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To: maceng2 who wrote (168445)	5/28/2002 6:55:27 AM
From: maceng2	Respond to of 436258

Different slant of the Vodafone story... Vodafone losses equate to £37m a day Vodafone has reported pre-tax losses of £13.5 billion - equating to £37 million a day - but its share price has surged as the figures were not as bad as expected. The group wrote off some £6 billion after seeing the value of some investments fall, which together with other charges adding up to a total of nearly £20 billion, plunged it into loss. However the £6 billion write-down was less than the £8 billion to £20 billion range the City was expecting. Vodafone has not written down the value of its £113 billion takeover of German group Mannesmann two years ago, which some analysts had been expecting. It has taken a goodwill charge of £13.5 million, relating to the acquisitions of Japan Telecom and Mannesmann, although analysts said this would be largely ignored by the City and reflected an accounting principle to which every company had to adhere. Stripping out the goodwill and impairment charges, Vodafone reported pre-tax profits of £6.2 billion for the year to March 31, up 54% on the previous year. The closely-followed core earnings figure - before interest, depreciation and other charges - came in at the top end of expectations, up 44% at £10.1 billion. Turnover rose by 52% to £22.8 billion, while Vodafone's worldwide customer base increased by 22% to 101.1 million. Chief executive Sir Chris Gent says: "These are excellent results. The bottom-line loss could be misleading. This disguises the true performance of the business." Vodafone's UK turnover rose by 9% to £3.8 billion, while operating profits rose by 18% to £941 million. It had 13.2 million British customers at the end of March, 7% more than last year. ananova.com Looks as if there are bargains to be had on the Footsie finance.yahoo.com^ftse&d=c