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%
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Six months ended 30 September |
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Restated2 |
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Growth |
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2017 |
2016 |
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Reported |
Organic* |
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Page |
€m |
€m |
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% |
% |
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Group revenue3 |
24 |
23,075 |
24,051 |
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(4.1) |
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Operating profit4 |
24 |
2,008 |
1,515 |
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+32.5 |
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Profit/(loss) for the financial period4 |
24 |
1,235 |
(5,003) |
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NM |
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Basic earnings/(loss) per share4 |
24 |
4.03c |
(18.38c) |
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NM |
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Interim dividend per share |
34 |
4.84c |
4.74c |
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+2.1 |
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Net debt |
20 |
(32,055) |
(37,884) |
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(15.4) |
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Alternative performance measures5 |
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Group service revenue |
7 |
20,592 |
21,811 |
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(5.6) |
+1.7 |
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Adjusted EBITDA |
7 |
7,385 |
7,090 |
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+4.2 |
+13.0 |
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Adjusted EBIT |
7 |
2,457 |
2,050 |
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+19.9 |
+51.9 |
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Adjusted earnings per share |
18 |
6.32c |
4.08c |
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+54.9 |
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Free cash flow pre-spectrum (guidance basis) |
19 |
1,289 |
(148) |
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NM |
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Free cash flow2 |
19 |
415 |
(428) |
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NM |
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