Vodafone Group had full-year revenues of €44,974 million in the 12 months ending March 31.
This, according to the company’s latest set of results, was 3% more than in the previous FY2019. Meanwhile, adjusted EBITDA was 2.6% higher at €14,881 million and the loss amounted to €455 million.
Vodafone ended March with over 22 million active customer TV subscriptions in Europe. Meanwhile, its NGN fixed-line network was the largest on the continent and covered 136 million households.
In Germany, Vodafone had 381,000 net cable customer additions in the year, including Unitymedia from August 2019, supported by 110,000 migrations from DSL and the success of its GigaCable Max campaign following the rebranding of Unitymedia in February this year. However, its TV customer base declined by 245,000 during the year, including Unitymedia from August 2019. This was primarily due to the loss of lower ARPU basic TV subscribers in the Kabel Deutschland footprint and customer losses in the Unitymedia footprint.
In Spain, Vodafone returned to customer growth in mobile contract, broadband and TV for the first time in two years in the last three months of 2019 and continued the momentum in the first three months of 2020. It added 41,000 TV customers in the first three months (Q4) of this year, supported by new movies and series and despite its decision not to renew football rights.
In other European markets Vodafone notes that revenues grew in Portugal, Greece, the Czech Republic, Romania and Hungary but declined in Ireland and Albania. However, due to challenging economic conditions and increased competition in the case of Ireland and Romania there are impairment charges of €0.6 billion and €0.1 billion respectively on investment in the year to March 31, 2020.
In its outlook on the upcoming year, Vodafone states: “Given the uncertainties and impacts we are not able to provide Adjusted EBITDA guidance for FY21 and guidance will be limited to free cash flow (pre-spectrum). However, based on the current prevailing assessments of the global macroeconomic outlook, Adjusted EBITDA for FY21 may be flat to slightly down, compared to a rebased FY20 baseline of €14.5 billion”.
