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NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHS TO 30 SEPTEMBER 2004
1 Basis of preparation
The unaudited interim results for the six months ended 30 September 2004 have been prepared on a basis consistent with
the accounting policies set out in Vodafone Group Plc’s Annual Report for the year ended 31 March 2004. The interim
results should therefore be read in conjunction with the 2004 Annual Report.
The interim results for the six months ended 30 September 2004, which were approved by the Board of Directors on 16
November 2004, do not comprise statutory accounts within the meaning of section 240 of the Companies Act 1985.
The information relating to the year ended 31 March 2004 is an extract from the published Annual Report for that year,
which has been delivered to the Registrar of Companies, and on which the Auditors’ Report was unqualified.
In the 2004 Annual Report, the Group early adopted UITF 38 “Accounting for ESOP Trusts” which requires presentation of
an entity’s own shares held in an ESOP trust to be deducted in arriving at shareholders’ funds. As a consequence, the
comparative Consolidated Balance Sheet as at and Consolidated Cash Flows for the six months ended 30 September
2003 have been restated. The impact of adopting UITF 38 was to reduce equity shareholders’ funds by £58 million at 30
September 2003. Loss on ordinary activities before taxation for the six months ended 30 September 2003 has not been
impacted by the adoption of UITF 38.
2 Segmental and other analyses
The Group’s principal business is the supply of mobile telecommunications services and products. Other operations
primarily comprise fixed line telecommunications businesses. The results of the Japan Telecom fixed line business, which
has been disposed of, are analysed as discontinued operations.
Analyses of turnover and total Group operating profit/(loss) by geographical region and class of business are as follows:
Turnover
Six months ended
Six months ended
Year ended
30 September 2004
30 September 2003
31 March 2004
InterInterInter-
Segment segment Net Segment segment Net Segment segment Net
turnover turnover turnover turnover turnover turnover turnover turnover turnover
£m £m £m £m £m £m £m £m £m
Mobile
telecommunications:
UK & Ireland 2,960 (18) 2,942 2,543 (15) 2,528 5,538 (34) 5,504
Northern Europe 3,778 (23) 3,755 3,743 (19) 3,724 7,488 (40) 7,448
Southern Europe 5,343 (73) 5,270 4,903 (68) 4,835 9,886 (110) 9,776
Asia Pacific 4,227 (2) 4,225 4,464 (2) 4,462 8,896 (6) 8,890
Middle East & Africa 177 (6) 171 159 (2) 157 305 (8) 297
16,485 (122) 16,363 15,812 (106) 15,706 32,113 (198) 31,915
Other operations:
Northern Europe 513 – 513 481 – 481 1,002 – 1,002
Asia Pacific (1)
– – – 1,126 – 1,126 1,126 – 1,126
513 – 513 1,607 – 1,607 2,128 – 2,128
Turnover between mobile and
other operations (2)
(80) (414) (484)
Group turnover 16,796 16,899 33,559
(1) Includes turnover of discontinued operations of £nil for the six months ended 30 September 2004 (six months ended 30 September
2003: £924 million; year ended 31 March 2004: £924 million).
(2) Includes turnover of discontinued operations of £nil for the six months ended 30 September 2004 (six months ended 30 September
2003: £106 million; year ended 31 March 2004: £106 million).
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