Vodafone Group Plc.
Vodafone Group Plc – Part 2 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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VODAFONE GROUP: PRELIMINARY ANNOUNCEMENT OF RESULTS YEAR ENDED 31 MARCH 2004
part 2 of 2
PRODUCTS AND SERVICES
– Vodafone live!(TM) with 3G introduced for consumers in Europe from 4 May 2004.
The Samsung Z105 handset initially available in Germany and Portugal, and from
25 May 2004 in Italy and Spain, with other countries and handsets to follow in
coming months
– European introduction of commercial 3G services in 7 countries, through the
launch of the Vodafone Mobile Connect 3G/GPRS datacard in February 2004
– First megapixel camera phone launched in European market, the Sharp GX30,
introduced into 10 controlled countries by 25 May 2004
– Over 6.8 million Vodafone live!(TM) customers in controlled mobile businesses
and over 0.7 million in associates as at 31 March 2004, plus an additional 13.0
million Vodafone live!(TM) customers in Japan following the rebranding of its J-
Sky service to Vodafone live!(TM) on 1 October 2003
– Enhanced Vodafone live!(TM) content offering to customers, involving
established brands such as Warner Bros. Online, Disney, Cartoon Network, Sony
Pictures Mobile, Sony Music Entertainment, UEFA Champions League Football, Tomb
Raider and The Simpsons
– Launch of Vodafone live!(TM) by two of the Group’s associated undertakings,
SFR on 29 October 2003 and Swisscom Mobile on 13 November 2003
OTHER COMMERCIAL INITIATIVES
– Mobile top level domain applied for, with other leading companies from the
mobile industry, a key step in bridging the world of mobility and the Internet
– Partner Networks extended by 6 countries since 31 March 2003 to cover 13
countries as at 25 May 2004
– Bid submitted, in partnership with Celtel, to operate the second licence in
the Sultanate of Oman. Prequalifed as one of 11 bidders to operate the second
licence in the Kingdom of Saudi Arabia
SIGNIFICANT TRANSACTIONS
– Purchased 800 million own shares at a cost of £1,088 million as part of the
share purchase programme
– Disposed of the Group’s interest in Japan Telecom. Receipts resulting from
this transaction are ¥257.9 billion (£1.4 billion), comprising ¥178.9 billion
(£1.0 billion) of cash received, ¥32.5 billion (£0.2 billion) of transferable
redeemable preferred equity and ¥46.5 billion (£0.2 billion) of withholding tax
recoverable
– Shareholding in Vodafone Greece increased to 99.4% from 64.0% at 31 March 2003
following market purchases and a public offer for shares announced on 1
December 2003
– Simplification of the Cegetel-SFR Group structure and agreement on the receipt
of quarterly dividends
OUTLOOK
Please see “Forward-Looking Statements” on page 34.
For the year ending 31 March 2005
In the coming year, on an organic basis, the Group anticipates high single-digit
average proportionate mobile customer growth, leading to broadly similar growth
in proportionate mobile revenues.
Taking into account the necessary investment and costs associated with opening
and operating 3G networks, as well as the effects of declines in interconnect
rates, the Group expects the proportionate mobile EBITDA margin to be broadly
stable.
As already stated in November 2003, the ongoing impact of the commercial launch
of 3G services is expected to increase depreciation and amortisation by around
£0.6 billion in the 2005 financial year.
The effective tax rate is expected to be a little higher than the 30.4% for the
2004 financial year due to lower recurring tax benefits, particularly in Italy
and the absence of the one-off benefit from restructuring in France, but is
subject to the resolution of open issues, planning opportunities, corporate
acquisitions and disposals and changes in tax legislation.
For the 2005 financial year, total capitalised fixed asset additions are
expected to be around £5 billion, slightly higher than the £4.8 billion for the
2004 financial year, mainly due to deferred investment from that year.
Free cash flow is expected to be around £7 billion, lower than in the 2004
financial year, due to:
– the inclusion in that year of:
– £0.6 billion of one-off receipts from hedging instruments; and
– £0.2 billion of free cash flow from the fixed line business in Japan which
has been sold
– together with higher cash expenditure expected in the 2005 financial year on:
– approximately £1 billion of additional capital expenditure, mainly due to the
unwinding of capital creditors; and
– tax payments, which are expected to be under £2 billion.
OTHER INFORMATION
1)Copies of the Group’s Annual Review and Summary Financial Statements will be
sent to all shareholders. Further copies, and copies of the Group’s Annual
Report, will be available from the Company’s registered office:
Vodafone House
The Connection
Newbury
Berkshire
RG14 2FN
2)This Preliminary Results Announcement will be available on the Vodafone Group
Plc website, www.vodafone.com, from 25 May 2004.
For further information:
Vodafone Group
Tim Brown, Group Corporate Affairs Director
Tel: +44 (0) 1635 673310
Investor Relations Media Relations
Melissa Stimpson Bobby Leach
Darren Jones Ben Padovan
Tel: +44 (0) 1635 673310 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
http://www.newscast.co.uk .
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
250939 Mai 04
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