Strong performance in growth markets; southern Europe becoming more challenging
Group service revenue growth +0.9%(*); or +3.1%(*) excluding mobile termination rate cuts
Strong service revenue growth in India +20.0%(*), Vodacom +8.0%(*) and Turkey +23.5%(*); continued progress in Germany +0.7%(*) and the UK +1.1%(*)
Economic conditions in southern Europe showing further deterioration: greater service revenue decline in Italy, -4.9%(*); fall in Spain broadly stable at -8.8% (*) benefiting from our commercial actions
Continued strong growth in our US associate, Verizon Wireless; service revenue +6.8%(*) driven by strong customer and data revenue growth
Data revenue +21.8%(*); European smartphone penetration now 24.4% (Q3 10/11: 16.5%)
Free cash flow £1.5 billion; net debt £25.5 billion after £0.8 billion proceeds from Polkomtel disposal, £0.8 billion of share buybacks and £1.0 billion of spectrum payments
Full year guidance for adjusted operating profit and free cash flow confirmed
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Vittorio Colao, Chief Executive, commented
“We are continuing to make progress in the key strategic areas of data, enterprise and emerging markets. Despite the further deterioration of the southern European economic environment during the quarter, our broad geographic mix is delivering a resilient overall performance. Our improved value perception, strong cash generation and healthy balance sheet give us confidence that we can continue to execute well.”
For further information
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Media Relations Telephone: +44 1635 664444
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