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Arun SarinChief ExecutiveVodafone Group Plc
This presentation is being made only to, and is directed at (a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 and (b) persons to whom it may otherwise lawfully be communicated (together "relevant persons") Any person who is not a relevant person should not act or rely on this presentation or any of its contents.
This presentation contains forward looking statements which are subject to risks and uncertainties because they relate to future events. Some of the facts which may cause actual results to differ from these forward looking statements are discussed in the final slide to this presentation and others can be found by referring to our Interim Results release for the six month period ended 30 September 2003 and the “Risk Factors” in our Annual Report & Accounts and Form 20-F for the year ended 31 March 2003.
Agenda• Overview and Highlights Arun Sarin
• Results and Financial Position Ken Hydon
• Operational Performance Julian Horn-Smith
• Outlook and Q&A Arun Sarin
Industry Leading Results• Solid performance in challenging competitive and regulatory environment
– Over 125m customers
– Strong double digit turnover & EBITDA growth
– Significant cash flow growth
– Continued improvement in capital efficiency
• Increasing returns to shareholders– 20% increase in interim dividend
– Introduction of share buy-back programme
– £2.5bn allocation
Statutory Highlights
* Before goodwill, amortisation and exceptional items
Turnover
H1 02/03 H1 03/04
£16.9bn13%
H1 02/03 H1 03/04
£4.6bn
Operating Profit*
£5.7bn23%
H1 02/03 H1 03/04
3.28p
Earnings per Share* 4.78p46%
£14.9bn
Proportionate Highlights
* Before exceptional items
Turnover
H1 02/03 H1 03/04
£16.5bn£19.7bn
19%
H1 02/03 H1 03/04
£6.2bn
EBITDA*£7.8bn
26%
H1 02/03 H1 03/04
37.6%
Group EBITDA Margin*39.6%2pp
Sep-02 Sep-03
107.5
Customers125.316%
• Capital expenditure of £2.2bn
• Improved mobile capital efficiency to 12.7%
• Reduction in net debt to £10.9bn
H1 02/03 H1 03/04
£2.9bn
Free Cash Flow£4.6bn
61%
Outstanding Cash Flow Growth
Strong Growth in Mobile Revenues
H1 02/03 H1 03/04H1 02/03 Total Mobile Revenue Organic Mobile Growth
Exchange Rate Effect
16%10% Organic
Mobile Growth£13.4bn
£15.6bn
Better Churn Leads to Strong Net Additions
0
20
40
60
80
100
120
Sept-02 Sept-03M
obile
Cus
tom
ers
(Mill
ions
)
UK & Ireland Northern EuropeSouthern Europe & MEA Asia Pacific
* All subsidiaries
15%
17%
19%
21%
23%
25%
27%
H1 02/03 H2 02/03 H1 03/04
Total Contract Prepaid
6 Month Annualised Customer Churn* Customer Growth*
11%
Underlying ARPU
• MOU increased to 126 min / customer• Termination rate cuts in UK, Italy, Ireland and Portugal
* Annualised 6 months rolling ARPU. All subsidiaries
ARPU on a Constant Currency Basis*
H1 02/03 H1 03/04
£274 £273
Strong Data Growth
H1 02/03 H1 03/04
* All subsidiaries
Total Data Revenue* 12 Month Rolling Data % of Service Revenue*
13.2%
15.5%14.6%
Sep-02 Mar-03 Sep-03
£2.2bn
29%
£1.7bn
Vodafone live! Gaining Momentum
Germany UK Italy Spain Others
*Based on a European sample
Over 3 million customers Incremental ARPU*
Pre Vodafone live! Post Vodafone live!
7+%
Increasing Controlled Mobile EBITDA and Margin
1H 02/03 1H 03/04
UK Germany Italy Japan Other
£5.2bn£6.3bn
39.0%
40.7%
• Small improvement in acquisition and retention costs• Efficiency in network operating costs
Committed Investment in 3G• Over £800m in first half
Germany UK Italy Japan Other
Cumulative 3G Spend- Approx £4bn
• Major 3G push planned for middle of next fiscal year
Drive more mobile minutesPower of 3G
Improved high quality contentPower of 3G
Greater productivity and mobilising applicationsPower of 3G
Great Opportunity
The Journey has Begun…• Disposal of non core fixed
business
• Acquisition of service providers
• Extended Partner Network reach to 10 countries
Ken HydonGroup Financial DirectorVodafone Group Plc
Statutory Results
• £16.9bn• Up 13% (£2.0bn)• Mobile organic growth
– Total: +10%
– Data: +23%
– Voice: +8%
Turnover Analysis of Turnover Growth
( 0.1 )
0.8
0.4 0.1
0.8
-
0.5
1.0
1.5
2.0
2.5
Mobilevoice
growth(organic)
Mobiledata
growth(organic)
Othergrowth
(organic)
Foreigncurrency
Disposals
Cha
nge
(£bn
)
Statutory Results
• £5.7bn• 23% increase• Depreciation
– £2.2bn
– £0.2bn in Japan Telecom
Group Operating Profit*
*Before amortisation of goodwill and exceptional items as detailed in notes 3 & 4 of the Interim Announcement dated 18 November 2003
16%
6%
1%
M&AFXOrganic growth
Analysis of Operating Profit* Growth
Statutory Results
*Before amortisation of goodwill and exceptional items as detailed in notes 3 & 4 of the Interim Announcement dated 18 November 2003
6 months to 30 September
2003£m
2002£m
Increase%
Turnover 16,899 14,898 13
Group operating profit* 5,722 4,640 23Net interest payable (356) (390) (9)
Profit before tax* 5,366 4,250 26Tax (1,792) (1,602)
Goodwill amortisation (7,651) (6,837)Exceptional items 293 267Minority interests (470) (414)
Loss for the period (4,254) (4,336)
Basic loss per share (6.24p) (6.36p)Adjusted earnings per share* 4.78p 3.28p
2.51 2.64
3.283.53
4.78
H1/02 H2/02 H1/03 H2/03 H1/04
Adjusted EPS* (pence)
Shareholder Returns• Interim dividend
– Up 20% on 2002/3
– 0.9535p per share
– £650m
• Share buyback programme– Allocation of £2.5bn
5% 5% 5%
15%
20%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
1.8%
2000 2001 2002 2003 2004Interim
Div
iden
d Y
ield
(bas
ed o
n 30
/9/0
3 cl
osin
g sh
are
pric
e of
£1.
20
Dividend Growth and Yield (2000-4)
Cash Flow 6 months to 30 September 2003
£m2002
£mIncrease
%Operating cash flow 6,081 5,676 7
Capital expenditure (2,202) (2,670) (18)Licences (2) (59) (97)
Operating free cash flow 3,877 2,947 32Tax paid (283) (154) 84Net interest received/(paid) 256 (211) N/ADividends received & other 791 296 167
Free cash flow 4,641 2,878 61Acquisitions (1,075) (1,600)
Disposals 105 686Group dividends (612) (511)Other (126) (116)
Net debt decrease 2,933 1,337Opening net debt (13,839) (12,034)
Closing net debt (10,906) (10,697)
Germany20%
Italy23%
United Kingdom
11%
Japan18%
Other Mobile
3%
Other5%
Other Europe
20%
Analysis of Operating Cash Flow
• Around £5bn• £2.1bn additions
Tangible Fixed AssetsSeptember 2003 March 2004
• 40% on 3G• 40% on 3G• Mobile capital efficiency
– 9/03: 12.7% (9/02: 13.4%)
March 2005
• Around £5bn
Germany17%
Italy14%
United Kingdom
11%
Other Mobile27%
Japan28%
Other Operations
3%Germany17%
Italy11%
United Kingdom
11%
Other Mobile26%
Other Operations
5%
Japan30%
0
1
2
3
4
7Years
£bn
(15.5)
(10.9)
• September 2003
– Gross debt
– Cash & investments
– Net debt
• Solid credit profile
Net DebtDebt Maturity at 30 September 2003 (£bn)
4.6
Total = £15.5bn
Summary• Growth
– Turnover
– Operating profit*
– Adjusted earnings per share*
– Free cash flow
• Increasing returns to shareholders • Healthy financial position
*Before amortisation of goodwill and exceptional items as detailed in notes 3 & 4 of the Interim Announcement dated 18 November 2003
Julian Horn-SmithGroup Chief Operating OfficerVodafone Group Plc
Delivering on our objectivesVodafone live!• Today in 15 markets• Over 3m customers• Attracting new customers• Increasing usage• Higher customer satisfaction• Higher ARPU
Better investment in customers
• The Group’s largest business by revenue
• Rebranded to Vodafone Japan (1st October)
• Seamless services - GSM roaming
Vodafone Japan
Vodafone Japan
• Competitive market• Stable market share over 18%
14,38914,540
13,912
13,26912,949
12,618
17.9% 18.0% 18.1% 18.5% 18.7% 18.6%
CustomersMarket Share
2002/03 2003/04
Q1 Q2 Q3 Q4 Q1 Q2
Net Additions
Q1 Q2 Q3 Q4 Q1 Q2
2002/03 2003/04
Vodafone Japan
28.0%
20.0%
23.7%
18.1%
0
20
40
60
80
100
120
140
160
180
H2 01/02 H1 02/03 H2 02/03 H1 03/04
Cus
tom
er B
ase
Cos
t (¥
billi
ons)
SRC SAC % Service Revenue
30.6%32.4%
24.3%
32.0%
0
200
400
600
800
1,000
H2 01/02 H1 02/03 H2 02/03 H1 03/04E
BIT
DA
(£ m
illio
ns)
EBITDA EBITDA Margin
• Acquisition and retention costs reducing as a % service revenue
• Increase in operating expenses due to additional network maintenance costs for 3G resulting in flat margins
Customer Base Costs EBITDA
Vodafone Japan
• Decrease in ARPU due to increasing penetration levels, but Data % still improving
13%
10%
8%
15%14%
13%
9%
6%
20%
0%
5%
10%
15%
20%
25%
H1 02/03 H2 02/03 H1 03/04Ye
ar o
n Ye
ar g
rowt
h
Service RevenueAverage CustomersTotal Minutes
21.3%20.3%18.1%
15.1%
0
25,000
50,000
75,000
100,000
Mar 02 Sep 02 Mar 03 Sep 03
12 m
onth
rolli
ng A
RP
U (¥
)
ARPU Data % of Service Revenue*
* 12 month rolling Data% of Service Revenue
ARPU & Data* Year on Year Growth
Vodafone Japan – Strategy for Growth• New pricing plans
– Packet Discount
– 2 year Contract Discount
– Vodafone Happy Time
• New commercial pricing– Rebalance retention and acquisition costs
• Improve services and handsets
Vodafone Germany• Strong customer growth• Contract % increasing• Maintaining market share
23,26123,780
22,94022,732
21,81021,399
38.3% 38.3% 38.4% 38.2% 38.0% 38.0%
CustomersMarket Share
2002/03 2003/04
Q1 Q2 Q3 Q4 Q1 Q2
44.5%45.3%
45.8%46.6%
47.1%47.6%
(600)
(400)
(200)
0
200
400
600
800
1,000
1,200
Prepaid Net AdditionsContract Net AdditionsContract % of Total base
(‘000s)
Q1 Q2 Q3 Q4 Q1 Q2
2002/03 2003/04
0
500
1,000
1,500
2,000
2,500
H1 02/03 H2 02/03 H1 03/04
Vod
afon
e S
tars
Mem
bers
('00
0s)
19%
22%
Vodafone Germany
11.4% 11.1%
8.0%7.2%
0%
5%
10%
15%
20%
25%
30%
H2 01/02 H1 02/03 H2 02/03 H1 03/04
Ann
ualis
ed H
alf y
ear C
hurn
%
Churn % Upgrade %
• Higher volume of upgrades and successful loyalty scheme helped reduce churn
Churn & Upgrade % Vodafone Stars
Vodafone Germany
14.4%15.4%
16.4% 17.0%
250
260
270
280
290
300
310
320
330
Mar-02 Sep-02 Mar-03 Sep-03
12 m
onth
rolli
ng A
RP
U (€
)
ARPU Data % of Service Revenue*
• ARPU is stabilising and Data % of Service Revenue increasing
5%
7% 8%
3%
9%
4%4%
6%
(1%)
(2%)
0%
2%
4%
6%
8%
10%
H1 02/03 H2 02/03 H1 03/04Y
ear o
n Y
ear g
row
th
Service Revenue Average Customers Total Minutes
* 12 month rolling Data% of Service Revenue
ARPU & Data* Year on Year Growth
Vodafone Germany
10.0% 10.3%
14.8%
12.4%
0
100
200
300
400
500
600
H2 01/02 H1 02/03 H2 02/03 H1 03/04
Cus
tom
er B
ase
Cost
(€ m
illio
ns)
SRC SAC % Service Revenue
44.3%40.8%
46.7%46.2%
0
200
400
600
800
1,000
1,200
1,400
H2 01/02 H1 02/03 H2 02/03 H1 03/04EB
ITDA
(£ m
illion
s)EBITDA EBITDA Margin
• SAC/SRC % of Service Revenue higher than last year due to accelerated market growth.
• EBITDA margin almost 47%
Customer Base Costs EBITDA
Vodafone Italy
• Penetration almost 100%• Declining Churn
19,982
19,412
18,316
17,711
19.8%
17.4% 17.4%16.7%
H2 01/02 H1 02/03 H2 02/03 H1 03/04
Closing Customers Annualised Prepaid Churn
(‘000s)
Vodafone Italy
10.1%
11.3%12.2%
8.7%
300
310
320
330
340
350
360
Mar-02 Sep-02 Mar-03 Sep-03
12 m
onth
rolli
ng A
RP
U (€
)
ARPU Data % of Service Revenue*
• Increase in both ARPU and Data % of Service Revenue
11% 11%
14%
10%9%
7%8%
11%11%
0%
2%
4%
6%
8%
10%
12%
14%
16%
H1 02/03 H2 02/03 H1 03/04Y
ear o
n Y
ear g
row
th
Service Revenue Average Customers Total Minutes
* 12 month rolling Data% of Service Revenue
ARPU & Data* Year on Year Growth
Vodafone Italy
4.8%
3.5% 3.3%2.6%
0
20
40
60
80
100
120
140
160
H2 01/02 H1 02/03 H2 02/03 H1 03/04
Cust
omer
Bas
e Co
st (€
milli
ons)
SRC SAC % Service Revenue
42.4%
49.3%
54.8%
49.4%
0
200
400
600
800
1,000
1,200
H2 01/02 H1 02/03 H2 02/03 H1 03/04E
BITD
A (£
milli
ons)
EBITDA EBITDA Margin
• SAC/SRC % of Service Revenue reducing… • …impacting directly on the EBITDA Margin
Customer Base Costs EBITDA
Vodafone UK – Market Leader
O224.3%
Orange25.8%
T-Mobile23.9%
Vodafone26.0%
Vodafone O2 Orange T-Mobile
O222.4%
Orange25.7%
T-Mobile19.4% Vodafone
32.5%
Customer Share (September 03) 1
1 Company Data2 OFTEL figures
Vodafone UK
• Positive Net additions• Contract % stable
39.5%
40.6%
41.3% 41.3% 41.3%40.7%
(400)
(300)
(200)
(100)
0
100
200
300
Prepaid Net AdditionsContract Net AdditionsContract % of Total base
Q1 Q2 Q3 Q4 Q1 Q2
2002/03 2003/04
(‘000s)
13,00912,957
13,22413,300 13,313
13,483
2002/03 2003/04
Q1 Q2 Q3 Q4 Q1 Q2
Total Customer Base (000)
Vodafone UK
11.8%
13.2%
14.4%15.0%
200
220
240
260
280
300
320
Mar-02 Sep-02 Mar-03 Sep-03
12 m
onth
rolli
ng A
RP
U
ARPU Data % Service Revenue *
• Increasing ARPU
8% 8%
6%6%7%
11%
0%
2%
4%
6%
8%
10%
12%
H1 02/03 H2 02/03 H1 03/04Y
ear o
n Y
ear g
row
th
Service revenue Customer revenue
* 12 month rolling Data % of Service Revenue
ARPU & Data* Year on Year Growth
Vodafone UK
12.5%11.8% 12.0%
13.1%
0
50
100
150
200
250
300
H2 01/02 H1 02/03 H2 02/03 H1 03/04
Cus
tom
er B
ase
Cos
t (£
mill
ions
)
SRC SAC % Service Revenue
Customer Base Costs EBITDA
37.2%39.6%
36.7%37.0%
680
700
720
740
760
780
800
820
H2 01/02 H1 02/03 H2 02/03 H1 03/04
EB
ITD
A (£
mill
ions
)
EBITDA EBITDA Margin
12.3
36.0
23.4 21.9
15.612.1
VerizonWireless
Cingular AT&T Sprint Nextel T-Mobile
Verizon Wireless
• Positive net additions • Extension of market leadership
2002/03 2003/04
Q1 Q2 Q3 Q4 Q1 Q2
(‘000s)
September’03
43.3% 44.6%46.0% 46.2% 47.6%
49.3%
0
200
400
600
800
1,000
1,200
1,400
1,600Net Adds Penetration
Total Customer Base (m)
Verizon Wireless
500
520
540
560
580
600
620
H2 01/02 H1 02/03 H2 02/03 H1 03/04
12 m
onth
rollin
g AR
PU ($
)
ARPU
33.0%35.3% 35.1% 35.7%
0
200
400
600
800
1,000
1,200
H2 01/02 H1 02/03 H2 02/03 H1 03/04Pr
opor
tiona
te E
BITD
A (£
milli
ons)
Proportionate EBITDA EBITDA Margin
• Increasing MOU and ARPU • Increasing EBITDA margin
Collaboration with Verizon Wireless• Multinational accounts
• Integrated data card for PC’s
• Roaming
• SMS service interoperability
• Content purchasing
The power of 3G
3G-Powered Services Timeline
Dec Apr Middle
Internal user trials
Friendly user trials
3G-powered services available on limited basis
Enhanced 3G-powered servicesand handsets availablein volume
2003 2004
• Vodafone developing attractive portfolio with manufacturers to underpin service offering
• Initial handset costs to be higher than 2.5G models
• Longer term – 3G handset costs to come down
Partner NetworksThe offering
• Vodafone offers– Global product portfolio
– Vodafone Brand
– Global service footprint
– International Account Management
– Economies of scale
• Partner offers– Additional footprint
– Additional roaming customers
– Increased Vodafone Brand value
– Royalty fee
Enriching our propositionConnect Card Content
Organisational Structure
• Lead the implementation of a standardised architecture for business processes, information technology and network systems
• Provide leadership and co-ordination across the full range of marketing and commercial activities
Group Marketing Group Technology and Business Integration
Revenue growth Cost efficiency
Conclusion• Excellent operating performance
• Best propositions and the right platforms for the year ahead
• Focus on delighting our customers
56
Outlook for FY 03/04May 2003 November 2003
Average Customer Growth* > 10% > 10% on organic basis
Revenue Growth* > 10% > 10% on organic mobile basis
EBITDA Margin* Slightly higher Mobile margin slightly higher
Capex Around £5bn Around £5bn
Free Cash Flow > £5.2bn > £7bn
* Proportionate Basis
Outlook for FY 04/05FY 2004/2005
Average Organic Customer Growth* High single digit
Organic Mobile Revenue Growth* High single digit
Organic Mobile EBITDA Margin* Flat to modestly ahead
Organic Mobile EBITDA Growth* Approaching 10%
Capex Around £5bn
* Proportionate Basis
Key Strategic Goals
Deliver superiorreturns
60,000 people globally focused on delivering
Extend our core business
Build the best workforce
Leverage global scale and scope
Be a responsible corporate citizenship
Delight our customers
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 particular, such forward-looking statements include the statements with respect to Vodafone’s expectations for the year ending 31 March 2004 as to average proportionate mobile customer growth, full year proportionate mobile revenue organic growth, proportionate mobile EBITDA margins, capitalised fixed asset additions, mobile capital efficiency, free cash flow and tax payments; statements with respect to Vodafone’s expectations for the year ending 31 March 2005 as to organic growth in average proportionate mobile customers and proportionate mobile revenues, proportionate mobile EBITDA margins and organic growth in proportionate mobile EBITDA and capitalised fixed asset additions; the statements with respect to the expected amount for additional depreciation and amortisation; and the statements with respect to the expected effective tax rates. These forward-looking statements are made on the basis of certain assumptions which Vodafone believes to be reasonable in light of Vodafone’s operating experience in recent years. The principal assumptions on which these statements are based relate to exchange rates, customer numbers, usage and pricing, take-up of new services, termination rates, customer acquisition and retention costs and the availability of handsets.
The presentation also contains other forward-looking statements including statements with respect to Vodafone’s expectations as to launch and roll-out dates for products and services, including, for example, 3G services, Vodafone live! and Vodafone’s business offerings; intentions regarding the development of products and services; the ability to integrate our operations throughout the Group in the same format and on the same technical platform and the ability to be operationally efficient; the anticipated share repurchase programme; the rate of dividend growth by the Group or its existing investments; expected effective tax rates and expected tax payments; mobile penetration and coverage rates; expectations with respect to long-term shareholder value growth; our ability to be the mobile market leader, overall market trends and other trend projections. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “anticipates”, “aims”, “could”, “may”, “should”, “expects”, “believes”, “intends”, “plans” or “targets”.
By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements particularly the statements regarding our outlook; expenses and expected effective tax rates referred to above. These factors include, but are not limited to, the following: changes in economic or political conditions in markets served by operations of the Group that would adversely affect the level of demand for mobile services; greater than anticipated competitive activity requiring changes in pricing models and/or new product offerings or resulting in higher costs of acquiring new customers or providing new services; the impact on capital spending from investment in network capacity and the deployment of new technologies, or the rapid obsolescence of existing technology; slower customer growth or reduced customer retention; the possibility that technologies, including mobile internet platforms, and services, including 3G services, will not perform according to expectations or that vendors’ performance will not meet the Group’s requirements; changes in the projected growth rates of the mobile telecommunications industry; the Group’s ability to realise expected synergies and benefits associated with 3G technologies, the integrationof our operations and those of recently acquired companies; future revenue contributions of both voice and non-voice services offered by the Group; lower than expected impact of GPRS, 3G and Vodafone live! and the Group’s business offerings on the Group’s future revenues, cost structure and capital expenditure outlays; the ability of the Group to harmonise mobile platforms and any delays, impediments or other problems associated with the roll-out and scope of 3G technology and services and Vodafone live! and the Group’s business offerings in new markets; the ability of the Group to offer new services and secure the timely delivery of high-quality, reliable GPRS and 3G handsets, network equipment and other key products from suppliers; greater than anticipated prices of new mobile handsets; the ability to realise benefits from entering into partnerships for developing data and internet services and entering into service franchising and brand licensing; the possibility that the pursuit of new, unexpected strategic opportunities may have a negative impact on one or more of the measurements of our financial performance; any unfavourable conditions, regulatory or otherwise, imposed in connection with pending or future acquisitions or dispositions; changes in the regulatory framework in which the Group operates, including possible action by the European Commission regulating rates the Group is permitted to charge; the Group’s ability to develop competitive data content and services which will attract new customers and increase average usage; the impact of legal or other proceedings against the Group or other companies in the mobile telecommunications industry; changes in exchange rates, including particularly the exchange rate of the pound to the euro, US dollar and the Japanese yen; the risk that, upon obtaining control of certain investments, the Group discovers additional information relating to the businesses of that investment leading to restructuring charges or write-offs or with other negative implications; changes in statutory tax rates and profit mix which would impact the weighted average tax rate; changes in tax legislation in the jurisdictions in which the Group operates; final resolution of open issues which might impact the effective tax rate; timing of tax payments relating to the resolution of open issues and loss of suppliers or disruption of supply chains.
Furthermore, a review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-looking statements can be found in our Interim Results for the six month period ended 30 September 2003 and under “Risk Factors” contained in our Annual Report & Accounts and Form 20-F with respect to the financial year ended 31 March 2003. All subsequent written or oral forward-looking statements attributable to the Company or any member of the Group or any persons acting on their behalf are expressly qualified in their entirety by the factors referred to above.
No assurance can be given that the forward-looking statements in this document will be realised. Neither Vodafone nor any of its affiliates intends to update these forward-looking statements.
Forward-Looking Statements