Vodafone 2016 Annual Report Download - page 200

Vodafone Group Plc
Annual Report 2016
198
Forward-looking statements
Unaudited information
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 nancial condition, results of operations
andbusinesses, and certain of the Group’s plans and objectives.
In particular, such forward-looking statements include statements
withrespect to:
a the Group’s expectations and guidance regarding its nancial
and operating performance, the performance of associates and
joint ventures, other investments and newly acquired businesses,
expectations regarding the Project Spring organic investment
programme and expectations regarding xed revenue and
broadband customers;
a intentions and expectations regarding the development of products,
services and initiatives introduced by, or together with, Vodafone
or by third parties;
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users and other trends;
a revenue and growth expected from the Group’s Enterprise and total
communications strategy;
a mobile penetration and coverage rates, MTR cuts, the Group’s ability
to acquire spectrum, expected growth prospects in the Europe and
AMAP regions and growth in customers and usage generally;
a anticipated benets to the Group from cost-efciency programmes;
a possible future acquisitions, including increases in ownership
in existing investments, the timely completion of pending acquisition
transactions and pending offers for investments;
a expectations and assumptions regarding the Group’s future revenue,
operating prot, EBITDA, EBITDA margin, free cash ow, depreciation
and amortisation charges, foreign exchange rates, tax rates and
capital expenditure;
a expectations regarding the Group’s access to adequate funding for
its working capital requirements and share buyback programmes,
and the Group’s future dividends or its existing investments; and
a the impact of regulatory and legal proceedings involving the Group
and of scheduled or potential regulatory changes.
Forward-looking statements are sometimes, but not always, identied
by their use of a date in the future or such words as “will”, “anticipates”,
“aims”, “could”, “may”, “should”, “expects”, “believes”, “intends”, “plans”
or“targets”. By their nature, forward-looking statements are inherently
predictive, speculative and involve risk and uncertainty because they
relate to events and depend on circumstances that will occur in the
future. There are a number of factors that could cause actual results
and developments to differ materially from those expressed or implied
by these forward-looking statements. These factors include, but are not
limited to, the following:
a general economic and political conditions in the jurisdictions in which
the Group operates and changes to the associated legal, regulatory
and tax environments;
a increased competition;
a levels of investment in network capacity and the Group’s ability
to deploy new technologies, products and services;
a rapid changes to existing products and services and the
inability ofnew products and services to perform in accordance
with expectations;
a the ability of the Group to integrate new technologies, products and
services with existing networks, technologies, products and services;
a the Group’s ability to generate and grow revenue;
a a lower than expected impact of new or existing products, services
or technologies on the Group’s future revenue, cost structure and
capital expenditure outlays;
a slower than expected customer growth, reduced customer
retention,reductions or changes in customer spending and
increasedpricing pressure;
a the Group’s ability to expand its spectrum position, win 3G and 4G
allocations and realise expected synergies and benets associated
with 3G and 4G;