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"Group service revenue growth of 4.2%* in H1 FY24, or 2.3%* excluding Turkey, with both Europe (Q1: 0.4%*, Q2:
1.5%*) and Africa (Q1: 9.0%*, Q2: 9.0%*) growing
• Good improvement in Germany (Q1: -1.3%*, Q2: 1.1%*) and continued acceleration in Vodafone Business with
4.4%* growth in H1 FY24
• Group revenue decline of 4.3% to €21.9 billion due to adverse foreign exchange rate movements and the disposal
of Vantage Towers, Vodafone Hungary and Vodafone Ghana in the prior financial year
• Operating profit decrease of 44.2% to €1.7 billion reflecting business disposals in the prior financial year, adverse
foreign exchange rate movements and lowershare of results of associates and joint ventures
• Adjusted EBITDAaL growth of 0.3%* despite a significant increase in energy costs
• Adjusted free cash outflow of €1.5 billion in the period, reflecting lower Adjusted EBITDAaL and lower dividends
from associates and joint ventures
• Announced merger in the UK and sale of Vodafone Spain as we right-size Vodafone for growth
• FY24 guidance reiterated with Adjusted EBITDAaL expected to be ‘broadly flat’ at around €13.3 billion and Adjusted
free cash flow to be ‘around’ €3.3 billion
• Interim dividend pershare of 4.5 eurocents, record date 24 November 2023"
Thanks ‘fleccy’, couldn’t find these myself. Encouraging numbers.
"Basic loss per share was 1.28 eurocents, compared to basic earnings per share of 3.37 eurocents in the prior year period."
"Net debt increased by €2.9 billion to €36.2 billion (€33.4 billion as at 31 March 2023). This was primarily driven by the
free cash outflow of €2.0 billion and equity dividends of €1.2 billion."
"The interim dividend pershare is 4.5 eurocents(FY23 H1: 4.5 eurocents). The ex-dividend date for the interim dividend
is 23 November 2023 for ordinary shareholders, the record date is 24 November 2023 and the dividend is payable on
2 February 2024."
The market may view these results negatively. They're reporting an Earnings Per Share Loss and Net Debt has increased to over £36 Billion. The only positive is that they've reiterated their 2024 guidance.
Terrible results - Looks like the right actions are put in place (New CEO busy Kitchen sinking here). At least the divi is being held. I would think we could see a circa 5% drop today unless the II’s get that it’s washing all dirt down early so the sink shines later, let’s see?
yep like i said shes doing a fantastic job, why the **** did they pick her. ill tell you why, no one else wanted the job. 60s coming now
Overall good results - Company on track to make improvement all over the sector.great news - No change in Divided..Pleased with the results in the current economy.
So you think it drop 5% to boost an already generous dividend that has been confirmed and the main concern for analysts, Germany is growing? I’m not sure about that, let’s see wha tv the open brings!
The headline results in the narrative and the actual figures make no sense. Free cash outflow and levels of free cash a critical worry. Very poorly run organisation. Strong sell...
Well doesn’t look like institutional investors don’t have an issue. You’ve bagged another big dividend and it appears to just be trending with the wider market atm.
Looks like results are ok, hopefully continued improved results next year and economy shoots of recovery. Not a bad stock at this stage.
Negative cashflow, declining revenue a reality of selling off assets, net debt rising over the 6 month period. Utterly irresponsible to be paying a div. A very bad stock at this stage.
Borrowing to pay a dividend utterly irresponsible and the leading sign of poor management. Those debt levels are utterly horrendous and need reduced asap. I am not, and by the looks of it, will never be invested in Vod. Hopeless company!
Nuri, please explain where they've borrowed to pay the dividend? They aren't borrowing to pay the dividend as far as I can tell.
glad i sold most of my share even with massive lost. i'll buy back mid 60s. this company is ****ed if the merger with 3 gets rejected
Dont listen to Nuri and Mole.
The clearly dont understand the results and/or are trying to mislead readers.
Nuri has already admitted he will never be invested in VOD. What is he doing here then on this board?
Likely a disgruntled ex-employee.
It's an almost philosophical explanantion. If you have paid out 50bn in div, but are borrowing 50bn in bonds, where did the money for the divs come from?
Div payments get booked to accumulated loss/profit on the blanace sheet. Accumulated losses are 114bn. They have never been able to pay a div without raising capital to pay it.
Vodafone's a complex beast, it's like a Hedge fund running a mix of telecom companies. The dividends are accounted for separately and don't come out of Free Cash Flow; The FCF and Dividends both feed into the Net Debt figure, but the Dividends are paid for out of banked cash rather than the preceding period's Cash Flow, at least on paper. As Vodafone sell off bits and pieces you'd expect revenue to drop with disposals, but the impact on EBITDA would also depend on reductions in lease liabilities/interest and other expenses that end with the disposals. What Vodafone need to do, as revenue reduces, is maintain EBITDA as much as possible and reduce capex along with any other expenses feeding into the FCF figure. In order to reduce Net Debt, the FCF needs to exceed the Dividend payouts plus any other added expenses accounted for separately to FCF, otherwise Net Debt will keep growing.
Clearly European growth is going to be limited going forward, with Vodafone rethinking and reorganising their European/UK businesses in response. The biggest growth opportunities will be away from Europe.
Ah Dave....you'll regret selling...never mind, we'll no doubt continue to hear your bitter ramblings
Nice dividend...onwards and upwards
All money to pay divi's etc from borrowing and everything else are taken out to off-set any profits to show a negative or loss, they don't pay taxes on any loss.
So almost equiv to making a profit and pay no Divi.
I think I would rather see a loss and still pay Divi's.
" but the Dividends are paid for out of banked cash rather than the preceding period's Cash Flow, at least on paper."
well..... then it is not really a performance Dividend ....it is a return to shareholders of a cash asset ... which does not improve the company value at all.... a fool´s game ..in my opinion
regretting lol, when the div comes they will drop by that amount taking them into the 60s anyway. no div should be paid when a company such as vod is doing so bad. you must be i tiny player to make such bull**** remarks
It would appear that way Poker, it isn't something I'd do as an individual as I don't like debt. Vodafone have always had high levels of debt and maintained debt even when they could have wiped it out, like the sale of their stake in Verizon Wireless. I assume they have a plan, so it'll be interesting to watch it play out.
" maintained debt even when they could have wiped it out "
Fleccy
I suspect the debt market would not be happy if they indeed wiped out debt.... VOD is a key provider of earnings for lenders , who are more than happy to re-issue new bonds as old ones mature...
I suspect VOD has to keep debt in order to be able to turn to lenders when they need them......part of the "relationship" between debtor and lender ..I suspect
Problem here is that VOD has a mixed bag of assets...some of which dont give a decent ROCE and are in affect being subsidised by the better performing assets ....
Spain shows that they just cannot compete sufficiently in highly competitive markets , where the customer cannot really distinguish the product .... and customer still expect very good service even if they only want to pay low-cost monthly contracts