Vodafone results highlight eurozone crisis Although the company made a net gain of £3.5bn from selling its stakes in SFR and Polkomtel, Vodafone also "recorded impairment charges of £4bn relating to our businesses in Italy, Spain, Portugal and Greece." He added: "Our major emerging markets operations have had a very strong year. In addition, Verizon Wireless, our 45pc-owned associate in the US, combined continued good revenue growth with substantial cash flow. On the other hand, the tough macroeconomic and regulatory environment in much of Europe has made revenue growth in that region increasingly challenging. In its last financial year, Vodafone sold its 44pc stake in French mobile phone operator SFR for £6.8bn and its 24.4pc interest in Polish peer Polkomtel for £800m.