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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


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Table of Contents

Title Page............ i

Table of Contents.................. ii

Abstract .................... iii

I. Introduction. 1II. Financial Ratio Analysis 3III.Profitability Measures................................ 4

3.1An overview of the profitability ratios ...................... 43.2Profit Margin Ratio................ 43.3

EBITDA Margin Ratio................... 5

IV.Tests of Capital Utilization ................................... 74.1An overview of the capital utilization ratios.......... 74.2Current Ratio.................. 74.3Debt Ratio.................. 9

V. Overall Financial Measures of Performance. 115.1An overview of overall performance ratios .. 115.2Return on Common Equity (ROE) Ratio............................. 115.3Earnings per Share Ratio ................. 13

VI.Conclusions ............... 15VII. Bibliography ... 18


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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.


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I. IntroductionVodafone Group Plc, which was established in 1982, is one ofthe worlds 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


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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.


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II. Financial Ratio AnalysisThe financial statements dont provide a complete picture of an entitys 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 entitys financial strength and

weakness. Raito analysis involves comparing an entitys performance to that of other entities in

the same industry and an entity with its own performance and trends in an entitys financial

position over time. Different stakeholders have different levels of interest in an entitys

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 entitys short-term

liquidity to decide whether to extend a short-term loan. On the other hand, another long-term

creditor focuses on an entitys 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 Hoovers, Strategy Analytics and Ycharts.


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III.Profitability Measures3.1 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.

Profit Margin =Net income

Sales Revenue

Vodafone Group

Account 31 March 2009 31 March 2008 31 March 2007 Hoovers

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 HooversRevenue 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%


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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 Groups 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 entitys operations. The EBITDA margin is calculated by

dividing EBITDA by sales revenue.

EBITDAMargin

= EBITDASales Revenue


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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.


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IV.Test of Capital Utilization4.1 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 Ratio =Current assets

Current liabilities

Vodafone Group


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 Hoovers

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


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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 Groups 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


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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).

Debt Ratio =Noncurrent liabilities

Noncurrent liabilities + Equity

Vodafone Group

Account 31 March 2009 31 March 2008 31 March 2007 Ycharts

Noncurrentliabilities

39,875m 28,826m 23,378m N/A

Noncurrent

liabilities + Equity

124,752m 105,297m 90,671m N/A

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


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liabilities

Noncurrent

liabilities +

Equity

RMB 541,563m RMB 474,868m RMB 406,450m N/A

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 Groups

international expansion strategies and Vodafones statement on its key sources of liquidity in the

foreseeable future. Vodafone Group stated The Groups 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).


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V. Overall Financial Measures of Performance5.1 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 entitys 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

entitys overall performance.

Return on

common equity= Profit Margin X Total Assets Turnover X Equity Multiplier

=Net income

XSale revenue

XTotal assets

Sales revenue Total assets Equity

Vodafone Group


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


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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

2007

Hoovers

Revenue RMB 452,103m RMB 411,810m RMB 356,959m 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

Turnover

0.60 0.63 0.63 0.3

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

Groups 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


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entitys 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 entitys

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 corporations success (p. 840). The earnings per share ratio is calculated by

dividing net income by numbers of shares of common stock outstanding.

Earnings per share =

Net income

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 ofcommon stock

outstanding

52,737m 53,019m 55,144m N/A

Earnings per share 0.17 0.13 -0.09 -0.03


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China Mobile

Account 31 December

2009

31 December

2008

31 December

2007

Ycharts


Number of shares ofcommon stock

outstanding

20,057,674,088 20,043,933,958 20,005,123,269 N/A

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.


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VI.ConclusionsA 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


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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.


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Categories Ratios The Industry

Norm

Vodafone Group China Mobile

2009 2009 Comparison

with theindustry norm

2009 Comparison

with theindustry norm

Profitability

ProfitMargin

15.8% 7.5% Inferior 24.7% Superior

EBITDA

Margin


Capital

Utilization

Current

Ratio

0.89 0.47 Inferior 1.37 Superior

Debt

Ratio

17.2% 32% Inferior 6.2% Superior

Overall

Performance

Return oncommon

equity


Earnings

per share

-0.03

(RMB -0.4)

0.17 Superior RMB 5.76 Superior


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VII. BibliographyBreitner, 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 OneBusiness School Edition). Florence, KY: South-Western College

Publishing.

China Mobile. (2009). China Mobile Limited: Annual Report 2009. Retrieved May-13, 2010

fromhttp://www.chinamobileltd.com/ir.php?menu=3

Coffey, D., & Lee, C. (2010). Investing in Telecom for Tomorrows 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.

Hoovers. (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.
http://www.chinamobileltd.com/ir.php?menu=3http://www.chinamobileltd.com/ir.php?menu=3http://www.chinamobileltd.com/ir.php?menu=3http://www.hoovers.com/globaluk/sample/co/fin/comparison.xhtml?ID=ffffcksxttxssyjkxyhttp://www.hoovers.com/globaluk/sample/co/fin/comparison.xhtml?ID=ffffcksxttxssyjkxyhttp://www.hoovers.com/globaluk/sample/co/fin/comparison.xhtml?ID=ffffcksxttxssyjkxyhttp://www.chinamobileltd.com/ir.php?menu=3


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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
http://www.vodafone.com/start/about_vodafone/who_we_are.htmlhttp://ycharts.com/industries/Wireless%20Communications/chartshttp://ycharts.com/industries/Wireless%20Communications/chartshttp://ycharts.com/industries/Wireless%20Communications/chartshttp://www.vodafone.com/start/about_vodafone/who_we_are.html

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