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This constitutes the Annual Report of Vodafone Group Plc (the “Company”) for the year
ended 31 March 2008 and is dated 27 May 2008. This document includes information
that is required by the United States (“US”) Securities and Exchange Commission (the
“SEC”) for the Company’s US filing of its Annual Report on Form 20-F. The information
in this document may be updated or supplemented at the time of filing 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.
In the discussion of the Group’s reported financial position, operating results and cash
flows for the year ended 31 March 2008, information is presented to provide readers with
additional financial information that is regularly reviewed by management. However,
this additional information presented is not uniformly defined by all companies, including
those in the Group’s industry. Accordingly, it may not be comparable with similarly titled
measures and disclosures by other companies. Additionally, certain information
presented is derived from amounts calculated in accordance with IFRS but is not itself
an expressly permitted GAAP measure. Such non-GAAP measures should not be viewed
in isolation or as an alternative to the equivalent GAAP measure. For further information
see “Non-GAAP Information” on pages 150 to 151 and “Definition of Terms” on page 155.
The terms “Vodafone”, the “Group”, “we”, “our” and “us” refer to the Company and,
as applicable, its subsidiary undertakings and/or its interests in joint ventures and
associated undertakings.
This Annual Report contains forward-looking statements within the meaning of the
US 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” on page 154 and “Principal Risk Factors
and Uncertainties” on pages 52 and 53 for a discussion of the risks associated with
these statements.
Vodafone, the Vodafone logo, Vodafone live!, Vodafone Mobile Connect, Vodafone
Office, Vodafone Wireless Office, Vodafone Passport, Vodafone At Home, Vodafone
Zuhause, Vodafone Applications Service, Vodafone Email Plus, Vodafone M-PESA,
Vodafone Money Transfer, Vodafone Betavine and Vodacom are trademarks of the
Vodafone Group. The RIM® and BlackBerry® families of trademarks, images and
symbols are the exclusive properties and trademarks of Research in Motion Limited,
used by permission. RIM and BlackBerry are registered with the US Patent and
Trademark Office and may be pending or registered in other countries. Windows Mobile
is either a registered trademark or trademark of Microsoft Corporation in the United
States and/or other countries. Palm and Treo are among trademarks or registered
trademarks owned by or licensed to Palm, Inc™. SAP is a registered trademark of SAP AG
in Germany and in several other countries. Other product and company names
mentioned herein may be the trademarks of their respective owners.
14 Business Overview
16 Technology and Resources
20 People
22 Brand and Distribution
24 Products and Services
1 Highlights
2 Chairman’s Statement
4 Chief Executive’s Review
8 Performance at a Glance
10 Operating Environment and Strategy
12 Group at a Glance
30 Key Performance Indicators
32 Operating Results
51 Outlook
52 Principal Risk Factors and Uncertainties
54 Financial Position and Resources
59 Corporate Responsibility
82 Contents
83 Directors’ Statement of Responsibility*
84 Audit Report on Internal Controls
85 Critical Accounting Estimates
88 Consolidated Financial Statements
132 Audit Report on the Consolidated
Financial Statements
133 Audit Report on the Company
Financial Statements
134 Company Financial Statements
140 S ha re ho lde r In for ma ti on*
146 History and Development*
147 Regulation*
150 Non- GAAP Information*
152 Form 20-F Cross Reference Guide
154 Cautionary Statement Regarding
Forward-Looking Statements*
155 Definition of Terms
156 Financial Highlights
62 Board of Directors and Group Management
65 Corporate Governance
71 Directors’ Remuneration
* These sections make up the Directors’ Report.
Executive Summary*Business*Performance*
Governance*Financials Additional information
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