Financial Analysis and Management of Vodafone Plc

This report provides a detailed analysis of the financial performance of Vodafone Plc, including ratio analysis, challenges faced by the company, and recommendations for improvement. The report also includes a PEST analysis to shed light on external factors affecting the company. The challenges faced by Vodafone include increasing market share in Asian markets and network security. The report recommends that Vodafone invest in advanced security measures to protect its network and customer data.

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Financial analysis and Management

Vodafone Plc
Executive Summary
Financial performance of a business can be ascertained and projected with the help of ratios
and financial statements evaluation. There are many factors that contribute to the benefit of a
business and such factors determine whether the business will taste success or not. In this
report, Vodafone Plc is selected for the purpose of study and the report will stress upon
various factors like performance of the company, ratios computation, challenges faced by the
company, etc. To ensure a balanced study, PEST analysis has been done that sheds light on
the challenges and other factors from the external environment.
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Contents
Introduction...........................................................................................................................................4
Vodafone business overview.................................................................................................................4
Ratio analysis........................................................................................................................................5
 Advantages....................................................................................................................................5
Financial performance...........................................................................................................................5
 Profitability ratio...........................................................................................................................5
 Liquidity ratio................................................................................................................................6
 Gearing ratio..................................................................................................................................7
 Efficiency ratio..............................................................................................................................7
Market based ratio.................................................................................................................................7
Challenges faced by Vodafone..............................................................................................................9
 Increasing share in the Asian markets............................................................................................9
 Network security...........................................................................................................................9
 Limitations...................................................................................................................................10
Recommendation.................................................................................................................................12
Conclusion...........................................................................................................................................13
References...........................................................................................................................................14
Appendix.............................................................................................................................................23
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Introduction
Financial statements of an organization are the documents that are used to determine the true
position of the company in the market. The financial statements are very helpful to the
stakeholders of the company because they provide major information which can be used by
them in order to make crucial decisions. Specific terms and data are contained in the
statements which will help to maintain the principle of the disclosure. Additionally, the
evaluation of ratios is done in order to improve the financial performance of the company
(Laux,2014).
The different types of ratios that are used by the customers in the process of decision- making
are liquidity ratio, profitability ratio, gearing ratio and investor’s ratio. Hence, the
computation of different type of ratios will be made in order to evaluate the financial position
of Vodafone PLC.
Vodafone business overview
The main business around which the company Vodafone operates is the key technology and
resources of the telecommunication licenses and well-developed infrastructure. It has been
observed that the company Vodafone is having a diversified business control over 22 well-
established markets spread around the world. The major function of the company is to
provide telecommunication services and also fixed line services in some of the countries
where it functions. The company aims to work on a long-term scale and have very diversified
approaches to the marketing schemes. It helps them to promote the growth with ease and
flexibility does arise a necessity of network infrastructure that provides mobile as well as
fixed voice services and data services. The main objective of the organization was to
establish a network of voice call routing system which can help the customers to connect.
The organization always look to fulfil and carder all the needs of its customers by providing
them with the wild ranges of facilities and services. Therefore this has also helped the
company to improve its efficiency buy enhancement and increment in the workforce. There
are many facilities like secure remote access, applications, etc. which provide the solid base
in order to function the business. These functions and facilities that are conducted by the
organization have helped the company to pursue new and ample opportunities. The customers
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are also having and beneficial and enhanced experience with the improvement in the
infrastructure of the company (Vodafone Plc, 2018). The development of the company which
had have made in the past years is the main reason behind immense progress.
Ratio analysis
The process of ratio analysis is very important when it comes to analyzing the financial
activities that are operated or conducted by the company. It is not only beneficial in order to
find the profitability of the organization but it also helps to analyze the various areas of
capital structure, investment performance, etc. This information that is collected with the help
of ratio analysis is used by shareholders in order to prepare strategies and decisions.
 Advantages
There are many uses of the financial ratio that can be used by the customers in order to
evaluate the performance of an organization or compare data with other competing
companies. The information that is collected can be used to analyze the performance certain
period of time which helps in completion of the main aim to study the organization (Leo,
2011).
Financial performance
 Profitability ratio
Profitability ratio can be utilized to know about the capacity of the business to generate
earnings in comparison to the overall expenses and other costs that appear to be relevant in
nature. When it comes to the computation, it can be commented that the maximum of the
ratios should project a higher value that indicates the potential of the business. Even if the
ratios are better as compared to another period, it stresses the fact that the business is running
in a strong fashion (Merchant, 2012). For Vodafone, the common profitability ratios
computed are the asset turnover ratio, gross profit margin, and net profit margin. After
evaluating the ratios of Vodafone PlC, it came to the forefront that the ratios have fluctuated
and there is a sharp decline in all the profitability ratios except the gross profit margin
Gross profit margin can be defined as the ratio that stresses the financial health of the
company that projects how actively the company is using the labor, as well as material. From
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the computation, it can be seen that the ratio has fluctuated in all the past 5 years and
remained in the range of (25-30%). This is owing to the fluctuation in the sales of the
company.
On the other hand, the net profit margin indicates the manner in which the company utilized
the operational expenses. For the company to have a strong ratio, it is essential that the
operational expenses should be managed in a prudent manner (Choi & Meek, 2011). The
NPM for Vodafone has declined in all the 5 years and was negative in 2016 and 2017 that
indicates losses for the company. The operating profit margin is positive yet resides on a
weak ground and any fall will lead to trouble for the management. The net return on assets is
negative and meaning assets could not be utilized properly. Hence, profitability of the
company is under immense pressure.
 Liquidity ratio
Liquidity and efficiency are used to ascertain the resources of short-term that belong to the
company and the management that supports the company. The liquidity ratio is being
projected by the current and the quick ratio. Both the ratio provides an interpretation that
whether the company is in a position to repay the debts of short tenure. This, in turn, projects
about the future position of the company in terms of growth or downfall in the scenario of
performance (Deegan, 2011).
The current ratio indicates the ability of the company to honor the obligations. As per the
computation of ratio, it can be commented that the ratio kept on fluctuating in all the five
years and remained below 1 in all the years except 2017. Hence, Vodafone has less than $1 of
current assets for every $1 of current liabilities that project a huge danger for the company in
the foreseeable future.
Similarly, acid test ratio is a better indicator of liquidity as it excludes stock. From the
computation, it is clear that Vodafone has a disturbance in liquidity as the quick ratio is even
lower than 1. The liquidity of the stock is not considered in this scenario as this ratio
eliminates the stock at the very beginning (Needles & Powers, 2013).
The cash ratio of Vodafone has declined and below 30% meaning the cash position is not
adequate to meet the current liabilities. On the other hand, the accounts receivable ratio of the
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company has declined meaning that the business will collect the accounts receivable less
number of times.
Hence, going by the computation, it can be commented that the liquidity position of the
company is under immense difficulties. This is due to the fact that there is a sharp fluctuation
in the level of current assets and current liabilities.
 Gearing ratio
As per the computation of the gearing ratio, it can be commented that the company is
aggressive when it comes to gearing. It has crossed 100% and hence indicates that the
company is more inclined to debts. On the other hand, in terms of asset financing it is neither
conservative nor aggressive in nature. It is higher than 35% and less than 65% indicating a
balanced action.
 Efficiency ratio
Efficiency ratios, which are generally referred to as the activity ratios, helps to determine the
income which is generated by an organization using their assets. The main function of the
efficiency ratio is to analyze the time period which is required by the organization in order to
convert its inventory into cash or make sales in simple language. This type of ratios is not
only helpful for the organization's management to make purposeful and efficient decisions
but also it helped the shareholders and investors of the company to estimate the profitability
aspect of the business. The efficiency of the company is weak because inventory turnover
period has increased meaning more days will be undertaken to convert the stock into cash. On
the other hand, the accounts payable days has reduced from 70 day to 65 days. This means
the company needs to make payments earlier. Hence, the efficiency of the company is
disturbed.
Market based ratio
Price to earnings ratio: this ratio can be evaluated by dividing the current price of the share
sold by the business with the reported earnings per share. The value which is obtained by
calculating the price to earnings ratio is used to compare the price conditions of the shares
sold by the company to its competitors.
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The ratios are not very much analyzed by the managers of the company because the managers
are generally more concerned with the operational issues of the business. The ROE of the
company is negative in number and hence, a very critical situation for the company. It
indicates the downfall in the earnings and questions on the profit earning capacity. Further,
the EPS of the company is negative in numbers meaning that the company is losing money.
Further, the dividend payment has declined meaning that the company is unable to generate
adequate profits.
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Challenges faced by Vodafone
 Increasing share in the Asian markets
There are many unseen and untamed services and factors that are needed to be performed by
the Vodafone Company in order to grow in the world market. The improvement in the
business of the company in the developing countries like India has also provided the
company with a huge opportunity of expanding the customer base. The market size said to
have over 150 million customers of which Vodafone is holding 3.72% (Vodafone Plc, 2018).
It is very necessary for the company Vodafone in order to improvise the coverage facilities in
these emerging markets so that it can sell the mobile plans in a much responsible rate by
reducing the cost and realizing the capitals that are made in order to enhance the networks.
The company should try to focus on the increment in the retail base of the selling department
by adding new agents and subscribers who can help to build a costly distribution
infrastructure (Vodafone Plc, 2018). An exponential growth was observed in the Asian
markets which made it necessary for Vodafone to keep up with the pace of the market. It was
made necessary for the partners of the company in order to grow and handle the distribution
of products and services by application of logistics and improvise infrastructure.
 Network security
The improvisation of the phone technology by the application of new generation technology
has resulted in the great changes to be observed in the market. This is a very major concern
for Vodafone as it can now provide the customers with new mobile phones having access to
this technology. The application of 5G mobiles and services will improve eyes the sales of
the telecommunication industry. The wide approach will also attract many kinds of ethical
hackers who may use the technologies to cause harm to other customers. Therefore it should
be observed by the company that it needs to diversify the optimal quality of service that it
provides to the customers with a better endowment of the plans. The company should also try
to keep in mind the context of security so that the customers can be kept safe from any kind
of vulnerability present in the system. The company should the company should start the
practice of informing the customers and the staff about their responsibility towards protection
from technological advancements thus stating their role in order to identify the potential
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threats that may prevail upon them (Vodafone Plc, 2018). The expansion and growth that has
been observed in the mobile industry have opened a lot of new gates and potentials that can
be achieved by the company in near future with the help of technological advancements
(Petersen & Plenborg, 2012). It has been clearly stated in the reports that the present data
services and providers are not able to cater all the needs of customers this leading to
enhancement of the market. The prices at which the services are available are observed to be
very high in order to be purchased by the customers
The company Vodafone should always keep in mind that with the application of new services
that are having low prices the customer will try to shift his needs. The major mobile brands
like O2 and T mobile are trying to improve their image in the market. Therefore the substitute
products are major factors that may affect the profitability of the firm over the years
Assumption and Limitation
The assumption taken into consideration is that the accounts of the company depicted a true
and fair view of the state of affairs of the company. Hence, it is assumed that the accounts of
the company reflect a correct position and on the basis of it, the computations of ratios are
done. Financial ratio helps in comparison of the figures of one year with that of another.
However, it must be ensured that the data are genuine. In the case of Vodafone, it is assumed
that the financial data that is selected for ratio computation is correct and the results depend
on the data. Any differences in the amount or a deviation can lead to a significant change in
the comparison and the study as a whole.
 Limitations
There are many disadvantages or limitations that are experienced while analyzing the
different ratios of the organization. The ascertainment of the short-term fluctuations is very
difficult because short-term changes are not easy to study. Ratio analysis is a potent tool
however; the information that is undertaken is historical in nature that means the same results
will not happen in the future. Moreover, the information that is projected on the income
statement of Vodafone is provided in current costs while various elements of the balance
sheet are projected at historical cost. It is one of the biggest disparity when it comes to the
usage of the ratios. Further, the change in the rate of the inflation remained unchanged and
hence, no accountability is given to the concept of inflation.
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Recommendation
It is highly recommended for Vodafone Plc that it must stress the performance as it is
operating under losses. In order to structure the operation, it must stress the performance and
keep a hold on the operating expenses. Further, the liquidity of the company is disturbed that
implies it will face an acute problem when it comes to discharging of debts. Hence, it must
ensure that it has sufficient current assets under its possession. Moreover, Vodafone Plc
should ensure that higher level of debt is dangerous for the company and in the wake of it
ensure that the debt level should be kept in tune with the equity component of the company.
Further, it should try to introduce more of innovations so that it gets the first mover
advantage. It is very clear that the customers will flow towards the company which provides
them with the best and cheap offers. The competitive market makes it harder for the company
to retain its customers. Therefore, new and advanced techniques of attracting the customers
should be used in order to retain them. The poor barrier to entry of new products and services
will increase the buying power of the customers which can be corrected by the use of
elevated entry barrier
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Conclusion
The overall projection of Vodafone Plc indicates that the company has faced trouble with the
business. The telecommunication sector is under immense pressure and the same has put
adverse impact on the functioning of the company. Further, the presence of rivalry has also
led to the decline in the business and profitability. Therefore, it is imperative that Vodafone
should vouch for a proper strategy that will keep a strong liquidity level and ensure balanced
profitability. It should stress upon the liquidity and solvency. A strong projection on both
these will lead to a balanced business and will ensure a positive change in the profitability.
Further, the company Vodafone should strive to provide its customer with the services at best
possible rates and also improve quality with the help of technological advancements.
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References
Choi, R.D. and Meek, G.K. (2011) International accounting. Pearson .
Davies, T. and Crawford, I. (2012) Financial accounting. Harlow, England: Pearson.
Deegan, C. M. (2011) In Financial accounting theory. North Ryde, N.S.W: McGraw-Hill
Fundamentals of Corporate Finance, 7th ed. North Ryde: McGraw-Hill Australia Pty Ltd.
Laux, B. (2014) Discussion of The role of revenue recognition in performance reporting.
Accounting and Business Research. [online]. 44(4), 380-382. Doi:
https://doi.org/10.1080/00014788.2014.897867
Leo, K. J. (2011). Company Accounting. Boston:McGraw Hill
Merchant, K. A. (2012) Making Management Accounting Research More Useful. Pacific
Accounting Review. [online]. 24(3), 1-34. Doi:
https://doi.org/10.1080/00014788.2014.897867
Needles, B.E & Powers, M. (2013) Principles of Financial Accounting. Financial Accounting
Series: Cengage Learning.
Needles, B.E. & Powers, M. (2013) Principles of Financial Accounting. Financial
Accounting Series: Cengage Learning.
Parrino, R, Kidwell, D. and Bates, T. (2012) Fundamentals of corporate finance. Hoboken,
NJ: Wiley
Peirson, G, Brown, R., Easton, S, Howard, P. and Pinder, S. (2015) Business Finance, 12th
ed. North Ryde: McGraw-Hill Australia.
Petersen, C. and Plenborg, T. (2012) Financial statement analysis. Harlow, England:
Financial Times/Prentice Hall.
Petty, J. W, Titman, S., Keown, A. J., Martin, J. D., Burrow, M. and Nguyen, H. (2012)
Financial Management: Principles and Applications, 6th ed. Australia: Pearson Education
Australia.
Ross, S., Christensen, M., Drew, M., Bianchi, R., Westerfield, R. And Jordan, B.(2014)
Vaitilingam, R. (2014) The Financial Times Guide to Using the Financial Pages. London: FT
Prentice Hall.
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Vodafone Plc. (2017) Vodafone Plc Annual report & Accounts 2017 [online]. Available
from: https://www.vodafone.com/content/annualreport/annual_report17/downloads/
Vodafone-full-annual-report-2017.pdf [Accessed 10 June 2018]
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Appendix
Ratios
Profitability
Return on Assets
2014 2015 2016 2017 2018
Net Income 7171 7878 -5103 -6297 2439
Average Assets 147458 157533 168580 162118 150148
Return on Assets [(Net Income/Average
Assets)*100] 4.86 5.00 -3.03 -3.88 1.62
Net Profit Margin
2014 2015 2016 2017 2018
Net Income 7171 7878 -5103 -6297 2439
Sales Revenue 46409 57742 51955 47631 46571
Net Profit Margin [(Net Profit after tax/Sales
Revenue)*100] 15.45 13.64 -9.82 -13.22 5.24
Gross profit Margin
2014 2015 2016 2017 2018
Gross Income 12592 15513 13363 13055 13800
Sales Revenue 46409 57742 51955 47631 46571
Gross Profit Margin [(Gross Profit /Sales
Revenue)*100] 27.13 26.87 25.72 27.41 29.63
Operaitng profit margin
2014 2015 2016 2017 2018
Operaitng profit 3783 2932 2356 3678 4358
Sales Revenue 46409 57742 51955 47631 46571
Operating profit margin = OP/Sales*100 8.15143614 5.07776 4.534693 7.7219 9.35775
Operating return on assets
2014 2015 2016 2017 2018
Operating profit 3783 2932 2356 3678 4358
Total Assets 147458 167608 169552 154684 145611
Operating return on assets = OP/TA *100 2.56547627 1.74932 1.389544 2.3778 2.99291
Net return on Assets
2014 2015 2016 2017 2018
NPAT 71713 7878 -5103 -6297 2439
Total Assets 147458 167608 169552 154684 145611
ROI = NPAT/TA 48.632831 4.70025 -3.0097
-
4.0709 1.67501
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Assets utilization
2014 2015 2016 2017 2018
Revenue 46409 57742 51955 47631 46571
Total Assets 147458 167608 169552 154684 145611
Assets utilization = Revenue/ total assets 0.31472691 0.34451 0.306425 0.3079 0.31983
Liquidity
WORKING CAPITAL
Current Ratio
2014 2015 2016 2017 2018
Current Assets 29920 27139 35687 42737 37951
Current Liabilities 30304 39514 42346 42389 10351
Current Ratio (Current Assets/Current Liabilities) 0.76 0.64 0.84 1.01 3.66641
Acid Test Ratio
2014 2015 2016 2017
Current Assets 29920 27139 35687 42737 37951
Inventory 534 659 716 576 581
Current Liabilities 30304 39514 42346 42389 10351
Acid Test [(Current Assets-Inventory)/Current
Liabilities)] 0.97 0.67 0.83 0.99 3.61
LIQUIDITY = ABILITY TO PAY CURRENT LIABILITIES ON TIME
Cash ratio
2014 2015 2016 2017 2018
CCE 12265 9411 12957 8835 3225
Current liabiltiies 30304 39514 42346 42389 10351
Cash ratio = CCE/ CL 0.404732 0.238169 0.30598 0.2084 0.31156
Should be >30%
Account receivable ratio
2014 2015 2016 2017 2018
AR 4390 5393 5581 4973 4967
CL 30304 39514 42346 42389 10351
Account receivable ratio = AR/CL 14.48654 13.64833 13.1795 11.732 47.9857
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Efficiency
Inventory turnover
2014 2015 2016 2017 2018
Cost of goods sold 33817 42229 38593 34576 32771
Avg Inventory 534 596.5 687.5 646 578.5
Inventory turnover 63.32772 70.79464 56.13527 53.52322 56.64823
inventory period
Inventory turnover 63.32772 70.79464 56.13527 53.52322 56.64823
365 365 365 365 365
Inventory period 5.763669 5.155758 6.502151 6.81947 6.443273
(365/ Inventory turnover)
Account receivables days
2014 2015 2016 2017 2018
AR 4390 5393 5581 4973 4967
Credit sales 46409 57742 51955 47631 46571
AR days = AR/CS 0.094594 0.093398 0.10742 0.104407 0.106654
gross working capital cycle (a) 5.858263 5.249156 6.609571 6.923877 6.549927
Less Account payable days
AP 5700 6911 7440 6212 6185
COS 33817 42229 38593 34576 32771
AP days (b) 61.52231 59.73419 70.36509 65.5767 68.88789
NET WORKING CAPITAL -55.664 -54.485 -63.7555 -58.6528 -62.338
Safe Borrowing
SAFE BORROWING = DEBT MANAGEMNT
gearing ratio
2014 2015 2016 2017 2018
TBORR 61769 77161 86008 82484 77971
EQ 85689 90448 83544 72200 67640
Gearing ratio = TBORR/EQ 0.720850984 0.853098 102.9493 114.2438 115.2735
100% aggressive
Asset Financing
2014 2015 2016 2017 2018
TBORR 61769 77161 86008 82484 77971
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TA 147458 167608 169552 154684 145611
Asset Financing =
TBORR/TA 0.418892159 0.460366 0.507266 0.533242 0.535475
< 35% is
Conservative
> 65% is
Aggressive
Interest Cover
2014 2015 2016 2017 2018
EBIT -6378 1497 -569 2792 3878
Int exp 674 2412 2038 1709 1265
Interest Cover -9.46290801 0.620647 -0.2792 1.633704 3.065613
Investor ratio
Return on equity
2014 2015 2016 2017 2018
NPAT 7171 7878 -5103 -6297 2439
EQ 85689 90448 83544 72200 67640
ROE = NPAT/EQ 8.368635414 8.709977 -6.10816 -8.72161 3.605855
Dividend payout ratio
2014 2015 2016 2017 2018
Dividend 0.23 0.14 0.16 0.14 0.15
EPS 2.69 0.3 -0.19 -0.23 0.09
Div payout ratio 0.085501859 0.466667 -0.84211 -0.6087 1.666667
PE Ratio
price 293.12 225 221 199.85 235.9
EPS 2.69 0.3 -0.19 -0.23 0.09
PE Ratio = price/eps 108.9665428 750 -1163.16 -868.913 2621.111
Balance sheet
VODAFONE GROUP PLC (VOD)
CashFlowFlag BALANCE SHEET
Fiscal year ends in March. EUR in millions except
per share data. 2014 2015 2016 2017 2018
Assets
Current assets
Cash
Cash and cash equivalents 12265 9411 12957 8835 3225
Short-term investments 5348 5271 5351 6120 8795
Total cash 17613 14682 18308 14955 12020
Receivables 4390 5393 5581 4973 4967
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Inventories 534 659 716 576 581
Prepaid expenses 4551 3797 1319 1197 1152
Other current assets 2833 2608 9764 21036 19231
Total current assets 29920 27139 35687 42737 37951
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 60766 75343 77081 70470 70757
Accumulated Depreciation -33110 -38966 -41472 -40266 -42432
Net property, plant and equipment 27656 36377 35609 30204 28325
Goodwill 28217 30817 28897 26808 26734
Intangible assets 28287 28651 30406 19412 16523
Deferred income taxes 24940 32606 28381 24300 26200
Prepaid pension benefit 42 231 224 57 110
Other long-term assets 8396 11786 10347 11166 9768
Total non-current assets 117538 140469 133865 111947 107660
Total assets 147458 167608 169552 154684 145611
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 9376 17261 20314 5175 10351
Accounts payable 5700 6911 7440 6212 6185
Taxes payable 2324 2225 2003 1922 1718
Other current liabilities 12904 13118 12589 29080 20770
Total current liabilities 30304 39514 42346 42389 39024
Non-current liabilities
Long-term debt 25965 30678 37188 22086 32908
Deferred taxes liabilities 904 814 566 535 644
Accrued liabilities 552 388 183 154 159
Deferred revenues 165 204 237
Pensions and other benefits 707 775 567 651 520
Minority interest 1185 2171 1816 1519 967
Other long-term liabilities 2153 2820 3179 14946 3512
Total non-current liabilities 31466 37646 43662 40095 38947
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Total liabilities 61769 77161 86008 82484 77971
Stockholders' equity
Common stock 4589 5185 4808 4796 4796
Additional paid-in capital 141568 160062 152069 151808 150197
Retained earnings -62241 -67647 -71781
-
105851
-
106695
Treasury stock -8698 -9633 -8800 -8610 -8463
Accumulated other comprehensive income 10471 2482 7248 30057 27805
Total stockholders' equity 85689 90448 83544 72200 67640
Total liabilities and stockholders' equity 147458 167608 169552 154684 145611
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Appendix
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