Feeds

Mobo monster Vodafone takes £6bn kick down south

Spaniards, Italians just not as talkative these days

Internet Security Threat Report 2014

Vodafone lost almost half-a-billion quid in the six months to November, its half-year results reveal, but it also had to write down £6bn from the value of its operations in southern Europe.

The US is doing OK, and Vodafone will get a dividend payment from Verizon Communications (of which it owns 45 per cent) of £2.4bn, but revenue across southern Europe fell by 17.5 per cent, in part because of the declining euro but also because Europeans, southern Europeans in particular, have less money to spend on phone calls these days.

Despite the loss before tax of £492m, Vodafone still managed an adjusted (EBITDA) profit figure of £6.6bn, on a revenue of 21.78bn, which is down more than 7 per cent on last year.

Vodafone will spend part of that Verizon dividend buying back its own shares, which will be cheaper this morning, having fallen 3.3 per cent on the back of the disappointing results.

Operations in Turkey and India are doing OK, with revenues there increasing by 18 and 11 per cent respectively, and data revenue is also up. However in Europe, 45.5 per cent of revenue is now coming from tariffs, the rest being slurped from out-of-tariff communications as well as all the other things that Vodafone sells these days.

In the UK, revenue was down just over 2 per cent, which Vodafone blames on increased competition including "significant pressure resulting from competitors introducing a number of new unlimited tariffs during Q4 of the 2012 financial year", though it also reckons the new "Vodafone Red" tariff will redress that.

Full details in the half-year financials (PDF, more boring than they sound). ®

Internet Security Threat Report 2014

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
Lawyers mobilise angry mob against Apple over alleged 2011 Macbook Pro crapness
We suffered 'random bouts of graphical distortion' - fanbois
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
Verizon bankrolls tech news site, bans tech's biggest stories
No agenda here. Just don't ever mention Net neutrality or spying, ok?
Inside the EYE of the TORnado: From Navy spooks to Silk Road
It's hard enough to peel the onion, are you hard enough to eat the core?
prev story

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
Internet Security Threat Report 2014
An overview and analysis of the year in global threat activity: identify, analyze, and provide commentary on emerging trends in the dynamic threat landscape.