Interim Management Statement for the Quarter Ended 31 December 2012
- Group service revenue declined -2.6%*; or -0.4%* excluding mobile termination rate (‘MTR’) cuts
- Decline in Northern and Central Europe service revenue: Germany -0.2%*, UK -5.2%*
- Conditions in Southern Europe remain challenging: Italy -13.8%*, Spain -11.3%*
- Continued growth in emerging markets1: India +9.0%*, Vodacom +1.9%*, Turkey +18.4%*
- Verizon Wireless (‘VZW’) service revenue grew +8.7%* driven by strong customer additions
- Group data revenue grew +12.8%* reflecting an increase in European smartphone penetration to 33.4%
- LTE services launched in Italy, South Africa, Greece and Romania; LTE now available in six markets
- Net debt reduced to £23.3 billion after receipt of £2.4 billion VZW dividend
- Vodafone Red launched in five markets; 48.3% of European mobile service revenue now in-bundle
- Full year guidance for adjusted operating profit and free cash flow confirmed
| Quarter ended 31 December 2012 | Change year-on-year | ||
| Reported | Organic | ||
| £m | % | % | |
| Group revenue | 11,388 | -2 | -1.8 |
| Group service revenue | 10,373 | -2.2 | -2.6 |
| Northern and Central Europe | 4,837 | 5.9 | -0.9 |
| Southern Europe | 2,340 | -17 | -11.9 |
| Africa, Middle East and Asia Pacific ('AMAP') | 3,147 | -0.4 | 2.7 |
| Capital expenditure | 1,498 | 2.3 | |
| Free cash flow | 1,201 | -18 |
Vittorio Colao, Chief Executive, commented:
“Our results continue to reflect very difficult market conditions in Europe. We are addressing this through firm actions on cost efficiency, and continuing to invest in areas of growth potential. We continue to make progress in our Vodafone 2015 strategy, with good revenue growth in data and emerging markets, the launch of LTE services in another four markets and the acquisition of new spectrum. Vodafone Red, our new strategic pricing approach in Europe, has been launched in five markets with positive early take-up, and to drive growth in enterprise we have created a new enterprise business unit and accelerated our integration plans for Cable & Wireless Worldwide.”
For further information:
Investor Relations - Telephone: +44 7919 990230
Media Relations - Telephone: +44 1635 664444
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