INSUBCONTINENT EXCLUSIVE:
financial results for the six months ended September 30 with several adverse comments from its Indian operations including losses.Vodafone
5.4 billion", as lower cashflows from India and the sale of New Zealand offset the initial accretion from the Liberty Global
judgement against the industry by the Supreme Court, partially offset by a profit on the disposal of Vodafone New Zealand."We have extended
the long stop date on our agreement to merge Indus Towers and Bharti Infratel, which is still awaiting regulatory approval from the
Department of Telecommunications, having received all other required approvals," Vodafone said.The six months ended September 30 includes
judgement, Vodafone results said that in October, the Supreme Court in India ruled against the industry in a dispute over the calculation of
licence and other regulatory fees, and Vodafone Idea is now liable for very substantial demands made by the Department of Telecommunications
in relation to these fees."We are actively engaging with the government to seek financial relief for Vodafone Idea
(a drag of -#8364;0.15 billion on our free cash flow)," it said.On the operations of Vodafone Idea, Vodafone said in October 2019, the
Indian Supreme Court gave its judgement in the "Union of India v Association of Unified Telecom Service Providers of India" case regarding
the interpretation of adjusted gross revenue ('AGR'), a concept used in the calculation of certain regulatory fees."As the Group has no
obligation to fund VIL losses, the Group has recognised its share of estimated Vodafone Idea Limited ('VIL') losses arising from both its
operating activities and those in relation to the AGR judgement to an amount that is limited to the remaining carrying value of VIL, which
It has recognized the losses and the carrying value is reduced to nil."If the carrying value had been high enough not to have restricted the
Group's share of losses, then the recognised share of losses would have been substantially higher," it said.The adjusted other income and
arrangements, Vodafone said the equity accounted results for Vodafone Idea Limited ('VIL') for the period included an estimate for a
material charge for amounts due following the recent Supreme Court of India judgement in the case Union of India v Association of Unified
Telecom Service Providers of India and others regarding the definition of adjusted gross revenue ("AGR") used to calculate regulatory
fees."The Group's recorded share of VIL's resulting losses has been restricted to the amount that reduces the Group's carrying value
said."Significant uncertainties exist in relation to VIL's ability to generate the cash flow that it needs to settle, or refinance its
liabilities and guarantees as they fall due, including those relating to the AGR judgement
VIL is seeking relief from the Indian government, including, but not limited to, granting a waiver of interest and penalties relating to the
The value of the Group's 42 per cent shareholding in Indus Towers Limited ('Indus') is, in part, dependent on the income generated by
Indus from tower rentals to major customers, including VIL
Any inability of these major customers to pay such amounts in the future may result in an impairment in the carrying value of the Group's
Vodafone said in the comparative period, Vodafone combined its subsidiary, Vodafone India (excluding its 42 per cent stake in Indus Towers),
with Idea Cellular in India.Consequently, Vodafone India was accounted for as a discontinued operation for all periods up to August 31 2018,
This loss is presented within discontinued operations," it said.Get Breaking news, live coverage, and Latest News from India and around the
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