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Vodafone, one of the world's largest mobile operators, announced on Monday that turnover increased by 52 percent to STG22.8 billion. The company also said that STG477 million of that turnover came from its Irish operations, the unit formerly known as Eircell.
The business also said that data revenues were up by 87 percent across its networks to STG2 billion. Operating profits went 35 percent higher to STG7 billion and earnings per share increased by 45 percent to STG0.05 from same quarter last year, Vodafone reported.
In further positive financial news, the largest mobile operator in Europe said EBITDA increased by 44 percent to STG10 billion. Operating cash flow per share increased by 60 percent to STG0.12 and the group's net debt was STG12 billion, representing 14 percent of market capitalisation.
The group reported a 22 percent increase in the customer base to 101 million customers. Vodafone has access to over 229 million customers through its shared ownership of companies in various markets.
Importantly, Vodafone said it would record an impairment charge of STG6 billion, but this write-down would concern its controlled mobile assets. The company said it was confident about their future growth prospects.
However analysts had expected a write-down of between STG10 billion and STG25 billion with mobile assets acquired from Mannesmann in Italy and Germany included. But instead Vodafone confined the write-downs to its Arcor and Japan Telecom fixed-line stakes and Grupo Iusacell, China Mobile and Cegetel holdings.
"The past year has seen the group successfully execute its adjusted strategy, delivering very strong operational performance and exceptional financial results, including the generation of substantial free cash flow," said Sir Christopher Gent, Vodafone's chief executive in a statement.
Camera-enabled handsets in Japan helped to make Vodafone the second biggest operator in there and initial picture messaging services are now available in Germany and Portugal, the company said. Picture messaging services will be launched in the group's other European markets later this year. "We hope to introduce a range of multi-media services in Ireland before the end of the year," said Joan Keating of Vodafone speaking to ElectricNews.Net.
"There are some very good results here," said Keating. "Data revenues for the group have increased by 87 percent and by 2004 data revenues should make up 20 percent of the groups total revenues." Vodafone's Irish operation currently exceeds the group average for data revenues.
Vodafone also implemented commercial GPRS services in all of the group's major markets, with the company offering commercial GPRS roaming across twelve European countries.
Vodafone gained a major presence in the Irish telecoms market in May, 2001 when it acquired Eircell, the mobile phone company which had been demerged from the privatised phone company Eircom. Vodafone acquired Eircell for EUR 4.2 billion for Eircell in an all-stock deal. Vodafone has 1,200 employees in Ireland and 1.7 million customers.
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