sp ims 30june2012

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					Vodafone Group Plc



            1 Quarterly revenue analysis
            2 Regional results
            3 Adjusted income statement
            4 Cash flow
            5 Half-year regional analysis
            6 Full year regional analysis
            7 Customers
            8 Churn
            9 Voice usage
            10 ARPU
            11 Average foreign exchange rates
            12 Definition of terms


Disclaimer
For convenience, this document, which contains unaudited information, is a collation of financial information from previous Vodafone Group Plc press releases,
modified as set out in the footnotes, but does not contain sufficient information to allow a full understanding of the historic results and state of affairs of the Vodafone
Group. For further information please refer to the relevant press releases for the interim management statements, half-year and full year financial results for the
financial years ended 31 March 2011 and 31 March 2012 and the interim management statement for the quarter ended 30 June 2012. All the press releases can
be found on the Investor Relations section of the Vodafone website http://www.vodafone.com/investor.

This document also contains certain non-GAAP financial information. The Group’s management believes these measures provide valuable additional information in
understanding the performance of the Group or the Group’s businesses because they provide measures used by the Group to assess performance. However, this
additional information presented is not uniformly defined by all companies, including those in the Group’s industry. Accordingly, it may not be comparable with
similarly titled measures and disclosures by other companies. Additionally, although these measures are important in the management of the business, they should
not be viewed in isolation or as replacements for, or alternatives to, but rather as complementary to, the comparable GAAP measures.

Vodafone, the Vodafone logos and Vodacom, are trade marks of the Vodafone Group. Other product and company names mentioned herein may be the
trademarks of their respective owners.
                                                                                                                                                          Organic % change1
                                                     Q2 10/11 Q3 10/11 Q4 10/11 Q1 11/12 Q2 11/12 Q3 11/12 Q4 11/12               Q1 12/13       Q2 11/12 Q3 11/12 Q4 11/12 Q1 12/13
                                                         £m       £m       £m       £m       £m       £m       £m                     £m
Group2
    Europe                                              7,975      8,259      7,866     8,087      8,249      8,103      7,742       7,427            (0.1)     (0.7)       0.8       (1.3)
    Africa, Middle East and Asia Pacific                3,231      3,491      3,371     3,431      3,477      3,470      3,490       3,299             7.9       8.6        7.8        6.3
    Non-Controlled Interests, Common
    Functions and eliminations                            135        144       150        141        135         45        47          41
    Revenue                                            11,341     11,894    11,387     11,659     11,861     11,618    11,279      10,767              2.1       1.6        2.8        1.0
    Voice revenue                                       6,851      6,943     6,482      6,692      6,668      6,295     6,039        5,801           (4.5)      (4.7)      (2.5)      (4.4)
    Messaging revenue                                   1,260      1,319     1,281      1,313      1,359      1,333     1,271        1,200            4.8        4.3        2.4       (1.2)
    Data revenue                                        1,243      1,327     1,384      1,483      1,579      1,567     1,604        1,596           23.1       21.8       19.6       17.1
    Fixed line revenue                                    819        879       877        899        903        907       909          863            5.9        3.9        5.6        3.4
    Other service revenue                                 469        492       525        471        527        509       557          515           11.2        7.8        9.1       18.8
    Service revenue                                    10,642     10,960    10,549     10,858     11,036     10,611    10,380        9,975            1.3        0.9        2.3        0.6
Europe
    Revenue                                             7,975      8,259      7,866     8,087      8,249      8,103      7,742       7,427            (0.1)     (0.7)       0.8       (1.3)
    Voice revenue                                       4,578      4,521      4,161     4,346      4,306      4,019      3,774       3,658
    Messaging revenue                                   1,014      1,074      1,036     1,072      1,096      1,100      1,042         994
    Data revenue                                          944        985      1,043     1,098      1,188      1,195      1,209       1,211
    Fixed line revenue                                    720        774        773       794        795        791        798         754
    Other service revenue                                 315        303        337       297        345        315        334         326
    Service revenue                                     7,571      7,657      7,350     7,607      7,730      7,420      7,157       6,943            (1.2)     (1.7)      (0.2)      (1.6)
    Voice revenue                                         896        879        803       818        815        763        720         712
    Messaging revenue                                     192        208        200       214        226        237        229         211
    Data revenue                                          295        322        344       363        385        393        395         399
    Fixed line revenue                                    443        466        455       464        468        461        456         430
    Other service revenue                                  35         40         44        58         68         65         71          77
    Germany service revenue                             1,861      1,915      1,846     1,917      1,962      1,919      1,871       1,829             0.1       0.7        4.0        4.2
    Voice revenue                                         824        818        734       815        780        722        664         649
    Messaging revenue                                     213        223        212       221        222        211        197         183
    Data revenue                                          150        156        160       168        186        181        178         172
    Fixed line revenue                                    132        145        158       160        157        152        151         142
    Other service revenue                                  37         36         63        34         40         38         52          36
    Italy service revenue                               1,356      1,378      1,327     1,398      1,385      1,304      1,242       1,182            (3.0)     (4.9)      (4.1)      (7.7)
    Voice revenue                                         866        825        756       779        781        696        639         581
    Messaging revenue                                      88         89         79        79         77         74         54          52
    Data revenue                                          136        130        142       146        164        165        171         167
    Fixed line revenue                                     76         77         80        81         84         87         90          82
    Other service revenue                                  55         49         68        52         60         39         39          53
    Spain service revenue                               1,221      1,170      1,125     1,137      1,166      1,061        993         935            (9.3)     (8.8)      (9.5)     (10.0)
    Voice revenue                                         642        645        621       590        611        609        585         562
    Messaging revenue                                     282        297        296       301        308        326        324         318
    Data revenue                                          184        195        208       213        219        220        220         222
    Fixed line revenue                                      8          8          7        10         12         11         12          12
    Other service revenue                                 114        115        114       101        111        101        112          84
    UK service revenue                                  1,230      1,260      1,246     1,215      1,261      1,267      1,253       1,198             2.5       1.1        1.1       (0.8)
     Voice revenue                                        296        296       275        302        288        274        277         295
     Messaging revenue                                     49         55        52         54         59         56         57          60
     Data revenue                                          19         23        22         25         31         33         34          38
     Fixed line revenue                                    11         12        10         10         10         14         26          24
     Other service revenue                                 24         10        13         20         28          6          3           7
     Turkey service revenue3                              399        396       372        411        416        383        397         424           24.0       23.5       21.0       18.7
                                       3
     Czech Republic service revenue                       146        153       144        158        152        141        132         131            (3.6)     (5.1)      (3.6)      (5.5)
     Greece service revenue3                              218        199       177        193        210        181        165         161            (8.4)     (8.4)      (4.3)      (8.3)
     Ireland service revenue3                             216        222       209        221        220        213        203         198            (3.6)     (3.4)      (0.4)      (2.1)
     Netherlands service revenue3                         390        406       390        422        428        409        390         380             4.2       1.5        2.6       (1.5)
                                3
     Portugal service revenue                             256        250       240        254        257        233        227         215            (4.6)     (6.2)      (3.0)      (7.7)
                                3
     Romania service revenue                              171        172       158        170        175        167        152         149            (2.8)     (2.5)      (1.8)      (4.0)
    Other Europe service revenue                        1,981      1,990      1,861     2,008      2,037      1,903      1,832       1,839             1.6       0.9        3.4        1.6
    Eliminations                                          (78)       (56)       (55)      (68)       (81)       (34)       (34)        (40)
    Service revenue                                     7,571      7,657      7,350     7,607      7,730      7,420      7,157       6,943            (1.2)     (1.7)      (0.2)      (1.6)
Africa, Middle East and Asia Pacific
    Revenue                                             3,231      3,491      3,371     3,431      3,477      3,470      3,490       3,299             7.9       8.6        7.8        6.3
    Voice revenue                                       2,208      2,345      2,250     2,271      2,290      2,249      2,264       2,144
    Messaging revenue                                     227        226        229       225        249        228        229         205
    Data revenue                                          286        335        329       377        380        367        396         385
    Fixed line revenue                                     99        104        105       105        108        116        111         108
    Other service revenue                                 164        200        200       181        190        201        214         191
    Service revenue                                     2,984      3,210      3,113     3,159      3,217      3,161      3,214       3,033             8.2       7.6        7.6        6.1
    Voice revenue                                         724        761       781        813        808        790        842         809
    Messaging revenue                                      40         47        45         44         63         49         51          38
    Data revenue                                           56         64        72         87         89         83         88          83
    Fixed line revenue                                      1          2         2          3          3          3          6           4
    Other service revenue                                  78         89        88         92         93         99        109          95
    India service revenue                                 899        963       988      1,039      1,056      1,024      1,096       1,029           20.1       20.0       21.1       16.2
    Voice revenue                                         865        938        884       863        877        862        850         781
    Messaging revenue                                      76         64         71        72         75         70         72          66
    Data revenue                                          134        166        157       176        172        164        178         176
    Fixed line revenue                                     54         57         58        55         53         60         57          55
    Other service revenue                                  48         68         66        57         60         66         69          67
    Vodacom service revenue                             1,177      1,293      1,236     1,223      1,237      1,222      1,226       1,145             6.7       8.0        6.0        5.7
     Egypt service revenue4                               329        327       281        287        306        311        300         305             1.2      (1.5)       7.2        4.7
    Other AMAP service revenue                            908        955        889       897        924        915        892         859            (1.2)     (4.1)      (3.4)      (3.4)
    Eliminations                                            –         (1)         –         –          –          –          –           –
    Service revenue                                     2,984      3,210      3,113     3,159      3,217      3,161      3,214       3,033             8.2       7.6        7.6        6.1

Notes:
1 Organic growth presents performance on a comparable basis, both in terms of merger and acquisition activity and foreign exchange rates. At the start of the third quarter of the 2012
   financial year, the Group revised its intra-group roaming charges. Whilst neutral to Group revenue and profitability, since Q3 FY12 these changes have had, and will continue to have,
   an impact on reported service revenue by country and region. Whilst prior period reported revenue has not been restated, to ensure comparability in organic growth rates, country and
   regional revenue in the 2012 financial year have been recalculated based on the new pricing structure to form the basis for our organic calculations.
2 The sum of the regional amounts may not be equal to Group totals due to Non-Controlled Interests and Common Functions, and intercompany eliminations.
3 Included within the Other Europe segment.
4 Included within the Other Africa, Middle East and Asia Pacific
                                                                                                                                   Organic % change2
                                                                                                               1
                                             H1 10/11 H2 10/11 H1 11/12 H2 11/12       FY 10/11    FY 11/12        H1 10/11 H2 10/11 H1 11/12 H2 11/12    FY 10/11 FY 11/12
                                                  £m       £m       £m       £m             £m          £m
      3
Group
   Voice revenue                              13,788     13,425    13,360    12,334      27,213      25,694
   Messaging revenue                           2,482      2,600     2,672     2,604       5,082       5,276
   Data revenue                                2,411      2,711     3,062     3,171       5,122       6,233
   Fixed line revenue                          1,646      1,756     1,802     1,816       3,402       3,618
   Other service revenue                         902      1,017       998     1,066       1,919       2,064
   Service revenue                            21,229     21,509    21,894    20,991      42,738      42,885            1.7      2.5      1.4      1.6         2.1      1.5
   Other revenue                               1,374      1,772     1,626     1,906       3,146       3,532
   Revenue                                    22,603     23,281    23,520    22,897      45,884      46,417            1.8      3.9      2.2      2.2         2.8      2.2
   Direct costs                               (5,681)    (5,641)   (5,700)   (5,572)    (11,322)    (11,272)
   Customer costs4                            (4,101)    (4,850)   (4,627)   (4,891)     (8,951)     (9,518)
   Operating expenses4                        (5,458)    (5,483)   (5,661)   (5,491)    (10,941)    (11,152)
   EBITDA                                      7,363      7,307     7,532     6,943      14,670      14,475           (2.8)     1.6        –      (1.2)      (0.7)    (0.6)
   Depreciation and amortisation:
       Acquired intangibles                      (577)     (529)     (464)     (371)     (1,106)       (835)
       Purchased licences                        (563)     (614)     (674)     (628)     (1,177)     (1,302)
       Other                                   (2,808)   (2,876)   (2,880)   (2,889)     (5,684)     (5,769)
   Share of result in associates                2,654     2,461     2,521     2,442       5,115       4,963
   Adjusted operating profit                    6,069     5,749     6,035     5,497      11,818      11,532            0.7      2.9      4.4      0.6         1.8      2.5
   Adjustments for:
       Impairment losses, net                   (800)    (5,350)     (450)   (3,600)     (6,150)     (4,050)
                                5
       Other income/(expense)                    (56)       (16)    3,414       291         (72)      3,705
   Operating profit                            5,213        383     8,999     2,188       5,596      11,187
                                    6
   Non-operating (expense)/income              2,389        633      (161)       (1)      3,022        (162)
   Net (financing costs)/investment income       638        242      (827)     (649)        880      (1,476)
   Income tax expense                           (736)      (892)   (1,367)   (1,179)     (1,628)     (2,546)
   Profit for the period                       7,504        366     6,644       359       7,870       7,003
   EBITDA margin                               32.6%      31.4%     32.0%     30.3%       32.0%       31.2%
      Capital expenditure                      2,435      3,784     2,618     3,747       6,219       6,365
Europe
   Voice revenue                               9,202      8,682     8,652     7,793      17,884      16,445
   Messaging revenue                           1,996      2,110     2,168     2,142       4,106       4,310
   Data revenue                                1,843      2,028     2,286     2,404       3,871       4,690
   Fixed line revenue                          1,456      1,547     1,589     1,589       3,003       3,178
   Other service revenue                         593        640       642       649       1,233       1,291
   Service revenue                            15,090     15,007    15,337    14,577      30,097      29,914           (0.5)    (0.3)    (1.3)     (1.0)      (0.4)    (1.1)
   Other revenue                                 800      1,118       999     1,268       1,918       2,267
   Revenue                                    15,890     16,125    16,336    15,845      32,015      32,181           (0.4)     1.5     (0.2)       –         0.6     (0.1)
   Direct costs                               (3,957)    (3,814)   (3,889)   (3,700)     (7,771)     (7,589)
   Customer costs4                            (3,071)    (3,692)   (3,459)   (3,733)     (6,763)     (7,192)
   Operating expenses4                        (3,307)    (3,351)   (3,433)   (3,522)     (6,658)     (6,955)
   EBITDA                                      5,555      5,268     5,555     4,890      10,823      10,445           (4.6)    (2.7)    (3.5)     (5.6)      (3.7)    (4.5)
   Depreciation and amortisation:
       Acquired intangibles                       (70)      (58)      (56)      (40)       (128)        (96)
       Purchased licences                        (502)     (548)     (573)     (527)     (1,050)     (1,100)
       Other                                   (1,922)   (1,997)   (1,969)   (2,023)     (3,919)     (3,992)
   Share of result in associates                   (1)        1         2         1           –           3
   Adjusted operating profit                    3,060     2,666     2,959     2,301       5,726       5,260           (6.6)    (5.5)    (7.3)   (12.5)       (6.1)    (9.6)
   EBITDA margin                               35.0%      32.7%     34.0%     30.9%       33.8%       32.5%
      Capital expenditure                      1,521      2,156     1,542     2,055       3,677       3,597
Germany
   Voice revenue                               1,784      1,682     1,633     1,483       3,466       3,116
   Messaging revenue                             382        408       440       466         790         906
   Data revenue                                  584        666       748       788       1,250       1,536
   Fixed line revenue                            892        921       932       917       1,813       1,849
   Other service revenue                          68         84       126       136         152         262
   Service revenue                             3,710      3,761     3,879     3,790       7,471       7,669            1.1      0.5      0.2      2.3         0.8      1.2
   Other revenue                                 149        280       223       341         429         564
   Revenue                                     3,859      4,041     4,102     4,131       7,900       8,233            1.7      3.9      1.8      3.8         2.8      2.8
   Direct costs                                 (931)      (798)     (894)     (887)     (1,729)     (1,781)
   Customer costs4                              (690)      (994)     (839)     (964)     (1,684)     (1,803)
                        4
   Operating expenses                           (767)      (768)     (817)     (867)     (1,535)     (1,684)
   EBITDA                                      1,471      1,481     1,552     1,413       2,952       2,965           (2.0)    (1.1)     1.1      (3.4)      (1.5)    (1.1)
   Depreciation and amortisation:
       Acquired intangibles                        –          –         –         –           –           –
       Purchased licences                       (216)      (256)     (274)     (245)       (472)       (519)
       Other                                    (437)      (495)     (447)     (508)       (932)       (955)
   Share of result in associates                   –          –         –         –           –           –
   Adjusted operating profit                     818        730       831       660       1,548       1,491           (3.7)    (6.3)    (2.8)     (8.3)      (4.9)    (5.3)
   EBITDA margin                               38.1%      36.6%     37.8%     34.2%       37.4%       36.0%
      Capital expenditure                        342        482       410       470         824         880
Italy
    Voice revenue                              1,685      1,552     1,595     1,386       3,237       2,981
    Messaging revenue                            414        435       443       408         849         851
    Data revenue                                 286        316       354       359         602         713
    Fixed line revenue                           271        303       317       303         574         620
    Other service revenue                         71         99        74        90         170         164
    Service revenue                            2,727      2,705     2,783     2,546       5,432       5,329           (1.9)    (2.2)    (2.3)     (4.6)      (2.1)    (3.4)
    Other revenue                                125        165       122       207         290         329
    Revenue                                    2,852      2,870     2,905     2,753       5,722       5,658           (0.9)    (1.3)    (2.4)     (2.7)      (1.1)    (2.6)
    Direct costs                                (656)      (649)     (664)     (584)     (1,305)     (1,248)
                     4
    Customer costs                              (300)      (395)     (328)     (460)       (695)       (788)
                         4
    Operating expenses                          (540)      (539)     (551)     (557)     (1,079)     (1,108)
    EBITDA                                     1,356      1,287     1,362     1,152       2,643       2,514           (2.6)    (3.7)    (3.7)     (9.4)      (3.1)    (6.4)
    Depreciation and amortisation:
        Acquired intangibles                       –          –         –         –           –           –
        Purchased licences                       (50)       (52)      (54)      (52)       (102)       (106)
        Other                                   (302)      (336)     (332)     (341)       (638)       (673)
    Share of result in associates                  –          –         –         –           –           –
    Adjusted operating profit                  1,004        899       976       759       1,903       1,735           (3.9)    (8.1)    (6.9)   (14.5)       (5.9)   (10.4)
   EBITDA margin                               47.5%      44.8%     46.9%     41.8%       46.2%       44.4%
      Capital expenditure                        260        330       269       352         590         621
                                                                                                                            Organic % change2
                                                                                                        1
                                      H1 10/11 H2 10/11 H1 11/12 H2 11/12       FY 10/11    FY 11/12        H1 10/11 H2 10/11 H1 11/12 H2 11/12    FY 10/11 FY 11/12
                                           £m       £m       £m       £m             £m          £m

Spain
   Voice revenue                        1,738     1,581     1,560     1,335        3,319       2,895
   Messaging revenue                      177       168       156       128          345         284
   Data revenue                           265       272       310       336          537         646
   Fixed line revenue                     157       157       165       177          314         342
   Other service revenue                  103       117       112        78          220         190
   Service revenue                      2,440     2,295     2,303     2,054        4,735       4,357           (7.1)    (6.7)    (9.6)     (9.1)      (6.9)    (9.4)
   Other revenue                          174       224       208       198          398         406
   Revenue                              2,614     2,519     2,511     2,252        5,133       4,763           (7.9)    (4.7)    (8.0)     (9.3)      (6.4)    (8.6)
   Direct costs                          (549)     (501)     (527)     (479)      (1,050)     (1,006)
   Customer costs4                       (707)     (848)     (815)     (755)      (1,555)     (1,570)
   Operating expenses4                   (490)     (476)     (488)     (506)        (966)       (994)
   EBITDA                                 868       694       681       512        1,562       1,193          (15.9)   (18.0)   (24.9)   (24.8)      (16.8)   (24.9)
   Depreciation and amortisation:
       Acquired intangibles                 –        (1)        –         –           (1)          –
       Purchased licences                  (3)       (4)       (4)       (5)          (7)         (9)
       Other                             (310)     (329)     (316)     (302)        (639)       (618)
   Share of result in associates            –         –         –         –            –           –
   Adjusted operating profit              555       360       361       205          915         566          (22.7)   (33.3)   (37.7)   (41.7)      (27.3)   (39.2)
     EBITDA margin                      33.2%     27.6%     27.1%     22.7%        30.4%       25.0%
        Capital expenditure               220       297       147       282          517         429
UK
     Voice revenue                      1,279     1,266     1,201     1,194        2,545       2,395
     Messaging revenue                    555       593       609       650        1,148       1,259
     Data revenue                         359       403       432       440          762         872
     Fixed line revenue                    16        15        22        23           31          45
     Other service revenue                216       229       212       213          445         425
     Service revenue                    2,425     2,506     2,476     2,520        4,931       4,996            2.9      6.4      2.1      1.1         4.7      1.6
     Other revenue                        168       172       188       213          340         401
     Revenue                            2,593     2,678     2,664     2,733        5,271       5,397            3.2      6.6      2.7      2.5         4.9      2.6
     Direct costs                        (780)     (768)     (753)     (720)      (1,548)     (1,473)
                      4
     Customer costs                      (718)     (742)     (760)     (816)      (1,460)     (1,576)
     Operating expenses4                 (496)     (534)     (518)     (536)      (1,030)     (1,054)
     EBITDA                               599       634       633       661        1,233       1,294            2.7     13.6      5.6      4.4         8.0      5.0
     Depreciation and amortisation:
         Acquired intangibles               –         –         –        (4)           –          (4)
         Purchased licences              (166)     (167)     (166)     (165)        (333)       (331)
         Other                           (295)     (257)     (282)     (275)        (552)       (557)
     Share of result in associates         (1)        1         –         –            –           –
     Adjusted operating profit            137       211       185       217          348         402           84.1    163.5     35.0      3.1       125.1     15.7
     EBITDA margin                      23.1%     23.7%     23.8%     24.2%        23.4%       24.0%
        Capital expenditure               178       338       219       356          516         575
          7
 Turkey
  Voice revenue                           555       571       590       551        1,126       1,141
  Messaging revenue                        91       107       113       113          198         226
  Data revenue                             35        45        56        67           80         123
  Fixed line revenue                       21        22        20        40           43          60
  Other service revenue                    43        23        48         9           66          57
  Service revenue                         745       768       827       780        1,513       1,607           26.8     31.1     27.9     22.2        28.9     25.1
  Other revenue                            15        38        43        54           53          97
  Revenue                                 760       806       870       834        1,566       1,704           26.0     34.4     31.9     24.3        30.2     28.1
  Direct costs                           (317)     (331)     (356)     (331)        (648)       (687)
                   4
  Customer costs                         (116)     (128)     (139)     (136)        (244)       (275)
  Operating expenses4                    (234)     (251)     (243)     (234)        (485)       (477)
  EBITDA                                   93        96       132       133          189         265            NM       NM      64.9     89.2         NM      76.3
  Depreciation and amortisation:
      Acquired intangibles                 (23)     (23)       (20)     (20)         (46)        (40)
      Purchased licences                    (6)      (6)       (11)      (5)         (12)        (16)
      Other                                (97)    (106)       (99)    (110)        (203)       (209)
  Share of result in associates              –        –          –        –            –           –
  Adjusted operating profit                (33)     (39)         2       (2)         (72)          –           53.3     67.7    105.6     96.3        62.4    100.1

     EBITDA margin                      12.2%     11.9%     15.2%     15.9%        12.1%       15.6%
        Capital expenditure               146       289       134       132          435         266
Other Europe
   Voice revenue                         2,716     2,602     2,663     2,395       5,318       5,058
   Messaging revenue                       468       506       520       490         974       1,010
   Data revenue                            349       371       442       481         720         923
   Fixed line revenue                      120       151       153       169         271         322
   Other service revenue                   283       221       267       200         504         467
   Service revenue                       3,936     3,851     4,045     3,735       7,787       7,780            0.4      0.5      1.3      2.1         0.5      1.7
   Other revenue                           186       280       259       313         466         572
   Revenue                               4,122     4,131     4,304     4,048       8,253       8,352            0.5      2.1      2.6      2.5         1.3      2.5
   Direct costs                         (1,189)   (1,209)   (1,200)   (1,098)     (2,398)     (2,298)
   Customer costs4                        (658)     (716)     (718)     (742)     (1,374)     (1,460)
   Operating expenses4                  (1,014)   (1,034)   (1,059)   (1,056)     (2,048)     (2,115)
   EBITDA                                1,261     1,172     1,327     1,152       2,433       2,479           (4.2)    (0.4)     1.9      1.5        (2.4)     1.7
   Depreciation and amortisation:
       Acquired intangibles               (70)      (57)      (56)      (36)        (127)        (92)
       Purchased licences                 (67)      (69)      (75)      (60)        (136)       (135)
       Other                             (578)     (580)     (592)     (597)      (1,158)     (1,189)
   Share of result in associates            –         –         2         1            –           3
   Adjusted operating profit              546       466       606       460        1,012       1,066           (7.4)     5.1      5.9      (0.5)      (2.0)     3.0

     EBITDA margin                      30.6%     28.4%     30.8%     28.5%        29.5%       29.7%
        Capital expenditure               521       709       497       595        1,230       1,092
                                                                                                                                           Organic % change2
                                                                                                                      1
                                             H1 10/11 H2 10/11 H1 11/12 H2 11/12             FY 10/11     FY 11/12         H1 10/11 H2 10/11 H1 11/12 H2 11/12           FY 10/11 FY 11/12
                                                  £m       £m       £m       £m                   £m           £m

Africa, Middle East and Asia Pacific
    Voice revenue                                4,441     4,595      4,561      4,513          9,036        9,074
    Messaging revenue                              449       455        474        457            904          931
    Data revenue                                   552       664        757        763          1,216        1,520
    Fixed line revenue                             190       209        213        227            399          440
    Other service revenue                          337       400        371        415            737          786
    Service revenue                              5,969     6,323      6,376      6,375         12,292       12,751              8.4      10.5        8.4       7.6             9.5     8.0
    Other revenue                                  473       539        532        585          1,012        1,117
    Revenue                                      6,442     6,862      6,908      6,960         13,304       13,868              8.3      10.7        8.6       8.2             9.5     8.4
    Direct costs                                (1,676)   (1,807)    (1,799)    (1,862)        (3,483)      (3,661)
    Customer costs4                               (994)   (1,111)    (1,136)    (1,153)        (2,105)      (2,289)
    Operating expenses4                         (1,840)   (1,877)    (1,972)    (1,831)        (3,717)      (3,803)
    EBITDA                                       1,932     2,067      2,001      2,114          3,999        4,115             10.6       4.7        5.3      10.2             7.5     7.8
    Depreciation and amortisation:
        Acquired intangibles                      (500)     (466)      (406)      (330)           (966)       (736)
        Purchased licences                         (59)      (63)      (101)      (100)           (122)       (201)
        Other                                     (839)     (851)      (887)      (855)         (1,690)     (1,742)
    Share of result in associates                   28        23         11         25              51          36
    Adjusted operating profit                      562       710        618        854           1,272       1,472             15.4       3.3       12.4      30.7             8.6    22.4
   EBITDA margin                                30.0%      30.1%      29.0%      30.4%          30.1%        29.7%
      Capital expenditure                         775      1,421        914      1,407          2,196        2,321
India
    Voice revenue                                1,499     1,542      1,621      1,632           3,041       3,253
    Messaging revenue                               79        92        107        100             171         207
    Data revenue                                   111       136        176        171             247         347
    Fixed line revenue                               3         4          6          9               7          15
    Other service revenue                          161       177        185        208             338         393
    Service revenue                              1,853     1,951      2,095      2,120           3,804       4,215             14.7      17.7       18.4      20.5            16.2    19.5
    Other revenue                                   21        30         22         28              51          50
    Revenue                                      1,874     1,981      2,117      2,148           3,855       4,265             13.9      18.2       18.3      20.3            16.1    19.3
    Direct costs                                  (531)     (583)      (629)      (674)         (1,114)     (1,303)
                     4
    Customer costs                                 (80)     (105)      (113)      (113)           (185)       (226)
    Operating expenses4                           (775)     (796)      (840)      (774)         (1,571)     (1,614)
    EBITDA                                         488       497        535        587             985       1,122             23.5       7.9       14.8      31.4            15.1    22.9
    Depreciation and amortisation:
        Acquired intangibles                      (180)     (177)      (172)      (159)          (357)        (331)
        Purchased licences                           –        (5)       (44)       (41)            (5)         (85)
        Other                                     (302)     (306)      (328)      (318)          (608)        (646)
    Share of result in associates                    –         –          –          –              –            –
    Adjusted operating profit                        6         9         (9)        69             15           60           111.6      189.8        NM      851.7           134.0   389.3
   EBITDA margin                                26.0%      25.1%      25.3%      27.3%          25.6%        26.3%
      Capital expenditure                         286        584        329        476            870          805
Vodacom
   Voice revenue                                 1,706     1,822      1,740      1,712           3,528       3,452
   Messaging revenue                               150       135        147        142             285         289
   Data revenue                                    254       323        348        342             577         690
   Fixed line revenue                              101       115        108        117             216         225
   Other service revenue                            99       134        117        135             233         252
   Service revenue                               2,310     2,529      2,460      2,448           4,839       4,908              4.5       7.0        7.3       7.0             5.8     7.1
   Other revenue                                   302       338        354        376             640         730
   Revenue                                       2,612     2,867      2,814      2,824           5,479       5,638              5.2       7.3        8.4       9.1             6.3     8.7
   Direct costs                                   (567)     (601)      (569)      (583)         (1,168)     (1,152)
                    4
   Customer costs                                 (614)     (689)      (697)      (699)         (1,303)     (1,396)
   Operating expenses4                            (565)     (599)      (614)      (546)         (1,164)     (1,160)
   EBITDA                                          866       978        934        996           1,844       1,930              6.4       3.6        8.1      14.4             4.9    11.3
   Depreciation and amortisation:
       Acquired intangibles                       (291)     (263)      (209)      (149)          (554)        (358)
       Purchased licences                            –         –         (1)         –              –           (1)
       Other                                      (231)     (232)      (254)      (233)          (463)        (487)
   Share of result in associates                    (1)        1          –          –              –            –
   Adjusted operating profit                       343       484        470        614            827        1,084              6.7       4.9       37.3      44.2             5.7    41.1
   EBITDA margin                                33.2%      34.1%      33.2%      35.3%          33.7%        34.2%
      Capital expenditure                         183        389        303        420            572          723
Other Africa, Middle East and Asia
   Voice revenue                                 1,236     1,231      1,200      1,169           2,467       2,369
   Messaging revenue                               220       228        220        215             448         435
   Data revenue                                    187       205        233        250             392         483
   Fixed line revenue                               86        90         99        101             176         200
   Other service revenue                            77        90         69         72             167         141
   Service revenue                               1,806     1,844      1,821      1,807           3,650       3,628              6.9       7.4        0.1      (3.8)            7.2    (1.8)
   Other revenue                                   150       171        156        181             321         337
   Revenue                                       1,956     2,015      1,977      1,988           3,971       3,965              6.9       7.4        0.2      (3.3)            7.2    (1.6)
   Direct costs                                   (578)     (624)      (601)      (605)         (1,202)     (1,206)
                    4
   Customer costs                                 (300)     (317)      (326)      (341)           (617)       (667)
   Operating expenses4                            (500)     (482)      (518)      (511)           (982)     (1,029)
   EBITDA                                          578       592        532        531           1,170       1,063              6.5       3.8       (6.6)    (11.5)            5.1    (9.1)
   Depreciation and amortisation:
       Acquired intangibles                        (29)      (26)       (25)       (22)           (55)         (47)
       Purchased licences                          (59)      (58)       (56)       (59)          (117)        (115)
       Other                                      (306)     (313)      (305)      (304)          (619)        (609)
   Share of result in associates                    29        22         11         25             51           36
   Adjusted operating profit                       213       217        157        171            430          328             10.3      (5.0)     (22.4)    (22.4)            2.2   (22.4)
   EBITDA margin                                29.6%      29.4%      26.9%      26.7%          29.5%        26.8%
      Capital expenditure                         306        448        282        511            754          793



Notes:
1 FY12 results reflect average exchange rates of £1:€1.16 and £1:US$1.60.
2 Organic growth presents performance on a comparable basis, both in terms of merger and acquisition activity and foreign exchange rates. At the start of the third
   quarter of the 2012 financial year the Group revised its intra-group roaming charges. Whilst neutral to Group revenue and profitability, these changes do have an
   impact on reported service revenue by country and regionally from Q3 11/12 onwards. Whilst prior period reported revenue has not been restated, to ensure
   comparability in organic growth rates, 2012 financial year country and regional revenue have been recalculated based on the new pricing structure to form the
3 The sum of the regional amounts may not be equal to Group totals due to Non-Controlled Interests and Common Functions and intercompany eliminations.
4 Commercial operating expenses have been reallocated from customer costs to operating expenses. The prior year comparatives have been updated to reflect the change.
5 Other income and expense for the year ended 31 March 2012 includes a £3,419 million gain on disposal of the Group's 44% interest in SFR and a £296 million
   gain on disposal of the Group's 24.4% interest in Polkomtel. The year ended 31 March 2011 includes a £56 million representing the net loss on disposal of certain
   Alltel investments by Verizon Wireless and is included within the line item "Share of result in associates" on the consolidated income statement.
6 Non-operating (expense)/income for the year ended 31 March 2011 includes £3,019 million profit arising on the sale of the Group’s 3.2% interest in China Mobile Limited.
7 Included within the Other Europe segment.
NM Not meaningful.
                                                                                              H1 10/11 H2 10/11 H1 11/12 H2 11/12              FY 10/11 FY 11/12
                                                                                                   £m       £m       £m       £m                    £m       £m

Group revenue                                                                                  22,603     23,281     23,520     22,897          45,884     46,417
Group EBITDA                                                                                    7,363      7,307       7,532      6,943         14,670     14,475
EBITDA margin                                                                                   32.6%      31.4%       32.0%      30.3%          32.0%      31.2%
Depreciation and amortisation                                                                   (3,948)    (4,019)    (4,018)    (3,888)        (7,967)    (7,906)
Share of result in associates                                                                    2,654      2,461      2,521      2,442          5,115      4,963
Group adjusted operating profit 1                                                                6,069      5,749      6,035      5,497         11,818     11,532
Adjusted investment income and financing costs                                                    (440)      (375)      (893)      (721)          (815)    (1,614)
Group adjusted profit before taxation                                                            5,629      5,374      5,142      4,776         11,003      9,918
Adjusted income tax expense                                                                     (1,051)    (1,274)    (1,197)    (1,107)        (2,325)    (2,304)
Non-controlling interests                                                                           38         60         17        (81)            98        (64)
Adjusted profit                                                                                  4,616      4,160      3,962      3,588          8,776      7,550
Adjusted basic earnings per share                                                               8.76p                 7.75p                     16.75p     14.91p
Weighted average number of shares - basic                                                      52,701                51,132                     52,408     50,644
Closing number of shares outstanding                                                           52,641     51,576     50,657     49,645          51,576     49,645
Investment income and financing costs
Adjusted investment income and financing costs                                                    (440)      (375)      (893)      (721)          (815)     (1,614)
   Reconciling items 1                                                                           1,078        617         66         72          1,695         138
Statutory investment income and financing costs                                                    638        242       (827)      (649)           880      (1,476)

Income tax expense
Adjusted effective tax rate                                                                     22.9%      26.2%      25.2%      25.4%           24.5%      25.3%

Adjusted profit before tax for the purpose of calculating adjusted effective tax rate            5,995      5,612      5,327      4,973         11,607     10,300
Less: Share of associates’ tax and non-controlling interest                                       (366)      (238)      (185)      (197)          (604)      (382)
Adjusted profit before tax                                                                       5,629      5,374      5,142      4,776         11,003      9,918
Adjustments to derive adjusted profit before tax                                                 2,611     (4,116)     2,869     (3,238)        (1,505)      (369)
Profit before tax                                                                                8,240      1,258      8,011      1,538          9,498      9,549
Adjusted income tax expense for purposes of calculating adjusted tax rate                        1,373      1,471      1,342      1,264          2,844      2,606
Share of associates' tax                                                                          (322)      (197)      (145)      (157)          (519)      (302)
Adjusted income tax expense                                                                      1,051      1,274      1,197      1,107          2,325      2,304
Tax on adjustments to derive adjusted profit before tax                                            235         (3)       170         72            232        242
Tax benefit related to settlement of tax cases                                                    (550)      (379)         –          –           (929)         –
Statutory income tax expense                                                                       736        892      1,367      1,179          1,628      2,546
Adjusted EPS calculation
Adjusted profit for EPS calculation                                                              4,616      4,160      3,962      3,588          8,776      7,550
Adjustments:
Impairment losses, net                                                                            (800)    (5,350)      (450)    (3,600)         (6,150)    (4,050)
Other income and expense                                                                           (56)       (16)     3,414        291             (72)     3,705
Non-operating income and expense1                                                                2,389        633       (161)        (1)          3,022       (162)
Investment income and financing costs1                                                           1,078        617         66         72           1,695        138
                                                                                                 2,611     (4,116)     2,869     (3,238)         (1,505)      (369)
Taxation1                                                                                          315        382       (170)       (72)            697       (242)
Non-controlling interests1                                                                           –          –         18          –               –         18
Profit attributable to equity shareholders                                                       7,542        426      6,679        278          7,968      6,957     –
Note:
1   For further information refer to page 32 of the preliminary announcement for the year ended 31 March 2012, page 39 of the half-year financial report for the
    six months ended 30 September 2011, page 34 of the preliminary announcement for the year ended 31 March 2011 and page 39 of the half-year financial
    report for the six months ended 30 September 2010.
                                                                                   H1 10/11 H2 10/11 H1 11/12 H2 11/12            FY 10/11 FY 11/12
                                                                                        £m        £m       £m      £m                  £m       £m
EBITDA                                                                               7,363     7,307    7,532   6,943              14,670   14,475
Working capital                                                                       (110)      676     (533)    739                 566      206
Other                                                                                   78        78       70      73                 156      143
Cash generated by operations                                                          7,331      8,061      7,069      7,755        15,392    14,824
Cash capital expenditure1                                                            (2,677)    (2,981)    (3,349)    (3,074)       (5,658)    (6,423)
    Cash expenditure                                                                 (2,435)    (3,784)    (2,618)    (3,747)       (6,219)    (6,365)
    Working capital movement in repsect of capital expenditure                         (242)       803       (731)       673           561        (58)
Disposal of property, plant and equipment                                                15         36         42         75            51        117
Operating free cash flow                                                              4,669      5,116      3,762      4,756         9,785      8,518
Taxation                                                                             (1,091)    (1,506)    (1,043)     (926)        (2,597)    (1,969)
Dividends received from associates and investments2                                     784        725        735       436          1,509      1,171
Dividends paid to non-controlling shareholders in subsidiaries                         (234)       (86)      (199)     (105)          (320)      (304)
Interest received and paid                                                             (639)      (689)      (639)     (672)
                                                                                                                          –         (1,328)    (1,311)
                                                                                                                                                    –
Free cash flow                                                                        3,489      3,560      2,616      3,489         7,049      6,105
Tax settlement2                                                                           –       (800)      (100)         –          (800)      (100)
Licence and spectrum payments                                                        (2,937)       (45)      (264)    (1,165)       (2,982)    (1,429)
Acquisitions and disposals2                                                             (22)      (161)     6,674     (1,802)         (183)     4,872
Equity dividends paid                                                                (2,976)    (1,492)    (3,102)    (3,541)       (4,468)    (6,643)
Purchase of treasury shares                                                            (146)    (1,941)    (1,813)    (1,770)       (2,087)    (3,583)
Foreign exchange                                                                        825          9        135      1,148           709      1,283
Income dividend from Verizon Wireless                                                     –          –          –      2,855             –      2,855
Disposal of the Group's 3.2% interest in China Moble Limited                          4,269          –          –          –         4,269          –
Disposal of the Group's Softbank Mobile Corp. interest                                    –      1,409          –          –         1,409          –
Other2                                                                                  357         60       (535)     2,608           542      2,073
Net debt decrease                                                                     2,859        599      3,611      1,822         3,458      5,433
Opening net debt                                                                    (33,316)   (30,457)   (29,858)   (26,247)      (33,316)   (29,858)
Closing net debt                                                                    (30,457)   (29,858)   (26,247)   (24,425)      (29,858)   (24,425)

Notes:
1 Cash capital expenditure comprises the purchase of property, plant and equipment and intangible assets, other than licence and spectrum payments,
2 For further information see page 18 of the preliminary announcement for the year ended 31 March 2012, page 19 of the half-year financial report for
    the six months ended 30 September 2011, page 20 of the preliminary announcement for the year ended 31 March 2011 and page 21 of the half-year
    financial report for the six months ended 30 September 2010.
Regional results1
                                                   Revenue                                                    EBITDA                                         Adjusted operating profit/(loss)                         Capitalised fixed asset additions                             Operating free cash flow
                                   H1 10/11   H2 10/11 H1 11/12       H2 11/12               H1 10/11    H2 10/11 H1 11/12       H2 11/12               H1 10/11 H2 10/11 H1 11/12 H2 11/12                       H1 10/11 H2 10/11 H1 11/12 H2 11/12                       H1 10/11 H2 10/11      H1 11/12 H2 11/12
                                       £m         £m       £m             £m                     £m          £m       £m             £m                     £m         £m          £m         £m                      £m          £m          £m        £m                       £m       £m           £m       £m
Europe

Germany                              3,859       4,041       4,102       4,131                  1,471       1,481       1,552       1,413                    818         730        831         660                    342        482         410        470                  1,111       1,186          869    1,267
Italy                                2,852       2,870       2,905       2,753                  1,356       1,287       1,362       1,152                  1,004         899        976         759                    260        330         269        352                    983       1,084          893      943
Spain                                2,614       2,519       2,511       2,252                    868         694         681         512                    555         360        361         205                    220        297         147        282                    402         483          343      337
UK                                   2,593       2,678       2,664       2,733                    599         634         633         661                    137         211        185         217                    178        338         219        356                    266         684          252      421
Other Europe
 Greece                                486         441         456         419                    124         109         132          70                     26          13         42           1                     67         41          50         28                     36          86          110      81
 Netherlands                           823         849         903         872                    286         282         308         292                    177         165        181         159                     99         74          93        150                    217         218          202     191
 Portugal                              565         536         560         505                    232         223         250         196                    145         137        162         105                     63         87          62         89                    162         170          169     138
 Romania                               359         351         361         340                    149         110         141         121                     53          16         46          38                     32         66          38         42                     84          72           64      94
 Turkey                                760         806         870         834                     93          96         132         133                    (33)        (39)         2          (2)                   146        289         134        132                      3        (141)        (127)    120
 Other2                              1,129       1,148       1,154       1,078                    377         352         364         340                    178         174        173         159                    114        152         120        154                    182         197          164     288
                                     4,122       4,131       4,304       4,048                  1,261       1,172       1,327       1,152                    546         466        606         460                    521        709         497        595                    684         602          582     912
Intra-region eliminations             (150)       (114)      (150)         (72)                     –           –           –           –                      –           –          –           –                      –          –           –          –                      –           –            –        –
                                    15,890      16,125     16,336       15,845                  5,555       5,268       5,555       4,890                  3,060       2,666      2,959       2,301                  1,521      2,156       1,542      2,055                  3,446       4,039        2,939    3,880
Africa, Middle East and Asia Pacific
India                                1,874       1,981       2,117       2,148                    488         497         535         587                      6           9         (9)         69                    286        584         329        476                    340          93          332     199
Vodacom                              2,612       2,867       2,814       2,824                    866         978         934         996                    343         484        470         614                    183        389         303        420                    565         774          590     825
Other Africa, Middle East and Asia Pacific
 Egypt                                 691         638         623         639                    323         284         271         281                    200         160        158         162                    101        191          59        151                    213         196          153     104
 Other2                              1,265       1,377       1,354       1,349                    255         308         261         250                     13          57         (1)          9                    205        257         223        360                    155          66           21      36
                                     1,956       2,015       1,977       1,988                    578         592         532         531                    213         217        157         171                    306        448         282        511                    368         262          174     140
Intra-region eliminations                –          (1)          –           –                      –           –           –           –                      –           –          –           –                      –          –           –          –                      –           –            –        –
                                     6,442       6,862       6,908       6,960                  1,932       2,067       2,001       2,114                    562         710        618         854                    775      1,421         914      1,407                  1,273       1,129        1,096    1,164
Common Functions and Non-
Controlled Interests                   320         339         306         117                   (124)        (28)        (24)        (61)                 2,447       2,373      2,458       2,342                    139        207         162        285                     (50)       (52)        (273)   (288)
Inter-region eliminations              (49)        (45)        (30)        (25)                     –           –           –           –                      –           –          –           –                      –          –           –          –                       –          –            –       –
Group                               22,603      23,281     23,520       22,897                  7,363       7,307       7,532       6,943                  6,069       5,749      6,035       5,497                  2,435      3,784       2,618      3,747                  4,669       5,116        3,762    4,756
Notes:                                                                                                                                                                                                                                                                 -
1   At the start of the third quarter of the 2012 financial year, the Group revised its intra-group roaming charges. Whilst neutral to Group revenue and profitability, these changes do have an impact on reported revenue by country and regionally from the third quarter onwards. Prior period reported
2   Includes elimination of £4 million (six months ended 30 September 2011: £21 million, 31 March 2011: £12 million and 30 September 2010: £12 million) of intercompany revenue between operating companies within the Other Europe segment and £4 million (six months ended 30 September
    2011: £1 million, 31 March 2011: £1 million and 30 September 2010: £2 million) of intercompany revenue between operating companies within the Other Africa, Middle East and Asia Pacific segment.
                            1
Regional results
                                                                                          Adjusted            Capitalised fixed        Operating free
                                         Revenue                  EBITDA                  operating            asset additions           cash flow
                                        FY 11  FY 12            FY 11  FY 12             profit/(loss) 12
                                                                                         FY 11      FY          FY 11     FY 12         FY 11    FY 12
                                          £m     £m               £m     £m                £m          £m         £m         £m           £m        £m
Europe
Germany                                 7,900     8,233         2,952     2,965         1,548     1,491           824       880         2,297     2,136
Italy                                   5,722     5,658         2,643     2,514         1,903     1,735           590       621         2,067     1,836
Spain                                   5,133     4,763         1,562     1,193           915       566           517       429           885       680
UK                                      5,271     5,397         1,233     1,294           348       402           516       575           950       673
Other Europe
 Greece                                   927       875           233       202            39        43           108        78           122       191
 Netherlands                            1,672     1,775           568       600           342       340           173       243           435       393
 Portugal                               1,101     1,065           455       446           282       267           150       151           332       307
 Romania                                  710       701           259       262            69        84            98        80           156       158
 Turkey                                 1,566     1,704           189       265           (72)        –           435       266          (138)       (7)
       2
 Other                                  2,277     2,232           729       704           352       332           266       274           379       452
                                        8,253     8,352         2,433     2,479         1,012     1,066         1,230     1,092         1,286     1,494
Intra-region eliminations                (264)  (222)               –         –             –         –             –         –             –         –
                                       32,015 32,181           10,823    10,445         5,726     5,260         3,677     3,597         7,485     6,819
Africa, Middle East and Asia Pacific
India                                   3,855     4,265           985     1,122            15        60           870       805           433       531
Vodacom                                 5,479     5,638         1,844     1,930           827     1,084           572       723         1,339     1,415
Other Africa, Middle East and Asia Pacific
 Egypt                                  1,329     1,262           607       552           360       320           292       210           409      257
 Other2                                 2,642     2,703           563       511            70         8           462       583           221       57
                                        3,971     3,965         1,170     1,063           430       328           754       793           630      314
Intra-region eliminations                  (1)     –                –         –             –         –             –         –             –         –
                                       13,304 13,868            3,999     4,115         1,272     1,472         2,196     2,321         2,402     2,260
Non-Controlled Interests and
Common Functions                          659       423          (152)      (85)        4,820     4,800           346       447          (102)     (561)
Inter-region eliminations                 (94)      (55)            –         –             –         –             –         –             –         –

Group                                  45,884    46,417        14,670    14,475        11,818    11,532         6,219     6,365         9,785     8,518
Notes:
1 At the start of the third quarter of the 2012 financial year, the Group revised its intra-group roaming charges. Whilst neutral to Group revenue and
    profitability, these changes do have an impact on reported revenue by country and regionally from the third quarter onwards. Prior period reported
2 Includes elimination of £25 million (2011: £24 million) of intercompany revenue between operating companies within the Other Europe segment
    and £5 million (2011: £3 million) of intercompany revenue between operating companies within the Other Africa, Middle East and Asia Pacific
                                                                                Closing customers (in thousands)                                                                                              Prepaid percentage1                                                            Net additions (in thousands)
                                                Q2 10/11      Q3 10/11      Q4 10/11      Q1 11/12     Q2 11/12     Q3 11/12      Q4 11/12     Q1 12/13                   Q2 10/11     Q3 10/11      Q4 10/11 Q1 11/12   Q2 11/12   Q3 11/12   Q4 11/12   Q1 12/13   Q2 10/11   Q3 10/11 Q4 10/11 Q1 11/12 Q2 11/12 Q3 11/12     Q4 11/12   Q1 12/13
Mobile customers2
Europe
    Germany3 4                                    35,693       36,676         36,706       36,024        36,828       37,625        36,461       35,806                      54.8%        56.1%         55.9%   58.1%      58.7%      59.1%      57.5%      56.3%        819        983      330      423      804       797      (1,164)      (655)
    Italy                                         23,591       23,513         23,420       23,223        23,075       23,024        23,002       22,774                      85.5%        85.1%         84.6%   84.2%      83.6%      83.2%      82.8%      82.5%        245        (78)     (93)    (197)    (148)      (51)        (22)      (228)
    Spain3                                        17,107       17,484         17,227       17,350        17,520       17,653        17,742       17,103                      38.3%        38.7%         37.9%   38.0%      38.1%      38.8%      39.6%      38.7%        280        377      143      123      170       133          89       (639)
    UK5                                           18,976       19,171         19,145       19,006        19,331       19,330        19,167       19,067                      51.6%        50.8%         49.6%   48.1%      48.0%      47.1%      46.2%      45.0%        122        195      (26)    (139)      81        (1)       (163)      (100)
                                                  95,367       96,844         96,498       95,603        96,754       97,632        96,372       94,750                      60.6%        60.7%         60.2%   60.5%      60.4%      60.4%      59.7%      58.8%      1,466      1,477      354      210      907       878      (1,260)    (1,622)
Other Europe
    Albania                                        1,701        1,675          1,618        1,663         1,748        1,809         1,805        1,839                      93.9%        93.6%         93.5%   93.6%      93.9%      93.9%      93.9%      94.1%         22        (26)     (57)      45       85        61          (4)        34
    Czech Republic 6                               3,118        3,174          3,194        3,230         3,299        3,313         3,299        3,321                      46.4%        45.8%         45.6%   44.9%      45.6%      45.2%      45.0%      44.5%         78         56       20       36       69        14          17         22
    Greece                                         4,957        4,135          3,876        3,995         4,085        4,169         4,206        4,295                      66.6%        60.4%         58.5%   60.0%      60.7%      61.6%      62.2%      63.1%       (535)      (822)    (259)     119       90        84          37         89
    Hungary                                        2,611        2,686          2,676        2,642         2,654        2,684         2,657        2,628                      54.1%        54.2%         53.4%   52.1%      51.5%      51.3%      50.8%      50.1%         12         75      (10)     (34)      12        30         (27)       (29)
    Ireland                                        2,183        2,217          2,213        2,209         2,220        2,237         2,218        2,201                      66.9%        67.2%         67.2%   67.2%      67.3%      67.0%      66.3%      65.8%         32         34       (4)      (4)      11        17         (19)       (17)
    Malta                                            253          256            248          257           274          284           295          324                      85.4%        84.2%         83.0%   82.9%      83.6%      83.5%      83.4%      84.6%         14          3       (8)       9       17        10          11         29
    Netherlands                                    4,851        4,936          5,035        5,145         5,264        5,261         5,284        5,301                      39.0%        38.5%         38.2%   37.7%      37.4%      36.6%      35.9%      35.4%         94         85       99      110      119        (3)         23         17
    Portugal                                       6,060        6,124          6,060        6,052         6,180        6,218         6,166        6,139                      80.7%        81.0%         80.9%   81.0%      81.4%      81.5%      81.7%      81.8%         76         64      (64)      (8)     128        38         (52)       (27)
    Romania3                                       9,839        9,804          9,197        8,930         8,596        8,327         7,939        7,798                      62.6%        62.1%         63.1%   62.0%      60.5%      58.6%      57.1%      57.0%         20        (35)    (388)    (267)    (334)     (269)       (388)      (141)
    Turkey4                                       16,528       16,675         16,823       17,505        17,828       17,991        18,247       18,352                      78.3%        75.3%         72.2%   71.5%      70.3%      68.9%      67.0%      66.0%        380        147      148     (133)     323       163         256        105
                                                  52,101       51,682         50,940       51,628        52,148       52,293        52,116       52,198                      67.8%        66.2%         65.0%   64.6%      64.1%      63.4%      62.5%      62.1%        193       (419)    (523)    (127)     520       145        (146)        82
Europe                                           147,468      148,526        147,438      147,231       148,902      149,925      148,488       146,948                      63.0%         62.5%        61.8%   61.9%      61.7%      61.4%      60.6%      59.9%      1,659      1,058     (169)       83    1,427     1,023     (1,406)    (1,540)

Africa, Middle East and Asia Pacific
     India                                       115,553      124,255        134,570      141,519       144,992      147,747      150,465       153,708                      94.8%        95.0%         95.3%   95.4%      95.3%      95.2%      95.0%      95.0%      6,492      8,702    10,315    6,949    3,473     2,755      2,718      3,243
     Vodacom7 8                                   39,378       41,590         43,492       45,418        47,897       52,927       57,302        56,632                      87.5%        87.7%         87.9%   88.5%      88.9%      89.2%      89.9%      89.7%      1,656      2,212     1,902    1,926    2,479     5,030      4,375      3,837
                                                 154,931      165,845        178,062      186,937       192,889      200,674      207,767       210,340                      93.0%        93.2%         93.5%   93.7%      93.7%      93.6%      93.6%      93.6%      8,148     10,914    12,217    8,875    5,952     7,785      7,093      7,080
Other Africa, Middle East and Asia Pacific
    Australia4                                     3,580        3,617          3,608        3,419         3,392        3,362         3,298        3,251                      44.4%        43.9%         43.0%   40.0%      39.7%      39.0%      38.2%      37.6%         29         37       (9)      (34)     (27)      (30)       (64)       (47)
    Egypt                                         28,199       31,271         31,832       33,745        35,321       36,360        37,055       37,498                      96.0%        96.2%         96.2%   95.9%      96.0%      95.8%      95.5%      95.2%      2,408      3,072      561     1,913    1,576     1,039        695        443
    Fiji9                                            341          297            297          305           303          312           310          313                      96.2%        95.5%         95.4%   95.4%      95.4%      95.2%      95.2%      94.9%        (17)       (10)       –         8       (2)        9         (2)         3
    Ghana                                          2,568        2,780          3,040        3,494         3,966        4,276         4,525        4,809                      99.4%        99.4%         99.3%   99.6%      99.6%      99.6%      99.5%      99.6%       (173)       212      260       454      472       310        249        284
    New Zealand                                    2,444        2,465          2,484        2,458         2,434        2,420         2,411        2,370                      68.7%        68.4%         68.0%   67.6%      67.2%      66.8%      66.8%      66.5%        (35)        21       19       (26)     (24)      (14)        (9)       (41)
    Qatar10                                          601          711            757          761           814          797           837          878                      94.5%        95.2%         95.3%   95.8%      96.3%      97.2%      97.5%      97.7%         67        110       46         4       53        13         40         41
                                                  37,733       41,141         42,018       44,182        46,230       47,527        48,436       49,119                      85.7%        86.4%         86.5%   86.7%      87.2%      87.3%      87.3%      87.3%      2,279      3,442      877     2,319    2,048     1,327        909        683
Africa, Middle East and Asia Pacific             192,664      206,986        220,080      231,119       239,119      248,201      256,203       259,459                      91.4%         91.7%        92.0%   92.3%      92.4%      92.3%      92.4%      92.3%     10,427     14,356    13,094   11,194    8,000     9,112      8,002      7,763
Non-Controlled Interests and Common Functions
    Poland11                              3,341                  3,351         3,366         3,365        3,344             –             –            –                     47.8%        47.5%         47.7%   47.8%      47.5%          –          –          –         (3)        10       15        (1)     (21)        –          –          –
Group                                            343,473      358,863        370,884      381,715       391,365      398,126      404,691       406,407                      77.8%         78.2%        78.6%   79.1%      79.3%      80.4%      80.5%      80.4%     12,083     15,424    12,940   11,276    9,406    10,135      6,596      6,223


Memorandum:
Group's share of Verizon Wireless 9 12            39,030       39,391         39,786       40,381        40,819       41,475        41,845       42,369                       5.2%          5.0%         5.0%    5.0%       5.0%       5.2%       5.4%       5.6%        201       361       396      595      438       656         370        524
Vodafone Group plus the Group's
share of Verizon Wireless                        382,503      398,254        410,670      422,096       432,184      439,601      446,536       448,776                      63.8%         64.5%        65.0%   65.6%      65.9%      66.6%      66.7%      66.6%     12,284     15,785    13,336   11,871    9,844    10,791      6,966      6,747

Notes:
1    Prepaid customer percentages are calculated on a venture basis.
2    Group customers represent subsidiaries on a 100% basis and joint ventures (being Italy, Australia and Fiji) based on the Group’s equity interests.
3    The quarter ended 31 March 2011 included 300,000 disconnections in Germany, 400,000 disconnections in Spain and 219,000 disconnections in Romania primarily resulting from a review of
4    The quarter ended 30 June 2011 included 1,105,000 disconnections in Germany in relation to the migration of customers to a MVNO following revised agreements with wholesale partners, 815,000
     additional customers in Turkey as a result of a change in the disconnection policy and a reduction of 155,000 customers in Australia relating to the alignment of the policy on churn following customer
5    The quarter ended 30 September 2011 included 244,000 of other movements relating to a customer base acquisition.
6    The quarter ended 31 March 2012 included 31,000 of other movements relating to the restatement of the customer base.
7    Vodacom refers to the Group’s interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.
8    The quarter ended 30 June 2012 included 4,507,000 disconnections related to a change in disconnection policy from seven months to 90 days in the operations outside of South Africa.
9    The quarter ended 31 December 2010 included 17,000 of other movements relating to the acquisition of nine markets by one of Verizon Wireless’s minority interest holdings and 34,000
     disconnections due to a change in legislation relating to the registration of prepaid SIM’s in Fiji.
10 The quarter ended 31 December 2011 included 32,000 of other movements relating to the removal of pre-activated SIM cards.
11 On 9 November 2011 the Group disposed of its entire 24.4% interest in Polkomtel in Poland.
12 Includes Verizon Wireless' retail customers only, based on the Group's equity interest.
                                        Q2 10/11     Q3 10/11     Q4 10/11     Q1 11/12     Q2 11/12     Q3 11/12     Q4 11/12     Q1 12/13

Germany1
    Total                                  23.2%        25.7%        29.1%        23.9%        25.4%       26.8%        35.3%        28.9%
    Contract                               16.7%        19.6%        14.1%        14.8%        15.4%       15.4%        13.7%        13.2%
    Prepaid                                28.8%        30.7%        40.7%        30.5%        32.4%       34.7%        50.7%        40.9%
Italy
        Total                              25.1%        30.7%        27.8%        27.1%        29.5%       30.0%        29.5%        30.6%
        Contract                           20.2%        23.6%        22.9%        22.1%        19.2%       24.3%        25.1%        24.2%
        Prepaid                            26.0%        31.9%        28.7%        28.1%        31.4%       31.2%        30.4%        31.9%
Spain1
    Total                                  26.2%        25.8%        38.5%        27.8%        34.4%       34.1%        32.9%        34.0%
    Contract                               19.5%        19.9%        25.4%        19.0%        20.9%       22.6%        24.2%        20.6%
    Prepaid                                37.3%        35.4%        59.4%        42.0%        56.4%       52.6%        46.3%        54.8%
UK
        Total                              38.5%        35.9%        37.6%        39.8%        35.4%       35.9%        37.2%        37.5%
        Contract                           16.1%        16.8%        15.8%        16.3%        17.0%       18.0%        18.1%        16.3%
        Prepaid                            59.1%        54.3%        59.1%        64.5%        55.4%       55.8%        59.0%        62.7%
Turkey2
    Total                                  50.8%        47.9%        48.8%        29.0%        41.5%       40.0%        41.1%        43.4%
    Contract                               33.3%        33.1%        34.3%        34.0%        33.4%       29.5%        25.7%        27.3%
    Prepaid                                55.3%        52.3%        54.0%        27.0%        44.9%       44.7%        48.4%        51.6%
India
        Total                              41.4%        46.7%        50.9%        57.1%        63.2%       69.2%        77.8%        73.7%
        Contract                           23.2%        21.1%        28.0%        21.9%        22.4%       20.7%        19.5%        21.3%
        Prepaid                            42.4%        48.1%        52.1%        58.8%        65.2%       71.6%        80.8%        76.5%
Vodacom3
    Total                                  43.9%        39.7%        35.6%        41.1%        48.8%       36.8%        41.2%        48.8%
    Contract                                9.5%        10.1%         9.5%         8.8%         9.2%       10.0%         8.3%        10.7%
    Prepaid                                48.8%        43.9%        39.2%        45.3%        53.9%       40.1%        45.1%        53.2%
Notes:
1   In the quarter ended 31 March 2011 churn for Germany and Spain included disconnections resulting from a review of inactive prepaid
    customers of 300,000 and 400,000 respectively. For Germany, the underlying prepaid customer churn, excluding this change, was 34.9% and
    total churn was 25.8% whilst for Spain, the underlying prepaid customer churn was 35.8% and total churn was 29.4%.
2   During the quarter ended 30 June 2011 Turkey revised their prepay customer disconnection policy and as a result disconnections, and
    therefore churn, were lower than previous levels.
3   Vodacom refers to the Group’s interests in Vodacom Group Limited and its subsidiaries, including those located outside of South Africa.
                                                                         Total voice minutes (in millions)1
                                          Q2 10/11      Q3 10/11    Q4 10/11   Q1 11/12    Q2 11/12       Q3 11/12       Q4 11/12      Q1 12/13
Europe
    Germany                                 12,212       12,952       12,837      13,088        13,321        13,926       14,178        14,250
    Italy                                   10,860       11,281       11,159      11,677        11,259        11,703       11,736        11,893
    Spain                                    9,259        9,128        9,058       9,355         9,294         9,089        8,858         8,723
    UK                                      10,569       10,769       10,616      10,600        10,759        10,820       10,646        10,612
    Greece                                   2,485        2,410        2,288       2,461         2,347         2,207        2,132         2,255
    Netherlands                              2,625        2,884        2,821       2,945         2,820         3,004        2,957         2,902
    Portugal                                 2,931        2,860        3,002       2,969         2,912         2,956        2,795         2,822
    Romania                                  3,984        4,075        3,797       4,329         4,357         4,500        4,546         4,647
    Turkey                                  12,690       12,833       13,469      15,391        15,891        16,271       16,905        18,997
    Other                                    5,070        5,242        5,117       5,383         5,415         5,510        5,536         5,675
                                            72,685       74,434       74,164      78,198        78,375        79,986       80,289        82,776
Africa, Middle East and Asia Pacific
     India                                104,878       110,623      119,295     127,626       127,776      133,220       142,126       148,042
     Vodacom2                              10,297        11,541       10,755      10,855        12,210       12,062        11,839        12,136
     Egypt                                 14,557        15,062       15,176      18,363        19,081       20,043        21,736        22,431
     Other                                  4,719         4,944        4,911       5,056         5,677        5,746         5,766         5,897
                                          134,451       142,170      150,137     161,900       164,744      171,071       181,467       188,506
Non-Controlled Interests and Common Functions
    Poland3                            1,611               1,661       1,699        1,867        1,839             –             –            –
Group                                     208,747       218,265      226,000     241,965       244,958      251,057       261,756       271,282
Notes:
1   Total voice minute information presented in the table above represents network minutes, or the volume of minutes handled by each local
    network, and includes incoming, outgoing and visitor calls. The voice minute information in respect of Germany and New Zealand reflects
    billed minutes under which calls are rounded up to the nearest minute under certain tariffs.
2   Vodacom refers to the Group’s interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.
3   On 9 November 2011 the Group disposed of its entire 24.4% interest in Polkomtel in Poland.
                                                                                 Average revenue per user
                                             Q2 10/11     Q3 10/11    Q4 10/11      Q1 11/12   Q2 11/12     Q3 11/12    Q4 11/12    Q1 12/13
Europe
    Germany (EUR)1
       Total                                     16.1         15.5        14.7          15.3       15.6         15.2        15.2         15.9
       Contract                                  29.9         29.6        29.1          31.2       32.2         32.1        31.9         32.4
       Prepaid                                    4.5          4.2         3.5           3.7        3.7          3.5         3.3          3.5
    Italy (EUR)
       Total                                     20.8         20.3        19.5          20.0       20.1         19.4        18.9         18.7
       Contract                                  43.9         44.4        41.4          42.3       40.2         39.8        38.4         37.9
       Prepaid                                   17.0         16.1        15.6          15.9       16.3         15.4        15.0         14.7
    Spain (EUR)
       Total                                     26.9         24.5        23.2          23.1       23.5         21.6        20.3         20.1
       Contract                                  37.3         34.5        32.6          32.8       33.4         31.1        29.9         29.7
       Prepaid                                    9.9          8.5         8.4           7.2        7.3          6.3         5.5          5.2
    UK (GBP)
       Total                                     21.2         21.7        21.2          20.8       21.5         21.4        21.2         20.4
       Contract                                  36.6         37.1        36.4          35.0       35.6         35.2        34.6         33.0
       Prepaid                                    7.1          6.9         6.2           5.9        6.3          6.2         5.8          5.4
    Greece (EUR)
       Total                                     16.3         16.5        16.4          18.1       19.3         16.7        15.3         15.2
       Contract                                  41.4         37.6        34.2          36.5       39.2         34.3        32.5         32.6
       Prepaid                                    4.6          4.7         4.7           5.4        6.2          5.5         4.7          4.9
    Netherlands (EUR)
       Total                                     32.0         31.6        30.0          30.7       30.6         29.6        29.0         28.9
       Contract                                  46.6         46.1        43.6          44.4       43.9         42.4        41.2         41.0
       Prepaid                                    9.3          8.7         8.1           8.2        8.4          7.9         7.7          7.0
    Portugal (EUR)
       Total                                     16.3         15.3        14.7          15.1       15.2         13.9        13.8         13.6
       Contract                                  42.9         40.6        37.6          39.4       38.8         35.3        35.2         35.2
       Prepaid                                    9.9          9.3         9.3           9.4        9.7          9.1         9.0          8.7
    Romania (EUR)
       Total                                      6.8          6.2         6.1           6.8        7.2          7.3         7.0          7.4
       Contract                                  14.1         12.5        12.4          13.9       14.2         13.8        12.9         13.3
       Prepaid                                    2.5          2.5         2.3           2.5        2.8          2.9         2.8          3.0
    Turkey (TRY)
       Total                                     18.6         17.8        18.3          19.9       21.4         19.8        19.2         20.9
       Contract                                  38.7         36.9        35.5          37.0       38.4         37.6        35.8         37.2
       Prepaid                                   13.4         12.1        12.1          13.3       14.5         12.0        11.5         12.7
Africa, Middle East and Asia Pacific
     India (INR)
       Total                                      177         176          171          169         168         173          179         180
       Contract                                   760         756          728          749         742         738          735         717
       Prepaid                                    145         145          142          141         140         145          151         152
     Vodacom (ZAR)2
       Total                                      108         109          101           95          94          95           84          79
       Contract                                   438         441          417          387         390         371          350         337
       Prepaid                                     60          62           57           57          57          62           53          50
     Egypt (EGP)
       Total                                     35.4         33.2        27.7         27.8        27.6        26.7         25.3        25.5
       Contract                                 188.2        179.6       162.4        161.2       153.0       148.8        137.6       132.7
       Prepaid                                   28.9         27.2        22.3         22.4        22.4        21.4         20.2        20.3
Notes:
1 With effect from 1 April 2011 average customers used to calculate ARPU in Germany excludes 1.1 million customers who were migrated to an
    MVNO following revised agreements with wholesale partners.
2 Vodacom refers to the Group’s interests in Vodacom Group Limited and its subsidiaries including those located outside of South Africa.
FY 10/11, FY 11/12 and FY 12/13 actual rates
                                      FY 10/11                       FY 11/12
                                H1          H2         FY      H1          H2      FY
Euro                           1.19        1.17       1.18    1.14        1.18    1.16
United States dollar           1.52        1.59       1.56    1.62        1.57    1.60
Egyptian pound                 8.60        9.26       8.93    9.65        9.45    9.55
Indian rupee                  70.02       71.64      70.83   73.28       79.42   76.35
Turkish lira                   2.32        2.42       2.37    2.68        2.86    2.77
South African rand            11.30       11.07      11.18   11.29       12.46   11.87
                                          FY 10/11                                FY 11/12                   FY 12/13
                                Q1         Q2          Q3      Q4         Q1       Q2          Q3      Q4         Q1
Euro                           1.17       1.20        1.16    1.17       1.13     1.14        1.17    1.20       1.23
United States dollar           1.49       1.55        1.58    1.60       1.63     1.61        1.57    1.57       1.58
Egyptian pound                 8.37       8.84        9.10    9.41       9.71     9.59        9.42    9.48       9.56
Indian rupee                  68.02      72.01       70.81   72.48      72.89    73.67       79.92   78.92      85.49
Turkish lira                   2.30       2.35        2.31    2.53       2.56     2.79        2.89    2.82       2.86
South African rand            11.26      11.34       10.90   11.23      11.08    11.50       12.73   12.18      12.87
FY 11/12 and FY 12/13 guidance rates
                           FY 11/12 FY 12/13
Euro                           1.15     1.23
United States dollar           1.60     1.62
Egyptian pound                 9.26     9.82
Indian rupee                  71.40    81.86
Turkish lira                   2.53     3.04
South African rand            11.10    12.94
Definition of terms

  Acquired intangibles      Amortisation relating to intangible assets identified and recognised separately in respect of a business combination in
  amortisation              excess of the intangible assets recognised by the acquiree prior to acquisition.

  Acquisition costs         The total of connection fees, trade commissions and equipment costs relating to new customer connections.

  ARPU                      Service revenue excluding fixed line revenue, fixed advertising revenue, revenue related to business managed
                            services and revenue from certain tower sharing arrangements divided by average customers.

  Capitalised expenditure   This measure includes the aggregate of capitalised property, plant and equipment additions and capitalised software
                            costs.

  Churn                     Total gross customer disconnections in the period divided by the average total customers in the period.

  Controlled and jointly    Controlled and jointly controlled measures include 100% for the Group's mobile operating subsidiaries and the Group's
  controlled                proportionate share for joint ventures.

  Customer costs            Customer costs include acquisition costs, being the total of connection fees, trade commissions and equipment costs
                            relating to new customer connections, and retention costs, being the total of trade commissions, loyalty scheme and
                            equipment costs relating to customer retention and upgrades, as well as expenses related to ongoing commissions.


  Depreciation and other    This measure includes the profit or loss on disposal of property, plant and equipment and computer software.
  amortisation

  Direct costs              Direct costs include interconnect costs and other direct costs of providing services.

  Free cash flow            Operating free cash flow after cash flows in relation to taxation, interest, dividends received from associates and
                            investments, and dividends paid to non-controlling shareholders in subsidiaries but before licence and spectrum
                            payments. For the year ended 31 March 2012 payments in respect of a tax case settlement, tax relating to the
                            disposal of our 24.4% interest in Polkomtel, income dividend received from Verizon Wireless in January 2012 and the
                            return of a court deposit made in respect of the India tax case are also excluded. For the year ended 31 March 2011
                            other items excluded included tax relating to the disposal of China Mobile Limited, proceeds from the SoftBank
                            disposal and a court deposit made in respect of the India tax case.

  Interconnect costs        A charge paid by Vodafone to other fixed line or mobile operators when a Vodafone customer calls a customer
                            connected to a different network.

  Mobile customer           A mobile customer is defined as a subscriber identity module ('SIM'), or in territories where SIMs do not exist, a unique
                            mobile telephone number which has access to the network for any purpose, including data only usage, except
                            telemetric applications. Telemetric applications include, but are not limited to, asset and equipment tracking, mobile
                            payment and billing functionality, e.g. vending machines and meter readings, and include voice enabled customers
                            whose usage is limited to a central service operation, e.g. emergency response applications in vehicles.


  Net debt                  Long-term borrowings, short-term borrowings and mark-to-market adjustments on financing instruments less cash and
                            cash equivalents.

  Operating costs           Operating expenses plus customer costs other than acquisition and retention costs.

  Operating free cash       Cash generated from operations after cash payments for capital expenditure (excludes capital licence and spectrum
  flow                      payments) and cash receipts from the disposal of intangible assets and property, plant and equipment.


  Organic growth            The percentage movements in organic growth are presented to reflect operating performance on a comparable basis,
                            both in terms of merger and acquisition activity and movement in foreign exchange rates. At the start of FY12 Q3 the
                            Group revised its intra-group roaming charges. Whilst neutral to Group revenue and profitability, since Q3 FY12 these
                            changes have had, and will continue to have, an impact on reported service revenue by country and region. Whilst
                            prior period reported revenue has not been restated, to ensure comparability in organic growth rates, country and
                            regional revenue in the prior financial year have been recalculated based on the new pricing structure to form the basis
                            for our organic calculations.

  Purchased licence         Amortisation relating to capitalised licence and spectrum fees purchased directly by the Group or existing on
  amortisation              recognition through business combination accounting and such fees recognised by an acquiree prior to acquisition.


  Retention costs           The total of trade commissions, loyalty scheme and equipment costs relating to customer retention and upgrade.


  Service revenue           Service revenue comprises all revenue related to the provision of ongoing services including, but not limited to,
                            monthly access charges, airtime usage, roaming, incoming and outgoing network usage by non-Vodafone customers
                            and interconnect charges for incoming calls.

  Verizon Wireless          Distributions (other than tax distributions) by Verizon Wireless as agreed from time to time by the Board of Verizon
  income dividends          Wireless.

  Verizon Wireless tax      Specific distributions made by the Cellco Partnership to its partners based in the taxable income of Verizon Wireless.
  distributions

				
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