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Business review Performance Governance Financials Additional information
43
Vodafone Group Plc
Annual Report 2012
Africa, Middle East and Asia Pacic
India
£m
Vodacom
£m
Other
Africa,
Middle East
and
Asia Pacic
£m
Eliminations
£m
Africa,
Middle East
and Asia
Pacic
£m
% change
£m Organic
Year ended 31 March 2012
Revenue 4,265 5,638 3,965 – 13,868 4.2 8.4
Service revenue 4,215 4,908 3,628 – 12,751 3.7 8.0
EBITDA 1,122 1,930 1,063 – 4,115 2.9 7.8
Adjusted operating prot 60 1,084 328 – 1,472 15.7 22.4
EBITDA margin 26.3% 34.2% 26.8% 29.7%
Year ended 31 March 2011
Revenue 3,855 5,479 3,971 (1) 13,304 20.0 9.5
Service revenue 3,804 4,839 3,650 (1) 12,292 20.0 9.5
EBITDA 985 1,844 1,170 – 3,999 20.7 7.5
Adjusted operating prot 15 827 430 – 1,272 55.5 8.6
EBITDA margin 25.6% 33.7% 29.5% 30.1%
Revenue grew by 4.2% after a 4.2 percentage point adverse impact
from foreign exchange rate movements. On an organic basis service
revenue grew by 8.0%* driven by customer and data growth, partially
offset by the impact of MTR reductions. Growth was driven by strong
performances in India, Vodacom, Ghana and Qatar and a return to
growth in Egypt, offset by service revenue declines in Australia and
NewZealand.
EBITDA grew by 2.9% after a 4.8 percentage point adverse impact from
foreign exchange rate movements. On an organic basis, EBITDA grew
by7.8%* driven primarily by strong growth in India and Vodacom and
improved contributions from Ghana and Qatar, offset in part by declines
in Egypt and Australia.
Organic
change
%
Other
activity1
pps
Foreign
exchange
pps
Reported
change
%
Revenue –
Africa, Middle East and
Asia Pacic 8.4 –(4.2) 4.2
Service revenue
India 19.5 (0.1) (8.6) 10.8
Vodacom 7.1 – (5.7) 1.4
Other Africa, Middle East
and Asia Pacic (1.8) (0.1) 1.3 (0.6)
Africa, Middle East and
Asia Pacic 8.0 –(4.3) 3.7
EBITDA
India 22.9 (0.2) (8.8) 13.9
Vodacom 11.3 – (6.6) 4.7
Other Africa, Middle East
and Asia Pacic (9.1) (0.1) 0.1 (9.1)
Africa, Middle East and
Asia Pacic 7.8 (0.1) (4.8) 2.9
Adjusted operating prot
India 389.3 (40.6) (48.7) 300.0
Vodacom 41.1 – (10.0) 31.1
Other Africa, Middle East
and Asia Pacic (22.4) (0.2) (1.1) (23.7)
Africa, Middle East and
Asia Pacic 22.4 (0.3) (6.4) 15.7
India
Service revenue grew by 19.5%,* driven by an 11.8% increase in the
customer base, strong growth in incoming and outgoing voice minutes
and 51.3%* growth in data revenue. 3G services were available to
Vodafone customers in 860 towns and cities across 20 circles at
31March 2012. Growth also beneted from mobile operators starting
tocharge for SMS termination during the second quarter of the 2012
nancial year. At 31 March 2012 the customer base had increased to
150.5 million, with data customers totalling 35.4 million, a year-on-year
increase of 81.5%. This was driven by an increase in data enabled
handsets and the impact of successful marketing campaigns. Whilst
themarket remains highly competitive, the effective rate per minute
remained broadly stable during the year, with promotional offers
offsetting headline price increases.
EBITDA grew by 22.9%* driven by the increase in revenue and
economies of scale, partially offset by higher customer acquisition costs
and increased interconnection costs. Full year EBITDA margin increased
0.8* percentage points to 26.3%, driven by cost efciencies and scale
benets.
Vodacom
Service revenue grew by 7.1%,* driven by service revenue growth in
South Africa of 4.4%*, where strong net customer additions and
growthin data revenue was partially offset by the impact of MTR cuts
(effective 1 March 2011 and 1 March 2012). Despite competitive pricing
pressures,data revenue in South Africa grew by 24.3%,* driven by higher
smartphone penetration and data bundles leading to a 35.4% increase
in active data customers to 12.2 million at 31 March 2012.
Vodacom’s mobile operations outside South Africa delivered strong
service revenue growth of 31.9%*2, driven by customer net additions
and the simplication of tariff structures in Mozambique and Tanzania.
M-Pesa, our mobile phone based money transfer service, continues to
perform well in Tanzania with over 3.1 million active users.
EBITDA increased by 11.3%* driven by robust service revenue growth
and continued focus on operating cost efciencies.
Notes:
1 “Other activity” includes the impact of M&A activity and the revision to intra-group roaming charges from
1October 2012. Refer to “Organic growth” on page 171 for further detail.
2 Excludes Gateway and Vodacom Business Africa.