Tuesday, 16 May 2023, 12:47
Vodafone has announced plans to cut 11,000 jobs in Europe over three years as part of a major restructure.
The British telecommunications giant will aim to simplify the company's organisation and will involve a restructure in Germany and a strategic review in Spain.
"Our performance has not been good enough," said Vodafone CEO Margherita Della Valle at the presentation of the operator's annual accounts.
Vodafone sold a portion of its ownership of Vantage Towers to investment companies KKR and Global Infrastructure Partners (GIP) and formed a joint venture late last year. The company said its accounts reflected a positive impact from the sale, but was looking to simplify its business operations and become more competitive.
Vodafone's revenues for the year totalled 45.7 billion euros, up 0.3%, including a 2.4% drop in the last quarter of its financial year to 11.138 billion euros. Of this, Vodafone's service revenue for the year was 37.9 billion, down 0.6%, including a 3.2% decline in the fourth quarter of its financial year to 9.2 billion.
By market, Vodafone's service revenues in Germany fell 1.6% to 11.4 billion for the year, while in Italy they were down 2.9% to 4.25 billion and 5.4% in Spain to 3.5 billion.
Revenues in the UK totalled 5.3 billion, up 4%. Vodafone also said the company's revenues rose 0.1% in the rest of Europe, to 5.005 billion euros, while they grew 4.6% in the case of Vodacom, to 4.849 billion.
Vodafone's net debt at the end of the year had fallen to 33.3 billion euros, down from 41.57 billion euros the previous year.
"Vodafone must change," said Della Valle, who said the company's priorities are customers, simplicity and growth. "We will simplify our organisation, eliminating complexity to regain our competitiveness," she said.
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