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Vodafone H1

Vodafone’ H1 results showed organic declines:

• Organic revenue -3%
• Organic EBITDA -8%
• Organic adjusted operating profit -11.5%

The impact of acquisitions meant that reported figures grew:

• Revenue +9.3%
• Adjusted operating profit +2.4%
• Adjusted EPS +16%
• Free cash flow +29%

The company expects a similar level of operating profit in the second half, but a significant deterioration in free cash flow. Capex is always something that needs to be watched at mobile telecoms companies. For the moment, it does not look too bad, with similar levels to last year expected this year and we are still many years away from serious expenditure on 4G (although some expenditure on test and development projects is already under way at some telcos).

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