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Registered Ofî…»ce:
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Telephone: +44 (0) 870 702 0198
(In Ireland): +353 (0) 818 300 999
Email: [email protected]o.uk
Website: vodafone.com/investor
Telephone: +44 (0) 1635 664444
Email: groupmediarelations@vodafone.com
Website: vodafone.com/media
Email: sustainabilit[email protected]
Website: vodafone.com/sustainability
Access our online Annual Report at:
Vodafone Group Plc
Annual Report for the year ended 31 March 2013
The way ahead…
introducing Vodafone 2015

Table of contents

  • Page 1
    Vodafone Group Plc Annual Report for the year ended 31 March 2013 The way ahead...introducing Vodafone 2015

  • Page 2
    ..., technology, regulation and the competitive landscape. Vodafone 2015 is our response to these changes: how we maximise new opportunities and defend ourselves against new challenges. Enterprise 2015 Consumer 2015 Emerging Markets Data Introducing Vodafone 2015 Operations 2015 Network 2015

  • Page 3
    ...'s overview Board of directors and Group management Corporate governance Directors' remuneration Business review# 14 18 20 22 24 Chief Executive's review Key performance indicators Industry trends How we do business Strategy 24 Consumer 2015 28 Enterprise 2015 30 Network 2015 32 Operations 2015 Our...

  • Page 4
    02 Vodafone Group Plc Annual Report 2013 Promoting women Our commitment to promoting greater female representation at board level was recently recognised by a leading Media award, "Breaking the Mould" where Vodafone was named overall winner of its 2013 award. Today 20% of our senior leadership are...

  • Page 5
    Overview Business review Performance Governance Financials Additional information 03 Vodafone Group Plc Annual Report 2013 More on: Key performance indicators Pages 18 and 19 We have seen mixed trends in our business this year, with a difficult macroeconomic environment and regulatory ...

  • Page 6
    04 Vodafone Group Plc Annual Report 2013 Emerging markets Today, most of our revenue comes from mature European markets, where most people have a phone, but economic and regulatory pressures are limiting growth. Our future is increasingly in emerging markets, such as India and parts of Africa, ...

  • Page 7
    Overview Business review Performance Governance Financials Additional information 05 Vodafone Group Plc Annual Report 2013 Global footprint Equity interests Revenue1 Operating free cash flow Adjusted operating profit Countries Northern and Central Europe £20.1bn £3.3bn £2.1bn Czech ...

  • Page 8
    06 Vodafone Group Plc Annual Report 2013 It's been a busy year. We have launched our new Vodafone Red proposition, bought valuable spectrum to develop 4G services and acquired two major fixed line businesses, and that's not all... An eventful year... April The acquisition of Cable & Wireless ...

  • Page 9
    ... information 07 Vodafone Group Plc Annual Report 2013 June June July Vodafone and O2 announced a network sharing deal in the UK, allowing us to reach 98% population coverage by 2015. We announced new innovative roaming propositions in Europe including calls, texts and mobile internet access...

  • Page 10
    ... Annual Report 2013 More on: Strategy and Vodafone 2015 Pages 24 to 33 Our strategy adapts to fit to, and shape, a fast-moving environment. But at its heart is our consistent commitment to differentiation through investment in our network and services. Adapting in a dynamic market... Short-term...

  • Page 11
    ...Business review Performance Governance Financials Additional information 09 Vodafone Group Plc Annual Report 2013 Vodafone 4G ready We are deploying 4G, also known as long-term evolution ('LTE') technology, which at least doubles data speeds compared to 3G, bringing the very best mobile data...

  • Page 12
    ... Customers Assets Supplier relationships Networks Distribution People Brand Revenue Shareholder remuneration Key risks Reinvestment in the business Cash flow We have a rigorous process for monitoring and managing risk, which feeds directly into our business and financial strategy. To read...

  • Page 13
    Overview Business review Performance Governance Financials Additional information 11 Vodafone Group Plc Annual Report 2013 Our future leaders Our global graduate programme, Discover, continued to bring the best graduates into our local markets, with around 470 top university recruits this ...

  • Page 14
    .... Summary of key points Our strategy is to deliver individuals and companies the seamless internet experience they will increasingly demand, irrespective of technology or platform. Consumer 2015 Emerging Markets Data Enterprise 2015 Introducing Vodafone 2015 Operations 2015 Network 2015 We have...

  • Page 15
    ... Business review Performance Governance Financials Additional information 13 Vodafone Group Plc Annual Report 2013 Vodafone share price vs STOXX Europe 600 Index 1 April 2010 to 20 May 2013, in â,¬, rebased to 100 140 130 120 110 100 90 80 70 April 2010 April 2011 April 2012 April 2013...

  • Page 16
    14 Vodafone Group Plc Annual Report 2013 Chief Executive's review Ready to seize future growth opportunities Even in the context of tough economic and regulatory conditions, I remain very excited about the longer term prospects for the industry, as customer appetite for high speed data grows ...

  • Page 17
    Overview Business review Performance Governance Financials Additional information 15 Vodafone Group Plc Annual Report 2013 £7.9bn Service revenue growth 2013 It has been a difficult year in our controlled and jointly controlled operations due to tough economic and regulatory conditions ...

  • Page 18
    ...structure, following the market success of Vodafone Global Enterprise ('VGE') and the CWW and TelstraClear acquisitions. Enterprise now represents 27.3% of Group service revenue and we have over 32 million mobile enterprise customers accounting for around 8% of our total customer base. VGE, serving...

  • Page 19
    ...review Performance Governance Financials Additional information 17 Vodafone Group Plc Annual Report 2013 Operations 2015 Over the next three years we plan to simplify further our business model both across and within countries, eliminating legacy structures, reducing non-customer-facing costs...

  • Page 20
    18 Vodafone Group Plc Annual Report 2013 Key performance indicators Our performance over the year We track our performance against 12 key financial, operational and commercial metrics which we judge to be the best indicators of how we are doing. Organic service revenue growth Target: To maximise ...

  • Page 21
    Overview Business review Performance Governance Financials Additional information 19 Vodafone Group Plc Annual Report 2013 Mobile network performance floor (Europe) Target: 75% of smartphone data sessions at least 3 Mbps in 2015. 2011 2012 2013 70% at least 200kbps 75% at least 400kbps 75% ...

  • Page 22
    ...own stores. Advances in technology have also led to internet based companies and software providers offering alternative communication services such as voice over internet protocol ('VoIP'). Mobile phone users 2007 2011 2012 3.4bn 6.0bn 6.5bn Mobile phone users by market 2012 China: 17% Europe: 17...

  • Page 23
    ... Governance Financials Additional information 21 Vodafone Group Plc Annual Report 2013 Where the industry is heading The pace of change in the mobile industry over the last few years has been significant and is expected to continue. We anticipate growing sources of revenue from data services...

  • Page 24
    ... annual cash return to shareholders. Capital expenditure 2011 2012 2013 £6.2bn £6.4bn £6.3bn Supplier relationships Given our scale and global reach, we tend to be a key strategic partner for many of our suppliers. We work closely with them to build great networks, develop innovative services...

  • Page 25
    Overview Business review Performance Governance Financials Additional information 23 Vodafone Group Plc Annual Report 2013 404 million Customers With 404 million customers, Vodafone is one of the biggest mobile operators in the world. We provide services to everyone, from many of the ...

  • Page 26
    24 Vodafone Group Plc Annual Report 2013 Strategy Consumer2015 Data We are reconfiguring our company to meet the growing demand for data services. We will differentiate our data services from our competitors through ongoing investment in technology, distribution and customer services, providing ...

  • Page 27
    ... Governance Financials Additional information 25 Vodafone Group Plc Annual Report 2013 36% Vodafone Red Our Vodafone Red proposition offers consumers and businesses a simple and worry-free package, with generous mobile data allowances, unlimited calls and text messages, plus cloud and online...

  • Page 28
    ...the increase in mobile penetration. Market context: Emerging markets such as India and Africa are already a significant part of Vodafone. They account for 30% of the Group's service revenue, and our business in India alone accounts for around half of our base station sites and voice calls across the...

  • Page 29
    ... Business review Performance Governance Financials Additional information 27 Vodafone Group Plc Annual Report 2013 Mobile penetration opportunity in emerging markets Emerging markets represent the regions with the most potential for future mobile revenue growth driven in part by lower mobile...

  • Page 30
    ...its services: mobile voice, messaging, data and fixed line.1 Towards 2015: Our 2015 enterprise strategy is based on six pillars: accelerating our converged offers; consolidating our lead in M2M; growing Vodafone Global Enterprise and our Carrier Services businesses; leveraging our hosting capability...

  • Page 31
    Overview Business review Performance Governance Financials Additional information 29 Vodafone Group Plc Annual Report 2013 The acquisition of Cable & Wireless Worldwide in July 2012 What was the rationale for the acquisition? a To create the only integrated fixed and mobile player in the UK....

  • Page 32
    ... Vodafone's five main data centres that host our IT systems, three in Europe, and one each in Africa and India, are linked together to form an internal 'Cloud'. The servers within these centres use virtualisation technology to more effectively run multiple applications to enable customer services...

  • Page 33
    Overview Business review Performance Governance Financials Additional information 31 Vodafone Group Plc Annual Report 2013 Strong network reach As demand for mobile services moves from voice and text to data we have been investing to build a superior data network. Our data network now covers...

  • Page 34
    32 Vodafone Group Plc Annual Report 2013 Strategy (continued) Operations2015 We are using the benefits of our global reach and scale to standardise and simplify the way we do business across the Group. This will both improve cost efficiency and reduce the time to launch new services and products ...

  • Page 35
    ... the Group, which are supported by a single set of tightly integrated IT applications. These actions are expected to both reduce costs and improve the time to market for new offers such as mobile commerce services. We have developed one integrated data centre cloud across Europe and Africa and...

  • Page 36
    ... The Vodafone Way into daily business reality to deliver our Vodafone 2015 strategy. The Vodafone Way is part of employees' performance objectives and defines a consistent way of working to help us strengthen our position as an admired company in the eyes of our customers, shareholders and employees...

  • Page 37
    Overview Business review Performance Governance Financials Additional information 35 Vodafone Group Plc Annual Report 2013 Talent and capability development During the year we strengthened our senior leadership team, with 61% of the vacancies being filled by internal talent, up from 31% two ...

  • Page 38
    ...Group Plc Annual Report 2013 Sustainable business Improving lives around the world Vodafone's strategic focus on emerging markets, enterprise, data and new services brings significant opportunities to align our business growth with our goal to be a sustainable business, by contributing to resource...

  • Page 39
    Overview Business review Performance Governance Financials Additional information 37 Vodafone Group Plc Annual Report 2013 The second will explore how health ministries in sub-Saharan Africa can use mobile technology to increase immunisation rates. In Mozambique, we are partnering with GSK ...

  • Page 40
    ...Vodafone Group Plc Annual Report 2013 Vodafone Foundation Mobile for Good At the heart of our Foundation is the belief that mobile communications technologies can address some of the world's most pressing humanitarian challenges and our responsibility is to utilise our innovative mobile technology...

  • Page 41
    Overview Business review Performance Governance Financials Additional information 39 Vodafone Group Plc Annual Report 2013 Instant Network volunteer programme Vodafone Foundation volunteers are trained employees deployed as first responders to provide mobile communications support in ...

  • Page 42
    ... in discount rates. Northern and Central Europe Germany £m UK £m Other Northern and Central Europe £m Eliminations £m Northern and Central Europe £m % change £m Organic Year ended 31 March 2013 Revenue Service revenue EBITDA Adjusted operating profit EBITDA margin Year ended 31 March 2012...

  • Page 43
    Overview Business review Performance Governance Financials Additional information 41 Vodafone Group Plc Annual Report 2013 Revenue increased by 2.7% including a -4.1 percentage point negative impact from foreign exchange rate movements and a 6.8 percentage point positive impact from M&A and ...

  • Page 44
    42 Vodafone Group Plc Annual Report 2013 Operating results (continued) Southern Europe Italy £m Spain £m Other Southern Europe £m Eliminations £m Southern Europe £m % change £m Organic Year ended 31 March 2013 Revenue Service revenue EBITDA Adjusted operating profit EBITDA margin Year ended...

  • Page 45
    ... Business review Performance Governance Financials Additional information 43 Vodafone Group Plc Annual Report 2013 Africa, Middle East and Asia Pacific India £m Vodacom £m Other AMAP £m Eliminations £m AMAP £m % change £m Organic Year ended 31 March 2013 Revenue Service revenue EBITDA...

  • Page 46
    44 Vodafone Group Plc Annual Report 2013 Operating results (continued) EBITDA grew by 10.3%*, with a 1.6* percentage point increase in EBITDA margin, primarily driven by revenue growth in Vodacom's mobile operations outside South Africa and savings in network costs in South Africa following ...

  • Page 47
    ...Business review Performance Governance Financials Additional information 45 Vodafone Group Plc Annual Report 2013 Guidance Please see page 179 for "Use of non-GAAP financial information", page 187 for "Definition of terms" and page 185 for "Forwardlooking statements". Performance against 2013...

  • Page 48
    46 Vodafone Group Plc Annual Report 2013 Principal risk factors and uncertainties Identifying and managing our risks We have a clear framework for identifying and managing risk, both at an operational and strategic level. Our risk identification and mitigation processes have been designed to be ...

  • Page 49
    ... Business review Performance Governance Financials Additional information 47 Vodafone Group Plc Annual Report 2013 The Group's key risks are outlined below: 1. Our business could be adversely affected by a failure or significant interruption to our telecommunications networks or IT systems...

  • Page 50
    .... Risk: By expanding our enterprise service offerings through the growth of Vodafone Global Enterprise, the acquisitions of CWW and TelstraClear, and the establishment of cloud, hosting and international carrier services, the Group increasingly provides fixed and mobile communication services to...

  • Page 51
    Overview Business review Performance Governance Financials Additional information 49 Vodafone Group Plc Annual Report 2013 Eurozone The Group continues to face currency, operational and financial risks as a result from the challenging economic conditions in the eurozone and the potential ...

  • Page 52
    50 Vodafone Group Plc Annual Report 2013 Governance 51 52 55 67 Chairman's overview Board of directors and Group management Corporate governance Directors' remuneration

  • Page 53
    ... Additional information 51 Vodafone Group Plc Annual Report 2013 Chairman's overview "Effective corporate governance is an essential prerequisite to sustainable business performance. Companies that operate with integrity at all times will maintain the trust of their investors, customers and...

  • Page 54
    ... in international business a Knowledge of international IT systems a MacDonald, Dettwiler and Associates (Canada) - a HSBC Holdings plc - Group Chief Operating Officer Manager of the Software and Services Group (2012-2013) Non-executive director (2006-2012) (2003-2006); Group Chief Information...

  • Page 55
    Overview Business review Performance Governance Financials Additional information 53 Vodafone Group Plc Annual Report 2013 Skills and experience: a Financial expert with extensive international experience a Retired from Ernst & Young in 2006 after a career spanning Skills and experience: a ...

  • Page 56
    ... Worldwide - Chief Executive (2012-2013) a Vodafone Global Enterprise - Chief Executive (2006-2012) a Vodafone Group Plc - Marketing Director for business a Ciena - Senior Vice President (2003-2004) a Microfone - Founder (2002-2003) a Cable & Wireless plc (Mercury Communications) - led UK and (2004...

  • Page 57
    ... of association. The Board: a is responsible for setting the Group strategy and for the management, direction and performance of our businesses; a is accountable to shareholders for the proper conduct of the business; a is responsible for the long-term success of the Company, having regard for...

  • Page 58
    ... and clear information. The Senior Independent Director Vittorio Colao The role of the Chief Executive is set out in writing and agreed by the Board. He is responsible for: a management of the Group's business; a implementation of the Company's strategy and policies; a maintaining a close working...

  • Page 59
    ... Shareholder engagement Board performance Board committee reports Corporate governance updates Sustainability Financials Transformational products and services Sustainable business practices Vodafone Foundation Chief Financial Officer's report Long range plan/ forecasts Management accounts

  • Page 60
    ... to learn the views of major investors at planned events throughout the year (see "Shareholder engagement" on page 64); a our directors periodically visit different parts of the Group. In September 2012 the Board met with senior management in Spain; a the non-executive directors are provided...

  • Page 61
    Overview Business review Performance Governance Financials Additional information 59 Vodafone Group Plc Annual Report 2013 Re-election of directors All the directors submit themselves for re-election at the AGM to be held on 23 July 2013 with the exception of Omid Kordestani who will seek ...

  • Page 62
    ... page 58); a reviews the tenure of each of the non-executive directors; and a is responsible for the oversight of all matters relating to corporate governance, bringing any issues to the attention of the Board. Committee meetings No one other than a member of the Committee is entitled to be present...

  • Page 63
    ... Business review Performance Governance Financials Additional information 61 Vodafone Group Plc Annual Report 2013 Audit and Risk Committee "Our activities continued to be focused on the integrity of the Group's financial reporting, the quality of the external and internal audit processes...

  • Page 64
    ... environments and risk management processes in a number of our markets and also conducted a review of the internal audit function. This review included the scope of Internal Audit's activity and resourcing together with areas of focus and planning for the next three years. Oversight of the Group...

  • Page 65
    Overview Business review Performance Governance Financials Additional information 63 Vodafone Group Plc Annual Report 2013 assessment was undertaken in 2011 as to whether the Group should consider putting the audit engagement out to tender. This process included the re-proposal by Deloitte ...

  • Page 66
    ...Head of Internal Audit and the Group Compliance Director; a competitor analysis; and a strategy. Annually, the Executive Committee, together with the chief executives of the major operating companies, conduct a strategy review to identify key strategic issues to be presented to the Board. The agreed...

  • Page 67
    Overview Business review Performance Governance Financials Additional information 65 Vodafone Group Plc Annual Report 2013 The Chairman has overall responsibility for ensuring that there is effective communication with investors, and that the Board understands the views of major shareholders...

  • Page 68
    ...website (vodafone.com/governance). These terms of reference are generally responsive to the relevant NASDAQ rules but may not address all aspects of these rules. Code of Conduct Under the NASDAQ rules, US companies must adopt a code of conduct applicable to all directors, officers and employees that...

  • Page 69
    Overview Business review Performance Governance Financials Additional information 67 Vodafone Group Plc Annual Report 2013 Directors' remuneration Letter from the Remuneration Committee Dear shareholder This has been a demanding yet effective year for the Committee. As always we have tried ...

  • Page 70
    ...on market practice Governance Performance analysis Plan design International mobility Tax Technology Finance Operations Compliance Pension and benefit administration Reward consultancy Towers Watson Remuneration Committee in 2007 Advice on market practice Provide market data on executive rewards...

  • Page 71
    Overview Business review Performance Governance Financials Additional information 69 Vodafone Group Plc Annual Report 2013 Meetings The Remuneration Committee had five formal meetings during the year. Outside these meetings there are frequent discussions usually by phone. The principal ...

  • Page 72
    ... to work for the company in the financial year. Total remuneration for the 2013 financial year Vittorio Colao 2013 £'000 2012 £'000 2013 £'000 Andy Halford 2012 £'000 2013 £'000 Michel Combes1 2012 £'000 2013 £'000 Stephen Pusey 2012 £'000 Salary/fees Benefits/other2 Cash in lieu of pension...

  • Page 73
    ... Business review Performance Governance Financials Additional information 71 Vodafone Group Plc Annual Report 2013 Relative spend on pay The chart on the right shows both the total cost of remuneration in the Group as shown on page 102 as well as the total cost of remuneration for executive...

  • Page 74
    ... management team are aligned with those of shareholders. Executives are expected to build and maintain a significant shareholding in Vodafone shares as follows: a Chief Executive - four times base salary; a other executive directors - three times base salary; a other Executive Committee members...

  • Page 75
    Overview Business review Performance Governance Financials Additional information 73 Vodafone Group Plc Annual Report 2013 Service contracts of executive directors The Remuneration Committee has determined that after an initial term of up to two years executive directors' contracts should ...

  • Page 76
    74 Vodafone Group Plc Annual Report 2013 Directors' remuneration (continued) The remuneration package for the 2014 financial year The table below summarises the main components of the reward package for executive directors. Purpose and link to strategy Operation Base salary a To attract and ...

  • Page 77
    Overview Business review Performance Governance Financials Additional information 75 Vodafone Group Plc Annual Report 2013 Opportunity Performance metrics Changes in year There are no proposed salary increases for any executive directors during the 2014 financial year compared to a salary...

  • Page 78
    ... is set by reference to the Company's three year plan and market expectations. The Remuneration Committee considers the targets to be critical to the Company's long-term success and its ability to maximise shareholder value, and to be in line with the strategic goals of the Company. The Remuneration...

  • Page 79
    ...Business review Performance Governance Financials Additional information 77 Vodafone Group Plc Annual Report 2013 Estimates of total future potential remuneration from 2014 pay packages The tables below provide estimates of the potential future remuneration for each of the executive directors...

  • Page 80
    ...-employee share plans The executive directors are also eligible to participate in the all-employee plans. Summary of plans Sharesave The Vodafone Group 2008 Sharesave Plan is an HM Revenue & Customs ('HMRC') approved scheme open to all staff permanently employed by a Vodafone Company in the UK as...

  • Page 81
    Overview Business review Performance Governance Financials Additional information 79 Vodafone Group Plc Annual Report 2013 Funding A mixture of newly issued shares, treasury shares and shares purchased in the market by the employee benefit trust are used to satisfy share-based awards. This ...

  • Page 82
    80 Vodafone Group Plc Annual Report 2013 Directors' remuneration (continued) Directors' interests in the shares of the Company - long-term incentives Performance shares GLTI conditional share awards granted to executive directors for the relevant financial years are shown below. It is important to...

  • Page 83
    ...81 Vodafone Group Plc Annual Report 2013 Share options No share options have been granted to directors during the year. The following information summarises the executive directors' options under the Vodafone Group 2008 Sharesave Plan ('SAYE'), the Vodafone Group Plc 1999 Long-Term Stock Incentive...

  • Page 84
    ... Vodafone Group Plc Annual Report 2013 Directors' remuneration (continued) Vodafone has been advised that for non-executive directors who are based overseas, any travel expenses in relation to attending board meetings should be included as a benefit. The table on page 81 now includes these travel...

  • Page 85
    Overview Business review Performance Governance Financials Additional information 83 Vodafone Group Plc Annual Report 2013 Contents Page 84 Directors' statement of responsibility 85 Audit report on internal control over financial reporting 86 Critical accounting estimates 88 Audit report on...

  • Page 86
    ... as issued by the IASB and IFRS as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group; and a the directors' report includes a fair review of the development and performance of the business and the position of the Group together...

  • Page 87
    Overview Business review Performance Governance Financials Additional information 85 Vodafone Group Plc Annual Report 2013 Audit report on internal control over financial reporting Report of independent registered public accounting firm to the members of Vodafone Group Plc Because of the ...

  • Page 88
    ... the tax charge in the consolidated income statement and tax payments. Finite lived intangible assets Other intangible assets include the Group's aggregate amounts spent on the acquisition of licences and spectrum, computer software, customer bases, brands and development costs. These assets arise...

  • Page 89
    ... Business review Performance Governance Financials Additional information 87 Vodafone Group Plc Annual Report 2013 The relative size of the Group's intangible assets, excluding goodwill, makes the judgements surrounding the estimated useful lives critical to the Group's financial position...

  • Page 90
    ... Plc Opinion In our opinion the consolidated financial statements of Vodafone Group Plc: a give a true and fair view of the state of the Group's affairs as at 31 March 2013 and of its profit for the year then ended; a have been properly prepared in accordance with International Financial Reporting...

  • Page 91
    Overview Business review Performance Governance Financials Additional information 89 Vodafone Group Plc Annual Report 2013 represent the principal business units of the Group and account for 83% of the Group's total assets, 70% of the Group's revenue and 78% of the Group's operating profit. ...

  • Page 92
    90 Vodafone Group Plc Annual Report 2013 Consolidated income statement for the years ended 31 March Note 2013 £m 2012 £m 2011 £m Revenue Cost of sales Gross profit Selling and distribution expenses Administrative expenses Share of result in associates Impairment losses Other income and ...

  • Page 93
    Overview Business review Performance Governance Financials Additional information 91 Vodafone Group Plc Annual Report 2013 Commentary on the consolidated income statement and statement of comprehensive income The consolidated income statement includes the majority of our income and expenses ...

  • Page 94
    92 Vodafone Group Plc Annual Report 2013 Consolidated statement of financial position at 31 March Note 2013 £m 2012 £m Non-current assets Goodwill Other intangible assets Property, plant and equipment Investments in associates Other investments Deferred tax assets Post employment benefits ...

  • Page 95
    ... Business review Performance Governance Financials Additional information 93 Vodafone Group Plc Annual Report 2013 Commentary on the consolidated statement of financial position The consolidated statement of financial position shows all of our assets and liabilities at 31 March. Total assets...

  • Page 96
    94 Vodafone Group Plc Annual Report 2013 Consolidated statement of changes in equity for the years ended 31 March Share capital £m Additional paid-in capital1 £m Other comprehensive income Treasury shares £m Retained losses £m Currency reserve £m Pensions Investment ...

  • Page 97
    Overview Business review Performance Governance Financials Additional information 95 Vodafone Group Plc Annual Report 2013 Commentary on the consolidated statement of changes in equity The consolidated statement of changes in equity shows the movements in equity shareholders' funds and non-...

  • Page 98
    ...Vodafone Group Plc Annual Report 2013 Consolidated statement of cash flows for the years ended 31 March Note 2013 £m 2012 £m 2011 £m Net cash flow from operating activities Cash flows from investing activities Purchase of interests in subsidiaries and joint ventures, net of cash acquired...

  • Page 99
    ..., dividends from associates, and borrowings through shortterm and long-term debt issued through the capital markets. We expect these to be our key sources of liquidity for the foreseeable future. We also have access to the committed facilities detailed on page 157. Our liquidity and working capital...

  • Page 100
    98 Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements 1. Basis of preparation The consolidated financial statements are prepared in accordance with IFRS as issued by the International Accounting Standards Board and are also prepared in accordance with IFRS adopted...

  • Page 101
    Overview Business review Performance Governance Financials Additional information 99 Vodafone Group Plc Annual Report 2013 For periods commencing on or after 1 April 2013, the Group's financial reporting will be presented in accordance with the new standards above. Except for IFRS 11 and the...

  • Page 102
    100 Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) 3. Operating profit Detailed below are the key items charged/(credited) in arriving at our operating profit. 2013 £m 2012 £m 2011 £m Net foreign exchange losses Depreciation of property, ...

  • Page 103
    ... Business review Performance Governance Financials Additional information 101 Vodafone Group Plc Annual Report 2013 4. Directors and key management compensation This note details the total amounts earned by the Company's directors and members of the Executive Committee. Further details...

  • Page 104
    102 Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) 5. Employees This note shows the average number of people employed by the Group during the year, in which areas of our business our employees work and where they are based. It also shows total ...

  • Page 105
    Overview Business review Performance Governance Financials Additional information 103 Vodafone Group Plc Annual Report 2013 6. Investment income and financing costs Investment income is mainly comprised of interest received from short-term investments in money market funds, external bank ...

  • Page 106
    104 Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) 7. Taxation This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets held ...

  • Page 107
    Overview Business review Performance Governance Financials Additional information 105 Vodafone Group Plc Annual Report 2013 Factors affecting tax expense for the year The table below explains the differences between the expected tax expense, at the UK statutory tax rate of 24% (2012: 26%; ...

  • Page 108
    ... Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) 7. Taxation (continued) Deferred tax assets and liabilities are analysed in the statement of financial position, after offset of balances within countries, as: £m Deferred tax asset Deferred tax...

  • Page 109
    Overview Business review Performance Governance Financials Additional information 107 Vodafone Group Plc Annual Report 2013 The Group holds provisions of £1,812 million (2012: £1,796 million) in respect of deferred taxation that would arise if temporary differences on investments in ...

  • Page 110
    108 Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) 10. Intangible assets Our statement of financial position contains significant intangible assets, mainly in relation to goodwill. Goodwill arises when we acquire a business and pay a higher amount ...

  • Page 111
    ... tax and transaction costs. CWW de-listed from the London Stock Exchange on 30 July 2012. CWW provides a wide range of managed voice, data, hosting and IP-based services and applications. The primary reasons for acquiring the business were to strengthen the enterprise business of Vodafone Group...

  • Page 112
    110 Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) 11. Acquisitions and disposals (continued) TelstraClear Limited ('TelstraClear') On 31 October 2012 the Group acquired the entire share capital of TelstraClear for cash consideration of NZ$863 ...

  • Page 113
    Overview Business review Performance Governance Financials Additional information 111 Vodafone Group Plc Annual Report 2013 Poland - Polkomtel S.A. On 9 November 2011 the Group sold its entire 24.4% interest in Polkomtel S.A. to Spartan Capital Holdings SP. z o.o for a cash consideration of ...

  • Page 114
    ...a the long-term compound annual growth rate in EBITDA in years six to ten estimated by management. Pre-tax risk adjusted discount rate The discount rate applied to the cash flows of each of the Group's operations is generally based on the risk free rate for ten year bonds issued by the government in...

  • Page 115
    ... Business review Performance Governance Financials Additional information 113 Vodafone Group Plc Annual Report 2013 Sensitivity analysis Other than as disclosed below, management believes that no reasonably possible change in any of the above key assumptions would cause the carrying value...

  • Page 116
    114 Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) 12. Impairment review (continued) Sensitivity analysis The table below shows, for India and Romania, the amount by which each key assumption must change in isolation in order for the estimated ...

  • Page 117
    ... Business review Performance Governance Financials Additional information 115 Vodafone Group Plc Annual Report 2013 13. Property, plant and equipment We make significant investments in network equipment and infrastructure - the base stations and technology required to operate our networks...

  • Page 118
    116 Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) 14. Investments in joint ventures We hold interests in several joint ventures that are companies where we share control with one or more third parties, with our business in Italy being the most ...

  • Page 119
    ...-voting shares. 4 At 31 March 2013 the fair value of Safaricom Limited was KES 96 billion (£739 million) based on the closing quoted share price on the Nairobi Stock Exchange. The Group's share of the aggregated financial information of equity accounted associates is set out below. 2013 £m 2012...

  • Page 120
    ... us by customers and amounts that we pay to our suppliers in advance. Trade receivables are shown net of an allowance for bad or doubtful debts. Derivative financial instruments with a positive market value are reported within this note. 2013 £m 2012 £m Included within non-current assets: Trade...

  • Page 121
    ... Business review Performance Governance Financials Additional information 119 Vodafone Group Plc Annual Report 2013 18. Trade and other payables Our trade and other payables mainly consist of amounts we owe to our suppliers that have been invoiced or are accrued. They also include taxes...

  • Page 122
    ... the cost of returning network infrastructure sites to their original condition at the end of the lease. Asset retirement obligations £m Legal and regulatory £m Other £m Total £m 1 April 2011 Exchange movements Amounts capitalised in the year Amounts charged to the income statement...

  • Page 123
    ... Business review Performance Governance Financials Additional information 121 Vodafone Group Plc Annual Report 2013 20. Commitments A commitment is a contractual obligation to make a payment in the future. These amounts are not recorded in the consolidated statement of financial position...

  • Page 124
    122 Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) 21. Contingent liabilities (continued) UK pension schemes The Company has covenanted to provide security in favour of the Trustee of the Vodafone Group UK Pension Scheme whilst there is a deficit ...

  • Page 125
    Overview Business review Performance Governance Financials Additional information 123 Vodafone Group Plc Annual Report 2013 VIHBV has not received any formal demand for taxation following the Finance Act 2012, but it did receive a letter on 3 January 2013 reminding it of the tax demand ...

  • Page 126
    ... bank facilities and through short-term and long-term issuances in the capital markets. Our key borrowings at 31 March 2013 consist of bond and commercial paper issues and bank loans. Details of our committed facilities can be found on page 157. We manage the basis on which we incur interest...

  • Page 127
    ... Business review Performance Governance Financials Additional information 125 Vodafone Group Plc Annual Report 2013 The fair value and carrying value of the Group's long-term borrowings is as follows: Sterling equivalent nominal value 2013 £m 2012 £m 2013 £m Fair value 2012...

  • Page 128
    ... in relation to the Group's non-derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and fair value, is as follows: Bank loans £m Redeemable preference shares £m Commercial paper £m Bonds £m Other liabilities £m Loans in...

  • Page 129
    Overview Business review Performance Governance Financials Additional information 127 Vodafone Group Plc Annual Report 2013 Interest rate and currency of borrowings Currency Total borrowings £m Floating rate borrowings £m Fixed rate borrowings1 £m Other borrowings2 £m ...

  • Page 130
    ... expenditure. 25. Called up share capital Called up share capital is the number of shares in issue at their par value of 113/7 US cents each. A number of shares were allotted during the year in relation to employee share option schemes. 2013 Number £m Number 2012 £m Ordinary shares of 113/7 US...

  • Page 131
    Overview Business review Performance Governance Financials Additional information 129 Vodafone Group Plc Annual Report 2013 A1. Significant accounting policies Below we detail our significant accounting policies applied in the current reporting period. These should be read in conjunction ...

  • Page 132
    ... the income statement on a straight-line basis over the estimated useful life from the date the software is available for use. Other intangible assets Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the...

  • Page 133
    ... Business review Performance Governance Financials Additional information 131 Vodafone Group Plc Annual Report 2013 Estimated useful lives The estimated useful lives of finite lived intangible assets are as follows: a Licence and spectrum fees a Computer software a Brands a Customer bases...

  • Page 134
    ... of sales taxes and discounts. The Group principally obtains revenue from providing the following telecommunication services: access charges, airtime usage, messaging, interconnect fees, data services and information provision, connection fees and equipment sales. Products and services may be sold...

  • Page 135
    ... Business review Performance Governance Financials Additional information 133 Vodafone Group Plc Annual Report 2013 Foreign currencies The consolidated financial statements are presented in sterling, which is the parent company's functional and presentation currency. Each entity in the Group...

  • Page 136
    ...Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) A1. Significant accounting policies (continued) Taxation Income tax expense represents the sum of the current tax payable and deferred tax. Current tax payable or recoverable is based on taxable profit...

  • Page 137
    Overview Business review Performance Governance Financials Additional information 135 Vodafone Group Plc Annual Report 2013 Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the ...

  • Page 138
    ...region based on the location of the Group company reporting the revenue. Inter-segment sales are charged at arm's length prices. During the year ended 31 March 2013 the Group changed its organisation structure. The Northern and Central Europe region comprises Germany, the UK, the Netherlands, Turkey...

  • Page 139
    Overview Business review Performance Governance Financials Additional information 137 Vodafone Group Plc Annual Report 2013 Segment revenue £m Intra-region revenue £m Regional revenue £m Inter-region revenue £m Group revenue £m EBITDA1 £m 31 March 2013 Germany UK ...

  • Page 140
    ...Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) A2. Segment analysis (continued) A reconciliation of EBITDA to operating profit is shown below. For a reconciliation of operating profit to profit before taxation, see the consolidated income statement...

  • Page 141
    Overview Business review Performance Governance Financials Additional information 139 Vodafone Group Plc Annual Report 2013 Non-current assets1 £m Capital expenditure2 £m Other expenditure on intangible assets £m Depreciation and amortisation £m Impairment loss £m...

  • Page 142
    ... have a number of share plans used to award options and shares to directors and employees as part of their remuneration package. A charge is recognised in the consolidated income statement to record the cost of these, based on the fair value of the award on the grant date. For further information on...

  • Page 143
    Overview Business review Performance Governance Financials Additional information 141 Vodafone Group Plc Annual Report 2013 Movements in outstanding ordinary share and ADS options ADS options 2013 Millions 2012 Millions 2011 Millions 2013 Millions Ordinary share options 2012 ...

  • Page 144
    ..., Egypt, Germany, Greece, Hungary, Ireland, Italy, Malta, the Netherlands, New Zealand, Portugal, South Africa, Spain, the UK and the US. The Group's principal defined benefit pension schemes in the UK, being the Vodafone Group Plc Pension Scheme ('Vodafone UK plan') and the Cable & Wireless...

  • Page 145
    ... Financials Additional information 143 Vodafone Group Plc Annual Report 2013 Charges made to the consolidated income statement and consolidated statement of comprehensive income ('SOCI') on the basis of the assumptions stated above are: 2013 £m 2012 £m 2011 £m Current service cost...

  • Page 146
    144 Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) A5. Post employment benefits (continued) Actual return on pension assets 2013 £m 2012 £m 2011 £m Actual return on pension assets Analysis of pension assets at 31 March is as follows: ...

  • Page 147
    Overview Business review Performance Governance Financials Additional information 145 Vodafone Group Plc Annual Report 2013 Financial risk management The Group's treasury function provides a centralised service to the Group for funding, foreign exchange, interest rate management and ...

  • Page 148
    ... Plc Annual Report 2013 Notes to the consolidated financial statements (continued) A6. Capital and financial risk management (continued) The majority of the Group's trade receivables are due for maturity within 90 days and largely comprise amounts receivable from consumers and business customers...

  • Page 149
    Overview Business review Performance Governance Financials Additional information 147 Vodafone Group Plc Annual Report 2013 Foreign exchange management As Vodafone's primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the sterling share price ...

  • Page 150
    148 Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) A7. Related party transactions The Group has a number of related parties including joint ventures (refer to note 14), associates (refer to note 15), pension schemes (refer to note A5 for the Group...

  • Page 151
    Overview Business review Performance Governance Financials Additional information 149 Vodafone Group Plc Annual Report 2013 A8. Principal subsidiaries Our subsidiaries are located around the world and each contributes to the profits, assets and cash flow of the Group. We have a large number ...

  • Page 152
    150 Vodafone Group Plc Annual Report 2013 Notes to the consolidated financial statements (continued) A9. Subsidiaries exempt from audit The following UK subsidiaries will take advantage of the newly available audit exemption set out within section 479A of the Companies Act 2006 for the year ended ...

  • Page 153
    ... conditions in a number of our mature markets. As a result of the leap year, service revenue growth of 2.3%* in Q4 benefited from the additional day by around 1 percentage point. AMAP service revenue was up by 8.0%*, with a strong performance in India, Qatar, Ghana and Vodacom and a return to growth...

  • Page 154
    ... Vodafone Group Plc Annual Report 2013 Other unaudited financial information (continued) Prior year operating results (continued) Northern and Central Europe Germany £m UK £m Other Northern and Central Europe £m Eliminations £m Northern and Central Europe £m % change £m Organic Year ended...

  • Page 155
    ... Business review Performance Governance Financials Additional information 153 Vodafone Group Plc Annual Report 2013 Southern Europe Italy £m Spain £m Other Southern Europe £m Eliminations £m Southern Europe £m % change £m Organic Year ended 31 March 2012 Revenue Service revenue EBITDA...

  • Page 156
    154 Vodafone Group Plc Annual Report 2013 Other unaudited financial information (continued) Prior year operating results (continued) Africa, Middle East and Asia Pacific India £m Vodacom £m Other AMAP £m Eliminations £m AMAP £m % change £m Organic Year ended 31 March 2012 Revenue Service ...

  • Page 157
    Overview Business review Performance Governance Financials Additional information 155 Vodafone Group Plc Annual Report 2013 Other AMAP Organic service revenue, which included Australia, declined by -1.8%* with both New Zealand and Australia being impacted by MTR cuts effective from 6 May ...

  • Page 158
    ...). The Board of Vodafone therefore announced a £1.5 billion share buyback programme which commenced on receipt of the dividend in December 2012 and was initiated under the authority granted by the shareholders at the 2012 annual general meeting. Details of the shares purchased to date, including...

  • Page 159
    Overview Business review Performance Governance Financials Additional information 157 Vodafone Group Plc Annual Report 2013 Committed facilities In aggregate we have committed facilities of approximately £15,354 million, of which £7,672 million was undrawn and £7,682 million was drawn at ...

  • Page 160
    ... market conditions in the context of the five year business plan. Verizon Communications Inc. has an indirect 23.1% shareholding in Vodafone Italy and under the shareholders' agreement the shareholders have agreed to take steps to cause Vodafone Italy to pay dividends at least annually, provided...

  • Page 161
    ...financial statements of Vodafone Group Plc for the year ended 31 March 2013 which comprise the balance sheet and the related notes 1 to 11. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally...

  • Page 162
    160 Vodafone Group Plc Annual Report 2013 Company balance sheet of Vodafone Group Plc at 31 March Note 2013 £m 2012 £m Fixed assets Shares in Group undertakings Current assets Debtors: amounts falling due after more than one year Debtors: amounts falling due within one year Other ...

  • Page 163
    ... Business review Performance Governance Financials Additional information 161 Vodafone Group Plc Annual Report 2013 Notes to the Company financial statements 1. Basis of preparation The separate financial statements of the Company are drawn up in accordance with the Companies Act 2006 and UK...

  • Page 164
    ...the Group's risk management strategy. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently remeasured to fair value at each reporting date. The Company designates certain derivatives as hedges of the change of fair value of recognised assets...

  • Page 165
    ... Business review Performance Governance Financials Additional information 163 Vodafone Group Plc Annual Report 2013 3. Fixed assets Shares in Group undertakings £m Cost: 1 April 2012 Additions Capital contributions arising from share-based payments Contributions received in relation...

  • Page 166
    164 Vodafone Group Plc Annual Report 2013 Notes to the Company financial statements (continued) 7. Share capital 2013 Number £m Number 2012 £m Ordinary shares of 113/7 US cents each allotted, issued and fully paid:1, 2 1 April Allotted during the year Cancelled during the year 31 March ...

  • Page 167
    ...Business review Performance Governance Financials Additional information 165 Vodafone Group Plc Annual Report 2013 10. Equity dividends 2013 £m 2012 £m Declared during the financial year: Final dividend for the year ended 31 March 2012: 6.47 pence per share (2012: 6.05 pence per share...

  • Page 168
    166 Vodafone Group Plc Annual Report 2013 Shareholder information Investor calendar Ex-dividend date for final dividend Record date for final dividend Interim management statement 30 June 2013 Annual general meeting Final dividend payment Half-year financial results Ex-dividend date for interim ...

  • Page 169
    ...Business review Performance Governance Financials Additional information 167 Vodafone Group Plc Annual Report 2013 ShareGift We support ShareGift, the charity share donation scheme (registered charity number 1052686). Through ShareGift, shareholders who have only a very small number of shares...

  • Page 170
    ...Vodafone Group Plc Annual Report 2013 Shareholder information (continued) London Stock Exchange Pounds per ordinary share Month High Low High NASDAQ Dollars per ADS Low November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 20131 Note: 1 Covering period up to 20 May 2013...

  • Page 171
    ...or more of any class of the Company's equity share capital or the voting rights available to its shareholders, (v) relating to the arrangement of any employee benefit in which the director will share equally with other employees and (vi) relating to any insurance that the Company purchases or renews...

  • Page 172
    ... 21 days notice in writing. Subject to obtaining shareholder approval on an annual basis, the Company may call other general meetings on 14 days notice. The directors may determine that persons entitled to receive notices of meetings are those persons entered on the register at the close of business...

  • Page 173
    Overview Business review Performance Governance Financials Additional information 171 Vodafone Group Plc Annual Report 2013 Electronic communications The Company has previously passed a resolution allowing it to communicate all shareholder information by electronic means, including making ...

  • Page 174
    172 Vodafone Group Plc Annual Report 2013 Shareholder information (continued) Taxation of dividends UK taxation Under current UK tax law no withholding tax will be deducted from the dividends we pay. Shareholders who are within the charge to UK corporation tax will be subject to corporation tax on...

  • Page 175
    Overview Business review Performance Governance Financials Additional information 173 Vodafone Group Plc Annual Report 2013 Additional tax considerations UK inheritance tax An individual who is domiciled in the US (for the purposes of the Estate Tax Convention) and is not a UK national will ...

  • Page 176
    174 Vodafone Group Plc Annual Report 2013 History and development The Company was incorporated under English law in 1984 as Racal Strategic Radio Limited (registered number 1833679). After various name changes, 20% of Racal Telecom Plc share capital was offered to the public in October 1988. The ...

  • Page 177
    Overview Business review Performance Governance Financials Additional information 175 Vodafone Group Plc Annual Report 2013 Regulation Our operating companies are generally subject to regulation governing the operation of their business activities. Such regulation typically takes the form of...

  • Page 178
    ...88 pence) from July 2013. This decision has been appealed. At the end of 2012 the national regulator issued a draft analysis of market for access and call origination in mobile networks finding collective dominance of all three mobile operators. We have commented, pointing out serious flaws in the...

  • Page 179
    Overview Business review Performance Governance Financials Additional information 177 Vodafone Group Plc Annual Report 2013 Telefónica, Orange and Vodafone Spain were fined â,¬46.5 million, â,¬30.0 million and â,¬43.5 million respectively by the National Competition Authority for abuse of ...

  • Page 180
    ... 1800 MHz expiry date 2.1 GHz expiry date 2.6 GHz expiry date Northern and Central Europe Germany UK Czech Republic Hungary Ireland Netherlands Romania Turkey Southern Europe Italy Spain Albania Greece Malta Portugal Africa, Middle East and Asia Pacific India7 Vodacom: South Africa Egypt Ghana New...

  • Page 181
    ...Business review Performance Governance Financials Additional information 179 Vodafone Group Plc Annual Report 2013 Non-GAAP information In the discussion of our reported financial position, operating results and cash flows, information is presented to provide readers with additional financial...

  • Page 182
    ... change % Other activity1 pps Foreign exchange pps Reported change % 31 March 2013 Group Service revenue Revenue Data revenue Enterprise data revenue Vodafone Global Enterprise revenue Emerging markets service revenue EBITDA EBITDA margin EBITDA margin excluding restructuring costs Operating profit...

  • Page 183
    ...Business review Performance Governance Financials Additional information 181 Vodafone Group Plc Annual Report 2013 Organic change % Other activity1 pps Foreign exchange pps Reported change % Verizon Wireless Service revenue Revenue EBITDA Group's share of result of VZW 31 March 2012 Group...

  • Page 184
    ... development Contact details Financial highlights Maximising our reach An eventful year Adapting in a dynamic market Simple, but thorough Key performance indicators Industry trends How we do business Strategy: Consumer 2015 Strategy: Enterprise 2015 Strategy: Network 2015 Strategy: Operations 2015...

  • Page 185
    ... report on the consolidated financial statements Note 21 "Contingent liabilities" 8B Significant changes Not applicable The offer and listing 9A Offer and listing details Shareholder information - Share price history 9B Plan of distribution Not applicable 9C Markets Shareholder information - Markets...

  • Page 186
    ... report on internal control over financial reporting Corporate governance - Board committees Corporate governance - US listing requirements Note 3 "Operating profit" Corporate governance - Audit and Risk Committee - External audit Not applicable Commentary on the consolidated statement of changes...

  • Page 187
    ...service, M2M connections, Vodafone Red, cloud hosting, tablets and an increase in download speeds and 3G services; a expectations regarding the global economy and the Group's operating environment and market position, including future market conditions, growth in the number of worldwide mobile phone...

  • Page 188
    ...parties, particularly those related to the development of data and internet services; a acquisitions and divestments of Group businesses and assets and the pursuit of new, unexpected strategic opportunities which may have a negative impact on the Group's financial condition and results of operations...

  • Page 189
    Overview Business review Performance Governance Financials Additional information 187 Vodafone Group Plc Annual Report 2013 Definition of terms 2G networks are operated using global system for mobile ('GSM') technology which offer services such as voice, text messaging and basic data. In ...

  • Page 190
    ... a mobile phone offering advanced capabilities including access to email and the internet. The number of smartphone devices divided by the number of registered SIMs, excluding data only SIMs. Small to medium-sized enterprises. Small-office home-office. The radio frequency bands and channels assigned...

  • Page 191
    ... Business review Performance Governance Financials Additional information 189 Vodafone Group Plc Annual Report 2013 Selected financial data At/for the year ended 31 March 2013 2012 2011 2010 2009 Consolidated income statement data (£m) Revenue Operating profit Profit before taxation Profit...

  • Page 192
    ... Vodafone Group Plc Annual Report for the year ended 31 March 2013 vodafone.com Contact details: Registrars shareholder helpline Telephone: +44 (0) 870 702 0198 (In Ireland): +353 (0) 818 300 999 Investor Relations Email: [email protected] Website: vodafone.com/investor Media Relations Telephone...