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Vodafone Group Plc
Morgan Stanley
Goldman Sachs
BNP Paribas Exane
New Street Research
Bank of America Merrill Lynch
Bernstein SocGen UBS
Deutsche Numis
Forward-looking statements
JP Morgan
Citigroup HSBC
David Wright Bank of America Merrill Lynch
The £500 million restructuring guide, that still applies though and we should probably assume that is quite heavily phased at the first couple of years. Correct?
Luka Mucic Vodafone
The £500 million across five years, absolutely, yes.
David Wright Bank of America Merrill Lynch
Across five years?
Margherita Della Valle Vodafone
Yes, but heavily faced upfront. But in year one, to be clear, the €200 million are the same at AFCF and full FCF level. There is not any additional drag below the line.
Ottavio Adorisio Bernstein
My question is again on free cash flow. You provided a good breakdown on slide 23, where you see Germany only 33% of adjusted free cash flow. There is a mismatch between that number and the one calculates when it does the operating free cash flow, EBITDAaL minus CAPEX, where Germany is around 47%. The question is that, do you book all the interest in hard currency in Germany? The €19 billion of tax assets this quarter in Luxembourg, you cannot use for to offset again German taxes? Again, on free cash flow, you received around €307 million from Vantage Towers this year. Last time Vantage Towers was listed, it was generating around €430 million of cash. If I do pro rata, it looks that you are overdistributing Vantage Towers. Are you over-gearing the balance sheet like you do for VodafoneZiggo, or it is just organically generated? So maybe just an observation and then hand over to Luka for the detail. I suspect your numbers are from pre-UK merger, Octavio, because even on EBITDAaL, that is not what you find in our results for FY25. But more broadly, Luka? I think you are probably referring to the slide that has the distribution of free cash flow generation across markets. That is a very simplified view, obviously. So from that perspective, we should not one-to-one try to reconcile this with the Group numbers.
Margherita Della Valle Vodafone
Luka Mucic Vodafone
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