Interim Results - Part 4

Vodafone Group Plc 12 November 2002 Vodafone Group Plc Interim Results For the six months ended 30 September 2002 PART 4 FINANCIAL STATEMENTS CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS TO 30 SEPTEMBER 2002 Six months Six months to to Year ended 30 Sept 30 Sept 31 March 2002 2001 2002 #m #m #m Turnover: Group and share of joint ventures and associated undertakings - Continuing operations 19,186 15,283 33,541 - Acquisitions 3 - - -------- -------- -------- 19,189 15,283 33,541 Less: Share of joint ventures and associated undertakings (4,291) (6,377) (10,696) ------- -------- -------- 14,898 8,906 22,845 ======= ======== ======== Group turnover (Note 2) - Continuing operations 14,895 8,906 22,845 - Acquisitions 3 - - ------- -------- -------- 14,898 8,906 22,845 ======= ======== ======== Operating loss - Continuing operations (2,151) (7,089) (10,377) - Acquisitions (12) - - ------- -------- -------- (2,163) (7,089) (10,377) Share of operating loss in joint ventures and associated undertakings - Continuing operations (34) (731) (1,457) ------- -------- -------- Total Group operating loss (Note 2) (2,197) (7,820) (11,834) Exceptional non-operating items 267 (248) (860) (Note 4) ------- -------- -------- Loss on ordinary activities before interest (1,930) (8,068) (12,694) Net interest payable and similar items (390) (381) (845) - Group (239) (188) (503) - Share of joint ventures and associated undertakings (151) (193) (342) ------- -------- -------- Loss on ordinary activities before taxation (Note 2) (2,320) (8,449) (13,539) Tax on loss on ordinary activities (1,602) (1,086) (2,140) (Note 5) ------- -------- -------- Loss on ordinary activities after taxation (3,922) (9,535) (15,679) Minority interests (including non-equity minority interests) (414) (200) (476) ------- -------- -------- Loss for the financial period (4,336) (9,735) (16,155) Equity dividends (542) (514) (1,025) ------- -------- -------- Retained loss for the Group and its share of joint ventures and associated undertakings (4,878) (10,249) (17,180) ======= ======== ======== Basic loss per share (Note 6) (6.36)p (14.36)p (23.77)p Diluted loss per share (Note 6) (6.41)p (14.41)p (23.86)p Adjusted basic earnings per share 3.28p 2.51p 5.15p (Note 6) Dividend per share 0.7946p 0.7224p 1.4721p CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2002 30 Sept 30 Sept 31 March 2002 2001 2002 #m #m #m Fixed assets Intangible assets 103,190 102,872 105,944 Tangible assets 18,573 11,309 18,541 Investments 26,303 39,274 28,977 - Loans to joint ventures - 188 321 - Investments in associated 24,757 37,284 27,249 undertakings - Other investments 1,546 1,802 1,407 -------- -------- -------- 148,066 153,455 153,462 -------- -------- -------- Current assets Stocks 318 247 513 Debtors 6,450 4,873 7,053 Investments 2,698 6,987 1,792 Cash at bank and in hand 117 96 80 -------- -------- -------- 9,583 12,203 9,438 Creditors: amounts falling due within one year (13,434) (12,302) (13,455) -------- -------- -------- Net current liabilities (3,851) (99) (4,017) -------- -------- -------- Total assets less current liabilities 144,215 153,356 149,445 Creditors: amounts falling due after more than one year (12,179) (10,810) (13,118) Provisions for liabilities and charges (3,050) (1,739) (2,899) Investments in joint ventures: - Share of gross assets - 95 76 - Share of gross liabilities - (242) (345) -------- -------- -------- - (147) (269) Other provisions (3,050) (1,592) (2,630) -------- -------- -------- 128,986 140,807 133,428 ======== ======== ======== Capital and reserves Called up share capital 4,275 4,271 4,273 Share premium account 52,060 51,989 52,044 Merger reserve 98,927 98,928 98,927 Other reserve 877 977 935 Profit and loss account (30,227) (17,720) (25,606) -------- -------- -------- Total equity shareholders' funds 125,912 138,445 130,573 Equity minority interests 2,054 1,269 1,727 Non-equity minority interests 1,020 1,093 1,128 -------- -------- -------- 128,986 140,807 133,428 ======== ======== ======== CONSOLIDATED CASH FLOW FOR THE SIX MONTHS TO 30 SEPTEMBER 2002 Six months Six months to to Year ended 30 Sept 30 Sept 31 March 2002 2001 2002 #m #m #m Net cash inflow from operating activities (Note 7) 5,676 3,640 8,102 Dividends received from joint ventures 314 and associated undertakings 32 139 Net cash outflow for returns on investments and servicing of finance (229) (482) (936) Taxation (154) (545) (545) Net cash outflow for capital expenditure and financial investment (2,768) (2,107) (4,447) - Purchase of intangible fixed assets (59) (223) (325) - Purchase of tangible fixed assets (2,705) (1,816) (4,145) - Disposal of tangible fixed assets 35 35 75 - Purchase of investments (521) (37) (44) - Disposal of investments 559 110 319 - Other (77) (176) (327) Net cash outflow for acquisitions and disposals (859) (6,003) (7,691) - Purchase of interests in subsidiary undertakings (990) (1,163) (3,078) - Net cash / (overdrafts) acquired with subsidiary undertakings 16 23 (2,514) - Purchase of interests in joint ventures and associated undertakings (12) (7,088) (7,159) - Disposal of businesses 127 2,210 5,071 - Other - 15 (11) Equity dividends paid (511) (486) (978) -------- -------- -------- Cash inflow / (outflow) before management of liquid resources and financing 1,469 (5,951) (6,356) Management of liquid resources (1,108) 2,881 7,042 Net cash (outflow)/inflow from financing (326) 3,099 (675) - Issue of ordinary share capital 18 3,548 3,581 - Debt repayment (344) (449) (4,268) - Issue of shares to minorities - - 12 -------- -------- -------- Increase in cash in the period 35 29 11 ======== ======== ======== Reconciliation of net cash flow to movement in net debt Increase in cash in the period 35 29 11 Cash outflow from decrease in debt 344 449 4,268 Cash outflow / (inflow) from management of liquid resources 1,108 (2,881) (7,042) -------- -------- -------- Decrease / (increase) in net debt resulting from cash flows 1,487 (2,403) (2,763) Debt acquired on acquisition of subsidiaries - (167) (3,116) Translation difference (155) 52 517 Other movements 5 - 50 -------- -------- -------- Decrease / (increase) in net debt in the period 1,337 (2,518) (5,312) Opening net debt (12,034) (6,722) (6,722) -------- -------- -------- Closing net debt (Note 8) (10,697) (9,240) (12,034) ======== ======== ======== CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE SIX MONTHS TO 30 SEPTEMBER 2002 Six months Six months to to Year ended 30 Sept 30 Sept 31 March 2002 2001 2002 #m #m #m Loss for the financial period - Group (3,958) (8,653) (14,131) - Share of joint ventures and associated undertakings (378) (1,082) (2,024) -------- -------- -------- (4,336) (9,735) (16,155) -------- -------- -------- Currency translation - Group 2,148 (284) (1,980) - Share of joint ventures and associated undertakings (1,949) (980) (283) -------- -------- -------- 199 (1,264) (2,263) -------- -------- -------- Total recognised gains and losses for the period (4,137) (10,999) (18,418) -------- -------- -------- Prior period restatement for FRS 19 - (386) (386) -------- -------- -------- Total gains and losses recognised since last annual report (4,137) (11,385) (18,804) ======== ======== ======== MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS FOR THE SIX MONTHS TO 30 SEPTEMBER 2002 Six months Six months to to Year ended 30 Sept 30 Sept 31 March 2002 2001 2002 #m #m #m Loss for the financial period (4,336) (9,735) (16,155) Equity dividends (542) (514) (1,025) -------- -------- -------- (4,878) (10,249) (17,180) Currency translation 199 (1,264) (2,263) New share capital subscribed 18 5,929 5,984 Shares to be issued - (978) (978) Other - - 3 -------- -------- -------- Net movement in equity shareholders' funds (4,661) (6,562) (14,434) Opening equity shareholders' funds 130,573 145,007 145,007 -------- -------- -------- Closing equity shareholders' funds 125,912 138,445 130,573 ======== ======== ======== NOTES TO THE INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2002 1. Basis of preparation Statutory financial information The unaudited interim results have been prepared on a basis consistent with the accounting policies set out on pages 78 to 80 of Vodafone Group Plc's Annual Report & Accounts and Form 20-F for the year ended 31 March 2002. The interim results should therefore be read in conjunction with the 2002 Annual Report & Accounts and Form 20- F. The interim results for the six months to 30 September 2002, which were approved by the Board of Directors on 11 November 2002, do not comprise statutory accounts within the meaning of section 240 of the Companies Act 1985. Full accounts for the year ended 31 March 2002, incorporating an unqualified auditors' report, have been filed with the Registrar of Companies. Proportionate financial information The tables of financial information in Note 10 are presented on a proportionate basis. Proportionate presentation is not a measure recognised under UK GAAP and is not intended to replace the consolidated financial statements prepared in accordance with UK GAAP. However, since significant entities in which the Group has an interest are not consolidated, proportionate information is provided as supplemental data to facilitate a more detailed understanding and assessment of the consolidated financial statements prepared in accordance with UK GAAP. UK GAAP requires consolidation of entities controlled by the Group and the equity method of accounting for entities in which the Group has significant influence but not a controlling interest. Proportionate presentation is a pro rata consolidation, which reflects the Group's share of turnover and expenses in both its consolidated and unconsolidated entities. Proportionate results are calculated by multiplying the Group's ownership interest in each entity by each entity's results. Proportionate information includes results from the Group's equity accounted investments and investments held at cost. The Group does not have control over the turnover, expenses or cash flow of these investments and is only entitled to cash from dividends received from these entities. The Group does not own the underlying assets of these investments. Proportionate turnover is stated net of inter-company turnover. Proportionate EBITDA (earnings before interest, tax, depreciation and amortisation) is defined as operating profit before exceptional items plus depreciation and amortisation of subsidiary undertakings, joint ventures, associated undertakings and investments, proportionate to equity stakes. Proportionate EBITDA represents the Group's ownership interests in the respective entities' EBITDA. As such, proportionate EBITDA does not represent EBITDA available to the Group. 2. Segmental and other analyses The Group's principal business is the supply of mobile telecommunications services and products. Other operations primarily comprise fixed line telecommunications businesses and, until 29 August 2002, the Vizzavi joint venture. Analyses of turnover and total Group operating profit/(loss) by geographical region and class of business are as follows: Six months Six months to to Year ended 30 Sept 30 Sept 31 March 2002 2001 2002 #m #m #m Group turnover (note 1) Mobile telecommunications: Northern Europe 2,981 2,582 5,432 Central Europe 2,308 2,090 4,177 Southern Europe 3,877 3,228 6,743 -------- -------- -------- Europe 9,166 7,900 16,352 Americas 5 6 12 Asia Pacific 4,126 366 4,072 Middle East and Africa 143 168 306 -------- -------- -------- 13,440 8,440 20,742 Other operations Europe 441 466 998 Asia Pacific 1,017 - 1,105 -------- -------- -------- 14,898 8,906 22,845 ======== ======== ======== (1)The analysis of Group turnover represents turnover of the Company and its subsidiary undertakings and is stated net of inter-company turnover. Total Group operating profit/(loss) (before goodwill and exceptional items) Six months Six months to to Year ended 30 Sept 30 Sept 31 March 2002 2001 2002 #m #m #m Mobile telecommunications: Northern Europe 1,076 749 1,685 Central Europe 872 782 1,543 Southern Europe 1,261 1,066 2,072 -------- -------- -------- Europe 3,209 2,597 5,300 Americas 644 740 1,317 Asia Pacific 734 185 589 Middle East and Africa 88 83 161 -------- -------- -------- 4,675 3,605 7,367 Other operations Europe (94) (181) (306) Asia Pacific 59 (32) (17) -------- -------- -------- 4,640 3,392 7,044 - Subsidiary undertakings 3,604 2,246 5,071 - Share of joint ventures and associated undertakings 1,036 1,146 1,973 Amortisation of goodwill (6,837) (6,697) (13,470) Exceptional operating items (Note 3) - (4,515) (5,408) -------- -------- -------- Total Group operating loss (2,197) (7,820) (11,834) ======== ======== ======== Profit / (loss) on ordinary activities before taxation Six months to Six months to Year ended 30 Sept 30 Sept 31 March 2002 2001 2002 #m #m #m Profit on ordinary activities before taxation (before goodwill amortisation and exceptional items) 4,250 3,011 6,199 Amortisation of goodwill (6,837) (6,697) (13,470) Exceptional operating items - (4,515) (5,408) (Note 3) Exceptional non-operating items (Note 4) 267 (248) (860) -------- -------- -------- Loss on ordinary activities before taxation (2,320) (8,449) (13,539) ======== ======== ======== This information is provided by RNS The company news service from the London Stock Exchange

Companies

Vodafone Group (VOD)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today