Interim Results - Part 4

Vodafone Group Plc 18 November 2003 VODAFONE GROUP PLC INTERIM RESULTS PART 4 FINANCIAL STATEMENTS CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS TO 30 SEPTEMBER 2003 Six months to Six months to Year ended 30 September 30 September 31 March 2003 2002 2003 £m £m £m Turnover: Group and share of joint ventures and associated undertakings - Continuing operations 21,198 18,220 37,324 - Discontinued operations 818 969 1,828 -------- -------- -------- 22,016 19,189 39,152 Less: Share of joint ventures and associated undertakings (5,117) (4,291) (8,777) -------- -------- -------- 16,899 14,898 30,375 ======== ======== ======== Turnover (Note 2) - Continuing operations 16,081 13,929 28,547 - Discontinued operations 818 969 1,828 -------- -------- -------- 16,899 14,898 30,375 ======== ======== ======== Operating (loss)/profit - Continuing operations (1,907) (2,237) (5,052) - Discontinued operations 66 74 (243) -------- -------- -------- (1,841) (2,163) (5,295) Share of operating profit/(loss) in joint ventures and associated undertakings - Continuing operations 263 (34) (156) -------- -------- -------- Total Group operating loss (Note2) (1,578) (2,197) (5,451) Exceptional non-operating items (Note 4) (58) 267 (5) -------- -------- -------- Loss on ordinary activities before interest (1,636) (1,930) (5,456) Net interest payable and similar items (356) (390) (752) - Group (251) (239) (457) - Share of joint ventures and associated undertakings (105) (151) (295) -------- -------- -------- Loss on ordinary activities before taxation (1,992) (2,320) (6,208) Tax on loss on ordinary activities (Note 5) (1,792) (1,602) (2,956) -------- -------- -------- Loss on ordinary activities after taxation (3,784) (3,922) (9,164) Minority interests (including non-equity minority interests) (470) (414) (655) -------- -------- -------- Loss for the financial period (4,254) (4,336) (9,819) Equity dividends (650) (542) (1,154) -------- -------- -------- Retained loss for the Group and its share of joint ventures and associated undertakings (4,904) (4,878) (10,973) ======== ======== ======== Basic and diluted loss per share (Note 6) (6.24)p (6.36)p (14.41)p Adjusted basic earnings per share (Note 6) 4.78p 3.28p 6.81p Dividend per share 0.9535p 0.7946p 1.6929p CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2003 30 September 30 September 31 March 2003 2002 2003 £m £m £m Fixed assets Intangible assets 103,815 103,190 108,085 Tangible assets 19,622 18,573 19,574 Investments 25,289 26,303 27,030 - Investments in associated undertakings 24,204 24,757 25,825 - Other investments 1,085 1,546 1,205 -------- -------- -------- 148,726 148,066 154,689 -------- -------- -------- Current assets Stocks 437 318 365 Debtors 7,186 6,450 7,460 Investments 1,417 2,698 291 Cash at bank and in hand 3,228 117 475 -------- -------- -------- 12,268 9,583 8,591 Creditors: amounts falling due within one year (14,776) (13,434) (14,293) -------- -------- -------- Net current liabilities (2,508) (3,851) (5,702) -------- -------- -------- Total assets less current liabilities 146,218 144,215 148,987 Creditors: amounts falling due after more than one year (14,653) (12,179) (13,757) Provisions for liabilities and charges (3,763) (3,050) (3,696) -------- -------- -------- 127,802 128,986 131,534 ======== ======== ======== Capital and reserves Called up share capital 4,277 4,275 4,275 Share premium account 52,094 52,060 52,073 Merger reserve 98,927 98,927 98,927 Other reserve 793 877 843 Profit and loss account (31,450) (30,227) (27,447) -------- -------- -------- Total equity shareholders' funds 124,641 125,912 128,671 Equity minority interests 2,194 2,054 1,848 Non-equity minority interests 967 1,020 1,015 -------- -------- -------- 127,802 128,986 131,534 ======== ======== ======== CONSOLIDATED CASH FLOW FOR THE SIX MONTHS TO 30 SEPTEMBER 2003 Six months to Six months to Year ended 30 September 30 September 31 March 2003 2002 2003 £m £m £m Net cash inflow from operating activities (Note 7) 6,081 5,676 11,142 Dividends received from joint ventures and associated undertakings 805 314 742 Net cash inflow/(outflow) for returns on investments and servicing of finance 242 (229) (551) Taxation (283) (154) (883) Net cash outflow for capital expenditure and financial investment (2,116) (2,768) (5,373) - Purchase of intangible fixed assets (2) (59) (99) - Purchase of tangible fixed assets (2,255) (2,705) (5,289) - Disposal of tangible fixed assets 53 35 109 - Purchase of investments (26) (521) (560) - Disposal of investments 87 559 575 - Other 27 (77) (109) -------- -------- -------- Net cash outflow for acquisitions and disposals (1,059) (859) (4,880) - Purchase of interests in subsidiary undertakings (1,074) (990) (3,519) - Net (overdrafts)/cash acquired with subsidiary undertakings (1) 16 11 - Purchase of interests in joint ventures and associated undertakings (2) (12) (1,491) - Disposal of interests in subsidiary undertakings 9 127 125 - Other 9 - (6) -------- -------- -------- Equity dividends paid (612) (511) (1,052) -------- -------- -------- Cash inflow/(outflow) before management of liquid resources and financing 3,058 1,469 (855) Management of liquid resources (1,126) (1,108) 1,384 Net cash inflow/(outflow) from financing 969 (326) (136) - Issue of ordinary share capital 22 18 28 - Net issue/(repayment) of debt 947 (344) (165) - Issue of shares to minorities - - 1 -------- -------- -------- Increase in cash in the period 2,901 35 393 ======== ======== ======= Reconciliation of net cash flow to movement in net debt Increase in cash in the period 2,901 35 393 Cash (inflow)/outflow from (increase)/decrease in debt (947) 344 165 Cash outflow/(inflow) from management of liquid resources 1,126 1,108 (1,384) -------- -------- -------- Decrease/(increase) in net debt resulting from cash flows 3,080 1,487 (826) Premium on repayment of debt (56) - (157) Translation difference (95) (155) (826) Other movements 4 5 4 -------- -------- -------- Decrease/(increase) in net debt in the period 2,933 1,337 (1,805) Opening net debt (13,839) (12,034) (12,034) --------- -------- -------- Closing net debt (Note 8) (10,906) (10,697) (13,839) ========= ======== ======== CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE SIX MONTHS TO 30 SEPTEMBER 2003 Six months to Six months to Year ended 30 September 30 September 31 March 2003 2002 2003 £m £m £m Loss for the financial period - Group (4,143) (3,958) (9,049) - Share of joint ventures and associated undertakings (111) (378) (770) -------- -------- -------- (4,254) (4,336) (9,819) -------- -------- -------- Currency translation - Group 1,697 2,148 10,484 - Share of joint ventures and associated undertakings (845) (1,949) (1,445) -------- -------- -------- 852 199 9,039 -------- -------- -------- Total recognised gains and losses for the period (3,402) (4,137) (780) ========= ======== ======== MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS FOR THE SIX MONTHS TO 30 SEPTEMBER 2003 Six months to Six months to Year ended 30 September 30 September 31 March 2003 2002 2003 £m £m £m Loss for the financial period (4,254) (4,336) (9,819) Equity dividends (650) (542) (1,154) -------- -------- -------- (4,904) (4,878) (10,973) Currency translation 852 199 9,039 New share capital subscribed 18 18 31 Other 4 - 1 -------- -------- -------- Net movement in equity shareholders' funds (4,030) (4,661) (1,902) Opening equity shareholders' funds 128,671 130,573 130,573 -------- -------- -------- Closing equity shareholders' funds 124,641 125,912 128,671 ========= ======== ======== This information is provided by RNS The company news service from the London Stock Exchange

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