Wrap Text
Vodacom Group Limited quarterly update for the
period ended 31 December 2015
Vodacom Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/005461/06)
ISIN: ZAE000132577 Share code: VOD
ISIN: US92858D2009 ADR code: VDMCY
('Vodacom')
News release
Vodacom Group Limited quarterly update for the period ended 31 December 2015
3 February 2016
Salient features
- Group revenue up 8.7% (7.6%*) to R21 741 million with service revenue up 8.9% (7.6%*) to R17 224 million
- Group data revenue increased 27.5% to R5 520 million, representing 32.0% of service revenue
- Group active customers up 6.8% to 65.2 million and active data customers grew 14.5% to 30.3 million
- South Africa service revenue grew 7.2% to R12 707 million
- South Africa ARPU stable as data revenue contribution increases and voice revenue trend improves
- International service revenue increased 15.2% (9.8%*) to R4 581 million; 26.6% of Group service revenue
- Group capital expenditure for the nine month period at R9 473 million, 15.4% of Group revenue
Quarter ended Yoy % change
Rm December 2015 Reported Normalised*
Revenue 21 741 8.7 7.6
South Africa 17 116 7.1 7.1
International 4 740 15.8 10.1
Service revenue 17 224 8.9 7.6
South Africa 12 707 7.2 7.2
International 4 581 15.2 9.8
All growth rates quoted are year-on-year growth rates and refer to the quarter ended 31 December 2015 compared to the quarter ended 31 December 2014, unless
stated otherwise.
Shameel Joosub, Vodacom Group CEO commented:
"We successfully executed on our strategy and achieved another quarter of improving revenue trends. The two biggest highlights in the quarter are the accelerated
service revenue growth of 7.2% in South Africa and the 6.8% increase in the Group customer base to 65.2 million. In South Africa, the take-up of our personalised
offer "Just for You" was excellent and contributed to the 15.9% reduction in effective voice rates. The International segment delivered robust service revenue growth
of 15.2%.
Our performance in the quarter reflects the positive impact from our substantial network investment of R9.5 billion across all our operations in the nine months. We have
expanded our network coverage and increased data speeds to secure network leadership.
Customer demand for high speed mobile data is growing across our footprint, supporting a 27.5% increase in Group data revenue. Active data customers increased
14.5% to 30.3 million as we increased sales of more affordable data devices in the quarter.
We expect revenue growth to taper slightly into our last quarter of the financial year due to a stronger prior year comparative and a weaker outlook for the consumer in
South Africa due to the drought and weaker exchange rate."
* Normalised growth adjusted at a constant currency using current year as base (collectively 'foreign exchange').
Refer below for a reconciliation of adjustments.
Operating review
South Africa
Service revenue growth accelerated to 7.2%, supported by continued growth in our customer base, stable ARPU and strong customer demand for 3G and 4G services.
Revenue grew at 7.1% to R17 116 million, underpinned by a 7.7% increase in equipment revenue with three million devices sold in the quarter.
Total active customers increased 8.7% year-on-year to reach 34.1 million. Active prepaid customers increased 10.3% to 29.2 million, largely due to the success of our
personalised offers and summer campaign. The continued adoption of prepaid voice bundles, particularly the new "Just for You" offer, supported customer acquisition
together with an improved voice revenue trend. Prepaid voice bundle purchases increased 36.8% to over 207 million in the quarter. Contract customer additions in the
quarter were negatively impacted by 75 thousand disconnections by Altech Autopage (Pty) Limited, resulting in overall flat year-on-year growth in the contract
customer base. We have migrated 83% of contract customers to new price plans with better value offerings and as a result, contract in-bundle spend is 71% of contract
customer revenue.
Data revenue increased 27.3% to R4 487 million due to sustained demand for data services and customers upgrading to 3G and 4G devices. The improved affordability
of both devices and data bundles supported a 46.6% increase in data traffic. Active data customers increased 14.0% to 19.1 million. Active smart devices on the network
increased 28.2% to 13.5 million and the average amount of data used per month increased 22.0% on such devices. Data revenue comprises 35.3% of service revenue up
from 29.7% a year ago.
Vodacom Business demonstrated strong commercial momentum in both the mobile and fixed businesses. Fixed-line and business managed services revenue now
comprises 12.7% of total Vodacom Business service revenue. Growth was supported by new customer wins for IPVPN connectivity solutions as well growing demand
for cloud and hosting services. Machine-to-machine ('M2M') customers increased 29.6% to 2.2 million. Vodacom Business service revenue now contributes 22.2% of
South African service revenue.
Capital expenditure in the quarter of R2.2 billion allowed us to expand LTE/4G population coverage to 54% from 47% at 30 September 2015 and 3G population
coverage now stands at 98.3%.
On 23 September 2015, the Group entered into a purchase agreement with Altech Autopage (Pty) Limited, where they will dispose of their Vodacom customer base to
the Group. The transaction is subject to the approval of the Competition authorities.
As announced on 10 December 2015, the Neotel transaction has been modified to the extent that Vodacom acquires the majority of Neotel's assets related to its fixed
line business, excluding inter alia, Neotel's spectrum and licences. Neotel is expected to make a roaming offer to all mobile network operators.
International
Service revenue in our International operations, which accounts for 26.6% of Group service revenue, remained robust at 15.2% (9.8%*), underpinned by customer and
data revenue growth. Growth in DRC and Mozambique accelerated as a result of improved ARPU and customer growth. Service revenue growth weakened in Tanzania,
reflecting a significantly more competitive market place.
Active customers increased 4.9% to 31.1 million. In the DRC, the Government ordered all unregistered customers to be disconnected by 28 December 2015. Since
then, Vodacom has suspended customers with no registration records and communicated to such customers the requirement to register to avoid disconnection. In
Mozambique, following a customer registration deadline on 28 November 2015, Vodacom has gone through a similar process. Consistent with experience in Q3, gross
connections are expected to be negatively impacted by both disconnections and suspensions while customers and the distribution channels familiarise themselves with
the new processes.
Data revenue grew 28.4% driven by a 15.2% increase in active data customers to 11.2 million, representing 36.1% of the active customer base. Data contributed 22.5%
of service revenue up from 20.2% a year ago. We continue to drive data growth, ensuring customers have access to better low cost smart devices, such as Vodacom
Kicka and SmartTab, expanding 3G and LTE/4G network coverage and driving the adoption of data bundles.
M-Pesa continues to grow strongly in all our markets, fuelled by expansion in the distribution channel and a growing ecosystem. M-Pesa revenue increased 16.9% in
the quarter compared to 9.4% in the prior quarter. We added 567 thousand customers in the quarter, increasing the number of active customers by 28.6% to 9.7
million1. In Tanzania, M-Pawa (savings and loan product) is gaining traction with 1.5 million customers actively using the service.
Capital expenditure in the quarter was R1 071 million as we continued to expand network coverage and increase capacity. During the quarter, we successfully renewed
our 2G mobile licence in DRC until January 2028. We have obtained additional spectrum in the DRC for the same duration. In September 2015, the regulator has confirmed to
Vodacom Lesotho its intention to renew our mobile licence before its expiry in June 2016. We are currently finalizing the terms of the licence.
1. Number of unique customers who have generated revenue related to M-Pesa in the past 90 days, of these 6.6 million have been active in the past 30 days in the
International operations.
Financial review
Revenue for the quarter ended
December September December Yoy % change Quarterly % change
Rm 2015 2015 2014 Reported Normalised* Reported Normalised*
South Africa 17 116 16 098 15 987 7.1 7.1 6.3 6.3
International 4 740 4 435 4 092 15.8 10.1 6.9 1.7
Corporate and eliminations (115) (136) (86) 33.7 33.7 (15.4) (15.4)
Revenue 21 741 20 397 19 993 8.7 7.6 6.6 5.4
Service revenue for the quarter ended
December September December Yoy % change Quarterly % change
Rm 2015 2015 2014 Reported Normalised* Reported Normalised*
South Africa 12 707 12 348 11 856 7.2 7.2 2.9 2.9
International 4 581 4 334 3 975 15.2 9.8 5.7 0.7
Corporate and eliminations (64) (98) (16) >200.0 >200.0 (34.7) (34.7)
Service revenue 17 224 16 584 15 815 8.9 7.6 3.9 2.5
Revenue for the quarter ended 31 December 2015
Yoy % Yoy % Corporate/ Yoy %
Rm South Africa change International change Eliminations Group change
Mobile contract revenue 5 807 7.2 338 39.7 (3) 6 142 8.5
In bundle 4 150 11.2 66 8.2 (1) 4 215 11.2
Out of bundle 1 657 (1.8) 272 50.3 (2) 1 927 3.2
Mobile prepaid revenue 5 405 7.4 3 326 14.0 - 8 731 9.8
In bundle 1 095 43.0 585 27.2 - 1 680 37.0
Out of bundle 4 310 1.0 2 741 11.5 - 7 051 4.9
Mobile customer revenue 11 212 7.3 3 664 15.9 (3) 14 873 9.3
Mobile interconnect 471 (13.7) 431 11.4 (26) 876 (5.1)
Other service revenue 1 024 19.1 486 13.6 (35) 1 475 14.9
Service revenue 12 707 7.2 4 581 15.2 (64) 17 224 8.9
Equipment revenue 4 177 7.7 107 37.2 (7) 4 277 8.6
Non-service revenue 232 (7.9) 52 33.3 (44) 240 (0.4)
Revenue 17 116 7.1 4 740 15.8 (115) 21 741 8.7
Of which mobile voice 6 280 (2.2) 2 516 13.1 (2) 8 794 1.7
Of which mobile messaging 640 (1.8) 120 (11.8) 1 761 (3.4)
Of which mobile data 4 487 27.3 1 032 28.4 1 5 520 27.5
Notes:
- Mobile in bundle revenue: Represents revenue from bundles that include a specified number of minutes, messages or megabytes of data that can be
used for no additional charge, with some expectation of recurrence.
- Mobile in bundle revenue - Contract: Revenue from all bundles and add-ons lasting 30 days or more.
- Mobile in bundle revenue - Prepay: Revenue from bundles lasting seven days or more.
- Out of bundle: Revenue from minutes, messages or megabytes of data which are in excess of the amount included in customer bundles.
Revenue for the quarter ended 31 December 2014
Yoy % Yoy % Corporate/ Yoy %
Rm South Africa change International change Eliminations Group change
Mobile contract revenue 5 418 1.5 242 6.6 (1) 5 659 1.8
In bundle 3731 8.4 61 (4.7) - 3 792 8.2
Out of bundle 1 687 (10.9) 181 11.0 (1) 1 867 (9.1)
Mobile prepaid revenue 5 032 (7.6) 2 918 9.9 (1) 7 949 (1.8)
In bundle 766 46.5 460 102.6 - 1 226 63.5
Out of bundle 4 266 (13.3) 2 458 1.3 (1) 6 723 (8.5)
Mobile customer revenue 10 450 (3.1) 3 160 9.7 (2) 13 608 (0.4)
Mobile interconnect 546 (45.3) 387 (10.4) (10) 923 (34.8)
Other service revenue 860 6.4 428 12.0 (4) 1 284 9.4
Service revenue 11 856 (5.8) 3 975 7.6 (16) 15 815 (2.7)
Equipment revenue 3 879 8.9 78 11.4 (18) 3 939 9.2
Non-service revenue 252 (28.6) 39 (46.6) (52) 239 (34.5)
Revenue 15 987 (3.1) 4 092 6.6 (86) 19 993 (1.1)
Of which mobile voice 6 420 (12.0) 2 224 8.3 (1) 8 643 (7.5)
Of which mobile messaging 652 0.3 136 (28.0) - 788 (6.1)
Of which mobile data 3 526 18.8 804 24.8 - 4 330 19.9
Notes:
- Mobile in bundle revenue: Represents revenue from bundles that include a specified number of minutes, messages or megabytes of data that can
be used for no additional charge, with some expectation of recurrence.
- Mobile in bundle revenue - Contract: Revenue from all bundles and add-ons lasting 30 days or more.
- Mobile in bundle revenue - Prepay: Revenue from bundles lasting seven days or more.
- Out of bundle: Revenue from minutes, messages or megabytes of data which are in excess of the amount included in customer bundles.
Key indicators
South Africa
December September December Yoy Quarterly
2015 2015 2014 % change % change
Active customers1 (thousand) 34 103 33 745 31 379 8.7 1.1
Prepaid 29 206 28 821 26 479 10.3 1.3
Contract 4 897 4 924 4 900 (0.1) (0.5)
Active data customers2 (thousand) 19 099 17 811 16 751 14.0 7.2
Machine to machine customers3 (thousand) 2 174 2 057 1 677 29.6 5.7
MOU per month4 138 130 130 6.2 6.2
Prepaid 129 119 120 7.5 8.4
Contract 192 189 188 2.1 1.6
Total ARPU5 (rand per month) 116 112 116 - 3.6
Prepaid 66 63 67 (1.5) 4.8
Contract 409 393 386 6.0 4.1
Traffic6 (millions of minutes) 13 964 13 073 12 402 12.6 6.8
Outgoing 11 516 10 670 9 827 17.2 7.9
Incoming 2 448 2 403 2 575 (4.9) 1.9
Notes:
1. Active customers are based on the total number of mobile customers using any service during the last three months. This includes customers paying a monthly fee
that entitles them to use the service even if they do not actually use the service and those customers who are active whilst roaming.
2. Active data customers are a number of unique users who have generated revenue related to any data activities in the reported month (this excludes SMS and MMS
messaging users). A unique user is a customer who needs to be counted once regardless of what data services they have utilised.
3. Machine-to-machine ('M2M') is the remote wireless interchange between two or more predefined devices or a central station without direct relationship with an end
customer, in order to support a specific business process or product. M2M customers have been restated to include customers on the Global Data Service Platform
('GDSP').
4. Minutes of use ('MOU') per month is calculated by dividing the average monthly minutes (traffic) during the period by the average monthly active customers
during the period.
5. Total ARPU is calculated by dividing the average monthly service revenue by the average monthly active customers during the period. Prepaid and contract ARPU
only include service revenue generated from Vodacom mobile customers.
6. Traffic comprises total traffic registered on Vodacom's mobile network, including bundled minutes, promotional minutes and outgoing international roaming calls,
but excluding national roaming calls, incoming international roaming calls and calls to free services.
International
December September December Yoy Quarterly
2015 2015 2014 % change % change
Active customers1 (thousand) 31 130 31 373 29 676 4.9 (0.8)
Tanzania 12 714 12 521 11 810 7.7 1.5
DRC 11 814 12 118 11 493 2.8 (2.5)
Mozambique 5 240 5 464 5 049 3.8 (4.1)
Lesotho 1 362 1 270 1 324 2.9 7.2
Active data customers2 (thousand) 11 231 10 496 9 749 15.2 7.0
Tanzania 5 727 5 553 5 160 11.0 3.1
DRC 2 806 2 297 2 324 20.7 22.2
Mozambique 2 178 2 219 1 817 19.9 (1.8)
Lesotho 520 427 448 16.1 21.8
MOU per month3
Tanzania 130 123 154 (15.6) 5.7
DRC 39 43 45 (13.3) (9.3)
Mozambique 105 104 111 (5.4) 1.0
Lesotho 83 73 69 20.3 13.7
Total ARPU4 (rand per month)
Tanzania 39 38 43 (9.3) 2.6
DRC 41 39 30 36.7 5.1
Mozambique 54 51 55 (1.8) 5.9
Lesotho 65 62 58 12.1 4.8
Total ARPU4 (local currency per month)
Tanzania (TZS) 5 957 6 265 6 593 (9.6) (4.9)
DRC (USD) 2.9 3.0 2.7 7.4 (3.3)
Mozambique (MZN) 180 157 156 15.4 14.6
Notes:
1. Active customers are based on the total number of mobile customers using any service during the last three months. This includes customers paying a monthly fee
that entitles them to use the service even if they do not actually use the service and those customers who are active whilst roaming.
2. Active data customers are a number of unique users who have generated revenue related to any data activities in the reported month (this excludes SMS and MMS
messaging users). A unique user is a customer who needs to be counted once regardless of what data services they have utilised.
3. Minutes of use ('MOU') per month is calculated by dividing the average monthly minutes (traffic) during the period by the average monthly active customers
during the period.
4. Total ARPU is calculated by dividing the average monthly service revenue by the average monthly active customers during the period.
Historical financial review
Revenue
December September June March December September June
Rm 2015 2015 2015 2015 2014 2014 2014
South Africa 17 116 16 098 15 598 15 879^ 15 987 15 380^^ 14 791
International 4 740 4 435 4 095 4 081 4 092 3 984 3 591
Corporate and eliminations (115) (136) (134) (165) (86) (105) (95)
Revenue 21 741 20 397 19 559 19 795 19 993 19 259 18 287
Service revenue
December September June March December September June
Rm 2015 2015 2015 2015 2014 2014 2014
South Africa 12 707 12 348 11 762 11 739^ 11 856 11 995^^ 11 442
International 4 581 4 334 3 945 3 950 3 975 3 873 3 493
Corporate and eliminations (64) (98) (47) (62) (16) (40) (38)
Service revenue 17 224 16 584 15 660 15 627 15 815 15 828 14 897
Historical key indicators
South Africa
December September June March December September June
2015 2015 2015 2015 2014 2014 2014
Active customers1 (thousand) 34 103 33 745 33 309 32 115 31 379 32 613 32 516
Prepaid 29 206 28 821 28 368 27 202 26 479 27 806 27 723
Contract 4 897 4 924 4 941 4 913 4 900 4 807 4 793
Active data customers2 (thousand) 19 099 17 811 17 741 16 595 16 751 16 679 16 996
Machine-to-machine customers3
(thousand) 2 174 2 057 1 925 1 766 1 677 1 634 1 531
MOU per month4 138 130 124 129 130 124 122
Prepaid 129 119 113 118 120 113 112
Contract 192 189 184 188 188 190 181
Total ARPU5 (rand per month) 116 112 110 113 116 115 110
Prepaid 66 63 62 64 67 67 64
Contract 409 393 381 374 386 389 372
Traffic6 (millions of minutes) 13 964 13 073 12 181 12 158 12 402 12 182 11 776
Outgoing 11 516 10 670 9 856 9 741 9 827 9 570 9 392
Incoming 2 448 2 403 2 325 2 417 2 575 2 612 2 384
Notes:
1. Active customers are based on the total number of mobile customers using any service during the last three months. This includes customers paying a monthly fee
that entitles them to use the service even if they do not actually use the service and those customers who are active whilst roaming.
2. Active data customers are a number of unique users who have generated revenue related to any data activities in the reported month (this excludes SMS and MMS
messaging users). A unique user is a customer who needs to be counted once regardless of what data services they have utilised.
3. Machine-to-machine ('M2M') is the remote wireless interchange between two or more predefined devices or a central station without direct relationship with an
end customer, in order to support a specific business process or product. M2M customers have been restated to include customers on the Global Data Service
Platform ('GDSP').
4. Minutes of use ('MOU') per month is calculated by dividing the average monthly minutes (traffic) during the period by the average monthly active customers
during the period.
5. Total ARPU is calculated by dividing the average monthly service revenue by the average monthly active customers during the period. Prepaid and contract
ARPU only include service revenue generated from Vodacom mobile customers.
6. Traffic comprises total traffic registered on Vodacom's mobile network, including bundled minutes, promotional minutes and outgoing international roaming calls,
but excluding national roaming calls, incoming international roaming calls and calls to free services.
^ During Q4 2015 we consolidated a subsidiary X-Link resulting in a positive adjustment of R164 million in South Africa.
^^ During Q2 2015 we changed our accounting estimates for unexpired credits for prepaid voucher deferrals resulting in a positive adjustment of R325 million in
South Africa.
International
December September June March December September June
2015 2015 2015 2015 2014 2014 2014
Active customers1 (thousand) 31 130 31 373 30 193 29 533 29 676 28 367 27 086
Tanzania 12 714 12 521 11 996 12 172 11 810 11 316 10 638
DRC 11 814 12 118 11 922 11 216 11 493 11 003 10 502
Mozambique 5 240 5 464 5 031 4 877 5 049 4 913 4 604
Lesotho 1 362 1 270 1 244 1 268 1 324 1 135 1 342
Active data customers2 (thousand) 11 231 10 496 10 292 9 878 9 749 9 188 8 311
Tanzania 5 727 5 553 5 501 5 265 5 160 4 963 4 480
DRC 2 806 2 297 2 332 2 338 2 324 2 241 2 016
Mozambique 2 178 2 219 2 046 1 879 1 817 1 636 1 474
Lesotho 520 427 413 396 448 348 341
MOU per month3
Tanzania 130 123 120 123 154 165 158
DRC 39 43 34 33 45 47 39
Mozambique 105 104 97 89 111 124 131
Lesotho 83 73 68 63 69 58 48
Total ARPU4 (rand per month)
Tanzania 39 38 36 39 43 45 42
DRC 41 39 35 32 30 33 31
Mozambique 54 51 51 51 55 52 49
Lesotho 65 62 62 60 58 50 43
Total ARPU4 (local currency per month)
Tanzania (TZS) 5 957 6 265 6 046 5 952 6 593 6 978 6 655
DRC (USD) 2.9 3.0 2.9 2.7 2.7 3.1 3.0
Mozambique (MZN) 180 157 154 146 156 147 146
Notes:
1. Active customers are based on the total number of mobile customers using any service during the last three months. This includes customers paying a monthly fee
that entitles them to use the service even if they do not actually use the service and those customers who are active whilst roaming.
2. Active data customers are a number of unique users who have generated revenue related to any data activities in the reported month (this excludes SMS and MMS
messaging users). A unique user is a customer who needs to be counted once regardless of what data services they have utilised.
3. Minutes of use ('MOU') per month is calculated by dividing the average monthly minutes (traffic) during the period by the average monthly active customers
during the period.
4. Total ARPU is calculated by dividing the average monthly service revenue by the average monthly active customers during the period. Prepaid and contract ARPU
only include service revenue generated from Vodacom mobile customers.
Reconciliation of normalised growth
The reconciliation represents normalised growth at a constant currency (using current period as base) from on-going operations. The presentation of the pro-forma
constant currency information from on-going operations is the responsibility of the directors of Vodacom Group Limited. The purpose of presenting this information is
to assist the user in understanding the underlying growth trends in these segments. It has been prepared for illustrative purposes only and may not fairly present the
financial position, changes in equity, and results of operations or cash flows of Vodacom Group Limited. This information has not been reviewed and reported on by the
Group's auditors.
Year-on-year reconciliation
Translation foreign
Reported1 exchange2 Normalised
% change ppt % change
15/16 15/16
Revenue
Group 8.7 (1.1) 7.6
International 15.8 (5.7) 10.1
Service revenue
Group 8.9 (1.3) 7.6
International 15.2 (5.4) 9.8
Quarter on quarter reconciliation
Translation foreign
Reported3 exchange4 Normalised
% change ppt % change
15/16 15/16
Revenue
Group 6.6 (1.2) 5.4
International 6.9 (5.2) 1.7
Service revenue
Group 3.9 (1.4) 2.5
International 5.7 (5.0) 0.7
Notes:
1. The reported percentage change relates to the quarter to date year-on-year percentage growth between 31 December 2014 and 31 December 2015. The Group's
presentation currency is the South African rand. Our International operations include functional currencies for example United States dollar, Tanzanian shilling,
Mozambican metical, Nigerian naira and Zambian kwacha. The prevailing exchange rates for the current and comparative periods are disclosed below.
2. Translation foreign exchange arises from the translation of the results, at average rates, of subsidiaries' functional currencies to Vodacom's presentation currency,
being rand. The exchange variances are eliminated by applying the quarter 31 December 2015 average rate (which is derived by dividing the individual subsidiary's
translated rand value with the functional currency for the quarter) to 31 December 2014 quarter numbers, thereby giving a user a view of the performance which
excludes exchange rate variances. The prevailing exchange rates for the current and comparative quarters are disclosed below.
3. The reported percentage change relates to the quarter to date quarter on quarter percentage growth between 30 September 2015 and 31 December 2015. The Group's
presentation currency is the South African rand. Our International operations have functional currencies, other than the South African rand, which include the
United States dollar, Tanzanian shilling, Mozambican metical, Nigerian naira and Zambian kwacha. The prevailing exchange rates for the current and comparative
periods are disclosed below.
4. Translation foreign exchange arises from the translation of the results, at average rates, of subsidiaries' functional currencies to Vodacom's presentation currency,
being rand. The exchange variances are eliminated by applying the quarter 31 December 2015 average rate (which is derived by dividing the individual subsidiary's
translated rand value with the functional currency for the quarter) to 30 September 2015 numbers, thereby giving a user a view of the performance which excludes
exchange variances. The prevailing exchange rates for the current and comparative quarters are disclosed below.
Average quarterly exchange rates
December September December Yoy Quarterly
2015 2015 2014 % change % change
USD/ZAR 14.22 13.00 11.22 26.7 9.4
ZAR/MZN 3.30 3.10 2.84 16.2 6.7
ZAR/TZS 152.46 164.44 152.79 (0.2) (7.3)
EUR/ZAR 15.56 14.47 14.01 11.1 7.5
The quarterly information has not been audited or reviewed by Vodacom's external auditors.
Trademarks
Vodafone, the Vodafone logo, Vodafone Mobile Broadband, Vodafone WebBox, Vodafone Passport, Vodafone live!, Power to You, Vodacom, Vodacom M-Pesa,
Vodacom Millionaires, Vodacom 4 Less and Vodacom Change the World are trademarks of Vodafone Group Plc (or have applications pending). Other product and
company names mentioned herein may be the trademarks of their respective owners.
Forward-looking statements
This quarterly update which sets out the quarterly results for Vodacom Group Limited for the three months ended 31 December 2015 contains 'forward-looking
statements', which have not been reviewed or reported on by the Group's auditors, with respect to the Group's financial condition, results of operations and businesses
and certain of the Group's plans and objectives. In particular, such forward-looking statements include statements relating to: the Group's future performance; future
capital expenditures, acquisitions, divestitures, expenses, revenues, financial conditions, dividend policy, and future prospects; business and management strategies
relating to the expansion and growth of the Group; the effects of regulation of the Group's businesses by governments in the countries in which it operates; the Group's
expectations as to the launch and roll out dates for products, services or technologies; expectations regarding the operating environment and market conditions; growth
in customers and usage; and the rate of dividend growth by the Group.
Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'will', 'anticipates', 'aims', 'could', 'may',
'should', 'expects', 'believes', 'intends', 'plans' or 'targets'. By their nature, forward-looking statements are inherently predictive, speculative and involve risk and
uncertainty because they relate to events and depend on circumstances that will occur in the future, involve known and unknown risks, uncertainties and other facts or
factors which may cause the actual results, performance or achievements of the Group, or its industry to be materially different from any results, performance or
achievement expressed or implied by such forward-looking statements. Forward-looking statements are not guarantees of future performance and are based on
assumptions regarding the Group's present and future business strategies and the environments in which it operates now and in the future.
All subsequent oral or written forward-looking statements attributable to the Group or any member thereof or any persons acting on their behalf are expressly qualified
in their entirety by the cautionary statements above and below. Vodacom expressly disclaims any liability in respect of the content of any forward looking statement and
also expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein or to reflect any
change in their expectations with regard thereto or any change in events, conditions or circumstances on which any such forward-looking statement is based.
Sponsor: UBS South Africa (Pty) Limited
ADR depository bank: Deutsche Bank Trust Company Americas
Date: 03/02/2016 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.