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Vodafone AirTouch Plc Annual Report & Accounts for the year ended 31 March 2000
2
Contents
Financial Highlights 3
Business Review 4
Financial Review 10
Directors’ Report 15
Corporate Governance 18
Remuneration Report of the Board 20
Statement of Directors’ Responsibilities 27
Report of the Auditors 27
Consolidated Profit and Loss Account 28
Consolidated Balance Sheet 29
Consolidated Cash Flow 30
Consolidated Statement of Total Recognised Gains and Losses 31
Movement in Equity Shareholders’ Funds 31
Statement of Accounting Policies 32
Notes to the Consolidated Financial Statements 34
Company Balance Sheet 53
Notes to the Company Balance Sheet 54
Subsidiary Undertakings 56
Joint Ventures, Associated Undertakings and Investments 57
United States Accounting Principles 58
Unaudited Pro Forma Financial Information 60
Statements in this document relating to future status or circumstances, including statements regarding future performance, costs, revenues, cash flows, earnings, divestments, growth, market
share and other trend projections and the synergistic benefits of transactions, are forward-looking statements. These statements may generally, but not always, be identified by the use of
words such as “anticipates”, “should”, “expects”, “estimates”, “believes” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate
to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-
looking statements due to many factors, many of which are outside Vodafone AirTouch’s control, including the ability to obtain regulatory approvals (including new licences) without onerous
conditions, the risk of negative impacts on Vodafone AirTouch’s credit ratings, the potential costs, including tax costs, of divesting Orange plc and Mannesmann AG industrial businesses,
general economic conditions, competition, technical difficulties and the need for increased capital expenditure (such as that resulting from increased demand for usage, new business
opportunities, new licences and deployment of new technologies) and the ability to release benefits from entering into partnerships for developing data and internet services.
This publication includes the Business and Financial Reviews, the Directors’ Report, the Corporate Governance Statement, the
Remuneration Report, the Financial Statements and the Report of the Auditors for the year ended 31 March 2000. An interview with
the Chief Executive and the Chairman’s Statement are contained in a separate report entitled Annual Review and Summary Financial
Statement 2000.
This publication and the Annual Review and Summary Financial Statement 2000 comprise the full Annual Report and Accounts of
Vodafone AirTouch Plc for the year ended 31 March 2000, prepared in accordance with the Companies Act 1985.