Review 06
Annual Review and Summary Financial Statement 2006
About this Review The format of our reporting has been changed to accommodate the inclusion, for the first time, of an Operating and Financial Review (OFR). In preparing the OFR, we have sought to take into account, when considered appropriate, the best practice set out in the UK Accounting Standards Board’s ‘Reporting Statement: Operating and Financial Review’. We have responded to the spirit of the OFR by offering shareholders a balanced and comprehensive analysis of our current business and describing the significant industry trends that are likely to influence our future prospects. For the first time, we have published our Key Performance Indicators, some other important Business Measures and the Group’s Key Risk Factors. We have also attempted to avoid having too much information in one publication. Our corporate website bat.com has a wealth of material about the Group and, in May 2007, we plan to publish our latest Social Report, detailing progress during 2006 on a range of commitments and actions. We will carefully consider the structure and content of our future reporting in the light of developments in the field and the advice and comments we receive about this publication.
The full content of this Review is under this flap. Leave it open as a reference to find your way to the different topics covered.
Cautionary Statement: the Operating and Financial Review and certain other sections of this document contain forward looking statements which are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated.
OPERATING AND FINANCIAL REVIEW Overview... [continues]
Annual Review and Summary Financial Statement 2006
About this Review The format of our reporting has been changed to accommodate the inclusion, for the first time, of an Operating and Financial Review (OFR). In preparing the OFR, we have sought to take into account, when considered appropriate, the best practice set out in the UK Accounting Standards Board’s ‘Reporting Statement: Operating and Financial Review’. We have responded to the spirit of the OFR by offering shareholders a balanced and comprehensive analysis of our current business and describing the significant industry trends that are likely to influence our future prospects. For the first time, we have published our Key Performance Indicators, some other important Business Measures and the Group’s Key Risk Factors. We have also attempted to avoid having too much information in one publication. Our corporate website bat.com has a wealth of material about the Group and, in May 2007, we plan to publish our latest Social Report, detailing progress during 2006 on a range of commitments and actions. We will carefully consider the structure and content of our future reporting in the light of developments in the field and the advice and comments we receive about this publication.
The full content of this Review is under this flap. Leave it open as a reference to find your way to the different topics covered.
Cautionary Statement: the Operating and Financial Review and certain other sections of this document contain forward looking statements which are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated.
OPERATING AND FINANCIAL REVIEW Overview... [continues]
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