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Vodafone Group Plc Annual Report 2024
Strategic report
Governance
Financials
Other information
FY24 highlights
Progress against our strategic priorities We have made good initial progress against our strategic priorities, which are focused on Customers, Simplicity and Growth. We have right-sized our European portfolio for growth. During the year we announced: – UK: merger of Vodafone UK and Three UK €8bn – Italy: sale of Vodafone Italy to Swisscom €5bn – Spain: sale of Vodafone Spain to Zegona We are now focused on growing telecommunications markets, where we have strong assets and good scale. Progress against our strategic priorities:
FY24 results
Our financial performance was slightly ahead of expectations for the year.
Organic service revenue growth 1
7.1%
6.6%
6.3%
5.4%
4.2% 3.6% 4.0%
3.4% 1.6%
3.0%
Q4 FY24 Q3 FY24 Q2 FY24 Q1 FY24 Q4 FY23
Group – All segments growing in FY24 – Group growth accelerated in Q4 – Vodafone Business +5.4% growth in Q4
Group excluding Turkey
Customers
Revenue market share
Consumer NPS
Detractors
Adjusted EBITDAaL
Germany UK
+2.2% 2
€14.7bn
€12.4bn €11.0bn
Other Europe South Africa
(2.3)
33.0%
30.0%
Key: Improved Deteriorated
Stable
FY23 EBTDAaL (re-presented)
FY23 EBTDAaL (reported)
Italy & Spain
FY24 EBTDAaL (reported)
Network quality Very good reliability in all European markets. German cable network quality recognised in 4 independent tests
– On a like-for-like basis +2.2% growth in FY24 – EBITDAaL margin impacted by higher energy costs
Simplicity
Europe opex savings 1 €0.4bn (FY23 and FY24) Shared operations NPS +85%
Productivity 1 c.5k role reductions
8.2% 6.8% Return on capital employed (‘ROCE’) 3 1.4pp
7.5%
Employee engagement +75%
FY23 (reported)
Italy & Spain
FY23 (re-presented)
FY24 (reported)
Growth 2
Pre-tax ROCE
Organic service revenue growth +6.3% Organic adjusted EBITDAal growth +2.2%
Adjusted free cash flow €2.6bn B2B organic service revenue growth +5.0%
– Higher pre-tax ROCE under the new footprint – Lower operating profit impacting year-over-year
Full year dividend: 9.0 eurocents per share
Notes: 1. Organic growth. See page 235 for more information. 2. Organic Adjusted EBITDAaL growth. 3. This is a non-GAAP measure. See page 235 for more information..
Pre-tax return on capital employed +7.5%
Click or scan to watch our Group Chief Executive, Margherita Della Valle and Chief Financial Officer provide an update on our FY24 results: investors.vodafone.com/videos
Read more about our financial performance in FY24 on pages 21 to 31
Notes: 1. Includes Vodafone Italy and Vodafone Spain. 2. These are non-GAAP measures. See page 235 for more information.
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