Vodafone Group Plc ⫶ Q3 FY21 trading update
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Forward-looking statements
This report contains “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect
to the Group’s financial condition, results of operations and businesses and certain of the Group’s plans and objectives.
In particular, such forward-looking statements include, but are not limited to, statements with respect to: expectations regarding the Group’s
financial condition or results of operations and the guidance for Adjusted EBITDA and free cash flow (pre-spectrum and restructuring) for the
financial year ending 31 March 2021; the IPO and listing of Vantage Towers; the Group’s sustainable business strategy and 2025 targets;
expectations for the Group’s future performance generally; expectations regarding the operating environment and market conditions and
trends, including customer usage, competitive position and macroeconomic pressures, price trends and opportunities in specific geographic
markets; intentions and expectations regarding the development, launch and expansion of products, services and technologies, either
introduced by Vodafone or by Vodafone in conjunction with third parties or by third parties independently including 5G networks, sharing
infrastructure and its benefits and sharing mobile networks in Europe; expectations regarding the integration or performance of current and
future investments, associates, joint ventures, non-controlled interests and newly acquired businesses, including in respect of Vodafone
Business’ partnership with Accenture.
Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “will”, “anticipates”,
“could”, “may”, “should”, “expects”, “believes”, “intends”, “plans” or “targets” (including in their negative form or other variations). By their
nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and
depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and
developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not
limited to, the following: external cyber-attacks, insider threats or supplier breaches; general economic and political conditions including as
a consequence of the COVID-19 pandemic, of the jurisdictions in which the Group operates, including as a result of Brexit, and changes to the
associated legal, regulatory and tax environments; increased competition; increased disintermediation; levels of investment in network
capacity and the Group’s ability to deploy new technologies, products and services; rapid changes to existing products and services and the
inability of new products and services to perform in accordance with expectations; the ability of the Group to integrate new technologies,
products and services with existing networks, technologies, products and services; the Group’s ability to generate and grow revenue; a lower
than expected impact of new or existing products, services or technologies on the Group’s future revenue, cost structure and capital
expenditure outlays; slower than expected customer growth, reduced customer retention, reductions or changes in customer spending and
increased pricing pressure; the Group’s ability to extend and expand its spectrum position to support ongoing growth in customer demand
for mobile data services; the Group’s ability to secure the timely delivery of high-quality products from suppliers; loss of suppliers, disruption
of supply chains and greater than anticipated prices of new mobile handsets; changes in the costs to the Group of, or the rates the Group my
charge for, terminations and roaming minutes; the impact of a failure or significant interruption to the Group’s telecommunications, networks,
IT systems or data protection systems; the Group’s ability to realise expected benefits from acquisitions, partnerships, joint ventures,
franchises, brand licences, platform sharing or other arrangements with third parties; acquisitions and divestments of Group businesses and
assets and the pursuit of new, unexpected strategic opportunities; the Group’s ability to integrate acquired business or assets; the extent of
any future write-downs or impairment charges on the Group’s assets, or restructuring charges incurred as a result of an acquisition or
disposition; a developments in the Group’s financial condition, earnings and distributable funds and other factors that the Board takes into
account in determining the level of dividends; the Group’s ability to satisfy working capital requirements; changes in foreign exchange rates;
changes in the regulatory framework in which the Group operates; the impact of legal or other proceedings against the Group or other
companies in the communications industry and changes in statutory tax rates and profit mix.
Furthermore, a review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied
within forward-looking statements can be found under “Forward-looking statements” and “Principal risk factors and uncertainties” in the
Group’s annual report for the financial year ended 31 March 2020 and the half year results for the six months ended 30 September 2020. The
annual report can be found on the Group’s website (https://investors.vodafone.com/reports-information/latest-annual-results). All
subsequent written or oral forward-looking statements attributable to the Company or any member of the Group or any persons acting on
their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking
statements in this document will be realised. Any forward-looking statements are made of the date of this presentation. Subject to
compliance with applicable law and regulations, Vodafone does not intend to update these forward-looking statements and does not
undertake any obligation to do so.
Any securities issued in connection with an IPO of Vantage Towers will not be registered under the US Securities Act of 1933 (the “Securities
Act”), and may not be offered or sold in the United States absent registration under the Securities Act or pursuant to an exemption from
registration.
Copyright © Vodafone Group 2021
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