full_annual_report_2014

Vodafone Group Plc
Annual Report 2014
Inside this year’s report
The following sections constitute the strategic report:
Overview
In this section:
An introduction to the report
covering who we are, the Chairman’s
reflections on the year, notable events,
and a snapshot of where and how
we do business.
Strategy review
In this section:
A summary of the changing landscape
we operate in, and how that has shaped
our strategy and financial position.
Plus a review of performance against
our goals and our approach to running
a sustainable business.
Performance
In this section:
Commentary on operating
performance for the Group, the key
operating segments – Europe and
AMAP (Africa, Middle East and Asia
Pacific), and a summary of key risks.
1 About us
2 Chairman’s statement
3 Financial highlights
4 Our year
8 Where we do business
10 How we do business
12 Chief Executive’s review
14 Crystallising value from Verizon Wireless
16 Key performance indicators
18 Market overview
38 Chief Financial Officer’s review
40 Operating results
46 Risk summary
21 Our strategy
22 Consumer Europe
24 Unified Communications
26 Consumer Emerging Markets
28 Enterprise
30 Network
32 Operations
34 Sustainable business
36 Our people
Governance
In this section:
The governance framework, including the
role and effectiveness of the Board and the
alignment of the interests of management
with long-term value creation.
49 Chairman’s overview
50 Board of directors and
Group management
54 Corporate governance
69 Directors’ remuneration
86 Directors’ report
Financials
In this section:
The statutory financial statements of both
the Group and the Company and associated
audit report.
87 Contents
88 Directors’ statement of responsibility
90 Audit report on internal control over
financial reporting
91 Audit report on the consolidated and
parent company financial statements
96 Consolidated financial statements
and financial commentary
176 Company financial statements
Additional information
In this section:
Find out about our shares, history and
development, regulatory matters impacting
our business, an assessment of potential
risks to the Company, and other statutory
financial information.
182 Shareholder information
190 History and development
191 Regulation
196 Principal risk factors and uncertainties
201 Non-GAAP information
206 Form 20-F cross reference guide
209 Forward-looking statements
211 Definition of terms
213 Selected financial data
Unless otherwise stated references to “year” or “2014” mean the financial year ended 31 March 2014, to “2013” or “previous year” mean the financial year ended
31 March 2013, and to the “fourth quarter” or “Q4” are to the quarter ended 31 March 2014. For other references please refer to page 45.
All amounts marked with an “*” represent organic growth, which excludes the impact of foreign currency movements, acquisitions and disposals and certain
other items, see definition on page 212. Definitions of terms used throughout the report can be found on pages 211 and 212.
The terms “Vodafone”, the “Group”, “we”, “our” and “us” refer to the Company and, as applicable, its subsidiaries and/or interests in joint ventures and associates.
Website references are for information only and do not constitute part of this annual report.
This report is dated 20 May 2014.