sir christopher gent vodafone group plc2002/11/12 · 9% 20% 10% 11% (1%) germany italy united...

Sir Christopher GentChief Executive

Vodafone Group Plc

Agenda

• Summary of Results• Analysis of Results• Group Funding• Progress on KPIs• Products and Services• Outlook and Q&A

Sir Christopher Gent

Ken Hydon

Julian Horn-Smith

Sir Christopher Gent

Results Overview

• Exceeded market expectations• Good turnover growth• Excellent EBITDA margin improvement

*Before goodwill and exceptional items

• Strong operating profit*, PBT* and EPS*• Very good proportionate EBITDA growth• Outstanding free cash flow generation

Statutory Highlights

Sep 02 Change Group Turnover £14.9bn +67% Group Operating Profit £4.6bn +37% Profit Before Taxation £4.2bn +41% Adjusted EPS 3.28 pence +31%

1

1

1

2

1 Before goodwill and exceptional items2 Change on same period last year

Proportionate Highlights

Sep 02 Change

Turnover £16.5bn +15% EBITDA £6.2bn +30% Registered customers 107.5m +12%

1

2

1 Change on same period last year2 Before exceptional items

Margin Improvement

0%

10%

20%

30%

40%Se

p-01

Sep-

02

Proportionate Mobile EBITDA Margin*

3.6 pp39.0%

* before exceptional items

0%

10%

20%

30%

40%

Sep-

01

Sep-

02

Proportionate Group EBITDA Margin*

4.7 pp

* after exceptional items

37.6%

Cash Flow Highlights

Strong turnover

Improved margins

Lower capex

• Free cash flow of £2.9bn• Capex £2.7bn; Capital efficiency 17.9%• Lower group net debt of £10.7bn

Operational Highlights

Customer Growthi Ahead of our expectations:i Better organic growthi Stake increases

ARPU i Up in some key marketsi In line with our expectations

EBITDA Margin Performancei Better overhead managementi Control over acquisition/retention

costsi J-Phone 32.0% up from 20.5%

Rise in Data Revenuesi 13.2% for year to September i 14.3% in month of September

ServicesLaunch of Vodafone live! and Vodafone Mobile Office

Acquisition Highlights

• Agreement to acquire BT’s and SBC’s stakes in Cegetel for €6.3bn

– Management Control– Pro-rata offer to Vivendi renewed at same price;

offer expires end of pre-emption period: 10 Dec• Stake increases:

– Portugal: 50.9% - 61.4%– Sweden: 71.1% - 74.7%– Buy out of minority in Vodafone AG

Dividend Growth

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

Sep-99 Sep-00 Sep-01 Sep-02

Div

iden

d pe

r Sha

re

5%

10%5%

Ken HydonGroup Financial Director

Vodafone Group Plc

Statutory Results6 months to 30 September

2002£m

2001£m

Increase%

Turnover 14,898 8,906 67

Group operating profit* 4,640 3,392 37Net interest payable (390) (381) 2

Profit before tax* 4,250 3,011 41Tax (1,602) (1,086)

Goodwill amortisation (6,837) (6,697)Exceptional items 267 (4,763)Minority interests (414) (200)

Loss for the period (4,336) (9,735)

Basic loss per share (6.36p) (14.36p)Adjusted earnings per share* 3.28p 2.51p

• Before amortisation of goodwill and exceptional items as detailed in notes 3 & 4 of the Interim Results

published on 12 November 2002

Adjusted EPS* (Pence)

1.54

2.00

2.512.64

3.28

H1/01 H2/01 H1/02 H2/02 H1/03

DividendsDividend per share history (1989 - 2003)

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

Year ended 31 March

Penc

e pe

r Sha

re

Interim dividend Final dividend

• Growth based on:– Revenue– Earnings– Free Cash Flow

• Interim dividend– 10% increase– Dividend of 0.79464p– Total > £0.5bn

Proportionate ResultsMobile Turnover

6 Months to 30 September

2002 £m

Total Growth

%Germany 2,246 9Italy 1,598 20United Kingdom 2,000 11Other Europe 3,315 23

Total Europe 9,159 16Americas 2,907 2Japan 2,602 29Other Asia Pacific 553 11Middle East & Africa 238 (6)

Total Mobile 15,459 15

* Japan adjusted to rephase the March 2002 retrospective inter-operator

fee reduction

Organic Service Revenue and Organic Average Customer Growth

5%

11%

8% 8%

13%

10%

4%

9%

20%

10% 11%

(1%)

Germany Italy UnitedKingdom

UnitedStates

Japan* Group

Service revenue growth Average customer growth

Proportionate presentation is not a recognised measure under UK GAAP, is not intended to replace it and is only provided as supplemental data to facilitate a more detailed understanding and assessment of the consolidated financial statements prepared in accordance with UK GAAP.

Proportionate ResultsMobile EBITDA*

6 Months to 30 September

2002 £m

Total Growth

%

Organic Growth

%

Margin

%Germany 1,038 11 8 46.2Italy 789 20 17 49.4United Kingdom 739 31 31 37.0Other Europe 1,300 37 25 39.2

Total Europe 3,866 25 19 42.2Americas 1,010 1 6 34.7Japan 833 102 58 32.0Other Asia Pacific 209 36 27 37.8Middle East & Africa 109 1 36 45.8

Total Mobile 6,027 26 21 39.0

* Before exceptional items

Mobile EBITDA* Margin

32.3%33.4%

35.4% 35.8%

39.0%

25%

27%

29%

31%

33%

35%

37%

39%

41%

H1/01 H2/01 H1/02 H2/02 H1/03


Proportionate ResultsOther Operations

* Before exceptional items

Other Operations:

• Arcor

• Japan Telecom

• Vizzavi

• Cegetel

6 Months to 30 September2002

£m2001

£mGrowth

%Turnover - Europe 380 381 - - Asia 678 453 50

Total Turnover 1,058 834 27

EBITDA* - Europe (2) (32) N/A - Asia 178 31 474

Total EBITDA* 176 (1) N/A


Cash Flow 6 months to 30 September

2002£m

2001£m

Increase%

Operating cash flow 5,676 3,640 56Capital expenditure (2,670) (1,781) 50Licences (59) (223) (74)

Operating free cash flow 2,947 1,636 80Tax paid (154) (545) (72)Net interest paid (211) (449) (53)Dividends received & other 296 (1) N/A

Free cash flow 2,878 641 349Acquisitions (1,600) (8,593)

Disposals 686 2,320Share placement - 3,510Group dividends (511) (486)Other (116) 90

Net debt decrease/(increase) 1,337 (2,518)

Analysis of Operating Cash Flow

Germany19%

Italy19%

United Kingdom

14%

Japan23%

Other Europe

20%

Other2%

Other Mobile

3%

Tangible Capital Expenditure

September 2002:

• £2.7 billion

• Excludes licences

• Capitalised internal costs < 5%

• 20% on 3G

Analysis of Tangible Capital Expenditure

Germany19%

Italy11%

Japan27%

United Kingdom

9%

Other Europe

15%

Other Mobile

3%

Other Operations

16%

Tangible Capital Expenditure

Analysis of Tangible Capital Expenditure

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Germany Italy UnitedKingdom

Japan TotalGroup

3G Other

March 2003:

• > £5.5 billion

• Savings:– Rephasing

– Efficiencies

• 35% on 3G

Net DebtNet Debt vs Group EBITDA*

(£ Billions)

13.2

6.7

9.2

12.0

10.7

4.0

5.36.3

8.2

10.7

H1/01 H2/01 H1/02 H2/02 H1/03

Net debt Group EBITDA* (12 months)

3.3x

1.3x

1.5x

1.5x1.0x

• £10.7 bn at 30 September 2002

• 19% of market capitalisation

• 2002/3 transactions:– France (41.0%) - £4.0 bn

(subject to pre-emption)

– Spain (6.2%) - £1.3 bn

• Committed to single ‘A’ credit rating

• Investment appraisal* Before exceptional items. Includes dividends

received from joint ventures and associates.

Summary

• Strong growth:– Service revenue– Adjusted earnings per share– Operating free cash flow

• Financial strength

• Returns to shareholders

Julian Horn-SmithGroup Chief Operating Officer

Vodafone Group Plc

Excellent Operating Performance

• Proportionate revenue up 15%• Good customer growth• Higher usage levels• New services• Improved customer mix• Improved EBITDA margins• Strong cash flow

Organic Proportionate Customer Growth

0

20,000

40,000

60,000

80,000

100,000

120,000

Sep-01 Sep-02

Org

anic

Pro

porti

onat

e C

usto

mer

s (0

00s)

Northern Europe, Middle East & Africa Central Europe Southern Europe Americas Asia Pacific

10%

Regional Growth

29%

11%

7%

2%

12%

8%

10%

Improved Customer Mix*

39%

60%71%

61%

40%29%

0%

20%

40%

60%

80%

100%

H1 01/02 H2 01/02 H1 02/03

Contract Prepaid* All subsidiaries. For comparability purposes Japan is included for periods prior to its consolidation

Germany Net Additions

(600)

(500)

(400)

(300)

(200)

(100)

0

100

200

300

400

Q3 01/02 Q4 01/02 Q1 02/03 Q2 02/03

Net

add

ition

s (0

00s)

Contract Prepaid

49%

Japan Gross Additions25%

27%

48%

J-Phone Vodafone NTT KDDI

23%

J-Ph

26%

51%

one Vodafone NTT KDDI

Q1 02/03 Q2 02/03

(100)

0

100

200

300

400

500

600

700

800

900

Q1 02/03 Q2 02/03

Net

Add

ition

s (0

00s)

Verizon Wireless Cingular Sprint AT&T

US Net Customer Additions

Annualised Quarterly ARPU*

0

100

200

300

400

500

Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-02Quarter ending

Annu

alis

ed Q

uarte

rly A

RPU

(£)

Contract Prepaid Total

* All subsidiaries. For comparability purposes Japan is included for periods prior to its consolidation

Outgoing ARPU*

60

65

70

75

80

85

90

95

Q1 01/02 Q1 02/03 Q2 01/02 Q2 02/03

Annu

alis

ed Q

uarte

rly O

utgo

ing

ARPU

(£)

* Subsidiaries over 65% penetration

Contract Minutes and Usage*

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

Q1 01/02 Q2 01/02 Q3 01/02 Q4 01/02 Q1 02/03 Q2 02/03

Con

tract

min

utes

(milli

ons)

180

182

184

186

188

190

192

194

196

198

200

Mon

thly

cont

ract

voi

ce m

inut

es p

er c

usto

mer

Total contract minutes Minutes per contract customer* All subsidiaries. For comparability purposes Japan is included for periods prior to its consolidation

GermanyPrepaid ARPU & Usage

50

55

60

65

70

75

80

85

90

Q1 01/02 Q2 01/02 Q3 01/02 Q4 01/02 Q1 02/03 Q2 02/03

Prep

aid

Annu

alis

ed Q

uarte

rly A

RPU

(£)

30

31

32

33

34

35

36

37

38

39

Prep

aid

mon

thly

min

utes

of u

se p

er c

usto

mer

Prepaid ARPU Prepaid Usage

GermanyYear on Year movements

(10%)

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%

12%

Q1 02/03 Q2 02/03

Customers Minutes Service Revenue

(8%)(9%)

12%

9%

4%0%

GermanyHalf Year Annualised ARPU

100

120

140

160

180

200

H1 01/02 H1 02/03

Half

Year

Ann

ualis

ed A

RPU

(£)

2001/02 ARPU Mix Uplift

9%6%3%

250

255

260

265

270

275

280

285

290

295

300Q

1 01

/02

Q2

01/0

2

Q3

01/0

2

Q4

01/0

2

Q1

02/0

3

Q2

02/0

3

Annu

alis

ed Q

uarte

rly A

RPU

(£)

750

800

850

900

950

1,000

Qua

rterly

Ser

vice

Rev

enue

(£m

illion

s)

ARPU Quarterly Service Revenue

ARPU and Service Revenue Other Major Markets

ItalyUK

170

180

190

200

210

220

230

Q1

01/0

2

Q2

01/0

2

Q3

01/0

2

Q4

01/0

2

Q1

02/0

3

Q2

02/0

3

Annu

alis

ed Q

uarte

rly A

RPU

(£)

800

850

900

950

1,000

1,050

Qua

rterly

Ser

vice

Rev

enue

(£m

illion

s)

ARPU Quarterly Service Revenue

Usage Campaigns

ARPU Trend*

60%

65%

70%

75%

80%

85%

90%

95%

100%

105%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24Months since 50% penetration level reached

AR

PU

rela

tive

to m

onth

1

Germany Japan UK Italy

Japan Sept-02Germany Dec-01UK Aug-01Italy Mar-01

*Slide represents comparative performance of Japan with the largest controlled networks in Europe. Month 1 represents ARPU when 50% mobile penetration of the market is reached

78%

152%

116%

100%

60%

70%

80%

90%

100%

110%

120%

130%

140%

150%

160%

Voice only users Average of allusers

Web and Mailusers

Packet users

Relative ARPU of voice and data users*

* J-Phone billing data for September 2002, Tokyo area. Analysis based on customer revenue(i.e. excludes incoming revenue).

J-Phone Vodafone

40%

42%

44%

46%

48%

50%

52%

Q1 01/02 Q2 01/02 Q3 01/02 Q4 01/02 Q1 02/03 Q2 02/03

SM

S P

enet

ratio

n

60

62

64

66

68

70

72

74

76

78

SM

S U

sage

per

Cus

tom

er p

er M

onth

Penetration Usage per active customer

* All subsidiaries excluding Japan due to different services offerings

Penetration and Customer Usage*SMS

Japan Handset Penetration

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02

Pen

etra

tion

of c

usto

mer

bas

e

Sha-mail and Movie Sha-mail capable handsets Non camera capable handsets

% Non Voice Revenue September 2002*

20%

16%

14%

10%

14%

0% 5% 10% 15% 20% 25%

Japan

Germany

UK

Italy

Group* 3.9%

1.8%

2.5%

2.1%

5.7%

Increase Sept 2001to Sept 2002

September 2002September 2001


Churn

15%

20%

25%

30%


Annu

alis

ed Q

uarte

rly C

hurn

%


Annualised Quarterly Churn*


Acquisition and Retention Costs

0

25

50

75

100

125

150


Acq

uisi

tion

cost

per

gro

ss a

dditi

on (

£)


Acquisition Cost per Gross Addition* Annualised Retention Cost per Customer*

0

5

10

15

20

25

30

35

40

Jun-01 Sep-01 Dec-01 Mar-02 Jun-02 Sep-

Quarter ending

Annu

alis

ed R

eten

tion

Cos

t per

Ave

rage

Cus

tom

er (

£)



02

Subsidiary Customer Base Costs*

0

100

200

300

400

500

600

700

800

900

Q1 01/02 Q2 01/02 Q3 01/02 Q4 01/02 Q1 0203 Q2 0203

Acqu

isitio

n an

d R

eten

tion

Net C

osts

(£m

)

0%

2%

4%

6%

8%

10%

12%

14%

16%

% S

tatu

tory

Tur

nove

r (M

obile

)

SRC SAC % Statutory Turnover (Mobile)

*All mobile subsidiaries. For comparability purposes Japan is included for periods prior to its consolidation. Amounts stated net of handset revenues, connection and upgrade fees.

Cost per Upgrade*

0

20

40

60

80

100

120

140

Q1 01/02 Q2 01/02 Q3 01/02 Q4 01/02 Q1 01/03 Q2 01/03

Upg

rade

cos

ts p

er u

pgra

de (£

)

500

750

1,000

1,250

1,500

1,750

Vol

ume

of u

pgra

des

('000

)

UpgradesCost per Upgrade

* All subsidiaries excluding Japan, where the loyalty programme is currently being revamped

22.0%

22.5%

23.0%

23.5%

24.0%

24.5%

25.0%

H1 01/02 H1 02/03

% S

tatu

tory

Tur

nove

r (M

obile

) 5% decrease

*All mobile subsidiaries. For comparability purposes Japan is included for periods prior to its consolidation.Operating expenses comprise sales and administration costs together with network operating, leased line and customer care costs.

as % Statutory Turnover*Operating Expenses

Customers per FTE*

1,550

1,600

1,650

1,700

1,750

1,800

1,850

1,900

Q1 2002 Q2 2002 Q3 2002 Q4 2002 Q1 2003 Q2 2003

Cust

omer

s pe

r FTE

0%

10%

20%

30%

40%

50%

Payr

oll a

s %

ove

rhea

ds

Customers per FTE Payroll as % overheads


Synergy Benefits

• Purchasing– Infrastructure– Handsets

• Product development & advertising• Benchmarking & best practice

Ahead of FY 2003 Mannesmann synergy target year to date

New Service PropositionsCONSUMER

BUSINESS USER

Vodafone Mobile Office

Vodafone Mobile Office

Vodafone Network ready GPRS Data Card Kit

Prepaid Roaming

Largest Global Mobile Brand:

:

:

:

UK Australia Malta Fiji

Portugal Spain Ireland Greece Sweden Germany

Japan

Denmark Finland

Hungary Albania

Egypt

:

New Zealand

Netherlands

Italy

:

:

:

:UK Australia Malta

Portugal Spain Ireland Greece Sweden Germany

Japan

Denmark Finland

Hungary Albania

Egypt

:

New Zealand

Netherlands

Italy

Fiji

Kuwait

Conclusion

• Key operating measures performed ahead of expectations

• Strong brand and service offering give unique market differentiation

• Compelling platform for the future

Sir Christopher GentChief Executive

Vodafone Group Plc

Impact of France

• Increase customer numbers• Increase turnover• Increase EBITDA• Increase free cash flow

EPS pre goodwill accretive

Revenue Outlook 2H 2003

• Sustain organic growth from 1H• Incremental stake increase in Spain

• Improvement in customer mix• Improvement in activity• Increase voice and data usage

Net customer growth > 10% on last year

ARPU continuing to rise in some key markets

Double digit proportionate revenue growth

Effect of New Data Services

• Vodafone live! and Vodafone Mobile Office

• Impact in 2H 2004• Reach a critical mass of customers

• Networking effect of mobile to mobile

EBITDA Margin Outlook2H 2003

• Full year up on last year’s 35.6% margin• 2H 03 should be > 2H 02’s 35.8% margin• 2H 03 < 1H 03

– Impact of launch of new services– Don’t expect increased acquisition or retention

costs– Incoming rate reductions in some markets– Appreciation of Pound

Business Outlook2H 2003

• Increase in depreciation– Opening 3G network in Japan– Incremental capex

• Operating profit down on 1H 03 but significantly up on 2H 02

• European 3G networks to open in 2003• Capex > £5.5bn• Strong free cash flow

Transactions Outlook

• No significant transactions envisaged• Continue to increase stakes in quoted

subsidiaries• Final stage of Spanish put expected• Possible transaction in France

Expected Outlook FY 2004

• Average customer growth > 10%• Continued rise in ARPU in some key markets• Double digit proportionate revenue growth• Modest margin improvement• Proportionate EBITDA growth > 15%• Good progress on increasing EPS• Similar capex level to FY 2003, improving efficiency• Impact of new data environments

Conclusion

• Transition to new growth environment– Financial performance better than

expectations• Convinced of long-term revenue growth

opportunities• Good year-on-year growth• Very confident in future prospects

Forward-Looking StatementsThis presentation, including the speeches being made today, contains “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995with 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, 3Gservices, Vodafone live! and Vodafone Mobile Office; the ability to integrate our operations throughout the Group in the same format and on the same technical platform; thedevelopment 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’sbrand migration programme; growth in customers and usage, including improvements in customer mix; future performance, including turnover, ARPU, EBITDA, cash flows, costs,capital expenditures and improvements in margin, non-voice services and their revenue contribution; 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; mobilepenetration rates; expectations with respect to long-term shareholder value growth; our ability to remain the mobile market leader, overall market trends and other trendprojections. 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 toevents 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 thoseexpressed or implied by these forward-looking statements. These factors include, but are not limited to, the following: changes in economic or political conditions in marketsserved by operations of the Group that would adversely affect the level of demand for mobile services; greater than anticipated competitive activity requiring changes in pricingmodels 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 customergrowth or reduced customer retention; the possibility that technologies, including mobile internet platforms, and services, including 3G services, will not perform according toexpectations or that vendors’ performance will not meet the Group’s requirements; changes in the projected growth rates of the mobile telecommunications industry; the Group’sability to realise expected synergies and benefits associated with 3G technologies, the integration of our operations and those of recently acquired companies, the completion ofthe 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 thanexpected impact of GPRS, 3G and Vodafone live! and Vodafone Mobile Office on the Group’s future revenues, cost structure and capital expenditure outlays; the ability of theGroup 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 Vodafone Mobile Office 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, networkequipment and other key products from suppliers; greater than anticipated prices of new mobile handsets; the ability to realise benefits from entering into partnerships fordeveloping data and internet services and entering into service franchising and brand licensing; the possibility that new, unexpected strategic opportunities may arise in the nexttwo to three years, the pursuit of which could be in the best interests of Vodafone’s shareholders and that future acquisitions that we believe to be in the best interests ofVodafone’s shareholders may have a negative short or medium-term impact on one or more of the measurements of our financial performance; any unfavorable conditions,regulatory or otherwise, imposed in connection with pending or future acquisitions or dispositions; changes in the regulatory framework in which the Group operates, includingpossible 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 willattract 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 possibility that, in connection with theagreement to purchase BT and SBC’s interests in Cegetel, Vivendi will pre-empt our offer on one or both stakes or will not comply with the Cegetel shareholders’ agreement ordelay its compliance or interpose obstacles thereby delaying significantly our ability to gain control of the management of Cegetel or influence its strategic or value generativedecisions or otherwise limit the Group’s ability to realise benefits of increased ownership, and that, in connection with the Group’s offer to Vivendi for its stakes in Cegetel, Vivendi may decline the Group’s offer; and the risk that, upon containing control of certain investments, the Group discovers additional information relating to the businesses of thatinvestment leading to restructuring charges or write-offs or with other negative implications. Furthermore, a review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-looking statements canbe found under “Risk Factors” on pages 29 and 30 of Vodafone’s Annual Report & Accounts and Form 20-F for the year ended 31 March 2002. All subsequent written or oralforward-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 factorsreferred to above. Neither Vodafone nor any of its affiliates intends to update these forward-looking statements.

sir christopher gent vodafone group plc2002/11/12 · 9% 20% 10% 11% (1%) germany italy united...

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