Business Services Industry
Vodafone Steps Up Ownership in Japanese, Italian, French Firms.
Knight Ridder/Tribune Business News, May, 2004
Daily Mail, London Knight Ridder/Tribune Business News
May 26--Everything about Vodafone is larger than life. Profits at UKpound 10 billion are impressive, but so are the goodwill write-offs of UKpound 15.2 billion. With the company still busy buying minority holdings, it may be years before Vodafone produces meaningful figures.
What it does have is an enormous cash flow. It is seeking to put some of this cash to good use by buying back shares -- UKpound 1.1 billion last year and a further UKpound 3 billion next year -- and the dividend is rising.
The surprise in the latest numbers is the decision to buy in the minority in Japan for a cool UKpound 2.6 billion. It is not going to stop there.
Chief executive Arun Sarin makes it...
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