Investor Presentaiton
Capital allocation: Robust balance sheet a priority
Investing in growth & infrastructure
Deleveraging
2.5
€7.8bn
€7.9bn
€7.8bn
€41.6bn
(4.8)
3.1
(8.7)
■New products &
digital services²
€7.5bn
1.9
(2.2)
€1.0bn
€1.1bn
€1.0bn
€1.2bn
€2.1bn
€1.9bn
€1.7bn
■Transformation
€2.1bn
& CPE2
€4.7bn
€4.9bn
€4.9bn
FY22
2.7x
Net debt/ Adj.
EBITDAAL
€4.4bn
■Network & IT maintenance,
coverage & capacity
€33.4bn
FY23
2.5x
Net debt/ Adj.
EBITDAAL
FY20
FY21
FY221
FY231
FY22
Adjusted
FCF FY23
Spectrum/
restructuring
Dividends
M&A
incl. Vantage
Share
buyback
Other 3
FY23
• Post-Vantage capital intensity at 17%
•
Coverage & capacity investment increase from 5G roll-out
Network maintenance kept flat
Net debt reduction from Vantage Towers & Hungary cash.
proceeds
Vantage debt deconsolidation
O vodafone
Full-year dividend maintained at 9.00c
22
1Excludes Vantage Towers capital additions from FY22 onwards
2FY20 to FY22 reflects reclassified 'success based capex'
3 Includes €1.7bn repayment of debt in relation to licences & spectrum in Italy
4FY23 ratio proforma for FX and M&A (Hungary, Ghana & Vantage Towers)
FY23 Results: May 2023View entire presentation