Vodafone Group Plc.
Vodafone Group Plc – Part 1 of 2
Corporate-news announcement processed and sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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PRELIMINARY ANNOUNCEMENT OF RESULTS YEAR ENDED 31 MARCH 2004
– Group turnover increased by 10% to £33.6 billion. Mobile telecommunications
turnover increased by 15% to £31.7 billion
– Profit on ordinary activities before tax, goodwill amortisation and
exceptional items, increased by 19% to £10.0 billion
– Earnings per share, before goodwill amortisation and exceptional items,
increased by 34% to 9.10 pence
– After goodwill amortisation of £15.2 billion, the loss for the financial year
was £9.0 billion. Basic loss per share was 13.24 pence
– Free cash flow increased by 65% to £8.5 billion, after £4.3 billion of net
cash expenditure on tangible fixed assets
– 13.7 million net new proportionate mobile customers in the year, bringing the
total to 133.4 million
– Final dividend per share increased by 20% to 1.0780 pence, and for the year,
total dividends per share increased to 2.0315 pence, giving a total dividend
payout of £1.4 billion
– £1.1 billion expended to date on the share purchase programme. A further £3.0
billion of purchases are planned over the next year
GROUP FINANCIAL HIGHLIGHTS
Statutory Year ended 31 March
2004 2003 % change
£m £m
Turnover 33,559 30,375 10
Group EBITDA, before exceptional items 12,640 11,217 13
Total Group operating profit, before goodwill
amortisation and exceptional items 10,749 9,181 17
Profit on ordinary activities before taxation,
goodwill amortisation and exceptional items 10,035 8,429 19
Goodwill amortisation (15,207) (14,056) 8
Exceptional operating items 228 (576) –
Exceptional non- operating items (103) (5) –
Loss on ordinary activities before taxation (5,047) (6,208) (19)
Loss for the financial year (9,015) (9,819) (8)
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Proportionate Year ended 31 March
2004 2003 % change
£m £m
Turnover
– mobile telecommunications 37,969 31,853 19
– other operations 1,477 2,073 (29)
39,446 33,926 16
Organic growth at constant exchange rates 11
EBITDA before exceptional items
– mobile telecommunications 14,826 12,235 21
– other operations 288 444 (35)
15,114 12,679 19
Organic growth at constant exchange rates 14
Proportionate information is calculated on the basis described on page 31.
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Cash flow information Year ended 31 March
2004 2003 % change
£m £m
Net cash inflow from operating activities 12,317 11,142 11
Free cash flow 8,521 5,171 65
Net debt at 31 March (8,488) (13,839) (39)
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Per share information Year ended 31 March
2004 2003 % change
Earnings/(loss) per share
– before goodwill amortisation and exceptional items 9.10p 6.81p 34
– after goodwill amortisation and exceptional items (13.24)p (14.41)p (8)
Dividends per share 2.0315p 1.6929p 20
This results announcement contains certain information on the Group’s results
and cash flows that have been derived from amounts calculated in accordance with
UK Generally Accepted Accounting Principles, (“UK GAAP”), but are not
themselves UK GAAP measures. They should not be viewed in isolation as
alternatives to the equivalent UK GAAP measure and should be read in conjunction
with the equivalent UK GAAP measure. Further disclosures are also provided
under “Use of Non-GAAP Financial Information” on page 35.
GROUP OPERATING HIGHLIGHTS
– 13.7 million net new proportionate mobile customers in the year, bringing the
total to 133.4 million at 31 March 2004. Venture mobile customer base increased
to 340.1 million. Net proportionate organic additions of 2.5 million in the
fourth quarter
– ARPU up 4% and 6% in Italy and the UK respectively, and down 7% and 1% in
Japan and Germany respectively, compared with the year ended 31 March 2003
– Voice usage increased by 11% to 154.8 billion minutes in the Group’s
controlled mobile businesses, from 138.9 billion minutes for the year ended 31
March 2003
– Usage of data services continued to increase in the Group’s controlled mobile
businesses, with revenues from data services increasing by 25% over the year to
£4,540 million. Data revenues represented 16.1% of service revenues for the
year ended 31 March 2004 compared with 14.6% for the year ended 31 March 2003
– Mobile proportionate EBITDA margin, before exceptional items, up by 0.6
percentage points to 39.0% for the year ended 31 March 2004
– Tangible fixed asset additions of £4.8 billion in the year, the same amount as
for the year ended 31 March 2003. Tangible fixed asset additions in the
controlled mobile businesses represented 14.5% of turnover for the current year,
compared with 16.3% for the prior year
– Mannesmann synergies, calculated on a proportionate after tax cash flow basis,
exceeded the target of £600 million set for the year ended 31 March 2004
End of part 1 of 2
end of message, (c)DGAP 25.05.2004
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WKN: 875999; ISIN: GB0007192106; Index: Stoxx 50
Listed: Freiverkehr in Berlin-Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover,
München und Stuttgart
250937 Mai 04
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