Vodafone 2003 Annual Report Download - page 3
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Vodafone Group Plc Annual Report & Accounts and Form 20-F 2003 1
Description Page
Information on the Company 3
History and Development of the Company 3
Acquisitions of businesses 3
Sales of businesses 6
Formation of Verizon Wireless 7
Business Overview 7
Revenues and operating income 7
Business strategy 8
Business activities – Mobile telecommunications 8
Mobile data services 14
Third generation licences and network infrastructure 14
Strategic developments – Global services 14
Marketing and distribution 15
Seasonality 16
Business activities – Non-mobile telecommunications 16
Competition 17
Regulation 18
Property, plants and equipment 20
Legal proceedings 21
Five year summary of results 22
Cautionary Statement Regarding Forward-Looking Statements 24
Risk Factors 25
Operating and Financial Review and Prospects 27
Introduction 27
Foreign Currency Translation 27
Basis of Segmental Reporting 27
Critical Accounting Policies 27
UK GAAP 27
US GAAP 29
Basis of Consolidation 30
Operating Results 31
2003 financial year compared to 2002 financial year 31
2002 financial year compared to 2001 financial year 36
Balance sheet 40
Equity shareholders’ funds 40
Dividends 40
Inflation 41
Exchange rate information 41
Accounting principles 41
US GAAP reconciliation 42
Liquidity and Capital Resources 42
Cash flows and funding 42
Option agreements 44
Financial assets and liabilities 45
Quantitative and Qualitative Disclosures About Market Risk 45
Research and Development, Patents and Licences, etc. 46
Trend Information and Outlook 47
The Board of Directors and the Group Executive Committee 48
Directors and Senior Management 48
Directors 48
Senior Management 49
CONTENTS