Interim Management Statement for the Quarter ended 30 June 2011
22 Jul 2011Corporate and Financial
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- Group service revenue +1.5%(*), excluding mobile termination rate cuts +3.9%(*)
- Strong service revenue growth in India +16.8%(*), Turkey +32.1%(*) and Vodacom +7.8%(*); resilient performance from Germany +0.2%(*) and UK +1.7%(*)
- Conditions in southern Europe remain challenging: Italy -1.5%(*), Spain deteriorating to -9.9%(*) due to price reductions
- Group data revenue +24.5%(*) at £1.5 billion; Europe smartphone penetration 19.5% (Q1 FY11: 13.6%)
- £1.3 billion free cash flow after continued capital investment, supports dividend target
- Net debt reduced to £23.1 billion following receipt of £6.8 billion SFR disposal proceeds; £4.0 billion share buyback started, 10% complete(1)
- Polkomtel sale announced; agreed terms to buy a further 33% stake in Vodafone Essar Limited
- Full year outlook confirmed
| Change year-on-year | |||
| Quarter ended 30 June 2011 | Reported | Organic | |
| £m | % | % | |
| Group revenue | 11,659 | 3.5 | 2.3 |
| Group service revenue | 10,858 | 2.6 | 1.5 |
| Europe | 7,607 | 1.2 | -1.3 |
| Africa, Middle East and Asia Pacific | 3,159 | 5.8 | 8.7 |
| Capital expenditure | 1,207 | 15.9 | |
| Free cash flow | 1,255 | -29 |
Vittorio Colao, Chief Executive, commented
“We have made a good start to the year, reporting robust results despite challenging macroeconomic conditions across southern European economies and the impact of cuts to mobile termination rates. Revenue from our key focus areas of data, enterprise and emerging markets continues to grow strongly. With our broad geographical mix and improving market positions, we are well placed for the rest of the financial year.”
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