Final Results - Part 5
Vodafone Group Plc
27 May 2003
Vodafone Group Plc
Preliminary Results for the year ended 31 March 2003
PART 5
UNAUDITED PROPORTIONATE FINANCIAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 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 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 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
Year ended Year ended
31 March 2003 31 March 2002
£m £m
Proportionate turnover
Mobile telecommunications:
Northern Europe 7,422 6,516
Central Europe 5,333 4,694
Southern Europe 6,334 5,109
--------- ---------
Europe 19,089 16,319
Americas 5,802 5,638
Asia Pacific 6,436 5,373
Middle East and Africa 526 488
--------- ---------
31,853 27,818
Other operations:
Europe 752 821
Asia Pacific 1,321 1,160
--------- ---------
33,926 29,799
========= =========
Reconciliation of proportionate
turnover to statutory turnover
Proportionate turnover 33,926 29,799
Minority share of turnover in
subsidiary undertakings 5,437 3,822
Group share of turnover in
joint ventures, associated
undertakings and trade
investments (8,988) (10,776)
--------- ---------
30,375 22,845
========= =========
Analysis of proportionate EBITDA, before exceptional items
Year ended Year ended
31 March 2003 31 March 2002
£m £m
Proportionate EBITDA, before
exceptional items
Mobile telecommunications:
Northern Europe 2,899 2,264
Central Europe 2,281 2,068
Southern Europe 2,716 2,131
--------- ---------
Europe 7,896 6,463
Americas 1,977 1,907
Asia Pacific 2,119 1,321
Middle East and Africa 243 211
--------- ---------
12,235 9,902
Other operations:
Europe 48 (8)
Asia Pacific 396 199
--------- ---------
12,679 10,093
========= =========
Reconciliation of proportionate EBITDA, before exceptional items to total
Group operating loss
Proportionate EBITDA, before
exceptional items 12,679 10,093
Minority share of EBITDA in
subsidiary undertakings 1,889 1,333
Group's share of EBITDA in joint
ventures, associated undertakings
and trade investments (3,351) (3,395)
Charges for depreciation (3,979) (2,880)
Exceptional operating items (496) (4,486)
Goodwill amortisation (11,875) (10,962)
Amortisation of other intangibles (53) (34)
Loss on disposal of fixed assets (109) (46)
Share of losses in joint ventures
and associated undertakings (156) (1,457)
--------- ---------
(5,451) (11,834)
========= =========
OTHER INFORMATION
1) Copies of the Group's Annual Review and Summary Financial Statement will
be sent to all shareholders. Further copies, and copies of the Group's Annual
Report & Accounts and Form 20-F, will be available from the Company's registered
office:
Vodafone House
The Connection
Newbury
Berkshire
RG14 2FN
2) This Preliminary Results Announcement will also be available on the
Vodafone Group Plc website, www.vodafone.com, from 27 May 2003.
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
John West
Justin Griffiths
Tel: +44 (0) 20 7600 2288
High resolution photographs are available to the media free of charge at
www.newscast.co.uk
Tel: +44 (0)20 7608 1000
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 with respect to these items. In particular,
forward-looking statements include 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 Mobile Office from
Vodafone; the ability to integrate our operations throughout the Group in the
same format and on the same technical platform; the development and impact of
new mobile technology, including the expected benefits of GPRS, 3G and other
services and demand for such services; the completion of Vodafone's brand
migration programme and the results of its brand awareness and brand preference
campaigns; growth in customers and usage, including improvements in customer
mix; future performance, including turnover, ARPU, cash flows, costs, capital
expenditures and improvements in margin, non-voice services and their revenue
contribution; the rate of dividend growth by the Group or its existing
investments; expected effective tax rates and expected tax payments; the ability
to realise synergies through cost savings, revenue generating services,
benchmarking and operational experience; future acquisitions, including
increases in ownership in existing investments and pending offers for
investments; future disposals; 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.
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, or slower customer growth or reduced customer retention;
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, the completion of the Group's brand migration programme and the
consolidation of IT systems; 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 Mobile Office from Vodafone 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 Mobile Office from Vodafone 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; 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 2002 and in our Annual Report & Accounts and Form 20-F to be published
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. 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.
Location in this
results
announcement of
Equivalent GAAP reconciliation and
Non-GAAP measure measure further information
---------------- --------------- ------------------
EBITDA, before exceptional Net cash inflow Note 7 on page 31
items from operating
activities
Total Group operating Total Group Note 2 on page 29
profit (before goodwill operating loss
amortisation and
exceptional items)
Sales and administration Sales and Other
costs, before goodwill Administration reconciliations,
amortisation and costs below
exceptional items
Profit on ordinary Loss on Group Financial
activities before ordinary Highlights on
taxation (before activities page 2
goodwill amortisation before
and exceptional items) taxation
Free cash flow Net cash inflow Cash flows and
from operating funding on
activities page 21
Adjusted earnings Earnings per Note 6 on
per share share page 31
Proportionate turnover Statutory Proportionate
turnover financial
information on
pages 34 and 35
Proportionate EBITDA, Total Group Proportionate
before exceptional operating loss Financial
items information on
pages 34 and 35
Other reconciliations
Reconciliation of sales and administrative costs, before goodwill amortisation
and exceptional items, to total sales and administrative expenses
Year ended Year ended
31 March 2003 31 March 2002
£m £m
Sales and administrative expenses,
before goodwill amortisation
and exceptional items 5,403 4,328
Goodwill amortisation 11,875 10,962
Exceptional operating items 496 4,486
--------- ---------
Sales and administrative expenses 17,774 19,776
========= =========
VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
PROPORTIONATE NET CUSTOMERS - 1 APRIL 2002 TO 31 MARCH 2003
9 MONTHS TO 31 DECEMBER 2002
------------------------------------------
PERCENTAGE
COUNTRY OWNERSHIP AT 1 APRIL NET STAKE AT 31 DEC
(note 1) (note 2) 2002 ADDITIONS CHANGES 2002
(%) (000s) (000s) (000s) (000s)
NORTHERN EUROPE
UK 100.0 13,186 38 - 13,224
Ireland 100.0 1,704 25 - 1,729
Netherlands 97.2 2,289 10 248 2,547
(note 6)
Sweden 99.1 827 107 44 978
Others 5,000 273 6 5,279
TOTAL 23,006 453 298 23,757
CENTRAL EUROPE
Germany 100.0 21,434 1,243 55 22,732
Hungary 83.8 330 189 49 568
Others 1,567 226 - 1,793
TOTAL 23,331 1,658 104 25,093
SOUTHERN EUROPE
Greece 64.0 1,539 131 349 2,019
Italy 76.8 13,560 993 39 14,592
Malta 80.0 122 10 - 132
Portugal 94.4 1,445 109 310 1,864
(note 6)
Spain 100.0 7,241 708 172 8,121
Albania 82.4 130 136 19 285
Others 438 108 - 546
TOTAL 24,475 2,195 889 27,559
AMERICAS
United 44.4 13,081 1,120 185 14,386
States
(note 4)
Others 689 30 - 719
TOTAL 13,770 1,150 185 15,105
ASIA PACIFIC
Japan 69.7 8,496 758 - 9,254
Australia 100.0 2,050 307 97 2,454
New Zealand 100.0 1,095 125 - 1,220
Others 1,685 553 1,687 3,925
TOTAL 13,326 1,743 1,784 16,853
MIDDLE EAST AND AFRICA
Egypt 60.0 1,031 247 - 1,278
Others 2,197 380 262 2,839
TOTAL 3,228 627 262 4,117
GROUP TOTAL 101,136 7,826 3,522 112,484
VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
PROPORTIONATE NET CUSTOMERS - 1 APRIL 2002 TO 31 MARCH 2003
(CONTINUED)
QUARTER TO 31 MARCH 2003
---------------------------------------
PERCENTAGE STAKE
COUNTRY OWNERSHIP AT 31 DEC NET CHANGES AT 31 MAR PREPAID
(note 1) (note 2) 2002 ADDITIONS (note 3) 2003 (note 5)
(%) (000s) (000s) (000s) (000s) (%)
NORTHERN EUROPE
UK 100.0 13,224 76 - 13,300 59
Ireland 100.0 1,729 11 - 1,740 71
Netherlands 97.2 2,547 (9) 645 3,183 59
(note 6)
Sweden 99.1 978 13 322 1,313 30
Others 5,279 62 1,568 6,909 52
TOTAL 23,757 153 2,535 26,445 55
CENTRAL EUROPE
Germany 100.0 22,732 208 - 22,940 53
Hungary 83.8 568 94 137 799 88
Others 1,793 65 - 1,858 45
TOTAL 25,093 367 137 25,597 52
SOUTHERN EUROPE
Greece 64.0 2,019 103 44 2,166 71
Italy 76.8 14,592 316 - 14,908 92
Malta 80.0 132 (2) - 130 92
Portugal 94.4 1,864 29 1,019 2,912 73
(note 6)
Spain 100.0 8,121 419 556 9,096 57
Albania 82.4 285 35 2 322 97
Others 546 (9) - 537 65
TOTAL 27,559 891 1,621 30,071 78
AMERICAS
United 44.4 14,386 403 3 14,792 7
States
(note 4)
Others 719 (16) - 703 83
TOTAL 15,105 387 3 15,495 11
ASIA
PACIFIC
Japan 69.7 9,254 448 - 9,702 6
Australia 100.0 2,454 110 - 2,564 50
New Zealand 100.0 1,220 69 - 1,289 78
Others 3,925 204 - 4,129 60
TOTAL 16,853 831 - 17,684 55
MIDDLE EAST AND AFRICA
Egypt 60.0 1,278 80 - 1,358 84
Others 2,839 181 39 3,059 86
TOTAL 4,117 261 39 4,417 86
GROUP TOTAL 112,484 2,890 4,335 119,709 53
note 1 All countries now operate under the Vodafone brand with the exception of
the United States (Verizon Wireless) and Japan (J-Phone Vodafone). Italy
migrated to the single Vodafone brand during May 2003.
note 2 All ownership percentages are stated as at 31 March 2003 and, subject to
note 6 below, exclude options, warrants or other rights or obligations of
Vodafone Group Plc to increase or decrease ownership in any venture. Ownership
interests have been rounded to the nearest tenth of one percent.
note 3 Represents stake increases in Vodafone Netherlands from 77.6% to 97.2%,
Vodafone Sweden from 74.6% to 99.1%, SFR from 32.0% to 43.9%, Vodafone Hungary
from 68.3% to 83.8%, Vodafone Greece from 62.7% to 64.0%, Vodafone Portugal from
61.4% to 94.4%, Vodafone Spain from 93.8% to 100.0%, Vodafone Albania from 81.7%
to 82.4% and Safaricom Limited in Kenya from 30.0% to 35.0%.
note 4 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 31 March 2003. In the absence of acquired
interests, this proportionate ownership will vary slightly from quarter to
quarter dependent on the underlying mix of net additions across each of these
networks.
note 5 Prepaid customer percentages are calculated on a venture basis.
note 6 Includes interests which the Company was irrevocably committed to
purchase.
VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
CONTROLLED ACTIVE CUSTOMER INFORMATION AS AT 31 MARCH 2003
CONTROLLED ACTIVE CONTROLLED
(note 1)
-----------------------------
COUNTRY PREPAID CONTRACT TOTAL INACTIVE
(%) (%) (%) (%)
NORTHERN EUROPE
UK 88 95 91 9
Ireland 100 99 100 -
Netherlands 89 99 93 7
Sweden 95 95 95 5
TOTAL 90 96 92 8
CENTRAL EUROPE
Germany 90 94 92 8
Hungary* 89 97 90 10
TOTAL 90 94 92 8
SOUTHERN EUROPE
Greece 67 94 75 25
Italy 95 92 95 5
Malta 98 98 98 2
Portugal 83 99 88 12
Spain 94 99 96 4
Albania 94 95 94 6
TOTAL 92 97 93
ASIA PACIFIC
Japan (note 2) N/A N/A 98 2
Australia 93 92 93 7
New Zealand 98 100 98 2
TOTAL 95 93 98 2
MIDDLE EAST AND AFRICA
Egypt* 97 100 97 3
TOTAL 97 100 97 3
CONTROLLED GROUP TOTAL 91 95 93 7
CONTROLLED INACTIVE CUSTOMER INFORMATION - HISTORY
CONTROLLED INACTIVE CUSTOMERS AS AT
COUNTRY MARCH JUNE SEPTEMBER DECEMBER MARCH
2002 2002 2002 2002 2003
(%) (%) (%) (%) (%)
Germany 9 8 8 8 8
Italy 7 7 6 5 5
Japan 1 1 1 1 2
UK 11 9 7 8 9
Controlled
Total 8 7 6 6 7
note 1 Active customers are defined as customers who have made or received a
chargeable event in the last three months or, where information is not
available, defined as customers who have made a chargeable event in the last
three months (indicated by *).
note 2 Customer activity information for Japan is only available on a total
customer basis.
VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
MONTHLY REGISTERED BLENDED ARPU FOR THE 15 MONTHS TO 31 MARCH 2003
Country Jan Feb Mar Apr May Jun Jul Aug
2002 2002 2002 2002 2002 2002 2002 2002
Germany EUR 25.1 22.7 25.4 25.2 26.5 26.5 27.9 27.7
Italy EUR 28.8 25.6 29.6 27.9 29.4 28.9 31.9 28.6
Japan JPY 7,470 7,200 7,630 7,310 7,400 7,160 7,670 7,410
UK (note 1) GBP 22.9 22.0 23.8 22.9 24.6 22.7 24.9 24.7
Country Sep Oct Nov Dec Jan Feb Mar
2002 2002 2002 2002 2003 2003 2003
Germany EUR 26.8 27.4 25.4 25.4 25.6 23.2 25.8
Italy EUR 29.0 29.3 28.0 29.5 29.3 26.5 29.1
Japan JPY 7,180 7,350 7,120 7,360 7,120 6,840 7,270
UK (note 1) GBP 24.9 25.5 24.3 23.5 24.7 23.4 25.6
ARPU INFORMATION FOR THE 12 MONTH PERIOD TO 31 MARCH 2003
ARPU (note 2)
COUNTRY CURRENCY REGISTERED REGISTERED REGISTERED
PREPAID CONTRACT TOTAL
NORTHERN EUROPE
UK (note 1) GBP 125 532 292
Ireland EUR 336 1,085 553
Netherlands EUR 174 863 437
Sweden SEK 908 6,258 4,713
CENTRAL EUROPE
Germany EUR 130 519 313
Hungary HUF 43,098 173,974 56,784
SOUTHERN EUROPE
Italy EUR 298 818 347
Malta MTL 87 895 151
Portugal EUR 178 711 330
Spain EUR 158 631 372
ASIA PACIFIC
Japan JPY N/A N/A 87,159
Australia AUD 312 873 633
New Zealand NZD 314 1,866 663
MIDDLE EAST AND AFRICA
Egypt EGP 682 2,824 1,002
ARPU - HISTORY
REGISTERED TOTAL ARPU FOR THE 12 MONTH PERIOD TO
COUNTRY CURRENCY MARCH JUNE SEPTEMBER DECEMBER MARCH
2002 2002 2002 2002 2003
Germany EUR 298 302 308 312 313
Italy EUR 345 345 345 347 347
Japan JPY 91,903 90,302 89,193 88,238 87,159
UK (note 1) GBP 276 278 282 287 292
note 1 During the period from 1 October 2002 to 31 March 2003, Vodafone UK
operated under interim commercial terms with one of its service providers. Final
terms were agreed in April 2003. Recognising revenues and costs on a consistent
basis during the interim period to the bases before and after this period would
result in additional service revenues and costs of £74 million. For consistency
and comparability purposes, these revenues have been included in the calculation
of UK ARPU but have been excluded from Group turnover in accordance with UK
GAAP.
The impact of the inclusion of these amounts has been to increase ARPU for the
12 months to 31 December 2002 and 31 March 2003 from £284 and £286 to £287 and
£292, respectively.
note 2 ARPU is calculated as total revenues excluding handset revenues and
connection fees divided by the weighted average number of customers during the
period.
VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
NON-VOICE SERVICES AS A PERCENTAGE OF SERVICE REVENUES
PROPORTIONATE BASIS
12 MONTHS TO 31 MARCH 2003
MARCH 2003 (MONTH ONLY)
COUNTRY MESSAGING DATA TOTAL MESSAGING DATA TOTAL
NORTHERN EUROPE
UK (note 1) 13.4% 1.0% 14.4% 14.0% 1.2% 15.2%
Others 9.4% 0.5% 9.9% 10.5% 0.7% 11.2%
TOTAL 11.6% 0.8% 12.4% 12.3% 0.9% 13.2%
CENTRAL EUROPE
Germany 15.6% 0.8% 16.4% 15.6% 1.0% 16.6%
Others 8.3% 1.2% 9.5% 9.5% 1.7% 11.2%
TOTAL 14.7% 0.9% 15.6% 14.8% 1.1% 15.9%
SOUTHERN EUROPE
Italy 10.8% 0.5% 11.3% 11.2% 0.6% 11.8%
Others 9.1% 0.3% 9.4% 10.0% 0.6% 10.6%
TOTAL 10.0% 0.4% 10.4% 10.7% 0.6% 11.3%
AMERICAS
United States 0.4% 0.7% 1.1% 0.7% 0.8% 1.5%
Others 0.1% - 0.1% 0.1% - 0.1%
TOTAL 0.4% 0.7% 1.1% 0.7% 0.8% 1.5%
ASIA PACIFIC
Japan 7.5% 12.8% 20.3% 7.7% 14.0% 21.7%
Others 8.8% 0.6% 9.4% 11.4% 1.0% 12.4%
TOTAL 7.8% 10.3% 18.1% 8.5% 11.1% 19.6%
MIDDLE EAST
AND AFRICA 3.7% - 3.7% 4.3% - 4.3%
PROPORTIONATE
GROUP TOTAL 8.9% 2.4% 11.3% 9.6% 2.7% 12.3%
STATUTORY BASIS
CONTROLLED
GROUP TOTAL 11.0% 3.6% 14.6% 11.6% 4.0% 15.6%
NON-VOICE SERVICES AS A PERCENTAGE OF SERVICE REVENUES - HISTORY
12 MONTHS TO
COUNTRY MAR 2002 JUN 2002 SEP 2002 DEC 2002 MAR 2003
Germany 14.4% 14.8% 15.4% 16.1% 16.4%
Italy 8.7% 9.4% 10.1% 10.7% 11.3%
Japan 15.1% 16.6% 18.1% 19.3% 20.3%
UK (note 1) 11.8% 12.6% 13.2% 13.9% 14.4%
Proportionate 8.7% 9.5% 10.1% 10.7% 11.3%
Total
Statutory Total 11.1% 12.1% 13.2% 13.9% 14.6%
MONTH ONLY
COUNTRY MAR 2002 JUN 2002 SEP 2002 DEC 2002 MAR 2003
Germany 15.2% 15.6% 16.2% 19.2% 16.6%
Italy 9.8% 10.4% 10.4% 12.9% 11.8%
Japan 19.8% 19.9% 20.2% 20.6% 21.7%
UK (note 1) 13.4% 14.3% 13.8% 16.0% 15.2%
Proportionate 10.3% 10.9% 10.9% 12.5% 12.3%
Total
Statutory Total 13.5% 14.0% 14.3% 16.0% 15.6%
note 1 During the period from 1 October 2002 to 31 March 2003, Vodafone UK
operated under interim commercial terms with one of its service providers. Final
terms were agreed in April 2003. Recognising revenues and costs on a consistent
basis during the interim period to the bases before and after this period would
result in additional service revenues and costs of £74 million. For consistency
and comparability purposes, these revenues have been included in the calculation
of non-voice services as a percentage of service revenues.
The impact of the inclusion of these amounts has been to decrease UK non-voice
services as a percentage of service revenues for the months of December 2002 and
March 2003 from 16.1% and 15.3% to 16.0% and 15.2%, respectively.
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