Vodafone 2018 interim results
· Group total revenue down 4.1% to €23.1 billion, primarily due to the deconsolidation of Vodafone Netherlands and FX movements; operating profit up 32.5% to €2.0 billion; profit for the financial period of €1.2 billion
· Organic service revenue up 1.7%; Q2 up 1.3% (Europe 0.8%, AMAP 6.2%)
· Organic adjusted EBITDA up 13.0% to €7.4 billion (9.3% ex roaming, UK handset financing and regulatory settlements1)
· Free cash flow (pre-spectrum) improved to €1.3 billion vs. a €0.1 billion outflow in the prior year. Free cash flow was €0.4 billion vs. a €0.4 billion outflow in the prior year
· Raising full-year guidance for organic adjusted EBITDA growth to around 10% (previously 4-8%), implying a range of €14.75-€14.95 billion at guidance FX rates; FCF pre-spectrum to exceed €5 billion (previously 'around €5 billion')
· Vodafone India service revenues down 15.8%, adjusted EBITDA down 39.2%; merger with Idea Cellular progressing well
· Interim dividend per share of 4.84 eurocents, up 2.1%
