NEWS IN ENGLISH | Vodafone announces results for the year ended 31 March 2014
Group revenue down 1.9% to &163;43.6 billion; full year organic service revenue decline 4.3%*
Q4 organic service revenue declined 3.8%*2, or 4.0%* including Italy at 100% from 21 February 2014
EBITDA3 down 7.4%* at &163;12.8 billion; organic EBITDA margin down 1.3 percentage points
Adjusted operating profit3 &163;7.9 billion, including &163;3.2bn for Verizon Wireless to 2 September 2013
Pro forma full year 13/14 guidance met: adjusted operating profit &163;4.94 billion, free cash flow &163;4.84 billion
Completion of Verizon Wireless disposal, US$85 billion returned to shareholders; &163;45.0 billion pre-tax gain
&163;19.3 billion deferred tax assets recognised in relation to the Group's historical tax losses, &163;17.7 billion of this announced H1
Impairments totalling &163;6.6 billion in Germany, Spain, Portugal, Czech Republic and Romania
Planned organic investments of around &163;19 billion over the next two years, including Project Spring
Final dividend per share of 7.47 pence, giving total dividends per share of 11.0 pence, up 8%
uidance for the 2015 financial year6
EBITDA in the range of &163;11.4 billion to &163;11.9 billion, principally reflecting the impact of Project Spring investment and foreign exchange movements
Positive free cash flow after all capex, before M&A, spectrum and restructuring costs
Total capex programme of around &163;19 billion in the two years to March 2016, with capital intensity subsequently normalising to 13-14% of annual revenue
Intention to grow dividends per share
Vittorio Colao, Group Chief Executive, commented:
"It has been a year of substantial strategic progress. The sale of our Verizon Wireless stake has rewarded shareholders for their support, and enabled the acceleration of our strategy through the acquisition of KDG, the pending acquisition of Ono and our Project Spring investment programme.
"Our operational performance has been mixed. The Group's emerging markets businesses have performed strongly throughout the year: we have executed our strategy well and have successfully positioned ourselves for the rapid growth in data we are now witnessing. In Europe, where we continue to face competitive, regulatory and macroeconomic pressures, we have taken steps to improve our commercial performance, particularly in Germany and Italy, and are beginning to see encouraging early signs.
"I am confident about the future of the business given the growth prospects in data, emerging markets, enterprise and unified communications. We have commenced our Project Spring two-year investment programme which will accelerate our plans to establish stronger network and service differentiation for our customers. I expect the first signs of this to become evident later this year, with wider 4G coverage in Europe and 3G coverage in emerging markets, improved network performance and increased customer advocacy. While cash flow will be depressed during this investment phase, our intention to continue to grow dividends per share annually demonstrates our confidence in strong future cash flow generation."