Group service revenue including joint ventures declined 3.5%*; or 1.3%* excluding joint ventures
Continued strong service revenue growth in emerging markets: Turkey 15.5%*, India 13.8%*, Vodacom 3.2%*
Increased competitive intensity in Northern and Central Europe: Germany -5.1%*, UK -4.5%*
Conditions in Southern Europe remain difficult: Italy -17.6%*, Spain -10.6%*
Verizon Wireless (‘VZW’) service revenue remained strong, increasing 7.2%*
Vodafone Red in 16 markets; 5.2 million customers; mobile in-bundle customer revenue, including joint ventures, +9.5%*
Enhanced unified communications capability: acquisition of Kabel Deutschland i n Germany expected to close in calendar Q4; vertical fibre access agreement in Spain; wholesale fibre access agreement in Italy
4G services launched in Spain, Australia and Czech Republic; 4G now available in ten markets. Group data usage +60%
Net debt including joint ventures1 £24.9 billion after £2.1 billion VZW dividend and completion of £1.5 billion share buyback. Net debt, excluding joint ventures1, was £23.0 billion.
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Vittorio Colao, Chief Executive, commented:
“We have made a good start to the year in our areas of strategic focus: growth in emerging markets has accelerated, we now have over 5 million customers benefiting from Vodafone Red, and 4G is live in ten markets. In addition, the proposed acquisition of Kabel Deutschland will create an excellent platform for our unified communications strategy in our most important market. Although regulation, competitive pressures and weak economies, particularly in Southern Europe, continue to restrict revenue growth, we continue to lay strong foundations for the longer term.”
For further information:
Investor Relations Telephone: +44 7919 990230
Media Relations Telephone: +44 1635 664444
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