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BT Group plc Annual Report 2022
BT Group plc
Annual Report 2022
We connect for good
BT Group is one of the world's leading connectivity services providers.
We manage some of the UK's best- known brands too. As the oldest telecommunications company in the world, we've been at the forefront of technology innovation and progress for 176 years.
We've seen a lot of change over that time, and today the solutions we offer have never been more important to our customers. The connectivity- based solutions we sell are integral to modern lives, businesses and communities in the UK and across the world. We support millions of customers across c. 180 countries and employ around 100,000 brilliant colleagues.
50%
5G now covers over half of the UK population and 7.2m 5G ready customers
7m+
+2.3
New all-time NPS high for BT Group including best ever results in Consumer, BT SME and Global
2031
over 7m homes and businesses passed with full fibre, with speeds of up to 900Mbps
Achieve net zero carbon emissions by the end of March 2031
Strategic report | 1 |
Financial highlights
Revenue
£20.9bn (2)%
(FY21: £21.3bn)
Profit before tax
£2.0bn 9%
(FY21: £1.8bn)
Adjusteda EBITDA
£7.6bn 2%
(FY21: £7.4bn)
Cash flow from operating activities
£5.9bn (1)%
(FY21: £6.0bn)
Normalised free cash flowb
£1.4bn (5)%
(FY21: £1.5bn)
Basic earnings per share
12.9p (13)%
(FY21: 14.8p)
Capital expenditure
£5.3bn 25%
(FY21: £4.2bn)
Look out for these throughout the report
Reference to another page in the report
Reference to further reading online
Contents
Strategic report | |
A message from our Chief Executive | 4 |
Executive Committee | 8 |
Our business model | 10 |
Key trends influencing us | 14 |
Regulatory update | 16 |
Our strategic framework | 18 |
Progress against our strategic framework | 20 |
Our stakeholders | 36 |
Non-financial information | 42 |
Our key performance indicators (KPIs) | 44 |
Group performance | 46 |
A letter from the Chair of Openreach | 54 |
Risk management | 55 |
Our principal risks and uncertainties | 58 |
Task Force on Climate-related Financial Disclosures | 66 |
Viability statement | 70 |
Corporate governance report | 71 |
Financial statements | 121 |
Additional information | 209 |
This Strategic report was approved by the Board on 11 May 2022.
By order of the Board.
Adam Crozier
Chairman
11 May 2022
Please see the cautionary statement regarding forward-looking statements on page 212.
Pages 1 to 70 form theStrategic report. It includes our business model, progress against our strategic framework, our key performance indicators, group performance and our principal risks and uncertainties.
The Corporate governance report on pages 71 to 120 forms the Report of the Directors and includes the Report on directors' remuneration.
In this document, references to 'BT Group' and 'the group' are to BT Group plc comprising its subsidiaries, customer-facing units and internal corporate units. A reference to a year expressed as FY22 is to the financial year ended
31 March 2022; FY23 is to the financial year ended 31 March 2023 and so on.
- Adjusted (being before specific items, share of post tax profits/losses of associates and joint ventures and net non-interest related finance expense), as explained on page 210.
- Normalised free cash flow as defined on page 211.
Read more about the | Visit our online annual review and | |
BT Group Manifesto | see how we're connecting for | |
bt.com/manifestoreport | good bt.com/annualreview | |
BT Group plc Annual Report 2022
2
A message from our Chairman
Building trust and value across our business.
The strategic and operational progress BT Group has made in FY22 would be more than satisfactory in any year but in the context of the current extraordinary economic backdrop, it is particularly impressive. When I joined BT Group at the end
of 2021, I was often asked why I'd chosen to lead a company that, for all its impressive strengths, can feel like a procession of challenges.
My answer was that getting it right here matters. BT Group is central to the UK's economy, public services and security. And it's at the heart of family and professional life for millions of people.
That role is not a given right. As Philip describes in this report, we are now sharply focused on network investment and ever-better customer service. We're modernising both what we do and how we do it, aligned to the UK Government and Ofcom agenda of transforming the UK's digital infrastructure.
This is a uniquely complex task - which is my other reason for joining the group. It will take a number of years and resolute focus.
Building for the long term
Much of business, politics and media tend to run on shorter loops than jobs like this. But the truth is we are in the early stages of a mammoth and long-term transformation programme. Our task is not only to make sure BT Group evolves as a truly world class telecoms leader, but that it develops its role within the ever-shifting technology landscape.
We are up to speed - rolling out fibre faster and cheaper than ever and already reaching more than half the population with 5G. My focus is making sure we keep this momentum and stay the course. Better to do the job properly than pretend it's a quick win.
The past couple of years have seen the group prove its mettle, rising to the role of critical national telecommunications provider, keeping people working and families connected, and underpinning vital public services.
£229bn
the new networks we and others are building will yield a national productivity gain of around £229bnb
BT Group plc Annual Report 2022
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BT Group plc published this content on 20 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 June 2022 09:23:02 UTC.