Vodacom Group (VOD) FY23 – Results Snapshot

Diluted HEPS of 922.0 cps (FY22: 984.0 cps).
Turnover growth of +16.0% y-y (FY22: +4.5%). Service revenue, which contributes 78.7% of total group revenue, is up +17.3% y-y.
Contribution margin down -100 bps to 61.4% (FY22: 62.4%).
Operating margin down to 24.5% (FY22: 27.5%).
Expense to sales up to 23.2% (FY22: 22.9%).
Total dividend of 770 cps (FY22: 830 cps).
Revenue outside of South Africa increased +56.0 y-y mainly due to higher M-Pesa revenue and data revenue from existing operations, as well as the acquisition of Vodafone Egypt. International revenue excluding Vodafone Egypt is up +19.0% y-y.
Total South African customers are down -2.7% y-y to 44.2m, while International customers are up +20.4% y-y to 50.2m (excluding Vodafone Egypt). Customers from Vodafone Egypt total 45.5m at year-end.