Coronavirus Update

Vodafone Group Plc - Full Year 20 Preliminary results

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Vodafone Group Plc

Full Year 20 Preliminary results

Connecting society, businesses and government delivers Vodafone a good financial performance

Supporting society with rapid, comprehensive and coordinated COVID-19 response

Good financial performance with growth in revenue, adjusted EBITDA and free cash flow

Delivering against our strategic priorities and focusing activity to create value for stakeholders

Accelerating digital transformation with new 3-year ambition of over €1 billion net cost savings

European TowerCo now operational, on-track for early 2021 monetisation

 

Financial results (unaudited)

 

 

FY20

FY19

 

 

 

Page

€m 

€m 

 

Change(%)

Group revenue

 

33

44,974

43,666

 

+3.0 

Operating profit / (loss)

 

33

4,099

(951)

 

n/m

Loss for the financial year

 

33

(455)

(7,644)

 

n/m

Basic loss per share

 

33

(3.13c)

(29.05c)

 

n/m

Total dividends per share

 

47

9.00c

9.00c

 

n/m

 

 

 

 

 

 

 

 

Alternative performance measures 1

 

 

 

 

 

Group service revenue

 

13

37,871

36,458

 

+0.8*

Adjusted EBITDA

 

13

14,881

13,918

 

+2.6*

Adjusted earnings per share

 

24

5.60c

6.27c

 

(10.7)

Free cash flow (pre-spectrum)

 

25

5,700

5,443

 

+4.7 

Free cash flow

 

25

4,949

4,411

 

+12.2 

Net debt**

 

25

(42,168)

(27,033)

 

(56.0)

Net debt to adjusted EBITDA**

 

27

2.8x

1.9x

 

n/m

Pre-tax return on capital employed (controlled)

 

28

6.1%

5.3%

 

n/m

 

 

 

 

 

 

 

 

1.  See page 56 for the location of the reconciliation to the closest equivalent GAAP measure.

 

 

 

 

Group revenue grew by 3.0% to €45.0 billion, supported by improving commercial momentum in Europe

Adjusted EBITDA grew by 2.6%* to €14.9 billion, reflecting revenue progression and cost programme success

Free cash flow grew by 12.2% to €4.9 billion, supported by disciplined capital management

Dividends per share of 9.00 eurocents

Resilient business model with expected free cash flow (pre-spectrum) of at least €5 billion in FY21


Nick Read, Group Chief Executive, commented:

"Vodafone has delivered a good financial performance - growing revenue, adjusted EBITDA and free cash flow - whilst building strong commercial momentum through the year and executing at pace on our strategic priorities. We have also continued to invest in our fixed and mobile Gigabit network infrastructure and digital services, to provide faster speeds for our customers, as well as successfully managing the recent surges in demand. The services Vodafone provides are more important than ever and we are committed to playing a key role in society's recovery to the 'new normal'.

 I am pleased with the rapid, comprehensive and coordinated way we responded to the COVID-19 crisis. I want to give my personal thanks to the entire Vodafone team, who through their dedication, expertise and professionalism, have kept families, friends and communities connected, enabled students to continue their education, helped businesses operate and proactively supported governments to deliver critical services."