BusinessCompany NewsVodafone announces £3.5bn impairment hit

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

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
goodwill in
addition to the £8.1bn recorded in the first half of the year for Germany
and Italy.’

In delivering the news, the
FTSE 100 heavyweight
reported full-year revenues of £31.1bn to 31 March 2007.

Further reading:

Top taxman ditches civil service for mobile
giant

Nothing deferred about corporation tax

Asset write-down scuppers Vodafone’s
profits

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