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Free Cash Flow FY21 Results 18 May 2021 Agenda & contents Highlights Nick Read p3 Chief Executive Financial Margherita Della Valle p8 performance Chief Financial Officer We connect for a better future Strategy Nick Read p22 update Chief Executive The new generation connectivity & digital services provider for Europe & Africa enabling an inclusive & sustainable digital society Appendices p41 FY21 Results May 2021 2 Highlights Resilient performance and back to growth Service revenue growth Adjusted EBITDA Free cash flow ⫶ 17 16 FCF Pre-spectrum & restructuring Ex-roaming & visitor revenue 6 15 1.5% 1.8% 1.7% €5.7bn 5 1.6% 14 €14.9bn €5.4bn 1.5% €5.0bn 1.0% €14.4bn €4.9bn 13 €13.9bn 4 €4.4bn 0.8% 0.8% 0.5% 0.7% 12 0.6% 0.4% 3 11 0.0% 33.1% 32.8% €3.1bn (0.4)% (0.2)% 10 31.9% 2 -0 .5% 9 1 -1 .0% (1.3)% 8 0 -1 .5% 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY19 FY20 FY21 FY20 FY20 FY20 FY20 FY21 FY21 FY21 FY21 FY19 FY20 FY21 • Good underlying • In-line with upwards- • In-line with guidance momentum sustained revised guidance • Good spectrum auction • ‘Lapping’ COVID impact • Strong progress with outcomes from Q1 FY22 efficiency programme mitigating COVID impacts • Total dividend maintained at 9c • Roaming impact of €0.4bn FY21 Results May 2021 3 Highlights Strong delivery of strategic priorities Deepening ⫶ Accelerating Improving Optimising customer digital asset the engagement transformation utilisation portfolio • 10th consecutive • Accelerated cost • Committed to network • Successful €2.2bn quarter of customer savings with €0.5bn sharing across Europe Vantage Towers IPO loyalty improvement delivered in FY21 • Liberty acquisition • Combination of • 1.4m new NGN • 46m active integration ahead of Vodafone Greece & broadband customers MyVodafone app users plan with >€300m Wind Hellas towers synergies locked-in • 5G now launched in • 37% of total customer • Completed merger of 240 cities across contacts resolved • Mobile wholesale wins VHA with TPG Telecom Europe through TOBi in Italy with PostePay & UK with Asda • Completed merger of • 69m homes with • Retail footprint reduced Indus Towers with gigabit capable speed by >400 stores in last Bharti Infratel 12 months FY21 Results May 2021 4 Highlights Strong delivery of our strategic priorities over last 3 years Deepening Improving customer ⫶ asset engagement18.00% European mobile contract churn (LTM) Avg. monthly 200.0 terabytes transmitted per €1m invested capital utilisation 180.0 17.00% 160.0 157 140.0 16.00% 16.1% 130 15.5% 120.0 15.00% 15.0% 100.0 107 14.6% 80.0 14.00% 60.0 63 13.7% 13.7% 55 40.0 13.00% 32 20.0 12.00% - H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 FY19 FY19 FY20 FY20 FY21 FY21 Reshaped FY19 FY19 FY20 FY20 FY21 FY21 Vodafone as a stronger connectivity 1.4 Cumulative net EU opex savings Cumulative M&A transactions & value 26 19 1.2 €1.3bn €20.7bn provider 21 14 1 €18.6bn €18.8bn €18.8bn 19 €1.1bn 15 16 9 0.8 11 11 4 6 6 0.6 €0.8bn 3 3 1 -1 0.4 €0.6bn -€7.4bn -€7.4bn -€9.5bn -€11.6bn -€12.9bn -€15.1bn -4 -6 Acquisition value -9 0.2 €0.4bn -1 1 €0.2bn -1 4 0 Disposal value -1 6 -1 9 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 FY19 FY19 FY20 FY20 FY21 FY21 # transactions Accelerating FY19 FY19 FY20 FY20 FY21 FY21 Optimising digital the transformation portfolio FY21 Results May 2021 5 Highlights Our next phase to drive returns through growth We connect for a better future Inclusion for All Planet Our Purpose ⫶ Digital Society Enabling the digital society to be accessible Ensuring our commercial success does Connecting people, places & things by all, with no one left behind not come at a cost to the environment through gigabit fixed & mobile networks The new generation connectivity & digital services provider Our Vision for Europe & Africa, enabling an inclusive & sustainable digital society Deep & Best connectivity Leading 24/7 Outstanding trusted customer products & innovation in digital relationships services digital services experiences Our Strategy Enabled Simplified & Social Contract Leading gigabit through most efficient shaping the Group scale networks & expertise operator digital society The Spirit of Earn customer Create the Experiment & Get it done, Vodafone loyalty future learn fast together FY21 Results May 2021 6 Highlights Our medium-term growth ambition ⫶ Our value Consistent Ongoing Good Disciplined Sustainable revenue + margin + cash + capital value model growth expansion conversion allocation creation Medium Revenue Adjusted EBITDAaL1 Adjusted FCF2 Leverage ROCE3 > WACC Growth in both term + Mid-single digit growth + Mid-single digit growth + 2.5-3.0x range Min. dividend 9c p.a. ambition Europe & Africa The new generation connectivity & digital services provider for Europe & Africa delivering improved returns 1Adjusted EBITDAaL is equivalent to prior year definition & calculation of Adjusted EBITDA. Medium-term ambition based on prevailing FY21 Results 2Adjusted FCF is free cash flow before spectrum payments, restructuring costs & Vantage Towers growth capex May 2021 7 assessment of global economic outlook in May 2021 3Pre-tax controlled ROCE Financial performance Margherita Della Valle Chief Financial Officer FY21 Results May 2021 8 Financial summary Resilient performance, guidance achieved FY20 FY21 Organic €m⫶ €m change • Stable service revenue despite roaming drag Group service revenue 37,871 37,141 (0.1%) • EBITDA - strong progress on efficiency Adjusted EBITDA 14,881 14,386 (1.2%) programmes mitigating COVID impacts EBITDA margin 33.1% 32.8% • Capex - increased investment in network Capital additions (7,411) (7,854) performance during the pandemic Free cash flow (pre-spectrum)1 5,700 5,019 Free cash flow in-line with guidance Free cash flow 4,949 3,110 • • Good spectrum outcomes in the UK, Hungary & Greece FY20 FY21 • Reduction in net debt supported by Adjusted net debt (€m) (42,047) (40,543) Vantage IPO proceeds Controlled ROCE pre-tax 6.3% 5.5% • ROCE pre-tax impacted by inclusion of ROCE post-tax 3.9% 3.9% Liberty assets acquisition & INWIT FY21 Results Statutory results summary in Appendix IV May 2021 1Free cash flow before spectrum, restructuring and integration costs 9 Trading performance Back to service revenue growth YoY quarterly service revenue growth Ex. roaming & visitor revenue ⫶ • Recovery in trends through FY21 1.5% 1.6% 1.8% 1.7% 1.5% • Positive underlying performance 0.5% 0.8% 0.6% 0.4% (0.4%) -0 .5% Lapping roaming drag in Q1 FY22 (1.3)% • -1 .5% Q4 Q1 Q2 Q3 Q4 FY20 FY21 FY21 FY21 FY21 -2 .5% • Commercial momentum impacted by -3 .5% nationwide lockdowns in Q4 Europe & Africa service revenue growth 10.0% Europe 8.0% 7.3% Europe (ex. R&V) 6.0% Vodacom 3.2% • Europe: stable trend Q-on-Q 4.0% 3.2% 3.3% 1.5% 2.0% 0.4% 0.1% (0.1)% 0.0% • Africa: strong growth in SA & Internationals -2 .0% (0.6)% (0.4)% (1.8)% (1.1)% (1.1)% recovering -4 .0% (2.6)% Q4 Q1 Q2 Q3 Q4 FY20 FY21 FY21 FY21 FY21 FY21 Results May 2021 10 Germany Good financial performance Service revenue growth 39% of Group EBITDA1 2.5% 2.5% Q4 FY21 FY21 2.5% 2.4% ⫶ Retail growth €m growth 2.0% 2.0% Retail (ex. roaming) Service revenue 1.2% 11,520 0.5% 1.5% 1.8% 1.8% 1.8% 1.5% 1.5% Adjusted EBITDA 5,634 1.8% Reported organic 1.0% 1.0% 1.2% service revenue 1.2% 2 1.0% growth 0.5% 0.5% 0.4% 0.6% Growing across all customer segments in H2 0.0% 0.0% • 0.0% retail ex. roaming +2.1% in FY21 -0 .5% (0.1%) (0.1%) -0 .5% - Q4 Q1 Q2 Q3 Q4 FY20 FY21 FY21 FY21 FY21 • Main drivers: Net customer additions (‘000) + good customer base & ARPU growth 1813 190 + strong Business performance (fixed SR +9.8%) DSL Cable 140 118 + higher variable usage during lockdowns 99 Mobile contract 90 3 • Fixed – value driven penetration growth 57 33 118 - c.50% of cable base ≥250Mbps 40 98 74 83 46 Mobile contract churn -0.8pp YoY to 11.8% -10 • (44) (33) (42) (48) (21) (20) Plans to stabilise our TV customer base -60 • Q4 Q1 Q2 Q3 Q4 impacted by store closures FY20 FY21 FY21 FY21 FY21 FY21 Results 1. Based on FY21 EBITDA contribution May 2021 2. Unitymedia included in organic service revenue from FY21 11 3. Includes Unitymedia migrations of 63,000 in Q1 FY21 and 124,000 in Q2 FY21 Germany Strong progress with synergy delivery 1 Investor briefing FY21 EBITDA bridge (€m) Unitymedia integration Germany: 29 Sep’21 29/9 ⫶ Cost & capex synergies +1.8% 5,800 YoY 66 5,600 174 Original Locked -in % On- 5,634 Areas 5,400 5,532 5yr plan so far delivered track? (83) (55) 5,200 Network & IT €65m €40m 62% 5,000 4,800 ULL €105m €24m 23% 4,600 4,400 Other €255m €244m 96% 4,200 Total €425m €308m 72% 4,000 FY20 Roaming / Wholesale Cost Underlying FY21 EBITDA Visitors & regulation synergies EBITDA • Synergies and cost efficiencies offsetting COVID • >70% of synergies now captured and wholesale drags - 8 months ahead of target • +3.3% EBITDA growth ex. roaming - rebranding, internet & TV portfolio harmonisation & organisational integration complete • Market leading EBITDA margin 43.4% • Next phase: IT systems integration & further ULL migration FY21 Results 1. Organic EBITDA bridge May 2021 12 Italy Challenging market UK Good momentum 11% of Group EBITDA1 10% of Group EBITDA1 ⫶ Q4 FY21 FY21 ⫶ Q4 FY21 FY21 growth €m growth growth €m growth Service revenue (7.8%) 4,458 (7.5%) Service revenue (0.6%) 4,848 (0.8%) Adjusted EBITDA 1,597 (12.7%) Adjusted EBITDA 1,367 (7.3%) Total FY21 Consumer active prepaid base YoY (‘000) Net additions (‘000) net adds Q1 Q2 Q3 Q4 FY21 FY21 FY21 FY21 200 +587k 200 0 Mobile contract + VOXI 150 150 129 Fixed broadband 119 (250) 100 88 100 74 2 59 50 45 50 (500) 38 35 - - (750) Q1 Q2 Q3 Q4 FY21 FY21 FY21 FY21 • Continued price competition • Growing faster than market for 2 years • Q4 prepaid base stabilising YoY, ho.
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