Final Results - Part 7

Vodafone Group Plc
25 May 2004

Vodafone Group Plc
Preliminary Results for the year ended 31 March 2004
PART 7

            VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
           PROPORTIONATE NET CUSTOMERS - 1 APRIL 2003 TO 31 MARCH 2004

                                          9 MONTHS TO 31 DECEMBER 2003
                                ----------------------------------------------
COUNTRY             PERCENTAGE  AT 1 APR          NET      STAKE    AT 31 DEC
                  OWNERSHIP(2)      2003    ADDITIONS    CHANGES         2003
                           (%)    (000s)       (000s)     (000s)       (000s)
UK & IRELAND
UK                      100.0%    13,300          647          -       13,947
Ireland                 100.0%     1,740          131          -        1,871
TOTAL                             15,040          778          -       15,818

NORTHERN EUROPE
Germany                 100.0%    22,940        1,728          -       24,668
Hungary                  87.9%       799          327         44        1,170
Netherlands              99.9%     3,183          129         88        3,400
Sweden                  100.0%     1,313           96          -        1,409
Others                             8,767          616          -        9,383
TOTAL                             37,002        2,896        132       40,030

SOUTHERN EUROPE
Italy                    76.8%    14,908          944          -       15,852
Albania                  99.7%       322           97         53          472
Greece                   99.4%     2,166            *          *            *
Malta                   100.0%       130            -         32          162
Portugal                100.0%     2,912          245        175        3,332
Spain                   100.0%     9,096          589          -        9,685
Others                               537            *          *            *
TOTAL                             30,071        2,205      1,056       33,332

AMERICAS
United States(5)         44.4%    14,792        1,846          -       16,638
Others                               703          (37)      (666)           -
TOTAL                             15,495        1,809       (666)      16,638

ASIA PACIFIC
Japan                    69.7%     9,702          566          -       10,268
Australia               100.0%     2,564          112          -        2,676
New Zealand             100.0%     1,289          238          -        1,527
Others                             4,129          589        (37)       4,681
TOTAL                             17,684        1,505        (37)      19,152

MIDDLE EAST AND AFRICA
Egypt                    67.0%     1,358          315        165        1,838
Others                             3,059          541          -        3,600
TOTAL                              4,417          856        165        5,438

GROUP TOTAL                      119,709       10,049        650      130,408
                              ----------   ---------- ----------   ----------

            VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
           PROPORTIONATE NET CUSTOMERS - 1 APRIL 2003 TO 31 MARCH 2004
                                        (CONT.)

                                             QUARTER TO 31 MARCH 2004
                                ----------------------------------------------
COUNTRY            PERCENTAGE        NET        STAKE   AT 31 MAR    PREPAID(4)
                 OWNERSHIP(2)  ADDITIONS   CHANGES(3)    2004 (1) 
                          (%)     (000s)       (000s)      (000s)           (%)
UK & IRELAND
UK                     100.0%        148            -      14,095           60%
Ireland                100.0%         (7)           -       1,864           72%
TOTAL                                141            -      15,959           61%

NORTHERN EUROPE
Germany                100.0%        344            -      25,012           51%
Hungary                 87.9%         85            -       1,255           82%
Netherlands             99.9%         (1)           -       3,399           57%
Sweden                 100.0%         16           13       1,438           34%
Others                               100            -       9,483           49%
TOTAL                                544           13      40,587           51%

SOUTHERN EUROPE
Italy                   76.8%        380            -      16,232           92%
Albania                 99.7%         21           34         527           97%
Greece                  99.4%          *            *           *             *
Malta                  100.0%         (1)           -         161           91%
Portugal               100.0%        (84)           -       3,248           72%
Spain                  100.0%         20            -       9,705           57%
Others                                43            -         738           63%
TOTAL                                409          525      34,266           78%

AMERICAS
United States(5)        44.4%        619            -      17,257            6%
Others                                 -            -           -            -
TOTAL                                619            -      17,257            6%

ASIA PACIFIC
Japan                   69.7%        159            -      10,427            9%
Australia              100.0%       (190)           -       2,486           55%
New Zealand            100.0%         80            -       1,607           79%
Others                               288            -       4,969           66%
TOTAL                                337            -      19,489           61%

MIDDLE EAST AND AFRICA
Egypt                   67.0%         86            -       1,924           81%
Others                               339            -       3,939           87%
TOTAL                                425            -       5,863           86%

GROUP TOTAL                        2,475          538     133,421           56%
                              ----------   ----------  ----------    ----------

(1) A customer is defined as a SIM, or in territories where SIMs do not exist,
    a unique mobile telephone number, which has access to the network for any 
    purpose (including data only usage) except telemetric applications. 
    Telemetric applications include, but are not limited to, asset and 
    equipment tracking, mobile payment / billing functionality (for example, 
    vending machines and meter readings) and includes voice enabled customers 
    whose usage is limited to a central service operation (for example, 
    emergency response applications in vehicles).

(2) All ownership percentages are stated as at 31 March 2004 and exclude
    options, warrants or other rights or obligations of the Group to increase or
    decrease ownership in any venture. Ownership interests have been rounded to 
    the nearest tenth of one percent.

(3) Represents a stake increase of 13.4% in Vodafone Greece from 86.0% to 99.4%,
    a stake increase of 6.6% in Vodafone Albania from 93.1% to 99.7% and a stake
    increase of 0.9% in Vodafone Sweden from 99.1% to 100.0%.

(4) Prepaid customer percentages are calculated on a venture basis. At 31 March
    2004, there were 340.1 million total venture customers.

(5) The Group's proportionate customer base has been adjusted for Verizon
    Wireless's proportionate ownership of its customer base across all its 
    network interests of approximately 98.6% at 31 March 2004. In the absence 
    of acquired interests, this proportionate ownership will vary slightly from
    quarter to quarter depending on the underlying mix of net additions across 
    each of these networks.

*   listed subsidiary still report.

            VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
                       VENTURE VODAFONE LIVE!TM CUSTOMERS
                           
                                            QUARTER TO 31 MARCH 2004
                                 ----------------------------------------------
COUNTRY                         AT 31 DEC 2003   NET ADDITIONS  AT 31 MAR 2004
                                        (000s)          (000s)          (000s)

Germany                                  1,582             776           2,358
Italy                                      783             241           1,024
UK                                       1,030             505           1,535
Other                                    1,127             798           1,925
                                        ------          ------          ------  
Controlled Total                         4,522           2,320           6,842
 

Vodafone Japan rebranded its J-Sky service to Vodafone live!TM on 1 October
2003. The handsets do not yet incorporate the full Vodafone live!TM experience
and so have been excluded from the table above. At March 2004 there were 13.0
million registered Vodafone live!TM venture customers in Japan (December 2003:
12.8 million).

The table above only includes Vodafone live!TM venture customers in our
controlled operations. At March 2004, there were an additional 0.7 million
Vodafone live!TM venture customers in our non-controlled associated undertakings
(December 2003: 0.4 million).


            VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
           CONTROLLED ACTIVE CUSTOMER INFORMATION AS AT 31 MARCH 2004
 
                             CONTROLLED ACTIVE CUSTOMERS (1) 
                                      AS AT
           --------------------------------------------------------------------
COUNTRY    MARCH 2003   JUNE 2003   SEPTEMBER 2003   DECEMBER 2003   MARCH 2004
                  (%)         (%)              (%)             (%)          (%)

Germany            92          93               92              92           93
Italy              95          93               94              93           93
Japan              98          98               98              98           97
UK                 91          91               91              91           91

Controlled Total   93          93               93              93           94

(1) Active customers are defined as customers who have made or received a
    chargeable event in the last three months.

            VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
        MONTHLY REGISTERED BLENDED ARPU FOR THE 15 MONTHS TO 31 MARCH 2004

Country             Jan     Feb     Mar     Apr     May     Jun     Jul     Aug
                   2003    2003    2003    2003    2003    2003    2003    2003

Germany    EUR     25.6    23.2    25.8    25.4    26.2    26.1    27.9    26.7
Italy      EUR     29.3    26.5    29.1    29.4    30.1    30.7    32.2    29.7
Japan      JPY    7,120   6,840   7,270   7,050   7,040   6,850   7,130   7,030
UK(2)      GBP     24.7    23.4    25.6    24.4    25.2    25.5    25.7    24.2


Country              Sep     Oct     Nov     Dec     Jan     Feb     Mar
                    2003    2003    2003    2003    2004    2004    2004

Germany     EUR     27.0    27.0    24.9    25.4    24.5    23.2    26.2
Italy       EUR     31.1    31.1    29.0    30.4    29.6    27.8    30.6
Japan       JPY    6,710   6,760   6,460   6,690   6,360   6,100   6,560
UK(2)       GBP     25.6    26.8    26.0    26.2    27.0    24.1    28.3



            ARPU INFORMATION FOR THE 12 MONTH PERIOD TO 31 MARCH 2004

                                            ARPU(1)
                ----------------------------------------------------------------
COUNTRY         CURRENCY        REGISTERED         REGISTERED         REGISTERED
                                   PREPAID           CONTRACT              TOTAL
UK & IRELAND
UK(2)                GBP               130                551                309
Ireland              EUR               361              1,123                582

NORTHERN EUROPE
Germany              EUR               130                494                310
Hungary              HUF            42,961            170,444             61,552
Netherlands          EUR               171                887                474
Sweden               SEK               894              5,968              4,390

SOUTHERN EUROPE
Italy                EUR               309                900                361
Greece               EUR                 *                  *                  *
Malta                MTL                96                891                164
Portugal             EUR               182                669                322
Spain                EUR               165                653                377

ASIA PACIFIC
Japan                JPY               N/A                N/A             80,695
Australia            AUD               286                922                587
New Zealand          NZD               346              1,843                672

MIDDLE EAST AND AFRICA
Egypt                EGP               755              3,094              1,168

                                  ARPU - HISTORY

                            REGISTERED TOTAL ARPU FOR THE 12 MONTH PERIOD TO
                       ---------------------------------------------------------
COUNTRY   CURRENCY       MARCH        JUNE     SEPTEMBER    DECEMBER     MARCH
                          2003        2003          2003        2003      2004

Germany        EUR         313         313          312          311       310
Italy          EUR         347         351          355          359       361
Japan          JPY      87,159      86,183       84,818       82,917    80,695
UK(2)          GBP         292         297          297          303       309


(1) ARPU is calculated as total revenues excluding handset revenues and
    connection fees divided by the weighted average number of customers during 
    the period.

(2) During the period from 1 October 2002 to 31 March 2003, Vodafone UK operated
    under interim commercial terms with one of its service providers. Final 
    terms were agreed in April 2003. Recognising revenues on a consistent basis
    during the interim period to the bases before and after this period would 
    result in additional service revenues of £74 million. For consistency and 
    comparability purposes, these revenues have been included in the calculation
    of UK ARPU but have been excluded from Group turnover in accordance with 
    UK GAAP.

    The impact of the inclusion of these amounts has been to increase ARPU for 
    the 12 months to March 2003, June 2003, September 2003 and December 2003 
    from £286, £291, £292 and £300 to £292, £297, £297 and £303 respectively.

*   listed subsidiary still to report.

            VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
              NON-VOICE SERVICES AS A PERCENTAGE OF SERVICE REVENUES

PROPORTIONATE BASIS
                  12 MONTHS TO 31 MARCH 2004 (1)    MARCH 2004 (MONTH ONLY) (1)
                  ------------------------------     --------------------------
COUNTRY           MESSAGING      DATA      TOTAL     MESSAGING    DATA    TOTAL
UK & IRELAND
UK(2)                 14.2%      1.9%      16.1%         14.3%    2.6%    16.9%
Ireland               19.1%      1.4%      20.5%         18.8%    1.8%    20.6%
TOTAL                 14.9%      1.8%      16.7%         14.9%    2.5%    17.4%

NORTHERN EUROPE
Germany               15.7%      1.7%      17.4%         14.6%    2.3%    16.9%
Others                 8.9%      1.4%      10.3%          9.0%    2.0%    11.0%
TOTAL                 12.5%      1.6%      14.1%         12.0%    2.1%    14.1%

SOUTHERN EUROPE
Italy                 12.3%      1.0%      13.3%         12.3%    1.3%    13.6%
Others                10.1%      0.9%      11.0%         10.0%    1.3%    11.3%
TOTAL                 11.2%      0.9%      12.1%         11.1%    1.3%    12.4%

AMERICAS
United States          1.3%      1.4%       2.7%          1.8%    1.7%     3.5%
Others                 0.1%        -        0.1%            -       -        -
TOTAL                  1.2%      1.4%       2.6%          1.8%    1.7%     3.5%

ASIA PACIFIC
Japan                  7.6%     14.3%      21.9%          7.7%   13.8%    21.5%
Others                11.9%      1.3%      13.2%         13.3%    1.6%    14.9%
TOTAL                  8.7%     11.2%      19.9%          9.2%   10.5%    19.7%

MIDDLE EAST
AND AFRICA             4.8%      0.1%       4.9%          5.2%    0.1%     5.3%

PROPORTIONATE
GROUP TOTAL           10.0%      3.0%      13.0%         10.0%    3.2%    13.2%

STATUTORY BASIS

CONTROLLED GROUP 
TOTAL                 11.9%      4.2%      16.1%         11.8%    4.3%    16.1%

        NON-VOICE SERVICES AS A PERCENTAGE OF SERVICE REVENUES - HISTORY

                                            12 MONTHS TO
                      ----------------------------------------------------------
COUNTRY                MAR 2003    JUN 2003    SEP 2003    DEC 2003    MAR 2004

Germany                   16.4%       16.7%       17.0%       17.2%       17.4%
Italy                     11.3%       11.8%       12.2%       12.7%       13.3%
Japan                     20.3%       20.9%       21.3%       21.8%       21.9%
UK(2)                     14.4%       14.7%       15.0%       15.5%       16.1%

Proportionate Total       11.3%       11.7%       12.2%       12.5%       13.0%

Statutory Total           14.6%       15.0%       15.5%       15.9%       16.1%

                                             MONTH ONLY
                      ----------------------------------------------------------
COUNTRY                MAR 2003    JUN 2003    SEP 2003   DEC 2003    MAR 2004

Germany                   16.6%       16.9%       16.3%       19.5%       16.9%
Italy                     11.8%       12.5%       12.4%       14.7%       13.6%
Japan                     21.7%       21.8%       21.2%       22.4%       21.5%
UK(2)                     15.2%       14.6%       14.7%       17.5%       16.9%

Proportionate Total       12.3%       12.1%       12.2%       14.2%       13.2%

Statutory Total           15.6%       15.3%       15.2%       17.3%       16.1%

(1) Non-voice services as a percentage of service revenues are calculated before
    the elimination of intercompany revenue at a country level and after 
    elimination at the Group level.

(2) During the period from 1 October 2002 to 31 March 2003, Vodafone UK operated
    under interim commercial terms with one of its service providers. Final 
    terms were agreed in April 2003. Recognising revenues on a consistent basis 
    during the interim period to the bases before and after this period would 
    result in additional service revenues of £74 million. For consistency and 
    comparability purposes, these revenues have been included in the calculation
    of non-voice services as a percentage of service revenues. The impact of the
    inclusion of these amounts was to decrease UK non-voice services as a 
    percentage of service revenues for March 2003 from 15.3% to 15.2%.

            VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
  ACQUISITION AND RETENTION COSTS, NET OF EQUIPMENT REVENUES, AS A PERCENTAGE OF
                              SERVICES REVENUES (1)

                                   6 MONTHS TO                  12 MONTHS TO
                              ----------------------         ------------------ 
COUNTRY                        SEPTEMBER   SEPTEMBER            MARCH     MARCH
                                    2002        2003             2003      2004

Germany                            10.3%       12.4%            12.6%     13.4%
Italy                               3.5%        2.6%             3.4%      2.8%
Japan                              20.0%       18.1%            21.9%     21.0%
UK(2)                              11.8%       13.1%            11.9%     15.6%
United States                      13.1%       13.7%            13.2%     13.4%

Statutory Group Total              11.6%       11.3%            12.3%     12.6%


(1) Acquisition and retention costs, net of equipment revenues, as a percentage
    of service revenues are calculated before the elimination of intercompany
    revenue at a country level and after elimination at the Group level.

(2) During the period from 1 October 2002 to 31 March 2003, Vodafone UK operated
    under interim commercial terms with one of its service providers. Final 
    terms were agreed in April 2003. Recognising revenues on a consistent basis
    during the interim period to the bases before and after this period would 
    result in additional service revenues and customer acquisition costs of 
    £74 million. For consistency and comparability purposes, these revenues 
    have been included in the calculation of acquisition and retention costs, 
    net of equipment revenues, as a percentage of services revenues but have 
    been excluded from Group turnover and customer acquisition costs in 
    accordance with UK GAAP. The impact of the inclusion of these amounts has 
    been to increase retention costs, net of equipment revenues, as a 
    percentage of services revenues for the 12 months to March 2003 from 
    10.5% to 11.9%.


            VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
                            TOTAL COST TO CONNECT (1)

                                6 MONTHS TO                 12 MONTHS TO
                           ---------------------           ---------------  
COUNTRY         CURRENCY   SEPTEMBER   SEPTEMBER           MARCH     MARCH
                                2002        2003            2003      2004

Germany              EUR          73          79              81        81
Italy                EUR          26          21              25        22
Japan                JPY      31,540      28,508          32,519    31,428
UK                   GBP          63          53              56        67


(1) Total cost to connect is the total of connection fees, trade commissions and
    equipment margins divided by gross customer additions in the period.











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