Q1 organic service revenue grew 2.2%*; Europe 0.8%* (1.8%* ex regulation), AMAP 7.9%*
Good momentum in Europe: robust growth in Italy and Spain, similar underlying trends in Germany, UK recovering
Acceleration in AMAP: Vodacom 5.6%* (International 7.9%*), Turkey 13.9%*
India (-13.9%*) stabilising quarter-on-quarter, as low-end share gains mitigate continued unitary price declines
Sustained data growth of 63%; ‘more-for-more’ propositions stabilising consumer ARPU in Europe
Continued momentum in fixed: 300,000 broadband net adds
Enterprise up 1.5%*, led by share gains in fixed and ongoing success in IoT (up 15.1%*)
|Quarter ended 30 June||Growth|
|Africa, Middle East & Asia Pacific ('AMAP')||2,881||2,848||1.2|
|Alternative performance measures2|
|Group service revenue1||10,282||10,774||(4.6)||2.2|
Vittorio Colao, Group Chief Executive, commented:
"We have made a good start to the year in Europe, where our commercial momentum remains robust, and growth accelerated across AMAP. Although competition in India remains intense, service revenues stabilised compared with the prior quarter. Our substantial investments in network leadership, an excellent customer experience and even greater ‘more-for-more’ propositions for customers are enabling us to monetise strong demand for mobile data. We are gaining profitable market share in broadband, and a growing proportion of our customers now take our fully converged offers. Our world-leading Internet of Things platform contributed to another quarter of solid growth in Enterprise. In addition, we are executing our ‘Fit for Growth’ cost efficiency programme in line with our plans. Overall, this performance gives us confidence in reiterating our outlook for the year."
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* All amounts in this document marked with an “*” represent organic growth which presents performance on a comparable basis, both in terms of merger and acquisition activity and movements in foreign exchange rates. Organic growth is an alternative performance measure. See “Alternative performance measures” on page 8 for further details and reconciliations to the respective closest equivalent GAAP measure.
1. The results for the quarter ended 30 June 2016 have been restated to exclude the results of Vodafone India which has been classified as discontinued operations for Group reporting purposes following the agreement to combine with Idea Cellular. Group revenue and service revenue
include the regional results of Europe, AMAP, Other (which includes the results of partner market activities) and eliminations.
2. Alternative performance measures are non-GAAP measures that are presented to provide readers with additional financial information that are regularly reviewed by management and should not be viewed in isolation or as an alternative to the equivalent GAAP measure. See “Alternative performance measures” on page 8 for more information and reconciliations to the closest respective equivalent GAAP measure and “Definition of
terms” on page 11 for further details.