Vodafone doubles investments in Italy: 3,6 billion in two years

The British group returns to profit in the first half of the year with a net profit of 17,95 billion pounds, from a loss of 1,98 billion last year, when devaluations in Spain and Italy weighed heavily. The result is due to a tax credit of over 15 billion linked to losses from past years.

Vodafone will double its investments in Italy over the next two years, bringing them to 3,6 billion euros. The goal is to develop mobile and fixed ultra-broadband networks and services, to extend the coverage and capacity of 3G and 4G networks. The operation is part of the Spring plan, with which Vodafone also accelerates the development of the fiber network and launches a plan to cover the 150 main cities with the Fttc network, aiming to reach a quarter of the Italian population by 2016, or 6,4, XNUMX million households and businesses.

As regards accounts, Vodafone Italia closed the first half of 2013 with revenues from services of 3.057 million euros, down by 11,1% excluding the impact of the reduction in mobile termination rates compared to the same period in last year (including this impact, the decline rises to -16,7%). Ebitda stood at 1.248 million euros, equal to 36,9% of total revenues.

Data revenues amounted to 558 million euros, with a 21% incidence on revenues from mobile services, up by 3,7 percentage points compared to the same period of the previous year. Revenues from the fixed network amounted to 426 million euros. The total number of fixed network customers is equal to 2,433,000, of which 1,718,000 are ADSL customers.

In general, the entire British group returns to profit in the first half of the year with a net profit of 17,95 billion pounds, from a loss of 1,98 billion last year, when devaluations in Spain and Italy weighed heavily . The result is due to a tax credit of over 15 billion linked to losses from past years. Over the period, Ebitda fell 4,1% to £6,6 billion, and adjusted operating profit came in at £5,7 billion.

The Board decided to distribute an interim dividend of 3,53 pence (up 8%) with the aim of paying a total dividend of 11 pence. Full-year guidance confirmed: adjusted operating profit of approximately €5 billion and free cash flow between €4,5 and €5 billion. Total investments will rise to $7 billion (from six previously announced) after the sale to Verizon of 45% of the Verizon Wireless joint venture.