1. Running Head: A financial statement analysis of Vodafone Group and China Mobile
A financial statement analysis of Vodafone Group and China Mobile
Toru Sekiguchi
May 16th, 2010
i

2. Table of Contents
Title Page…………………………………………………………………………………............ i
Table of Contents…………………………………………………………………….................. ii
Abstract…………………………………………………………………………….................... iii
I. Introduction…………………………………………………………………………………. 1
II. Financial Ratio Analysis …………………………………………………………………… 3
III. Profitability Measures…………………………………………………................................ 4
3.1 An overview of the profitability ratios ………………...………...……………................ 4
3.2 Profit Margin Ratio.……………………………………………………………............... 4
3.3 EBITDA Margin Ratio………………………………………………………................... 5
IV. Tests of Capital Utilization …………………………………...………................................ 7
4.1 An overview of the capital utilization ratios.....……….……………………………….... 7
4.2 Current Ratio……...……………………………………………………………............... 7
4.3 Debt Ratio……………...………………………………………………………............... 9
V. Overall Financial Measures of Performance……………………………………………. 11
5.1 An overview of overall performance ratios…………………………………………….. 11
5.2 Return on Common Equity (ROE) Ratio....……..………………………....................... 11
5.3 Earnings per Share Ratio .….…………………………………………………............... 13
VI. Conclusions………………………………………………………………………............... 15
VII. Bibliography…………………………………………………………………………... 18
ii

3. Abstract
Vodafone Group and China Mobile are similarly the most influential companies in mobile
telecommunications industry and have prominent advantages of economic scale but their
strategic initiatives are very different. While Vodafone Group has implemented smart growth
initiatives and not offered lower price than other competitors to attract new customers and retain
existing customers around the world, China Mobile has relatively focused on driving growth and
cost leadership initiatives in its domestic market.
Their financial statements are analyzed by utilizing the profitability (profit margin ratio and
EBITDA margin ratio), capital utilization (current ratio and debt ratio), and overall performance
(return on common equity ratio and earnings per share ratio) ratios and compared to the industry
norm to ensure how those different strategies have an impact on the different financial positions.
Evidently, all these ratios of China Mobile have outperformed the industry norms for the three
straight accounting periods but most of ratios of Vodafone Group have been reported relatively
lower than the industry norm for the same accounting period. However, while those financial
positions are very different, both operators have had better understanding of the positions, and
formulated and implemented appropriate strategies.
iii

4. I. Introduction
Vodafone Group Plc, which was established in 1982, is one of the world‟s largest mobile
operator managing ultra large-scale mobile networks in 25 countries and has a presence through
partnerships in another 39 countries. “Based on the registered customers of mobile
telecommunications ventures in which it had ownership interests at that date, the Group had 333
million customers” (Vodafone, 2010). While Vodafone Group has reinforced strong international
presence and brand recognition, and controlled the interest in strong growth market such as
Romania, Egypt, Turkey, and India, more than 70% of revenues still have been generated in
European market where higher mobile penetration and fierce competition leave little room for
growth than other regions.
China Mobile Limited, which was incorporated in 1997, is the dominant market leader in
China managing the largest domestic mobile network. China Mobile has “a customer base of
522.283 million and enjoyed a market shares of approximately 70% in Mainland China” (China
Mobile, 2009, p. 3). China mobile has continued to expand its business in the tremendous
potential market whose mobile penetration rate is approaching 50% although the rate in some
European countries has increased to more than 100%.
Vodafone Group and China Mobile are similarly the most influential companies in mobile
telecommunications industry but their strategic initiatives are very different. Vodafone Group
has implemented smart growth initiatives and not offered lower price than other competitors to
attract new customers and retain existing customers. Vodafone Group has established their
entities through the acquisition, joint-venture, and strategic alliance to expand their business
globally. China Mobile has relatively focused on driving growth and cost leadership initiatives.
China Mobile has not been globally diversified but pursued the domestic rural area market
1

5. development strategy of “Lower ARPU, Lower MOU, and Lower cost” (China Mobile, 2009,
p.18) and spent huge amount of money on capital expenditures to construct mobile
communications networks that enable China Mobile to meet the demands of stable growth in
customer base.
Vodafone Group and China Mobile have prominent advantages of economic scale despite
different strategies. The objective of this paper is to analyze and compare their financial
statements by utilizing the profitability, capital utilization, and overall performance ratios to
ensure how those different strategies have an impact on the different financial positions.
2

6. II. Financial Ratio Analysis
The financial statements don‟t provide a complete picture of an entity‟s performance because
“they report only past events, do not report market values, and are based on judgments and
estimates” (Breitner and Anthony, 2009, p. 156). The statements however provide important
information and are usually analyzed by using ratios rather than absolute values which are
directly derived from the financial statements in order to assess an entity‟s financial strength and
weakness. Raito analysis involves comparing an entity‟s performance to that of other entities in
the same industry and an entity with its own performance and trends in an entity‟s financial
position over time. Different stakeholders have different levels of interest in an entity‟s
performance and the ratio analysis is used to assess overall performance, profitability, capital
utilization, and other aspects. For example, a creditor is concerned with an entity‟s short-term
liquidity to decide whether to extend a short-term loan. On the other hand, another long-term
creditor focuses on an entity‟s ability to continuously generate revenues and its operational
efficiency. Shareholders are interested in the long-run profitability of an entity to expect
appreciation in the market price of stocks and dividends. Managements are interested in every
aspects of the financial analysis since they must identify how an entity is recognized by
stakeholders.
The financial statements of Vodafone Group and China Mobile are analyzed by using ratios
from the viewpoint of profitability, capital utilization, and overall performance, and compared to
the industry norm cited from the Hoover‟s, Strategy Analytics and Ycharts.
3

7. III. Profitability Measures
3.1 An overview of the profitability ratios
A primary goal of an entity is to earn a profit. Profitability ratios indicate the results of a
number of operating decisions and financing policies and provide useful clues to improve its
operational effectiveness. They also show “the combined effects of liquidity, asset management,
and debt management policies on operating results” (Park, 2010, p.49)
3.2 Profit Margin Ratio
The profit margin ratio shows how efficiency an entity is using its resources in its operational
process and a high profit margin indicates that an entity can earn a reasonable profit on sales as
long as it maintains overhead costs in control. The profit margin is calculated by dividing net
income by sales revenue.
Net income
Profit Margin =
Sales Revenue
Vodafone Group
Account 31 March 2009 31 March 2008 31 March 2007 Hoover’s
Revenue £41,017m £35,478m £31,104m N/A
Net income £3,080m £6,756m (£5,222m) N/A
Profit Margin 7.5% 19.0% -16.7% 15.8%
China Mobile
Account 31 December 2009 31 December 2008 31 December 2007 Hoover’s
Revenue RMB 452,103m RMB 411,810m RMB 356,959m N/A
Net income RMB 115,465m RMB 112,395m RMB 87,179m N/A
Profit Margin 24.7% 27.3% 24.4% 15.8%
4

8. Both Vodafone Group and China Mobile have increased sales revenues every year along
with an increase in the number of their mobile subscribers. The profit margin ratio of China
Mobile are continuously reported much higher than the industry norm, and China Mobile can
subsequently afford to focus on driving growth and cost leadership initiatives.
On the contrary, the profit margin ratio of Vodafone Group is not always reported higher
than the industry norm because the goodwill in relation to Vodafone Group‟s operations and
mobile joint-ventures in Spain, Turkey Ghana, Germany, and Italy, is impaired by £5,900m and
£11,600m for the year ended March 31, 2009 and 2007 respectively in line with its international
expansion strategy to establish their entities through the acquisition, joint-venture, and strategic
alliance. No impairment losses are reported for the year ended March 31, 2008 and therefore the
profit margin for the year ended March 31, 2008 are relatively higher than for the years ended
2009 and 2007. To improve its bottom-line performance, Vodafone Group has implemented its
strategic initiative, „One Vodafone‟ program, which transforms 16 operating companies into a
united operation to achieve streamlined cost effective and efficiency group.
3.3 EBITDA Margin Ratio
The EBITDA, Earnings before Interest, Taxes, Depreciation and Amortization, to sales ratio is a
measure of cash flows from the entity‟s operations. The EBITDA margin is calculated by
dividing EBITDA by sales revenue.
EBITDA EBITDA
=
Margin Sales Revenue
5

9. Vodafone Group
Account 31 March 2009 31 March 2008 31 March 2007 Strategy
Analytics
Revenue £41,017m £35,478m £31,104m N/A
EBITDA £14,490m £13,178m £11,960m N/A
EBITDA Margin 35.5% 37.1% 38.5% 41.0%
China Mobile
Account 31 December 2009 31 December 2008 31 December 2007 Strategy
Analytics
Revenue RMB 452,103m RMB 411,810m RMB 356,959m N/A
EBITDA RMB 229,023m RMB 216,267m RMB 194,003m N/A
EBITDA Margin 50.7% 52.5% 54.3% 41.0%
A robust network infrastructure is a source of competitive advantages for mobile operators
but they generally report large losses due to hugely spending capital expenditures to construct the
infrastructure. EBITDA enables operators to analyze their profitability of core business
operations while deducting the huge amount of interest, taxes, and capital expenses. The
EBITDA margin ratio of China Mobile is stable at more than 50% and higher than the industry
norm. China Mobile has continuously maintained a relatively high level of profitability due to its
solid capital structure and its solid financial strength is the foundations of cost leadership
initiatives.
The EBITDA margin ratio of Vodafone Group are also stable but lower than the industry
norm due to the impact of acquisitions and disposals and foreign exchange that are associated
with its international expansion strategy.
6

10. IV. Test of Capital Utilization
4.1 An overview of the capital utilization ratios
An entity needs capital to purchase new inventories, reinforce facilities, execute mergers and
acquisitions, make major investments, or achieve other business objectives. The capital
utilization ratios indicate how efficiently capital is used to generate revenues.
4.2 Current Ratio
Current assets normally are comprised of cash, accounts receivable, inventories, and
marketable securities. Current liabilities include accounts payable, short-term notes payable,
current portion of long-term debt, accrued taxes, wage, and other accrued expenses. The current
ratio indicates “the extent to which current liabilities are covered by those assets expected to be
converted to cash in the near future” (Brigham and Houston, 2009, p. 88). The current ratio is
calculated by dividing current assets by current liabilities.
Current assets
Current Ratio =
Current liabilities
Vodafone Group
Account 31 March 2009 31 March 2008 31 March 2007 Hoover’s
Current assets £13,029m £8,724m £12,813m N/A
Current liabilities £27,947m £21,973m £18,946m N/A
Current Ratio 0.47 0.40 0.68 0.89
China Mobile
Account 31 December 2009 31 December 2008 31 December 2007 Hoover’s
Current assets RMB 287,355m RMB 240,170m RMB 207,635m N/A
Current liabilities RMB 209,805m RMB 183,559m RMB 157,719m N/A
7

11. Current Ratio 1.37 1.31 1.32 0.89
The current ratios of China Mobile are stable and much higher than the industry norm. A
total of cash and cash equivalents, and deposits with banks for the year ended December 31,
2009, 2008 and 2007, are reported at RMB 264,507m, RMB 218,259m, and RMB 188,544, and
account for 92.0%, 90.9%, and 90.8% of total current assets respectively. Excessively high
current ratio indicates that an entity may have used an excessive amount of inventory or account
receivables but a total of account receivables and inventory have captured only less than 10% of
current assets, relatively lower than a total of cash and cash equivalents and deposits with banks.
In addition, 82.5% of accounts receivable for the year ended December 31 are due for payment
within 60 days. Consequently, impairment losses on accounts receivable can be expected to be
relatively low. The amount of inventories, RMB 3,847m, only captures 1.3% of total current
assets for the year ended December 31, 2009 and potential inventory obsolesce will not have a
huge impact on current assets. China Mobile manages short-term liquidity by maintaining
sufficient cash balances and its strong financial position subsequently enables to pursue driving
growth and cost leadership initiatives while spending a huge amount of money to construct
mobile communications networks which are a source of its competitive advantages.
On the other hand, the current ratios of Vodafone Group have been reported much lower than
the industry norm. Cash and cash equivalents, which are comprised of cash at bank and in hand,
money market funds, purchase agreement, and commercial paper, only capture 37.4% and 19.4%
of total current assets for the year ended March 31, 2009 and 2008 respectively. Vodafone Group
stated “The Group‟s key sources of liquidity in the foreseeable future are likely to be cash
generated from operations and borrowing through long term and short term issuances in the
capital markets as well as committed bank facilities” (Vodafone, 2009, p. 38). While net cash
8

12. flows from operating activities for the year ended March 31, 2009 have increased by 14.2% in
comparison to the previous period, short term borrowings have increased by 52.9%. While
current assets have increased by annually 33%, current liabilities have also increased annually
25% for the year ended March 31, 2009. Current assets are rising faster than current liabilities
and therefore Vodafone Group has slowly improved the short-term liquidity.
4.3 Debt Ratio
The debt ratio measures the percentage of funds provided by noncurrent liabilities and equity.
Non current liabilities are debt capital, and non current liabilities plus equity is the total
permanent capital. Ehrhardt and Brigham (2009) argued that “creditors prefer low debt ratios
because the lower the ratio, the greater the cushion against creditors‟ losses in the event of
liquidation”, and “stockholders, on the other hand, may want more leverage because it magnifies
expected earnings” (p. 123).
Noncurrent liabilities
Debt Ratio =
Noncurrent liabilities + Equity
Vodafone Group
Account 31 March 2009 31 March 2008 31 March 2007 Ycharts
Noncurrent £39,875m £28,826m £23,378m N/A
liabilities
Noncurrent £124,752m £105,297m £90,671m N/A
liabilities + Equity
Debt Ratio 32.0% 27.4% 25.8% 17.2%
China Mobile
Account 31 December 2009 31 December 2008 31 December 2007 Ycharts
Noncurrent RMB 33,929m RMB 34,217m RMB 34,301m N/A
9

13. liabilities
Noncurrent RMB 541,563m RMB 474,868m RMB 406,450m N/A
liabilities +
Equity
Debt Ratio 6.2% 7.2% 8.4% 17.2%
The debt ratio of China Mobile has decreased gradually due to an increase in total equity,
mainly from the retained earnings, while maintaining the amount of noncurrent liabilities. China
Mobile also manages long-term liquidity and credit risks by maintaining the retained earnings at
a high level and its strong financial position helps China Mobile spend a huge amount of money
when needed to pursue driving growth and cost leadership initiatives.
On the contrary, the debt ratio of Vodafone Group has increased on a year-on-year basis as
the impact of business acquisitions and disposals, and of foreign exchange rates since more than
50% of net debt has been denominated in euro that are associated with Vodafone Group‟s
international expansion strategies and Vodafone‟s statement on its key sources of liquidity in the
foreseeable future. Vodafone Group stated “The Group‟s key sources of liquidity in the
foreseeable future are likely to be cash generated from operations and borrowing through long
term and short term issuances in the capital markets as well as committed bank facilities”
(Vodafone, 2009, p. 38).
10

14. V. Overall Financial Measures of Performance
5.1 An overview of overall performance ratios
The overall performance ratios are commonly used to analyze the overall performance and
efficiency of the optimal use of the available resources. Return on common equity, earnings per
share, price-earnings ratio, and return on permanent capital are included in the overall
performance ratios that are used widely by investors and an entity‟s management.
5.2 Return on Common Equity (ROE) Ratio
ROE is the most important bottom-line accounting ratio. Net income is, however, an accrual-
based accounting measure of profits during the accounting period and may fundamentally differ
from the actual return earned by stockholders and the net cash flows during the period. DuPont
system is used to conduct a deeper analysis of the ROE ratios, and highlight the influence of the
profit margin, total assets turnover, and financial leverage called the equity multiplier on an
entity‟s overall performance.
Return on
= Profit Margin X Total Assets Turnover X Equity Multiplier
common equity
Net income Sale revenue Total assets
= X X
Sales revenue Total assets Equity
Vodafone Group
Account 31 March 2009 31 March 2008 31 March 2007 Hoover’s
Revenue £41,017m £35,478m £31,104m N/A
Net income £3,080m £6,756m (£5,222m) N/A
Profit Margin 7.5% 19.0% -16.7% 15.8%
Total Assets £152,699m £127,270m £109,617m N/A
Total Assets 0.26 0.27 0.28 0.3
11

15. Turnover
Total Equity £84,777m £76,471m £67,293m N/A
Equity Multiplier 1.8 1.7 1.6 N/A
ROE 3.5% 8.7% -7.5% 10.8%
China Mobile
Account 31 December 2009 31 December 2008 31 December Hoover’s
2007
Revenue RMB 452,103m RMB 411,810m RMB 356,959m N/A
Net income RMB 115,465m RMB 112,395m RMB 87,179m N/A
Profit Margin 24.7% 27.3% 24.4% 15.8%
Total Assets RMB 751,368m RMB 658,427m RMB 563,493m N/A
Total Assets 0.60 0.63 0.63 0.3
Turnover
Total Equity RMB 507,634m RMB 440,651m RMB 372,149m N/A
Equity Multiplier 1.5 1.5 1.5 N/A
ROE 22.2% 25.8% 23.0% 10.8%
The ROE ratio of Vodafone has been reported slightly lower mainly due to lower profit
margin than the industry norm. The lower profit margin percentages for the year ended March 31,
2009 and 2007 have come from the huge amount of the goodwill associated with Vodafone
Group‟s operations and mobile joint-ventures around the globe impaired by £5,900m and
£11,600m respectively. While continuously implementing its international expansion strategies,
it also has formulated and implemented „One Vodafone‟ program to improve the bottom-line
performance.
The ROE of China Mobile has been relatively reported much higher due to higher profit
margin percentages and total asset turnover than the industry norm. Its higher profit margin
reflects its stable growth on significant financial strength. Total assets turnover indicates that an
12

16. entity‟s effectiveness of use of its total asset base. An excessively higher assets turnover than the
industry norm may imply that an entity has used obsolete or fully depreciated assets that does not
generate high sales volumes. However, 77.6% and 78.3% of current assets are the property, plan
and equipment that are depreciated, and the accumulated depreciations for them are reported at
RMB 350,192 million and 302,793 million and the net book values are RMB 306,075 million
and 327,783 million at December 31, 2009 and 2008 and consequently those property, plant and
equipment are not obsolete and fully depreciated.
5.3 Earnings per Share Ratio
The earnings per share ratio is one of the most important indicators of an entity‟s
performance for common stockholders to assess the return on investment and risk of an entity.
Nikolai, Bazley, and Jones (2009) argued that “the amount of earnings per share, the change in
earnings per share from the previous period, and the trend in earnings per share are all important
indicators of a corporation‟s success” (p. 840). The earnings per share ratio is calculated by
dividing net income by numbers of shares of common stock outstanding.
Net income
Earnings per share = Number of shares of common
stock outstanding
Vodafone Group
Account 31 March 2009 31 March 2008 31 March 2007 Ycharts
Net income £3,080m £6,756m (£5,222m) N/A
Number of shares of 52,737m 53,019m 55,144m N/A
common stock
outstanding
Earnings per share £0.17 £0.13 £-0.09 £-0.03
13

17. China Mobile
Account 31 December 31 December 31 December Ycharts
2009 2008 2007
Net income RMB 115,465m RMB 112,395m RMB 87,179m N/A
Number of shares of 20,057,674,088 20,043,933,958 20,005,123,269 N/A
common stock
outstanding
Earnings per share RMB 5.76 RMB 5.61 RMB 4.36 RMB -0.4
The earnings per share ratio of Vodafone Group has increased by 37.4% to 17.17 pence due
to a favorable foreign exchange environment and a one-off tax benefit. Excluding those factors,
adjusted earnings per share ratio has increased around 3%. The trend in earnings per share
reflects that Vodafone Groups has made further progress in implementing the „drive operational
performance‟ strategy. The main objective of the strategy is value enhancement and cost
reduction while launching new products in a number of markets, which offer customers more
value in return for increased commitment and accelerate £1 billion cost reduction program.
Dividends per share ratios have also increased by 3.5% to 7.77 pence due to the underlying
earnings and cash performance of Vodafone Group.
The earnings per share ratio of China Mobile has been continuously reported much higher
than the industry norm and gradually increased on a year-on-year basis. The amount of net
income for the year ended December 31, 2009 and 2008 has increased by 2.6% and 22.4%
respectively while numbers of shares of common stock outstanding slightly increased by 0.06%
and 0.19% respectively. The results can help China Mobile collect money from investors when
needed to focus on driving growth and cost leadership initiatives.
14

18. VI. Conclusions
A following table shows the results of the financial statement analysis of Vodafone Group
and China Mobile by using the financial ratios from the viewpoint of profitability, capital
utilization, and overall performance. Evidently, all six ratios, which are used to analyze the
profitability, capital utilization, and overall performance of China Mobile, have outperformed the
industry norms for the three straight accounting periods. With regard to the profitability, China
Mobile has been significantly stable and continuously maintained its solid capital structure and a
high level of the profitability due to a larger market share in the emerging domestic market and
therefore it can afford to make huge investments in a robust network infrastructure to gain and
maintain competitive advantages. China Mobile has also performed well from the viewpoint of
the capital utilization due to very strong cash position and managed both short-term and long-
term liquidity risks effectively. Consequently, the results of financial statements analysis indicate
its outstanding overall performance that enables China Mobile to focus on driving growth and
cost leadership initiatives.
On the contrary, most of financial ratios of Vodafone Group analyzed in this research are
lower than the industry norm. Its profitability ratios are reported relatively lower than the
industry norm but the results are derived from the impact of acquisitions and disposals and
foreign exchange that are associated with its international expansion strategies. In addition,
Vodafone Group has already implemented its strategic initiative, „One Vodafone‟ program to
achieve streamlined cost effectiveness and efficiency in order to improve its bottom-line
performance. An increase in short-term borrowings has been relatively higher than an increase in
the cash flows from operating activities, and its long-term debt ratio has increased on a year-on-
year as the impact of business acquisitions and disposal, and foreign exchange rates. Vodafone
15

19. Group has acknowledged its short-term and long-term liquidity risks that are associated with its
international expansion strategies and subsequently implemented „One Vodafone‟ program to
significantly reduce its costs. Vodafone Group, however, may need further challenges in taking
higher priority in investing in existing businesses to improve the average revenues per users from
existing customer basis, generating cash from its existing assets, and expanding its business to
new countries where Vodafone Group can expect immediate turnaround rather than huge and
long-term investments in new areas to pursue high returns. Generally, its overall performance is
reported relatively lower than the industry norm due to its international expansion strategies.
The sizes of business in both Vodafone Group and China Mobile are significantly large
enough to capture prominent advantages of economic scale but China Mobile is in the much
stronger financial position than Vodafone Group. While those financial positions are very
different, both operators have had better understanding of the positions, and formulated and
implemented appropriate strategies.
16

20. Categories Ratios The Industry Vodafone Group China Mobile
Norm
2009 2009 Comparison 2009 Comparison
with the with the
industry norm industry norm
Profit 15.8% 7.5% Inferior 24.7% Superior
Margin
Profitability
EBITDA 41.0% 35.5% Inferior 50.7% Superior
Margin
Current 0.89 0.47 Inferior 1.37 Superior
Capital Ratio
Utilization Debt 17.2% 32% Inferior 6.2% Superior
Ratio
Return on 10.8% 3.5% Inferior 22.2% Superior
common
Overall equity
Performance
Earnings £-0.03 £0.17 Superior RMB 5.76 Superior
per share (RMB -0.4)
17

21. VII. Bibliography
Breitner, L. K., & Anthony, R. N. (2009). Core concepts of accounting (10th ed.). New York,
NY: Prentice Hall.
Brigham, E. F., & Houston, J. F. (2009). Fundamentals of Finance Management, Concise Edition
(with Thomson One – Business School Edition). Florence, KY: South-Western College
Publishing.
China Mobile. (2009). China Mobile Limited: Annual Report 2009. Retrieved May-13, 2010
from http://www.chinamobileltd.com/ir.php?menu=3
Coffey, D., & Lee, C. (2010). Investing in Telecom for Tomorrow‟s Innovations:
Recommendations for Telecommunications Research and Development. Arlington, VA: TIA.
Ehrhardt, M. C., & Brigham, E. F. (2009). Corporate Finance: A Focused on Approach. Florence,
KY: Cengage Learning.
Hoover‟s. (2010). Vodafone Group Plc: Comparison data. Retrieved May-14, 2010 from
http://www.hoovers.com/globaluk/sample/co/fin/comparison.xhtml?ID=ffffcksxttxssyjkxy
Nikolai, L. A., Bazley, J. D., & Jones, J. P. (2009). Intermediate Accounting. Florence, KY:
Cengage Learning.
18

22. Park, C. S. (2010). Contemporary Engineering Economics. New York, NY: Prentice Hall.
Strategy Analytics. (2009). Wireless Operator Performance Benchmarking Q3 2009. Santa Fe,
NM: Strategy Analytics.
Vodafone. (2010). About Vodafone. Retrieved May-13, 2010 from
http://www.vodafone.com/start/about_vodafone/who_we_are.html
Vodafone. (2009). Vodafone Group Plc: Annual Report for the year ended 31 March 2009.
Bershire, UK: Vodafone Group Plc.
Ycharts. (2010). Wireless Communications Industry Stock Charts. Retrieved May-14, 2010 from
http://ycharts.com/industries/Wireless%20Communications/charts
19