Vodafone 2010 Annual Report Download - page 2

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Contents
Executive summary#
1 Highlights
2 Chairman’s statement
4 Telecommunications industry
6 Chief Executive’s review
10 Global presence
Business#
12 Customers and distribution
14 Products and services
16 Value added services
18 Technology and resources
22 People
Performance#
24 Key performance indicators
25 Operating results
37 Guidance
38 Principal risk factors and uncertainties
40 Financial position and resources
45 Corporate responsibility
Governance#
48 Board of directors and Group management
51 Corporate governance
57 Directors’ remuneration
Financials
68 Contents
69 Directors’ statement of responsibility#
70 Audit report on internal controls
71 Critical accounting estimates
73 Audit report on the consolidated
financial statements
74 Consolidated financial statements
118 Audit report on the Company
financial statements
119 Company financial statements
Additional information
125 Shareholder information#
132 History and development#
133 Regulation#
136 Non-GAAP information#
138 Form 20-F cross reference guide
140 Forward-looking statements
141 Definition of terms
142 Selected financial data
# These sections make up the directors’ report.
This constitutes the annual report of Vodafone Group Plc (the ‘Company’) for the year
ended 31 March 2010 and is dated 18 May 2010. 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 flow
for the year ended 31 March 2010, information is presented to provide readers with
additional financial information that is regularly reviewed by management. However this
additional information 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.
All amounts in this document marked with an “(*)” represent organic growth which presents
performance on a comparable basis, both in terms of merger and acquisition activity and
foreign exchange rates.
For further information see “Non-GAAP information” on pages 136 and 137 and “Definition
of terms” on page 141.
T he t erm s “ Voda fo ne”, the “G roup”, “ we”, “ou r” an d “ us” refe r to th e C ompany an d, as appl icab le ,
its subsidiaries and/or its interests in joint ventures and associates.
This document 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 “Forward-looking statements” on page 140 and
“Principal risk factors and uncertainties” on pages 38 and 39 for a discussion of the risks
associated with these statements.
Vodafone, the Vodafone logo, Vodafone Mobile Broadband, Vodafone Passport, Vodafone
Email Plus, M-PESA, M-PAISA, Vodafone Money Transfer, Vodafone Station, Vodafone 360,
Vodafone One Net, Vodafone Sure Signal, Vodafone Mobile Connect and Vodacom are
trade marks of the Vodafone Group. The RIM® and BlackBerry® families of trade marks,
images and symbols are the exclusive properties and trade marks 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 and
ActiveSync are either registered trade marks or trade marks of Microsoft Corporation in the
United States and/or other countries. Other product and company names mentioned
herein may be the trade marks of their respective owners.
Copyright © Vodafone Group 2010
www.vodafone.com/annual_report10/index.html
We are one of the world’s largest
mobile communications companies
by revenue, operating across the
globe providing a wide range of
communications services. Our vision
is to be the communications leader
in an increasingly connected world.