubtful accounts receivable  ProvisionsLong-term liabilities other than debt and    specific accounts payable  Recognised gains and losses (statement)Comprehensive income  ReservesShareholders’ equity other than paid-up capital  Share based paymentStock compensation  Share premium accountAdditional paid-in capital or paid-in surplus (not distributable)  Shareholders’ fundsShareholders’ equity  StocksInventories  Tangible fixed assetsProperty, plant and equipment  Trade debtorsAccounts receivable (net)  TurnoverRevenues
 

 

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155 BT Annual Report and Form 20-F 2004
Cross reference to Form 20-F

 

The information in this document that is referred to in the following table shall be deemed to be filed with the Securities and Exchange Commission for all purposes:
**Required Item in Form 20-F** **Where information can be found in this Annual Report**  Item   SectionPage 1 **Identity of directors, senior management and advisors** Not applicable         2 **Offer statistics and expected timetable** Not applicable** **      ** ** 3 **Key information**  ** ** 3A Selected financial data Five year financial summary24-25     Additional information       for shareholders             Exchange rates146 3B Capitalisation and indebtedness Not applicable** ** 3C Reasons for the offer and use of proceeds Not applicable** ** 3D Risk factors Risk factors138-139      ** ** 4 **Information on the company**  ** ** 4A History and development of the company Business review** **        Introduction7        Background7-8        2002 restructuring8        Demerger of mmO28        Concert8        Acquisitions and disposals prior    to the 2004 financial year8        Acquisitions    and disposals in the 2004 financial year8     Financial review** **        Capital expenditure43 4B Business overview Business review6-23     Financial review         Geographical information44     Our commitment to society47-48     Financial statistics136     Operational statistics137     Notes to the financial statements         People employed113     Additional information for shareholders         Cautionary statement regarding    forward-looking statements141 4C Organisational structure Business review         Introduction7     Subsidiary undertakings, joint ventures and associates134 4D Property, plant and equipment Financial review         Profit on sale of property fixed assets38-39        5 **Operating and financial review and prospects**    5A Operating results Financial review26-46     Additional information for shareholders         Cautionary statement regarding    forward-looking statements141 5B Liquidity and capital resources Financial review26-46     Additional information for shareholders         Cautionary statement regarding    forward-looking statements141     Notes to the financial statements         Loans and other borrowings103        Financial commitments, contingent    liabilities and subsequent    events107        Financial instruments and risk management117-121 5C Research and development, patents and licences Business review         Research and development and IT support17     Financial statistics136 5D Trend information Financial review26-46     Additional information for shareholders         Cautionary statement regarding    forward-looking statements141        5E Off-balance sheet arrangements Financial Review         Off-balance sheet arrangements42 
 

 

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156Cross reference to Form 20-FBT Annual Report and Form 20-F 2004
 
**Required      Item in Form 20-F** **Where      information can be found in this Annual Report**  Item    SectionPage 5F Tabular disclosure of contractual obligations  Financial Review         Capital resources42 6 **Directors, senior management and employees**    6A Directors and senior management  Board of directors and Operating Committee49-50 6B Compensation  Report on directors’ remuneration58-71      Notes to the financial statements         Pension costs108-112        Directors’ emoluments112 6C Board practices  Board of directors and Operating Committee49-50      Report of the directors         Directors51      Corporate governance52-57      Report on directors’ remuneration58-71      Statement of directors’ responsibility72 6D Employees  Business review         Motivate our people and live the BT values16-17      Notes to the financial statements         People employed113      Operational statistics137 6E Share ownership  Report on directors’ remuneration58-71      Notes to the financial statements         Employee share schemes113-116        7 **Major shareholders and related party transactions**    7A Major shareholders  Report of the directors         Substantial shareholdings51      Additional information for shareholders         Analysis of shareholdings143 7B Related party transactions  Report of the directors         Interest of management in certain transactions51      Report on directors’ remuneration58-71      Notes to the financial statements         Related party transactions106 7C Interests of experts and counsel  Not applicable         8 **Financial information**    8A Consolidated statements and other financial information  See item 18 below.              Business review         Legal proceedings23      Additional information for shareholders         Dividends143-144 8B Significant changes  Financial review** **        Capital resources42      Notes to the financial statements         Financial commitments, contingent    liabilities and subsequent events107         9 **The offer and listing**    9A Offer and listing details  Additional information for shareholders         Share and ADS prices142 9B Plan of distribution  Not applicable  9C Markets  Additional information for shareholders         Listings142 9D Selling shareholders  Not applicable  9E Dilution  Not applicable  9F Expenses of the issue  Not applicable         10 **Additional information**    10A Share capital  Not applicable  10B Memorandum and articles of association  Business review         Background7-8      Additional information for shareholders         Memorandum and Articles of Association146-149 10C Material contracts  Additional information for shareholders         Material contracts149 10D  Exchange controls  Additional information for shareholders         Exchange controls and other limitations    affecting security    holders152  
 

 

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157BT Annual Report and Form 20-F 2004
 
**Required Item in Form 20-F** **Where information can be found in this Annual Report**  Item   SectionPage 10E Taxation Additional information for shareholders         Taxation (US Holders)149-150 10F Dividends and paying agents Not applicable  10G Statement by experts Not applicable  10H Documents on display Additional information for shareholders         Documents on display152 10I Subsidiary information Not applicable         11 **Quantitative and qualitative** Financial review    **disclosures about market risk**    Treasury policy42        Foreign currency and interest rate exposure42-43     Notes to the financial statements         Financial instruments and risk management117-121        12 **Description of securities other than equity securities** Not applicable    ** **    13 **Defaults, dividend arrearages and delinquencies** Not applicable    ** **    14 **Material modifications to the rights of security holders**      **and use of proceeds** Not applicable** **   ** **  ** ** 15 **Controls and procedures** Corporate governance** **          US Sarbanes-Oxley Act of 200257        16A Audit committee financial expert Corporate governance           US Sarbanes-Oxley Act of 200257 16B Code of ethics Corporate governance           US Sarbanes-Oxley Act of 200257 16C Principal accountants fees and services Notes to the financial statements           Auditors117     Corporate Governance           Audit Committee54        17 **Financial statements** Not applicable    ** **    18 **Financial statements** Report of the independent auditors73     Accounting policies75-77     Consolidated financial statements74-123     United States Generally Accepted Accounting Principles124-133     Quarterly analysis of turnover and profit135 
 

 

Table of Contents
158BT Annual Report and Form 20-F 2004
 

Index

 
21st century network 13,    43 Glossary of terms    and US equivalents 154Accounting and presentation changes 84 ICT 3,        4, 9, 13-15, 28, 29, 31, 34, 84Accounting policies 45-46,    75-77 Intangible assets 31,        75-76, 83, 99Additional information for shareholders 140-153 Interest 24,        27, 29, 39, 42-43, 75, 78-80, 82, 92, 118, 120Auditors’ remuneration 117 Interest cover 39,        136Auditors’ report to shareholders 73 Internal control and risk management 55-56 Background 7-8 Investments 8,        26, 36-38, 76, 83, 91-92, 101-102Balance sheet 25,    43, 83Broadband 3,    4, 9, 10-12, 13, 19, 28, 31-33 Joint ventures and associates 29,        36-37, 76, 78-80, 85, 87, 88, 91, 98, 101-102, 106, 134 BT Exact 17 Legal proceedings 23,        107BT Global Services 30-31,    34, 84-85 Licence 17-18,        45, 76BT Retail 30-32,    84-85 
 Listings 142
BT Wholesale 30-31,    32-34, 84-85 Loans and other borrowings 42,        103Business practice, statement    of 56 Management Council 54-56Business review 6-23 Management of liquid resources 96Call volume growth 137 
Material contracts 149
Capital commitments 107 
 Memorandum and Articles          of Association 146-149
Capital expenditure 2,    13, 43, 82, 85, 100, 107, 136 
 Minority interests 93,          78-80, 83, 102, 128
Capital gains tax 142 mmO27-8,          36, 39, 43, 84, 98, 106, 143Cash flow statement 25,    40, 82, 96 Mobility 4-5,        12  Cautionary statement 141 Net debt 2,        25, 41, 42, 99, 118Chairman’s message 3 New wave 2,        4, 9, 28ChiefExecutive’s statement 4-5  Ofcom 7,        17-22, 138Community 16,    47, 48 Oftel 7,        17, 19-22Company balance    sheet 122-123 Other operating income 34,        78-80, 88Competition and the UK economy 20 Operating and Financial Review 6-48Concert global venture 8,    26, 36, 37, 85, 88, 89-90, 96-97 Operating Committee 50,        55 Contact details 153 Operating costs 13,        34, 36, 89-90Contingent liabilities 107 Operating profit (loss) 36-37,        87, 96Corporate governance 52-57 Operational statistics 137Creditors 51,    83, 104, 122 Our commitment to society 47-48Cross reference to Form 20-F 155-157 Pensions 16,        44, 61, 76-77, 108-112Customer satisfaction 3,        4, 10, 47,59 Political donations 51,        57Debtors 76,    83, 102, 122 Price control 20-22,        138Demerger 8,    36, 43, 80, 84, 89, 90, 93, 98, 99, 105, 106, 143 Profit (loss) before/after        tax 2,          25, 27, 29, 39, 78-80, 135Depreciation 31, 33, 35, 76, 89, 90, 96, 100 Provisions for liabilities and        charges 83,        104Disposals 8,    37-38, 91-92, 96-99 Publications 152Directors Purchase of own shares 3, 39, 105, 123   Biographies 49-50 Quarterly analysis of turnover        and profit 135   Emoluments 112 Reconciliation of movement in        shareholders’ funds 105-106   Interests in shares 63 Reconciliation of operating profit        (loss) to operating cash flows 96   Proposed    for election or re-election at AGM 51 Redundancy costs 76,        89-90    Remuneration,    report on 58-71 Regulation 3,        17-23, 45   Report 51 Research and development 17,        75, 89, 90, 136   Responsibility    statement 72 Restructuring 8,        26, 37Dividend investment plan 144  Return on capital employed 43,        136Dividends 2,    3, 24, 40, 41, 78-80, 82, 93, 104, 122, 143-144 Rights issue 8,        26, 105, 142Earnings (loss) per share 2, 3, 24, 27, 28, 40, 78-80, 94-95, 135, 136 Risk factors 138-139Economic and Monetary Union 44-45 Risk management 117-121Electronic communication 153 Sarbanes-Oxley Act 53,        57Employee share schemes 113-116  Segmental analysis 84-87Employees 16-17,    32, 113, 137 Share and ADS prices 142Environment 45,    47-48, 152 Share capital 25,        83, 105, 122-123Exchange controls 152 Share option schemes 105,        113-116Exchange lines 1,    9, 29, 137 Shareholder communication 153Financial calendar 152 Shareholdings analysis 143Financial commitments 107 Staff costs 33,        35, 89-90Financial headlines 2 Statement of total recognised        gains and losses 81Financial instruments 77,    117-121 Stocks 76,        83Financial ratios 136 Strategy 3,        10Financial review 26-46 Subsidiary undertakings 7,        134Financial statistics 136 Substantial shareholdings 51Financing 40-41 Suppliers payment policy 51 Five-year financial summary 24-25  Tangible fixed assets 25,        43, 76, 83, 100, 136 Foreign currencies 42-43,    75, 89-90, 118, 121 Taxation 24,        25, 27, 29, 39-40, 77, 78-80, 92-93, 104Going concern 42,    72  Taxation (US Holders) 149-150Goodwill 26-27,    30, 35, 37, 75-76, 89-90, 95, 96, 99, 101, 105 Total shareholder return 64,        145  Treasury policy 42   Turnover 2,        9, 24, 27, 28, 30, 75, 78-80, 84-87, 88, 135  US GAAP 46,        124-133
 

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