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Vodafone Group Plc 2010 Review of the Year and Notice of Annual General Meeting

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Vodafone Group Plc 2010 Review of the Year and Notice of Annual General Meeting Vodafone Group Plc 2010 Review of the Year and Notice of Annual General Meeting This document is important and requires your immediate attention. If you are in any doubt as to the action to be taken, you should consult your This Review of the Year and Notice of Annual General Meeting does not constitute a summary stockbroker, bank manager, solicitor, accountant or other professional adviser of the Vodafone Group Plc Annual Report for the year ended 31 March 2010 (the “Annual authorised under the Financial Services and Markets Act 2000 if you are resident in Report”) and should not be relied upon as a substitute for reading the full Annual Report. the United Kingdom or, if not, another appropriately authorised independent adviser. The Annual Report is available on Vodafone’s website at www.vodafone.com/investor or can be obtained by contacting Vodafone’s Registrars whose details are on page 12. If you have sold or otherwise transferred all your shares in Vodafone Group Plc please Vodafone will file with the Securities and Exchange Commission in the US its Annual Report forward this document together with any accompanying Form of Proxy at once to the on Form 20-F (which corresponds to the 10-K for a US corporation) and any other information purchaser or transferee or to the stockbroker, bank or other agent through whom the as required. sale or transfer was effected for transmission to the purchaser or transferee. If you have sold or otherwise transferred only part of your holding of shares, you should Vodafone, the Vodafone logo, Vodafone 360, Vodacom, Vodafone Money Transfer, M-PESA retain these documents. and World of Difference are trade marks of the Vodafone Group. The BlackBerry® family of trade marks, images and symbols are the exclusive properties and trade marks of Research in Motion Limited, used by permission. BlackBerry is registered with the US Patent and Trademark Office and may be pending or registered in other countries. Other product and company names mentioned herein may be the trade marks of their respective owners. Copyright © Vodafone Group Plc 2010 Highlights For more information, visit: www.vodafone.com/investor Group highlights for the 2010 financial year Revenue Financial highlights ■ Total revenue of £44.5 billion, up 8.4%, with improving trends in most £44.5bn markets through the year. 8.4% growth ■ Adjusted operating profit of £11.5 billion, a 2.5% decrease in a recessionary environment. ■ Data revenue exceeded £4 billion for the first time and is now 10% Adjusted operating profit of service revenue. ■ £1 billion cost reduction programme delivered a year ahead of schedule; £11.5bn further £1 billion programme now underway. 2.5% decrease ■ Final dividend per share of 5.65 pence, resulting in a total for the year of 8.31 pence, up 7%. ■ Higher dividends supported by £7.2 billion of free cash flow, an increase Free cash flow of 26.5%. £7.2bn Operational highlights 26.5% growth ■ We are one of the world’s largest mobile communications companies by revenue, with 341.1 million proportionate mobile customers, up 12.7% during the year. Proportionate mobile customers ■ Improved performance in emerging markets with increasing revenue market share in India, Turkey and South Africa during the year. ■ Expanded fixed broadband customer base to 5.6 million, up 1 million 341.1m during the year. 12.7% growth ■ Comprehensive smartphone range, including the iPhone, BlackBerry® Bold and Samsung H1. ■ Launch of Vodafone 360, a new internet service for the mobile and internet. ■ High speed mobile broadband network with peak speeds of up to 28.8 Mbps. 2010 Review of the Year and Notice of Annual General Meeting Chairman’s statement Your Company continues to deliver strong cash generation, is well positioned to benefit from economic recovery and looks to the future with confidence. Sir John Bond Chairman Dividends per share Review of the year particularly those where we do not exercise management control. The (Pence) ■ Total dividends per share of 8.31 pence, up 7%; three year Board reviews these investments regularly and will remain focused 8.31 dividend per share growth target of at least 7% per annum. upon the best way of realising maximum shareholder value. 7.51 7.77 ■ £1 billion cost programme completed. 7.51 7.77 ■ Continued innovation in our products and services. Vodafone Foundation ■ Vodafone invested a total of £42 million in foundation We have continued to fund the work of the Vodafone Foundation. programmes and social causes. Through the Vodafone Foundation and our network of national affiliate foundations we support communities and societies in the Environment and performance countries in which we operate. In this financial year we invested a total 2008 2009 2010 2009 saw the sharpest contraction in the world’s economy for more of £42 million in foundation programmes and social causes. than a generation. Unquestionably, this has been the most difficult economic environment in which your Company has ever operated. Your Board Against this background, I am very pleased to report that the Group The Board is heartened by your Company’s strong results especially in delivered an adjusted operating profit of £11.5 billion (down 2.5%), the face of such a sharp economic downturn. It believes that the Group and generated £7.2 billion of free cash flow (up 26.5%). The Board is well positioned to benefit from economic recovery and looks to the is recommending a final dividend of 5.65 pence, making a total future with confidence. for the year of 8.31 pence per share (up 7%). The Board is also targeting to maintain growth in dividends per share at no less than 7% per annum Simon Murray, who has been a non-executive Director since July 2007, for the next three years*. The share price has increased by 6% since 1 has decided to step down from the Board after this year’s AGM. His April 2009, broadly in line with other major European telecommunications knowledge of telecommunications, entrepreneurial spirit, and experience companies, but behind the increase in the FTSE 100. of the Asia Pacific region have been great assets to the Board, and I am grateful for the contribution he has made. While the Group is not immune from the economic environment in which we operate, with our retail customers seeking to control Annual General Meeting their expenditure as much as possible and our business customers The Annual General Meeting provides an opportunity for the Company’s seeking to control cost, we have responded swiftly with cost reduction shareholders to communicate with the directors and I sincerely hope that and efficiency programmes. On top of our original £1 billion cost you will take this opportunity to do so. The Notice of Meeting, together programme, delivered a year ahead of plan, we have now committed with an explanation of the business to be conducted at the meeting is to a further £1 billion cost programme by the 2013 financial year. With set out on pages 5 to 11. Your directors consider that Resolutions 1 to 24 mobile voice prices continuing to decline in Europe by over 10% a year, on pages 5 and 6 are in the best interests of the shareholders and they tight cost control will remain a high priority in the future. recommend that shareholders vote FOR the Resolutions, as they intend to do in respect of their own beneficial holdings. Innovation Your Company has also continued to innovate in the services we I do understand that most shareholders will not be able to attend the provide. This year has seen the launch of Vodafone 360, a service AGM in person but nevertheless your vote is still important. I would designed to help bridge the intersection between mobile strongly encourage you, regardless of the number of shares you own, communications and the internet. The Vodafone Money Transfer to vote and details of how to do this are set out on page 12. The results system (branded M-PESA in Kenya and Tanzania) is available in three of voting on all the Resolutions will be announced via the Regulatory countries with 13 million customers transferring US$3.6 billion during News Service and published on the Company’s website as soon as the 2010 financial year. We expect to roll-out the service to further possible after the meeting. markets later this year. We recently launched two of the world’s most * With respect to the dividend inexpensive handsets – for example the Vodafone 150 retails in most Your Board appreciates your continuing support. growth target, as the markets at unsubsidised prices below US $15 – and we are working on Group’s free cash flow is low cost handsets which will give access to the internet. predominantly generated by companies operating within the euro currency zone, we Geographic diversity have assumed that the euro One of the benefits of our broad spread of operations in both Sir John Bond to sterling rate remains within 10% of the guidance developed and emerging markets is the diversification of risk that this Chairman exchange rate of £1:€1.15. allows. The Board keeps a close watch on this portfolio of investments, Vodafone Group Plc 1 Building more sustainable societies Vodafone has a key role in building more sustainable societies through our investment in local communities, effective management of our environmental impacts and innovation in our products and services. Foundation The Vodafone Foundation is committed to providing assistance in the area of disaster response. The Vodafone Foundation has developed partnerships which enhance long term disaster preparedness and is proud of its programmes with the United Nations Foundation, Telecoms Sans Frontieres (TSF), and the World Food Programme.
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