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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Vodafone Group plc    VOD   GB00B16GWD56

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Vodafone Profit Down, Hurt By Southern Europe Woes

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05/22/2012 | 09:07am CEST

("Vodafone Profit Down, Hurt By Southern Europe Woes," at 0652GMT, misstated the currency in the first paragraph. The correct version follows:)

By Lilly Vitorovich

Of

Vodafone Group PLC (>> Vodafone Group plc), the world's biggest mobile operator by revenue, Tuesday reported a fall in net profit, hurt by impairment charges of GBP4 billion related to its businesses in recession-hit southern Europe and warned the economic environment in Europe -- by far its biggest market -- will remain difficult.

Vodafone posted a 13% fall in net profit to GBP6.96 billion for the year ended March 31, from GBP7.97 billion a year earlier. The year-earlier result included a GBP6.15 billion impairment due to the economic troubles in southern Europe but also included contributions from sold businesses SFR and Polkomtel.

Earnings before interest, tax, depreciation and amortization--a figure that excludes one-time effects and is closely tracked by analysts--fell 1.3% to GBP14.48 billion from GBP14.67 billion, broadly in line with market expectations of GBP14.5 billion.

Annual revenue rose 1.2% to GBP46.42 billion, ahead of expectations of GBP46.2 billion. That compares with GBP45.88 billion a year earlier.

With its revenue from traditional fixed line calls under pressure from free Internet services like Microsoft Corp.'s (MSFT) Skype and WhatsApp messenging system, the company is focused on boosting revenue it gets from the boom in customers downloading information onto Internet-surfing smartphones such as Apple Inc.'s (>> Apple Inc.) iPhone and Samsung Electronics Co. Ltd.'s (005930.SE) Galaxy handsets.

Data revenue rose 22% on a comparable basis as customers with smartphones reached 45%, Emerging markets also did well, particularly India where revenue from phone services was up 20%.

Vodafone last month agreed to buy C&W Worldwide PLC (CW.LN) for GBP1.04 billion, transforming the purely mobile operator into the U.K.'s second-biggest mobile and fixed-line operator behind BT Group PLC (BT.A.LN). The acquisition will improve Vodafone's network coverage in the U.K. and support its business-to-business operations around the globe.

In July, Vodafone said it would receive a GBP2.8 billion dividend from its 45% stake in U.S. mobile giant Verizon Wireless, co-owned by Verizon Communications Inc., after a six-year wait and would return the bulk to shareholders.

On Tuesday, Vodafone declared a final dividend of 6.47 pence, taking the total for the year to 9.52 pence, up 7% from a year earlier. During the year, the company also paid a special dividend of 4 pence, paid out of the income dividend it received from Verizon Wireless. As a result, total dividends were up 52%.

Vodafone shares closed down 1% at 165 pence Monday, valuing the company at GBP81.51 billion. The stock has fallen 7.8% since January.

-By Lilly Vitorovich, Dow Jones Newswires; 44-0-207 842 9290; lilly.vitorovich@dowjones.com

Stocks mentioned in the article : Vodafone Group plc, Vodafone Group plc, Apple Inc.
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Financials ( GBP)
Sales 2017 44 494 M
EBIT 2017 3 737 M
Net income 2017 1 299 M
Debt 2017 31 838 M
Yield 2017 5,17%
P/E ratio 2017 45,96
P/E ratio 2018 32,19
EV / Sales 2017 2,11x
EV / Sales 2018 2,05x
Capitalization 61 957 M
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 2,51  GBP
Spread / Average Target 7,9%
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NameTitle
Vittorio Amedeo Colao Chief Executive Officer & Executive Director
Gerard Johannes Kleisterlee Chairman
Nicholas Jonathan Read Group Chief Financial Officer & Executive Director
Johan Wibergh Group Technology Officer
Philip Edward Yea Senior Independent Non-Executive Director
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