Financial Analysis

Vodafone_Reformulated BS

VODAFONE GROUP PUBLIC LIMITED COMPANY (VOD)
REFORMULATED BALANCE SHEETS
(in millions)
	03/31/2014 GBP restated	03/31/2013 GBP restated	03/31/2012 GBP	03/31/2011 GBP	03/31/2010 GBP
Net operating assets (NOA):
Operating assets
Cash	10134	1304	7471	1237	745
Accounts receivable, less allowance for doubtful account	7251	4863	7376	6241	5527
Inventories	441	353	486	537	433
Property, plant and equipment, net	22851	17584	18655	20181	20642
Other assets	53694	99707	102628	115317	124539
Total operating assets	94371	123811	136616	143513	151886
Operating liabilities
Accounts payable	14575	3835	4526	4453	3254
Income taxes payable	873	1922	1898	1912	2874
Other liabilities	-11676	21333	21721	21626	23456
Total operating liabilities	3772	27090	28145	27991	29584
Net operating assets (NOA):	90599	96721	108471	115522	122302
Net financial assets (obligations) (NFA/NFO):
Financial assets
Short term investment	6862	11665	990	5689	4066
Total financial assets	6862	11665	990	5689	4066
Financial liabilities
Current portion of long-term debt	4232	8652	5246	6247	7257
Long-term debt	21448	27246	26013	27403	28301
Preferred Stock	0.0	0.0	0.0	0.0	0.0
Total financial liabilities	25,680.0	35,898.0	31,259.0	33,650.0	35,558.0
Net financial Obligations (NFA/NFO)	-18,818.0	-24233	-30269	-27961	-31492
NET FINANCIAL OBLIGATIONS (ASSETS)	18818	24233	30269	27961	31492
less minority interest	979.0	1,011.0	1,267.0	6.0	429.0
Common Shareholders' Equity (CSE)	70,802.0	71,477.0	76,935.0	87,555.0	90,381.0
CSE as per Thomson Analytics	70802.0	71477.0	76935.0	87555.0	90381.0
Check reformulated = conventional (must be 0)	0.0	0.0	0.0	0.0	0.0

Vodafone_Reformulated IS

VODAFONE GROUP PUBLIC LIMITED COMPANY (VOD)
Reformulated Income Statement
(in millions)
	03/31/2014 GBP restated	03/31/2013 GBP restated	03/31/2012 GBP	03/31/2011 GBP	03/31/2010 GBP
Operating Income
Revenues	38,346.00	38,041.00	46,417.00	45,884.00	44,472.00
Cost of sales	27,942.00	19,906.00	23,687.00	24,104.00	21,529.00
Gross margin	10,404.00	18,135.00	22,730.00	21,780.00	22,943.00
Operating expenses	14,396.00	13,680.00	16,114.00	15,077.00	16,118.00
Other operating income (expense)	-7,524.00	-6,618.00	-588.00	-1,844.00	-2,581.00
Operating income from sales(before tax)	-11,516.00	-2,163.00	6,028.00	4,859.00	4,244.00
Taxes
Tax as reported	1,452.00	476.00	2,546.00	1,628.00	56.00
Other tax adjustments
Tax benefit on net interest	325	141	555	102	3
Operating income from sales (after tax)	-13,293	-2,780	2,927	3,129	4,185
Dirty surplus items	- 0	4,616.00	- 0	- 0	- 0
Equity Earnings	0.00	0.00	4,963.00	5,059.00	4,742.00
Operating Income (after tax)	-13,293	1,836	7,890	8,188	8,927
Financing Expense (Income)
Interest expense	1,262.00	1,328.00	1,635.00	897.00	736.00
Interest income	0.00	0.00	168.00	339.00	423.00
Other interest adjustments	0.00	-8.00	-25.00	-138.00	-1.00
Net interest expense	1,262.00	1,320.00	1,442.00	420.00	312.00
less Tax benefit from Net Interest Expense	-325	-141	-555	-102	-3
Preferred dividends
Net Financial Expense (after tax)	937	1,179	887	318	309
Minority interest	256.00	244.00	46.00	-98.00	-27.00
Comprehensive income to Common	-14,486	413	6,957	7,968	8,645
Comprehensive Income to Common as per Thomson	6,957	413	6,957	7,968	8,645
Check Row 30 = Row 31	-21,443	0	0	0	0
Tax allocation
a. Calculate average tax rate (as rate not given )
Operating Income	5630	4455	6616	6703	6825
Income taxes for year	1452	476	2546	1628	56
Average tax rate (Tax cost / Operating Income)	26%	11%	38%	24%	1%
b. Allocation of tax cost
Allocation to financing activities
NFE	1,262.00	1,320.00	1,442.00	420.00	312.00
Tax rate	26%	11%	38%	24%	1%
Tax benefit (NFE x tax rate)	325	141	555	102	3

Vodafone_Decomposition

Analysis of profitabililty
A. Analysis of ROCE
	Formula
		03/31/2014 GBP restated	03/31/2013 GBP restated	03/31/2012 GBP	03/31/2011 GBP	03/31/2010 GBP
ROCE	Comprhensive Income/Common Share Equity	-0.20	0.01	0.09	0.09	0.10
FIRST LEVEL
	RNOA + (FLEV x (RNOA - NBC))	-0.20	0.01	0.09	0.09	0.10
RNOA	OI/NOA	-0.15	0.02	0.07	0.07	0.07
FLEV	NFO/CSE	0.27	0.34	0.39	0.32	0.35
NBC	NFE/NFO	0.05	0.05	0.03	0.01	0.01
SPREAD	(RNOA - NBC)	-0.20	-0.03	0.04	0.06	0.06
SECOND LEVEL
PM	OI/SALES	-0.347	0.048	0.170	0.178	0.201
ATO	SALES/NOA	0.42	0.39	0.43	0.40	0.36
	RNOA	-0.15	0.02	0.07	0.07	0.07
THIRD LEVEL
PM	GM/SALES	0.27	0.48	0.49	0.47	0.52
	operating expense/SALES	0.57	0.53	0.36	0.37	0.42
	TAXES/SALES	0.05	0.02	0.07	0.04	0.00
	Other income/sales	0.000	0.121	0.107	0.110	0.107
		-0.347	0.048	0.170	0.178	0.201
ATO	1/ATO	2.36	2.54	2.34	2.52	2.75
	CASH/SALES	0.264	0.034	0.161	0.027	0.017
	RECEIVABLES/SALES	0.189	0.128	0.159	0.136	0.124
	INVENTORIES/SALES	0.0115	0.0093	0.0105	0.0117	0.0097
	OTHER CURR. ASSETS/SALES	1.4003	2.6210	2.2110	2.5132	2.8004
	PPE/SALES	0.5959	0.4622	0.4019	0.4398	0.4642
	ACCOUNTS PAYABLE/SALES	0.3801	0.1008	0.0975	0.0970	0.0732
	INCOME TAXES/SALES	0.0228	0.0505	0.0409	0.0417	0.0646
	OTHER .LIABILITIES/SALES	-0.3045	0.5608	0.4680	0.4713	0.5274
		2.36	2.54	2.34	2.52	2.75

VodafoTrend_Bal_Sheet_base_year

VODAFONE GROUP PUBLIC LIMITED COMPANY (VOD)
REFORMULATED BALANCE SHEETS
(in millions)
	03/31/2014 GBP restated	03/31/2013 GBP restated	03/31/2012 GBP	03/31/2011 GBP	03/31/2010 GBP	03/31/2010 GBP		03/31/2014 GBP restated	03/31/2013 GBP restated	03/31/2012 GBP	03/31/2011 GBP
Net operating assets (NOA):	%	%	%	%	%
Operating assets
Cash	1360.27	175.03	1002.82	166.04	100	745		10134	1304	7471	1237
Accounts receivable, (Net)	131.19	87.99	133.45	112.92	100	5527		7251	4863	7376	6241
Inventories	101.85	81.52	112.24	124.02	100	433		441	353	486	537
Property, plant and equipment, net	110.70	85.19	90.37	97.77	100	20642		22851	17584	18655	20181
Other assets	43.11	80.06	82.41	92.60	100	124539		53694	99707	102628	115317
Total operating assets	62.13	81.52	89.95	94.49	100	151886		94371	123811	136616	143513
Operating liabilities
Accounts payable	447.91	117.85	139.09	136.85	100	3254		14575	3835	4526	4453
Income taxes payable	30.38	66.88	66.04	66.53	100	2874		873	1922	1898	1912
Other liabilities	-49.78	90.95	92.60	92.20	100	23456		-11676	21333	21721	21626
Total operating liabilities	12.75	91.57	95.14	94.62	100	29584		3772	27090	28145	27991
Net operating assets (NOA):	74.08	79.08	88.69	94.46	100	122302		90599	96721	108471	115522
Net financial assets (obligations) (NFA/NFO):
Financial assets
Short term investment	0.00	0.00	0.00	0.00		4066		6862	11665	990	5689
Total financial assets	168.77	286.89	24.35	139.92	100	4066		6862	11665	990	5689
Financial liabilities
Current portion of long-term debt	58.32	119.22	72.29	86.08	100	7257		4232	8652	5246	6247
Long-term debt	75.79	96.27	91.92	96.83	100	28301		21448	27246	26013	27403
Preferred Stock						0		0	0	0	0
Total financial liabilities	72.22	100.96	87.91	94.63	100	35558		25680	35898	31259	33650
Net financial Obligations (NFA/NFO)	0.00	0.00	0.00	0.00		-31492		-18818	-24233	-30269	-27961
NET FINANCIAL OBLIGATIONS (ASSETS)	59.75	76.95	96.12	88.79	100	31492		18818	24233	30269	27961
less minority interest	0.00	0.00	0.00	0.00		429		979	1011	1267	6
Common Shareholders' Equity (CSE)	78.34	79.08	85.12	96.87	100	90381		70802	71477	76935	87555

Vodafone_Trend_Inc_Statem

VODAFONE GROUP PUBLIC LIMITED COMPANY (VOD)
Reformulated Income Statement
(in millions)	03/31/2014 GBP restated	03/31/2013 GBP restated	03/31/2012 GBP	03/31/2011 GBP	03/31/2010 GBP	03/31/2010 GBP
	%	%	%	%	%			03/31/2014 GBP restated	03/31/2013 GBP restated	03/31/2012 GBP	03/31/2011 GBP	03/31/2010 GBP
Operating Income
Revenues	86.23	85.54	104.37	103.18	100	44472		38346	38041	46417	45884
Cost of sales	129.79	92.46	110.02	111.96	100	21529		27942	19906	23687	24104
Gross margin	45.35	79.04	99.07	94.93	100	22943		10404	18135	22730	21780
Operating expenses	89.32	84.87	99.98	93.54	100	16118		14396	13680	16114	15077
Other operating income (expense)	291.51	256.41	22.78	71.45	100	-2581		-7524	-6618	-588	-1844
Operating income from sales(before tax)	-271.35	-50.97	142.04	114.49	100	4244		-11516	-2163	6028	4859
Taxes
Tax as reported	2592.86	850.00	4546.43	2907.14	100	56		1452	476	2546	1628
Other tax adjustments
Tax benefit on net interest	12713.87	5509.26	21676.45	3984.69	100	2.56		325.474955595	141.037037037	554.9171704958	102.0080560943
Operating income from sales (after tax)	-317.61	-66.42	69.93	74.76	100	4185.44		-13293.474955595	-2780.037037037	2927.0828295042	3128.9919439057
Dirty surplus items						0		0	4616	0	0
Equity Earnings	0.00	0.00	104.66	106.68	100	4742		0	0	4963	5059
Operating Income (after tax)	-148.91	20.57	88.38	91.72	100	8927.44		-13293.474955595	1835.962962963	7890.0828295042	8187.9919439057
Financing Expense (Income)
Interest expense	171.47	180.43	222.15	121.88	100	736		1262	1328	1635	897
Interest income	0.00	0.00	39.72	80.14	100	423		0	0	168	339
Other interest adjustments						-1		0	-8	-25	-138
Net interest expense	404.49	423.08	462.18	134.62	100	312		1262	1320	1442	420
less Tax benefit from Net Interest Expense						-2.56		-325.474955595	-141.037037037	-554.9171704958	-102.0080560943
Preferred dividends
Net Financial Expense (after tax)	302.65	381.00	286.67	102.76	100	309.44		936.525044405	1178.962962963	887.0828295042	317.9919439057
Minority interest						-27		256	244	46	-98
Comprehensive income to Common	-167.57	4.78	80.47	92.17	100	8645		-14486	413	6957	7968
								6957
								-21443

Vodafone_Common_Size_IS

Vodafone
Reformulated Income Statement
(in millions)
	02/26/2011 GBP	02/27/2010 GBP	02/28/2009 GBP restated	02/23/2008 GBP	02/24/2007 GBP		02/26/2011 % of Revenues	02/27/2010 % of Revenues	02/28/2009 % of Revenues	02/23/2008 % of Revenues	02/24/2007 % of Revenues
Operating Income
Revenues	38,346.00	38,041.00	46,417.00	45,884.00	44,472.00		100.00	100.00	100.00	100.00	100.00
Cost of sales	27,942.00	19,906.00	23,687.00	24,104.00	21,529.00		72.87	52.33	51.03	52.53	48.41
Gross margin	10,404.00	18,135.00	22,730.00	21,780.00	22,943.00		27.13	47.67	48.97	47.47	51.59
Operating expenses	14,396.00	13,680.00	16,114.00	15,077.00	16,118.00		37.54	35.96	34.72	32.86	36.24
Other operating income (expense)	-7,524.00	-6,618.00	-588.00	-1,844.00	-2,581.00		-19.62	-17.40	-1.27	-4.02	-5.80
Operating income from sales(before tax)	-11,516.00	-2,163.00	6,028.00	4,859.00	4,244.00		-30.03	-5.69	12.99	10.59	9.54
Taxes
Tax as reported	1,452.00	476.00	2,546.00	1,628.00	56.00		3.79	1.25	5.49	3.55	0.13
Other tax adjustments
Tax benefit on net interest	325	141	555	102	3		0.85	0.37	1.20	0.22	0.01
Operating income from sales (after tax)	-13,293	-2,780	2,927	3,129	4,185		-34.67	-7.31	6.31	6.82	9.41
Dirty surplus items	- 0	4,616.00	- 0	- 0	- 0
Equity Earnings	0.00	0.00	4,963.00	5,059.00	4,742.00		0.00	0.00	10.69	11.03	10.66
Operating Income (after tax)	-13,293	1,836	7,890	8,188	8,927		-34.67	4.83	17.00	17.84	20.07
Financing Expense (Income)
Interest expense	1,262.00	1,328.00	1,635.00	897.00	736.00		3.29	3.49	3.52	1.95	1.65
Interest income	0.00	0.00	168.00	339.00	423.00		0.00	0.00	0.36	0.74	0.95
Other interest adjustments	0.00	-8.00	-25.00	-138.00	-1.00
Net interest expense	1,262.00	1,320.00	1,442.00	420.00	312.00		3.29	3.47	3.11	0.92	0.70
less Tax benefit from Net Interest Expense	-325	-141	-555	-102	-3
Preferred dividends
Net Financial Expense (after tax)	937	1,179	887	318	309		2.44	3.10	1.91	0.69	0.70
Minority interest	256.00	244.00	46.00	-98.00	-27.00
Comprehensive income to Common	-14,486	413	6,957	7,968	8,645		-37.78	1.09	14.99	17.37	19.44
	6,957	413	6,957	7,968	8,645
	-21,443	0	0	0	0
	5630	4455	6616	6703	6825
	1452	476	2546	1628	56
	26%	11%	38%	24%	1%
	1,262.00	1,320.00	1,442.00	420.00	312.00
	26%	11%	38%	24%	1%
	325	141	555	102	3

Inter-firm_ratios

DRIVERS OF PROFITABILITY (ROCE)
		2007	2008	2009	2010	2011
ROCE	Zain	0.1178	0.1929	0.2335	0.2559	0.3433
	Vodafone	-0.2046	0.0058	0.0904	0.0910	0.0957
First-Level Decomposition
RNOA	Zain	0.086	0.099	0.125	0.107	0.141
	Vodafone	-0.1467	0.0190	0.0727	0.0709	0.0730
FLEV	Zain	0.484	0.465	0.408	0.157	-0.067
	Vodafone	0.2658	0.3390	0.3934	0.3194	0.3484
SPREAD	Zain	0.0769	0.0922	0.1120	0.0692	0.3357
(RNOA-NBC)	Vodafone	-0.1965	-0.0297	0.0434	0.0595	0.0632
NBC	Zain	0.009	0.007	0.013	0.037	-0.195
	Vodafone	0.0498	0.0487	0.0293	0.0114	0.0098
Second Level Decomposition
PM	Zain	0.1822	0.2008	0.2294	0.2165	0.2674
	Vodafone	-0.3467	0.0483	0.1700	0.1784	0.2007
ATO	Zain	0.4702	0.4927	0.5432	0.4920	0.5256
	Vodafone	0.4232	0.3933	0.4279	0.3972	0.3636

Inter-firm_Graphs

Tesco 2007 2008 2009 2010 2011 0.11778175907359728 0.1928934722368375 0.23349734009340892 0.25590173373424607 0.34326790650668304 Kroger 2007 2008 2009 2010 2011 -0.20459874014858337 5.7780824600920577E-3 9.0426983817508286E-2 9.1005653589172522E-2 9.5650634536019713E-2 Tesco 2007 2008 2009 2010 2011 8.5671431061703829E-2 9.8916810054308912E-2 0.12462104011323542 0.10652223510499693 0.14054055612712199 Kroger 2007 2008 2009 2010 2011 -0.14672871616237515 1.898205108469684E-2 7.2739099201668947E-2 7.0878204531653832E-2 7.2995045052411237E-2 Tesco 2007 2008 2009 2010 2011 0.48376925599374432 0.4651144566678822 0.40807487817773652 0.1567827771342328 -6.6508751449759915E-2 Kroger 2007 2008 2009 2010 2011 0.26578345244484619 0.33903213621164852 0.39343601741730033 0.31935354919764719 0.34843606510217856 Tesco 2007 2008 2009 2010 2011 8.7776619986425011E-3 6.6754823140963643E-3 1.2638034220263768E-2 3.7355465845235407E-2 -0.19514507149246221 Kroger 2007 2008 2009 2010 2011 4.9767512190720238E-2 4.8651135351089961E-2 2.9306644735677831E-2 1.1372695679901072E-2 9.8259875523942584E-3 Tesco 2007 2008 2009 2010 2011 0.18220554502305225 0.20077894453706965 0.22941465569106159 0.21649256853715032 0.26740917387024388 Kroger 2007 2008 2009 2010 2011 -0.34667175078482831 4.8262741856495969E-2 0.16998261045531232 0.17844982878357846 0.20074293937758586 Tesco 2007 2008 2009 2010 2011 0.47019112975329513 0.49266525572379416 0.54321307301768385 0.49203645106514421 0.52556370483877679 Kroger 2007 2008 2009 2010 2011 0.42324970474287793 0.39330652081760942 0.4279208267647574 0.39718841432800678 0.36362447057284425 Tesco 2007 2008 2009 2010 2011 7.6893769063061335E-2 9.2241327740212542E-2 0.11198300589297165 6.9166769259761535E-2 0.3356856276195842 Kroger 2007 2008 2009 2010 2011 -0.19649622835309538 -2.9669084266393121E-2 4.3432454465991116E-2 5.9505508851752764E-2 6.3169057500016973E-2

RNOA

FLEV

NBC

First_Level_Interfirm

Second_Level_Interfirm