Vodafone 1998 Annual Report Download - page 28

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Annual Report and Accounts 1998 - Directors Information - Report of the Directors
The directors believe that the Group's system of internal financial control provides reasonable, but not absolute, assurance
that problems are identified on a timely basis and dealt with appropriately.
The directors confirm that they have reviewed the effectiveness of the system of internal financial control through the
monitoring process set out above and are not aware of any significant weakness or deficiency in the Group's system of
internal financial control during the period covered by this report.
Share capital
A statement of changes in the share capital of the Company is set out in note 17 of the financial statements.
Results and dividends
The consolidated profit and loss account is set out in the financial statements.
The directors recommend a final dividend of 2.82p per ordinary share amounting to £86.9m payable on 14 August 1998 to
shareholders on the register of members at close of business on 12 June 1998. An interim dividend of 2.71p per ordinary
share was paid during the year, producing a total for the year of 5.53p per ordinary share. A scrip dividend alternative to the
cash dividend is available and further details are set out in the Company's Scrip Dividend Scheme.
Charitable and political contributions
During the year, the Group made charitable donations amounting to £373,000, principally through the Vodafone Group
Charitable Trust which makes contributions primarily to medical research, the disabled, the socially deprived, education, the
arts and environmental causes.
Recipients of significant donations during the year included Cancer BACUP, Cystic Fibrosis Trust, Help the Aged, Meridian
Broadcasting Charitable Trust (for Mental Health Week), National Meningitis Trust, Variety Club Children's Charity, Ronald
Raven Trust, Brain Research Trust, Cancer Research Oxford Appeal and the Stroke Association. The Vodafone Group
Charitable Trust was chaired by Sir William Barlow until his retirement on 31 March 1998, when Professor Sir Alec Broers
became Chairman of the trustees.
No political donations were made during the year.
Creditor payment terms
It is the Group's policy to agree terms of transactions, including payment terms, with suppliers and provided suppliers perform
in accordance with the agreed terms, it is the Group's normal practice that payment is made accordingly.
The number of days outstanding between receipt of invoices and date of payment, calculated by reference to the amount
owed to trade creditors at the year end as a proportion of the amounts invoiced by suppliers during the year, was 34 days in
aggregate for the Group.
The Company did not have any trade creditors at 31 March 1998.
Research and development
The Group continues an active research and development programme for the enhancement of mobile telecommunications.
Directors
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