Vodafone 1997 Annual Report Download - page 15

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Vodafone Group Plc Annual Report & Accounts for the year ended 31 March 1997
Working capital (excluding cash, overdrafts, bank loans and commercial paper) decreased by 104% as a
result of an increase in creditors due within one year of £310.5m offset by a £111.9m increase in debtors
due within one year. The increases are due to the inclusion of working capital balances of subsidiaries
acquired in the year and the growth of the business.
Equity shareholders' funds
The Group's equity shareholders' funds do not include any valuations that could be placed on licences
which were acquired for no initial cost. Licences which have an initial cost to the Group are capitalised at
cost and written-off in accordance with the Group's accounting policy. The balance sheet also excludes
any value attributed to future income streams that are anticipated from existing subscribers.
Goodwill written-off £m
Peoples Phone 103.2
Talkland 86.1
Panafon/Panavox 58.3
Europolitan 36.3
Others 76.1
360.0
Equity shareholders' funds were £770.0m, £252.1m lower than at the end of last year, as retained profits
of £216.3m were offset by currency translation adjustments of £123.2m to the carrying value of overseas
investments to reflect the strength of sterling at the year end and goodwill written-off of £360.0m in
respect of acquisitions made during the year. An analysis of goodwill written-off is set out in the table
above.
Proportionate share of network subscribers 31 March 1997 31 March1996 Growth
('000) ('000) %
UK 2,867 2,450 17
Australia 247 166 49
France 182 53 243
http://www.vodafone.com/download/investor/reports/annual97/3/2.htm (2 of 3)29/03/2007 22:33:04