Vodafone 1998 Annual Report Download - page 46

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Annual Report and Accounts 1998 - Review of Operations - International
Territory highlights
Continental Europe
Société Française du Radiotéléphone SA in France has seen a phenomenal growth in its customer
base, up 128% in the year to a total of 2.5 million, of which some 138,000 are using the company's
prepaid service. This increase can be attributed to a combination of tariff reductions, strong market
growth and very focused management.
SFR is now profitable and the extensive rollout of the network that has taken place puts it in a strong
position to compete effectively with its two rival networks.
E-Plus Mobilfunk GmbH in Germany continues to make progress towards break-even. It has achieved
the formidable task of constructing more than 6,200 base stations since its launch in 1994, creating one
of the largest cellular networks in Europe.
E-Plus now has more than 1.2 million customers - a growth of 125% in the year.
Panafon SA in Greece has had a profitable year, achieving strong growth in its customer base to a total
of 623,000, an increase of 257,000, representing a market share of 58%. In common with other
territories, Panafon launched its prepaid service in the course of the year and this new service is already
making a positive contribution to the company's results. Panafon's network now provides extensive
coverage of the Greek Islands which is particularly important to tourists wishing to use their GSM mobile
phones.
A third mobile phone operator was licensed in Greece during the year although this had little effect on
Panafon.
A minority shareholding of Panafon may be listed on the Athens Stock Exchange during 1998, but it will
continue to be a subsidiary of the Group.
354,000 new customers have joined the
Libertel network during the year.
Libertel BV in the Netherlands performed strongly,
passing through break-even during the year.
Libertel has a 31% market share but succeeded in taking
40% of net customer additions in the year. This equates to
an increase of 354,000 customers over the year, a 129%
growth, giving a total customer base of 629,000.
Libertel launched its prepaid service ahead of the
competition and already has 90,000 customers, with the
expectation of continued strong growth.
Europolitan Holdings AB in Sweden serves one of the
world's most heavily penetrated cellular markets, with 38%
of the population owning mobile phones, a figure that
continues to grow. Europolitan achieved 61% growth in
the year, with over 472,000 customers by the end of
March 1998. Europolitan has significantly improved its
earnings and is cash generative and paying dividends.
Vodafone Malta Limited (formerly Telecell Limited) continues to be profitable and has enjoyed good
growth over the last twelve months, assisted by the successful launch of the GSM service in July 1997.
http://www.vodafone.com/download/investor/reports/annual98/reviewops/international.html (2 of 4)29/03/2007 23:08:12