Vodafone Group Plc - Half-Year Report

Highlights

·    Group total revenue down 4.1% to €23.1 billion, primarily due to the deconsolidation of Vodafone Netherlands and FX movements; operating profit up 32.5% to €2.0 billion; profit for the financial period of €1.2 billion

·    Organic service revenue up 1.7%*; Q2 up 1.3%* (Europe 0.8%*, AMAP 6.2%*)

·    Organic adjusted EBITDA up 13.0%* to €7.4 billion (9.3%* ex roaming, UK handset financing and regulatory settlements1)

·    Free cash flow (pre-spectrum) improved to €1.3 billion vs. a €0.1 billion outflow in the prior year. Free cash flow was €0.4 billion vs. a €0.4 billion outflow in the prior year

·    Raising full-year guidance for organic adjusted EBITDA growth to around 10% (previously 4-8%), implying a range of €14.75-€14.95 billion at guidance FX rates; FCF pre-spectrum to exceed €5 billion (previously 'around €5 billion')

·    Vodafone India service revenues down 15.8%*, adjusted EBITDA down 39.2%*; merger with Idea Cellular progressing well

·    Interim dividend per share of 4.84 eurocents, up 2.1%

 

 

 

 

Six months ended 30 September

 

 

 

 

 

 

 

Restated2

 

Growth

 

 

 

2017 

2016 

 

Reported 

Organic*

 

 

Page

€m 

€m 

 

Group revenue

24 

23,075 

24,051 

 

(4.1)

 

Operating profit

24 

2,008 

1,515 

 

+32.5 

 

Profit/(loss) for the financial period4 

24 

1,235 

(5,003)

 

NM

 

Basic earnings/(loss) per share4 

24 

4.03c

(18.38c)

 

NM

 

Interim dividend per share

34 

4.84c

4.74c

 

+2.1 

 

Net debt

20 

(32,055)

(37,884)

 

(15.4)

 

 

 

 

 

 

 

 

 

Alternative performance measures5

 

 

 

 

 

 

Group service revenue

20,592 

21,811 

 

(5.6)

+1.7 

Adjusted EBITDA

7,385 

7,090 

 

+4.2 

+13.0 

Adjusted EBIT

2,457 

2,050 

 

+19.9 

+51.9 

Adjusted earnings per share

18 

6.32c

4.08c

 

+54.9 

 

Free cash flow pre-spectrum (guidance basis)

19 

1,289 

(148)

 

NM

 

Free cash flow2 

19 

415 

(428)

 

NM