Vodafone 2012 Annual Report Download - page 14
Download and view the complete annual report
Please find page 14 of the 2012 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
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
 |
 |
12
Vodafone Group Plc
Annual Report 2012
Chairman’s statement
What have been your main
impressions of Vodafone after
yourrst year?
The Group is well positioned. It has strong
franchises in most of its markets, attractive
global exposure, a core product that has
become a vital part of people’s lives and a
number of exciting opportunities for growth.
Combined with its substantial cash ow, low
leverage and management strength in depth,
there are plenty of reasons for optimism.
However, throughout Vodafone I see what
Iwould describe as a restless dissatisfaction:
asense that we are doing well and have
signicantly improved our commercial
performance over recent years, but that
wecould do much better still.
People at Vodafone are their own toughest
critics but this creates a highly energetic and
strongly collaborative environment aiming
atconstant improvement.
How is the strategic focus
ofthecompany evolving?
The last two years have seen signicant
proceeds realised from the sale of non-
controlled stakes and the income dividend
from Verizon Wireless, which means that the
external focus will now inevitably turn more
toour operational execution. From our
perspective, this is no more than business as
usual and the Group’s strategy continues to
beclear: to pursue our growth opportunities
indata, enterprise and emerging markets
inadisciplined and efcient way, and give
shareholders a healthy return on their
investment in the process. All of these
elements are discussed in much more
detailelsewhere in this report.
A world of
opportunity
Gerard Kleisterlee succeeded Sir John Bond as
Chairmanof Vodafone at the AGM in 2011. Previously
he was CEO of Philips for ten years. Here he gives his
view on his rst impressions of Vodafone, the key
governance issues facing the Board, his interactions
withmanagement, and the approach to management
and shareholder remuneration.
Summary of key points
a Our strategy is working well to deliver superior operational performance,
ahighlevelof free cash ow and signicant returns to shareholders
a We have strength in depth in the management team and a Board comprised
ofbusiness leaders with a wide range of business expertise
a Strong returns to shareholders with total dividends for the year of 13.52 pence
(including the 4.0 pence special dividend) and the majority of the £6.8 billion
sharebuyback programme now complete