• H1 Group organic service revenue up 1.0%*; H1 Group revenue down 2.3% to £20.3 billion
  • Fifth consecutive quarter of improving revenue trends: Q2 Group organic service revenue growth 1.2%*; Europe -1.0%*, AMAP 6.7%*
  • Return to EBITDA growth in H1: up 1.9%* to £5.8 billion
  • Free cash outflow of £0.5 billion, reflecting phasing of Project Spring capex
  • Full year guidance: EBITDA now £11.7 billion to £12.0 billion; free cash flow positive
  • Net debt £28.9 billion, or £25.4 billion net of $5.2 billion Verizon loan notes
  • Interim dividend per share of 3.68 pence, up 2.2%
  Six months ended
30 September 2015 
Reported Organic
  £m % %
Group revenue 20,266 (2.3) +2.8
Group service revenue 18,430 (3.7) +1.0
Europe1 12,104 (6.2) (1.3)
Africa, Middle East and Asia Pacific ('AMAP') 5,889 +1.8 +6.4
EBITDA 5,786 (1.7) +1.9
Adjusted operating profit 1,641 (6.5) (5.9)
Operating profit 933 +1.7  
Free cash flow2 (541) n/a  
Loss for the financial period3 (1,584) (128.8)  
Basic earnings per share3 (6.40p) (131.2)  
Adjusted earnings per share 2.51p (4.6)  
Interim dividend per share 3.68p +2.2  
  • Leading in high speed data:
    • 29.9 million 4G customers, 4G coverage 80% in Europe
    • H1 mobile data traffic growth 75%, average usage per customer in Europe up 39% year-on-year in Q2
    • 12.5 million broadband customers, marketing high speed broadband to 66 million homes in Europe
  • Strong commercial progress:
    • 2.7 million mobile contract net adds and 0.5 million net new broadband customers in H1
    • Q2 Enterprise revenue: machine-to-machine +29.2%*, Vodafone Global Enterprise +7.3%*
  • Continued commercial momentum in emerging markets; preparations for IPO in India underway
  • Move to euro reporting for the 2017 financial year

Vittorio Colao, Group Chief Executive, commented:

"We have reached an important turning point for the Group with a return to organic growth in service revenue and EBITDA in the first half of the financial year. Our customers are benefiting from the significant investments we are making in high speed mobile and fixed networks, as evidenced by the huge growth in demand for data and the increased loyalty to Vodafone services. We are achieving 4G leadership in Europe, organic revenue growth in fixed and enterprise and sustained commercial momentum in emerging markets, all of which is consistent with our long- term strategy and which is being accelerated through our Project Spring investments. We also remain keenly focused on increasing efficiency and improving margins. We expect progress to continue in the second half of the year."

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* 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. See page 38 for “Use of non-GAAP financial information”.
1. The Group has amended its reporting to reflect changes in the internal management of its Enterprise business. The primary change has been that on 1 April 2015, the Group redefined its segments to report international voice transit service revenue within common functions rather than within the service revenue amount disclosed for each country and region. The service revenue amounts presented for the six months ended 30 September 2014 have been restated onto a comparable basis together with all disclosed organic service revenue growth rates.
There is no impact on total Group service revenues or costs.
2. Free cash flow for the six months ended 30 September 2015 excludes £70 million (2014: £167 million) of restructuring costs, a £50 million
(2014: £100 million) payment in respect of the Group’s historic UK tax settlement and £nil of other payments (2014: £450 million, see note 4
on page 19).
3. Six months ended 30 September 2015 includes £1,476 million in relation to a reduction in the tax losses in Luxembourg following the write
back of previous impairments in the local statutory accounts. Six months ended 30 September 2014 included the recognition of £5,468 million of deferred tax assets in respect of tax losses in Luxembourg.