Telecommunication giant Vodafone Group Public Limited Company (VOD, VOD.L) Thursday said it will adopt a number of new International Financial Reporting Standards which will be applicable for the year ending 31 March 2014, the most significant being IFRS 11 Joint arrangements and IAS 19 Employee Benefits. The standards require retrospective application and therefore the company presented restated financial information prepared in accordance with IFRS 11 and IAS 19 for the six months ended September 30, 2012 and the year ended March 31, 2012.
The company intends to present the restated for the year ended March 31, 2013 along with the group's preliminary results to be issued around May 21.
For the six months ended September 30, 2012, the firm restated loss at 1.892 billion pounds or 4.02 pence per share versus a loss of 1.886 billion pounds or 4.01 pence per share posted earlier. The restated revenue for the period was 18.598 billion pounds, down from 21.780 billion pounds as posted previously.
For the year ended March 31, 2012, the company now restated profit at 6.994 billion pounds or 13.63 pence per share, down from the prior report of 7.003 billion pounds or 13.65 pence per share. Revenue for the year dropped to 38.821 billion pounds when restated, from 46.417 billion pounds.
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