PROJECTION OF VODAFONE

Projection of Vodafone

Assumptions for projection of Vodafone

Fiscal year ends in March. EUR in millions except per share data.

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Revenue

96.87%

102.61%

116.95%

135.28%

146.68%

151.34%

153.10%

158.05%

164.49%

170.94%

Cost of revenue

58.16%

60.20%

61.70%

63.00%

66.20%

67.16%

67.96%

68.49%

69.64%

70.78%

Gross profit

41.84%

39.80%

38.30%

37.00%

33.80%

32.84%

32.04%

31.51%

30.36%

29.22%

Operating expenses

Sales, General and administrative

18.03%

17.92%

18.01%

18.31%

18.68%

7.21%

17.89%

14.93%

14.61%

14.30%

Other operating expenses

71.80%

26.91%

-8.03%

4.41%

-6.20%

13.44%

-9.95%

-15.53%

-22.20%

-28.86%

Total operating expenses

89.83%

44.83%

9.97%

22.72%

12.49%

20.65%

7.94%

-0.60%

-7.58%

-14.56%

Operating income

-47.99%

-5.03%

28.33%

14.28%

21.32%

12.20%

24.10%

32.11%

37.95%

43.78%

Interest Expense

3.82%

5.18%

5.68%

5.90%

3.40%

0.93%

4.16%

4.27%

4.40%

4.53%

Other income (expense)

1.20%

2.55%

2.72%

1.83%

1.59%

9.44%

0.63%

-1.68%

-3.07%

-4.46%

Income before taxes

-50.61%

-7.66%

25.37%

10.21%

19.50%

20.70%

20.57%

26.16%

30.48%

34.79%

Provision for income taxes

8.11%

7.79%

6.33%

2.70%

0.13%

3.55%

5.49%

1.68%

0.90%

0.11%

Other income

-0.32%

-0.41%

-0.27%

0.00%

-19.38%

-17.15%

-15.09%

-10.02%

-10.12%

-10.23%

Net income from continuing operations

-59.04%

-15.87%

18.77%

7.51%

0.00%

0.00%

0.00%

14.47%

19.46%

24.45%

Other

-15.63%

-1.58%

0.00%

0.00%

0.00%

0.00%

0.00%

-0.11%

0.19%

0.48%

Net income

0.00%

0.00%

0.00%

0.00%

19.44%

17.37%

14.99%

16.97%

19.11%

21.25%

Net income available to common shareholders

-74.67%

-17.45%

18.77%

7.51%

19.44%

17.37%

14.99%

31.33%

38.76%

46.19%

Projected Income statement of Vodafone

Fiscal year ends in March. EUR in millions except per share data.

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Revenue

€ 43,122.59 € 44,246.21 € 51,747.29 € 70,006.23 € 102,685.34 € 155,401.37 € 237,912.38 € 376,015.98 € 618,525.42 € 1,057,312.38

Cost of revenue

€ 25,079.23 € 26,636.76 € 31,927.78 € 44,106.12 € 67,974.32 € 104,361.82 ...