Vodafone 2017 Interim Results

DividendMax Ltd.

Vodafone 2017 Interim Results


·    H1 Group organic service revenue up 2.3%; H1 Group revenue down 3.9% to €27.1 billion

·    Q2 organic service revenue growth of 2.4%, led by improvement in Europe to 1.0%; AMAP grew 7.1%

·    H1 Group organic EBITDA growth of 4.3% to €7.9 billion, supported by strong cost control

·    Breakeven free cash flow ('FCF'), reflecting lower capital additions and seasonal working capital outflows

·    Non-cash impairment in India of €5.0 billion, net of tax, due to increased competition

·    Full year guidance narrowed: EBITDA now €15.7-€16.1 billion (3-6% organic growth), FCF at least €4.0 billion

·    Interim dividend per share of 4.74 eurocents, up 1.9% based on the 31 March 2016 year-end conversion rate

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