Interim Results - Part 3

Vodafone Group Plc
14 November 2006

VODAFONE GROUP PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2006

PART III


KEY PERFORMANCE INDICATORS


MOBILE TELECOMMUNICATIONS BUSINESSES

PROPORTIONATE CUSTOMERS - 1 APRIL 2006 TO 30 SEPTEMBER 2006

-------------------------------------------------------------------------------------------------
                          QUARTER TO 30 JUNE 2006 (RESTATED)        QUARTER TO 30 SEPTEMBER 2006
                        -------------------------------------------------------------------------
COUNTRY       PERCENTAGE    AT 1       NET     OTHER   AT 30       NET     OTHER   AT 30
               OWNERSHIP     APR ADDITIONS MOVEMENTS     JUN ADDITIONS MOVEMENTS     SEP PREPAID
                     (1)    2006                 (2)    2006                 (3)    2006     (4)
                     (%) ('000s)   ('000s)   ('000s) ('000s)   ('000s)   ('000s) ('000s)     (%)
Europe:
  Germany         100.0%  29,191       253         -  29,444       178         -  29,622   53.2%
  Italy            76.9%  18,490        69         -  18,559       778         -  19,337   92.2%
  Spain           100.0%  13,521       428         -  13,949       659     (584)  14,024   46.3%
  UK              100.0%  16,304     (119)         -  16,185       102         -  16,287   60.1%
  Albania          99.9%     772        19         -     791        77         -     868   96.9%
  Greece           99.9%   4,471       162         3   4,636       119         -   4,755   67.6%
  Ireland         100.0%   2,075        15         -   2,090        29         -   2,119   73.7%
  Malta           100.0%     175         2         -     177         7         -     184   89.9%
  Netherlands      99.9%   3,909      (28)         -   3,881        13         -   3,894   50.3%
  Portugal        100.0%   4,276        90         -   4,366       216     (145)   4,437   79.5%
                        -------------------------------------------------------------------------
Total Europe              93,184       891         3  94,078     2,178     (729)  95,527   65.6%

EMAPA:
 Subsidiaries:
  Australia       100.0%   3,177      (37)         -   3,140        50         -   3,190   73.2%
  Czech           100.0%   2,214        49         -   2,263        48         -   2,311   46.9%
  Republic
  Egypt            50.1%   3,314       237         -   3,551       423         -   3,974   91.7%
  Hungary         100.0%   2,063      (39)         -   2,024        26         -   2,050   65.1%
  New Zealand     100.0%   2,068        32         -   2,100        11         -   2,111   76.3%
  Romania         100.0%   6,384       351         -   6,735       420         -   7,155   66.4%
  Turkey          100.0%       -       381    10,930  11,311       870         -  12,181   90.3%
                        -------------------------------------------------------------------------
                          19,220       974    10,930  31,124     1,848         -  32,972   79.6%
 Joint Ventures:
  Fiji             49.0%     101         7         -     108        14         -     122   94.8%
  India            10.0%   1,958       366         -   2,324       382         -   2,706   85.5%
  Kenya            35.0%   1,380       118         -   1,498       127         -   1,625   98.2%
  Poland           19.6%   1,918       125         -   2,043       139         -   2,182   58.4%
  South Africa(5)  50.0%  10,968     1,011     (225)  11,754     1,117     (966)  11,905   89.0%
                        -------------------------------------------------------------------------
                          16,325     1,627     (225)  17,727     1,779     (966)  18,540   83.3%
 Affiliates:
  United States(6) 44.4%  23,530       807         4  24,341       850         -  25,191    5.3%
  Other(7)                18,312       489         -  18,801       537         -  19,338   74.8%
                        -------------------------------------------------------------------------
 Total                    41,842     1,296         4  43,142     1,387         -  44,529   64.2%
                        -------------------------------------------------------------------------
Total EMAPA               77,387     3,897    10,709  91,993     5,014     (966)  96,041   68.1%
                        -------------------------------------------------------------------------
Total                    170,571     4,788    10,712 186,071     7,192   (1,695) 191,568   67.7%
-------------------------------------------------------------------------------------------------

Notes:

(1)  All ownership percentages are stated as at 30 September 2006 and
     exclude options, warrants or other rights or obligations of the Group to
     increase or decrease ownership in any venture with the exception of India, 
     where the Group's 10% economic interest represents a 5.6% direct interest 
     in Bharti Airtel Limited and a subscription for convertible debentures in 
     Bharti Enterprises Private Limited, representing a 4.4% indirect economic 
     interest in Bharti Airtel Limited. Ownership interests have been rounded 
     to the nearest tenth of one percent.

(2) Other movements for the quarter ended 30 June 2006 represent the
    acquisition of minority interests in Vodafone Greece, Vodafone Albania, the
    acquisition of substantially all the assets and business of Telsim Mobil
    Telekomunikasyon Hizmetleri in Turkey, the indirect acquisition of a 0.1%
    interest in Vodacom Group (Pty) Limited in South Africa and the change in 
    the application of disconnection policies in South Africa. Following a 
    review of the acquired operations in Turkey, the number of customers at the 
    date of acquisition has been decreased by 0.7 million and customer numbers 
    for the quarter ended 30 June 2006 have been restated accordingly.

(3) Other movements for the quarter ended 30 September 2006 represents the
    change in application of disconnection policies in Spain, Portugal and South
    Africa.

(4) Prepaid customer percentages are calculated on a venture basis. At 30
    September 2006, there were 577.4 million venture customers.

(5) Customers in South Africa refers to the Group's interests in Vodacom
    Group (Pty) Limited and includes customers in South Africa, the Democratic
    Republic of Congo, Lesotho, Mozambique and Tanzania.

(6) The Group's ownership interest in Verizon Wireless is 45.0%. However,
    the Group's proportionate customer base has been adjusted for Verizon 
    Wireless's proportionate ownership of its customer base across all its 
    network interests of approximately 98.6% at 30 September 2006. In the 
    absence of acquired interests, this proportionate ownership will vary 
    slightly from quarter to quarter depending on the underlying mix of net 
    additions across each of these networks.

(7) On 25 August 2006 the Group announced its intention to sell its
    interests in Belgium with the effect that at 30 September 2006 it was 
    classified as an asset held for resale with customer numbers frozen at 
    that date. The sale was completed on 3 November 2006.


VODAFONE LIVE! ACTIVE DEVICES

------------------------------------------------------------------------------------------
                                QUARTER TO 30 JUNE 2006       QUARTER TO 30 SEPTEMBER 2006
                        -----------------------------------   ----------------------------
COUNTRY                      AT 1          NET        AT 30              NET        AT 30
                         APR 2006    ADDITIONS     JUN 2006        ADDITIONS     SEP 2006
                          ('000s)      ('000s)      ('000s)          ('000s)      ('000s)
Europe:
 Germany                    6,214         (20)        6,194               47        6,241
 Italy(1)                   4,097          246        4,343              385        4,728
 Spain                      5,514          537        6,051              541        6,592
 UK                         4,181          195        4,376               96        4,472
 Other                      4,229          404        4,633              254        4,887
                        -----------------------------------   ----------------------------
Total Europe               24,235        1,362       25,597            1,323       26,920
Total EMAPA                 2,835          761        3,596              176        3,772
                        -----------------------------------   ----------------------------
Group Statutory Total(2)   27,070        2,123       29,193            1,499       30,692
------------------------------------------------------------------------------------------

Notes:

(1)  Under IFRS, Vodafone Italy is treated as a joint venture. The figures in
     the table above represent the Group's share of Vodafone live! active 
     devices.

(2)  The table above only includes Vodafone live! customers in the Group's
     subsidiary and joint venture undertakings. At 30 September 2006 there were 
     an additional 6.8 million (30 June 2006: 6.5 million, 31 March 2006: 
     5.9 million) registered Vodafone live! venture customers in the Group's 
     associated undertakings.





3G DEVICES

------------------------------------------------------------------------------------------
                                QUARTER TO 30 JUNE 2006       QUARTER TO 30 SEPTEMBER 2006
                        -----------------------------------   ----------------------------
COUNTRY                      AT 1          NET        AT 30              NET        AT 30
                         APR 2006    ADDITIONS     JUN 2006        ADDITIONS     SEP 2006
                          ('000s)      ('000s)      ('000s)          ('000s)      ('000s)
Europe:
 Germany                    2,025          312        2,337              387        2,724
 Italy(1)                   2,250          207        2,457              373        2,830
 Spain                        902          320        1,222              517        1,739
 UK                         1,033          195        1,228              120        1,348
 Other                      1,230          176        1,406              320        1,726
                        -----------------------------------   ----------------------------
Total Europe                7,440        1,210        8,650            1,717       10,367
Total EMAPA                   281          120          401              135          536
                        -----------------------------------   ----------------------------
Group Statutory Total(2)    7,721        1,330        9,051            1,852       10,903
                        -----------------------------------   ----------------------------
Consumer devices            7,061        1,178        8,239            1,658        9,897
Business devices              660          152          812              194        1,006
                        -----------------------------------   ----------------------------
                            7,721        1,330        9,051            1,852       10,903
------------------------------------------------------------------------------------------

Notes:

(1)  Under IFRS, Vodafone Italy is treated as a joint venture. The figures in
     the table above represent the Group's share of 3G devices.

(2)  The table above only includes 3G devices in the Group's subsidiary and
     joint venture undertakings. At 30 September 2006 there were an additional
     2.3 million (30 June 2006: 2.0 million, 31 March 2006: 1.7 million) 
     Vodafone live! with 3G and Vodafone Mobile Connect 3G/GPRS data card 
     devices in the Group's associated undertakings.


AVERAGE MONTHLY REVENUE PER USER IN THE QUARTER

----------------------------------------------------------------------------------- 
COUNTRY                 30 JUNE     30 SEP    31 DEC  31 MARCH   30 JUNE    30 SEP
                           2005       2005      2005      2006      2006      2006
----------------------------------------------------------------------------------- 
Europe:
----------------------------------------------------------------------------------- 
Germany          Total      24.3      24.4      22.9      21.5      22.1      22.4
(EUR)         Contract      39.8      41.0      38.8      37.2      38.4      39.0
               Prepaid       9.2       9.0       8.3       7.5       7.6       7.6
----------------------------------------------------------------------------------- 
Italy            Total      30.4      29.9      27.7      26.4      27.6      27.1
(EUR)         Contract      79.4      75.0      73.7      71.0      72.6      68.0
               Prepaid      25.8      25.9      23.5      22.2      23.3      23.2
----------------------------------------------------------------------------------- 
Spain            Total      36.2      37.7      35.3      33.3      35.3      36.4
(EUR)         Contract      58.5      60.7      56.3      52.8      54.8      55.2
               Prepaid      15.4      16.2      15.0      13.9      15.0      15.4
----------------------------------------------------------------------------------- 
UK               Total      24.6      25.1      23.8      22.7      23.7      24.5
(GBP)         Contract      46.5      47.9      44.8      43.9      45.2      46.5
               Prepaid       9.5       9.9       9.5       8.8       8.9       9.4
----------------------------------------------------------------------------------- 
Albania          Total     2,255     2,534     2,259     2,098     2,122     2,311
(ALL)         Contract    18,783    19,815    18,499    16,777    17,240    17,941
               Prepaid     1,680     1,936     1,701     1,593     1,606     1,782
----------------------------------------------------------------------------------- 
Greece           Total      32.2      34.2      31.3      29.8      31.1      31.0
(EUR)         Contract      65.1      69.7      64.2      61.5      65.6      66.8
               Prepaid      15.1      15.7      14.1      13.4      13.7      13.4
----------------------------------------------------------------------------------- 
Ireland          Total      51.4      53.1      50.2      48.6      48.8      46.9
(EUR)         Contract     101.9     107.8      99.9      99.3     102.8      99.4
               Prepaid      32.1      32.6      31.6      30.0      29.3      28.0
----------------------------------------------------------------------------------- 
Malta            Total      14.0      16.2      13.0      12.1      14.7      16.6
(MTL)         Contract      74.6      91.4      61.8      54.4      72.3      87.1
               Prepaid       7.4       7.8       7.3       6.9       7.4       7.9
----------------------------------------------------------------------------------- 
Netherlands      Total      37.1      36.6      34.5      33.6      35.7      36.9
(EUR)         Contract      69.5      68.6      64.7      61.3      63.5      64.6
               Prepaid      11.3      11.0       9.8       9.2      10.1      10.4
----------------------------------------------------------------------------------- 
Portugal         Total      26.4      27.1      24.0      23.3      23.5      24.4
(EUR)         Contract      67.3      69.8      61.9      62.4      62.2      62.8
               Prepaid      14.3      14.7      13.4      12.9      13.0      13.9
----------------------------------------------------------------------------------- 
EMAPA Subsidiaries:
----------------------------------------------------------------------------------- 
Australia        Total      47.8      48.2      51.4      47.9      49.4      52.4
(AUD)         Contract      92.8      93.6      94.3      92.0      92.7      96.4
               Prepaid      26.7      31.1      35.0      32.0      33.9      36.2
----------------------------------------------------------------------------------- 
Czech Republic   Total       680       679       679       644       674       670
(CZK)         Contract     1,029     1,017     1,015       951       978       966
               Prepaid       340       342       337       311       331       334
----------------------------------------------------------------------------------- 
Egypt            Total      91.4      89.4      74.1      79.0      79.4      88.1
(EGP)         Contract     268.6     283.9     274.1     289.3     292.1     309.7
               Prepaid      60.7      62.4      52.0      56.0      57.1      66.7
----------------------------------------------------------------------------------- 
Hungary          Total     5,321     5,153     4,885     4,647     5,066     5,339
(HUF)         Contract    11,302    11,264     9,666     8,809     9,129     9,097
               Prepaid     3,391     3,046     3,043     2,887     3,125     3,359
----------------------------------------------------------------------------------- 
New Zealand      Total      50.7      51.0      51.2      51.2      46.6      46.6
(NZD)         Contract     138.9     139.7     137.2     138.5     126.1     125.3
               Prepaid      25.9      25.6      25.9      25.7      23.2      22.5
----------------------------------------------------------------------------------- 
Turkey(1)        Total       N/A       N/A       N/A       N/A       N/A      16.5
(TRY)         Contract       N/A       N/A       N/A       N/A       N/A      31.4
               Prepaid       N/A       N/A       N/A       N/A       N/A      14.8
----------------------------------------------------------------------------------- 
Romania          Total      14.9      15.9      15.4      13.9      15.2      15.9
(USD)         Contract      30.2      31.1      29.5      27.0      29.5      30.8
               Prepaid       6.3       7.1       7.0       6.0       6.7       7.3
----------------------------------------------------------------------------------- 

Note:

(1)  On 24 May 2006 the Group acquired substantially all the assets and
     business of Telsim Mobil Telekomunikasyon Hizmetleri in Turkey. As a 
     result, average monthly revenue per user in the quarter has only been 
     published with effect from the quarter ended 30 September 2006.


NON-VOICE SERVICES AS A PERCENTAGE OF SERVICE REVENUE

                                            QUARTER TO 30 SEPTEMBER 2006
                               -------------------------------------------------- 
COUNTRY                        MESSAGING                DATA                TOTAL
Germany                            14.2%                7.4%                21.6%
Italy(1)                           13.6%                3.9%                17.5%
Spain                               9.6%                5.1%                14.7%
UK                                 15.7%                6.0%                21.7%
Group Statutory Total(2)           13.3%                4.5%                17.8%
                               -------------------------------------------------- 



HISTORIC NON-VOICE SERVICES INFORMATION

                                                NON-VOICE SERVICES AS A 
                                  PERCENTAGE OF SERVICE REVENUE IN THE QUARTER TO
                          -------------------------------------------------------------
COUNTRY                   30 JUNE     30 SEP     31 DEC   31 MARCH   30 JUNE     30 SEP
                             2005       2005       2005       2006      2006       2006

Germany                     19.3%      19.5%      20.4%      21.7%     21.2%      21.6%
Italy(1)                    14.9%      16.8%      17.4%      18.0%     17.3%      17.5%
Spain                       13.7%      14.2%      14.8%      15.1%     15.7%      14.7%
UK                          19.3%      19.7%      20.7%      21.3%     20.9%      21.7%
Group Statutory Total(2)    16.2%      16.6%      17.2%      17.8%     17.4%      17.8%
                          -------------------------------------------------------------


Notes:

(1) Under IFRS, Vodafone Italy is treated as a joint venture.

(2) Service revenue from the mobile telecommunications businesses excludes
    fixed line and DSL revenues.


CUSTOMER CHURN

                                  ANNUALISED CHURN INFORMATION IN THE QUARTER TO
                        ------------------------------------------------------------
COUNTRY                 30 JUNE     30 SEP     31 DEC  31 MARCH   30 JUNE     30 SEP
                           2005       2005       2005      2006      2006       2006

Germany         Total     17.3%      19.7%      21.2%     22.6%     20.7%      22.1%
             Contract     13.1%      14.3%      16.8%     16.7%     14.6%      13.5%
              Prepaid     21.1%      24.6%      25.2%     27.7%     26.0%      29.5%
Italy           Total     17.3%      18.7%      19.1%     19.5%     20.8%      21.7%
             Contract     14.9%      14.5%      16.6%     14.5%     17.2%      13.6%
              Prepaid     17.5%      19.1%      19.3%     19.9%     21.1%      22.4%
Spain(1)        Total     21.7%      20.7%      20.6%     20.6%     20.5%      37.0%
             Contract     13.6%      12.5%      13.9%     14.1%     12.3%      13.4%
              Prepaid     29.0%      28.1%      26.9%     26.9%     28.9%      62.5%
UK              Total     32.4%      33.1%      31.9%     31.2%     32.8%      37.6%
             Contract     23.2%      21.6%      20.2%     21.2%     20.1%      18.8%
              Prepaid     38.3%      40.5%      39.5%     37.5%     40.9%      49.9%
                        ------------------------------------------------------------


Note:

(1) The customer churn for Spain for the quarter ended 30 September 2006
    includes the effect of 583,724 disconnections following a change in 
    application of disconnection policies. The underlying customer churn, 
    excluding these disconnections, was 20.1%.


ACTIVE CUSTOMERS
                                                ACTIVE CUSTOMERS(1) AT
                          -------------------------------------------------------------
COUNTRY                   30 JUNE     30 SEP     31 DEC   31 MARCH   30 JUNE     30 SEP
                             2005       2005       2005       2006      2006       2006

Germany                     93.0%      92.8%      91.5%      90.6%     90.6%      90.6%
Italy(2)                    92.2%      92.8%      92.1%      91.2%     90.9%      90.4%
Spain                       94.8%      95.0%      95.7%      94.3%     93.8%      98.5%
UK                          88.8%      90.6%      90.8%      88.4%     85.7%      86.9%
Group Statutory Total(1)    91.3%      92.2%      92.1%      91.6%     91.0%      91.6%
                          -------------------------------------------------------------

Notes:

(1) An active customer is defined as one who either pays a monthly fee or has
    made or received a chargeable event in the last 3 months. The Group's  
    subsidiary in Turkey and the Group's joint ventures in India and Kenya are 
    currently unable to measure active customers under this basis and so have 
    been excluded from the calculation of the Group Statutory Total activity 
    percentages in the table above.

(2) Under IFRS, Vodafone Italy is treated as a joint venture.


VOICE USAGE VOLUMES

                            TOTAL VOICE MINUTES(1) (MILLIONS) IN THE QUARTER TO
                      -------------------------------------------------------------
COUNTRY               30 JUNE     30 SEP     31 DEC   31 MARCH   30 JUNE     30 SEP
                         2005       2005       2005       2006      2006       2006
Europe:
 Germany                6,356      6,428      7,010      6,993     7,614      7,979
 Italy(2)               7,173      7,164      7,521      7,746     7,687      8,050
 Spain                  5,648      5,859      5,966      6,362     6,978      7,533
 UK                     6,810      6,937      7,167      7,145     7,207      7,579
 Albania                  129        144        141        135       148        166
 Greece                 1,757      1,896      1,870      1,869     2,075      2,216
 Ireland                1,263      1,279      1,302      1,289     1,380      1,422
 Malta                     42         47         43         43        49         55
 Netherlands            1,697      1,601      1,755      1,733     1,820      1,711
 Portugal               1,319      1,384      1,386      1,402     1,472      1,606
 Sweden                   688        681        753          -         -          -
                      -------------------------------------------------------------
Total Europe           32,882     33,420     34,914     34,717    36,430     38,317

EMAPA:
 Subsidiaries
  Australia             1,619      1,818      1,957      2,001     2,006      2,141
  Czech Republic(3)       289        840        899        925       901        868
  Egypt                 1,979      2,341      2,278      2,442     2,869      3,462
  Hungary                 741        792        842        866       948        980
  New Zealand             540        559        616        602       597        597
  Romania(3)              525      1,754      1,931      1,914     1,873      2,059
  Turkey(4)                 -          -          -          -         -      6,451
                      -------------------------------------------------------------
                        5,693      8,104      8,523      8,750     9,194     16,558
 Joint Ventures         2,021      1,957      2,598      4,684     5,763      6,387
                      -------------------------------------------------------------
TOTAL EMAPA             7,714     10,061     11,121     13,434    14,957     22,945
                      -------------------------------------------------------------
Group Statutory Total  40,596     43,481     46,035     48,151    51,387     61,262
                      -------------------------------------------------------------
Notes:

(1) The total voice minute information presented in the table above
    represents the volume of minutes handled by each local network and includes
    incoming, outgoing and visitor calls. The voice minute information in 
    respect of the Czech Republic, Germany, New Zealand and Romania reflects 
    minutes billed which are rounded-up under certain tariffs.

(2) Under IFRS, Vodafone Italy is treated as a joint venture. The figures in
    the table above represent the Group's share of the voice minute information.

(3) MobiFon S.A. in Romania and Oskar Mobil a.s. in the Czech Republic became
    subsidiaries on 31 May 2005. Voice minutes in the quarter to 30 June 2005 
    only include volumes during the month of June 2005. Prior to 31 May 2005, 
    MobiFon S.A. was treated as a joint venture and was previously included 
    within Other Joint Ventures.

(4) On 24 May 2006 the Group acquired substantially all the assets and
    business of Telsim Mobil Telekomunikasyon Hizmetleri in Turkey. As a result,
    voice minutes in the quarter have only been published with effect from the
    quarter ended 30 September 2006.






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