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Vodafone Reports €4.5 Billion Loss but Expects German Growth and UK Market Leadership

The telecom giant's annual results highlight a major impairment hit, ongoing transformation under CEO Margherita Della Valle, and the imminent completion of its merger with Three UK.

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Overview

  • Vodafone posted a pre-tax loss of €1.4 billion for the year ending March, driven by a €4.5 billion impairment charge primarily tied to its German and Romanian businesses.
  • The company met its adjusted core earnings guidance of €10.9 billion, with expectations for growth in earnings and cash flow in the coming year.
  • Vodafone's German operations, which saw a 5% decline in service revenue last year, are projected to return to top-line growth this year despite ongoing competitive challenges.
  • CEO Margherita Della Valle has reshaped Vodafone through the sale of its Spanish and Italian units and a £15 billion merger with Three UK, set to make it the largest mobile operator in the UK in the coming weeks.
  • Vodafone announced plans for a €2 billion share buyback and reported a reduction in net debt to €22.4 billion, down from €33.2 billion two years ago.