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Our goal is to be the communications leader in an increasingly connected world Executive Summary * Business * Performance * 1 Highlights 2 Chairman’s Statement 4 Chief Executive’s Review 8 Performance at a Glance 10 Operating Environment and Strategy 12 Group at a Glance 14 Business Overview 16 Technology and Resources 20 People 22 Brand and Distribution 24 Products and Services This constitutes the Annual Report of Vodafone Group Plc (the “Company”) for the year ended 31 March 2008 and is dated 27 May 2008. This document includes information that is required by the United States (“US”) Securities and Exchange Commission (the “SEC”) for the Company’s US filing of its Annual Report on Form 20-F. The information in this document may be updated or supplemented at the time of filing with the SEC or later amended if necessary. The content of the Group’s website (www.vodafone.com) should not be considered to form part of this Annual Report or the Company’s Annual Report on Form 20-F. In the discussion of the Group’s reported financial position, operating results and cash flows for the year ended 31 March 2008, information is presented to provide readers with additional financial information that is regularly reviewed by management. However, this additional information presented is not uniformly defined by all companies, including those in the Group’s industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies. Additionally, certain information presented is derived from amounts calculated in accordance with IFRS but is not itself an expressly permitted GAAP measure. Such non-GAAP measures should not be viewed in isolation or as an alternative to the equivalent GAAP measure. For further information see “Non-GAAP Information” on pages 150 to 151 and “Definition of Terms” on page 155. The terms “Vodafone”, the “Group”, “we”, “our” and “us” refer to the Company and, as applicable, its subsidiary undertakings and/or its interests in joint ventures and associated undertakings. 82 Contents 83 Directors’ Statement of Responsibility * 84 Audit Report on Internal Controls 85 Critical Accounting Estimates 88 Consolidated Financial Statements 132 Audit Report on the Consolidated Financial Statements 133 Audit Report on the Company Financial Statements 134 Company Financial Statements 30 Key Performance Indicators 32 Operating Results 51 Outlook 52 Principal Risk Factors and Uncertainties 54 Financial Position and Resources 59 Corporate Responsibility Governance * Financials Additional information 62 Board of Directors and Group Management 65 Corporate Governance 71 Directors’ Remuneration * These sections make up the Directors’ Report. 140 Shareholder Information * 146 History and Development * 147 Regulation * 150 Non-GAAP Information * 152 Form 20-F Cross Reference Guide 154 Cautionary Statement Regarding Forward-Looking Statements * 155 Definition of Terms 156 Financial Highlights This Annual Report contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to the Group’s financial condition, results of operations and business management and strategy, plans and objectives for the Group. For further details, please see “Cautionary Statement Regarding Forward-Looking Statements” on page 154 and “Principal Risk Factors and Uncertainties” on pages 52 and 53 for a discussion of the risks associated with these statements. Vodafone, the Vodafone logo, Vodafone live!, Vodafone Mobile Connect, Vodafone Office, Vodafone Wireless Office, Vodafone Passport, Vodafone At Home, Vodafone Zuhause, Vodafone Applications Service, Vodafone Email Plus, Vodafone M-PESA, Vodafone Money Transfer, Vodafone Betavine and Vodacom are trademarks of the Vodafone Group. The RIM® and BlackBerry® families of trademarks, images and symbols are the exclusive properties and trademarks of Research in Motion Limited, used by permission. RIM and BlackBerry are registered with the US Patent and Trademark Office and may be pending or registered in other countries. Windows Mobile is either a registered trademark or trademark of Microsoft Corporation in the United States and/or other countries. Palm and Treo are among trademarks or registered trademarks owned by or licensed to Palm, Inc. SAP is a registered trademark of SAP AG in Germany and in several other countries. Other product and company names mentioned herein may be the trademarks of their respective owners.
Vodafone – Executive Summary Highlights Group highlights £35.5 billion Revenue 14.1% increase £10.1 billion Adjusted operating profit 5.7% increase 7.51 pence Total dividends per share 11.1% increase 260.5 million Proportionate mobile customers 26.2% increase • • • • • • • • • Progress towards strategic objectives Europe: 2.0% revenue growth with outgoing usage up 20.1% and data revenue up 35.7%, all on an organic basis 9.9% mobile capital intensity for Europe and common functions EMAPA: revenue growth of 45.1%, reflecting acquisitions in India and Turkey. Organic growth of 14.5% Group data revenue up 52.7% to £2.2 billion, with organic growth of 40.6% Key financials Adjusted earnings per share up 11.0% to 12.50 pence. Basic earnings per share of 12.56 pence Free cash flow of £5.5 billion. Net cash flow from operating activities of £10.5 billion Other highlights Final dividend per share of 5.02 pence, giving total dividends per share of 7.51 pence Dividend pay out ratio of 60%, in line with policy, and a total payout of £4.0 billion for the financial year 1 st in UK and 11th globally in the BrandZ most powerful brands ranking Vodafone Group Plc Annual Report 2008 1
Page 1: Vodafone Group Plc Annual Report Fo
Page 5 and 6: Total shareholder return April 2007
Page 7 and 8: Messaging revenue increased by 8.1%
Page 9 and 10: As well as driving growth in our ex
Page 11 and 12: Services Voice Messaging Data Fixed
Page 13 and 14: Strategy Vodafone’s five key stra
Page 15 and 16: EMAPA Deliver strong growth in emer
Page 17 and 18: Voice Voice services continue to ma
Page 19 and 20: • • Access & transmission netwo
Page 21 and 22: Research and development (“R&D”
Page 23 and 24: It also allows an open exchange of
Page 25 and 26: Sponsorships Vodafone’s global sp
Page 27 and 28: Voice services continue to make up
Page 29 and 30: The Group offers a number of produc
Page 31 and 32: Enables customers to utilise the se
Page 33 and 34: Strategic KPIs Year ended 31 March
Page 35 and 36: Adjusted operating profit increased
Page 37 and 38: Mobile telecommunications KPIs Germ
Page 39 and 40: Germany Adjusted operating profit f
Page 41 and 42: Mobile telecommunications KPIs 2008
Page 43 and 44: Associates 2008 2007 Verizon Wirele
Page 45 and 46: The Group’s share of results from
Page 47 and 48: Mobile telecommunications KPIs Germ
Page 49 and 50: As many of the cost reduction initi
Page 51 and 52: Mobile telecommunications KPIs 2007
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Outlook 2009 financial year Adjuste
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Expected benefits from investment i
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Equity dividends The table below se
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Funding The Group’s consolidated
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Corporate Responsibility The Board
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Vodafone requires manufacturers of
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8 9 10 11 12 13 14 8. Nick Land §
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Corporate Governance The Board of t
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Re-election of directors Although n
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provisions of the Companies Act 198
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Directors’ Remuneration Dear Shar
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How the executive directors were pa
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Grants made and payouts received in
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Audited information Remuneration fo
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Long term incentives Performance sh
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Beneficial interests The directors
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Directors’ Statement of Responsib
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Critical Accounting Estimates The G
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Taxation The Group’s tax charge o
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Consolidated Balance Sheet at 31 Ma
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Notes to the Consolidated Financial
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determined had no impairment loss b
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Capital market and bank borrowings
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A reconciliation of adjusted operat
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5. Investment income and financing
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Deferred tax Analysis of movements
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9. Intangible assets Licences and s
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Key assumptions used in the value i
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11. Property, plant and equipment L
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13. Investments in joint ventures P
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16. Inventory 2008 2007 £m £m Goo
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20. Share-based payments The Compan
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21. Transactions with equity shareh
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would reduce or increase profit bef
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Bank loans also include INR66 billi
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25. Post employment benefits Backgr
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26. Provisions Asset retirement Oth
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Pro forma full year information The
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30. Reconciliation of net cash flow
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33. Directors and key management co
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37. New accounting standards The Gr
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Audit Report on the Company Financi
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Notes to the Company Financial Stat
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5. Creditors 2008 2007 £m £m Amou
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9. Equity dividends 2008 2007 £m
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Shareholders and other interested p
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any connected person) is a sharehol
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This section describes, primarily f
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Vodafone - Additional Information R
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EMAPA Eastern Europe Poland The NRA
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Impact Impact of of foreign acquisi
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Item Form 20-F caption Location in
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Definition of Terms 3G broadband 3G
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Contact Details Investor Relations
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