| This has been a positive year in which good progress was made on the Group’s strategic objectives, particularly driving growth
in data, and the results were in line with our medium-term guidance. The changes instituted in the latter half of the year,
culminating in the brand refresh, have placed Vodacom in a unique position to capitalise on the changing mobile
communications landscape. Looking forward we aim to sustain service revenue growth in the low single digits as we work our way through two more years of MTR reductions in South Africa. We have a strategy focused on operational excellence and aim to make small improvements each year in our EBITDA margin. We have substantially increased our capital expenditure for the next year to R7.7 billion (excluding the non-cash impact of R1.1 billion from the accounting of our ‘RAN swap’), but this is within our overall Group guidance of maintaining capital expenditure between 11% and 13% of revenue. We remain committed to increasing total shareholder returns. We have changed our dividend policy from approximately 60% of headline earnings per share to at least 70% of headline earnings per share. |
