Vodafone 2011 Annual Report Download - page 15
Download and view the complete annual report
Please find page 15 of the 2011 Vodafone annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5 -
6 -
7 -
8 -
9 -
10 -
11 -
12 -
13 -
14 -
15 -
16 -
17 -
18 -
19 -
20 -
21 -
22 -
23 -
24 -
25 -
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
 |
 |
Business drivers
The following are some of our principal business
drivers which may influence our performance(1)
How we measure our progress
Organic European operating expenses
(£bn)
Return to shareholders (£bn)
Dividends paid
Share buybacks
A number of factors may impact the prices
we charge and therefore the revenue we
receive including:
■competition;
■regulatory decisions and legislation on
mobile termination rates, international
roaming charges and the availability
and cost of spectrum; and
■changes in macroeconomic conditions.
Our business in India has
grown from 28 million
customers at the time of
acquisition in May 2007
to become our largest
market with over
134 million customers
at 31 March 2011.
The net savings from our cost efciency
programmes may be impacted by inationary
pressures and the volume of trafc on our
networks which can affect our operating costs.
Net savings will be used either to invest in
commercial activities or respond to competitor
activity or retained for margin enhancement.
In those businesses in which we have a
non-controlling interest, matters such as the
timing and amount of cash distribution may
require the consent of our partners which can
inuence the level of free cash ow we receive
from that business .
The returns we make on investments may be
impacted by competitor activity, regulatory
decisions and macroeconomic conditions
that affect our commercial position, nancial
performance and the market environment in
which we operate.
The cost of nancing investment and hence
the return on investment may be inuenced by
changes in credit markets or our credit ratings.
Notes:
(4) Excludes India, Ghana and Qatar as these were not owned for the full financial year.
(5) Information not available.
(6) Excludes tax related dividend receipts from Verizon Wireless.
£15.7bn
Total returns to shareholders
over the last three years.
Key revenue performance indicators(2)
2009 2010 2011
Service revenue growth (0.3)% (1.6)% 2.1%
Data revenue growth 25.9% 19.3% 26.4%
Emerging markets service revenue growth(3) 6.4%(4) 7.9% 11.8%
Europe enterprise service revenue growth –(5) (4.8)% 0.5%
Fixed line revenue growth 2.1% 7.9% 5.2%
2009 2010 2011
2009 2010 2011
2009 2010 2011
Dividends and sale proceeds from
non-controlled interests (£bn)
Dividend income from non-controlled interests(6)
Cash received from the sale of non-controlled
interests(7)
4.1 3.9
0.5
3.7
4.5
(7) A further £1.5 billion is expected be received in April 2012 from the sale of the Group’s
interests in SoftBank.
1.0
2.1
4.0 4.1
5.9
0.5
0.4
Vodafone Group Plc Annual Report 2011 13
Business review