Saturday, 22 September 2018

Voda writes down £5.9bn as European ops suffer

By Mary Lennighan, Total Telecom
Tuesday 19 May 09

Mobile operator reports increase in revenue, free cash flow at group level; European weakness offset by India, U.S.

Vodafone Group announced a writedown of close to £6 billion on its operations in Turkey, Spain and Ghana, as it presented its full-year results on Tuesday, but on balance the mobile operator turned in a largely solid performance given the economic situation and, as expected, accelerated its cost-cutting plans. Some weakness in Europe – the U.K. and Spain in particular - was offset by emerging market growth, leading Vodafone to post revenues of £41 billion, up by 1.3% excluding foreign currency effects, and in line with guidance. The high point of Voda's results for the year to 31 March 2009 was its free cash flow, which came in at £5.7 billion, before licence and spectrum payments, up 2.5% on year and in line with the guidance Vodafone issued last year…

Vodafone Group announced a writedown of close to £6 billion on its operations in Turkey, Spain and Ghana, as it presented its full-year results on Tuesday, but on balance the mobile operator turned in a largely solid performance given the economic situation and, as expected, accelerated its cost-cutting plans. Some weakness in Europe – the U.K. and Spain in particular - was offset by emerging market growth, leading Vodafone to post revenues of £41 billion, up by 1.3% excluding foreign currency effects, and in line with guidance. The high point of Voda's results for the year to 31 March 2009 was its free cash flow, which came in at £5.7 billion, before licence and spectrum payments, up 2.5% on year and in line with the guidance Vodafone issued last year…

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