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Interim Management Statement for the Quarter ended 30 June 2011

22 Jul 2011Technology
  • Group service revenue +1.5%(*), excluding mobile termination rate cuts +3.9%(*)

  • Strong service revenue growth in India +16.8%(*), Turkey +32.1%(*) and Vodacom +7.8%(*); resilient performance from Germany +0.2%(*) and UK +1.7%(*)

  • Conditions in southern Europe remain challenging: Italy -1.5%(*), Spain deteriorating to -9.9%(*) due to price reductions

  • Group data revenue +24.5%(*) at £1.5 billion; Europe smartphone penetration 19.5% (Q1 FY11: 13.6%)

  • £1.3 billion free cash flow after continued capital investment, supports dividend target

  • Net debt reduced to £23.1 billion following receipt of £6.8 billion SFR disposal proceeds; £4.0 billion share buyback started, 10% complete(1)

  • Polkomtel sale announced; agreed terms to buy a further 33% stake in Vodafone Essar Limited

  • Full year outlook confirmed

  Change year-on-year
 Quarter ended 30 June 2011ReportedOrganic
 £m  
%%
Group revenue11,6593.52.3
Group service revenue10,858
2.61.5
Europe7,6071.2-1.3
Africa, Middle East and Asia Pacific3,1595.88.7
Capital expenditure1,20715.9 
Free cash flow1,255-29 

Vittorio Colao, Chief Executive, commented
“We have made a good start to the year, reporting robust results despite challenging macroeconomic conditions across southern European economies and the impact of cuts to mobile termination rates. Revenue from our key focus areas of data, enterprise and emerging markets continues to grow strongly. With our broad geographical mix and improving market positions, we are well placed for the rest of the financial year.”


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