TIDMVOD
RNS Number : 6941L
Vodafone Group Plc
21 July 2017
Trading update for the quarter ended 30 June 2017
21 July 2017
Highlights
-- Q1 organic service revenue grew 2.2%*; Europe 0.8%* (1.8%* ex regulation), AMAP 7.9%*
-- Good momentum in Europe: robust growth in Italy and Spain,
similar underlying trends in Germany, UK recovering
-- Acceleration in AMAP: Vodacom 5.6%* (International 7.9%*), Turkey 13.9%*
-- India (-13.9%*) stabilising quarter-on-quarter, as low-end
share gains mitigate continued unitary price declines
-- Sustained data growth of 63%; 'more-for-more' propositions stabilising consumer ARPU in Europe
-- Continued momentum in fixed: 300,000 broadband net adds
-- Enterprise up 1.5%*, led by share gains in fixed and ongoing success in IoT (up 15.1%*)
Quarter ended
30 June
---------------------
Restated(1) Growth
--------------------
2017 2016 Reported Organic*
EURm EURm % %
-------------------------- ------- ------------ --------- ---------
Group revenue(1) 11,474 11,865 (3.3)
Regional revenue
Europe 8,299 8,715 (4.8)
Africa, Middle East
& Asia Pacific ('AMAP') 2,881 2,848 1.2
Alternative performance
measures(2)
------- ------------ --------- ---------
Group service revenue(1) 10,282 10,774 (4.6) 2.2
Europe 7,624 8,129 (6.2) 0.8
AMAP 2,430 2,398 1.3 7.9
-------------------------- ------- ------------ --------- ---------
Vittorio Colao, Group Chief Executive, commented:
"We have made a good start to the year in Europe, where our
commercial momentum remains robust, and growth accelerated across
AMAP. Although competition in India remains intense, service
revenues stabilised compared with the prior quarter. Our
substantial investments in network leadership, an excellent
customer experience and even greater 'more-for-more' propositions
for customers are enabling us to monetise strong demand for mobile
data. We are gaining profitable market share in broadband, and a
growing proportion of our customers now take our fully converged
offers. Our world-leading Internet of Things platform contributed
to another quarter of solid growth in Enterprise. In addition, we
are executing our 'Fit for Growth' cost efficiency programme in
line with our plans. Overall, this performance gives us confidence
in reiterating our outlook for the year."
Notes:
* All amounts in this document marked with an
"*" represent organic growth which presents
performance on a comparable basis, both in
terms of merger and acquisition activity and
movements in foreign exchange rates. Organic
growth is an alternative performance measure.
See "Alternative performance measures" on page
8 for further details and reconciliations to
the respective closest equivalent GAAP measure.
1. The results for the quarter ended 30 June 2016
have been restated to exclude the results of
Vodafone India which has been classified as
discontinued operations for Group reporting
purposes following the agreement to combine
with Idea Cellular. Group revenue and service
revenue include the regional results of Europe,
AMAP, Other (which includes the results of
partner market activities) and eliminations.
2. Alternative performance measures are non-GAAP
measures that are presented to provide readers
with additional financial information that
are regularly reviewed by management and should
not be viewed in isolation or as an alternative
to the equivalent GAAP measure. See "Alternative
performance measures" on page 8 for more information
and reconciliations to the closest respective
equivalent GAAP measure and "Definition of
terms" on page 11 for further details.
OPERATING REVIEW
On 20 March 2017 we announced an agreement to merge Vodafone
India with Idea Cellular in India. As a result, Vodafone India is
excluded from Group figures, unless stated otherwise.
Strategic progress
We continued to make good progress during the quarter in our
strategic growth areas: data, convergence and Enterprise.
Mobile data
Data traffic continued to grow rapidly in the quarter at 63%
(Europe +59%, AMAP +70%); in absolute terms, the growth in traffic
during the quarter was equivalent to our total quarterly data
traffic just two years ago. We now have 83.5 million 4G customers,
including India and our joint ventures, across the 22 countries
where we offer 4G, having added 8.8 million customers in the
quarter.
Our network investments have created a strong platform to
capture this data demand, and we continue to have the leading or
co-leading data network in 14 out of the 21 markets where
independent tests are available. We are a leader in all 21 markets
for voice services.
Increasing 4G adoption together with larger data allowances as a
result of our 'more-for-more' propositions led to a 39% increase in
data usage per smartphone customer in Europe (including
VodafoneZiggo), reaching 1.8GB per month, and consumer contract
ARPU has stabilised in multiple European markets. 67% of the data
traffic in Europe (including VodafoneZiggo) is now on 4G, which is
substantially more cost efficient than 3G. Video, social and audio
applications now account for 60% of all data used across our EU-4
markets.
During the quarter we launched 'Vodafone Pass', an innovative
new proposition which allows customers to buy passes that give
'worry-free' access to social, music and video applications without
using up their data allowance. These easy to understand offers,
which are tailored to local market circumstances, are intended to
stimulate data usage and increase ARPU. Vodafone Passes are now
available in 5 markets.
Across our emerging markets, data adoption continues at a rapid
pace. In South Africa, the number of active data users increased by
6.2% to 19.2 million, and average usage per 4G device rose to 1.4GB
per month. This reflects rising 4G adoption and our advanced data
analytics capabilities, which enable daily personalised offers; on
average, ARPUs increase by 19% when moving from 2G to 3G, and by
25% when moving from 3G to 4G. In India, we added 3.4 million 3G/4G
customers during the quarter and average data usage has more than
doubled year-on-year to 1.1GB per month, as an intense competitive
environment led to a very substantial increase in data
allowances.
Convergence
Our flexible strategy for fixed line infrastructure is designed
to optimise capital returns and economic potential. We are now able
to market high speed broadband services to 98 million households
across Europe, an increase of 24 million households year-on-year.
36 million of these households (including VodafoneZiggo(1) ) are
'on-net', serviced by our own fibre or cable infrastructure. In
addition, 5.1 million households are reached through strategic
wholesale partnerships, in which we enjoy both materially lower
costs and better access conditions compared to regulated incumbent
wholesale terms.
We continued to achieve strong customer growth across our fixed
footprint. Across the Group we now have 15.0 million broadband
households (18.5 million including VodafoneZiggo and India), adding
300,000 in the quarter and 1.5 million over the past year. 8.3
million of these households take a high speed service over fibre or
cable, of which 6.5 million are 'on-net'. As a result of this
continued growth, 28.3% of our European service revenue now comes
from fixed, up 2.0 percentage points year-on-year.
A key strategic objective is to drive convergence across our
fixed and mobile customer bases. Within Europe, 3.8 million of our
broadband households are now converged (4.4 million including
VodafoneZiggo), having added 0.7 million year-on-year, led by
Germany, Italy, Spain and the UK. Our average revenue per account
('ARPA') has grown steadily and churn rates are roughly half the
level of households who take a single product. We have 9.6 million
TV households in Europe (13.5 million including VodafoneZiggo),
which is broadly stable year-on-year.
Enterprise
Our Enterprise business continued to outperform peers with
service revenue growth of 1.5%* (Q4: 2.0%*). In Europe, service
revenue remained stable, while growth in AMAP remained robust
despite slowing compared to prior quarters. Mobile service revenue
grew by 0.6%* (Q4: 1.0%*) with good customer base growth offsetting
continued ARPU pressure. In fixed, we grew service revenue by 3.6%*
(Q4: 4.5%*), as we continued to gain customer market share. Fixed
now represents 30% of total Enterprise revenue. Our IoT business
continued to grow strongly (Q1: 15.1%*), supported by the growth in
SIM connections (+43% year-on-year).
Summary and outlook(2)
Trading during the first quarter was consistent with
management's expectations underlying the outlook statement for the
2018 financial year. The Group therefore confirms its outlook for
the 2018 financial year.
Group
Quarter ended Quarter ended
30 June 2017 30 June 2016(3) Organic*
---------------------------- ----------------------------
Service Other Service Other Reported service
revenue revenue Revenue revenue revenue Revenue revenue revenue
EURm EURm EURm EURm EURm EURm % %
-------------- -------- -------- -------- -------- -------- -------- --------- ---------
Europe 7,624 675 8,299 8,129 586 8,715 (4.8) 0.8
AMAP 2,430 451 2,881 2,398 450 2,848 1.2 7.9
Other 247 66 313 262 55 317
Eliminations (19) - (19) (15) - (15)
-------- -------- -------- -------- -------- -------- --------- ---------
Total 10,282 1,192 11,474 10,774 1,091 11,865 (3.3) 2.2
-------- -------- -------- -------- -------- -------- --------- ---------
Group total revenue was EUR11.5 billion and Group service
revenue was EUR10.3 billion. Total revenue declined 3.3%, including
a 4.2 percentage point negative impact from the deconsolidation of
Vodafone Netherlands (which was contributed to the VodafoneZiggo
JV), and a 2.6 percentage point negative impact from foreign
exchange rate movements. On an organic basis, service revenue
increased 2.2%* (Q4: 1.5%*).
Europe
Quarter ended Quarter ended
30 June 2017 30 June 2016(3) Organic*
---------------------------- ----------------------------
Service Other Service Other Reported service
revenue revenue Revenue revenue revenue Revenue revenue revenue
EURm EURm EURm EURm EURm EURm % %
-------------- -------- -------- -------- -------- -------- -------- --------- ---------
Germany 2,493 101 2,594 2,479 106 2,585 0.3 0.6
Italy 1,319 227 1,546 1,281 192 1,473 5.0 3.2
UK 1,564 195 1,759 1,758 84 1,842 (4.5) (2.7)
Spain 1,143 93 1,236 1,128 117 1,245 (0.7) 1.6
Other
Europe 1,135 61 1,196 1,528 89 1,617 (26.0) 2.7
Eliminations (30) (2) (32) (45) (2) (47)
-------- -------- -------- -------- -------- -------- --------- ---------
Total 7,624 675 8,299 8,129 586 8,715 (4.8) 0.8
-------- -------- -------- -------- -------- -------- --------- ---------
Revenue decreased 4.8% for the quarter, with a 5.6 percentage
point negative impact from the deconsolidation of Vodafone
Netherlands, while foreign exchange movements contributed a 1.7
percentage point negative impact.
On an organic basis, service revenue increased by 0.8%* (Q4:
0.1%*) or 1.8%* (Q4: 1.3%*) excluding the impact of regulation.
This improvement in quarterly trends was driven by customer growth
in both mobile and fixed and ARPU stabilisation across many of our
major markets. As of 15 June 2017 'roam like at home' regulation
was introduced across the EU.
Germany
Service revenue grew by 0.6%* (Q4: 1.2%*) or 2.0%* (Q4: 2.6%*)
excluding the impact of regulation. The slowdown in quarterly
trends reflected the lapping of an accounting reclassification from
other revenue into fixed service revenue in the prior year,
together with lower mobile wholesale revenues. Excluding these
effects, underlying performance was similar to the prior
quarter.
Mobile service revenue declined -1.1%* (Q4: -0.4%*) with a
higher customer base being offset by regulatory headwinds and lower
wholesale revenues. Excluding regulation, mobile service revenue
grew 1.0%* (Q4: 1.7%*) supported by our ARPU enhancing
'more-for-more' propositions. Contract customer additions grew
84,000 (+76,000 year-on-year) driven by higher activity in direct
channels and lower consumer churn. In Enterprise the market
remained competitive, however ARPU declines have continued to
moderate. We now have 4G population coverage of 90% with the
ability to offer 375Mbps in over 30 cities.
Fixed service revenue grew by 3.4%* (Q4: 3.7%*). Our commercial
performance remained strong with 100,000 broadband households added
in the quarter (Q1 16/17: 108,000), of which 65,000 were on cable
and the remainder on DSL. Our TV customer base remained stable
during the quarter at 7.7 million. Our new 'GigaKombi' convergence
offer continues to gain good momentum with 90,000 households added
during the quarter; on average, households increase their overall
spend when they migrate to converged bundles. In total we now have
0.5 million converged consumer households.
We now offer 500Mbps speeds in our mobile network in 10 cities
and 500Mbps speeds in our cable network to over 2 million
households.
Italy
Service revenue grew 3.2%* (Q4: 2.8%*) in the quarter. This
performance was supported by higher mobile and fixed ARPU and
strong fixed customer growth.
Mobile service revenue grew 0.9%* (Q4: 1.4%*) driven by ARPU
growth following changes to our tariff plans during the prior year
and in the quarter. The prepaid pricing environment became
increasingly competitive during the quarter, particularly in
below-the-line offers. As a result, mobile number portability
('MNP') volumes grew by 44% year-on-year. Despite these pressures,
our active customer base has remained stable, supported by our
advanced data analytics capability which delivers personalised
customer offers. In June, we announced the launch of our innovative
new proposition 'Vodafone Pass'. This proposition capitalises on
our leading mobile network quality, with 4G population coverage now
at 97%.
Fixed service revenue was up 14.4%* (Q4: 10.2%*) driven by
continued strong customer base growth. We added 58,000 broadband
households in the quarter (Q1 16/17: 46,000). In total our
broadband base is now 2.3 million. At the end of the period we
reached 5.0 million marketable homes through our owned NGN
footprint and our strategic partnership with Open Fiber.
UK
Service revenue declined -2.7%* (Q4: -4.8%*) or -2.2%* (Q4:
-4.8%*) excluding the impact of handset financing during the
quarter. The improvement in quarterly trends was driven by ARPU
growth in consumer mobile, together with a lower decline in carrier
services. NPS continued to recover, reflecting ongoing improvements
in customer care and network quality.
Mobile service revenue declined -2.3%* (Q4: -3.9%*) or -1.7%*
(Q4: -3.9%*) excluding the impact of handset financing. The
improvement compared to the prior quarter was driven by consumer
ARPU growth following RPI-linked and other price increases, and a
better direct inflow mix of higher-value customers. Enterprise
continued to decline in a competitive market environment. Total
contract customers declined 2,000 in the quarter, impacted by our
strategic decision to phase out our low-end mobile brand
Talkmobile. Excluding this effect our contract base grew 33,000.
Our network performance in Q1 was at an all-time high with a drop
call rate of 0.49% and 4G coverage at 97%. We also signed a new
network share agreement in London providing us with greater
flexibility and the opportunity to roll out new services
faster.
Fixed line service revenue declined -3.9%* (Q4: -7.5%*) with the
improvement in quarterly trends reflecting a lower decline in
carrier services (which was impacted in Q4 by a strong prior year
comparator). Enterprise continued to decline, reflecting the
ongoing impact of customer losses in prior periods. We continued to
grow our consumer broadband base despite increased competition,
with 31,000 households added in the quarter.
Spain
Service revenue grew by 1.6%* (Q4: 1.3%*) or 3.0%* (Q4: 3.8%*)
excluding the impact of handset financing. This sustained growth
was driven by 'more-for-more' proposition changes in the quarter
and a higher customer base across both mobile and fixed line. The
slowdown in underlying quarterly trends reflects the slightly later
implementation of tariff changes compared to the prior year.
Our commercial momentum remained strong, adding 55,000 mobile
contract customers (Q1 16/17: 53,000) and 15,000 fixed broadband
customers (Q1 16/17: 1,000) in the quarter despite the change in
tariff plans. Our TV customer base declined by 24,000 driven by a
temporary delay in the capability to offer TV to new households in
our wholesale footprint following a new agreement with the
incumbent, higher disconnections following the end of the football
season, and our greater focus on premium packages . In July, we
launched our innovative new proposition Vodafone Pass.
Vodafone One, our fully integrated fixed, mobile and TV service,
reached 2.4 million households at the end of the period, up 538,000
year-on-year and 63,000 during the quarter. Convergent ARPA
continued to grow steadily and churn rates are around half the
level of households who take a single product. In May, we launched
a basic convergent proposition targeted at the value segment using
our second brand Lowi.
Our market leading 4G coverage reached 94% at the end of the
quarter. Following our commercial wholesale agreement with
Telefonica in March to access its fibre network in both regulated
and deregulated areas, our NGN footprint increased to 19.2 million
households, of which 10.3 million are on-net.
Other Europe
Service revenue grew by 2.7%* (Q4: 1.3%*). Ireland service
revenue declined -2.5%* (Q4: -1.2%*), but grew 1.1%* excluding MTRs
(Q4: +2.3%*) supported by ongoing fixed customer growth. Portugal
service revenue grew by 5.4%* (Q4: 2.2%*). This improvement in
quarterly trends was supported by a return to growth in mobile, and
continued strong fixed customer growth. In Greece, service revenue
grew by 3.3%* (Q4: 0.2%*), reflecting more-for-more propositions
launched in mobile during the quarter.
VodafoneZiggo
Our joint venture VodafoneZiggo will announce its quarterly
results for the quarter ended 30 June 2017 on 7 August 2017.
AMAP
Quarter ended Quarter ended
30 June 2017 30 June 2016(3) Organic*
---------------------------- ----------------------------
Service Other Service Other Reported service
revenue revenue Revenue revenue revenue Revenue revenue revenue
EURm EURm EURm EURm EURm EURm % %
-------------- -------- -------- -------- -------- -------- -------- --------- ---------
Vodacom 1,177 247 1,424 992 183 1,175 21.2 5.6
Other
AMAP 1,253 204 1,457 1,406 267 1,673 (12.9) 10.0
Eliminations - - - - - -
-------- -------- -------- -------- -------- -------- --------- ---------
Total 2,430 451 2,881 2,398 450 2,848 1.2 7.9
-------- -------- -------- -------- -------- -------- --------- ---------
Revenue increased 1.2%, with organic growth offset by a 6.0
percentage point adverse impact from foreign exchange
movements.
On an organic basis service revenue increased 7.9%* (Q4: 6.8%*)
driven by strong commercial momentum in South Africa, Turkey and
Egypt.
Vodacom
Vodacom Group service revenue increased 5.6%* (Q4: 3.8%*),
supported by strong customer additions and data demand in South
Africa, and improved growth in Vodacom's International operations
following customer disconnections in the prior year.
In South Africa, momentum was maintained with service revenue
growth of 5.6%* (Q4: 5.6%*). This was supported by continued strong
customer growth resulting from our effective segmentation strategy
and personalised offerings. We added 2.5 million prepaid mobile
customers in the quarter (Q4: 1.2 million). Data revenue growth
remained strong at 18.1%* (Q4: 17.9%), supported by greater data
bundle sales (up 56% to 166 million) and higher usage (smart device
usage up 14.9% to 734Mb per month), all of which were enhanced by
our advanced data analytics capabilities which enable daily
personalised offers. This growth was further aided by active smart
device growth (18% to 16.6 million), and 4G device customers
increased 76% to 7.0 million. Voice revenue declined 4.2%*, broadly
in line with prior quarters. Our market leading network has now
reached 75% 4G coverage.
Vodacom's International operations outside of South Africa,
which represent 22.3% of Vodacom Group service revenue, grew 7.9%*
(Q4: 0.5%*). This acceleration in quarterly growth reflected a
better performance in Tanzania, and sustained growth in Mozambique
and Lesotho through strong commercial execution.
In May 2017, we announced that Vodafone Group would exchange a
35% indirect interest in Safaricom for 226.8 million new ordinary
Vodacom shares, enabling us to streamline and simplify the
management of our sub-Saharan African holdings. On 18 July 2017,
Vodacom shareholders voted in favour of the transaction. We expect
the transaction to complete in early August, following which
Vodafone's ownership in Vodacom will increase from 65% to 70%.
Other AMAP
Service revenue grew by 10.0%* (Q4: 9.8%*) driven by continued
strong growth in Turkey and Egypt.
In Turkey, service revenue was up 13.9%* (Q4: 13.9%*) supported
by continued good growth in consumer contract, strong fixed
customer momentum and a robust performance in Enterprise. Egypt
service revenue grew 24.6%* (Q4: 22.8%*) with successful segmented
campaigns and rising data penetration supporting ARPU growth,
together with the increased value of international traffic post
currency devaluation. In New Zealand, service revenue declined
-0.3%* (Q4: 0.3%*). The merger agreement with Sky TV New Zealand
has been terminated.
India(3)
On 20 March 2017, Vodafone announced an agreement to combine its
subsidiary, Vodafone India (excluding its 42% stake in Indus
Towers), with Idea Cellular. The transaction is subject to
regulatory approvals and is expected to close during calendar year
2018. The combined company will be jointly controlled by Vodafone
and the Aditya Birla Group. Vodafone India has been classified as
discontinued operations for Group reporting purposes. From an
operational perspective, the Group remains highly focused on the
management of the business and committed to its success, both prior
to the completion of the merger and thereafter. The results of
Vodafone India are detailed below.
Quarter ended Quarter ended
30 June 2017 30 June 2016(3) Organic*
---------------------------- ----------------------------
Service Other Service Other Reported service
revenue revenue Revenue revenue revenue Revenue revenue revenue
EURm EURm EURm EURm EURm EURm % %
------- -------- -------- -------- -------- -------- -------- --------- ---------
India 1,385 2 1,387 1,510 9 1,519 (8.7) (13.9)
-------- -------- -------- -------- -------- -------- --------- ---------
Service revenue declined -13.9%* (Q4: -11.5%*) as a result of
continued price competition from the new entrant and incumbents.
Despite a year-on-year decline, sequential quarterly trends are
stabilising as SIM consolidation is beginning to improve ARPU in
the low-value segment, helping offset pricing pressure in the mid
and high-value segments of the base. During the quarter we grew our
mobile customer base by 2.9 million (Q4: 4.4 million), while
continuing to retain our high value customers. We ended the quarter
with a closing customer base of 211.9 million. Our focused
investment strategy delivered a further improvement in our revenue
market share in our leadership circles, based on regulatory
disclosures for the prior quarter.
Data browsing revenue declined -20.4%* (Q4: -15.9%*) reflecting
further ARPU dilution from lower unitary prices, which declined 67%
year-on-year (Q4: -38%). This did however stimulate a 78%
year-on-year growth in monthly data usage per customer to 1.1GB
(Q4: 0.6GB). Our active data customer base grew for the second
quarter in a row, increasing to 69.2 million, with the number of
3G/4G customers rising by 3.4 million to 41.1 million.
Voice revenue declined -14.2%* (Q4: -13.2%*) as the benefit of
higher incoming revenue and a larger customer base was offset by a
32% year-on-year decline in voice prices as the market moved to
unlimited voice tariffs.
Notes:
* All amounts in this document marked with an
"*" represent organic growth which presents
performance on a comparable basis, both in terms
of merger and acquisition activity and movements
in foreign exchange rates. Organic growth is
an alternative performance measure. See "Alternative
performance measures" on page 8 for further
details and reconciliations to the respective
closest equivalent GAAP measure.
1. VodafoneZiggo figures are stated as at 31March,
2017. VodafoneZiggo will report its results
for the quarter ending 30 June 2017 on 7 August
2017.
2. Full details on this guidance are available
on page 6 of the Group's year end results announcement
for the year ended 31 March 2017.
3. The results for the quarter ended 30 June 2016
have been restated to exclude the results of
Vodafone India which has been classified as
discontinued operations for Group reporting
purposes following the agreement to combine
with Idea Cellular.
ADDITIONAL INFORMATION
Service revenue - quarter ended 30 June 2017(1)
Group and
Regions Group Europe AMAP
-------------------- -------------------- --------------------
Restated Restated Restated
2017 2016 2017 2016 2017 2016
EURm EURm EURm EURm EURm EURm
--------- --------- --------- --------- --------- ---------
Mobile customer
revenue 6,699 7,083 4,788 5,200 1,906 1,879
Mobile incoming
revenue 525 627 353 421 173 207
Other service
revenue 504 552 322 366 97 83
--------- --------- --------- --------- --------- ---------
Mobile service
revenue 7,728 8,262 5,463 5,987 2,176 2,169
Fixed service
revenue 2,554 2,512 2,161 2,142 254 229
--------- --------- --------- --------- --------- ---------
Service revenue 10,282 10,774 7,624 8,129 2,430 2,398
Other revenue 1,192 1,091 675 586 451 450
--------- --------- --------- --------- --------- ---------
Revenue 11,474 11,865 8,299 8,715 2,881 2,848
--------- --------- --------- --------- --------- ---------
Growth
----------------------------------------------------------------
Reported Organic* Reported Organic* Reported Organic*
% % % % % %
--------- --------- --------- --------- --------- ---------
Revenue (3.3) 3.5 (4.8) 2.5 1.2 7.2
Service revenue (4.6) 2.2 (6.2) 0.8 1.3 7.9
--------- --------- --------- --------- --------- ---------
Operating
Companies Germany Italy UK
-------------------- -------------------- --------------------
Restated Restated Restated
2017 2016 2017 2016 2017 2016
EURm EURm EURm EURm EURm EURm
--------- --------- --------- --------- --------- ---------
Mobile customer
revenue 1,322 1,314 937 914 1,054 1,182
Mobile incoming
revenue 53 72 88 92 77 91
Other service
revenue 117 124 54 65 76 80
--------- --------- --------- --------- --------- ---------
Mobile service
revenue 1,492 1,510 1,079 1,071 1,207 1,353
Fixed service
revenue 1,001 969 240 210 357 405
--------- --------- --------- --------- --------- ---------
Service revenue 2,493 2,479 1,319 1,281 1,564 1,758
Other revenue 101 106 227 192 195 84
--------- --------- --------- --------- --------- ---------
Revenue 2,594 2,585 1,546 1,473 1,759 1,842
--------- --------- --------- --------- --------- ---------
Growth
----------------------------------------------------------------
Reported Organic* Reported Organic* Reported Organic*
% % % % % %
--------- --------- --------- --------- --------- ---------
Revenue 0.3 0.4 5.0 5.1 (4.5) 5.8
Service revenue 0.6 0.6 3.0 3.2 (11.0) (2.7)
--------- --------- --------- --------- --------- ---------
Discontinued
operations:
Spain Vodacom India
-------------------- -------------------- --------------------
Restated Restated Restated
2017 2016 2017 2016 2017 2016
EURm EURm EURm EURm EURm EURm
--------- --------- --------- --------- --------- ---------
Mobile customer
revenue 675 669 1,018 857 1,035 1,225
Mobile incoming
revenue 42 43 40 47 219 164
Other service
revenue 43 51 59 47 49 52
--------- --------- --------- --------- --------- ---------
Mobile service
revenue 760 763 1,117 951 1,303 1,441
Fixed service
revenue 383 365 60 41 82 69
--------- --------- --------- --------- --------- ---------
Service revenue 1,143 1,128 1,177 992 1,385 1,510
Other revenue 93 117 247 183 2 9
--------- --------- --------- --------- --------- ---------
Revenue 1,236 1,245 1,424 1,175 1,387 1,519
--------- --------- --------- --------- --------- ---------
Growth
----------------------------------------------------------------
Reported Organic* Reported Organic* Reported Organic*
% % % % % %
--------- --------- --------- --------- --------- ---------
Revenue (0.7) (0.4) 21.2 7.4 (8.7) (14.3)
Service revenue 1.3 1.6 18.6 5.6 (8.3) (13.9)
--------- --------- --------- --------- --------- ---------
Note:
* All amounts in this document marked with an
"*" represent organic growth which presents
performance on a comparable basis, both in terms
of merger and acquisition activity and movements
in foreign exchange rates. Organic growth is
an alternative performance measure. See "Alternative
performance measures" on page 8 for further
details and reconciliations to the respective
closest equivalent GAAP measure.
1. The results for the quarter ended 30 June 2016
have been restated to exclude the results of
Vodafone India which has been classified as
discontinued operations for Group reporting
purposes following the agreement to combine
with Idea Cellular.
ALTERNATIVE PERFORMANCE MEASURES
In the discussion of the Group's reported operating results,
alternative performance measures are presented to provide readers
with additional financial information that are regularly reviewed
by management. However, this additional information presented is
not uniformly defined by all companies including those in the
Group's industry. Accordingly, it may not be comparable with
similarly titled measures and disclosures by other companies.
Additionally, certain information presented is derived from amounts
calculated in accordance with IFRS but is not itself an expressly
permitted GAAP measure. Such measures should not be viewed in
isolation or as an alternative to the equivalent GAAP measure.
Further information on the use of alternative performance measures
is outlined on pages 205 to 213 of the Group's annual report for
the financial year ended 31 March 2017.
Service revenue
Service revenue comprises all revenue related to the provision
of ongoing services including, but not limited to, monthly access
charges, airtime usage, roaming, incoming and outgoing network
usage by non-Vodafone customers and interconnect charges for
incoming calls. We believe that it is both useful and necessary to
report this measure for the following reasons:
-- it is used for internal performance reporting;
-- it is used in setting director and management remuneration;
and
-- it is useful in connection with discussion with the
investment analyst community.
A reconciliation of reported service revenue to the respective
closest equivalent GAAP measure, revenue, is provided where used in
the Operating Review on pages 2 to 6.
Organic growth
All amounts in this document marked with an "*" represent
"organic growth", which presents performance on a comparable basis
in terms of merger and acquisition activity and foreign exchange
rates. Whilst organic growth is neither intended to be a substitute
for reported growth, nor is it superior to reported growth, we
believe that these measures provide useful and necessary
information to investors and other interested parties for the
following reasons:
-- it provides additional information on underlying growth of
the business without the effect of certain factors unrelated to its
operating performance;
-- it is used for internal performance analysis; and
-- it facilitates comparability of underlying growth with other
companies (although the term "organic" is not a defined term under
IFRS and may not, therefore, be comparable with similarly titled
measures reported by other companies).
The Group's organic growth rates for all periods exclude the
results of Vodafone India, which are now reported in discontinued
operations, and exclude the results of Vodafone Netherlands
following the disposal of its consumer fixed business and
subsequent merger into VodafoneZiggo, as well as the results of
VodafoneZiggo after the merger. In addition, the Group's organic
service revenue growth rates for the quarter ended 30 June 2017 has
been amended to exclude the adverse impact of changes to
intercompany interconnect rates.
We have not provided a comparative in respect of organic growth
rates as the current rates describe the change between the
beginning and end of the current year, with such changes being
explained by the commentary in this news release. If comparatives
were provided, significant sections of the commentary from the news
release for the prior year would also need to be included, reducing
the usefulness and transparency of this document.
Reconciliations of organic growth to reported growth are shown
in the tables below.
Other
activity
Restated (including Foreign
2017 2016 Reported M&A) exchange Organic*
EURm EURm % pps pps %
------------------ ------- --------- --------- ----------- --------- ---------
Quarter ended 30
June
Revenue
Germany 2,594 2,585 0.3 - 0.1 0.4
Italy 1,546 1,473 5.0 0.2 (0.1) 5.1
UK 1,759 1,842 (4.5) 1.5 8.8 5.8
Spain 1,236 1,245 (0.7) 0.3 - (0.4)
Other Europe 1,196 1,617 (26.0) 28.7 (0.2) 2.5
Eliminations (32) (47)
------- --------- --------- ----------- --------- ---------
Europe 8,299 8,715 (4.8) 5.6 1.7 2.5
------------------- ------- --------- --------- ----------- --------- ---------
Vodacom 1,424 1,175 21.2 - (13.8) 7.4
Other AMAP 1,457 1,673 (12.9) - 19.8 6.9
AMAP 2,881 2,848 1.2 - 6.0 7.2
------------------- ------- --------- --------- ----------- --------- ---------
Other 313 317
Eliminations (19) (15)
------- --------- --------- ----------- --------- ---------
Group 11,474 11,865 (3.3) 4.2 2.6 3.5
------------------- ------- --------- --------- ----------- --------- ---------
Other
activity
Restated (including Foreign
2017 2016 Reported M&A) exchange Organic*
EURm EURm % pps pps %
--------------------------- ------- --------- --------- ----------- --------- ---------
Quarter ended 30
June
Service revenue
Germany 2,493 2,479 0.6 - - 0.6
------- --------- --------- ----------- --------- ---------
Mobile service
revenue 1,492 1,510 (1.2) 0.1 - (1.1)
Fixed service
revenue 1,001 969 3.3 - 0.1 3.4
--------------------------- ------- --------- --------- ----------- --------- ---------
Italy 1,319 1,281 3.0 0.2 - 3.2
------- --------- --------- ----------- --------- ---------
Mobile service
revenue 1,079 1,071 0.7 0.1 0.1 0.9
Fixed service
revenue 240 210 14.3 - 0.1 14.4
--------------------------- ------- --------- --------- ----------- --------- ---------
UK 1,564 1,758 (11.0) 0.1 8.2 (2.7)
------- --------- --------- ----------- --------- ---------
Mobile service
revenue 1,207 1,353 (10.8) 0.1 8.4 (2.3)
Fixed service
revenue 357 405 (11.9) - 8.0 (3.9)
--------------------------- ------- --------- --------- ----------- --------- ---------
Spain 1,143 1,128 1.3 0.3 - 1.6
Other Europe 1,135 1,528 (25.7) 28.7 (0.3) 2.7
------- --------- --------- ----------- --------- ---------
Of which: Ireland 235 242 (2.9) 0.2 0.2 (2.5)
Of which: Portugal 232 221 5.0 0.3 0.1 5.4
Of which: Greece 200 194 3.1 0.3 (0.1) 3.3
--------------------------- ------- --------- --------- ----------- --------- ---------
Eliminations (30) (45)
------- --------- --------- ----------- --------- ---------
Europe 7,624 8,129 (6.2) 5.3 1.7 0.8
---------------------------- ------- --------- --------- ----------- --------- ---------
Vodacom 1,177 992 18.6 - (13.0) 5.6
------- --------- --------- ----------- --------- ---------
Of which: South
Africa 903 734 23.0 - (17.4) 5.6
Of which: International
operations 263 243 8.2 - (0.3) 7.9
--------------------------- ------- --------- --------- ----------- --------- ---------
Other AMAP 1,253 1,406 (10.9) - 20.9 10.0
------- --------- --------- ----------- --------- ---------
Of which: Turkey 554 585 (5.3) - 19.2 13.9
Of which: Egypt 228 362 (37.0) - 61.6 24.6
Of which: New
Zealand 286 274 4.4 - (4.7) (0.3)
--------------------------- ------- --------- --------- ----------- --------- ---------
Eliminations - -
------- --------- --------- ----------- --------- ---------
AMAP 2,430 2,398 1.3 0.1 6.5 7.9
---------------------------- ------- --------- --------- ----------- --------- ---------
Other 247 262
Eliminations (19) (15)
---------------------------- ------- --------- --------- ----------- --------- ---------
Total service revenue 10,282 10,774 (4.6) 4.1 2.7 2.2
Other revenue 1,192 1,091
---------------------------- ------- --------- --------- ----------- --------- ---------
Revenue 11,474 11,865 (3.3) 4.2 2.6 3.5
---------------------------- ------- --------- --------- ----------- --------- ---------
Other growth metrics
Group - Enterprise
service revenue 3,004 3,212 (6.5) 5.9 2.1 1.5
Group - Enterprise
mobile service
revenue 2,102 2,292 (8.3) 7.1 1.8 0.6
Group - Enterprise
fixed service revenue 902 920 (2.0) 2.5 3.1 3.6
Group - IoT revenue 183 172 6.4 7.6 1.1 15.1
Europe - Service
revenue excluding
the impact of regulation 7,624 8,129 (6.2) 6.3 1.7 1.8
Germany - Service
revenue excluding
the impact of regulation 2,493 2,479 0.6 1.4 - 2.0
Germany - Mobile
service revenue
excluding the impact
of regulation 1,492 1,510 (1.2) 2.2 - 1.0
UK - Service revenue
excluding the impact
of handset financing 1,564 1,758 (11.0) 0.6 8.2 (2.2)
UK - Mobile service
revenue excluding
the impact of handset
financing 1,207 1,353 (10.8) 0.7 8.4 (1.7)
Spain - Service
revenue excluding
the impact of handset
financing 1,143 1,128 1.3 1.7 - 3.0
Ireland - Service
revenue excluding
the impact of MTR
cuts 235 242 (2.9) 3.8 0.2 1.1
South Africa -
Data revenue 382 277 37.9 - (19.8) 18.1
South Africa -
Voice revenue 381 341 11.7 - (15.9) (4.2)
India - Revenue 1,387 1,519 (8.7) - (5.6) (14.3)
India - Service
revenue 1,385 1,510 (8.3) 0.1 (5.7) (13.9)
India - Data browsing
revenue 257 303 (15.2) - (5.2) (20.4)
India - Voice revenue 924 1,011 (8.6) - (5.6) (14.2)
---------------------------- ------- --------- --------- ----------- --------- ---------
Other
activity
Restated (including Foreign
2017 2016 Reported M&A) exchange Organic*
EURm EURm % pps pps %
--------------------------- ------- --------- --------- ----------- --------- ---------
Quarter ended 31
March
Service revenue
Germany 2,492 2,462 1.2 - - 1.2
------- --------- --------- ----------- --------- ---------
Mobile service
revenue 1,500 1,505 (0.3) - (0.1) (0.4)
Fixed service
revenue 992 957 3.7 - - 3.7
--------------------------- ------- --------- --------- ----------- --------- ---------
Italy 1,298 1,263 2.8 - - 2.8
------- --------- --------- ----------- --------- ---------
Mobile service
revenue 1,069 1,055 1.3 - 0.1 1.4
Fixed service
revenue 229 208 10.1 - 0.1 10.2
--------------------------- ------- --------- --------- ----------- --------- ---------
UK 1,624 1,903 (14.7) - 9.9 (4.8)
------- --------- --------- ----------- --------- ---------
Mobile service
revenue 1,218 1,412 (13.7) - 9.8 (3.9)
Fixed service
revenue 406 491 (17.3) - 9.8 (7.5)
--------------------------- ------- --------- --------- ----------- --------- ---------
Spain 1,109 1,094 1.4 - (0.1) 1.3
Other Europe 1,102 1,516 (27.3) 28.6 - 1.3
------- --------- --------- ----------- --------- ---------
Of which: Ireland 235 238 (1.3) - 0.1 (1.2)
Of which: Portugal 226 221 2.3 - (0.1) 2.2
Of which: Greece 189 189 - - 0.2 0.2
--------------------------- ------- --------- --------- ----------- --------- ---------
Eliminations (32) (36)
------- --------- --------- ----------- --------- ---------
Europe 7,593 8,202 (7.4) 5.3 2.2 0.1
---------------------------- ------- --------- --------- ----------- --------- ---------
Vodacom 1,198 992 20.8 - (17.0) 3.8
------- --------- --------- ----------- --------- ---------
Of which: South
Africa 937 717 30.7 - (25.1) 5.6
Of which: International
operations 252 259 (2.7) - 3.2 0.5
--------------------------- ------- --------- --------- ----------- --------- ---------
Other AMAP 1,239 1,404 (11.8) - 21.6 9.8
------- --------- --------- ----------- --------- ---------
Of which: Turkey 526 560 (6.1) - 20.0 13.9
Of which: Egypt 224 390 (42.6) - 65.4 22.8
Of which: New
Zealand 303 272 11.4 - (11.1) 0.3
--------------------------- ------- --------- --------- ----------- --------- ---------
Eliminations - -
------- --------- --------- ----------- --------- ---------
AMAP 2,437 2,396 1.7 - 5.1 6.8
---------------------------- ------- --------- --------- ----------- --------- ---------
Other 314 335
Eliminations (23) (45)
---------------------------- ------- --------- --------- ----------- --------- ---------
Total service revenue 10,321 10,888 (5.2) 3.9 2.8 1.5
Other revenue 1,020 1,118
---------------------------- ------- --------- --------- ----------- --------- ---------
Revenue 11,341 12,006 (5.5) 2.8 2.9 0.2
---------------------------- ------- --------- --------- ----------- --------- ---------
Other growth metrics
Group - Enterprise
service revenue 3,071 3,306 (7.1) 6.7 2.4 2.0
Group - Enterprise
mobile service
revenue 2,118 2,338 (9.4) 8.5 1.9 1.0
Group - Enterprise
fixed service revenue 953 968 (1.5) 2.3 3.7 4.5
Europe - Service
revenue excluding
the impact of regulation 7,593 8,202 (7.4) 6.5 2.2 1.3
Germany - Service
revenue excluding
the impact of regulation 2,492 2,462 1.2 1.4 - 2.6
Germany - Mobile
service revenue
excluding the impact
of regulation 1,500 1,505 (0.3) 2.1 (0.1) 1.7
UK - Service revenue
excluding the impact
of handset financing 1,624 1,903 (14.7) - 9.9 (4.8)
UK - Mobile service
revenue excluding
the impact of handset
financing 1,218 1,412 (13.7) - 9.8 (3.9)
Spain - Service
revenue excluding
the impact of handset
financing 1,109 1,094 1.4 2.5 (0.1) 3.8
Ireland - Service
revenue excluding
the impact of MTR
cuts 235 238 (1.3) 3.5 0.1 2.3
South Africa -
Data revenue 379 260 45.8 - (27.9) 17.9
India - Revenue 1,385 1,539 (10.0) 2.3 (3.7) (11.4)
India - Service
revenue 1,379 1,532 (10.0) 2.3 (3.8) (11.5)
India - Data browsing
revenue 247 306 (19.3) - 3.4 (15.9)
India - Voice revenue 870 1,046 (16.8) - 3.6 (13.2)
---------------------------- ------- --------- --------- ----------- --------- ---------
OTHER INFORMATION
Notes
1. Vodafone, the Vodafone Portrait, the Vodafone
Speechmark, Vodacom, Vodafone One and M-Pesa,
are trademarks of the Vodafone Group. The
Vodafone Rhombus is a registered design of
the Vodafone Group. Other product and company
names mentioned herein may be the trademarks
of their respective owners.
2. All growth rates reflect a comparison to the
quarter ended 30 June 2016 unless otherwise
stated.
3. References to "Q4" and "Q1" are to the quarters
ended 31 March 2017 and 30 June 2017, respectively,
unless otherwise stated. References to the
"year", "financial year" or "2018 financial
year" are to the financial year ending 31
March 2018 and references to the "last year"
or "last financial year" are to the financial
year ended 31 March 2017 unless otherwise
stated.
4. All amounts marked with an "*" represent organic
growth, which presents performance on a comparable
basis, both in terms of merger and acquisition
activity as well as in terms of movements
in foreign exchange rates.
5. Vodacom refers to the Group's interest in
Vodacom Group Limited ('Vodacom') in South
Africa as well as its subsidiaries, including
its operations in the DRC, Lesotho, Mozambique
and Tanzania.
6. The financial results for India have been
derived from our consolidated financial results
and this may differ from Vodafone India's
financial statements prepared under Indian
GAAP, Indian Accounting Standards or IFRS.
7. Quarterly historical information, including
information for service revenue, mobile customers,
mobile churn, mobile data usage, mobile ARPU
and certain fixed line and convergence metrics,
is provided in a spread sheet available at
vodafone.com/investor.
8. This trading update contains references to
our website. Information on our website is
not incorporated into this update and should
not be considered part of this update. We
have included any website as an inactive textual
reference only.
Definition of terms
Term Definition
------------------ ---------------------------------------------
ARPU Average revenue per user, defined
as customer revenue and incoming
revenue divided by average customers.
------------------ ---------------------------------------------
Converged A customer who receives both fixed
customer and mobile services (also known as
unified communications) on a single
bill or who receives a discount across
both bills.
------------------ ---------------------------------------------
Enterprise The Group's customer segment for
businesses.
------------------ ---------------------------------------------
Fixed service Service revenue relating to provision
revenue of fixed line ('fixed') and carrier
services.
------------------ ---------------------------------------------
Incoming revenue Comprises revenue from termination
rates for voice and messaging to
Vodafone customers.
------------------ ---------------------------------------------
Internet of The network of physical objects embedded
Things ('IoT') with electronics, software, sensors,
and network connectivity, including
built-in mobile SIM cards, that enables
these objects to collect data and
exchange communications with one
another or a database.
------------------ ---------------------------------------------
Mobile customer Represents revenue from mobile customers
revenue from bundles that include a specified
number of minutes, messages or megabytes
of data that can be used for no additional
charge and revenues from minutes,
messages or megabytes of data which
are in excess of the amount included
in customer bundles.
------------------ ---------------------------------------------
Mobile service Service revenue relating to the provision
revenue of mobile services.
------------------ ---------------------------------------------
Next generation Fibre or cable networks typically
networks ('NGN') providing high-speed broadband over
30Mbps.
------------------ ---------------------------------------------
Organic growth An alternative performance measure
which presents performance on a comparable
basis, both in terms of merger and
acquisition activity and movements
in foreign exchange rates. See "Alternative
performance measures" on page 8 for
further details.
------------------ ---------------------------------------------
Other revenue Other revenue includes revenue from
connection fees and equipment sales.
------------------ ---------------------------------------------
Reported growth Reported growth is based on amounts
reported in euros as determined under
IFRS.
------------------ ---------------------------------------------
Service revenue Service revenue comprises all revenue
related to the provision of ongoing
services including, but not limited
to, monthly access charges, airtime
usage, roaming, incoming and outgoing
network usage by non-Vodafone customers
and interconnect charges for incoming
calls. See "Alternative performance
measures" on page 8 for further details.
------------------ ---------------------------------------------
Regulation Impact of industry specific law and
regulations covering telecommunication
services. The impact of regulation
on service revenue comprises the
effect of changes in European mobile
termination rates and changes in
out-of-bundle roaming revenues in
European markets.
------------------ ---------------------------------------------
RGUs/sub Revenue Generating Units/unique subscriber
ratio ('RGUs/sub') describes the
average number of fixed line services
taken by subscribers.
------------------ ---------------------------------------------
VGE Vodafone Global Enterprise (VGE),
which serves the Group's biggest
multi-national customers.
------------------ ---------------------------------------------
For definition of other terms please refer to pages 218 to 220
of the Group's Annual Report for the year ended 31 March 2017.
Forward-looking statements
This report contains "forward-looking statements" within the
meaning of the US Private Securities Litigation Reform Act of 1995
with respect to the Group's financial condition, results of
operations and businesses and certain of the Group's plans and
objectives.
In particular, such forward-looking statements include, but are
not limited to, statements with respect to: expectations regarding
the Group's financial condition or results of operations including
the confirmation of the Group's guidance for the 2018 financial
year, expectations for the Group's future performance generally;
expectations regarding the operating environment and market
conditions and trends; intentions and expectations regarding the
development, launch and expansion of products, services and
technologies; growth in customers and usage; expectations regarding
spectrum licence acquisitions; expectations regarding adjusted
EBITDA, capital additions, free cash flow, and foreign exchange
rate movements; and expectations regarding the integration or
performance of current and future investments, associates, joint
ventures, non-controlled interests and newly acquired
businesses.
Forward-looking statements are sometimes, but not always,
identified by their use of a date in the future or such words as
"sustain", "continue", "stabilise", "recover", "ongoing", "will",
"expects", or "targets" (including in their negative form). By
their nature, forward-looking statements are inherently predictive,
speculative and involve risk and uncertainty because they relate to
events and depend on circumstances that may or may not occur in the
future. There are a number of factors that could cause actual
results and developments to differ materially from those expressed
or implied by these forward-looking statements. These factors
include, but are not limited to, the following: changes in economic
or political conditions in markets served by operations of the
Group and changes to the associated legal, regulatory and tax
environments; increased competition; the impact of investment in
network capacity and the deployment of new technologies, products
and services; rapid changes to existing products and services and
the inability of new products and services to perform in accordance
with expectation; the ability of the Group to integrate new
technologies, products and services with existing networks,
technologies, products and services; the Group's ability to grow
and generate revenue; a lower than expected impact of new or
existing products, services or technologies on the Group's future
revenue, cost structure and capital expenditure outlays; the
Group's ability to expand its spectrum position or renew or obtain
necessary licences and realise expected synergies and associated
benefits; the Group's ability to secure the timely delivery of
high-quality products from suppliers; loss of suppliers, disruption
of supply chains and greater than anticipated prices of new mobile
handsets; changes in the costs to the Group of, or the rates the
Group may charge for, terminations and roaming minutes; the impact
of a failure or significant interruption to the Group's
telecommunications, networks, IT systems or data protection
systems; changes in foreign exchange rates, as well as changes in
interest rates; the Group's ability to realise benefits from
entering into acquisitions, partnerships or joint ventures and
entering into service franchising, brand licensing and platform
sharing or other arrangements with third parties; acquisitions and
divestments of Group businesses and asset and the pursuit of new,
unexpected strategic opportunities; the Group's ability to
integrate acquired business or assets; the extent of any future
write-downs or impairment charges on the Group's assets, or
restructuring charges incurred as a result of an acquisition or
disposition; the impact of legal or other proceedings against the
Group or other companies in the mobile telecommunications industry;
higher than expected costs or capital expenditures; slower than
expected customer growth and reduced customer retention; changes in
the spending patterns of new and existing customers; the Group's
ability to execute its strategy in fibre deployment, network
expansion, new product and service roll-outs, mobile data,
Enterprise and broadband and in emerging markets; changes in
foreign exchange rates, as well as changes in interest rates;
changes in the regulatory framework in which the Group operates;
developments in the Group's financial condition, earnings and
distributable funds and other factors that the Board takes into
account when determining levels of dividends; the Group's ability
to satisfy working capital and other requirements; and/or changes
in statutory tax rates or profit mix.
Furthermore, a review of the reasons why actual results and
developments may differ materially from the expectations disclosed
or implied within forward-looking statements can be found under
"Forward-looking statements" and "Risk management" in the Group's
Annual Report for the year ended 31 March 2017. The Annual Report
can be found on the Group's website (vodafone.com/investor). All
subsequent written or oral forward-looking statements attributable
to the Company, to any member of the Group or to any persons acting
on their behalf are expressly qualified in their entirety by the
factors referred to above. No assurances can be given that the
forward-looking statements in this document will be realised.
Subject to compliance with applicable law and regulations, Vodafone
does not intend to update these forward-looking statements and does
not undertake any obligation to do so.
For further information:
Vodafone Group Plc
Investor Relations Media Relations
Telephone: +44 7919 990 www.vodafone.com/media/contact
230
Copyright (c) Vodafone Group 2017
- ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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