Vodafone 2007 Annual Report Download - page 3

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2Financial Highlights
4Chairman’s Statement
5Group at a Glance
6Chief Executive’s Review
8Delivering on our Strategic
Objectives
10 Business Overview
24 Regulation
29 Performance Introduction
30 Critical Accounting Estimates
33 Key Performance Indicators
34 Operating Results
52 Financial Position and Resources
58 Risk Factors, Seasonality and Outlook
61 Cautionary Statement Regarding
Forward-Looking Statements
62 Non-GAAP Information
64 Board of Directors and Group
Management
67 Corporate Governance
75 Corporate Responsibility and
Environmental Issues
78 Board’s Report to Shareholders
on Directors’ Remuneration
88 Directors Statement of Responsibility
89 Report of Independent Registered
Public Accounting Firm to the
Members of Vodafone Group Plc
91 Report of Independent Registered
Public Accounting Firm to the
Members of Vodafone Group Plc
92 Consolidated Financial Statements
143 Company Financial Statements of
Vodafone Group Plc
149 Independent Auditor’s Report to the
Members of Vodafone Group Plc
150 Shareholder Information
157 Form 20-F Cross Reference Guide
Highlights for the Year
Key highlights:
• The Group has delivered against its financial and operating targets and
made good progress on executing against its five strategic objectives
• Voice and data usage growth offset competitive and regulatory
pressures in Europe
• Continued strong performance in emerging markets, with the recent
acquisition in India significantly increasing Vodafone’s presence in
high growth markets
• The Group remains confident of delivering its stated capital and
operating expenditure targets in Europe in the 2008 financial year,
with core cost reduction initiatives well on track
Financial performance from continuing operations:
• Group revenue of £31.1 billion
• Basic loss per share was 8.94 pence, with loss before taxation for the
year of £2.4 billion, after impairment losses of £11.6 billion
• Free cash flow of £6.1 billion and net cash inflow from operating
activities of £10.2 billion, after net taxation paid of £2.2 billion
Increasing returns to shareholders:
• Total dividends per share increased by 11.4%, to 6.76 pence, with a
final dividend per share of 4.41 pence, giving a dividend pay out ratio
of 60% and a total pay out of £3.6 billion for the financial year
• In recognition of the earnings dilution arising from the Hutchison Essar
transaction, the Board is targeting modest increases in dividend per
share in the near term until the payout ratio returns to 60% in
accordance with current policy
Highlights
Performance BusinessGovernanceFinancialsShareholdersGlossary Strategy
159 Definition of Terms
Highlights