Record Losses Overshadow Passable Performance At Vodafone

May 2006 | Company Finance Alert

Vodafone has recorded the biggest ever annual loss by a European company, following the GBP23.5bn write down of the value of its assets earlier this year. The company announced a pre-tax loss of GBP14.85bn, on operating losses of GBP14.08bn. The loss relates mainly to the revaluation of assets acquired as part of Vodafone's GBP101bn purchase of Germany's Mannesman in 2000. However, the group underlined that excluding this one-off loss, profits stood at GBP8.8bn for the year ended March 31

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