Vodafone Group Public Limited Company · LSE:VOD
Vodafone Group Public — Vodafone Group — Investor Presentation (January 2005)
21 slides from Vodafone Group Public's investor presentation, Jan 20, 2005
Slide 1: IFRS Update
IFRS Update Ken Hydon / Robbie Barr Group Financial Director / Group Financial Controller Vodafone Group Plc
Slide 2: Important information
Information in the following presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation does not constitute an offering of sec
Slide 3: Agenda
Agenda • IFRS transition timetable • Impact on primary financial statements – Presentational – Accounting adjustments • Performance measurement • Outlook • Q&A
Slide 4: IFRS Transition Timetable
IFRS Transition Timetable July 2005 March 2005 • 04/05 Full Year results: • IFRS Segmental information • IFRS basis • 18 months to 30 September 2004 • IFRS Segmental information FY 03/04 FY 04/05 FY 05/06 UK GAAP UK GAAP - IFRS* IFRS IFRS 20 January 2005 24 May 2005 • IFRS basis • 04/05 Full Year re
Slide 5: Income Statement
Income Statement Six Months to 30 September 2004 UK GAAP Presentational Accounting IFRS Presentational adjustments: adjustments* adjustments £m £m £m £m Revenue 16,796 (54) - 16,742 • Scope of consolidation Operating (loss) / profit** (1,615) (598) 6,972 4,759 • Accounting for associates Exceptional
Slide 6: Revenue
Revenue Six Months to 30 September 2004 £m UK GAAP Turnover 16,796 • Revenue recognition unchanged Proportionate Consolidation: - Italy -23.2% (630) - South Africa +35.0% 382 - Poland +19.6% 86 • Presentational adjustments only - Kenya +35.0% 33 - Romania +20.1% 40 - Fiji +49.0% 6 (83) • JV’s propor
Slide 7: Operating (Loss)/Profit
Operating (Loss)/Profit* Six Months to 30 September 2004 Change in operating (loss)/profit: £m £m Presentational adjustments: Accounting for associates (389) Proportionate consolidation (211) UK Other 2 GAAP IFRS Impact (598) £m £m £m Accounting adjustments: Operating (loss) / profit* (1,615) 4,759
Slide 8: Group EBITDA
Group EBITDA* Six Months to 30 September 2004 UK GAAP IFRS Impact £m £m £m Operating (loss)/profit** (1,615) 4,759 6,374 Adjustments: Change in Group EBITDA*: - Results of associates (630) (1,078) (448) £m - Depreciation*** 2,142 2,128 (14) Adjustments: - Goodwill amortisation 6,373 - (6,373) Propor
Slide 9: Taxation
Taxation Six Months to 30 September 2004 Change in taxation: £m £m Presentational adjustments: Associate accounting 269 Proportionate consolidation 24 293 UK Accounting adjustments: GAAP IFRS Impact Exceptional deferred tax credit (269) £m £m £m Italian substitute tax (80) Tax (1,559) (857) 702 Unre
Slide 10: Earnings Per Share
Earnings Per Share Six Months to 30 September 2004 Change in (loss)/profit for the period: £m Accounting adjustments: UK Goodwill amortisation 7,300 GAAP IFRS Impact Licence amortisation (244) £m £m £m Acquired intangibles amortisation (32) (Loss)/profit for the period (3,195) 3,615 6,810 Share base
Slide 11: Cash Flow & Net Debt
Cash Flow & Net Debt At 30 September 2004 £m Net debt (UK GAAP) (8,721) Presentational adjustments: • JV’s proportionately consolidated Proportionate consolidation (1,134) Preference shares (880) (2,014) • Preference shares now debt Accounting adjustments: Fair value adjustments (IAS 39) (333) Other
Slide 12: Performance Reporting
Performance Reporting • Adjusted operating profit • Adjusted earnings per share • Free cash flow
Slide 13: Performance Reporting: Operating Profit
Performance Reporting: Operating Profit • Adjusted operating profit: Proforma Year ended – Includes: 30 September 31 March 2004 2004 £m £m – Subsidiaries; Operating profit 4,759 9,603 Adjustments: - Italian contribution tax levy - (269) – Proportionate share of JV’s - Reorganisation costs - 123 - Ot
Slide 14: Performance Reporting: Earnings Per Share
Performance Reporting: Earnings Per Share Proforma 30 September 31 March 2004 2004 £m £m Earnings for basic EPS 3,615 5,853 • Adjusted earnings per share: Adjustments: - Results of discontinued activities - 73 - Other income and expense - (35) – Excludes: - Non-operating income & expense (16) (13) -
Slide 15: Performance Reporting: Earnings Per Share
Performance Reporting: Earnings Per Share Proforma 30 September 2004 31 March 2004 £m EPS £m EPS UK GAAP Earnings for adjusted EPS 3,535 5.28p 6,198 9.10p Adjustments: - Licence amortisation (244) (0.36p) (88) (0.13p) - Acquired intangibles amortisation (32) (0.05p) - - - Share based payments (50) (
Slide 16: Performance Reporting: Free Cash Flow
Performance Reporting: Free Cash Flow • Free cash flow: Proforma 30 September 31 March 2004 2004 £m £m – Includes: Operating cash flow 6,187 12,021 Tangible capital expenditure (2,186) (3,697) – Subsidiaries Intangible capital expenditure (329) (679) Operating free cash flow 3,672 7,645 – Dividends:
Slide 17: Summary
Summary • Transition project on track • Impact on financial statements: – Presentational – Accounting adjustments • Performance measurement • Outlook
Slide 18: Outlook For FY 04/05
Outlook For FY 04/05 UK GAAP IFRS Organic average proportionate customer growth Around 10% Around 10% Organic proportionate mobile revenue growth High single digit High single digit Proportionate mobile EBITDA margin* Broadly stable Broadly stable Fixed and intangible asset additions Around £5bn Aro
Slide 19: Preliminary Outlook For FY 05/06
Preliminary Outlook For FY 05/06 UK GAAP IFRS Organic average proportionate customer growth High single digit High single digit Organic proportionate mobile revenue growth High single digit High single digit Proportionate mobile EBITDA margin Broadly stable Broadly stable Fixed asset additions In th
Slide 20: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to the Group’s financial condition, results of operations and businesses and certain of the Group’s plans and objectives. In p
Slide 21: Q&A
Q&A
Vodafone Group — Investor Presentation (January 2005) on 6ix