Annual Report – 31 March 1999 (PDF 1.0MB) - Vodafone

Financial Review
Financial Review
Profit and
loss account
Cash flow
and net
borrowings
Year 2000
Going
concern
Future
results
Treasury
management
and policy
Introduction
of the single
European
currency
Profit and loss account
Turnover
Balance
sheet
Shareholder
returns
Basis of
preparation
of the
financial
statements
Group turnover for the financial year has increased by 36% to £3,360.0m. This increase
includes a full year’s turnover from the acquisition in January 1998 of a controlling
interest in the Dutch network operator, Libertel, and its service provider, Libertel Verkoop
en Services (formerly Liberfone), and turnover in relation to the acquisition in October
1998 of New Zealand’s only GSM cellular network business.
Turnover in the UK increased by 18%, principally as a result of the strong growth in the
number of customers connected to the network, together with increased usage, offset by
the impact of tariff reductions. In addition, higher roaming revenues from both visitors
using the UK digital network and UK customers using overseas networks were realised.
In Continental Europe, turnover increased by 88% to £944.9m due to the acquisition in
January 1998 of the Dutch network operator, Libertel, and strong turnover growth in both
the Netherlands and Greece. In the Pacific Rim, turnover grew by 67% to £327.6m,
mostly in Australia where Vodafone Holdings Australia Pty’s customer base grew
organically by 78%.
Total Group proportionate turnover, which reflects the Group’s ownership interests in its
world-wide operations, increased by 34% to £3,837.3m in the year, whilst total
proportionate customers increased by 79% to 10,445,000. International businesses
increased proportionate turnover by 61% to £1,666.9m as proportionate customers
increased by 102% to 4,870,000.
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