Vodafone 2011 Annual Report Download - page 14

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Focus on key areas
of growth potential
More on pages 14 to 24
Deliver value and
efficiency from scale
More on page 25
Generate liquidity
or free cash flow
from non-controlled
interests
More on page 26
Apply rigorous
capital discipline
to investment
decisions
More on page 27
We aim to deliver organic service revenue growth of 1-4% per
year until the year ending 31 March 2014. We seeve key areas
of growth potential:
■mobile data: accelerate mobile data growth opportunity;
■emerging markets: increase mobile penetration and data adoption;
■enterprise: selectively expand growth segments;
■total communications: continue to develop the adoption
of converged fixed and mobile services; and
■new services: expand into new growth areas including
machine-to-machine and financial services.
We will continue to drive benet from the Group’s scale
advantage and maintain our focus on cost. We have favourable
cost positions in many markets and intend to generate further
signicant savings from technology standardisation,
off-shoring, outsourcing and platform sharing.
Our strategic goals
“Our new strategy is
delivering a more
valuable Vodafone”
We will seek to maximise the value of non-controlled interests
either through generating liquidity or increasing free cash
ow in order to fund protable investment and enhance
shareholder returns.
We will continue to apply capital discipline to our investment
decisions through rigorous commercial analysis and
demanding investment criteria to ensure any investment
in existing businesses or acquisitions will enhance value
for shareholders.
We aim to maintain our low single A long-term credit rating.
Notes:
(1) See “Principal risk factors and uncertainties” on pages 45 to 46 for more details on the risks
facing our business and “Corporate governance – Risk management and Risk mitigation”
on page 59 for detail on how we manage and mitigate risk.
Strategy in action
(2) Organic growth which presents performance on a comparable basis, both in terms
of merger and acquisition activity and foreign exchange rates.
(3) India, Vodacom, Egypt, Turkey, Ghana, Qatar, and Fiji.
12 Vodafone Group Plc Annual Report 2011