Project Report on Financial Research Methods

Running Head: Financial Research Methods
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Project Report: Financial Research Methods

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Executive summary
This research paper has been prepared to analyze the financial research methods to
identify and determine the financial position and the performance of a company through the
help of various financial tools. This research paper has been prepared over the Vodafone plc
to analyze and investigate the performance of the company. In this research paper, literature
review has been done over the financial research methods and further, the study has been
done over a company to justify the literature study and analyze that how the tools and
methods of financial research help a company to make better decisions about the
performance, strategy planning, process and various other terms. In this research paper, firstly
the study has been done over various articles, books and the newspaper to do literature study
and further, the methodology have been performed over the Vodafone plc to identify and
found that how would the financial research tools could be conducted to analyze the
performance and the position of a company. this research paper would offer the knowledge
about the financial research methods and their use to the readers.

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Contents
1.0.....................................................................................................................................5
1.1.................................................................................................................................5
1.2.................................................................................................................................6
1.3.................................................................................................................................6
1.4.................................................................................................................................6
1.5.................................................................................................................................6
2.0 LITERATURE REVIEW........................................................................................7
2.1 Introduction.............................................................................................................7
2.2 Overview of Vodafone...........................................................................................8
2.3 Firm performance...................................................................................................8
2.4 Non financial performance.....................................................................................9
2.5 Financial performance..........................................................................................10
2.5.1 Profitability performance...................................................................................10
2.5.2 Liquidity performance.......................................................................................11
2.5.3 Efficiency performance.....................................................................................12
2.6 Ratio analysis........................................................................................................12
3.0 METHODOLOGY................................................................................................13
3.1...............................................................................................................................13
3.2...............................................................................................................................14
3.3Variables Definition and Measurement.................................................................15
3.4...............................................................................................................................16
3.5...............................................................................................................................17
3.6...............................................................................................................................17
3.7...............................................................................................................................17

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4.0 RESULTS AND DISCUSSION OF RESULTS...................................................18
5.0 CONCLUSION......................................................................................................21
REFERENCE.................................................................................................................23
APPENDIX.....................................................................................................................26

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1.0 INTRODUCTION
1.1 Background:
Financial research methods are used by the companies and the investors to analyze
and investigate over the performance of a company in terms of the finance. Financial
methods must be performed over the company while taking any decision about the
performance and the future changes in the company. Various tools are available to conduct a
study and evaluation program over the financial data of the company. So that a good strategic
plan could be prepared and the planning could be implemented over the company to achieve
the goals of the company (Fulin, 2011).
Further, it has been found that it is requisite for the analyst, investors and the top level
management and financial management of a company to analyze and investigate the financial
statement of the company to make a better decision about the performance and position of the
company (Deegan, 2013). These techniques help the company to make a better decision so
that the goals could be achieved timely. Further, it has been investigated that it becomes
mandatory for the finance managers to identify the problems and conduct a research over the
performance to reach over a conclusion and ratifies the error in the company in financial
terms.
For this research paper, Vodafone plc has been taken into the consideration. Vodafone
plc is a telecommunication company which is mainly based in the British market.
Headquarter of the company is in London. This company has been awarded by 5th revenue
generating company. This is the 8th largest company in the London stock exchange. Various
competitors of the company are INMARSAT, AVANTI COMMUNICATIONS GROUP
PLC, MONITISE PLC, GAMMA COMMUNICATIONS PLC and PEOPLES OPERATOR
PLC.
Further, for this research paper, literature review has been done over the financial
research methods and further, the study has been done over a company to justify the literature
study and analyze that how the tools and methods of financial research help a company to
make better decisions about the performance, strategy planning, process and various other
terms. In this research paper, firstly the study has been done over various articles, books and
the newspaper to do literature study and further, the methodology have been performed over

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the Vodafone plc to identify and found that how would the financial research tools could be
conducted to analyze the performance and the position of a company (Lacalle, 2017).
1.2 Research aim and objectives:
This research paper has been prepared to analyze the various financial methods which
could be used by the analysts and the companies to evaluate the performance and the position
of the company. The main aim and the objective of this research paper are to identify the
financial performance and the financial position of Vodafone plc in the market. The main
objective of this research paper is to depict the investors and analyst about the position of
Vodafone plc so that a better decision could be made by the investors regarding the
investment in the organization or divest the amount from the organization.
1.3 Rationale:
For this research paper, literature study has been done so that, the importance of
financial research could be analyzed. And further, it could also be found that what the
methods to analyze the financial research are. More, it has been found that how is the position
of the Vodafone plc in the industry. The financial statement of last 10 years of the company
has been analyzed and various method such as horizontal analysis, vertical analysis and ratio
analysis have been done to investigate the financial performance, stability performance and
profitability position. This study and literature review has been conducted to make a better
research paper about the performance and the position of the company.
1.4 Scope and Limitations:
Further, scope and limitations of the research paper has been evaluated. The main
scope of this research paper is the assistance which could be used by the investors and
analysts to make a better decision about investment in the organization or divest the amount
from the organization. This would help the investors to identify the changes in the
organization from last 10 years. Further, the limitation of this research paper is various
assumptions and various external aspects which have not been considered while preparing
this research paper. More, the time was limited while conducting this research paper. This has
impacted over the main conclusion and recommendation of this research paper.
1.5 Project Outline:

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In this research paper, firstly, introduction of the research paper and the organization
has been done. Further, literature review study has been done over the financial research
methods and further, the study has been done over a company to justify the literature study
and analyze that how the tools and methods of financial research help a company to make
better decisions about the performance, strategy planning, process and various other terms
Further, the methodology have been performed over the Vodafone plc to identify and found
that how would the financial research tools could be conducted to analyze the performance
and the position of a company
2.0 LITERATURE REVIEW
2.1 Introduction:
Elmuti & Kathawala, (2001) has depicted into his study that financial research methods
are the best way to analyze the changes and the performance of the company. Further, it has
been added by Du and Girma, (2009) that the techniques and methods of financial research
are quite wider and it depends over the financial analyst or the organization to choose the best
method to perform the study. De Haan and Amtenbrink, (2011) express that if the best
strategy would be chose than it becomes easy for the organization to analyze the changes and
the performance of the company on the basis of those changes.
Further, Deegan (2013) express that financial research methods age quite wider and
thus it becomes difficult for an organization to choose the best method according to their
nature and operations. If the best strategic plan and method would be chose by the company
than it would be perfect for the betterment and the analysis of the company (Davies and
Crawford, 2011). More, it has been found through these studies that an organization must
look over the competitor financial research methods and must opt for the financial research
method accordingly (Brigham and Michael, 2013).
Though, Ahmed, Neel and Wang, (2013) has depicted that analyzing the financial
performance of a company is not easy, various assumptions are required to be taken before
considering and taking a decision about the position and performance of the company. More,
financial research method only takes the concern of the financial data which affect the
conclusion of the research paper. Further, Bertomeu, Darrough and Xue, (2017) depicted that
an analyst and researcher must take the concern of the non financial data as well before

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making a decision about financial performance, position, profitability and stability of a
company.
If an organization fails into analyzing the best financial method then it becomes very
typical for the organization to reach the goals and make a better decision about the
performance and the operations of the company (Brealey, Myers and Marcus, 2007). More, it
has been added by the Brigham and Ehrhardt, (2013) that all the financial research methods
are their own way, all the methods express about the different point of the organization such
as the study of ratio analysis would allow the manager to make a decision about the current
performance of the company in context of various financial figures. Kaplan and Atkinson,
(2015) depict that various studies are available for the financial research such as ratio
analysis, vertical analysis, horizontal analysis, dividend growth model, capital asset pricing
method, efficient market hypothesis etc.
2.2 Overview of Vodafone:
Vodafone group plc is an international organization which has been started in British
market. Currently, the head office of the company is in London. Mainly, the services of this
comapny are provided into the Asian countries, Europe, Africa and Oceania. According to a
current study, in mobile industry, this company has fallen into the fifth rank in terms of the
revenue and the performance of the company. This company has a connection in around 26
countries and around 50 partners are hold by this company to manage and administer the
functions and the operations in a well manner. Further, it has been found that the revenue of
the company is enhancing rapidly which depict about the great performance of the company.
This company has listed itself in the London stock exchange and it recognized as FTSE 100
Company. This company has a market capitalization of around £ 52.5 billion (Home, 2017).
Further, through the study over the financial statement and the performance of the
company, it has been found that the financial research methods are used by the Vodafone plc
and the investors to analyze and investigate over the performance of the organization in terms
of the finance. Ratio analysis study and horizontal analysis have been perform over the
company for making a better decision about the performance and the future changes in the
company. Various tools have also been analyzed to conduct a study and evaluation program
over the financial data of the Vodafone plc to make a better decision about the performance
of the company.

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2.3 Firm performance:
Through the evaluation and performance analysis of Vodafone Plc, it has been found
that the performance of the company is enhancing rapidly. Though, some changes have faced
by the company in the last 10 years but current position of the company depicting about the
better position and stability level of the company. More, it has been found that it becomes
important for the company to make some changes into the strategies and policies timely to
enhance the position and performance of the company in the industry (Higgins and Robert,
2012).
Through the evaluation over the industry, it has been found that various changes have
taken place into the industry as well. The financial and economical position of the industry
has been better from last years as well as the market share of the industry has been enhanced
and it had directly impacted over the position and the performance of the company. Further, it
has been analyzed that the current market share of the company is highest in the industry
(Engle and Hunton, 2015). The global financial crisis has impacted over the position of the
company but the current changes are expressing that the impact of financial crisis have been
lowered in the company.
More, through the evaluation over financial and non financial performance of the
company, it has been found that the changes are depicting about the better future of the
company as well as higher return would be provided by the company to its shareholders
(Everett, Neu, Rahaman and Maharaj, 2015). More, it has been found that these changes
would assist the company to diversify the business into new market to enhance the market
share and enhance the profitability position of the company (Guan, 2014).
According to the study over the Vodafone plc, it has been found that the financial and
non financial performance of the company evaluates the performance and the operations of
the company. Through the analysis, it has been found that the performance of the company
has been better according to the current scenario (Fang, Haw, Yu and Zhang, 2014). More, it
has been found that all the financial research methods and non financial research methods
express about the different point of the organization such as the study of ratio analysis would
allow the manager to make a decision about the current performance of the company in
context of various financial figures (Deegan, 2017).

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2.4 Non financial performance
Non financial performance of the company depict that various changes have taken
place into the industry as well. The environmental, social and economical position of the
industry and the company depict that various better changes have taken place into the
industry and the company and it had directly impacted over the position and the performance
of the company. Further, it has been analyzed that the current market share of the company is
highest in the industry (Deegan, 2017). The recent crisis has impacted over the position of the
company but the current changes are expressing that the impact of crisis have been lowered
in the company (Brigham and Ehrhardt, 2013).
More, through the evaluation over non financial performance of the company, it has
been found that the changes are depicting about the better future of the company as well as
the market share of the company has also been enhanced (Brigham and Houston, 2012).
More, it has been found that these changes would assist the company to diversify the business
into new market to enhance the market share and enhance the profitability position of the
company (Li, 2015).
According to the study over the Vodafone plc, it has been found that the non financial
performance of the company evaluates the performance and the operations of the company.
Through the analysis, it has been found that the performance of the company has been better
according to the current scenario (Fang, Haw, Yu and Zhang, 2014).
2.5 Financial performance:
Further, the financial performance of the company has also been analyzed. Further,
through the analysis, it has been found that following changes have taken place into the
position of the company is last 10 years:
2.5.1 Profitability performance
According to this study, it has been analyzed that the profitability position of the
company has been lowered from 2008 in 2017. This has taken place due to various changes
into the market, economical position etc. through this study, it has been found that company
is required to focus over the performance again to manager and enhance the profitability
position (Zimmerman and Yahya-Zadeh, 2011).

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2.5.2 Liquidity performance
Further, from this study, it has been analyzed that the liquidity position of the company
has been enhanced from 2008 in 2017. This has taken place due to various positive changes
into the market, economical position etc (Radebaugh, Gray and Black, 2006). Through this
study, it has been found that company has managed the current assets and the liabilities in
such a manner that the best output could be got (Weston and Brigham, 2015).

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2.5.3 Efficiency performance
. Further, efficiency ratios and the investment ratios express that the company is
required to make some changes into the working capital management and the dividend and
the pricing of the company Klemstine and Maher, (2014).
(Ward, 2012)
2.6 Ratio analysis
It has been said by Bui et al, (2016) that ratio analysis is a study which is performed by
the financial analyst and financial manager to identify the position and the performance of the
company. This study helps the analyst to make a better decision about the condition, stability
and performance of the company. More, it has been expressed by Madhura, (2011) that ratio
analysis study takes a concern of various positions such as liquidity position, solvency
position, profitability position, capital position etc. More, Borio, (2014) express in his article
that if the study of ratio analysis would be performed in the business than it would allow the
manager to make a decision about the current performance of the company in context of
various financial figures.
If an organization fails into analyzing the best result through ratio analysis method then
it becomes very typical for the organization to reach the goals and make a better decision
about the performance and the operations of the company. More, it has been added by the
Arnold (2013) that all the financial research methods are their own way, all the methods
express about the different point of the organization such as the study of ratio analysis would

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allow the manager to make a decision about the current performance of the company in
context of various financial figures.
Further, it has been added by Gitman and Zutter, (2012) that the study of ratio analysis
would be performed in the business than it would allow the manager to make a decision about
the position of the company in context of last year performance and the changes into the
competitive position. Additionally, it has been added by Du and Girma, (2009) that the study
of ratio analysis would be helpful for the company as well as the investors to make various
better decision about the performance and the position of the company.
Further, Voelkl and Fritz, (2017) depicted that ratio, vertical and horizontal analyses are
the traditional method to analyze the performance and position of the company. Deegan,
(2013) expressed about the modern ways of the financial research methods which are
dividend growth model, capital asset pricing method, efficient market hypothesis etc. Oliver
and Schoff, (2017) depicted that the ratio analysis study is quite beneficial for the top level
management, chief financial officer and the investors to make various better decisions.
Further, it has also been added by Glajnaric, (2016) that ratio analysis study makes it easier
for the company and the investors to idenfity the performance of the company on various
levels.
Additionally, Brown, Preiato and Tarca, (2014) has expressed into his study that the
ratio analysis methods are used by the companies and the investors to analyze and investigate
the financial performance of the company to make a better decision about the company.
Further, it has been added that the sometimes the outcome of ratio analysis makes it difficult
for the analyst to identify the performance and the position of the company (Weston and
Brigham, 2015). More, it has been expressed by Dyckman and Zeff, (2014) in his study that
the result of ratio analysis manipulates the decision of the investors. It do not take the concer
of non financial performance of the company (Weaver, Weston and Weaver, 2001).
3.0 METHODOLOGY
3.1 Introduction:
The above study depict that the financial research methods are helpful for the
companies to make a better decision. Further, for understanding this concept in a better way,
a study has been performed over the Vodafone plc. For this research paper, various financial

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research methods have been used to analyze the performance of the Vodafone plc. For this
research paper, mainly 4 financial research method has been used which are horizontal
analysis, vertical analysis, competitor analysis and ratio analysis. The research also takes the
concern of the various other financial factors of the company so that a better study could be
conducted.
3.2 Research Philosophy:
This research paper mainly concern over the ontology concern ontology concern of a
research depict that the main view of the research paper must be examined and the result
must be discovered on the basis of research philosophy. Ontology research method could be
expressed as the science or a study of being (Creswell and Clark, 2007). It naturally concern
over the nature of the research topic. Ontology depict about the system of belief which
express about an interpretation of an investor about a fact.
At the same time, epistemology is another way of research philosophy which depict
about the research science, this case depict that the epistemology could be defined as a
research philosophy which mainly takes the concern of unrealistic data (Creswell and Clark,
2007). This philosophy takes the conceptual framework rather than the real data of the
research topic. It portrays the position of the non social entities which do not exist into the
company as well as into the society (Davies and Crawford, 2011). This philosophy depict that
a perception is made by the researcher through the result of the research and he or she
conducts the study accordingly. More, it has been found that this study enhances the factors
which are correlated with the perception and action of the society.
Through this evaluation, it has been found that this study mainly shows its concern
about ontology philosophy method. As, the concept and the research method of this research
paper takes the concern of various methods and the real data helps the organization and
inventors for understanding this concept of financial research methods in a better way (De
Haan and Amtenbrink, 2011). For this research paper, the financial statement of the company
of last 10 years have been analyzed and further, the research paper of the company has also
been investigated to reach over a better conclusion.
The research philosophy of this research paper depict that the research must be
performed in such as way that entire related parties could rely over the results and the
conclusion of the research paper and no limitations could affect more over the result of this

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study. More, it has been found that mainly 4 financial research method has been used which
are horizontal analysis, vertical analysis, competitor analysis and ratio analysis. The research
also takes the concern of the various other financial factors of the company so that a better
study could be conducted.
This would help the readers and the investors of this research paper to investigate the
financial performance of the Vodafone as well as it would also be easier for them to rely over
a conclusive result. For this research paper, mainly quantitative research has been done but
the qualitative factors have also been added to make the research paper more reliable.
Further, while conducting this research paper it has also been analyzed that the Further, it has
been found that it is requisite for the analyst, investors and the top level management and
financial management of a company to analyze and investigate the financial statement of the
company to make a better decision about the performance and position of the company
(Deegan, 2013).
These techniques help the company to make a better decision so that the goals could be
achieved timely. Further, it has been investigated that it becomes mandatory for the finance
managers to identify the problems and conduct a research over the performance to reach over
a conclusion and ratifies the error in the company in financial terms. . Various tools have also
been analyzed to conduct a study and evaluation program over the financial data of the
Vodafone plc. So that a good strategic plan could be prepared and the planning could be
implemented over the company to achieve the goals of the company.
Lastly, it has been found that the financial research methods are very effective to
manage the position and performance of the company. In addition, it has been found that
financial research methods are quite helpful for the company to manage and administer the
difficulties and the problems of an organization (Davies and Crawford, 2011). Further, it has
been found that if the implementation of the research methods are done in a proper manner
than it would be perfect for the betterment and the analysis of the company. More, it has been
found through these studies that an organization must look over the competitor financial
research methods and must opt for the financial research method accordingly (Bromwich and
Bhimani, 2005).
3.3Variables Definition and Measurement:

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For this research paper, financial statement of the company of last 10 years has been
analyzed. Further, the performance and the position of the company have been analyzed
through investigating over the external company’s performance such as INMARSAT,
AVANTI COMMUNICATIONS GROUP PLC, MONITISE PLC, GAMMA
COMMUNICATIONS PLC and PEOPLES OPERATOR PLC.
For this research paper, it has been found that various financial research methods are
used by the Vodafone plc and the investors to analyze and investigate over the performance
of the organization in terms of the finance. Ratio analysis, competitors analysis study and
horizontal analysis have been perform over the company for making a better decision about
the performance and the future changes in the company (Brigham and Houston, 2012).
Various tools have also been analyzed to conduct a study and evaluation program over the
financial data of the Vodafone plc. So that a good strategic plan could be prepared and the
planning could be implemented over the company to achieve the goals of the company.
Ratio analysis is a study which depict about the financial performance of a company.
Profitability ratio depict about the profit position of the company and the comparison of the
company with the other competitors. Further, the liquidity ratios and efficiency ratios depict
about the performance and the stability position of the company in the industry.
3.4 Sample Selection and data collection procedures:
The sample for this research paper has been taken 10 year financial data of Vodafone
plc. This sample size has been designed after investigating over various studies and articles of
the analyst and market position. The study over 10 year financial data of the company would
help to analyze the changes and the position of the company in last 10 years as well as it
would also show its concern over the position of the company in the industry.
It has been found that it is required for a study to separate the data and than analyze it,
so that a good result could be found. The separation of the performance and the data of the
company in 10 years would help to analyze the better situation of the company and it would
make a better symbol to analyze and identify the performance and the changes which has
taken place into the position and performance of the company in last 10 years. This sample
size of 10 years has been chosen after a depth study over the financial research methods and
their impact over a conclusion about the position and the performance of a company.

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It has been analyzed that an analyst or researcher should be very well aware about the
topic and the study before starting it so that a good sample size as well as the best way to
collect the data could be analyzed (Brigham and Michael, 2013). The sample size of the
research as well as the data collection policies must be chosen by the company through
identifying various factors. Through the study, for collecting the data, various reliable
website, such as Morningstar, Bloomberg, London stock exchange has been analyzed as well
as the annual research papers of the company has been analyzed.
3.5 Analytical Procedure:
Through analyzing and identifying the entire data, evaluation study has been done
over it and various methods such as ratio analysis, horizontal analysis, competitor’s analysis
etc have been done over it to reach over a result. Through the entire study, it has been taken
care that nobody could manipulate the data and the good conclusive study and outcome could
be get through this study.
Further, for this study, the analysis has been done over the data through step by step
which has been given into the books and the consistency has been given while conducting the
analysis and evaluating the result (Waymire, 2014). Further, the other factors of analysis such
as accuracy, which depict that the correct data has been collected and used for the research
paper, consistency, which depict that the perfect steps has been evaluated and proficiency
which depict that performance of the research study has been done with perfection, has been
taken care of. Moreover, various statistical methods have been evaluated and used so that a
good result could be given. Descriptive analysis has also been done over the study to describe
the performance and the position of the company to top level management and investors of
the company.
Though, through the research papers, it has also been discussed that the main concern
of this research paper is over the financial position of the Vodafone plc and thus the analysis
has focused more over the quantitative data rather than the qualitative data. More, it has also
found that this would help the organization into marinating and managing the position and
performance of the company in an effective way (Smith, 2014).
3.6 Ethical Issues:
Further, the ethical issues of the research paper have been discussed. And it has been
found that this research paper has been prepared through confidentiality and no data has been

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shared with any other person. Further, anybody has not been harmed while conducting this
research paper. The participant of the study has been anonymous throughout the study.
3.7 Summary:
Lastly, through the entire study, it has been found that the financial research methods
are used by the Vodafone plc and the investors to analyze and investigate over the
performance of the organization in terms of the finance. Ratio analysis styudy and horizontal
analysis have been perform over the company for making a better decision about the
performance and the future changes in the company. Various tools have also been analyzed to
conduct a study and evaluation program over the financial data of the Vodafone plc. So that a
good strategic plan could be prepared and the planning could be implemented over the
company to achieve the goals of the company.
4.0 RESULTS AND DISCUSSION OF RESULTS:
According to this study, it has been analyzed that the profitability position of the
company has been lowered from 2008 in 2017. This has taken place due to various changes
into the market, economical position etc. through this study, it has been found that company
is required to focus over the performance again to manager and enhance the profitability
position.
Further, from this study, it has been analyzed that the liquidity position of the company
has been enhanced from 2008 in 2017. This has taken place due to various positive changes

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into the market, economical position etc. through this study, it has been found that company
has managed the current assets and the liabilities in such a manner that the best output could
be got.
The gearing ratio of the company of last 10 years depict that the performance and
position of the company has been enhanced and has became better from 2008 in 2017. This
has taken place due to the debt and the equity comparison. Further, efficiency ratios and the
investment ratios express that the company is required to make some changes into the
working capital management and the dividend and the pricing of the company (Kaplan and
Atkinson, 2015).

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Further, the horizontal analysis has been done over the company to find out the
financial position of the company. For this study, it has been found that how many changes
have taken place into an organization in comparison of last year. Through the analysis over
the income statement of the company, it has been found that the revenues of the company are
enhancing rapidly but in 2017, the revenues of the company have been lesser.
Further, it has been found that how many changes have taken place into an organization
in comparison of last year in terms of the assets, liabilities and the equity position of the
company. Through the analysis over the balance sheet of the company, it has been found that
the current assets of the company are depicting about the increment in 2017, the current

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liabilities of the company have also been good (Morningstar, 2017). Further, the total assets
of the company have been lowered from 2008 in 2017.
Further, the horizontal analysis has been done over the cash flow statement of the
company to find out the cash flow position and the performance of the company. For this
study, it has also been found that the total cash flow of the company are depicting about the
few changes from 2008 in 2017. This depict about the good performance of the company.
More this study has been performed over the total cash flow of the company and it has been
found that currently the company is trying its best to manage the cash position of the
company.
More, the competitive performance of the company depict about the financial position
of the company:
This depict that the revenue of the competitors are quite lesser than the Vodafone plc.
5.0 CONCLUSION:
Lastly, through the entire study, it has been found that the financial research methods
are used by the Vodafone plc and the investors to analyze and investigate over the
performance of the organization in terms of the finance. Ratio analysis styudy and horizontal

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analysis have been perform over the company for making a better decision about the
performance and the future changes in the company. Various tools have also been analyzed to
conduct a study and evaluation program over the financial data of the Vodafone plc. So that a
good strategic plan could be prepared and the planning could be implemented over the
company to achieve the goals of the company.
Further, it has been found that it is requisite for the analyst, investors and the top level
management and financial management of a company to analyze and investigate the financial
statement of the company to make a better decision about the performance and position of the
company. These techniques help the company to make a better decision so that the goals
could be achieved timely. Further, it has been investigated that it becomes mandatory for the
finance managers to identify the problems and conduct a research over the performance to
reach over a conclusion and ratifies the error in the company in financial terms. It has been
found that currently the company is facing loss and this situation has taken place due to crisis
in the market and the bad economic position.
Lastly, it has been found that the position of the company depicting about a better
position and the performance of the company. Further, it has been found that this study would
help the company to manage the studies in a good and proper manner. According to the entire
research paper, it has been evaluated that this research paper would help the company to
make a better decision about the position and the performance of the company.

Financial Research Methods
23
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Financial Research Methods
26
APPENDIX:
VODAFONE GROUP PLC ADR (VOD) Statement of CASH FLOW
Fiscal
year ends in
March. EUR
in millions
except per
share data.
2
0
1
7
-
0
3
C
h
a
n
g
e
s
2
0
1
6
-
0
3
C
h
a
n
g
e
s
2
0
1
5
-
0
3
C
h
a
n
g
e
s
2
0
1
4
-
0
3
C
h
a
n
g
e
s
2
0
1
3
-
0
3
C
h
a
n
g
e
s
2
0
1
2
-
0
3
C
h
a
n
g
e
s
2
0
1
1
-
0
3
C
h
a
n
g
e
s
2
0
1
0
-
0
3
C
h
a
n
g
e
s
2
0
0
9
-
0
3
C
h
a
n
g
e
s
2
0
0
8
-
0
3
Cash
Flows From
Operating
Activities
Net
income
-
6
0
7
9
0
.2
5
5
7
3
-
4
8
4
1
-
1.
5
9
8
3
8
0
9
1
-
0.
8
8
7
5
7
1
9
1
4
8
9.
1
1
7
8
7
9
8
-
1.
1
3
1
3
-
6
0
7
9
0
.2
5
5
7
3
-
4
8
4
1
-
1.
5
9
8
3
8
0
9
1
-
0.
8
8
7
5
7
1
9
1
4
8
9.
1
1
7
8
7
9
8
Depreci
ation &
amortization
1
1
0
8
6
-
0.
0
7
9
5
1
2
0
4
4
-
0.
0
7
9
1
1
3
0
7
9
0
.4
2
9
4
9
1
5
0
0
.0
0
2
0
8
9
1
3
1
-
0.
1
7
6
3
1
1
0
8
6
-
0.
0
7
9
5
1
2
0
4
4
-
0.
0
7
9
1
1
3
0
7
9
0
.4
2
9
4
9
1
5
0
0
.0
0
2
0
8
9
1
3
1
Investm
ent/asset
impairment
charges
-
1
5
7
1
#
D
I
V
/
0
!
-
1
7
9
8
8
-
0.
1
2
5
2
9
1
3
1
5
7
1
7
9
8
8
9
1
3
1
Investm
ents losses
(gains)
-
4
7
4
0
.2
4
7
3
7
-
3
8
0
-
0.
6
8
5
2
-
1
2
0
7
1
.8
8
0
6
7
-
4
1
9
0
.1
5
7
4
6
-
3
6
2
-
0.
2
3
6
3
-
4
7
4
0
.2
4
7
3
7
-
3
8
0
-
0.
6
8
5
2
-
1
2
0
7
1
.8
8
0
6
7
-
4
1
9
0
.1
5
7
4
6
-
3
6
2
Deferre
d income
taxes
-
1
8
0
0
0
3
0
6
2
-
1
8
0
0
0
3
0
6
2
(Gain) 4 - 4 -

Financial Research Methods
27
Loss from
discontinued
operations
1
0
7
7
8
1
0
7
7
8
Stock
based
compensation
9
5
-
0.
3
5
8
1
1
4
8
0
.2
3
3
3
3
1
2
0
0
.0
8
1
0
8
1
1
1
-
0.
3
0
1
9
1
5
9
0
.6
7
3
6
8
9
5
-
0.
3
5
8
1
1
4
8
0
.2
3
3
3
3
1
2
0
0
.0
8
1
0
8
1
1
1
-
0.
3
0
1
9
1
5
9
Invento
ry
1
1
7
-
1.
9
4
3
5
-
1
2
4
0
.2
4
-
1
0
0
-
2
1 5
-
0.
9
4
1
2
8
5
-
0.
2
7
3
5
1
1
7
-
1.
9
4
3
5
-
1
2
4
0
.2
4
-
1
0
0
-
2
1 5
-
0.
9
4
1
2
8
5
Other
working
capital
-
1
6
5
-
0.
2
5
6
8
-
2
2
2
-
0.
8
8
2
-
1
8
8
2
-
2.
1
2
9
1
6
6
7
4
.7
0
8
9
2
9
2
-
2.
7
6
9
7
-
1
6
5
-
0.
2
5
6
8
-
2
2
2
-
0.
8
8
2
-
1
8
8
2
-
2.
1
2
9
1
6
6
7
4
.7
0
8
9
2
9
2
Other
non-cash
items
5
5
3
6
-
0.
0
9
1
7
6
0
9
5
-
2.
2
8
6
1
-
4
7
3
9
-
0.
9
2
7
-
6
4
8
7
8
5
.7
4
7
5
8
-
9
6
1
5
-
2.
7
3
6
8
5
5
3
6
-
0.
0
9
1
7
6
0
9
5
-
2.
2
8
6
1
-
4
7
3
9
-
0.
9
2
7
-
6
4
8
7
8
5
.7
4
7
5
8
-
9
6
1
5
Net
cash provided
by operating
activities
1
4
2
2
3
0
.0
7
0
2
1
3
2
9
0
0
.0
0
0
4
5
1
3
2
8
4
0
.7
6
2
7
4
7
5
3
6
-
0.
4
0
5
7
1
2
6
8
1
-
0.
1
0
8
4
1
4
2
2
3
0
.0
7
0
2
1
3
2
9
0
0
.0
0
0
4
5
1
3
2
8
4
0
.7
6
2
7
4
7
5
3
6
-
0.
4
0
5
7
1
2
6
8
1
Cash
Flows From
Investing
Activities
Investm
ents in
property,
plant, and
equipment
-
6
2
8
5
-
0.
2
7
4
9
-
8
6
6
8
-
0.
0
3
4
9
-
8
9
8
1
0
.6
8
8
1
6
-
5
3
2
0
-
0.
0
3
8
5
-
5
5
3
3
-
0.
1
1
9
6
-
6
2
8
5
-
0.
2
7
4
9
-
8
6
6
8
-
0.
0
3
4
9
-
8
9
8
1
0
.6
8
8
1
6
-
5
3
2
0
-
0.
0
3
8
5
-
5
5
3
3
Propert
y, plant, and
equipment
reductions
4
3
-
0.
7
5
8
1
7
8
-
0.
2
6
7
2
4
3
1
.5
3
1
2
9
6
-
0.
4
6
9
1
8
1
3
.2
0
9
3
4
3
-
0.
7
5
8
1
7
8
-
0.
2
6
7
2
4
3
1
.5
3
1
2
9
6
-
0.
4
6
9
1
8
1

Financial Research Methods
28
4 5 5 6 4 5 5 6
Acquisi
tions, net
4
7
7
-
9.
3
6
8
4
-
5
7
-
0.
9
8
6
8
-
4
3
0
9
-
1.
1
1
6
2
3
7
0
6
9
-
2
2.
8
3
1
-
1
6
9
8
-
4.
5
5
9
7
4
7
7
-
9.
3
6
8
4
-
5
7
-
0.
9
8
6
8
-
4
3
0
9
-
1.
1
1
6
2
3
7
0
6
9
-
2
2.
8
3
1
-
1
6
9
8
Purchas
es of
investments
-
2
2
1
9
2
1.
6
4
2
9
-
9
8
-
0.
6
5
3
7
-
2
8
3
0
.0
9
2
6
6
-
2
5
9
-
0.
9
4
8
6
-
5
0
3
9
1
.2
7
0
8
4
-
2
2
1
9
2
1.
6
4
2
9
-
9
8
-
0.
6
5
3
7
-
2
8
3
0
.0
9
2
6
6
-
2
5
9
-
0.
9
4
8
6
-
5
0
3
9
Sales/
Maturities of
investments
3
5
9
7
1
.0
9
0
0
6
1
7
2
1
0
.4
0
0
3
3
1
2
2
9
-
0.
3
1
5
3
1
7
9
5
-
0.
0
0
6
1
1
8
0
6
-
0.
4
9
7
9
3
5
9
7
1
.0
9
0
0
6
1
7
2
1
0
.4
0
0
3
3
1
2
2
9
-
0.
3
1
5
3
1
7
9
5
-
0.
0
0
6
1
1
8
0
6
Purchas
es of
intangibles
-
2
5
7
6
-
0.
5
9
5
2
-
6
3
6
3
1
.0
0
9
7
9
-
3
1
6
6
0
.1
2
4
2
9
-
2
8
1
6
-
0.
4
1
1
6
-
4
7
8
6
0
.8
5
7
9
2
-
2
5
7
6
-
0.
5
9
5
2
-
6
3
6
3
1
.0
0
9
7
9
-
3
1
6
6
0
.1
2
4
2
9
-
2
8
1
6
-
0.
4
1
1
6
-
4
7
8
6
Other
investing
activities
-
1
4
6
0
-
4.
5
0
9
6
4
1
6
-
0.
6
3
6
7
1
1
4
5
-
0.
8
2
7
6
6
6
4
3
0
.0
5
5
2
8
6
2
9
5
-
5.
3
1
1
6
-
1
4
6
0
-
4.
5
0
9
6
4
1
6
-
0.
6
3
6
7
1
1
4
5
-
0.
8
2
7
6
6
6
4
3
0
.0
5
5
2
8
6
2
9
5
Net
cash used for
investing
activities
-
8
4
2
3
-
0.
3
4
5
6
-
1
2
8
7
2
-
0.
0
8
8
4
-
1
4
1
2
1
-
1.
3
7
9
5
3
7
2
0
7
-
5.
2
4
1
1
-
8
7
7
3
0
.0
4
1
5
5
-
8
4
2
3
-
0.
3
4
5
6
-
1
2
8
7
2
-
0.
0
8
8
4
-
1
4
1
2
1
-
1.
3
7
9
5
3
7
2
0
7
-
5.
2
4
1
1
-
8
7
7
3
Cash
Flows From
Financing
Activities
Debt
issued
7
3
2
6
-
0.
4
3
6
8
1
3
0
0
7
2
.9
1
0
7
3
3
2
6
1
.5
9
2
3
6
1
2
8
3
-
0.
8
0
0
4
6
4
2
9
-
0.
1
2
2
4
7
3
2
6
-
0.
4
3
6
8
1
3
0
0
7
2
.9
1
0
7
3
3
2
6
1
.5
9
2
3
6
1
2
8
3
-
0.
8
0
0
4
6
4
2
9
Debt - 1 - - - - - 4 - - - 1 - - - - - 4 -

Financial Research Methods
29
repayment
9
2
6
7
.6
6
9
0
7
3
4
7
2
0.
3
7
6
1
5
5
6
5
0.
5
3
0
2
1
1
8
4
6
.8
0
6
8
6
2
0
4
0
0.
7
7
9
9
9
2
6
7
.6
6
9
0
7
3
4
7
2
0.
3
7
6
1
5
5
6
5
0.
5
3
0
2
1
1
8
4
6
.8
0
6
8
6
2
0
4
0
Commo
n stock issued
2
5
0
.5
6
2
5
1
6
-
0.
3
6
2
5
-
0.
4
5
6
5
4
6
-
0.
2
5
8
1
6
2
1
.4
8
2
5
0
.5
6
2
5
1
6
-
0.
3
6
2
5
-
0.
4
5
6
5
4
6
-
0.
2
5
8
1
6
2
Commo
n stock
repurchased
-
1
8
5
4
6
-
1
8
5
9
-
1
8
5
4
6
-
1
8
5
9
Dividen
d paid
-
3
7
1
4
-
0.
0
2
3
1
-
3
8
0
2
-
0.
0
5
-
4
0
0
2
-
0.
3
4
8
5
-
6
1
4
3
0
.0
7
7
9
1
-
5
6
9
9
0
.5
3
4
4
6
-
3
7
1
4
-
0.
0
2
3
1
-
3
8
0
2
-
0.
0
5
-
4
0
0
2
-
0.
3
4
8
5
-
6
1
4
3
0
.0
7
7
9
1
-
5
6
9
9
Other
financing
activities
-
3
4
6
6
0
.7
3
5
6
-
1
9
9
7
-
1.
6
8
6
2
9
1
1
-
1.
4
6
6
2
-
6
2
4
4
1
4.
6
8
8
4
-
3
9
8
-
0.
8
8
5
2
-
3
4
6
6
0
.7
3
5
6
-
1
9
9
7
-
1.
6
8
6
2
9
1
1
-
1.
4
6
6
2
-
6
2
4
4
1
4.
6
8
8
4
-
3
9
8
Net
cash provided
by (used for)
financing
activities
-
9
0
9
6
-
3.
4
2
3
7
3
7
5
3
-
2.
1
3
5
2
-
3
3
0
6
-
0.
9
2
0
2
-
4
1
4
5
0
1
0.
8
2
6
-
3
5
0
5
-
0.
6
1
4
7
-
9
0
9
6
-
3.
4
2
3
7
3
7
5
3
-
2.
1
3
5
2
-
3
3
0
6
-
0.
9
2
0
2
-
4
1
4
5
0
1
0.
8
2
6
-
3
5
0
5
Effect
of exchange
rate changes
-
3
1
3
-
5.
2
2
9
7
7
4
-
1.
2
4
5
-
3
0
2
1
.1
7
2
6
6
-
1
3
9
-
1.
6
8
8
1
2
0
2
-
1.
6
4
5
4
-
3
1
3
-
5.
2
2
9
7
7
4
-
1.
2
4
5
-
3
0
2
1
.1
7
2
6
6
-
1
3
9
-
1.
6
8
8
1
2
0
2
Net
change in
cash
-
3
6
0
9
-
1.
8
5
0
2
4
2
4
5
-
1.
9
5
5
-
4
4
4
5
-
2.
4
0
9
3
3
1
5
4
4
.2
1
3
2
2
6
0
5
-
1.
1
6
7
6
-
3
6
0
9
-
1.
8
5
0
2
4
2
4
5
-
1.
9
5
5
-
4
4
4
5
-
2.
4
0
9
3
3
1
5
4
4
.2
1
3
2
2
6
0
5
Cash at 1 0 8 - 1 0 9 0 8 - 1 0 8 - 1 0 9 0 8

Financial Research Methods
30
beginning of
period
2
9
1
1
.4
8
4
0
2
7
0
0
0.
3
7
0
8
3
8
2
7
.5
2
2
1
3
0
8
4
.0
8
0
7
9
4
0
5
0.
3
4
9
2
9
1
1
.4
8
4
0
2
7
0
0
0.
3
7
0
8
3
8
2
7
.5
2
2
1
3
0
8
4
.0
8
0
7
9
4
0
5
Cash at
end of period
9
3
0
2
-
0.
2
8
1
4
1
2
9
4
5
0
.3
7
9
7
7
9
3
8
2
-
0.
2
3
3
4
1
2
2
3
8
0
.3
5
8
2
7
9
0
1
0
-
0.
0
3
1
4
9
3
0
2
-
0.
2
8
1
4
1
2
9
4
5
0
.3
7
9
7
7
9
3
8
2
-
0.
2
3
3
4
1
2
2
3
8
0
.3
5
8
2
7
9
0
1
0
Free
Cash Flow
Operati
ng cash flow
1
4
2
2
3
0
.0
7
0
2
1
3
2
9
0
0
.0
0
0
4
5
1
3
2
8
4
0
.7
6
2
7
4
7
5
3
6
-
0.
4
0
5
7
1
2
6
8
1
-
0.
1
0
8
4
1
4
2
2
3
0
.0
7
0
2
1
3
2
9
0
0
.0
0
0
4
5
1
3
2
8
4
0
.7
6
2
7
4
7
5
3
6
-
0.
4
0
5
7
1
2
6
8
1
Capital
expenditure
-
8
8
6
1
-
0.
4
1
0
5
-
1
5
0
3
1
0
.2
3
7
4
2
-
1
2
1
4
7
0
.4
9
2
8
1
-
8
1
3
7
-
0.
2
1
1
5
-
1
0
3
1
9
0
.1
6
4
5
4
-
8
8
6
1
-
0.
4
1
0
5
-
1
5
0
3
1
0
.2
3
7
4
2
-
1
2
1
4
7
0
.4
9
2
8
1
-
8
1
3
7
-
0.
2
1
1
5
-
1
0
3
1
9
Free
cash flow
5
3
6
2
-
4.
0
7
9
8
-
1
7
4
1
-
2.
5
2
9
9
1
1
3
8
-
2.
8
9
6
7
-
6
0
0
-
1.
2
5
4
2
3
6
2
-
0.
5
5
9
5
5
3
6
2
-
4.
0
7
9
8
-
1
7
4
1
-
2.
5
2
9
9
1
1
3
8
-
2.
8
9
6
7
-
6
0
0
-
1.
2
5
4
2
3
6
2
VODAFONE GROUP PLC ADR (VOD) CashFlowFlag BALANCE SHEET
Fiscal
year ends in
March. EUR
in millions
except per
share data.
2
0
1
7
-
0
3
C
h
a
n
g
e
s
2
0
1
6
-
0
3
C
h
a
n
g
e
s
2
0
1
5
-
0
3
C
h
a
n
g
e
s
2
0
1
4
-
0
3
C
h
a
n
g
e
s
2
0
1
3
-
0
3
C
h
a
n
g
e
s
2
0
1
2
-
0
3
C
h
a
n
g
e
s
2
0
1
1
-
0
3
C
h
a
n
g
e
s
2
0
1
0
-
0
3
C
h
a
n
g
e
s
2
0
0
9
-
0
3
C
h
a
n
g
e
s
2
0
0
8
-
0
3
Assets
Current
assets
Cash
Cash
and cash
equivalents
8
8
3
-
0.
3
1
2
9
0
.3
7
9
4
1
-
0.
2
1
2
2
0
.3
5
9
0
3

Financial Research Methods
31
5
1
8
1
5
7
6
7
9 1
3
2
7
6
5
6
9 9
Short-
term
investments
6
1
2
0
0
.1
4
3
7
1
5
3
5
1
0
.0
1
5
1
8
5
2
7
1
-
0.
0
1
4
4
5
3
4
8
-
0.
1
5
7
6
3
4
4
Total
cash
1
4
9
5
5
-
0.
1
8
3
1
1
8
3
0
8
0
.2
4
6
9
7
1
4
6
8
2
-
0.
1
6
6
4
1
7
6
1
3
0
.1
4
4
8
9
1
5
3
8
4
1
.1
5
5
2
3
7
1
3
8
0
.1
4
1
7
1
6
2
5
2
0
.4
1
3
5
2
4
4
2
3
-
0.
0
9
3
3
4
8
7
8
1
.8
7
1
1
1
6
9
9
Receiva
bles
4
9
7
3
-
0.
1
0
8
9
5
5
8
1
0
.0
3
4
8
6
5
3
9
3
0
.2
2
8
4
7
4
3
9
0
-
0.
0
7
3
3
4
7
3
7
-
0.
5
6
0
3
1
0
7
7
4
0
.1
6
3
6
2
9
2
5
9
0
.0
5
4
0
8
8
7
8
4
0
.1
4
6
4
4
7
6
6
2
0
.1
6
9
5
9
6
5
5
1
Invento
ries
5
7
6
-
0.
1
9
5
5
7
1
6
0
.0
8
6
4
9
6
5
9
0
.2
3
4
0
8
5
3
4 0
5
3
4
0
.0
9
8
7
7
4
8
6
-
0.
0
9
5
5
3
7
0
.2
4
0
1
8
4
3
3
0
.0
5
0
9
7
4
1
2
-
0.
0
1
2
4
1
7
Prepaid
expenses
1
1
9
7
-
0.
0
9
2
5
1
3
1
9
-
0.
6
5
2
6
3
7
9
7
-
0.
1
6
5
7
4
5
5
1
-
1
3
3
4
0
.1
8
8
6
1
2
8
1 0
2
8
1
0
.4
7
1
2
1
9
1
#
D
I
V
/
0
!
Other
current assets
2
1
0
3
6
1
.1
5
4
4
4
9
7
6
4
2
.7
4
3
8
7
2
6
0
8
-
0.
0
7
9
4
2
8
3
3
-
0.
5
9
3
6
9
6
0
4
.2
6
0
7
7
1
3
2
3
0
.9
6
2
9
1
6
7
4
0
.8
1
1
8
3
3
7
2
3
.8
3
1
1
7
7
7
0
.3
5
0
8
8
5
7
Total
current assets
4
2
7
3
7
0
.1
9
7
5
5
3
5
6
8
7
0
.3
1
4
9
7
2
7
1
3
9
-
0.
0
9
2
9
2
9
9
2
0
0
.0
8
3
5
1
2
7
6
1
4
0
.3
7
6
9
1
2
0
0
5
5
0
.1
7
9
5
1
7
0
0
3
0
.1
8
9
6
1
4
2
9
3
0
.0
8
1
1
6
1
3
2
2
0
0
.5
1
5
3
6
8
7
2
4
Non-
current assets

Financial Research Methods
32
Propert
y, plant and
equipment
Gross
property,
plant and
equipment
7
0
4
7
0
-
0.
0
8
5
8
7
7
0
8
1
0
.0
2
3
0
7
7
5
3
4
3
0
.2
3
9
8
9
6
0
7
6
6
-
0.
0
1
1
6
6
1
4
8
2
Accum
ulated
Depreciation
-
4
0
2
6
6
-
0.
0
2
9
1
-
4
1
4
7
2
0
.0
6
4
3
1
-
3
8
9
6
6
0
.1
7
6
8
6
-
3
3
1
1
0
-
0.
1
1
4
1
-
3
7
3
7
3
Net
property,
plant and
equipment
3
0
2
0
4
-
0.
1
5
1
8
3
5
6
0
9
-
0.
0
2
1
1
3
6
3
7
7
0
.3
1
5
3
4
2
7
6
5
6
0
.1
4
7
1
2
2
4
1
0
9
0
.2
9
2
3
6
1
8
6
5
5
-
0.
0
7
5
6
2
0
1
8
1
-
0.
0
2
2
3
2
0
6
4
2
0
.0
7
2
3
1
1
9
2
5
0
0
.1
5
0
2
8
1
6
7
3
5
Equity
and other
investments
6
5
9
7
0
.4
5
3
0
8
4
5
4
0
-
0.
1
1
5
5
5
1
3
3
0
.1
5
6
6
4
4
3
8
-
0.
9
0
5
4
6
7
3
2
0
.3
3
1
0
9
3
5
1
0
8
-
0.
0
7
8
7
3
8
1
0
5
0
.0
4
7
5
3
6
3
7
7
0
.0
4
7
8
8
3
4
7
1
5
0
.5
3
9
8
1
2
2
5
4
5
Goodwi
ll
2
6
8
0
8
-
0.
0
7
2
3
2
8
8
9
7
-
0.
0
6
2
3
3
0
8
1
7
0
.0
9
2
1
4
2
8
2
1
7
-
0.
2
1
6
5
3
6
0
1
6
-
0.
0
6
0
9
3
8
3
5
0
-
0.
1
5
2
2
4
5
2
3
6
-
0.
1
2
7
4
5
1
8
3
8
-
0.
0
3
9
3
5
3
9
5
8
0
.0
5
1
0
8
5
1
3
3
6
Intangi
ble assets
1
9
4
1
2
-
0.
3
6
1
6
3
0
4
0
6
0
.0
6
1
2
5
2
8
6
5
1
0
.0
1
2
8
7
2
8
2
8
7
0
.0
8
3
0
5
2
6
1
1
8
0
.2
3
4
0
8
2
1
1
6
4
-
0.
0
9
2
5
2
3
3
2
2
0
.0
4
0
2
3
2
2
4
2
0
0
.0
6
8
6
4
2
0
9
8
0
0
.1
0
4
5
1
8
9
9
5
Deferre
d income
taxes
2
4
3
0
0
-
0.
1
4
3
8
2
8
3
8
1
-
0.
1
2
9
6
3
2
6
0
6
0
.3
0
7
3
8
2
4
9
4
0
6
.2
0
1
8
5
3
4
6
3
0
.7
5
7
8
7
1
9
7
0
-
0.
0
2
3
8
2
0
1
8
0
.9
5
3
5
3
1
0
3
3
0
.6
3
9
6
8
6
3
0
0
.4
4
4
9
5
4
3
6
Prepaid
pension
benefit
5
7
-
0.
7
2
2
4
-
0.
0
2
3
1
4
.5
4
2
-
0.
3
6
2
1 3
1
-
0.
6
9
7
1
.8
5
3
4
3
.2
5
8 0
.6
5

Financial Research Methods
33
4
5
5
3
0
3
2
2
6
8
0
4
2
9
4
Other
long-term
assets
4
5
6
9
-
0.
2
1
3
3
5
8
0
8
-
0.
1
2
6
9
6
6
5
2
0
.6
8
0
6
5
3
9
5
8
-
0.
2
2
4
1
5
1
0
1
-
0.
1
8
7
6
2
7
4
-
0.
1
4
9
1
7
3
7
3
-
0.
6
7
1
1
2
2
4
2
0
0
.0
6
8
6
4
2
0
9
8
0
0
.1
0
4
5
1
8
9
9
5
Total
non-current
assets
1
1
1
9
4
7
-
0.
1
6
3
7
1
3
3
8
6
5
-
0.
0
4
7
1
4
0
4
6
9
0
.1
9
5
0
9
1
1
7
5
3
8
-
0.
1
6
9
9
1
4
1
5
9
9
0
.1
6
4
9
3
1
2
1
5
5
2
-
0.
1
0
8
4
1
3
6
3
3
2
-
0.
1
1
9
1
1
5
4
7
6
4
0
.0
2
8
1
9
1
5
0
5
2
1
0
.1
6
6
4
1
2
9
0
4
7
Total
assets
1
5
4
6
8
4
-
0.
0
8
7
7
1
6
9
5
5
2
0
.0
1
1
6
1
6
7
6
0
8
0
.1
3
6
6
5
1
4
7
4
5
8
-
0.
1
2
8
6
1
6
9
2
1
4
0
.1
9
4
9
6
1
4
1
6
0
7
-
0.
0
7
6
5
1
5
3
3
3
5
-
0.
0
9
3
1
6
9
0
5
7
0
.0
3
2
4
7
1
6
3
7
4
1
0
.1
8
8
5
1
3
7
7
7
1
Liabiliti
es and
stockholders'
equity
Liabiliti
es
Current
liabilities
Short-
term debt
1
2
0
5
1
-
0.
4
0
6
8
2
0
3
1
4
0
.1
7
6
8
7
1
7
2
6
1
0
.8
4
0
9
8
9
3
7
6
-
0.
3
5
6
6
1
4
5
7
2
1
.3
2
8
5
4
6
2
5
8
-
0.
3
6
8
3
9
9
0
6
-
0.
1
1
2
6
1
1
1
6
3
0
.1
5
9
9
1
9
6
2
4
1
.1
2
3
5
7
4
5
3
2
Accoun
ts payable
-
1
7
4
4
0
0
.0
7
6
5
4
6
9
1
1
0
.2
1
2
4
6
5
7
0
0
0
.1
1
0
6
8
5
1
3
2
-
0.
6
6
3
2
1
5
2
3
6
0
.0
3
6
6
1
4
6
9
8
0
.0
4
3
7
4
1
4
0
8
2
0
.0
5
1
2
1
1
3
3
9
6
0
.1
1
9
8
8
1
1
9
6
2
Taxes
payable
6
6
1
-
0.
6
7
2
0
0
3
-
0.
0
9
9
8
2
2
2
5
-
0.
0
4
2
6
2
3
2
4
-
0.
3
8
8
1
3
7
9
8
1
.0
0
1
0
5
1
8
9
8
0
.1
7
7
4
2
1
6
1
2
-
0.
4
3
9
1
2
8
7
4
-
0.
3
6
8
6
4
5
5
2
-
0.
1
1
1
5
5
1
2
3
Accrue - 7 - 1 0 1 - 1 1 6 0 5 0 4 0 3 0 3

Financial Research Methods
34
d liabilities 1
6
3
6
0.
3
0
8
1
1
0
3
6
.0
2
4
6
0
7
7
1
0.
0
8
5
6
1
7
7
9
7.
6
0
8
2
3
3
.1
3
2
3
8
5
9
.1
2
4
7
5
9
7
.3
3
2
4
4
7
3
.0
4
7
7
5
5
6
Deferre
d revenues
-
1
1
9
7
2
Other
current
liabilities
2
9
6
7
7
8
.9
5
5
3
8
2
9
8
1
0
.4
3
2
4
8
2
0
8
1
-
0.
0
2
3
9
2
1
3
2
0
.2
2
2
4
8
1
7
4
4
Total
current
liabilities
4
2
3
8
9
0
.0
0
1
0
2
4
2
3
4
6
0
.0
7
1
6
7
3
9
5
1
4
0
.3
0
3
9
2
3
0
3
0
4
-
0.
1
8
1
5
3
7
0
2
6
0
.5
4
1
1
4
2
4
0
2
5
-
0.
1
0
2
7
2
6
7
7
5
-
0.
0
6
4
3
2
8
6
1
6
0
.0
2
4
0
1
2
7
9
4
5
0
.2
7
1
7
9
2
1
9
7
3
Non-
current
liabilities
Long-
term debt
3
4
5
2
3
-
0.
0
7
1
7
3
7
1
8
8
0
.2
1
2
2
3
0
6
7
8
0
.1
8
1
5
1
2
5
9
6
5
-
0.
2
4
7
8
3
4
5
1
7
0
.2
1
7
0
2
2
8
3
6
2
-
0.
0
0
0
5
2
8
3
7
5
0
.0
0
0
4
6
2
8
3
6
2
-
0.
1
0
6
7
3
1
7
4
9
0
.4
0
0
9
8
2
2
6
6
2
Deferre
d taxes
liabilities
5
3
5
-
0.
0
5
4
8
5
6
6
-
0.
3
0
4
7
8
1
4
-
0.
0
9
9
6
9
0
4
-
0.
8
8
6
2
7
9
4
3
0
.2
0
4
0
3
6
5
9
7
0
.0
1
7
1
1
6
4
8
6
-
0.
1
2
0
8
7
3
7
7
0
.1
1
0
6
6
6
6
4
2
0
.3
0
0
0
6
5
1
0
9
Accrue
d liabilities
1
5
4
-
0.
1
5
8
5
1
8
3
-
0.
5
2
8
4
3
8
8
-
0.
2
9
7
1
5
5
2
0
.4
4
8
8
2
3
8
1
0
.5
2
4
2
5
0
-
0.
2
8
5
7
3
5
0
#
D
I
V
/
0
!
-
1
2
4
0
1
.3
0
7
6
9
1
0
4
Deferre
d revenues
2
0
4
0
.2
3
6
3
1
6
5
-
1
3
2
9
8
#
D
I
V
/
#
D
I
V
/
#
D
I
V
/
#
D
I
V
/

Financial Research Methods
35
6
0
!
0
!
0
!
0
!
Pension
s and other
benefits
6
5
1
0
.1
4
8
1
5
5
6
7
-
0.
2
6
8
4
7
7
5
0
.0
9
6
1
8
7
0
7
-
0.
0
5
2
3
7
4
6
0
.5
5
7
4
1
4
7
9
-
0.
0
0
6
2
4
8
2
1
.0
3
3
7
6
2
3
7
-
0.
5
5
5
3
5
3
3
0
.7
4
1
8
3
3
0
6
Minorit
y interest
1
5
1
9
-
0.
1
6
3
5
1
8
1
6
-
0.
1
6
3
5
2
1
7
1
0
.8
3
2
0
7
1
1
8
5
-
0.
0
1
1
7
1
1
9
9
2
.5
5
7
8
6
3
3
7
2
.8
7
3
5
6
8
7
-
0.
8
2
4
9
4
9
7
#
D
I
V
/
0
!
#
D
I
V
/
0
!
Other
long-term
liabilities
2
5
0
9
-
0.
2
1
0
8
3
1
7
9
0
.1
2
7
3
2
8
2
0
0
.3
0
9
8
2
1
5
3
-
0.
1
8
5
7
2
6
4
4
0
.9
9
6
9
8
1
3
2
4
0
.6
4
6
7
7
8
0
4
-
0.
0
1
4
7
8
1
6
0
.0
0
6
1
7
8
1
1
0
.2
5
7
3
6
6
4
5
Total
non-current
liabilities
4
0
0
9
5
-
0.
0
8
1
7
4
3
6
6
2
0
.1
5
9
8
3
7
6
4
6
0
.1
9
6
4
3
1
4
6
6
-
0.
3
3
6
6
4
7
4
2
9
0
.1
6
6
8
5
4
0
6
4
7
0
.1
1
1
0
6
3
6
5
8
4
-
0.
0
1
8
9
3
7
2
8
9
-
0.
0
6
7
2
3
9
9
7
5
0
.3
8
6
7
7
2
8
8
2
6
Total
liabilities
8
2
4
8
4
-
0.
0
4
1
8
6
0
0
8
0
.1
1
4
6
6
7
7
1
6
1
0
.2
4
9
1
9
6
1
7
6
9
-
0.
2
6
8
6
8
4
4
5
5
0
.3
0
5
9
6
4
6
7
2
0
.0
2
0
7
2
6
3
3
5
9
-
0.
0
3
8
6
6
5
9
0
5
-
0.
0
2
9
7
6
7
9
2
0
0
.3
3
7
0
3
5
0
7
9
9
Stockho
lders' equity
Commo
n stock
4
7
9
6
-
0.
0
0
2
5
4
8
0
8
-
0.
0
7
2
7
5
1
8
5
0
.1
2
9
8
8
4
5
8
9
#
D
I
V
/
0
!
-
1
3
8
6
6
-
0.
0
5
2
9
4
0
8
2
-
0.
0
1
7
1
4
1
5
3 0
4
1
5
3
-
0.
0
0
6
9
4
1
8
2
Additio
nal paid-in
capital
1
5
1
8
0
8
-
0.
0
0
1
7
1
5
2
0
6
9
-
0.
0
4
9
9
1
6
0
0
6
2
0
.1
3
0
6
4
1
4
1
5
6
8
-
0.
2
2
6
2
1
8
2
9
4
7
0
.1
8
7
0
2
1
5
4
1
2
3
0
.0
0
2
3
6
1
5
3
7
6
0
0
.0
0
1
6
4
1
5
3
5
0
9
2
.5
6
9
3
1
4
3
0
0
8
0
.0
0
1
7
2
4
2
9
3
4

Financial Research Methods
36
Retaine
d earnings
-
1
0
5
8
5
1
0
.4
7
4
6
4
-
7
1
7
8
1
0
.0
6
1
1
1
-
6
7
6
4
7
0
.0
8
6
8
6
-
6
2
2
4
1
-
0.
4
0
8
8
-
1
0
5
2
8
3
0
.2
5
0
6
3
-
8
4
1
8
4
0
.0
8
3
9
9
-
7
7
6
6
1
-
0.
0
2
5
-
7
9
6
5
5
-
0.
0
4
9
7
-
8
3
8
2
0
0
.0
2
2
4
4
-
8
1
9
8
0
Treasur
y stock
-
8
6
1
0
-
0.
0
2
1
6
-
8
8
0
0
-
0.
0
8
6
5
-
9
6
3
3
0
.1
0
7
5
-
8
6
9
8
-
0.
1
8
7
6
-
1
0
7
0
7
0
.3
6
5
5
1
-
7
8
4
1
-
0.
0
4
0
4
-
8
1
7
1
0
.0
4
6
2
2
-
7
8
1
0
-
0.
0
2
8
1
-
8
0
3
6
0
.0
2
2
9
1
-
7
8
5
6
Accum
ulated other
comprehensiv
e income
3
0
0
5
7
3
.1
4
6
9
4
7
2
4
8
1
.9
2
0
2
3
2
4
8
2
-
0.
7
6
3
1
0
4
7
1
-
0.
4
1
1
8
1
7
8
0
1
0
.6
2
2
5
5
1
0
9
7
1
-
0.
2
9
4
2
1
5
5
4
5
-
0.
2
2
9
8
2
0
1
8
4
-
0.
8
4
5
8
1
3
0
8
5
7
0
.0
8
3
5
9
1
2
0
7
6
3
Total
stockholders'
equity
7
2
2
0
0
-
0.
1
3
5
8
8
3
5
4
4
-
0.
0
7
6
3
9
0
4
4
8
0
.0
5
5
5
4
8
5
6
8
9
0
.0
1
0
9
7
8
4
7
5
9
0
.1
0
1
7
7
6
9
3
5
-
0.
1
2
1
3
8
7
5
5
5
-
0.
0
3
1
3
9
0
3
8
1
0
.0
4
8
9
7
8
6
1
6
2
0
.1
0
4
0
3
7
8
0
4
3
Total
liabilities and
stockholders'
equity
1
5
4
6
8
4
-
0.
0
8
7
7
1
6
9
5
5
2
0
.0
1
1
6
1
6
7
6
0
8
0
.1
3
6
6
5
1
4
7
4
5
8
-
0.
1
2
8
6
1
6
9
2
1
4
0
.1
9
4
9
6
1
4
1
6
0
7
-
0.
0
6
1
7
1
5
0
9
1
4
-
0.
0
3
4
4
1
5
6
2
8
6
0
.0
1
4
3
1
5
4
0
8
2
0
.1
9
5
9
1
2
8
8
4
2
VODAFONE GROUP PLC ADR (VOD) CashFlowFlag INCOME STATEMENT
Fiscal
year ends in
March. EUR
in millions
except per
share data.
2
0
1
7
-
0
3
C
h
a
n
g
e
s
2
0
1
6
-
0
3
C
h
a
n
g
e
s
2
0
1
5
-
0
3
C
h
a
n
g
e
s
2
0
1
4
-
0
3
C
h
a
n
g
e
s
2
0
1
3
-
0
3
C
h
a
n
g
e
s
2
0
1
2
-
0
3
C
h
a
n
g
e
s
2
0
1
1
-
0
3
C
h
a
n
g
e
s
2
0
1
0
-
0
3
C
h
a
n
g
e
s
2
0
0
9
-
0
3
C
h
a
n
g
e
s
2
0
0
8
-
0
3
Revenu
e
4
7
6
3
1
-
0.
0
8
3
2
5
1
9
5
5
-
0.
1
0
0
2
5
7
7
4
2
0
.2
4
4
2
4
6
4
0
9
-
0.
1
1
9
4
5
2
7
0
4
0
.1
3
5
4
5
4
6
4
1
7
0
.0
1
1
6
2
4
5
8
8
4
0
.0
3
1
7
5
4
4
4
7
2
0
.0
8
4
2
3
4
1
0
1
7
0
.1
5
6
1
2
3
5
4
7
8
Cost of 3 - 3 - 4 0 3 - 3 0 3 0 3 0 2 0 2 0 2

Financial Research Methods
37
revenue
4
5
7
6
0.
1
0
4
1
8
5
9
3
0.
0
8
6
1
2
2
2
9
.2
4
8
7
5
3
8
1
7
0.
0
6
5
1
6
1
7
3
.1
4
6
6
7
1
5
4
6
.0
2
3
7
6
0
8
1
4
.0
4
6
7
1
9
4
3
9
.1
3
9
1
9
5
8
4
2
.1
8
0
5
4
1
8
9
0
Gross
profit
1
3
0
5
5
-
0.
0
2
3
1
3
3
6
3
-
0.
1
3
8
6
1
5
5
1
3
0
.2
3
1
9
7
1
2
5
9
2
-
0.
2
3
8
2
1
6
5
3
0
0
.1
1
1
5
6
1
4
8
7
1
-
0.
0
1
3
2
1
5
0
7
0
0
.0
0
2
4
6
1
5
0
3
3
-
0.
0
0
9
4
1
5
1
7
5
0
.1
1
6
7
9
1
3
5
8
8
Operati
ng expenses
Sales,
General and
administrativ
e
1
0
4
2
9
-
0.
0
5
2
5
1
1
0
0
7
-
0.
1
2
5
2
1
2
5
8
2
0
.4
2
8
4
7
8
8
0
8
-
0.
1
2
1
7
1
0
0
2
8
-
4.
1
0
7
5
-
3
2
2
7
0
.0
5
2
1
7
-
3
0
6
7
0
.0
2
8
8
5
-
2
9
8
1
0
.0
8
8
7
5
-
2
7
3
8
0
.0
9
0
4
-
2
5
1
1
Other
operating
expenses
-
1
0
9
9
-
2.
8
0
1
6
6
1
0
1
.5
2
0
6
6
2
4
2
-
0.
9
7
1
6
8
5
1
9
8
.5
1
8
4
4
8
9
5
-
2.
9
5
8
4
-
4
5
7
-
4
5
7
-
4
5
7
Total
operating
expenses
9
3
3
0
-
0.
1
9
6
8
1
1
6
1
6
-
0.
0
9
4
2
1
2
8
2
4
-
0.
2
5
9
9
1
7
3
2
7
0
.5
8
6
1
4
1
0
9
2
4
-
3.
9
6
5
3
-
3
6
8
4
0
.0
4
5
4
-
3
5
2
4
0
.0
2
5
0
1
-
3
4
3
8
Operati
ng income
3
7
2
5
1
.1
3
3
4
5
1
7
4
6
-
0.
3
5
0
9
2
6
9
0
-
1.
5
6
8
-
4
7
3
6
-
1.
8
4
4
7
5
6
0
7
-
0.
4
9
8
8
1
1
1
8
7
0
.9
9
9
1
1
5
5
9
6
-
0.
4
0
9
7
9
4
8
0
0
.6
1
8
5
8
5
8
5
7
-
0.
4
1
7
1
0
0
4
7
Interest
Expense
1
8
3
2
-
0.
1
0
1
1
2
0
3
8
-
0.
1
5
5
1
2
4
1
2
2
.5
7
8
6
4
6
7
4
-
0.
6
6
2
5
1
9
9
7
-
0.
2
1
5
6
2
5
4
6
0
.5
6
3
8
8
1
6
2
8
2
8.
0
7
1
4
5
6
-
0.
9
4
9
5
1
1
0
9
-
0.
5
0
6
2
2
4
5
Other
income
(expense)
8
9
9
-
4.
2
3
3
-
2
7
8
-
1.
2
2
7
1
2
2
0
-
2.
2
6
0
-
9
6
8
-
4.
8
7
2
2
5
0
-
0.
7
9
7
1
2
3
4
-
0.
8
5
5
8
5
4
6
0
.1
2
9
8
7
5
6
4

Financial Research Methods
38
8 9 3 4 6 3
Income
before taxes
2
7
9
2
-
5.
9
0
6
9
-
5
6
9
-
1.
3
8
0
1
1
4
9
7
-
1.
2
3
4
7
-
6
3
7
8
-
2.
6
5
2
3
3
8
6
0
-
0.
5
9
5
8
9
5
4
9
0
.0
0
5
3
7
9
4
9
8
0
.0
9
5
8
6
7
4
1
.0
7
0
6
6
4
1
8
9
-
0.
5
3
4
6
9
0
0
1
Provisi
on for income
taxes
4
7
6
4
0
.1
1
5
1
7
4
2
7
2
-
1.
6
5
5
6
-
6
5
1
6
-
0.
6
7
5
3
-
2
0
0
6
9
-
7.
5
5
4
2
3
0
6
2
0
.2
0
2
6
7
2
5
4
6
0
.5
6
3
8
8
1
6
2
8
2
8.
0
7
1
4
5
6
-
0.
9
4
9
5
1
1
0
9
-
0.
5
0
6
2
2
4
5
Other
income 0
Net
income from
continuing
operations
-
1
9
7
2
-
0.
5
9
2
6
-
4
8
4
1
-
1.
6
0
4
1
8
0
1
3
-
0.
4
1
4
7
1
3
6
9
0
1
6.
1
5
5
4
7
9
8
-
0.
8
8
6
7
0
0
3
-
0.
0
0
9
5
7
0
7
0
-
0.
1
7
9
6
8
6
1
8
1
.7
9
8
0
5
3
0
8
0
-
0.
5
4
4
1
6
7
5
6
Net
income from
discontinuing
ops
-
4
1
0
7
7
8
5
8
2
2
3
Other
-
2
1
8
-
0.
1
6
4
8
-
2
6
1
0
.2
2
5
3
5
-
2
1
3
0
.0
5
9
7
-
2
0
1
-
0.
3
0
4
5
-
2
8
9
Net
income
-
6
2
9
7
0
.2
3
3
9
8
-
5
1
0
3
-
1.
6
4
7
8
7
8
7
8
-
0.
8
9
0
1
7
1
7
1
3
1
3
9.
8
9
5
0
9
-
0.
9
2
7
3
7
0
0
3
-
0.
0
0
9
5
7
0
7
0
-
0.
1
7
9
6
8
6
1
8
1
.7
9
8
0
5
3
0
8
0
-
0.
5
4
4
1
6
7
5
6
Net
income
available to
common
shareholders
-
6
2
9
7
0
.2
3
3
9
8
-
5
1
0
3
-
1.
6
4
7
8
7
8
7
8
-
0.
8
9
0
1
7
1
7
1
3
1
3
9.
8
9
5
0
9
-
0.
9
2
7
3
7
0
0
3
-
0.
0
0
9
5
7
0
7
0
-
0.
1
7
9
6
8
6
1
8
1
.7
9
8
0
5
3
0
8
0
-
0.
5
4
4
1
6
7
5
6
Earning
s per share
Basic -
2
-
1
2
.
2
7
0
.
1
3
1
5
1
6
5
.
1
2

Financial Research Methods
39
.
2
5
.
9
1
9
7
.
0
9
1
9
.
7
4
.
2
.
4
4
8
4
.
5
6
Diluted
-
2
.
2
5
-
1
.
9
1
2
.
9
6
2
6
.
8
8
0
.
1
9
1
3
.
6
5
1
5
.
1
1
1
6
.
3
6
5
.
8
1
1
2
.
5
Weight
ed average
shares
outstanding
Basic
2
7
9
7
2
6
6
9
2
6
4
9
2
6
4
7
2
6
8
3
2
7
9
7
2
6
6
9
2
6
4
9
2
6
4
7
2
6
8
3
Diluted
2
7
9
7
2
6
6
9
2
6
6
3
2
6
6
8
2
6
9
6
2
7
9
7
2
6
6
9
2
6
6
3
2
6
6
8
2
6
9
6
EBITD
A
1
5
7
1
0
1
3
5
1
2
1
6
9
8
9
3
4
4
6
1
4
9
8
8
1
5
7
1
0
1
3
5
1
2
1
6
9
8
9
3
4
4
6
1
4
9
8
8
VODAFONE GROUP PLC ADR (VOD) CashFlowFlag INCOME STATEMENT
Fiscal year ends in
March. EUR in millions
except per share data.
2
017
-03
2
016
-03
2
015
-03
2
014
-03
2
013
-03
2
012
-03
2
011
-03
2
010
-03
2
009
-03
2
008
-03
Revenue
4
763
1
5
195
5
5
774
2
4
640
9
5
270
4
4
641
7
4
588
4
4
447
2
4
101
7
3
547
8
Cost of revenue
3
457
6
3
859
3
4
222
9
3
381
7
3
617
3
3
154
6
3
081
4
2
943
9
2
584
2
2
189
0
Gross profit
1
305
5
1
336
3
1
551
3
1
259
2
1
653
0
1
487
1
1
507
0
1
503
3
1
517
5
1
358
8
Operating expenses
Sales, General and
administrative
1
042
9
1
100
7
1
258
2
8
808
1
002
8
-
322
7
-
306
7
-
298
1
-
273
8
-
251
1
Other operating
expenses
-
109
9
6
10
2
42
8
519
8
95
-
457
-
457
-
457
Total operating 9 1 1 1 1 - - -

Financial Research Methods
40
expenses 330
161
6
282
4
732
7
092
4
368
4
352
4
343
8
Operating income
3
725
1
746
2
690
-
473
6
5
607
1
118
7
5
596
9
480
5
857
1
004
7
Interest Expense
1
832
2
038
2
412
6
74
1
997
2
546
1
628
5
6
1
109
2
245
Other income (expense)
8
99
-
278
1
220
-
968
2
50
1
234
8
546
7
564
Income before taxes
2
792
-
569
1
497
-
637
8
3
860
9
549
9
498
8
674
4
189
9
001
Provision for income
taxes
4
764
4
272
-
651
6
-
200
69
3
062
2
546
1
628
5
6
1
109
2
245
Other income 0
Net income from
continuing operations
-
197
2
-
484
1
8
013
1
369
0
7
98
7
003
7
070
8
618
3
080
6
756
Net income from
discontinuing ops
-
410
7
7
8
5
822
3
Other
-
218
-
261
-
213
-
201
-
289
Net income
-
629
7
-
510
3
7
878
7
171
3
5
09
7
003
7
070
8
618
3
080
6
756
Net income available to
common shareholders
-
629
7
-
510
3
7
878
7
171
3
5
09
7
003
7
070
8
618
3
080
6
756
Earnings per share
Basic
-
2.2
5
-
1.9
1
2
.97
2
7.0
9
0
.19
1
3.7
4
1
5.2
1
6.4
4
5
.84
1
2.5
6
Diluted
-
2.2
5
-
1.9
1
2
.96
2
6.8
8
0
.19
1
3.6
5
1
5.1
1
1
6.3
6
5
.81
1
2.5
Weighted average
shares outstanding
Basic
2
797
2
669
2
649
2
647
2
683
2
797
2
669
2
649
2
647
2
683
Diluted
2
797
2
669
2
663
2
668
2
696
2
797
2
669
2
663
2
668
2
696
EBITDA
1
571
0
1
351
2
1
698
9
3
446
1
498
8
1
571
0
1
351
2
1
698
9
3
446
1
498
8

Financial Research Methods
41
VODAFONE GROUP PLC ADR (VOD) CashFlowFlag BALANCE SHEET
Fiscal year ends in
March. EUR in millions
except per share data.
2
017
-03
2
016
-03
2
015
-03
2
014
-03
2
013
-03
2
012
-03
2
011
-03
2
010
-03
2
009
-03
2
008
-03
Assets
Current assets
Cash
Cash and cash
equivalents
8
835
1
295
7
9
411
1
226
5
9
039
Short-term investments
6
120
5
351
5
271
5
348
6
344
Total cash
1
495
5
1
830
8
1
468
2
1
761
3
1
538
4
7
138
6
252
4
423
4
878
1
699
Receivables
4
973
5
581
5
393
4
390
4
737
1
077
4
9
259
8
784
7
662
6
551
Inventories
5
76
7
16
6
59
5
34
5
34
4
86
5
37
4
33
4
12
4
17
Prepaid expenses
1
197
1
319
3
797
4
551
3
34
2
81
2
81
1
91
Other current assets
2
103
6
9
764
2
608
2
833
6
960
1
323
6
74
3
72
7
7
5
7
Total current assets
4
273
7
3
568
7
2
713
9
2
992
0
2
761
4
2
005
5
1
700
3
1
429
3
1
322
0
8
724
Non-current assets
Property, plant and
equipment
Gross property, plant
and equipment
7
047
0
7
708
1
7
534
3
6
076
6
6
148
2
Accumulated
Depreciation
-
402
66
-
414
72
-
389
66
-
331
10
-
373
73
Net property, plant and
equipment
3
020
4
3
560
9
3
637
7
2
765
6
2
410
9
1
865
5
2
018
1
2
064
2
1
925
0
1
673
5
Equity and other
investments
6
597
4
540
5
133
4
438
4
673
2
3
510
8
3
810
5
3
637
7
3
471
5
2
254
5
Goodwill
2
680
8
2
889
7
3
081
7
2
821
7
3
601
6
3
835
0
4
523
6
5
183
8
5
395
8
5
133
6
Intangible assets 1
941
3
040
2
865
2
828
2
611
2
116
2
332
2
242
2
098
1
899

Financial Research Methods
42
2 6 1 7 8 4 2 0 0 5
Deferred income taxes
2
430
0
2
838
1
3
260
6
2
494
0
3
463
1
970
2
018
1
033
6
30
4
36
Prepaid pension benefit
5
7
2
24
2
31
4
2
6
2
3
1
9
7
3
4 8 5
Other long-term assets
4
569
5
808
6
652
3
958
5
101
6
274
7
373
2
242
0
2
098
0
1
899
5
Total non-current assets
1
119
47
1
338
65
1
404
69
1
175
38
1
415
99
1
215
52
1
363
32
1
547
64
1
505
21
1
290
47
Total assets
1
546
84
1
695
52
1
676
08
1
474
58
1
692
14
1
416
07
1
533
35
1
690
57
1
637
41
1
377
71
Liabilities and
stockholders' equity
Liabilities
Current liabilities
Short-term debt
1
205
1
2
031
4
1
726
1
9
376
1
457
2
6
258
9
906
1
116
3
9
624
4
532
Accounts payable
7
440
6
911
5
700
5
132
1
523
6
1
469
8
1
408
2
1
339
6
1
196
2
Taxes payable
6
61
2
003
2
225
2
324
3
798
1
898
1
612
2
874
4
552
5
123
Accrued liabilities
7
636
1
103
6
1
077
1
1
177
9
6
33
5
59
4
97
3
73
3
56
Deferred revenues
1
972
Other current liabilities
2
967
7
2
981
2
081
2
132
1
744
Total current liabilities
4
238
9
4
234
6
3
951
4
3
030
4
3
702
6
2
402
5
2
677
5
2
861
6
2
794
5
2
197
3
Non-current liabilities
Long-term debt
3
452
3
3
718
8
3
067
8
2
596
5
3
451
7
2
836
2
2
837
5
2
836
2
3
174
9
2
266
2
Deferred taxes liabilities
5
35
5
66
8
14
9
04
7
943
6
597
6
486
7
377
6
642
5
109
Accrued liabilities
1
54
1
83
3
88
5
52
3
81
2
50
3
50
2
40
1
04
Deferred revenues
2
04
1
65
3
298

Financial Research Methods
43
Pensions and other
benefits
6
51
5
67
7
75
7
07
7
46
4
79
4
82
2
37
5
33
3
06
Minority interest
1
519
1
816
2
171
1
185
1
199
3
37
8
7
4
97
Other long-term
liabilities
2
509
3
179
2
820
2
153
2
644
1
324
8
04
8
16
8
11
6
45
Total non-current
liabilities
4
009
5
4
366
2
3
764
6
3
146
6
4
742
9
4
064
7
3
658
4
3
728
9
3
997
5
2
882
6
Total liabilities
8
248
4
8
600
8
7
716
1
6
176
9
8
445
5
6
467
2
6
335
9
6
590
5
6
792
0
5
079
9
Stockholders' equity
Common stock
4
796
4
808
5
185
4
589
3
866
4
082
4
153
4
153
4
182
Additional paid-in
capital
1
518
08
1
520
69
1
600
62
1
415
68
1
829
47
1
541
23
1
537
60
1
535
09
4
300
8
4
293
4
Retained earnings
-
105
851
-
717
81
-
676
47
-
622
41
-
105
283
-
841
84
-
776
61
-
796
55
-
838
20
-
819
80
Treasury stock
-
861
0
-
880
0
-
963
3
-
869
8
-
107
07
-
784
1
-
817
1
-
781
0
-
803
6
-
785
6
Accumulated other
comprehensive income
3
005
7
7
248
2
482
1
047
1
1
780
1
1
097
1
1
554
5
2
018
4
1
308
57
1
207
63
Total stockholders'
equity
7
220
0
8
354
4
9
044
8
8
568
9
8
475
9
7
693
5
8
755
5
9
038
1
8
616
2
7
804
3
Total liabilities and
stockholders' equity
1
546
84
1
695
52
1
676
08
1
474
58
1
692
14
1
416
07
1
509
14
1
562
86
1
540
82
1
288
42
VODAFONE GROUP PLC ADR (VOD) Statement of CASH FLOW
Fiscal year ends in
March. EUR in millions
except per share data.
2
017
-03
2
016
-03
2
015
-03
2
014
-03
2
013
-03
2
012
-03
2
011
-03
2
010
-03
2
009
-03
2
008
-03
Cash Flows From
Operating Activities
Net income
-
607
9
-
484
1
8
091
7
191
4
7
98
-
607
9
-
484
1
8
091
7
191
4
7
98
Depreciation &
amortization
1
108
6
1
204
4
1
307
9
9
150
9
131
1
108
6
1
204
4
1
307
9
9
150
9
131
Investment/asset 5 7 9 5 7 9

Financial Research Methods
44
impairment charges 71 988 131 71 988 131
Investments losses
(gains)
-
474
-
380
-
120
7
-
419
-
362
-
474
-
380
-
120
7
-
419
-
362
Deferred income taxes
-
180
00
3
062
-
180
00
3
062
(Gain) Loss from
discontinued operations
4
107
-
78
4
107
-
78
Stock based
compensation
9
5
1
48
1
20
1
11
1
59
9
5
1
48
1
20
1
11
1
59
Inventory
1
17
-
124
-
100 5
8
5
1
17
-
124
-
100 5
8
5
Other working capital
-
165
-
222
-
188
2
1
667
2
92
-
165
-
222
-
188
2
1
667
2
92
Other non-cash items
5
536
6
095
-
473
9
-
648
78
-
961
5
5
536
6
095
-
473
9
-
648
78
-
961
5
Net cash provided by
operating activities
1
422
3
1
329
0
1
328
4
7
536
1
268
1
1
422
3
1
329
0
1
328
4
7
536
1
268
1
Cash Flows From
Investing Activities
Investments in property,
plant, and equipment
-
628
5
-
866
8
-
898
1
-
532
0
-
553
3
-
628
5
-
866
8
-
898
1
-
532
0
-
553
3
Property, plant, and
equipment reductions
4
3
1
78
2
43
9
6
1
81
4
3
1
78
2
43
9
6
1
81
Acquisitions, net
4
77
-
57
-
430
9
3
706
9
-
169
8
4
77
-
57
-
430
9
3
706
9
-
169
8
Purchases of
investments
-
221
9
-
98
-
283
-
259
-
503
9
-
221
9
-
98
-
283
-
259
-
503
9
Sales/Maturities of
investments
3
597
1
721
1
229
1
795
1
806
3
597
1
721
1
229
1
795
1
806
Purchases of intangibles
-
257
6
-
636
3
-
316
6
-
281
6
-
478
6
-
257
6
-
636
3
-
316
6
-
281
6
-
478
6
Other investing
activities
-
146
0
4
16
1
145
6
643
6
295
-
146
0
4
16
1
145
6
643
6
295
Net cash used for
investing activities
-
842
3
-
128
72
-
141
21
3
720
7
-
877
3
-
842
3
-
128
72
-
141
21
3
720
7
-
877
3
Cash Flows From
Financing Activities

Financial Research Methods
45
Debt issued
7
326
1
300
7
3
326
1
283
6
429
7
326
1
300
7
3
326
1
283
6
429
Debt repayment
-
926
7
-
347
2
-
556
5
-
118
46
-
204
0
-
926
7
-
347
2
-
556
5
-
118
46
-
204
0
Common stock issued
2
5
1
6
2
5
4
6
6
2
2
5
1
6
2
5
4
6
6
2
Common stock
repurchased
-
185
46
-
185
9
-
185
46
-
185
9
Dividend paid
-
371
4
-
380
2
-
400
2
-
614
3
-
569
9
-
371
4
-
380
2
-
400
2
-
614
3
-
569
9
Other financing
activities
-
346
6
-
199
7
2
911
-
624
4
-
398
-
346
6
-
199
7
2
911
-
624
4
-
398
Net cash provided by
(used for) financing activities
-
909
6
3
753
-
330
6
-
414
50
-
350
5
-
909
6
3
753
-
330
6
-
414
50
-
350
5
Effect of exchange rate
changes
-
313
7
4
-
302
-
139
2
02
-
313
7
4
-
302
-
139
2
02
Net change in cash
-
360
9
4
245
-
444
5
3
154
6
05
-
360
9
4
245
-
444
5
3
154
6
05
Cash at beginning of
period
1
291
1
8
700
1
382
7
9
084
8
405
1
291
1
8
700
1
382
7
9
084
8
405
Cash at end of period
9
302
1
294
5
9
382
1
223
8
9
010
9
302
1
294
5
9
382
1
223
8
9
010
Free Cash Flow
Operating cash flow
1
422
3
1
329
0
1
328
4
7
536
1
268
1
1
422
3
1
329
0
1
328
4
7
536
1
268
1
Capital expenditure
-
886
1
-
150
31
-
121
47
-
813
7
-
103
19
-
886
1
-
150
31
-
121
47
-
813
7
-
103
19
Free cash flow
5
362
-
174
1
1
138
-
600
2
362
5
362
-
174
1
1
138
-
600
2
362
Profitability
Ratios
2017-
03
2016
-03
2015-
03
2014-
03
2013-
03
201
2-
03
201
1-
03
201
0-
03
200
9-
03
Return
on
ROCE =
[PBIT/(
0.033
1715
0.013
7258
0.021
0002
-
0.040
0.042
4168
0.0
951
0.0
450
0.0
742
0.0
464
0.0
940

Financial Research Methods
46
Capital
Emplo
yed
Non-
current
Liabilitie
s +
Equity)]
x 100% 6 4251 6 4 8 5 3 1
Gross
Profit
Margi
n
[Gross
Profit/Sa
les] x
100%
0.274
0862
0.257
2033
0.268
6606
0.271
3266
8
0.313
6384
3
0.3
203
8
0.3
284
4
0.3
380
3
0.3
699
7
0.3
83
Operat
ing
Profit
Margi
n
[PBIT/
Sales] x
100%
0.078
2053
7
0.033
606
0.046
5865
-
0.102
0492
0.106
3866
1
0.2
410
1
0.1
219
6
0.2
131
7
0.1
427
9
0.2
831
9
Net
Profit
Margi
n
[Net
Profit/Sa
les] x
100%
-
0.132
2038
-
0.098
2196
0.136
4345
1.545
2390
7
0.009
6577
1
0.1
508
7
0.1
540
8
0.1
937
8
0.0
750
9
0.1
904
3
Liquidity Ratios
Curren
t Ratio
Current
Assets/C
urrent
Liabilitie
s
1.008
2096
8
0.842
7478
0.686
8199
0.987
3284
1
0.745
8002
5
0.8
347
6
0.6
350
3
0.4
994
8
0.4
730
7
0.3
970
3
Quick
Ratio
(Current
Assets -
inventor
y)/Curre
nt
Liabilitie
s
0.994
6212
5
0.825
8395
0.670
1422
0.969
7069
7
0.731
3779
5
0.8
145
3
0.6
149
8
0.4
843
4
0.4
583
3
0.3
780
5
Gearing Ratios
Debt
to
Equity
(gearin
g)
Total
Debt/Tot
al Equity
0.478
1578
9
0.445
1307
0.339
1783
0.303
0143
9
0.407
2369
9
0.3
686
5
0.3
240
8
0.3
138
0.3
684
8
0.2
903
8
Debt
Ratio
Total
debt/Tot
al Assets
0.223
1840
4
0.219
3309
0.183
0342
0.176
0840
4
0.203
9843
0.2
002
9
0.1
850
5
0.1
677
7
0.1
939
0.1
644
9
Interes
t
Cover
PBIT/
interest
2.033
2969
4
0.856
7223
1.115
257
-
7.026
7062
2.807
7115
7
4.3
939
5
3.4
373
5
169
.28
6
5.2
813
3
4.4
752
8
Efficiency Ratios
Invent
ory
Cost of
sales/clo 60.02
7777
53.90
0838
64.08
0425
63.32
7715
67.73
9700
64.
909
57.
381
67.
988
62.
723
52.
494

Financial Research Methods
47
Turno
ver
sing
inventor
y 8 4 4 5 8 5 3
Invent
ory
days
[Inventor
y/cost of
sales] x
365 days
6.080
5182
8
6.771
6943
5.695
9672
5.763
6691
6
5.388
2730
2
5.6
232
2
6.3
609
1
5.3
685
6
5.8
192
1
6.9
531
7
Receiv
able
days
[Trade
Receivab
les/Sales
] x 365
days
38.10
8479
8
39.20
8257
34.09
035
34.52
6708
2
32.80
5954
84.
721
3
73.
653
9
72.
093
9
68.
182
2
67.
397
1
Payabl
e Days
[Trade
Payables
/Cost of
Sales] x
365 days 0
70.36
5092
59.73
4187
61.52
2311
3
51.78
3927
2
176
.28
7
174
.10
2
174
.59
6
189
.20
9
199
.45
8
Investment
Ratios
Earnin
gs per
share
Net
Profit/O
utstandin
g shares
-
13.12
9691
-
10.61
3561
15.19
3828
156.2
7151
9
110.5
2
18.
114
3
17.
319
9
20.
751
3
7.4
163
3
16.
154
9
Price/
Earnin
gs
ratio
Market
price of
share/EP
S
-
95.82
2222
Divide
nd
Yield
[Dividen
d per
share/ma
rket
price of
a share]
x 100%
0.106
6790
4