Vodafone Group Plc Trading update For the three months ended 31 December February 2016

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1 Vodafone Group Plc Trading update For the three months ended 31 December February 2016

2 Disclaimer Information in the following presentation 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. 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 therefore 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 Speech Mark, the Vodafone Portrait, Vodacom and M-Pesa are trademarks 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 trademarks of their respective owners. 2

3 Commercial review Vittorio Colao Group Chief Executive

4 highlights Group service revenue +1.4%: sixth consecutive quarter of improvement Continued momentum in AMAP +6.5%, further recovery in Europe -0.6% Strong commercial progress: Europe mobile contract net adds 0.5m, Group fixed broadband customers +0.4m Enterprise revenue +2.6% 1 ; continued growth in VGE and M2M Project Spring: 92% through mobile build; 4G coverage now 84% in Europe, AMAP build targets achieved. Customer experience targets met Continued data growth: volume +68%, 34.8m 4G customers (+4.7m) Marketing high speed broadband to 69m homes across Europe; 29m on own infrastructure All growth rates shown are organic unless otherwise stated 1. All Adjusting growth rates for inter-quarter shown are timing organic differences unless otherwise stated 4

5 Delivering growth: 6th quarter of service revenue improvement Service revenue growth % Group Europe AMAP ppt ppt (4.2) (1.5) (5.4) (0.4) (3.5) (2.6) (1.5) (1.0) (0.6) 7.6ppt (8.2) Continued customer and data growth in AMAP 8 out of 13 European markets back to growth 5

6 Delivering growth: engines of growth Mobile contract base Millions NGN fixed customers Millions m YoY +1.3m YoY Europe 4G & Emerging markets 3G customers Millions Enterprise service revenue growth % Europe 4G Emerging markets 3G m YoY m YoY ppt YoY (1.1) 1. Adjusting for inter-quarter timing differences 6

7 Project Spring: delivering leading network positions & data growth Italy: P3 test, Nov 2015 Points Spain: P3 test, Oct 2015 Points Voice Data Voice Data South Africa: Atio test, Dec Download speeds (Mbps) Vodafone Operator 2 Operator 3 Operator 4 Vodafone Operator 2 Operator 3 Operator 4 Vodacom Operator 2 Operator 3 Operator 4 Germany: Connect tests, Nov 2015 Points UK, London: P3 test, Oct 2015 Points India: sites, Dec s Voice Data Voice Data 2G 3G Vodafone Operator 2 Operator 3 Operator 4 Vodafone Operator 2 Operator 3 Operator 4 Vodafone Op 2 Op 3 Op 4 Op 5 Op 6 Smartphone data usage: Europe >1GB, AMAP 0.7GB 3 1. Internal mobile drive trials 2. Estimated data for operators 5 and 6 3. Monthly average 7

8 Project Spring: supporting fixed / convergence growth Increasing reach European homes marketed with high speed broadband Millions Achieving scale Fixed broadband customers % NGN customers 39% 42% 43% 45% 46% Millions 13.0 Expanding services Fixed/converged: recent launches Vodafone broadband, Oct 2015 Vodafone Red One, Nov 2015 Vodafone One, Oct 2015 Vodafone TV, Jan % household coverage in Europe Of which 41% reached with own infrastructure Record fixed broadband net adds 6.0m NGN customers (+0.4m) Europe fixed revenue +3.7%; 26% of EU service revenue from fixed 2.8m customers take converged services 9.5m TV customers (PY: 9.1m) TV offers in UK and Italy in

9 Expanding fixed services: enhancing consumer offers Vodafone One TV Vodafone TV Champions League and La Liga Launched Aug m TV users 300k football subscribers >100 TV & Radio channels Launched Jan 2016 Instant 7 day catch up and wireless multi-room 1Gbps fibre service to support TV 12 markets with mobile content offers 7 markets now offer TV 9

10 Project Spring: supporting Enterprise growth Continued growth Enabling Total Communications Organic service revenue growth % IP-VPN reach: 65 countries and 259 PoPs % of Group service revenue (1.1) VGE M2M Cloud & Hosting revenue +5.8% 1 revenue +27.3%, revenue +22.6% connections 35.5m 2 Fixed 28% of Enterprise revenue Fixed / Converged 55% of total pipeline 3.9m Vodafone One Net users in 12 markets Key wins Security Secure Internet now available in 180 countries 1. Adjusting for inter-quarter timing differences 2. Restated to include all M2M connections activated and under customer ownership (: 32.6m) 3. Points of Presence 10

11 Operational review Nick Read Group Chief Financial Officer

12 Germany: improved commercial execution Service revenue growth % Mobile contract net adds 000s Fixed broadband net adds 000s (1.8) (1.2) Incl. KDG (1.8) Incl. KDG (0.4) Incl. KDG (3.5) Mobile revenue -1.7% (: -2.8%) Fixed revenue +1.7% (: +0.0%) Enterprise revenue -3.2% (: -3.9%); continued price competition Leading voice quality in Connect test, dropped call rate -26% YoY to 0.46% 1 Channel mix improved YoY Consumer contract ARPU -3.9% (: -4.8%); back book re-pricing easing KDG growth remains strong +7.0% ( +7.0%); base +96k DSL net adds now positive +9k (: -32k) 2 1. December Excluding migrations 12

13 Italy: continued recovery in trends, mobile back to growth Service revenue growth % 4G customer adoption Millions Fixed broadband net adds 000s (0.3) (2.0) (2.0) (4.1) 1.2 (8.0) Mobile revenue +0.1% (: -3.0%) Consumer prepaid ARPU +12.7%; strong adoption of Vodafone Exclusive Fixed revenue -2.5% (: +3.5%); increased competitive pressures Market leading voice and data network, 4G coverage 94% Strong data usage, +56% Aggressive promotional acquisition market Fibre build: 14k cabinets installed, 3.0m homes passed Fibre customer base 211k (+64k QoQ) 13

14 UK: improving in fixed Service revenue growth % Mobile contract net adds 000s Fixed service revenue growth % (1.3) (0.4) 0.2 (0.5) (0.6) (0.5) (0.7) (8.0) (5.7) Mobile service revenue -1.0% (: -0.5%) more customer control of OOB spend 08XX number regulation Fixed revenue +0.2% ( -0.4%) Enhanced mobile network; 4G coverage 86% 1, 99.5% in London Continued strong retail gross adds +8% 6.3m 4G customers, +1.0m QoQ Fixed Enterprise revenue +1.0% (: -0.7%); improved delivery on key contracts Consumer broadband: 23m premises covered, 99% of BT s fibre footprint 1. Ofcom basis 86%, Vodafone basis 79% 14

15 Spain: strong execution on mobile, fixed and TV Service revenue growth % Mobile contract net adds 000s Fixed broadband customers 000s Reported Ex. Handset financing (5.5) (3.3) (2.0) (3.1) ,776 2,810 2,851 2,879 2,958 (9.3) Ex. Ono (7.8) Ex. Ono Greater impact from handset financing Improving pricing environment Best in test mobile network 1, 4G coverage 86% Strong 4G adoption: 4.8m customers Mobile OOB revenue decline following introduction of a data cap Vodafone One: 1.1m users (: 0.8m) 1.0m TV customers; strong platform and content 8.2m HH passed with own fibre and cable 1. Latest independent mobile test conducted by P3 15

16 India: more promotional pricing in the quarter Service revenue growth % Total customers and voice prices Data users and price changes Reported Ex MTRs Net adds (m) Voice prices (%) (1) (4) (5) 5.4 (10) 3G data users (m) Total data prices (%) (8) (9) (8) (12) (16) Intense competitive promotional activity Service revenue +7.6% excl. all regulatory impacts (: +10.9%) 1 Customer growth due to promotions, lower prices and seasonal effects Prepay ARPU -9% ( -6%); total outgoing voice prices -10%, MoU -0.3% Total outgoing minutes +8% Total data revenue +38% ( +48%), 3G +69% 2 3G data usage/user +23% (: +23%) 3G coverage 94% 3, 4G launched in 2 circles and 5 by end of FY 1. MTRs, service tax and roaming price caps 2. Browsing revenue 3. Targeted urban areas 16

17 Vodacom: strong momentum continuing Vodacom service revenue growth % South Africa contract ARPU ZAR South Africa 4G customers Millions (0.2) 374 (3.9) SA service revenue accelerated to 7.2% (: +3.0%) despite 20% MTR cut International service revenue +10.7% (: +8.3%) Contract ARPU +6.0% (: +1.1%), driven by price and data growth Prepaid ARPU stabilising Pricing transformation: 83% of contract customers on new plans Data revenue +27%, now 35% of service revenue, data bundles +85% Significant data leadership: 19m customers, +14% 3G coverage 98%, 4G 54% clear NPS leadership maintained All figures relate to South Africa unless otherwise stated 17

18 Summary Sixth consecutive quarter of service revenue improvement Strong performance in South Africa, improving trends in Germany and Italy Project Spring on track and near completion Delivering a differentiated network experience Strong progress on unified communications; record broadband adds Outlook Ongoing commercial momentum Continued focus on efficiency and margin Full year guidance confirmed 18

19 Q&A 19

20

21 Appendix 21

22 Service revenue growth by market service revenue growth % Group +1.4% AMAP +6.5% Europe -0.6% (0.3) (0.4) (0.7) (1.3) (3.1) Turkey Ghana Egypt Vodacom Romania Ireland India Portugal NL Italy Germany UK Greece Spain Change QoQ (ppt)

23 Service revenue bridge 9,789 Millions ,169 (727) (18) (199) (59) reported service revenue FX M&A & one-off items In-bundle Out-of-bundle Incoming MTR Fixed line and carrier Other reported service revenue M&A and one off items relate primarily to 21 million of service revenue mainly from HOL 23

24 Project Spring KPIs Germany Deployment and experience 4G % outdoor population coverage 77% 78% 81% 84% % of data sessions >3Mbps 82% 82% 82% 84% % of dropped calls 0.57% 0.54% 0.58% 0.48% % homes reached by owned NGN 35% 35% 35% 35% % of targeted stores refitted 18% 28% 39% 49% UK Deployment and experience 4G % outdoor population coverage 63% 68% 75% 79% % of data sessions >3Mbps 84% 86% 87% 89% % of dropped calls 0.78% 0.75% 0.77% 0.70% % homes reached by owned NGN % of targeted stores refitted 40% 55% 70% 81% Commercial impact 4G customers (m) Contract churn (%) 14.2% 13.8% 15.5% 16.2% Contract mobile ARPU (EUR) Average smartphone data usage (MB) Commercial impact 4G customers (m) Contract churn (%) 17.7% 15.8% 15.6% 16.9% Contract mobile ARPU (GBP) Average smartphone data usage (MB) 790 1,014 1,183 1,363 24

25 Project Spring KPIs Italy Deployment and experience 4G % outdoor population coverage 84% 88% 91% 94% % of data sessions >3Mbps 92% 94% 92% 94% % of dropped calls 0.59% 0.60% 0.62% 0.53% % homes reached by owned NGN 4% 5% 7% 10% % of targeted stores refitted 90% 94% 96% 97% Spain Deployment and experience 4G % outdoor population coverage 75% 78% 80% 86% % of data sessions >3Mbps 83% 83% 81% 86% % of dropped calls 0.60% 0.58% 0.60% 0.50% % homes reached by owned NGN 45% 46% 46% 47% % of targeted stores refitted 26% 30% 34% 40% Commercial impact 4G customers (m) Prepaid churn (%) 37.5% 32.4% 32.1% 32.2% Prepaid mobile ARPU (EUR) Average smartphone data usage (MB) 1, ,254 1,313 Commercial impact 4G customers (m) Contract churn (%) 21.6% 18.1% 20.1% 19.6% Contract mobile ARPU (EUR) Average smartphone data usage (MB) 977 1,097 1,063 1,254 25

26 Project Spring KPIs India Deployment and experience 3G % outdoor population coverage (targeted urban areas) 90% 91% 94% 94% % of data sessions (>400kbps) 73% 74% 75% 79% % of dropped calls 1.06% 1.02% 1.08% 1.03% % of targeted stores refitted 38% 45% 55% 64% Vodacom (South Africa) Deployment and experience 4G % outdoor population coverage 35% 41% 47% 54% % of data sessions >3Mbps 85% 85% 86% 86% % of dropped calls 0.78% 0.67% 0.49% 0.40% % of targeted stores refitted 70% 76% 80% 83% 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)

27 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 confirmation of the Group s guidance for the 2016 financial year; expectations for the Group s future performance generally, including revenue, EBITDA, free cash flow and capital expenditure statements relating to the Group s Project Spring investment programme; expectations regarding the operating environment and market conditions and trends, including customer usage, competitive and macroeconomic pressures, price trends and opportunities in specific geographic markets; intentions and expectations regarding the development, launch 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 Vodafone Red, Smartpass, M-Pesa, and the launch of a number of additional features; growth in customers and usage; expectations regarding spectrum licence acquisitions, including anticipated new 3G and 4G availability and the customer uptake associated therewith; and expectations regarding, EBITDA, free cash flow, capital expenditure, and foreign exchange rate movements. Forward-looking statements are sometimes, but 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 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/investor). 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. 27

28 More information Visit our website for more information 2016 upcoming dates Prelim results 17 May results 22 July AGM 29 July Contact us +44 (0) Follow us on For definitions of terms please see 28

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