TIDMVOD
RNS Number : 9263E
Vodafone Group Plc
22 July 2016
Trading update for the quarter ended 30 June 2016
22 July 2016
Highlights
-- Q1 Group organic service revenue grew 2.2%*; Europe 0.3%*, AMAP 7.7%*
-- Europe remains stable despite lower roaming fees: Germany
1.6%*, Spain 1.3%*, Italy 1.2%*, UK -3.2%*
-- Sustained growth in AMAP: India 6.4%*, Vodacom 4.4%*, Turkey 19.5%*, Egypt 9.4%*
-- 4G adoption drives ongoing data growth: 4G customers doubled to 52.5m and data volumes +63%
-- Strong fixed momentum continues with 348,000 broadband net
adds, up 32%, of which 217,000 are on-net
-- Enterprise growth of 2.6%* as VGE and fixed share gains
continue to offset pressure in mobile
Quarter ended
30 June
---------------------
Restated(1) Growth
--------------------
2016 2015 Reported Organic*
EURm EURm % %
-------------------------- ------- ------------ --------- ---------
Group revenue(1) 13,377 14,007 (4.5)
Europe 8,715 9,005 (3.2)
Africa, Middle East
& Asia Pacific ('AMAP') 4,365 4,655 (6.2)
Alternative performance
measures*
------- ------------ --------- ---------
Group service revenue(1) 12,278 12,699 (3.3) 2.2
Europe 8,129 8,273 (1.7) 0.3
AMAP 3,906 4,135 (5.5) 7.7
Vittorio Colao, Group Chief Executive, commented:
"We continued to make good progress during the first quarter. In
Europe, our growth remains stable despite regulatory pressure on
roaming revenue, with good performance in Germany, Spain and Italy
while we are focussed on improving our performance in the UK. Our
growth momentum in AMAP remains strong, with excellent performance
in South Africa, Turkey and Egypt and ongoing recovery in India.
Customers in multiple markets are attracted by our 'more-for-more'
commercial offerings of larger data bundles and extra services,
while we are seeing continued success with our fixed broadband and
enterprise strategies."
Notes:
* Alternative performance measures are presented
to provide readers with additional financial
information that is regularly reviewed by management
and should not be viewed in isolation or as
an alternative to the equivalent GAAP measure.
Alternative performance measures include, among
other metrics, organic growth, marked with an
"*", 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
10 for further details.
1 With effect from 1 April 2016, the Group's presentation
currency was changed from pounds sterling to
the euro to better align with the geographic
split of the Group's operations. The service
revenue and revenue amounts presented for the
quarter ended 30 June 2015 have been restated
into euros. Group revenue and service revenue
include the results of Europe, AMAP, Other (which
includes the results of partner markets) and
eliminations.
OPERATING REVIEW
Group
Quarter ended
Quarter ended 30 June 2015
30 June 2016 (restated) Organic*
---------------------------- ----------------------------
Service Other Service Other Reported service
revenue revenue Revenue revenue revenue Revenue revenue revenue
EURm EURm EURm EURm EURm EURm % %
-------------- -------- -------- -------- -------- -------- -------- --------- ---------
Europe 8,129 586 8,715 8,273 732 9,005 (3.2) 0.3
AMAP 3,906 459 4,365 4,135 520 4,655 (6.2) 7.7
Other 263 54 317 326 57 383
Eliminations (20) - (20) (35) (1) (36)
-------- -------- -------- -------- -------- -------- --------- ---------
Total 12,278 1,099 13,377 12,699 1,308 14,007 (4.5) 2.2
-------- -------- -------- -------- -------- -------- --------- ---------
Group total revenue was EUR13.4 billion and Group service
revenue was EUR12.3 billion. Total revenue declined 4.5%, including
a 5.3 percentage point negative impact from foreign exchange rate
movements.
On an organic basis, Group service revenue increased 2.2%* (Q4:
2.5%*) and, excluding the impact of mobile termination rate ('MTR')
cuts, Group service revenue grew 2.4%* (Q4: 3.0%*).
Europe
Quarter ended
Quarter ended 30 June 2015
30 June 2016 (restated) Organic*
---------------------------- ----------------------------
Service Other Service Other Reported service
revenue revenue Revenue revenue revenue Revenue revenue revenue
EURm EURm EURm EURm EURm EURm % %
-------------- -------- -------- -------- -------- -------- -------- --------- ---------
Germany 2,479 106 2,585 2,441 211 2,652 (2.5) 1.6
Italy 1,281 192 1,473 1,265 189 1,454 1.3 1.2
UK 1,758 84 1,842 1,979 101 2,080 (11.4) (3.2)
Spain 1,128 117 1,245 1,113 122 1,235 0.8 1.3
Other
Europe 1,528 89 1,617 1,512 109 1,621 (0.2) 1.2
Eliminations (45) (2) (47) (37) - (37)
-------- -------- -------- -------- -------- -------- --------- ---------
Total 8,129 586 8,715 8,273 732 9,005 (3.2) 0.3
-------- -------- -------- -------- -------- -------- --------- ---------
Revenue decreased 3.2% for the quarter, with foreign exchange
movements contributing a 1.9 percentage point negative impact.
On an organic basis, service revenue increased by 0.3%* (Q4:
0.5%*), despite the impact of regulatory pressures, reflecting
growth in all our markets with the exception of the UK, Netherlands
and Greece. Our growth was supported by 'more-for-more' value
enhancement initiatives in many of our markets and continued
commercial momentum in both consumer and fixed.
The decline in mobile service revenue moderated in Q1 to -0.8%*
(Q4: -1.1%*), supported by continued growth in our contract base
and further signs of ARPU stabilisation across multiple markets.
Fixed service revenue trends continue to be robust with growth of
3.3%* (Q4: 5.4%*) driven by broadband customer growth.
Germany
Service revenue increased by 1.6%* (Q4: 1.6%*), a second quarter
of growth led by improvements in fixed revenue, which were offset
by a decline in mobile revenue due to regulatory pressure on
roaming charges.
Mobile service revenue declined 0.3%* (Q4: 0.3%*), reflecting
lower roaming revenues and a stronger first quarter in the prior
fiscal year. Excluding roaming, performance improved with mobile
prepaid revenue stabilising. Mobile contract net additions were
modest at 8,000 (Q4: 49,000), with lower volumes in the indirect
channels. We continue to focus on more profitable growth in the
direct channels and our 'more-for-more' customer value enhancement
strategy. Pricing pressure continues in Enterprise. Contract churn
was broadly stable at 14.1%. We increased our 4G coverage to 89%
and now have 8.4 million 4G customers.
Fixed service revenue growth improved to 4.7%* (Q4: 3.8%*),
driven by steady growth in cable and further stabilising DSL
revenue performance. KDG continued to perform strongly. During a
seasonally slower quarter we added 108,000 broadband subscribers
(Q1 FY16: 70,000), of which 92,000 were on cable and the remainder
on DSL.
Italy
Service revenue increased by 1.2%* (Q4: 1.3%*), benefitting from
mobile ARPU growth, partially offset by the reversal of the leap
year effect that supported the fourth quarter of the last fiscal
year.
Mobile service revenue grew 1.4%* (Q4: 1.6%*) thanks to prepaid
ARPU growth, partially offset by a decline in our customer base.
Despite a highly competitive value segment, our mobile contract net
additions stabilised after a period of decline aided by our
market-leading network quality. The competitive pricing environment
in enterprise continued, resulting in further customer losses. As
at 30 June 2016 we have 96% population coverage on our 4G network
and 6.8 million 4G customers.
Fixed service revenue was stable at +0.1%* (Q4: -0.2%*), with
continued momentum in consumer customer growth offset by increased
price pressure. We added 46,000 broadband customers in the quarter
(Q4: 63,000), with 41% of our gross additions taking fibre-based
services. Enel have begun their deployment of Fibre-To-The-Home
(FTTH) services, with initial customers in Perugia enjoying speeds
of up to 1Gbps.
UK
UK service revenue declined 3.2%* (Q4: -0.1%*), reflecting the
impact of operational challenges following a billing system
migration, lower out of bundle revenues and the benefit of a large
Enterprise contract win in the first quarter of the prior fiscal
year.
Mobile service revenue declined 3.6%* (Q4: -1.9%*) with consumer
contract in-bundle revenue growth being more than offset by a
decline in out of bundle usage compared to the prior year and the
impact of expanding roaming propositions in enterprise mobile. We
added 26,000 new contract customers (Q4: 1,000) and reduced
consumer contract churn to 15.5% (Q4: 18.9%), supported by
stabilising customer service levels. We had 7.5m 4G customers at
the period end, with 4G coverage at 95% on the Ofcom definition
(Q4: 91%) as we accelerated our coverage expansion.
Fixed service revenue which is predominately enterprise related
declined 1.8%* (Q4: 5.5%*), reflecting a large Enterprise contract
win in the first quarter of the prior fiscal year and having been
supported by strong carrier revenue growth in the fourth quarter.
In broadband momentum continues and we secured 137,000 customers by
the period end (Q4: 109,000). Field trials for Vodafone TV are
underway.
Spain
Service revenue returned to growth of 1.3%* (Q4: -3.2%*) for the
first time since 2008. Excluding the impact of handset financing,
service revenue grew 4.9%* (Q4: 0.6%*). This performance
improvement was supported by several factors, particularly
'more-for-more' propositions during the quarter for both new and
existing customers and a higher customer base. This tariff change
contributed to higher churn levels in both fixed and mobile,
however these effects decreased throughout the quarter, with mobile
churn returning to more normal levels in the month of June.
Vodafone One, our fully integrated cable, mobile and TV service,
reached 1.9 million customers at the period end, up from 291,000
one year ago.
We continue to grow our mobile base, adding 53,000 mobile
contract customers in the quarter (Q4: 105,000). Our 4G population
coverage reached 92% at 30 June 2016 and we have 5.9 million 4G
customers.
Broadband subscriber additions slowed to 1,000 due primarily to
higher churn following tariff changes. We launched our DSL TV
proposition in the quarter, which supported TV subscriber growth of
52,000 despite typical seasonal pressures due to the end of the
football season.
Other Europe
Service revenue rose 1.2%* (Q4: 2.1%*), with all markets except
Greece, the Netherlands and Malta achieving growth during the
quarter.
In the Netherlands, service revenue declined 2.2%* (Q4: -1.3%*),
with growth in fixed more than offset by mobile price competition,
which continues to impact the consumer customer base, as well as
regulatory pressure on roaming revenue. We are making good progress
with integration planning for our Joint Venture with Ziggo, and
continue to expect the transaction to close around the end of
calendar 2016.
In Portugal, fixed service revenue continues to grow strongly
and mobile is stabilising as the shift towards lower priced
convergent offers begins to moderate. In Ireland, service revenue
grew 2.8%* (Q4: 2.4%*) supported by accelerated growth in fixed
line and stable mobile trends. In Greece service revenue growth
(now including HOL for the first time on an organic basis) was
impacted by the transfer of HOL carrier service revenue to Group.
Excluding this effect service revenue was stable despite
challenging macroeconomic conditions.
AMAP
Quarter ended
Quarter ended 30 June 2015
30 June 2016 (restated) Organic*
---------------------------- ----------------------------
Service Other Service Other Reported service
revenue revenue Revenue revenue revenue Revenue revenue revenue
EURm EURm EURm EURm EURm EURm % %
-------------- -------- -------- -------- -------- -------- -------- --------- ---------
India 1,510 9 1,519 1,569 4 1,573 (3.4) 6.4
Vodacom 992 183 1,175 1,172 292 1,464 (19.7) 4.4
Other
AMAP 1,407 267 1,674 1,399 224 1,623 3.1 11.5
Eliminations (3) - (3) (5) - (5)
-------- -------- -------- -------- -------- -------- --------- ---------
Total 3,906 459 4,365 4,135 520 4,655 (6.2) 7.7
-------- -------- -------- -------- -------- -------- --------- ---------
Revenue decreased 6.2%, with strong organic growth offset by a
12.6 percentage point adverse impact from foreign exchange
movements, particularly with regards to the South African rand,
Turkish lira, Egyptian pound and Indian rupee.
On an organic basis service revenue increased 7.7%* (Q4: 8.1%*)
driven by growth in all our major markets. The region continues to
see strong customer growth, with 2.8 million added in the quarter,
and an increasing number of our customers are now using data, with
12.9 million active data users added in the quarter. Customer usage
continues to grow throughout the region, with voice and data usage
up 6.4% and 63% respectively.
With effect from 1 April 2016, the Group changed the reporting
of certain dealer commissions in India. Organic service revenue
growth rates for the quarter ended 30 June 2016 of Vodafone India
and the Group have been amended to exclude the impact of this
change, which had no effect on earnings or cash flows.
India
Service revenue growth improved to 6.4%* (Q4: 5.3%) as voice
revenue returned to growth and regulatory impacts reduced.
Excluding regulatory drags including MTR cuts, roaming price caps
and an increase in service tax, service revenue grew 7.7%* compared
to 10.2%* in the fourth quarter of the prior fiscal year. The
slower pace of growth mainly reflects the reversal of the leap-year
effect and lower intra circle roaming revenues.
Data browsing revenue growth of 22.3%* slowed from the pace of
prior quarters, reflecting lower customer growth. Our active data
customer base increased to 69.7 million customers from 66.8 million
one year ago. The 3G / 4G customer base grew to 32.3 million, up
46%, and smartphone penetration in our four biggest urban areas is
now 54%. Voice revenues returned to growth as competition eased,
despite lower average minutes of use per customer. Total mobile
customers increased 1.4 million giving a closing customer base of
199.4 million.
We added 3,300 new 3G sites in the quarter, taking the total to
59,000 and our population coverage to 96% of target urban areas. We
have 9,700 4G sites with coverage of 45% of our data revenues
across five key circles. We expect 4G coverage to increase to over
60% of our data revenues by year-end, ahead of the upcoming
spectrum auction.
Preparations continue for a potential IPO of Vodafone India.
Vodacom
Service revenue grew 4.4%* (Q4: 6.3%*), with strong customer and
data growth in South Africa offset by a slowdown in international
customer growth following new customer registration processes.
South Africa service revenue grew 5.7%* (Q4: 6.5%*), supported
by customer growth in both prepaid and contract (prepaid net
additions 891,000, Q4: 728,000). Our 'Just 4 U' targeted individual
pricing strategy continues to support voice revenues. Data revenue
growth remains robust at 18.0%* (Q4: 18.9%*), and data now
contributes 38% of South Africa's service revenues. The growth in
data is supported by sustained investment in 3G and 4G network
coverage and capacity. Network leadership and customer focus
contributed to a record low consumer contract mobile churn rate of
5.3%.
Vodacom's International operations outside South Africa, which
now represent 25% of Vodacom Group service revenue, saw a sharp
slowdown in growth to 4.4%* (Q4: 10.2%*). Customer growth numbers
were impacted by stricter compliance on customer registration
requirements in Tanzania, the DRC and Mozambique. The customer
growth trend is now improving as acquisition procedures become more
efficient across all channels. M-Pesa continues to perform well,
with over 8.3 million customers (up from 5.6 million a year
ago).
Other AMAP
Service revenue increased 11.5%* (Q4: 12.1%), with strong growth
in Turkey, Egypt and Ghana.
Service revenue in Turkey was up 19.5%* (Q4 22.3%*), supported
by strong growth in consumer contract and enterprise and an
increased contribution from fixed line. Egypt grew 9.4%* (Q4:
11.2%*), driven by sustained growth in data usage and mobile ARPU
expansion. Service revenue in Ghana grew 20.3%* (Q4: 21.3%*) aided
by customer growth and increasing data usage.
In New Zealand, service revenue was up 1.8%* (Q4: 0.4%*), driven
by strong fixed line performance and mobile customer growth across
both consumer and enterprise. In June we announced our intention to
merge with Sky Network Television in New Zealand, thereby creating
the country's leading integrated telecommunications and media
group. Vodafone will become a 51% shareholder in the combined
group, will receive NZ$1.25 billion in cash and will look to
realise the benefits of an estimated NZ$850 million NPV from
synergies. Sky shareholders have voted in favour of the transaction
but completion is still subject to local regulatory approvals. The
transaction is expected to complete around the end of calendar
2016.
Strategic progress
Customer eXperience eXcellence ('CXX')
The Group's customer experience excellence programme is our core
marketing strategy for brand and service differentiation. With CXX
we aim to deliver an outstanding and differentiated experience for
our customers, building on the significantly improved network
quality delivered by Project Spring. Given the strategic importance
of the programme, CXX performance indicators (primarily Net
Promoter Scores and brand consideration) represent up to 40% of the
annual bonus award for employees across the Group.
The programme focuses on four key aspects of our customers'
experience with Vodafone, summarised by the acronym 'CARE'. As the
initiatives described below illustrate, we made progress in each of
these areas during the quarter:
-- 'Connectivity that is reliable and secure':
We now have 'Network guarantee' pledges in
14 markets, promising customers' their money
back if the network fails to live up to their
expectations (typically, during the first 30
days for new customers). Our 4G roaming footprint
now covers 100 countries, twice as many as
our best local competitor in the majority of
our markets.
-- 'Always in control': For the first time, more
than half of our European mobile customers
(and almost two-thirds of our contract customers)
take advantage of our European 'worry-free'
roaming offers, with roaming either included
in their tariff or available at a modest daily
rate. Penetration of the 'My Vodafone' app
reached 35% across the group, and is as high
as 60% in Italy. The app is now available across
21 markets, with customers able to monitor
their usage in real time in 13 of these markets.
-- 'Reward Loyalty': 16 markets have now implemented
tailored reward programmes for specific customer
segments, aiming to delight and surprise loyal
customers. This has contributed to a 0.3 percentage
points year-on-year and 1.6 percentage points
quarter-on-quarter improvement in overall consumer
contract churn during the quarter to 16.6%.
-- 'Easy Access': We now provide convenient support
to our customers through a 24/7 Live chat platform
in 14 markets. The 'first contact resolution'
rate in several of these markets is now over
80%, compared to 65% for the overall group.
The success of the variety of CXX initiatives now underway is
apparent from a further overall improvement in Net Promoter Scores
during the quarter, with 12 out of 21 operating companies achieving
a market leading position, representing 368.4 million customers and
over half of Group service revenues.
Data
Customer demand for data continues to grow very quickly,
stimulated by the increasing availability of great TV, sport and
video on smartphones and tablets, the improving reliability and
speed of mobile networks, the increasing size and quality of
smartphone screens and the continued deflation in unitary data
pricing.
Data traffic in Q1 grew 63% (Q4: 67%). We doubled our 4G
customer base year-on-year to 52.5 million across the 21 countries
where we offer 4G, with 5.7 million customers added in the quarter.
Although take-up continues to be rapid, only 30% of our European
customer base is taking a 4G service, providing us with a very
substantial opportunity for future growth. Customers who move to 4G
typically buy bigger data packages and see their data consumption
double; average usage per smartphone customer in Europe is up 57%
year-on-year to 1.3GB per month, and over half of the data traffic
in Europe is now on 4G.
In our emerging markets, data adoption is also rapid, supported
by our significant network investment and the relative scarcity of
fixed line internet access. The 3G/4G mobile data customer base is
88.9 million, up 50.7% year-on-year. In India we have launched 4G
in five circles, covering 45% of data revenues, and expect to reach
over 60% in the current financial year. Given the high cost of
spectrum, we intend to take a disciplined approach to further 4G
rollout.
Unified communications
We are becoming an integrated operator, for both households and
businesses, in our main markets. We market high speed broadband
services to 74.4 million households across Europe, and through
organic investment and acquisition, 29.9 million of these
households are 'on-net' - serviced by our own fibre or cable
infrastructure.
We continue to achieve strong customer growth across our
footprint. We now have 13.7 million broadband customers, with
348,000 new broadband customers added in the quarter, In Europe, we
added 254,000 new broadband customers of which 81% were on-net.
This brings the total European on-net customer base to 5.8 million,
representing on-net penetration of just 19% which leaves
significant opportunity for future profitable growth. In Q1, 26.4%
of our service revenue in Europe came from fixed line.
Enterprise
Services to business customers comprised 27.8% of our Group
service revenue, and 32.1% in Europe during Q1. Our relationships
with business customers are expanding from traditional mobile voice
and data services to embrace total communications, IoT, Cloud &
Hosting and IP-VPN provision. These new areas offer both market
growth and market share opportunities for us.
Overall, Enterprise revenues grew 2.6%* in the quarter. Vodafone
Global Enterprise ('VGE'), which provides services to our biggest
international customers, achieved revenue growth of 6.3%*, driven
by our unmatched geographical presence and the increasing trend
among multinational corporations to retain a single provider of
services across borders. Our total IoT connections increased by
38.6% year-on-year to 41.3 million, with revenue growing
20.1%*.
Summary and outlook(1)
Trading in the first quarter was consistent with management's
expectations underlying the outlook statement for the 2017
financial year. The Group therefore confirms its outlook for the
2017 financial year.
Notes:
* Alternative performance measures are presented
to provide readers with additional financial
information that is regularly reviewed by management
and should not be viewed in isolation or as
an alternative to the equivalent GAAP measure.
Alternative performance measures include, among
other metrics, organic growth, marked with an
"*", 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
10 for further details.
1 Full details on this guidance are available
on page 7 of the Group's year end results announcement
for the year ended 31 March 2016.
ADDITIONAL INFORMATION
Service revenue - quarter ended 30 June
Group and
Regions Group Europe AMAP
-------------------- -------------------- --------------------
Restated Restated Restated
2016 2015 2016 2015 2016 2015
EURm EURm EURm EURm EURm EURm
--------- --------- --------- --------- --------- ---------
Mobile in-bundle 5,454 5,337 4,058 3,966 1,396 1,322
Mobile out-of-bundle 2,854 3,397 1,142 1,416 1,708 1,978
Mobile incoming 791 838 421 439 371 399
Fixed 2,575 2,600 2,142 2,110 295 292
Other 604 527 366 342 136 144
--------- --------- --------- --------- --------- ---------
Service revenue 12,278 12,699 8,129 8,273 3,906 4,135
Other revenue 1,099 1,308 586 732 459 520
--------- --------- --------- --------- --------- ---------
Revenue 13,377 14,007 8,715 9,005 4,365 4,655
--------- --------- --------- --------- --------- ---------
Growth
----------------------------------------------------------------
Reported Organic* Reported Organic* Reported Organic*
% % % % % %
--------- --------- --------- --------- --------- ---------
Revenue (4.5) 1.5 (3.2) (1.3) (6.2) 8.6
Service revenue (3.3) 2.2 (1.7) 0.3 (5.5) 7.7
--------- --------- --------- --------- --------- ---------
Operating
Companies Germany Italy UK
-------------------- -------------------- --------------------
Restated Restated Restated
2016 2015 2016 2015 2016 2015
EURm EURm EURm EURm EURm EURm
--------- --------- --------- --------- --------- ---------
Mobile in-bundle 1,097 1,058 708 640 880 926
Mobile out-of-bundle 217 275 206 268 302 392
Mobile incoming 72 75 92 92 91 114
Fixed 969 926 210 210 405 450
Other 124 107 65 55 80 97
--------- --------- --------- --------- --------- ---------
Service revenue 2,479 2,441 1,281 1,265 1,758 1,979
Other revenue 106 211 192 189 84 101
--------- --------- --------- --------- --------- ---------
Revenue 2,585 2,652 1,473 1,454 1,842 2,080
--------- --------- --------- --------- --------- ---------
Growth
----------------------------------------------------------------
Reported Organic* Reported Organic* Reported Organic*
% % % % % %
--------- --------- --------- --------- --------- ---------
Revenue (2.5) (2.5) 1.3 1.3 (11.4) (3.4)
Service revenue 1.6 1.6 1.3 1.2 (11.2) (3.2)
--------- --------- --------- --------- --------- ---------
Spain India Vodacom
-------------------- -------------------- --------------------
Restated Restated Restated
2016 2015 2016 2015 2016 2015
EURm EURm EURm EURm EURm EURm
--------- --------- --------- --------- --------- ---------
Mobile in-bundle 559 547 398 350 345 396
Mobile out-of-bundle 110 130 827 929 512 613
Mobile incoming 43 37 164 169 47 60
Fixed 365 356 69 67 41 47
Other 51 43 52 54 47 56
--------- --------- --------- --------- --------- ---------
Service revenue 1,128 1,113 1,510 1,569 992 1,172
Other revenue 117 122 9 4 183 292
--------- --------- --------- --------- --------- ---------
Revenue 1,245 1,235 1,519 1,573 1,175 1,464
--------- --------- --------- --------- --------- ---------
Growth
----------------------------------------------------------------
Reported Organic* Reported Organic* Reported Organic*
% % % % % %
--------- --------- --------- --------- --------- ---------
Revenue 0.8 0.8 (3.4) 6.7 (19.7) 3.3
Service revenue 1.3 1.3 (3.8) 6.4 (15.4) 4.4
--------- --------- --------- --------- --------- ---------
Note:
* Alternative performance measures are presented
to provide readers with additional financial
information that is regularly reviewed by management
and should not be viewed in isolation or as
an alternative to the equivalent GAAP measure.
Alternative performance measures include, among
other metrics, organic growth, marked with an
"*", 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
10 for further details.
Mobile customers - quarter ended 30 June 2016
(in thousands)
Contract Prepay
1 April net additions/ net additions/ Other 30 June
Country 2016 (disconnections) (disconnections) movements 2016 Contract
---------------- -------- ------------------ ------------------ ----------- -------- ---------
Europe
Germany 30,334 8 (72) - 30,270 54.8%
Italy 24,143 - (318) - 23,825 18.9%
UK 18,197 26 (249) - 17,974 67.9%
Spain 14,319 53 (26) - 14,346 78.9%
---------------- -------- ------------------ ------------------ ----------- -------- ---------
86,993 87 (665) - 86,415 51.6%
---------------- -------- ------------------ ------------------ ----------- -------- ---------
Other
Europe
Netherlands 5,030 (17) 18 - 5,031 76.4%
Ireland 1,986 11 (30) - 1,967 50.7%
Portugal 4,850 14 (76) - 4,788 39.6%
Romania 8,461 35 (8) - 8,488 41.4%
Greece 5,732 (5) 63 - 5,790 27.5%
Czech
Republic 3,424 49 (6) - 3,467 67.5%
Hungary 2,807 26 (35) - 2,798 60.7%
Albania 1,842 1 12 - 1,855 4.3%
Malta 307 1 - - 308 21.1%
---------------- -------- ------------------ ------------------ ----------- -------- ---------
34,439 115 (62) - 34,492 46.4%
---------------- -------- ------------------ ------------------ ----------- -------- ---------
Europe 121,432 202 (727) - 120,907 50.2%
---------------- -------- ------------------ ------------------ ----------- -------- ---------
AMAP
India 197,947 653 783 - 199,383 7.4%
Vodacom(1) 70,397 62 475 - 70,934 7.4%
---------------- -------- ------------------ ------------------ ----------- -------- ---------
268,344 715 1,258 - 270,317 7.4%
---------------- -------- ------------------ ------------------ ----------- -------- ---------
Other
AMAP
Turkey 22,161 345 (131) - 22,375 45.5%
Egypt 38,505 19 519 - 39,043 6.6%
New Zealand 2,402 18 (19) - 2,401 39.5%
Qatar 1,548 (1) (89) - 1,458 16.2%
Ghana 7,892 127 65 - 8,084 1.9%
---------------- -------- ------------------ ------------------ ----------- -------- ---------
72,508 508 345 - 73,361 19.2%
---------------- -------- ------------------ ------------------ ----------- -------- ---------
AMAP 340,852 1,223 1,603 - 343,678 9.9%
---------------- -------- ------------------ ------------------ ----------- -------- ---------
Group 462,284 1,425 876 - 464,585 20.4%
---------------- -------- ------------------ ------------------ ----------- -------- ---------
Note:
1 Vodacom refers to the Group's interests in Vodacom
Group Limited and its subsidiaries, including
those located outside of South Africa.
Fixed broadband customers - quarter ended 30 June 2016
(in thousands)
1 April Net additions/ Other 30 June
Country 2016 (disconnections) movements 2016
---------------- -------- ------------------ ----------- --------
Europe
Germany 5,825 108 - 5,933
Italy 1,970 46 - 2,016
UK 109 28 - 137
Spain 3,022 1 - 3,023
---------------- -------- ------------------ ----------- --------
10,926 183 - 11,109
---------------- -------- ------------------ ----------- --------
Other Europe
Netherlands 106 17 - 123
Ireland 239 8 - 247
Portugal 442 24 - 466
Romania 56 2 - 58
Greece 551 20 - 571
Czech Republic 14 - - 14
Hungary - - - -
Albania - - - -
Malta 3 - - 3
---------------- -------- ------------------ ----------- --------
1,411 71 - 1,482
---------------- -------- ------------------ ----------- --------
Europe 12,337 254 - 12,591
---------------- -------- ------------------ ----------- --------
AMAP
India - - - -
Vodacom(1) 1 1 - 2
---------------- -------- ------------------ ----------- --------
1 1 - 2
---------------- -------- ------------------ ----------- --------
Other AMAP
Turkey 363 61 - 424
Egypt 213 18 - 231
New Zealand 412 12 - 424
Qatar 6 (1) - 5
Ghana 41 3 - 44
---------------- -------- ------------------ ----------- --------
1,035 93 - 1,128
---------------- -------- ------------------ ----------- --------
AMAP 1,036 94 - 1,130
---------------- -------- ------------------ ----------- --------
Group 13,373 348 - 13,721
---------------- -------- ------------------ ----------- --------
Note:
1 Vodacom refers to the Group's interests in Vodacom
Group Limited and its subsidiaries, including
those located outside of South Africa.
ALTERNATIVE PERFORMANCE MEASURES
In the discussion of the Group's reported operating results,
information is presented to provide readers with additional
financial information that is 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 alternative performance measures should not be viewed
in isolation or as an alternative to the equivalent GAAP
measure.
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 discussions
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. While "organic growth" is neither intended to be a
substitute for reported growth, nor is it superior to reported
growth, we believe that the measure provides 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).
With effect from 1 April 2016, the Group changed the reporting
of certain dealer commissions in India. The impact on revenues for
the current and prior quarters was not material. Organic service
revenue growth rates for the quarter ended 30 June 2016 of Vodafone
India and the Group have been amended to exclude the impact of this
change, which had no effect on earnings or cash flows.
Reconciliations of organic growth to reported growth are shown
where used or in the table below.
Other
activity
Restated (including Foreign
2016 2015 Reported M&A) exchange Organic
EURm EURm % pps pps %
------------------ ------- --------- --------- ----------- --------- --------
Quarter ended 30
June
Revenue
Germany 2,585 2,652 (2.5) - - (2.5)
Italy 1,473 1,454 1.3 - - 1.3
UK 1,842 2,080 (11.4) - 8.0 (3.4)
Spain 1,245 1,235 0.8 - - 0.8
Other Europe 1,617 1,621 (0.2) - - (0.2)
Eliminations (47) (37)
------- --------- --------- ----------- --------- --------
Europe 8,715 9,005 (3.2) - 1.9 (1.3)
------------------- ------- --------- --------- ----------- --------- --------
India 1,519 1,573 (3.4) 2.7 7.4 6.7
Vodacom 1,175 1,464 (19.7) 3.9 19.1 3.3
Other AMAP 1,674 1,623 3.1 - 11.2 14.3
Eliminations (3) (5)
------- --------- --------- ----------- --------- --------
AMAP 4,365 4,655 (6.2) 2.2 12.6 8.6
------------------- ------- --------- --------- ----------- --------- --------
Other 317 383
Eliminations (20) (36)
------- --------- --------- ----------- --------- --------
Total 13,377 14,007 (4.5) 0.7 5.3 1.5
------------------- ------- --------- --------- ----------- --------- --------
ALTERNATIVE PERFORMANCE MEASURES
Other
activity
Restated (including Foreign
2016 2015 Reported M&A) exchange Organic
EURm EURm % pps pps %
------------------------ ------- --------- --------- ----------- --------- --------
Quarter ended 30
June
Service revenue
Germany 2,479 2,441 1.6 - - 1.6
------- --------- --------- ----------- --------- --------
Mobile service
revenue 1,510 1,515 (0.3) - - (0.3)
Fixed service
revenue 969 926 4.6 - 0.1 4.7
------------------------ ------- --------- --------- ----------- --------- --------
Italy 1,281 1,265 1.3 - (0.1) 1.2
------- --------- --------- ----------- --------- --------
Mobile service
revenue 1,071 1,055 1.5 - (0.1) 1.4
Fixed service
revenue 210 210 - - 0.1 0.1
------------------------ ------- --------- --------- ----------- --------- --------
UK 1,758 1,979 (11.2) - 8.0 (3.2)
------- --------- --------- ----------- --------- --------
Mobile service
revenue 1,353 1,529 (11.5) - 7.9 (3.6)
Fixed service
revenue 405 450 (10.0) - 8.2 (1.8)
------------------------ ------- --------- --------- ----------- --------- --------
Spain 1,128 1,113 1.3 - - 1.3
Other Europe 1,528 1,512 1.1 - 0.1 1.2
------- --------- --------- ----------- --------- --------
Netherlands 426 435 (2.1) - (0.1) (2.2)
Ireland 242 235 3.0 - (0.2) 2.8
Other 860 842
------------------------ ------- --------- --------- ----------- --------- --------
Eliminations (45) (37)
------- --------- --------- ----------- --------- --------
Europe 8,129 8,273 (1.7) 0.1 1.9 0.3
------- --------- --------- ----------- --------- --------
Mobile service
revenue 5,987 6,163 (2.9) - 2.1 (0.8)
Fixed service
revenue 2,142 2,110 1.5 - 1.8 3.3
------------------------ ------- --------- --------- ----------- --------- --------
India 1,510 1,569 (3.8) 2.8 7.4 6.4
Vodacom 992 1,172 (15.4) - 19.8 4.4
------- --------- --------- ----------- --------- --------
South Africa 734 880 (16.6) - 22.3 5.7
International
operations 243 268 (9.3) - 13.7 4.4
Other 15 24
------------------------ ------- --------- --------- ----------- --------- --------
Other AMAP 1,407 1,399 0.6 - 10.9 11.5
------- --------- --------- ----------- --------- --------
Turkey 585 543 7.7 - 11.8 19.5
Egypt 362 393 (7.9) - 17.3 9.4
New Zealand 274 291 (5.8) - 7.6 1.8
Ghana 69 56 23.2 - (2.9) 20.3
Other 117 116
------------------------ ------- --------- --------- ----------- --------- --------
Eliminations (3) (5)
------- --------- --------- ----------- --------- --------
AMAP 3,906 4,135 (5.5) 1.1 12.1 7.7
------------------------- ------- --------- --------- ----------- --------- --------
Other 263 326
Eliminations (20) (35)
------------------------- ------- --------- --------- ----------- --------- --------
Total service revenue 12,278 12,699 (3.3) 0.4 5.1 2.2
Other revenue 1,099 1,308
------------------------- ------- --------- --------- ----------- --------- --------
Total revenue 13,377 14,007 (4.5) 0.7 5.3 1.5
------------------------- ------- --------- --------- ----------- --------- --------
Other metrics
Group - Enterprise
service revenue 3,409 3,511 (2.9) 1.1 4.4 2.6
Group - IoT revenues 174 149 16.8 (0.1) 3.4 20.1
Vodafone Global
Enterprise service
revenue 801 766 4.6 (0.7) 2.4 6.3
India - Data browsing
revenue 311 274 13.5 - 8.8 22.3
South Africa -
Data revenue 277 297 (6.7) - 24.7 18.0
Group - Service
revenue excluding
the impact of MTR
cuts 12,278 12,699 (3.3) 0.6 5.1 2.4
Spain - Service
revenue excluding
the impact of handset
financing 1,128 1,113 1.3 3.6 - 4.9
India - Service
revenue excluding
the impact of MTR
cuts and other 1,510 1,569 (3.8) 4.1 7.4 7.7
------------------------- ------- --------- --------- ----------- --------- --------
ALTERNATIVE PERFORMANCE MEASURES
Other
activity
Restated (including Foreign
2016 2015 Reported M&A) exchange Organic
EURm EURm % pps pps %
------------------------ ------- --------- --------- ----------- --------- --------
Quarter ended 31
March
Service revenue
Germany 2,462 2,423 1.6 - - 1.6
------- --------- --------- ----------- --------- --------
Mobile service
revenue 1,505 1,501 0.3 - - 0.3
Fixed service
revenue 957 922 3.8 - - 3.8
------------------------ ------- --------- --------- ----------- --------- --------
Italy 1,263 1,246 1.4 - (0.1) 1.3
------- --------- --------- ----------- --------- --------
Mobile service
revenue 1,055 1,038 1.6 - - 1.6
Fixed service
revenue 208 208 - - (0.2) (0.2)
------------------------ ------- --------- --------- ----------- --------- --------
UK 1,903 2,093 (9.1) 5.4 3.6 (0.1)
------- --------- --------- ----------- --------- --------
Mobile service
revenue 1,412 1,493 (5.4) - 3.5 (1.9)
Fixed service
revenue 491 600 (18.2) 20.0 3.7 5.5
------------------------ ------- --------- --------- ----------- --------- --------
Spain 1,094 1,131 (3.3) - 0.1 (3.2)
Other Europe 1,516 1,481 2.4 (0.1) (0.2) 2.1
------- --------- --------- ----------- --------- --------
Netherlands 428 434 (1.4) - 0.1 (1.3)
Ireland 238 232 2.6 - (0.2) 2.4
Other 850 815
------------------------ ------- --------- --------- ----------- --------- --------
Eliminations (36) (44)
------- --------- --------- ----------- --------- --------
Europe 8,202 8,330 (1.5) 1.1 0.9 0.5
------- --------- --------- ----------- --------- --------
Mobile service
revenue 5,995 6,101 (1.7) (0.2) 0.8 (1.1)
Fixed service
revenue 2,207 2,229 (1.0) 5.2 1.2 5.4
------------------------ ------- --------- --------- ----------- --------- --------
India 1,532 1,547 (1.0) - 6.3 5.3
Vodacom 992 1,183 (16.1) - 22.4 6.3
------- --------- --------- ----------- --------- --------
South Africa 717 888 (19.3) - 25.8 6.5
International
operations 259 271 (4.4) - 14.6 10.2
Other 16 24
------------------------ ------- --------- --------- ----------- --------- --------
Other AMAP 1,404 1,477 (4.9) 7.0 10.0 12.1
------- --------- --------- ----------- --------- --------
Turkey 560 536 4.5 - 17.8 22.3
Egypt 390 463 (15.8) 21.3 5.7 11.2
New Zealand 272 303 (10.2) - 10.6 0.4
Ghana 68 62 9.7 - 11.6 21.3
Other 114 113
------------------------ ------- --------- --------- ----------- --------- --------
Eliminations 2 (14)
------- --------- --------- ----------- --------- --------
AMAP 3,930 4,193 (6.3) 2.2 12.2 8.1
------------------------- ------- --------- --------- ----------- --------- --------
Other 338 453
Eliminations (63) (95)
------------------------- ------- --------- --------- ----------- --------- --------
Total service revenue 12,407 12,881 (3.7) 1.8 4.4 2.5
Other revenue 1,125 1,380
------------------------- ------- --------- --------- ----------- --------- --------
Total revenue 13,532 14,261 (5.1) 1.6 4.6 1.1
------------------------- ------- --------- --------- ----------- --------- --------
Other metrics
Group - Enterprise
service revenue 3,489 3,538 (1.4) 3.4 (0.5) 1.5
Group - IoT revenues 122 111 9.9 28.2 (2.5) 35.6
Vodafone Global
Enterprise service
revenue 699 637 9.7 (5.0) (2.6) 2.1
India - Data browsing
revenue 294 231 27.3 - 7.7 35.0
South Africa -
Data revenue 260 289 (10.0) - 28.9 18.9
Group - Service
revenue excluding
the impact of MTR
cuts 12,407 12,881 (3.7) 2.3 4.4 3.0
Spain - Service
revenue excluding
the impact of handset
financing 1,094 1,131 (3.3) 3.8 0.1 0.6
India - Service
revenue excluding
the impact of MTR
cuts and other 1,532 1,547 (1.0) 4.9 6.3 10.2
------------------------- ------- --------- --------- ----------- --------- --------
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 2015 unless otherwise
stated.
3. References to "the quarter" are to the quarter
ended 30 June 2016 unless otherwise stated.
References to the "previous quarter" are to
the quarter ended 31 March 2016 unless otherwise
stated. References to the "year" or "current
financial year" are to the financial year ending
31 March 2017 and references to the "prior financial
year" are to the financial year ended 31 March
2016 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 and movements in foreign exchange rates.
5. Vodacom refers to the Group's interests in Vodacom
Group Limited ('Vodacom') in South Africa and
its subsidiaries, including its operations in
The Democratic Republic of the Congo, Lesotho,
Mozambique and Tanzania.
6. Quarterly historical information including information
for service revenue, mobile customers, churn,
voice usage, messaging volumes, data volumes,
ARPU, smartphones and fixed broadband customers
is provided in a spreadsheet available at vodafone.com/investor.
7. 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.
--------------------- -------------------------------------------------
Enterprise The Group's customer segment for businesses.
--------------------- -------------------------------------------------
Fixed service Service revenue relating to provision
revenue of fixed line and carrier services.
--------------------- -------------------------------------------------
Incoming revenue Comprises revenue from termination
rates for voice and messaging to Vodafone
customers.
--------------------- -------------------------------------------------
Mobile in-bundle Represents revenue from bundles that
revenue include a specified number of minutes,
messages or megabytes of data that
can be used for no additional charge,
with some expectation of recurrence.
Includes revenue from all contract
bundles and add-ons lasting 30 days
or more as well as revenue from prepay
bundles lasting seven days or more.
--------------------- -------------------------------------------------
Mobile out-of-bundle Revenue 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.
--------------------- -------------------------------------------------
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 10 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 10 for further details.
--------------------- -------------------------------------------------
VGE Vodafone Global Enterprise (VGE),
which serves the Group's biggest multi-national
customers.
--------------------- -------------------------------------------------
Internet of The network of physical objects embedded
Things ('IoT') with electronics, software, sensors,
(formerly and network connectivity, including
Machine-to-Machine built-in mobile SIM cards, that enables
('M2M')) these objects to collect data and
exchange communications with one another
or a database.
--------------------- -------------------------------------------------
For definition of other terms please refer to pages 200 to 201
of the Group's Annual Report for the year ended 31 March 2016.
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: expectations regarding the Group's financial
condition or results of operations including the confirmation of
the Group's guidance for the 2017 financial year, expectations for
the Group's future performance generally; statements relating to
the Group's Project Spring investment programme; 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 EBITDA, capital expenditure,
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
"will", "anticipates", "aims", "could", "may", "should", "expects",
"believes", "intends", "plans" 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; greater than anticipated
competitive activity; 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 expand its spectrum
position or renew or obtain necessary licences; the Group's ability
to achieve cost savings; 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; the Group's ability to realise benefits
from entering into partnerships or joint ventures and entering into
service franchising and brand licensing; unfavourable consequences
to the Group of making and integrating acquisitions or disposals;
changes to the regulatory framework in which the Group operates;
the impact of legal or other proceedings; loss of suppliers or
disruption of supply chains; 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; changes in statutory tax rates or profit mix; and/or
changes in tax legislation or final resolution of open tax
issues.
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 2016. 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 2016
- ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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