Results 2021/22Q2: report and presentation
Outlook 21/22 raised: adj EBITDA AL EUR 15.2-15.4b (from 15.0-15.4), adj FCF >EUR 5.3b (from >5.2)
Strategy udate, 3 pillars:
- A. Growth & improving shareholder returns
- Initial Phase 4 key strategic priorities: 1. deepening customer engagement 2. accelerate transformation to digital first organisation, 3.improve utilisation of assets, 4 optimise portfolio
- Next phase growth based on 3 commitments (best connectivity, leading innovation in digital, outstanding digital experience) & 3 enabling strategies (efficient operator, social contract, leading networks))
- B. Near-term operational priorities
- Strengthen commercial momentum DE
- Accelerate transformation ES
- Position Vodafone Business for EU Recovery funding)
- C. Strategic opportunities through portfolio optimisation (medium-term)
- 4 operational layers:
- Infra
- passive mobile (Vantage Towers)
- active mobile (135k radios in Europe, sharing in 7 markets)
- fixed (consumer connectivity, mobile backhaul, int terrestrial & submarine)
- Shared ops (repeatable processes):
- procurement (Vodafone Procurement Co)
- network deployment & operations (Shared Service Centres or _VOIS; 30% of headcount; unified technology operating model with one integrated European network & IT/digital team)
- Vodafone Roaming Services
- Partner Markets
- sales activities
- customer support operations
- billing & transaction processing
- Growth platforms [see 210929]
- Digital consumer services
- IoT
- Fintech in Africa
- Retail & customer service, 3 segments:
- Europe Consumer (Vodafone)
- Africa Consumer (Vodacom)
- Business (Vodafone Business)
- Plus 3 Priority areas to realise value:
- Opportunities for Vantage Towers (consolidation in Europe; to be deconsolidated)
- In-market consolidation in Europe
- Integrate Vodafone Egypt in Vodacom (pan-African powerhouse [see 211110])
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