Vodafone 2015 Annual Report Download - page 2

Contents
Unless otherwise stated references to “year” or “2015” mean the nancial year ended 31 March 2015, to “2014” or
“previous year” mean the nancial year ended 31 March 2014, and to the “fourth quarter” or “Q4” are to the quarter
ended31 March 2015. For other references please refer to page 48.
All amounts marked with an “*” represent organic growth, which excludes the impact of foreign currency movements,
acquisitions and disposals and certain other items, see denition on page 212. Denitions of terms used throughout
the report can be found on pages 211 and 212.
The terms “Vodafone”, the “Group”, “we”, “our” and “us” refer to the Company and, as applicable, its subsidiaries and/or
interests in joint ventures and associates.
Website references are for information only and do not constitute part of this Annual Report. This report is dated 19 May 2015.
Welcome to our
2015 report
Overview
An introduction to the report covering who
we are, the Chairman’s reections on the
year, notable events, and a snapshot of
where and how we do business.
01 Performance highlights
02 Chairman’s statement
04 About us
06 Project Spring
08 Our business model
12 Market overview
Strategy Review
A summary of the changing landscape
we operate in, and how that has shaped our
strategy and nancial position. Plus a review
of performance against our goals and our
approach to running a sustainable business.
14 Chief Executive’s strategic review
18 Key performance indicators
22 Our strategy
22 Consumer Europe
24 Unied Communications
26 Consumer Emerging Markets
27 Enterprise
28 Our people
30 Sustainable business
32 Risk management
Performance
Commentary on the Group’s
operating performance.
38 Chief Financial Ofcer’s review
40 Operating results
46 Financial position and resources
Governance
We explain how we are organised, what
the Board has focused on and how
it has performed, our diversity practices,
how we communicate with our
shareholders and how our Directors
are rewarded.
50 Chairman’s introduction
51 Our governance framework
52 Board of Directors
54 Executive Committee
56 Board activities
58 Board evaluation, induction and training
60 Board diversity
62 Shareholder engagement
63 Board committees
72 Compliance with the 2012 UK Corporate
Governance Code
74 Our US listing requirements
75 Directors’ remuneration
92 Directors’ report
Financials
The statutory nancial statements
of both the Group and the Company
andassociated audit reports.
93 Contents
94 Directors’ statement of responsibility
96 Report of independent registered public
accounting rm
97 Audit report on the consolidated and parent
company nancial statements
105 Consolidated nancial statements
and nancial commentary
180 Company nancial statements
Additional Information
Find out about our shares, information
on our history and development,
regulatory matters impacting our
business, an assessment of potential risks
to the Company, and other statutory
nancial information.
186 Shareholder information
194 History and development
195 Regulation
202 Non-GAAP information
206 Form 20-F cross reference guide
209 Forward-looking statements
211 Denition of terms
213 Selected nancial data
The Overview, Strategy Review and Performance sections constitute the Strategic Report and these are based on an assessment of our
performance using the key strategic areas as set out on page 14. Our nancial disclosure is based on the Group’s operating companies.