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29/05/2002
Vodafone report largest ever losses in UK
Vodafone Group has reported one of the biggest losses in UK business history with the posting of a loss in excess of £16 billion for the last financial year.
The figure includes a £20 billion writedown and other charges as part of a series of acquisition rounds.
However, cashflow at £2.4 billion within the Group was higher than had been anticipated by analysts and this was attributed to lower than expected operating costs and capital expenditure.
Following a series of renegotiated contracts the capital expenditure of the Group was pegged at just over £4 billion and was around £1 billion less that forecasts had predicted.
The Groups net debt was also substantially less than had been estimated. The results showed a reduction of net debt by £1.5 billion to stand at £12 billion.
Commenting on the report Vodafone Chief Executive Sir Christopher Gent said: “The past year has seen the Group successfully execute its adjusted strategy, delivering very strong operational performance and exceptional financial results, including the generation of substantial free cash flow".
He said that Vodafone envisaged a net customer growth of under 10%, but forecast double-digit revenue growth in the next year.
Sir Christopher said the Group would be focusing on "improving operational performance" which should result in better operating cash flow. He said: "We have every confidence in the continued growth potential of the business. This year will see many exciting new developments which will sustain the long-term growth of Vodafone in the years to come."
However, concerns remain about the Group's acquisition strategies and the longer-term growth potential of revenue from data services.
The Group expects to have 20% of profits from the data services sector of the business by 2005.
(SP)
The figure includes a £20 billion writedown and other charges as part of a series of acquisition rounds.
However, cashflow at £2.4 billion within the Group was higher than had been anticipated by analysts and this was attributed to lower than expected operating costs and capital expenditure.
Following a series of renegotiated contracts the capital expenditure of the Group was pegged at just over £4 billion and was around £1 billion less that forecasts had predicted.
The Groups net debt was also substantially less than had been estimated. The results showed a reduction of net debt by £1.5 billion to stand at £12 billion.
Commenting on the report Vodafone Chief Executive Sir Christopher Gent said: “The past year has seen the Group successfully execute its adjusted strategy, delivering very strong operational performance and exceptional financial results, including the generation of substantial free cash flow".
He said that Vodafone envisaged a net customer growth of under 10%, but forecast double-digit revenue growth in the next year.
Sir Christopher said the Group would be focusing on "improving operational performance" which should result in better operating cash flow. He said: "We have every confidence in the continued growth potential of the business. This year will see many exciting new developments which will sustain the long-term growth of Vodafone in the years to come."
However, concerns remain about the Group's acquisition strategies and the longer-term growth potential of revenue from data services.
The Group expects to have 20% of profits from the data services sector of the business by 2005.
(SP)
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