Vodacom Integrated Report 2016

Vodacom Group Limited

Integrated report for the year ended 31 March 2016

Disclaimer

Forward-looking statements

This integrated report contains ‘forward-looking statements’,

which have not been reviewed or reported on by the Group’s

auditors, 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

statements relating to: the Group’s future performance; future

capital expenditures, acquisitions, divestitures, expenses, revenues,

financial conditions, dividend policy, and future prospects; business

and management strategies relating to the expansion and growth of

the Group; the effects of regulation of the Group’s businesses by

governments in the countries in which it operates; the Group’s

expectations as to the launch and rollout dates for products,

services or technologies; expectations regarding the operating

environment and market conditions; growth in customers and

usage; and the rate of dividend growth by the Group.

Forward-looking statements are sometimes, but not always,

identified by their use of a date in the future or such words as ‘will’,

‘anticipates’, ‘aims’, ‘could’, ‘may’, ‘should’, ‘expects’, ‘believes’,

‘intends’, ‘plans’ or ‘targets’. 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 will occur in the future, involve known and

unknown risks, uncertainties and other facts or factors which may

cause the actual results, performance or achievements of the

Group, or its industry to be materially different from any results,

performance or achievement expressed or implied by such

forward-looking statements. Forward-looking statements are not

guarantees of future performance and are based on assumptions

regarding the Group’s present and future business strategies and

the environments in which it operates now and in the future.

All subsequent oral or written forward-looking statements

attributable to the Group or any member thereof or any persons

acting on their behalf are expressly qualified in their entirety

by the cautionary statements above and below. Vodacom

expressly disclaims any liability in respect of the content of any

forward-looking statement and also expressly disclaims any

obligation or undertaking to disseminate any updates or revisions

to any forward-looking statements contained herein or to reflect

any change in their expectations with regard thereto or any

change in events, conditions or circumstances on which any

such forward-looking statement is based.

Non-IFRS information

This report contains certain non-IFRS financial measures which has

not been reviewed or reported on by the Group’s auditors. The

Group’s management believes these measures provide valuable

additional information in understanding the performance of the

Group or the Group’s businesses because they provide measures

used by the Group to assess performance. However, this additional

information presented is not uniformly defined by all companies,

including those in the Group’s industry. Accordingly, it may not be

comparable with similarly titled measures and disclosures by other

companies. Additionally, although these measures are important in

the management of the business, they should not be viewed in

isolation or as replacements for or alternatives to, but rather as

complementary to, the comparable IFRS measures.

Normalised growth

All amounts in this report marked with an ‘*’ represent normalised

growth adjusted for foreign exchange gains/losses and at a

constant currency (using current year as base) (collectively

‘foreign exchange’). We believe that normalised growth, which is

not intended to be a substitute for or superior to reported growth,

provides useful and necessary information to investors and other

interested parties for the following reasons:

it provides additional information on underlying growth of the

business without the effect of certain factors unrelated to the

operating performance of the business;

it is used for internal performance analysis; and

it facilitates comparability of underlying growth with other

companies, although the term normalised is not a defined term

under IFRS and may not, therefore, be comparable with similarly

titled measures reported by other companies.

Trademarks

Vodafone, the Vodafone logo, Vodafone Mobile Broadband,

Vodafone WebBox, Vodafone Passport, Vodafone live!,

Power to You, Vodacom, Vodacom M-Pesa, Vodacom Millionaires,

Vodacom 4 Less and Vodacom Change the World are trademarks

of Vodafone Group Plc (or have applications pending).

Other product and company names mentioned herein may

be the trademarks of their respective owners.