Vodafone increases its 2015 interim dividend by 2%

DividendMax Ltd.

Vodafone increases its 2015 interim dividend by 2%


H1 Group revenue up 8.9% to £20.8 billion; organic service revenue down 2.8% to £19.1 billon

Q2 Group organic service revenue down 1.5% compared to -4.2% in Q1 due to improved commercial performance and reduced impact of mobile termination rate ('MTR') cuts

Improved service revenue performance in all key markets in Q2: Germany -3.4%, Italy -9.7%; UK -3.0%, Spain -9.3%, India 13.2%; and Vodacom 0.3%

H1 EBITDA down 10% to £5.9 billion; organic EBITDA margin down 2.1 percentage points; reported margin 28.4%

Free cash flow break even (£0.0 billion) reflecting Project Spring investments; total capex £3.9 billion, up £1.6 billion year-on-year

Full year guidance: EBITDA now £11.6 billion to £11.9 billion, free cash flow remains positive. Guidance excludes Ono  

Additional £5.5 billion deferred tax assets recognised

Net debt of £21.8 billion (or £18.6 billion including Verizon loan notes) including £5.8 billion in relation to Ono

Interim dividend per share of 3.60 pence, up 2.0%

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