Sunday, May 23, 2004 2:38:49 PM
Simon Fluendy, Mail on Sunday
23 May 2004
MOBILE phone giant Vodafone will this week unveil record profits for a British company of more than £10bn.
The figure eclipses the £9.4bn earned last year by oil group BP, the £7bn by banking group HSBC and the £6.7bn by drug giant GlaxoSmithKline.
But the pre-tax profits forecast by City analysts are before big non-cash write-downs arising from the group's £120bn hostile takeover of Germany's Mannesmann in 2000 and other exceptional items.
If these write-offs are included, Vodafone will actually post a £5bn loss on top of an astounding£13bn deficit it announced two years ago.
Arun Sarin, the group's chief executive, will announce the results on Tuesday in his first session after taking over from Sir Christopher Gent, who is shortly expected to become chairman of GlaxoSmithKline.
Gent retired last year after serving the company from its foundation 18 years ago.
Despite the huge figures, analysts do not expect Sarin to be given an easy ride. Investors were left confused about strategy after the company suddenly said it might ditch its stake in US associate Verizon Wireless and entered the bidding war for AT&T Wireless. Equally suddenly, Sarin decided the contest had become too hot and pulled out.
Shareholders have been left fearful over Vodafone's relationship with Verizon, US strategy and the potential for overpriced acquisitions, especially as Sarin has signalled he is determined to acquire Cegetel of France from Vivendi.
Sarin is expected to raise dividends and continue the group's share buyback programme.
He will also face questions on the introduction of new 3G technology across Europe and on how well the group's troubled Japanese business is performing.
'The numbers at Vodafone are monstrously big and it is generating buckets of cash,' said one analyst. 'But there are plenty of risks ahead, including the skill with which Sarin rolls out 3G. Shareholders will want to be impressed.'
http://www.thisislondon.co.uk/news/business/articles/timid78578?source=
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