Annual Report for the year ended 31 March 2010

Revenue⁽¹⁾(£bn)

Adjusted operating profit⁽¹⁾(£bn)

Operating profit⁽¹⁾(£bn)

Capital expenditure⁽¹⁾(£bn)

Europe

Our mobile subsidiaries and joint venture operate under the brand name ‘Vodafone’. Our associate in France operates as ‘SFR’ and ‘Neuf Cegetel’, and our fixed line communication businesses operate as ‘Vodafone’, ‘Arcor’, ‘Tele2’ and ‘TeleTu’.

Revenue growth (%)

Revenue⁽¹⁾

£29.9bn

0.8% growth

Adjusted operating profit⁽¹⁾

£6.9bn

2.9% decrease

Operating free cash flow⁽¹⁾

£8.2bn

2.7% decrease

Capital expenditure⁽¹⁾

£3.0bn

6% growth

Africa and Central Europe

Our subsidiaries in this region operate under the ‘Vodafone’ brand or, in the case of Vodacom and its mobile subsidiaries, the ‘Vodacom’ and ‘Gateway’ brands. Our joint venture in Poland operates as ‘Plus’ and our associate in Kenya operates as ‘Safaricom’.

Revenue growth (%)

Revenue⁽¹⁾

£8.0bn

45.9% growth

Adjusted operating profit⁽¹⁾

£0.5bn

21.9% decrease

Operating free cash flow⁽¹⁾

£1.1bn

70.5% growth

Capital expenditure⁽¹⁾

£1.4bn

61.1% growth

Asia Pacific and Middle East

Our subsidiaries and joint venture in Fiji operate under the ‘Vodafone’ brand and our joint venture in Australia operates under the brands ‘Vodafone’ and ‘3’.

Revenue growth (%)

Revenue⁽¹⁾

£6.5bn

11.4% growth

Adjusted operating profit⁽¹⁾

£0.4bn

35.6% decrease

Operating free cash flow⁽¹⁾

£0.6bn

-

Capital expenditure⁽¹⁾

£1.4bn

25.1% decrease

Verizon Wireless (United States)

Our associate in the US operates under the brand ‘Verizon Wireless’.

Revenue growth (%)

Revenue⁽¹⁾

£17.2bn

22.3% growth

Adjusted operating profit⁽¹⁾

£4.1bn

16.1% growth

Partner markets extend our brand exposure outside the controlled operating companies through entering into a partnership agreement with a local mobile operator, enabling a range of our global products and services to be marketed in that operator’s territory. Under the terms of these partner market agreements we cooperate with our partners in the development and marketing of certain services. These partnerships create additional revenue through royalty and franchising fees without the need for equity investment. Similar arrangements also exist with a number of our joint ventures, associates and investments.

The results of partner markets are included within Common Functions, together with the net result of unallocated central costs and recharges to the Group’s operations, including royalty fees for the use of the Vodafone brand.

Partnership agreements in place at 31 March 2010, excluding those with our joint ventures, associates and investments, are shown in the table to the right.

Note:

(1)

Partnership includes Bermuda and the following countries within the Caribbean: Anguilla, Antigua and Barbuda, Aruba, Barbados, Bonaire, Curaçao, the Cayman Islands, Dominica, French West Indies, Grenada, Haiti, Jamaica, Samoa, St Lucia, St Kitts and Nevis, St Vincent, Trinidad and Tobago, Turks and Caicos Islands and British Guyana.