Vodafone adopts IFRS accounting; restates results
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Vodafone adopts IFRS accounting; restates results

Last Updated: Thursday, April 4, 2013, 21:01
 
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Vodafone adopts IFRS accounting; restates results
London: Vodafone Group Thursday said it is restating financial results for the year ended March 31, 2012 as well as six months ended September 30, following the adoption of new accounting rules, International Financial Reporting Standards.

IFRS have been operationalised to provide a common global language for business affairs so that a firm's accounts are comparable across international boundaries.

"Vodafone Group will adopt a number of new IFRS which will be applicable for the year ending March 31, 2014... Since the standards require retrospective application, Vodafone is presenting Thursday unaudited restated financial information for the six months ended September 30, 2012 and the year ended March 31, 2012," the company said in a statement.

As a result of the new norms, Vodafone's restated revenue for the year ended March 31, 2012 now stands at 38.82 billion pounds, as against 46.42 billion pounds.

There was no change in the net profit which stands at 7.003 billion pounds, however, the net debt of the company has been reduced to a little over 23 billion pounds as against 24.42 billion pounds.

"The reduction in net debt primarily results from the deconsolidation of debt raised locally by the joint ventures," Vodafone said.

Free cash flow of the UK-based company now stands at 5.71 billion pounds against 6.12 billion pounds.

Vodafone is revising its accounts for employee pension plans.

"...Net interest cost will replace the expected return on plan assets and interest cost currently recorded in the consolidated income statement for defined benefit pension plans," it added.

PTI



First Published: Thursday, April 4, 2013, 21:01


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