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Vodafone sales trend improves, sees stable EBITDA in new yr
2015-05-19 08:17:00| Telecompaper Headlines
(Telecompaper) Vodafone Group reported a return to organic service revenue growth of 0.1 percent in its fiscal fourth quarter to March. Underlying revenues in Europe were down 2.4 percent year-on-year, while its AMAP region grew by 6.0 percent. Over the full year, organic service revenues were still down 1.6 percent, led by a 4.7 percent fall in Europe. Reported revenues grew 10.1 percent to GBP 42.23 billion, helped by the acquisitions of Ono in Spain and KDG in Germany, and the operator met its target for adjusted EBITDA, at GBP 11.7 billion for the year. Net profit from continuing operations fell 48.2 percent to GBP 5.86 billion, and EPS was down 90.3 percent to 21.75 pence, due to a number of charges for deferred tax assets and the gain the year earlier on selling the stake in Verizon Wireless. For the new fiscal year, Vodafone forecast organic EBITDA of GBP 11.5-12.0 billion and positive free cash flow after all capex, but before M&A, spectrum and restructuring costs. In the past year, free cash flow on the same basis reached GBP 1.09 billion. Capital expenditure is estimated at GBP 8.5-9.0 billion, reflecting the second year of Project Spring investment. In the past year, capex was up 45.7 percent to GBP 9.2 billion. Vodafone also proposed a final dividend of 7.62 pence per share, up 2.0 percent, and said it tends to continue to grow dividends per share annually.
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Category:Telecommunications