Member Info for fleccy

Then look at Cashflow Vs Working Capital:

https://docs.google.com/spreadsheets/d/e/2PACX-1vSNxkKmgR2PzSL1NH5uvhJAIl6TyUm-PpH2hChEFWELeB8mLB-V562E7qRdDL0lOSa8NyAUBbokBjVp/pubchart?oid=642584807&format=interactive

Has anyone noticed that the Working Capital in the cashflow calculation swings from negative in the First Half Year figures, to positive in the Second Half Year figures, effectively cancelling much of it out in the Full Year figures?

https://docs.google.com/spreadsheets/d/e/2PACX-1vSNxkKmgR2PzSL1NH5uvhJAIl6TyUm-PpH2hChEFWELeB8mLB-V562E7qRdDL0lOSa8NyAUBbokBjVp/pubchart?oid=272204223&format=interactive

I posted links to these the other day, but no one seemed interested.

The chart gives a nice picture showing the relationship between entries associated with Free Cash Flow and Net Debt.

https://docs.google.com/spreadsheets/d/e/2PACX-1vSNxkKmgR2PzSL1NH5uvhJAIl6TyUm-PpH2hChEFWELeB8mLB-V562E7qRdDL0lOSa8NyAUBbokBjVp/pubchart?oid=325944045&format=interactive

If you select the cash flow tab (Top Left) in the link below it shows the figures feeding into the chart.

https://docs.google.com/spreadsheets/d/e/2PACX-1vSNxkKmgR2PzSL1NH5uvhJAIl6TyUm-PpH2hChEFWELeB8mLB-V562E7qRdDL0lOSa8NyAUBbokBjVp/pubhtml

To add to my last post, personally I would have dropped the dividend to keep Net Debt down, but I don't know what they know.

Nuri you must be looking at a different set of figures to me, the full year interest paid and received is around €1 Billion to €1.5 Billion, so around the level of half the full year dividend. I'd agree with you if Vodafone couldn't pay off or refinance debt as it becomes due, but that isn't the case. The only real question is the sustainability of the dividend, which is dependent on Vodafone ensuring FCF, averaged over a number of years, exceeds dividend payouts and other expenses separately adding to the Net Debt.

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.

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.

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.

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.

"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."

No it's maintained

"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"

"Interim dividend per share of 4.5 eurocents, record date 24 November 2023"

Don't forget about Method D.

You can't pre-judge the market reaction to Vodafone's results these days, on the plus side Vodacom released a good set of figures but all eyes will probably be on Germany figures tomorrow. UK will probably be ok, Spain is all but sold off and Italy will probably be a focus of speculation. I suspect Vodafone will go up tomorrow, which probably means it'll go down lol.

Suthy Crypto is a path to nowhere, probably ends at a cliff edge.

You'd likely need a lot of processing power to manage the pool as the membership grows, and it'd cost, I'd guess QBT would be better partnering with an existing mining pool. There are loads of questions around QBT's software, the information I've seen suggests their software runs on rig by rig basis so I'm not sure how it'd operate in the case of a mining pool.

I don't have any experience in the industry, so I can only guess what'd be involved in setting up a mining pool. My guess is that they'd have first build a block, using the header and selected transaction's from the transaction pool, and then instruct each mining rig in the pool to brute force a particular range of nonces to prevent duplication. In QBT's case you'd expect they'd first build the block, pre-process using their algorithms before splitting the nonces, and then distributing computed nonce ranges between the pool members. Since I'm only guessing, I may be wrong or oversimplifying the process.

I'm just interested. Bitcoin has fascinated me for many years and because I'm not invested in Crypto I can take an objective view based on unbiased analysis. I could be wrong about Bitcoin, but I don't think so. As far as QBT, I'm interested to see how their tech works in the real world, so far I haven't seen anything substantive in relation to real world Bitcoin mining performance.

Yep, they're clearly desperate to pump the share price. Maybe because I only invest in Blue chips, I find a company pumping its own price a bit distasteful. Is this even an official company Twitter/X page? I believe individuals can set up pages using any name.