Vodafone 2005 Annual Report Download - page 3

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Contents
|1
Strategy Chairman’s Statement 4
Chief Executive’s Review 6
Business Business Overview 10
Cautionary Statement Regarding Forward-Looking Statements 24
Risk Factors and Legal Proceedings 25
Performance Operating and Financial Review and Prospects 28
Non-GAAP Information 52
Governance Board of Directors and Group Management 55
Directors’ Report 58
Corporate Governance 60
Board’s Report to Shareholders on Directors’ Remuneration 65
Employees 75
Corporate Responsibility and Environmental Issues 76
Financials Consolidated Financial Statements 77
Report of Independent Auditors 137
Shareholder information Information on International Financial Reporting Standards 138
Investor Information 141
Form 20-F Cross Reference Guide 149
Highlights Financial Highlights 2
This constitutes the Annual Report of Vodafone Group Plc (the “Company”) in accordance with United Kingdom (“UK”) requirements and is dated 24 May 2005. This document
also contains information set out within the Company’s Annual Report on Form 20-F in accordance with the requirements of the US Securities and Exchange Commission
(the “SEC”). However, this information may be updated or supplemented at the time of filing of that document with the SEC or later amended if necessary. The content of the
Group’s website (www.vodafone.com) should not be considered to form part of this Annual Report or the Company’s Annual Report on Form 20-F.
References to the “Group” or “Vodafone” are references to the Company and its subsidiary undertakings and, where the context requires, its interests in joint ventures and
associated undertakings.
In the discussion of the Group’s reported financial position and results for the year ended 31 March 2005, information in addition to that contained within the Consolidated
Financial Statements is presented on the basis that it provides readers with additional financial information regularly reviewed by management. This information is provided to
assist investor assessment of the Group’s performance from period to period. However, the additional information presented is not uniformly defined by all companies in the
Group’s industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies. Definitions of the terms and measures presented
are shown on pages 28 and 29.
In presenting and discussing the Group’s reported financial position, operating results and cash flows, certain information is derived from amounts calculated in accordance
with UK generally accepted accounting principles (“UK GAAP”), but this information is not itself an expressly permitted GAAP measure. Such non-GAAP measures should not
be viewed in isolation as an alternative to the equivalent GAAP measure. An explanation as to the use of these measures and reconciliations to their nearest equivalent GAAP
measure can be found on pages 52 to 54.
This Annual Report contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 with respect to the Group’s
financial condition, results of operations and business management and strategy, plans and objectives for the Group. For further details, please see “Cautionary Statement
Regarding Forward-Looking Statements” and “Risk Factors and Legal Proceedings – Risk Factors” for a discussion of the risks associated with these statements.
Vodafone, Vodafone live!, Vodafone Mobile Connect, Vodafone Wireless Office, Vodafone Simply and Vodafone Passport are trademarks of the Vodafone Group. Other product
and company names mentioned herein may be the trademarks of their respective owners.