Interim Results - Part 5
Vodafone Group Plc
18 November 2003
VODAFONE GROUP PLC
INTERIM RESULTS
PART 5
NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHS TO 30 SEPTEMBER 2003
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 76 to 78 of Vodafone Group Plc's Annual
Report & Accounts and Form 20-F for the year ended 31 March 2003. The interim
results should therefore be read in conjunction with the 2003 Annual Report &
Accounts and Form 20-F.
The interim results for the six months to 30 September 2003, which were approved
by the Board of Directors on 17 November 2003, do not comprise statutory
accounts within the meaning of section 240 of the Companies Act 1985. Full
accounts for the year ended 31 March 2003, incorporating an unqualified
auditors' report, have been filed with the Registrar of Companies.
Restatement
In June 2003, the Group announced changes in the regional structure of its
operations. The former Northern Europe and Central Europe regions were combined
into a new Northern Europe region, with the exception of the United Kingdom and
Ireland that now form their own region. The results below are presented in
accordance with the new regional structure.
The results of the Japan Telecom fixed line business, which has been disposed
of, are analysed as discontinued operations and prior periods' analyses are
restated to reflect this business as discontinued.
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 to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
£m £m £m
Turnover(1)
Mobile telecommunications:
United Kingdom and
Ireland 2,528 2,300 4,655
Northern Europe 3,676 2,989 6,177
Southern Europe 4,835 3,877 8,051
Americas - 5 5
Asia Pacific 4,357 4,126 8,364
Middle East and
Africa 157 143 290
------- ------- -------
15,553 13,440 27,542
Other operations
Europe 449 441 854
Asia Pacific(2) 897 1,017 1,979
------- ------- -------
16,899 14,898 30,375
======= ======= =======
(1) The analysis of Group turnover represents turnover of the Company and its
subsidiary undertakings and is stated net of inter-company turnover.
(2) Includes the following amounts in relation to discontinued operations: six
months to 30 September 2003: £818 million; six months to 30 September
2002: £969 million; year ended 31 March 2003: £1,828 million.
Total Group operating Six months to Six months to Year ended
profit / (loss) 30 September 30 September 31 March
(before goodwill amortisation) 2003 2002 2003
£m £m £m
Mobile telecommunications:
United Kingdom and
Ireland 685 637 1,326
Northern Europe 1,689 1,311 2,512
Southern Europe 1,729 1,261 2,495
Americas 705 644 1,219
Asia Pacific 736 734 1,421
Middle East and
Africa 140 88 197
------- ------- -------
5,684 4,675 9,170
Other operations
Europe (41) (94) (138)
Asia Pacific(1) 79 59 149
------- ------- -------
5,722 4,640 9,181
------- ------- -------
- Subsidiary
undertakings 4,355 3,604 7,076
- Share of joint
ventures and
associated
undertakings 1,367 1,036 2,105
------- ------- -------
Goodwill
amortisation (7,651) (6,837) (14,056)
Exceptional
operating items
(Note 3)(2) 351 - (576)
------- ------- -------
Total Group
operating loss (1,578) (2,197) (5,451)
======= ======= =======
(1) Includes the following amounts in relation to discontinued operations: six
months to 30 September 2003: £66 million; six months to 30 September
2002: £74 million; year ended 31 March 2003: £162 million.
(2) Includes the following amounts in relation to discontinued operations: six
months to 30 September 2003: £nil; six months to 30 September 2002: £nil;
year ended 31 March 2003: £(405) million.
3 Exceptional operating items
Six months to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
£m £m £m
Contribution tax 351 - -
Impairment of
intangible and
tangible fixed
assets - - (485)
Reorganisation costs - - (91)
------- ------- -------
351 - (576)
======= ======= =======
The exceptional operating income of £351 million comprises expected recoveries
and provision releases in relation to a contribution tax levy on Vodafone Italy
that is no longer expected to be payable.
4 Exceptional non-operating items
Six months to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
£m £m £m
(Loss)/profit on disposal of
businesses (69) 3 22
Amounts written off fixed asset
investments (4) (4) (340)
Profit on disposal of fixed
asset investments - 268 255
Profit on disposal of fixed
assets 16 - 3
Share of associate (loss)/profit
on disposal of investment (1) - 55
------- ------- -------
(58) 267 (5)
======= ======= =======
5 Tax on loss on ordinary activities
Six months to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
£m £m £m
United Kingdom corporation tax
charge at 30% 152 120 195
------- ------- -------
Overseas corporation tax
Current tax:
Current year 1,265 996 1,971
Prior year (144) - 9
------- ------- -------
1,121 996 1,980
------- ------- -------
Total current tax 1,273 1,116 2,175
Deferred tax - origination of and
reversal of timimg differences 385 486 818
------- ------- -------
Tax on loss on ordinary
activities 1,658 1,602 2,993
Tax on exceptional items 134 - (37)
------- ------- -------
Total tax charge 1,792 1,602 2,956
======= ======= =======
Parent and subsidiary
undertakings 1,559 1,428 2,624
Share of associated undertakings
and joint ventures 233 174 332
------- ------- -------
1,792 1,602 2,956
======= ======= =======
6 Earnings per share
Six months to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
£m £m £m
Loss for basic loss per share (4,254) (4,336) (9,819)
Goodwill amortisation 7,651 6,837 14,056
Exceptional operating items (351) - 576
Exceptional non-operating items 58 (267) 5
Tax on exceptional items 134 - (37)
Share of exceptional items
attributable to minority
interests 23 - (139)
------- ------- -------
Earnings for adjusted earnings
per share 3,261 2,234 4,642
======= ======= =======
Weighted average number of
shares (millions) 68,191 68,152 68,155
Basic and diluted loss per share (6.24)p (6.36)p (14.41)p
Adjusted basic earnings per
share 4.78p 3.28p 6.81p
Diluted loss per share is the same as basic loss per share as it is considered
that there are no dilutive potential ordinary shares.
7 Reconciliation of operating loss to net cash inflow from operating activities
Six months to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
£m £m £m
Operating loss (1,841) (2,163) (5,295)
Exceptional items (351) - 496
Depreciation 2,206 1,892 3,979
Goodwill amortisation 6,547 5,767 11,875
Amortisation of other intangible
fixed assets 22 23 53
Loss on disposal of tangible
fixed assets 35 47 109
------- ------- -------
Group EBITDA(1) 6,618 5,566 11,217
Working capital movements (522) 116 (52)
Payments in respect of
exceptional items (15) (6) (23)
------- ------- -------
Net cash inflow from operating
activities 6,081 5,676 11,142
======= ======= =======
(1) Group EBITDA is not a measure recognised under UK GAAP but is presented in
order to highlight operational performance of the Group.
8 Analysis of net debt
Other
non-cash
At 1 changes and At 30
April exchange September
2003 Cash flow movements 2003
£m £m £m £m
Liquid
resources 291 1,126 - 1,417
------- ------- ------- -------
Cash at bank
and in hand 475 2,901 (148) 3,228
------- ------- ------- -------
Debt due within one year
(other than
bank
overdrafts) (1,323) 917 (1,157) (1,563)
Debt due after
one year (12,994) (1,940) 1,161 (13,773)
Finance leases (288) 76 (3) (215)
------- ------- ------- -------
(14,605) (947) 1 (15,551)
------- ------- ------- -------
Net debt (13,839) 3,080 (147) (10,906)
======= ======= ======= =======
Included within net debt are bond issues maturing as follows:
£m
One year or less 1,274
More than one year but not more than two years 1,411
More than two years but not more than five years 3,270
More than five years but not more than ten years 3,947
More than ten years but not more than twenty years 2,316
More than twenty years 1,181
-------
13,399
=======
9 Summary of differences between UK and US GAAP
The interim results have been prepared in accordance with UK Generally Accepted
Accounting Principles ('UK GAAP'), which differ in certain significant respects
from US Generally Accepted Accounting Principles ('US GAAP'). A description of
the relevant accounting principles which differ materially is provided within
Vodafone Group Plc's Annual Report & Accounts and Form 20-F for the year ended
31 March 2003. The effects of these differing accounting principles are as
follows:
Six months to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
as as
restated(1) restated(1)
£m £m £m
Revenues from continuing
operations in accordance with UK
GAAP 16,081 13,929 28,547
Items decreasing revenues:
Non-consolidated subsidiaries (2,612) (2,101) (4,371)
Deferral of connection revenues (536) (831) (1,760)
------- ------- -------
Revenues from continuing operations
in accordance with US GAAP 12,933 10,997 22,416
======= ======= =======
Net loss in accordance with UK
GAAP (4,254) (4,336) (9,819)
Items (increasing)/decreasing net
loss:
Goodwill and other intangibles
amortisation (3,116) (2,868) (5,487)
Investments accounted for under
the equity method 789 213 289
Exceptional items (253) - 270
Connection income 12 9 16
Capitalised interest 223 237 408
Income taxes 3,426 2,608 5,320
Other 12 (37) (52)
------- ------- -------
Net loss in accordance with US
GAAP (3,161) (4,174) (9,055)
======= ======= =======
US GAAP basic and diluted loss per
ordinary share (4.64)p (6.12)p (13.29)p
======= ======= =======
Shareholders' equity in
accordance with UK GAAP 124,641 125,912 128,671
Items increasing/(decreasing)
shareholders' equity:
Goodwill and other intangibles -
net of amortisation 49,156 50,123 51,144
Investments accounted for under
the equity method 5,581 4,551 4,630
Exceptional items - - 270
Deferral of connection income (72) (91) (84)
Capitalised interest 1,296 989 1,073
Cumulative deferred income taxes (42,988) (45,345) (45,446)
Proposed dividends 650 542 612
Other 19 (532) (434)
------- ------- -------
Shareholders' equity in
accordance with US GAAP 138,283 136,149 140,436
======= ======= =======
(1) The reconciliations of net loss and shareholders' equity for the six months
ended 30 September 2002 and year ended 31 March 2003 have been restated to
reclassify certain items within the reconciliations presented. This
restatement had no impact on the Group's previously reported net income or
shareholders' equity under US GAAP.
INDEPENDENT REVIEW REPORT BY DELOITTE & TOUCHE LLP
TO VODAFONE GROUP PLC
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30 September 2003 which comprises the Consolidated Profit
and Loss Account, Consolidated Balance Sheet, Consolidated Cash Flow,
Consolidated Statement of Total Recognised Gains and Losses, Movement in Equity
Shareholders' Funds and related notes 1 to 9. We have read the other information
contained in the interim results report and considered whether it contains any
apparent misstatements or material inconsistencies with the financial
information.
This report is made solely to the Company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the Company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the Company, for our review work, for this report, or for the conclusions we
have formed.
Directors' responsibilities
The interim results report, including the financial information contained
therein, is the responsibility of, and has been approved by, the directors. The
directors are responsible for preparing the interim results report in
accordance with the Listing Rules of the Financial Services Authority which
require that the accounting polices and presentation applied to the interim
figures are consistent with those applied in preparing the preceding annual
accounts except where any changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of Group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom auditing standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2003.
Deloitte & Touche LLP
Chartered Accountants
London
17 November 2003
UNAUDITED PROPORTIONATE FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003
Basis of preparation
The tables of financial information below 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.
Proportionate financial information is not presented in the Group's Annual
Report & Accounts and Form 20-F for the year ended 31 March 2003.
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 flows 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 intercompany turnover. Proportionate
EBITDA 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.
Analysis of proportionate turnover
Six months to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
£m £m £m
Mobile telecommunications:
United Kingdom 2,150 2,000 4,026
Ireland 378 300 629
Germany 2,708 2,246 4,642
Other Northern Europe 2,477 1,604 3,458
Italy 2,006 1,598 3,353
Other Southern Europe 2,069 1,411 2,981
Verizon Wireless 3,102 2,841 5,686
Other Americas 31 66 116
Japan 2,698 2,602 5,258
Other Asia Pacific 698 553 1,178
Middle East and Africa 358 238 526
------- ------- -------
18,675 15,459 31,853
Other operations:
Europe 419 380 752
Asia Pacific 598 678 1,321
------- ------- -------
19,692 16,517 33,926
======= ======= =======
Reconciliation of proportionate turnover to statutory turnover
Six months to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
£m £m £m
Proportionate turnover 19,692 16,517 33,926
Minority share of turnover in
subsidiary undertakings 2,452 2,758 5,437
Group share of turnover in joint
ventures, associated undertakings
and trade investments (5,245) (4,377) (8,988)
------- ------- -------
16,899 14,898 30,375
======= ======= =======
Analysis of proportionate EBITDA, before exceptional items
Six months to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
£m £m £m
Mobile telecommunications:
United Kingdom 788 739 1,541
Ireland 176 128 274
Germany 1,264 1,038 2,016
Other Northern Europe 1,019 648 1,349
Italy 1,100 789 1,654
Other Southern Europe 799 524 1,062
Verizon Wireless 1,107 1,002 2,001
Other Americas 2 8 (24)
Japan 873 833 1,645
Other Asia Pacific 269 209 474
Middle East and Africa 173 109 243
------- ------- -------
7,570 6,027 12,235
Other operations:
Europe 46 (2) 48
Asia Pacific 176 178 396
------- ------- -------
Proportionate EBITDA, before
exceptional items 7,792 6,203 12,679
======= ======= =======
Reconciliation of proportionate EBITDA, before exceptional items to loss for
period
Six months to Six months to Year ended
30 September 30 September 31 March
2003 2002 2003
£m £m £m
Proportionate EBITDA, before
exceptional items 7,792 6,203 12,679
Minority share of EBITDA in
subsidiary undertakings 899 1,028 1,889
Group's share of EBITDA in joint
ventures, associated
undertakings and trade investments (2,073) (1,665) (3,351)
------- ------- -------
Group EBITDA 6,618 5,566 11,217
Charges for depreciation (2,206) (1,892) (3,979)
Exceptional operating items 351 - (496)
Goodwill amortisation (6,547) (5,767) (11,875)
Amortisation of other intangibles (22) (23) (53)
Loss on disposal of tangible
fixed assets (35) (47) (109)
------- ------- -------
Operating loss (1,841) (2,163) (5,295)
Share of profit/(losses) in
joint
ventures and associated undertakings 263 (34) (156)
Exceptional non-operating items (58) 267 (5)
Net interest payable and similar
items (356) (390) (752)
Tax on loss on ordinary
activities (1,792) (1,602) (2,956)
Minority interests (including
non-equity minority interests) (470) (414) (655)
------- ------- -------
Loss for period (4,254) (4,336) (9,819)
======= ======= =======
OTHER INFORMATION
These interim results will be available on the Vodafone Group Plc website,
www.vodafone.com, from 18 November 2003.
Copies of this document are also available from the Company's registered office:
Vodafone House
The Connection
Newbury
Berkshire
RG14 2FN
For further information:
Vodafone Group
Tim Brown, Group Corporate Affairs Director
Tel: +44 (0) 1635 673310
Investor Relations
Melissa Stimpson
Darren Jones
Tel: +44 (0) 1635 673310
Media Relations
Bobby Leach
Ben Padovan
Tel: +44 (0) 1635 673310
Tavistock Communications
Lulu Bridges
Justin Griffiths
Tel: +44 (0) 20 7920 3150
High resolution photographs are available to the media free of charge at
www.newscast.co.uk.
Forward-Looking Statements
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
financial condition, results of operations and businesses and certain of the
Group's plans and objectives. In particular, such forward-looking statements
include the statements under 'Outlook' with respect to Vodafone's expectations
for the year ending 31 March 2004 as to average proportionate mobile customer
growth, full year proportionate mobile revenue organic growth, proportionate
mobile EBITDA margins, capitalised fixed asset additions, mobile capital
efficiency, free cash flow and tax payments; statements with respect to
Vodafone's expectations for the year ending 31 March 2005 as to organic growth
in average proportionate mobile customers and proportionate mobile revenues,
proportionate mobile EBITDA margins and organic growth in proportionate mobile
EBITDA and capitalised fixed asset additions; the statements under 'Expenses'
with respect to the expected amount for additional depreciation and
amortisation; and the statements under 'Taxation' with respect to the expected
effective tax rates. These forward-looking statements are made on the basis of
certain assumptions which Vodafone believes to be reasonable in light of
Vodafone's operating experience in recent years. The principal assumptions on
which these statements are based relate to exchange rates, customer numbers,
usage and pricing, take-up of new services, termination rates, customer
acquisition and retention costs and the availability of handsets.
The document also contains other forward-looking statements including statements
with respect to Vodafone's expectations as to launch and roll-out dates for
products and services, including, for example, 3G services, Vodafone live! and
Vodafone's business offerings; intentions regarding the development of products
and services; the ability to integrate our operations throughout the Group in
the same format and on the same technical platform and the ability to be
operationally efficient; the anticipated share repurchase programme; the rate of
dividend growth by the Group or its existing investments; expected effective tax
rates and expected tax payments; mobile penetration and coverage rates;
expectations with respect to long-term shareholder value growth; our ability to
be the mobile market leader, overall market trends and other trend
projections. Forward-looking statements are sometimes, but not always,
identified by their use of a date in the future or such words as '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 particularly
the statements under 'Outlook', 'Expenses' and 'Taxation' referred to above.
These factors include, but are not limited to, the following: changes in
economic or political conditions in markets served by operations of the Group
that would adversely affect the level of demand for mobile services; greater
than anticipated competitive activity requiring changes in pricing models
and/or new product offerings or resulting in higher costs of acquiring new
customers or providing new services; the impact on capital spending from
investment in network capacity and the deployment of new technologies, or
the rapid obsolescence of existing technology; slower customer growth or
reduced customer retention; the possibility that technologies, including mobile
internet platforms, and services, including 3G services, will not perform
according to expectations or that vendors' performance will not meet
the Group's requirements; changes in the projected growth rates of the
mobile telecommunications industry; the Group's ability to realise
expected synergies and benefits associated with 3G technologies, the
integration of our operations and those of recently acquired companies;
future revenue contributions of both voice and non-voice services offered by
the Group; lower than expected impact of GPRS, 3G and Vodafone live!
and the Group's business offerings on the Group's future revenues, cost
structure and capital expenditure outlays; the ability of the Group to harmonise
mobile platforms and any delays, impediments or other problems associated with
the roll-out and scope of 3G technology and services and Vodafone live! and the
Group's business offerings in new markets; the ability of the Group to offer new
services and secure the timely delivery of high-quality, reliable GPRS and 3G
handsets, network equipment and other key products from suppliers; greater than
anticipated prices of new mobile handsets; the ability to realise benefits from
entering into partnerships for developing data and internet services and
entering into service franchising and brand licensing; the possibility that the
pursuit of new, unexpected strategic opportunities may have a negative impact on
one or more of the measurements of our financial performance; any unfavourable
conditions, regulatory or otherwise, imposed in connection with pending or
future acquisitions or dispositions; changes in the regulatory framework in
which the Group operates, including possible action by the European Commission
regulating rates the Group is permitted to charge; the Group's ability to
develop competitive data content and services which will attract new customers
and increase average usage; the impact of legal or other proceedings against the
Group or other companies in the mobile telecommunications industry; changes in
exchange rates, including particularly the exchange rate of the pound to the
euro, US dollar and the Japanese yen; the risk that, upon obtaining control of
certain investments, the Group discovers additional information relating to the
businesses of that investment leading to restructuring charges or write-offs or
with other negative implications; changes in statutory tax rates and profit
mix which would impact the weighted average tax rate; changes in tax legislation
in the jurisdictions in which the Group operates; final resolution of open
issues which might impact the effective tax rate; timing of tax payments
relating to the resolution of open issues and loss of suppliers or disruption
of supply chains.
Furthermore, a review of the reasons why actual results and developments may
differ materially from the expectations disclosed or implied within
forward-looking statements can be found under 'Risk Factors' contained in our
Annual Report & Accounts and Form 20-F with respect to the financial year ended
31 March 2003. All subsequent written or oral forward-looking statements
attributable to the Company or any member of the Group or any persons acting on
their behalf are expressly qualified in their entirety by the factors referred
to above.
No assurance can be given that the forward-looking statements in this document
will be realised. Neither Vodafone nor any of its affiliates intends to update
these forward-looking statements.
Use of Non-GAAP Financial Information
In presenting and discussing the Group's reported financial position, operating
results and cash flows, certain information is derived from amounts calculated
in accordance with UK GAAP, but this information is not itself an expressly
permitted GAAP measure. Such non-GAAP measures should not be viewed in isolation
as alternatives to the equivalent GAAP measure.
A summary of certain of the non-GAAP measures included in this results
announcement, together with details where additional information and
reconciliation to the nearest equivalent GAAP measure can be found, is shown
below.
Non-GAAP measure Equivalent GAAP Location in this results
measure announcement of
reconciliation and further
information
--------------------------------------------------------------------------------
EBITDA, before exceptional items Operating loss Note 7 on page 28
Total Group operating profit Total Group Note 2 on page 26
(before goodwill amortisation and operating loss
exceptional items)
Profit on ordinary activities Loss on ordinary Group Financial Highlights
before taxation (before goodwill activities on page 2
amortisation and exceptional before
items) taxation
Free cash flow Net cash inflow Cash flows and funding on
from operating page 18
activities
Adjusted earnings per share Earnings per Note 6 on page 27
share
Proportionate turnover Statutory Proportionate financial
turnover information on page 31
Proportionate EBITDA, before Operating loss Proportionate financial
exceptional items information on page 32
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