Vodafone 1998 Annual Report Download - page 45

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Annual Report and Accounts 1998 - Review of Operations - International
Panafon's network now provides
extensive coverage
of the Greek Islands
Performance highlights
Vodafone's international activities continue to go from strength to strength, confirming Vodafone's
position as a major multi-national network operator.
Over £2 billion has been invested in international operations since the start of the Group's overseas
activities in 1989 and the companies in which the Group holds interests are licensed to serve some 300
million people.
Vodafone's international
activities continue to go from
strength to strength,
confirming Vodafone's
position as a major multi-
national network operator.
Strategy
Vodafone's international strategy is designed to achieve substantial
growth which should see Group earnings from overseas on a par
with those from the UK within the next five years.
International operations will continue to expand by bidding for new licences, by acquisition and by
developing existing businesses.
The group is commited to a
policy of converting
investments to asscociates,
and associates to
subsidiaries, wherever this is
possible and where to do so
is expected to enhance
shareholder value.
The Group is committed to a policy of converting investments to
associates, and associates to subsidiaries, wherever this is possible
and where to do so is expected to enhance shareholder value. In the
last year, this has seen the Group increase its investment in Libertel
Groep BV in the Netherlands by 35% to 70%, making it a subsidiary,
as well as raise its shareholding in Société Française du
Radiotéléphone SA in France to 20%.
Vodafone sold its 35% stake in Pacific Link to Hong Kong Telecom CSL, in December 1997, at a profit.
http://www.vodafone.com/download/investor/reports/annual98/reviewops/international.html (1 of 4)29/03/2007 23:08:12