Vodafone Group Plc Half year results

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1 Vodafone Group Plc Half year results For the six months ended 30 September November 2015

2 Disclaimer Information in the following communication relating to the price at which relevant investments have been bought or sold in the past, or the yield on such investments, cannot be relied upon as a guide to the future performance of such investments. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or dispose of securities in any company within the Group. The presentation contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995 which are subject to risks and uncertainties because they relate to future events. These forward-looking statements include, without limitation, statements in relation to the Group s financial outlook and future performance. Some of the factors which may cause actual results to differ from these forward-looking statements are discussed on the final slide of the presentation. The presentation also contains non-gaap financial information which the Group s management believes is valuable in understanding the performance of the Group or the Group s businesses. However, non-gaap information is not uniformly defined by all companies and it may not be comparable with similarly titled measures disclosed by other companies, including those in the Group s industry. Although these measures are important in the assessment and management of the business, they should not be viewed in isolation or as replacements for, but rather as complementary to, the comparable GAAP measures. Vodafone, the Vodafone Portrait, the Vodafone Speechmark, Vodacom and M-Pesa, are trade marks of the Vodafone Group. The Vodafone Rhombus is a registered design of the Vodafone Group. Other product and company names mentioned herein may be the trade marks of their respective owners. 2

3 Half year highlights Financial performance Q2 Group service revenue +1.2%; fifth consecutive quarter of improvement Q2 continued momentum in AMAP +6.7%; further recovery in Europe -1.0% H1 EBITDA return to growth, +1.9% to 5.8bn; full year EBITDA guidance now 11.7bn bn Free cash outflow 0.5bn reflecting Project Spring phasing; net debt 28.9bn Interim dividend per share 3.68 pence, +2.2% Strategic and commercial progress Project Spring: 80% through mobile build; 4G coverage now 80% in Europe Marketing high speed broadband to 66m homes across Europe; 42% on own infrastructure, new converged offers launched 30m 4G customers (+10m in H1) in 19 markets. 12.5m fixed broadband customers (+0.5m) AMAP: 125m data users, India 3G coverage 94% 1 Strong commercial progress in mobile: H1 contract net adds 2.7m, churn improving, data volume +75% Enterprise revenue +1.9% in Q2; continued growth in VGE and M2M Vodafone India IPO preparations underway All growth rates shown are organic unless otherwise stated 1. All Targeted growth rates urban shown areas are organic unless otherwise stated 3

4 Half year 15/16 Financial review Nick Read Group Chief Financial Officer

5 Return to EBITDA growth H1 15/16 ( m) Reported growth (%) Organic growth (%) Q2 15/16 organic growth (%) Group revenue 20,226 (2.3) Group service revenue 18,430 (3.7) Group EBITDA 1 5,786 (1.7) 1.9 EBITDA margin (%) ppt (0.3)ppt D&A 2 (4,142) Adjusted operating profit 1, 2 1,641 (6.5) (5.9) All growth rates shown are organic unless otherwise stated 1. Reported excluding the impact of restructuring costs and significant one-off items. Restructuring costs were 114m in H1 15/16 and 84m in H1 14/15 2. Reported excluding the impact of restructuring costs and significant one-off items and amortisation of acquired intangible customer bases and brand intangible assets 5

6 Lower financing costs; full year tax rate to include UK one-off H1 15/16 ( m) H1 14/15 ( m) Reported growth (%) Adjusted operating profit 1 1,641 1,756 (6.5) Net financing costs (552) (682) Taxation (299) (288) Non controlling interests (123) (89) Adjusted earnings Adjusted earnings per share p 2.63p (4.6) Interim dividend per share 3.68p 3.60p 2.2 Weighted average cost of debt 4.4% (H1 14/15: 5.4%) Adjusted effective tax rate 30.5% in H1; full year similar to H1 excluding UK one-off (medium term high 20s) Move to Euro reporting from 2017 financial year 1. Reported excluding the impact of restructuring costs, significant one-off items and amortisation of acquired intangible customer bases and brand intangible assets 6

7 5 th quarter of improved organic service revenue trends Group Europe AMAP 8.0% 6.0% 2.2ppt 4.0% 2.0% 0.0% -2.0% 5.4ppt 7.2ppt -4.0% -6.0% -8.0% -10.0% Q1 14/15 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 7 out of 13 European markets are now back to growth in H1 Maintained good momentum in AMAP 7

8 Engines of growth Mobile contract base (m) NGN fixed customers (m) m YoY m YoY Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Europe 4G & India 3G customer base (m) Enterprise service revenue growth (%) Europe 4G 21 India 3G m YoY +17m YoY (2.0) (1.1) Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 8

9 EBITDA growth with margin stabilising 1 EBITDA ( bn) Reported EBITDA margin (%) H2 12/13 H1 13/14 H2 13/14 H1 14/15 H2 14/15 H1 15/16 1. Constant currency, 100% Italy excl. KDG, Ono, HOL and Cobra 9

10 EBITDA growth across our top markets Absolute organic EBITDA growth YoY H1 14/15-10% YoY -c. 600m * H1 15/ % YoY +c. 100m ( m) * Adjusted for intercompany phasing 10

11 Targeting margin expansion Spring is an exceptional investment programme Technology opex 4.3bn Network expansion (by year end): c.45k additional mobile sites 7.5m new households covered by NGN 65 countries on IP-VPN 4.8bn Expanded & modernised (Mar-16) Mobile: c.90% EU 4G coverage Single RAN >90% in EU 90% high capacity backhaul in EU HD voice in all EU markets 84% 3G/4G AMAP coverage (excl. India) India 95% 3G coverage in targeted areas Fixed: Converged services in all key EU markets Enterprise: Increased global scale and footprint Pre-Spring 1 1. FY 13/14 Post-Spring expected run rate 11

12 Targeting margin expansion Fit for growth an opportunity to constrain costs below revenue growth Components of our cost base: 4. Shared services penetration 5. Centralised procurement/logistics 6. ZBB/productivity targeting 3. IT transformation Support costs 6.7bn Technology costs 4.4bn FY 14/15 cost base (excl. interconnect) Direct costs 6.6bn Customer costs 8.8bn 1. Regulatory incumbent management 2. Commercial efficiency 12

13 Targeting margin expansion Fit for growth Commercial efficiency Channel mix Commission optimisation Digital sales & services % contract customer additions via Vodafone branded channels Improving returns on commission spend by: H1 14/15 H1 15/16 30% 35% 52% 63% 81% 87% Moving from volume to value based commissions Sales Currently 5% of inflow revenue Target >10% Rewarding for good customer experience Service My Vodafone app 26% penetration Target 70% 13

14 Targeting margin expansion Fit for growth Organisational efficiency Standardisation and scaled footprint optimisation Shared services employees Capex & opex efficiency Procurement spend in VPC Scope: Zero based budgeting 15k 250 Finance Customer Ops Savings ( m) 17k 300 Technology Other 18.5k 17% * % 57% 70% Group functions - absolute cost targets Group operations - multi-year productivity targets H1 14/15 FY 14/15 H1 15/16 * Targeting 25% of Vodafone employees by 2018 H1 13/14 H1 14/15 H1 15/16 Targeting 80% of global spend Countries/P&L units - multi-year margin targets 14

15 Targeting margin expansion M&A synergies secured Organisational integration Complete Fully complete by the year end Procurement centralised Complete Complete Migration of DSL and mobile customer base 157k DSL customers migrated Mobile migration complete 121k DSL customers migrated Network: integrating national backbone and mobile base stations On target On target Converged propositions launched FY 15/16 exit run-rate: On target to secure 100% of 240m/pa On target to secure 75% of 300m/pa 15

16 Composition of H1 EBITDA growth H1 15/16 H1 14/15 Improvement EU mobile contract net adds (000s) 1, % Fixed broadband net adds (000s) % Consumer contract churn 17.6% 19.2% +1.6ppt Enterprise churn 15.6% 16.4% +0.8ppt ( m) 5, (229) 55 5,687 Organic H1 14/15 EBITDA Gross margin Commercial costs 1 Technology opex Other opex Organic H1 15/16 EBITDA 1. Commercial costs include A&R, and sales, distribution & advertising/promotion costs 16

17 Free cash outflow, reflecting phasing of Project Spring H1 15/16 ( m) H1 14/15 ( m) EBITDA 5,786 5,884 Capital expenditure (3,708) (3,901) Capital creditors (579) (6) Working capital (1,203) (1,072) Net interest (364) (580) Taxation (430) (418) Dividends received Dividends to non-controlling interests (131) (140) Other Free cash flow (541) 1 Capital creditor unwind, reflecting timing of Project Spring payments 1. Principally relating to Indus Towers 2. Other relates to cash movements on share based payments and disposal of capital assets 17

18 Passing peak investment for capex and spectrum Capex intensity Pre-Spring Spring Post-Spring Mobile 13% 20% 12% Maintenance/capacity - 10% 8% Footprint growth - 10% 4% Fixed - 26% 18% Maintenance/capacity - 12% 9% Footprint growth - 10% 5% CPE - 4% 4% 13-14% medium term capital intensity Spectrum spend ( bn) bn 5 year avg. Average over next 3yrs expected to be lower (2020: EU 700MHz) FY 11/12 FY 12/13 FY 13/14 FY 14/15 FY 15/16e India EU 4G EU renewal AMAP 18

19 Balance sheet robust and in line with Spring plan ( bn) ive c.30 Mar 2015 Spectrum Final 14/15 dividend Other Sep 2015 Turkey/Italy spectrum H1 dividend Guidance FCF Mar 2016 H1 net debt 25.4bn including $5.25bn Verizon loan notes also includes 4bn of deferred licence payments H1 spectrum spend in India, Germany and the UK 19

20 Guidance range narrowed, continued dividend growth Now bn 3-5% YoY growth 11.4bn Was bn FY 14/15 EBITDA (restated) 1 Guidance FY 15/16 EBITDA Performance in H1 15/16 in line with expectations Expect revenue and profitability trends to continue to improve in the second half Guidance for FY 15/16: EBITDA range narrowed to higher end of the range, bn positive free cash flow after all capex 1. Based on FY 14/15 guidance FX, and adjusted for MVNO/regulatory (India) impacts and M&A 20

21 H1 15/16 summary Markets remain competitive, unsettled global economy A return to growth in both service revenue and EBITDA Strong commercial momentum Guidance updated: EBITDA range narrowed expect progress to continue in H2 interim dividend per share of 3.68p, up 2.2% Robust balance sheet 21

22 Strategic & commercial review Vittorio Colao Group Chief Executive

23 Project Spring supporting commercial performance Growing contract net adds Europe (000s) Improving churn Consumer contract (%) Stabilising ARPU QoQ Consumer contract (local currency) Europe Germany UK Italy 22.0% Germany UK Italy Spain % 18.6% 17.1% 18.3% 17.6% 17.0% % Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Q2 13/14 Q2 15/16 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Improved network quality Base now 49% contract (46% a year ago) 4G churn and NPS better than 3G Improved direct channel mix Customer value management actions Market stabilisation Increasing penetration of larger data bundles; content in all key markets 4G ARPU higher than 3G 23

24 Project Spring supporting data demand growth Increasing penetration of 4G customers (m) 1 Growing European smartphone usage Monthly average MB % of Europe customer base, (41% of contract) % % smartphone penetration in Europe % of customers use >1GB Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 4G stimulating data take up 3G 4G 2x +9ppt 39% of Europe data traffic on 4G Strong data adoption in emerging markets 3 Data users (m) and share of mobile base (%) 34% % % % % 125 Avg. smartphone usage 649MB 2, 3 Avg. data usage NPS Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/ m customers have a 4G device with a 4G plan (24.3m in Europe). 27.3m have a 4G smartphone with a 4G plan (22.2m in Europe) 2. ios and Android 3. AMAP 24

25 Project Spring supporting progress on convergence Marketing high speed broadband to 66m homes % household coverage in Europe 42% on own infrastructure Increasing size and quality of the fixed broadband base (m) % on fibre/cable 39% 39% 42% 43% 45% 5.6m NGN (+0.3m) m TV (+0.1m) Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Growing share of Europe service revenue from fixed (%) Europe fixed revenue +3.1% in Q2 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 New fixed/converged propositions FY 15/16 launches To be launched (including TV) Apr 2015 Aug 2015 H1 13/14 H1 14/15 H1 15/16 Sep 2015 Oct 2015 Nov

26 Project Spring supporting Enterprise momentum and scale Momentum Organic service revenue growth (%) Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Scale 27% of Group service revenue Global leader in M2M: 29 markets, 24m connections Top ranking by Gartner and Machina Research A leading carrier of international voice: 58bn voice minutes p.a. Investment Spring investments on track IP-VPN in 65 countries; 254 PoPs 2, +34/83 since Sep 2013 One Net in 12 countries for SMEs US MVNO for multinationals Oct 2015 (2.0) (1.1) Growth from data and customers, despite ARPU pressure Q2 VGE revenue +7.3% 1, M2M +29%, Cloud & Hosting +13% Key customer wins and strong pipeline 1. Underlying growth 2. Points of Presence 26

27 Germany: good contract base growth, some price pressure Service revenue growth (%) Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 (3.9) (1.8) Contract net adds (000s) 235 (3.5) (1.2) Incl. KDG (1.8) Incl. KDG 245 Service revenue: underlying growth similar excluding one-offs Mobile revenue -2.8% (Q1: -2.1%); increased competition in enterprise and consumer base re-pricing, offset customer growth and improved direct channel mix Fixed: customer growth offsets ARPU pressure KDG: +7.0% (Q1: +6.6%); +98k net adds 1 DSL: stabilising base but lower ARPU (promotional discounting) 2 Project Spring: 4G coverage 81%, dropped call rate -28% to 0.55% 3 EBITDA +1.0% in H1, margin 32.7%, +0.5ppt supported by lower A&R New converged offer launched in November Q2 14/15 Q3 14/15 Q4 14 /15 Q1 15/16 Q2 15/16 1. Including migrations 2. Prior to migrations 3. End of September 27

28 Germany: key turnaround actions Improved network quality 4G coverage (%) Better channel mix Direct channel share of consumer contract gross adds (%) Repricing customer base Consumer contract ARPU Base Inflow 2 H1 14/15 H2 14/15 H1 15/16 H1 14/15 H2 14/15 H1 15/16 Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Secured more 1,800 MHz spectrum to boost 4G speed 89% high capacity backhaul (Sep 13: 76%) Ranked Best Voice Network in Germany by ComputerBILD Promotional focus on direct channels. 1,400 branded stores 1 Reduced commissions in indirect channels Consumer contract ARPU stable QoQ Value upsell initiatives, e.g. data add-ons 1. Includes KDG stores 2. Excludes multi-sim and instalments 28

29 Italy: mobile market remains stable, further recovery in trends Service revenue growth (%) Mobile service revenue -3.0% (Q1: -3.2%): Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 (10.2) (8.0) (4.1) EBITDA growth and margin (%) (2.0) (2.0) lapping prepaid price rises consumer prepaid ARPU +6.8%, lower churn and stabilising customer base 4.0m 4G customers, up 3m YoY Fixed: sustained momentum; +67k broadband users in H1 Project Spring: delivering 4G leadership (coverage 91%), fibre footprint up to 2m households EBITDA returned to growth as top line pressure offset by commercial and operating cost efficiencies H1 13/14 H2 13/14 H1 14/15 H2 14/15 H1 15/ Network guarantee Margin (7.2) (25.4) (24.0) (21.7) 37.1% 34.5% 33.7% 33.2% 34.1% Satisfied or reimbursed! 1 day free browsing if you re not satisfied with 4G 29

30 UK: improving in Enterprise, stable overall Churn Service revenue growth (%) Mobile service revenue -0.5% (Q1: +0.7%) (3.3) (0.5) (0.6) 0.2 (0.5) Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Contract net adds (000s) 17.4% 19.0% 17.7% 15.8% 15.6% customers given control of out-of-bundle spend, 08XX regulation customer growth; lower churn, direct channels (retail sales +48%) 5.3m 4G users, up 4.2m YoY Fixed: improving in fixed Enterprise (-0.7%, Q1: -2.1%) due to VGE Project Spring: delivering network improvement 4G coverage 82% 1, London 99% P3 ranked #1 network in London for combined voice and data EBITDA: H1 margin 21.7%; 19.7% excl. network settlements; -1.1ppt YoY due to phasing of central costs Q2 14/15 Q3 14/15 Q4 14 /15 Q1 15/16 Q2 15/16 Marketing to 22m premises. TV by end FY 15/16 1. Ofcom basis 82%; Vodafone basis 75% 30

31 Spain: positive trends, good commercial momentum Service revenue growth (%) Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 (9.8) (9.3) Contract net adds (000s) 78 (7.8) (5.5) Incl. Ono (2.0) Incl. Ono #1 for Consumer NPS 92 Mobile revenue -6.8% (Q1: -9.5%) in more stable market QoQ ARPU growth, data bundle adoption, contract net adds +92k Fixed revenue +10.7% (Q1: +4.2%) +28k broadband net adds; strong take up of TV/football Ono integration proceeding well, fully migrated mobile customers Project Spring: 80% 4G coverage, 8m NGN premises reached 1 EBITDA +16.3% in H1, margin +3.7ppt 2 ; handset financing and Ono integration benefits more than offsetting TV costs Q2 14/15 Q3 14/15 Q4 14 /15 Q1 15/16 Q2 15/16 784k converged customers since April launch 1. Including joint fibre build 2. Organic 31

32 Vodacom: strong performance and network leadership Vodacom service revenue growth (%) (0.2) (3.9) Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 Vodacom EBITDA margin (%) H1 13/14 H2 13/14 H1 14/15 H2 14/15 H1 15/16 South Africa Service revenue +3.0%; more rational market, voice decline eases, contract churn still low 7.3%, ARPU stable Data growth driven by sale of affordable devices and data bundles total usage +50%, revenue +32% Project Spring: marketing our network leadership; 4G coverage 47%, 3G at 98%; 85% high speed transmission EBITDA +13.5%, driven by significant cost actions in H2 14/15 International Service revenue +8.3%; data users +14%, and M-Pesa growth Capex up 29.7%, driving differentiation in Tanzania and DRC 24% of Vodacom revenue #1 82m data bundles sold in Q2, +91% YoY 32

33 India: strong data demand, expanding 3G and 4G capability Service revenue growth (%) Reported G data users (m) Excluding MTRs Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 3G penetration 8% 9% 11% 12% 13% MB Avg. usage Service revenue underlying +10.9% excl. all regulatory impacts 1 strong customer growth (2.8m net adds) partly offset by ongoing competition on voice business data growth driven by 3G; total usage +69%, revenue +48%; 19% of service revenue M-Pesa: 97k agents, 665k active users Project Spring 94% 3G coverage 2, +3.7k 3G sites, retail store expansion on track launching own 3G in seven new circles and 4G in five by end FY 15/16 EBITDA +6.7% in H1, margin stable at 29.7% Q2 14/15 Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 1. MTRs, roaming price caps and service tax 2. Targeted urban areas 33

34 India: strong track record of achievement 1.2bn Population Continuing opportunity 3% 4G 23% penetration 78% smartphone mobile penetration penetration 17 Strong platform Revenue market share (%) #1 for Consumer NPS 22 (Rs bn) 218 Profitable growth FY 09/10 FY 14/ Economy recovering; 2015e GDP +7.5% Improving demographics Strategic growth areas: data, enterprise, M-Pesa Q4 08/09 Q4 09/10 Q4 10/11 Leading assets: Q4 11/12 Q4 12/13 1 of 3 nationwide providers 1.7m distribution points, 9,900 branded retail stores 42% of Indus, world s largest tower company Strong brand recognition High quality customer base Q4 13/14 Q4 14/15 Q2 15/16 Service revenue EBITDA Op FCF Strong growth; 5 year CAGR to FY 14/15: Service revenue +14.1% EBITDA +18.8% Operating FCF: +20.7% 34

35 Other key markets driving revenue / EBITDA growth Q2 YoY service revenue growth (vs. Q1) +20.2% +5.2ppt +1.1% +0.1ppt +10.7% +4.6ppt -0.2% +2.4ppt Increased revenue market share to 35.9%. NPS leader 4th consecutive quarter of growth in a competitive market Improved revenue market share leadership to 40.6%. NPS leader Ongoing convergence pressure but signs of market recovery Revenue growth driven by data, customer base (+814k H1), ARPU (Q2 +14%), and enterprise Growth in enterprise and consumer fixed revenue driven by higher customer base Revenue growth fuelled by data and voice usage, ARPU Q2 +15% Fixed broadband customers H1 +56k, improving mobile revenue Commercial execution and Project Spring driving data usage, customer growth and ARPU 35

36 Leveraging Project Spring: leadership in customer experience NPS leadership #1 NPS rank in seven of our top ten markets Enhancing digital and retail experience My Vodafone app users (m) Project Spring: transforming our stores ,240 4,200 Marketing our network quality Q2 13/14 Q2 14/15 Q2 15/ FY 12/13 1,150 FY 13/14 FY 14/15 H1 15/16 Germany network when it matters Turkey & NZ money back network guarantee 36

37 CARE: bringing Project Spring to life for our customers C Connectivity A Always in R Reward loyalty E Italy: satisfied or reimbursed control India: full credit for first time bill shock South Africa: Just 4 you Easy access UK Enterprise: Prime Contact ki One day free browsing if you re not satisfied with 4G 30% upgrade to right price plan Personalised offers for customer profile 24m bundles in first month For SMEs & SOHO Dedicated contact owns customer issues Group-wide programmes to deliver CARE 37

38 Summary H1 progress 80% through Spring mobile build; material enhancements to coverage and quality Step change in customer experience underway Leading in data: 30m 4G customers, 5.6m NGN Fully converged in Germany and Spain Strengthened capabilities in Enterprise EBITDA returned to growth, +1.9% Dividend per share up 2.2% Priorities: H2 and beyond Complete Spring mobile build Increase network and service differentiation Launch TV in further markets, continue to grow NGN footprint and enterprise Engage regulators on incumbent monopolistic behaviour Focus on efficiency and margin 38

39 Q&A 39

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41 Appendix 41

42 Project Spring KPIs Germany Deployment and experience Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 4G % outdoor population coverage 73% 77% 78% 81% % of data sessions >3Mbps 82% 82% 82% 82% % of dropped calls 0.66% 0.57% 0.54% 0.58% % homes reached by owned NGN 35% 35% 35% 35% % of targeted stores refitted 16% 18% 28% 39% UK Deployment and experience Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 4G % outdoor population coverage 57% 63% 68% 75% % of data sessions >3Mbps 84% 84% 86% 87% % of dropped calls 0.86% 0.78% 0.75% 0.77% % homes reached by owned NGN % of targeted stores refitted 29% 40% 55% 70% Commercial impact 4G customers (m) Contract churn (%) 15.0% 14.2% 13.8% 15.5% Contract mobile ARPU (EUR) Average smartphone data usage (MB) Commercial impact 4G customers (m) Contract churn (%) 19.0% 17.7% 15.8% 15.6% Contract mobile ARPU (GBP) Average smartphone data usage (MB) ,014 1,183 42

43 Project Spring KPIs Italy Deployment and experience Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 4G % outdoor population coverage 76% 84% 88% 91% % of data sessions >3Mbps 90% 92% 94% 92% % of dropped calls 0.63% 0.59% 0.60% 0.62% % homes reached by owned NGN 2% 4% 5% 7% % of targeted stores refitted 85% 90% 94% 96% Spain Deployment and experience Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 4G % outdoor population coverage 69% 75% 78% 80% % of data sessions >3Mbps 81% 83% 83% 81% % of dropped calls 0.66% 0.60% 0.58% 0.60% % homes reached by owned NGN 44% 45% 46% 46% % of targeted stores refitted 20% 26% 30% 34% Commercial impact 4G customers (m) Prepaid churn (%) 38.4% 37.5% 32.4% 32.1% Prepaid mobile ARPU (EUR) Average smartphone data usage (MB) 922 1, ,254 Commercial impact 4G customers (m) Contract churn (%) 20.2% 21.6% 18.1% 20.1% Contract mobile ARPU (EUR) Average smartphone data usage (MB) ,097 1, Spain ARPU includes Ono from Q3 14/15 43

44 Project Spring KPIs India Deployment and experience Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 3G % outdoor population coverage 90% 90% 91% 94% (targeted urban areas) % of data sessions (>400kbps) 70% 73% 74% 75% % of dropped calls 1.14% 1.06% 1.02% 1.08% % of targeted stores refitted 23% 38% 45% 55% Vodacom (South Africa) Deployment and experience Q3 14/15 Q4 14/15 Q1 15/16 Q2 15/16 4G % outdoor population coverage 34% 35% 41% 47% % of data sessions >3Mbps 84% 85% 85% 86% % of dropped calls 0.80% 0.78% 0.67% 0.49% % of targeted stores refitted 64% 70% 76% 80% Commercial impact 3G customers (m) Prepaid mobile ARPU (INR) Average data usage (MB) Commercial impact 4G customers (m) Contract mobile ARPU (ZAR) Average smartphone data usage (MB)

45 Service revenue bridge ( m) 19, ,430 (1,326) (380) (102) H1 14/15 reported service revenue FX M&A & one off items In-bundle Out of bundle Incoming MTR Fixed line and carrier Other H1 15/16 reported service revenue M&A and one off items relates primarily to 0.3bn of service revenue from Ono and the UK ladder settlement ( 0.1bn) 45

46 Voice MTR impact H1 15/16 H1 14/15 m % m % Europe Service revenue (26) (0.2) (107) (0.8) EBITDA - (23) AMAP Service revenue (76) (1.4) (71) (1.3) EBITDA (21) (42) Group Service revenue (102) (0.6) (178) (1.0) EBITDA (21) (65) 46

47 Profit H1 15/16 ( m) H1 14/15 ( m) Adjusted operating profit 1 1,641 1,756 Net financing costs (700) (485) Taxation (340) (373) Deferred taxation (1,476) 5,468 Customer & brand amortisation 2 (521) (637) Restructuring costs (114) (84) Other (74) (144) Profit for the year (1,584) 5,501 Non controlling interests (114) (79) (Loss)/Profit attributable to owners of parent (1,698) 5, Now reported excluding the impact of restructuring costs, significant one-off items and amortisation of acquired intangible customer bases and brand intangible assets 2. Customer amortisation relate primarily to Italy (H1 15/16 169m, H1 14/15 240m), KDG (H1 15/16 174m, H1 14/15 253m) and Ono (H1 15/16 108m, H1 14/15 55m). 47

48 Adjusted EPS reconciliation H1 15/16 ( m) H1 14/15 ( m) (Loss)/Profit attributable to owners of parent (1,698) 5,422 Reported growth (%) Taxation 1,517 (5,383) Net financing costs 148 (197) Customer & brand amortisation Non controlling interests (9) (10) Restructuring costs Other Adjusted profit for the year Weighted average shares (m) 26,529 26,470 Adjusted EPS (p) (4.6) 48

49 Taxation H1 15/16 ( m) H1 14/15 ( m) Taxation 1,816 (5,095) Deferred tax assets (1,476) 2,127 Recognition of deferred tax assets - 3,341 Amortisation of deferred tax assets (258) (272) Other Adjusted tax expense Effective tax rate 30.5% 30.6% Deferred tax following revaluation of investments in Luxembourg Recognition of deferred tax asset for losses in Luxembourg 49

50 Financing costs H1 15/16 ( m) H1 14/15 ( m) Underlying net financing costs (451) (578) Primarily favourable FX movements YoY Mark to market gains/(losses) (86) (80) Potential interest on tax (15) (24) Non-EPS FX revaluation (148) 197 Net financing costs (552) (682) Average cost of net debt 4.4% 5.4% 50

51 Cost of debt Currency Percentage of net debt Forecast interest rate for FY 15/16 EUR % USD % GBP (24) 0.5% INR 21 10% ZAR 4 7.0% Other % 51

52 More information Visit our website for more information 2016 upcoming dates Q3 results 4 February Prelim results 17 May AGM 29 July Contact us +44 (0) Follow us on Download our ipad app For definitions of terms please see 52

53 Forward-looking statements This presentation, along with any oral statements made in connection therewith, contains or may contain forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to the Group s financial condition, results of operations and businesses and certain of the Group s plans and objectives. In particular, such forward-looking statements include, but are not limited to: statements with respect to: expectations regarding the Group s financial condition or results of operations, including the Group Chief Executive s statement on the outlook for the 2015 financial year; expectations for the Group s future performance generally, including revenue and EBITDA growth measures to improve margin growth and free cash flow; statements relating to the Group s Project Spring investment programme, including opex, launches of 4G and 3G, targeted mobile, fixed and enterprise coverage expectations regarding the operating environment and market conditions and trends, including future sales, customer usage, competitive and macroeconomic pressures, price trends and opportunities in specific geographic markets; intentions and expectations regarding the development, launch penetration and expansion of products, services and technologies, either introduced by Vodafone or by Vodafone in conjunction with third parties or by third parties independently, including the Vodafone app, NGN, M-Pesa, consumer TV and converged services and the launch of a number of additional features; growth in customers and usage; expectations regarding spectrum licence acquisitions, including cost anticipated new 3G and 4G availability and the customer uptake associated therewith; expectations regarding adjusted operating profit, EBITDA margins, capital expenditure, net debt and foreign exchange rate movements; expectations regarding the integration or performance of current and future investments, associates, joint ventures, non-controlled interests and newly acquired businesses, including KDG and Ono; and the outcome and impact of regulatory and legal proceedings involving Vodafone and of scheduled or potential regulatory changes. Forward-looking statements are sometimes not always identified by their use of a date in the future or such words as will, anticipates, aims, could, may, should, expects, believes, intends, plans or targets (including in their singular or negative form). By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the following: changes in economic or political conditions in markets served by operations of the Group that would adversely affect the level of demand for its mobile services; greater than anticipated competitive activity, from both existing competitors and new market entrants, which could require changes to the Group s pricing models, lead to customer churn, affect the relative appeal of the Group s products and services as compared to those of its competitors or make it more difficult for the Group to acquire new customers; the impact of investment in network capacity and the deployment of new technologies, or the rapid obsolescence of existing technology; higher than expected costs or capital expenditures; slower than expected customer growth and reduced customer retention; changes in the spending patterns of new and existing customers and the possibility that new products and services offered by the Group will not be commercially accepted or do not perform according to expectations; the Group s ability to expand its spectrum position or renew or obtain necessary licences, including for spectrum; the Group s ability to achieve cost savings; the Group s ability to execute its strategy in fibre deployment, network expansion, new product and service roll-outs, mobile data, enterprise and broadband and in emerging markets; changes in foreign exchange rates, including, in particular, changes in the exchange rate of pounds sterling, the currency in which the Group prepares its financial statements, to the euro, the US dollar and other currencies in which the Group generates its revenue, as well as changes in interest rates; the Group s ability to realise benefits from entering into partnerships or joint ventures and entering into service franchising and brand licensing; unfavourable consequences to the Group of making and integrating acquisitions or disposals; changes to the regulatory framework in which the Group operates, including possible action by regulators in markets in which the Group operates or by the EU to regulate rates the Group is permitted to charge; the impact of legal or other proceedings against the Group or other companies in the mobile telecommunications industry; loss of suppliers; or disruption of supply chains or unfavourable developments in the availability or prices of commodities and raw materials; developments in the Group s financial condition, earnings and distributable funds and other factors that the Board takes into account when determining levels of dividends; the Group s ability to satisfy working capital and other requirements through access to bank facilities, funding in the capital markets and its operations; changes in statutory tax rates or profit mix which might impact the Group s weighted average tax rate; and/or changes in tax legislation or final resolution of open tax issues which might impact the Group s tax payments or effective tax rate. Furthermore, a review of the reasons why actual results and developments may differ materially from the expectations disclosed or implied within forward-looking statements can be found under the headings Risk Factors and Other Information Forward-looking statements in our half year financial report for the six months ended 30 September 2015 which can be found on the Group s website (vodafone.com/ content/index/investors). All subsequent written or oral forward-looking statements attributable to the Company, to any member of the Group or to any persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. No assurances can be given that the forward-looking statements in or made in connection with this presentation will be realised. Subject to compliance with applicable law and regulations, Vodafone does not intend to update these forward-looking statements and does not undertake any obligation to do so. 53

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