Vodafone Group PRESENTATION FTSE 100 COMPANY

 One of the world’s largest telecommunications companies.  Provides a wide range of services including voice, messaging, data and fixed broadband  Global: 434 million mobile customers and 9 million fixed broadband customers  Operating in Europe, Africa, Middle East and Asia.

Balance sheet  Assets  Liabilities  Equity

Assets Fiscal data as of Mar ASSETS (in millions of GBP) Cash And Short Term Investments14,55312,881 Total Receivables, Net7,2514,863 Total Inventory Prepaid expenses--3,464 Other current assets, total2,47788 Total current assets24,72221,649 Property, plant & equipment, net22,85117,584 Goodwill, net23,31524,390 Intangibles, net23,37319,749 Long term investments3,66747,220 Note receivable - long term3,2704,832 Other long term assets-- Total assets121,840138,324

Liabilities LIABILITIES (in millions of GBP) Accounts payable14,5753,835 Accrued expenses--9,531 Notes payable/short-term debt1,1864,079 Current portion long-term debt/capital leases 3,0464,573 Other current liabilities, total6,2326,351 Total current liabilities25,03928,369 Total long term debt21,44827,151 Total debt25,68035,803 Deferred income tax7476,671 Minority interest9791,011 Other liabilities, total2,8253,645 Total liabilities51,03866,847

Equity SHAREHOLDERS EQUITY (in millions of GBP – except for per share items) Common stock3,7923,866 Additional paid-in capital116,973154,279 Retained earnings (accumulated deficit)(51,428)(88,834) Treasury stock - common(7,187)(9,029) Unrealized gain (loss)-- Other equity, total8,65211,195 Total equity70,80271,477 Total liabilities & shareholders' equity121,840138,324 Total common shares outstanding26,44026,683 Treasury shares - common primary issue2,3722,674

Income statement

Fiscal data as of Mar REVENUE AND GROSS PROFIT Total revenue38,34638,041 OPERATING EXPENSES Cost of revenue total27,94226,567 Selling, general and admin. expenses, total 7,2787,019 Depreciation/amortization-- Unusual expense(income)7,3127,700 Other operating expenses, total5.00(468) Total operating expense42,25940,243 Operating income(3,913)(2,202) Other, net(277)(35) INCOME TAXES, MINORITY INTEREST AND EXTRA ITEMS Net income before taxes(5,270)(3,483) Provision for income taxes(16,582)476 Net income after taxes11,312(3,959) Minority interest(166)(244) Net income before extra. Items11,146(4,203) Total extraordinary items48,1084,616 Net income59, Inc.avail. to common excl. extra. Items 11,146(4,203) Inc.avail. to common incl. extra. Items 59,254413

EPS RECONCILIATION Basic/primary weighted average shares26,47226,831 Basic/primary eps excl. extra items0.42(0.16) Basic/primary eps incl. extra items Dilution adjustment00 Diluted weighted average shares26,68226,831 Diluted eps excl. extra items0.42(0.16) Diluted eps incl. extra items COMMON STOCK DIVIDENDS DPS - common stock primary issue Gross dividend - common stock39,1764,973 PRO FORMA INCOME Pro forma net income-- Interest expense, supplemental1,1291,328 SUPPLEMENTAL INCOME Depreciation, supplemental4,0383,637 Total special items7,7528,088 NORMALIZED INCOME Normalized income before taxes2,4824,605 Effect of special items on income taxes2,7132,831 Income tax excluding impact of special items (13,869)3,307 Normalized income after tax16,3511,298 Normalized income avail. to common16,1851,054 Basic normalized EPS Diluted normalized EPS

Financial Ratios  Debt to Equity  Current Ratio  Quick Ratio  Return on Equity

Debt-to-equity  indicates the proportion of equity and debt used by the company to finance its assets.  The formula used to calculate this ratio is: Total Liabilities / Shareholders Equity  Calculation: / = 0,72

Current Ratio  This ratio expresses to what extent the current liabilities are covered by the current assets  Formula: Current Assets / Current Liabilities  Calculation: / = 0,98 => the company doesn’t have enough short-time means to cover the current liabilities

Quick ratio  The liquidity of an assets is the possibility to transfer that assest into fluid assets.  The formula used for computing quick ratio is: (Current Assets – Inventories)/ Current Liabilities  Calculation: ( – 441)/ = 0,98  To be healthy the result needs to be 1, the result of Vodafone Group comes close to this,

Return on Equity  The return on equity is the amount of net income returned as a percentage of shareholders equity. This ratio is expressed as a percentage  Formula: Net Income/Shareholder's Equity  Calculation: 59254/70802 = 0,8370 = 83,70%