Vodafone Group PLC (VOD)

[idpickering]

Change in reporting to reflect reshaped Group

Following the announced sale of Vodafone Spain and Vodafone Italy, both businesses will now be reported as discontinued operations.1 The change in reporting will be reflected in our FY24 Group financial results (year ended 31 March 2024).

Therefore, to aid comparability with prior periods and reflect the new reporting structure of the Group (excluding Vodafone Spain and Vodafone Italy)2, pro forma financial information for both FY23 and H1 FY24 is provided below.

https://www.investegate.co.uk/announcem ... up/8177401

Ian (No holding).

[idpickering]

FY24 Preliminary Results

Improving financial performance & transformation gaining momentum

"A year ago, I set out my plans to transform Vodafone, including the need to right-size Europe for growth. Since then, we have announced a series of transactions and we are now delivering growth in all of our markets across Europe and Africa.

We performed slightly ahead of expectations in the financial year, with good organic service revenue growth of 6.3% and organic EBITDAaL growth of 2.2%. Our Business division - a key growth driver - achieved 5.4% revenue growth in the fourth quarter.

Much more still needs to be done in the year ahead. We will step-up investment in our customer experience, improve our underlying performance in Germany and accelerate our momentum in Business, whilst also continuing to simplify our operations throughout the group. We are fundamentally transforming Vodafone for growth."

Margherita Della Valle
Group Chief Executive

And later;

Proposed after the end of the year and not recognised as a liability:

Final dividend for the year ended 31 March 2024: 4.50 eurocents per share

Dividends will continue to be declared in euros, aligning the Group's shareholder returns with the primary currency in which we generate free cash flow, and paid in euros, pounds sterling and US dollars. The foreign exchange rate at which future dividends declared in euros will be converted into pounds sterling and US dollars will be calculated based on the average World Markets Company benchmark rates over the five business days during the week prior to the payment of the dividend.

The Board is recommending total dividends per share of 9.0 eurocents for the year. This includes a final dividend of 4.5 eurocents compared to 4.5 eurocents in the prior year.

The ex-dividend date for the final dividend is 6 June 2024 for ordinary shareholders and 7 June 2024 for ADR holders, the record date is 7 June 2024 and the dividend is payable on 2 August 2024.

(2023: 4.50 eurocents per share)

https://www.investegate.co.uk/announcem ... ts/8193929

Ian (No holding).

[idpickering]

EUR500 MILLION SHARE BUYBACK PROGRAMME TO COMMENCE

Vodafone Group Plc ("Vodafone") today announces that it will commence a share repurchase programme of ordinary shares in the share capital of Vodafone of 20 US cents each (the "Ordinary Shares") up to a maximum consideration of €500 million (the "Programme").

Vodafone announces that it has given a non-discretionary instruction to Morgan Stanley & Co. International Plc ("Morgan Stanley") in relation to the purchase by Morgan Stanley, acting as riskless principal during the period commencing on 15 May 2024 and ending no later than 15 August 2024, of Ordinary Shares for a target expense amount of no greater than €500 million and the simultaneous on-sale of such Ordinary Shares by Morgan Stanley to Vodafone.

https://www.investegate.co.uk/announcem ... ce/8196981

Ian.

[daveh]

This came out late yesterday afternoon:
https://www.investegate.co.uk/announcem ... in/8196249

Sale of Vod Spain has received final approval and will complete by the end of May. Vod will receive 4.1B euro in cash and 0.9B euro as convertible pref shares. So they have decided to start the buyback mentioned in Ian's post above today.