Vodafone 2000 Annual Report Download - page 17

Vodafone AirTouch Plc Annual Report & Accounts for the year ended 31 March 2000 15
Directors’ Report
Review of the Group’s business
The Company and its subsidiary, joint venture and associated undertakings are involved principally in the provision of mobile telecommunications
services. A review of the development of the business of the Company and its subsidiary, joint venture and associated undertakings is contained in the
Company’s Annual Review and Summary Financial Statement for the year ended 31 March 2000 (“the Annual Review”) and, in particular, the interview
with the Chief Executive set out on pages 2 to 7, the Chairman’s Statement on pages 23 to 27 and in the business and financial reviews on pages 4 to
14 of this Report. Details of the Company’s principal subsidiary undertakings, joint ventures, associated undertakings and investments can be found on
pages 56 and 57 of this Report.
Future developments
The Group is currently involved in the expansion and development of its cellular telecommunications and related businesses as described in the Annual
Review and, in particular, the interview with the Chief Executive set out on pages 2 to 7, the Chairman’s statement on pages 23 to 27 and in the
business and financial reviews on pages 4 to 14 of this Report.
Corporate governance
The directors are committed to business integrity and professionalism. As an essential part of this commitment the Board supports high standards of
corporate governance and its statement on corporate governance is set out on pages 18 and 19 of this Report. The remuneration policy contained in
the Remuneration Report of the Board on pages 20 to 26 of this Report will be proposed for approval at the Company’s Annual General Meeting on
27 July 2000.
Share capital
A statement of changes in the share capital of the Company is set out in note 18 on pages 44 and 45 of the financial statements.
Purchase by the Company of its own shares
At the Annual General Meeting of the Company held on 21 July 1999, shareholders gave the Company permission, until the conclusion of the Annual
General Meeting to be held in 2000 or 21 October 2000, whichever is the earlier, to purchase up to 1,575,363,145 ordinary shares of the Company.
A resolution for permission for the Company to extend its authority to purchase its own shares will be proposed at the Annual General Meeting of the
Company to be held on 27 July 2000.
Results and dividends
The consolidated profit and loss account is set out on page 28 of the financial statements.
The directors have proposed a final dividend for the year of 0.680p per ordinary share, payable on 11 August 2000 to shareholders on the register of
members at close of business on 9 June 2000. An interim dividend of 0.655p per ordinary share was paid during the year, producing a total for the year
of 1.335p per ordinary share, a total of approximately £620m. A scrip dividend alternative to the cash dividend is available and further details of the
Company’s Scrip Dividend Scheme can be found on page 42 of the Annual Review.
Subsequent events
Details of material subsequent events are included in the Chairman’s statement on pages 23 to 27 of the Annual Review and in note 30 on page 52 of
the financial statements.
Charitable and political contributions
During the year, charitable donations amounting to £0.5m, principally through the Vodafone Group Charitable Trust, were made. The Trust makes
contributions primarily to medical research, the disabled, the socially disadvantaged, education, the arts and environmental causes. Recipients of major
donations during the year included the National Asthma Campaign, Heartline, the Royal National Institute for the Deaf, the Stroke Association, Tommy’s
Campaign, Barnardos and the Knight Foundation for Cystic Fibrosis. The Trust also made donations to registered charities through the sponsorship of
employees who participated in fund-raising events for the charity of their choice. Professor Sir Alec Broers has been the Chairman of the trustees since
31 March 1998.
No political donations were made during the year.
Creditor payment terms
It is the Group’s policy to agree terms of transactions, including payment terms, with suppliers and, provided suppliers perform in accordance with the
agreed terms, it is the Group’s normal practice that payment is made accordingly.
The number of days outstanding between receipt of invoices and date of payment, calculated by reference to the amount owed to trade creditors at the
year end as a proportion of the amounts invoiced by suppliers during the year, was 33 days in aggregate for the Group. The Company did not have any
trade creditors at 31 March 2000.