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Vodafone Group Plc Annual Report Summary 2024
Business Model Our investment case
We operate in growing markets, where we hold strong positions with good local scale. We have a sustainable and predictable financial profile, and have compelling structural drivers in Vodafone Business, Africa and in our portfolio of investments. 1 Strong positions in growing markets Attractive markets Germany UK Other Europe Africa Market size €57bn +3.2% €56bn +3.4% €28bn 1 +3.1% €18bn +6.8% Majority three player markets, all growing over the last three years Strong assets Vodafone revenue mix 38% 19% 23% 2 20% Service revenue growth 3 0.2% 5.0% 4.2% 9.2% Vodafone growing faster than the market in most regions
2 Focus on driving operational excellence
Right-sized for growth & reorganised for operational excellence Europe 1
Africa 4 – 6 countries – 157m mobile customers – 46m FinTech users
Business – Connectivity – Communications services – Cloud & Security – Internet of Things
Investments – Operations – Infrastructure – Innovation – Partner Markets (43 countries)
– 9 countries – 98m mobile customers – 17m fixed customers
Shared Operations – Procurement
– Technology and operations
– Roaming and carrier services
– Network services
3 Sustainable and predictable financial profile
Cash flows
Robust balance sheet – Long dated and low cost debt 2.25-2.75x target leverage range
Attractive returns
– Secure and growing dividend – Long-term share buyback programme
– Growing free cash flow per share
4 Structural
Vodafone Business Digital service growth +11%
Africa
Investments & innovation
growth drivers
Financial service growth +20%
Notes: 1. Includes Turkey. 2. Includes Turkey and Common Functions. 3. Organic growth. See page 235 in our Annual Report for more information. 4. Excludes Safaricom.
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