Vodafone 1997 Annual Report Download - page 17

Download and view the complete annual report

Please find page 17 of the 1997 Vodafone annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 71

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71

Vodafone Group Plc Annual Report & Accounts for the year ended 31 March 1997
Net cash flow generated from operating activities was £644.3m and was used mainly to fund capital
expenditure of £351.2m, to enhance and expand the digital networks in the UK and Australia, pay tax of
£150.1m and finance dividends of £130.0m. New investments of £528.0m, which comprise equity and
shareholder loans and the external debt of subsidiaries acquired, were financed principally by debt and as
a result net borrowings increased by £473.1m to £680.6m. An analysis of new investments is set out in the
table below. These figures exclude consideration of £133.1m payable after 31 March 1997.
New investments £m
SFR 240.4
Panafon/Panavox 96.7
Talkland 65.5
Peoples Phone 55.0
Others 70.4
528.0
Future investments
The Group expects to spend approximately £500m on capital expenditure in 1997/98. About half of this
expenditure will be in the UK, where capacity is being added to the digital network to accommodate
subscriber growth and traffic generated by visitors. The balance will be expended on the digital networks
in Australia and Greece to enhance capacity and improve quality of service. Investment expenditure will
be in the order of £170m, assuming the Group exercises its option to acquire a further 3.89% in SFR. This
could be higher if suitable opportunities arise.
http://www.vodafone.com/download/investor/reports/annual97/3/3.htm29/03/2007 22:33:10