Vodafone announces £3.5bn impairment hit
Mobile phone giant reports that top-up fee intervention in Italy leads to another multibillion-pound write-down
Vodafone has disclosed
a £3.5bn impairment charge in reporting its final results today.
The write-down means that the mobile phone giant has suffered a total hit of
£11.6bn after problems in Germany and Italy during the first half of the year
resulted in an impairment of £8.1bn.
Vodafone said: ‘Pricing intervention on top-up fees in Italy in the second
half of the year led to a further impairment of £3.5bn to the carrying value of
addition to the £8.1bn recorded in the first half of the year for Germany
In delivering the news, the
FTSE 100 heavyweight
reported full-year revenues of £31.1bn to 31 March 2007.