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Key highlights:

• The Group has delivered against its financial and operating targets and made good progress on executing against its five strategic objectives
• Voice and data usage growth offset competitive and regulatory pressures in Europe
• Continued strong performance in emerging markets, with the recent acquisition in India significantly increasing its presence in high growth markets
• The Group remains confident of delivering its stated capital and operating expenditure targets in Europe in the 2008 financial year, with core cost reduction initiatives well on track

Financial performance:

• Group revenue of £31.1 billion, with organic growth of 4.3%
• Adjusted basic earnings per share increased by 11.4% to 11.26 pence. Basic loss per share was 8.94 pence, with loss before taxation for the year of £2.4 billion, after impairment charges of £11.6 billion
• Free cash flow of £6.1 billion and net cash inflow from operating activities of £10.2 billion, after net taxation paid of £2.2 billion

Increasing returns to shareholders:

• Total dividends per share increased by 11.4% to 6.76 pence, with a final dividend per share of 4.41 pence, giving a dividend payout ratio of 60% and a total payout of £3.6 billion for the financial year
• In recognition of the earnings dilution arising from the Hutchison Essar transaction, the Board is targeting modest increases in dividend per share in the near term until the payout ratio returns to 60% in accordance with current policy

Arun Sarin, Chief Executive, commented:

"These results show we have made good progress in the execution of our strategy. We have implemented core cost reduction measures, introduced targeted revenue stimulation initiatives in Europe and launched a number of services focusing on our customers’ total communications needs. The last year has also seen a further reshaping of Vodafone’s portfolio, with our acquisitions in Turkey and India further increasing the Group’s exposure to the exciting growth opportunities in emerging markets. We are well placed to continue delivering on our strategy."

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