Vodafone Group Public Limited Company · LSE:VOD
Vodafone Group Public — Debt Investor Presentation (February 2014)
19 slides from Vodafone Group Public's debt investor presentation, Feb 5, 2014
Slide 1: Verizon Communications Fixed Income Investor Presentation
VERIZON COMMUNICATIONS Fixed Income Investor Presentation February 2014
Slide 2: "Safe Harbor" Statement and Legends
verizon “Safe Harbor” Statement and Legends Advertisement This communication is deemed an advertisement for the purposes of the U.K. prospectus rules and is not a prospectus or a prospectus equivalent document. Any decision to subscribe for, purchase, otherwise acquire, sell or otherwise dispose of
Slide 3: "Safe Harbor" Statement and Legends
verizon “Safe Harbor” Statement and Legends No Offer or Solicitation This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any offer or sale of securities in any jurisdiction in which
Slide 4: Overview of Transaction
Overview of Transaction Verizon Issuer: Verizon Communications Inc. Expected ratings (Moody’s / Baa1 (Stable) / BBB+ (Stable) / A- (Stable) S&P / Fitch): Documentation: SEC Registered / Intent to list on the New York Stock Exchange Amount: € Benchmark £ Benchmark Maturities: € 8y and 12y £ 20y Use o
Slide 5: Verizon Communications Overview
verizon Verizon Communications Overview
Slide 6: Our Company
verizon Our Company • Leading global telecommunications provider —Fortune 500 rank: #16 —Dow 30 Company • Operate in 2 segments: Wireless and Wireline —Wireless —67% of 2013 operating revenue —U.S. wireless market leader —Provides voice and data services —Wireline —33% of 2013 operating revenue —Mas
Slide 7: Best Networks in the Industry
verizon Best Networks in the Industry • Optimize Network Capability and Performance —4G LTE (wireless network) —FiOS (fiber optic TV, broadband & phone) —100G global network (IP backbone) • Provide Connectivity, Service Platforms and Converged Solutions —M2M – Hughes Telematics —Cloud – Terremark, C
Slide 8: Key Credit Highlights
verizon Key Credit Highlights • One of the world’s leading providers of communications, information and entertainment products and services – Revenue of $120.6B and adjusted EBITDA of $42.1B – Wireless service revenue of $69.0B with over 100M wireless retail connections – FiOS revenue of $11.2B with
Slide 9: Verizon Wireless Transaction Overview
verizon Verizon Wireless Transaction Overview
Slide 10: Best Wireless Assets in North America
verizon Best Wireless Assets in North America • Operations: Postpaid Connections 9/30/13—Employees 72,200 (in millions) 100—2013 Revenues $81.0 billion 80 60—VZW operated retail >1,900 outlets 40 20 0 • Leading wireless operator in U.S. measured by: – EBITDA service margin: 49.5% Retail Postpaid Chu
Slide 11: Strategic Benefits
verizon Strategic Benefits • Sole ownership drives strategic and financial benefits across entire business • Accretive to earnings per share at close of transaction • Access to all of wireless cash flows – Special distributions of $8.3B in 2012 and $3.15B in 2013 • U.S. wireless market in growth pha
Slide 12: Transaction Financing and Timeline
verizon Transaction Financing and Timeline • Completed financing to close the deal – Transaction announced—September 2, 2013 • $58.9B of cash to be delivered at closing • Committed financing from $61 billion dollar bridge – $49B of bonds issued—September 2013 – $12B Term Loan executed and Bridge ret
Slide 13: Verizon Communications Financials
verizon Verizon Communications Financials
Slide 14: Financial Overview 2013
verizon Financial Overview 2013 • Double-digit growth in operating income and adjusted earnings per share for past four quarters • Consolidated revenue growth in each quarter of 2013 • Continued growth in high-quality wireless retail base, service revenue and profitability • Strong growth in consume
Slide 15: Consolidated Financial Summary
verizon Consolidated Financial Summary Total Revenue ($B) • Continued revenue growth $115.8 $120.6 across all strategic areas Y/Y 3.4% 4.1% – 84% of revenues in 4Q13 are Y/Y Growth Y/Y Growth in strategic areas $30.0 $31.1 • Strong cost management 4Q ‘12 4Q ‘13 ‘12 ‘13 controls ? Wireless ? Wireline
Slide 16: Wireless Revenue & Profitability
verizon Wireless Revenue & Profitability Service Revenue ($B) $63.7 $69.0 • Strong 2013 service revenue growth of 8.3% Y/Y 8.0% 8.3% Y/Y Growth Y/Y Growth – 7.7% in 2012 $16.4 $17.7 4Q ‘12 4Q ‘13 ‘12 ‘13 • 5th consecutive quarter of at least 8% service revenue Segment EBITDA ($B) growth Y/Y $34.2 22
Slide 17: Wireline Revenue & Profitability
verizon Wireline Revenue & Profitability Total Revenue ($B) Y/Y Growth Y/Y Growth • FiOS revenue grew 15.6% $39.8 $39.2 (1.5%) (1.4%) Y/Y in 4Q ‘13 $10.0 $9.8 • Enterprise strategic services revenue up 2.3% Y/Y in 4Q 4Q ‘12 4Q ‘13 ‘12 ‘13 ‘13 Segment EBITDA ($B) $8.5 $8.7 22.5% 2.5% • Total revenue
Slide 18: Consolidated Cash Flow
verizon Consolidated Cash Flow Cash Flow Summary ($B) 2012 2013 Cash flow from operations $31.5 $38.8 • 2013 cash flow of $38.8 billion Capital expenditures $16.2 $16.6 dollars, up 23.3% Y/Y • 2013 Capex/Revenue of Free cash flow $15.3 $22.2 13.8% Total Debt $52.0 $93.6 • 2013 free cash flow of $22.
Slide 19: Key Credit Highlights
verizon Key Credit Highlights • One of the world’s leading providers of communications, information and entertainment products and services – Revenue of $120.6B and adjusted EBITDA of $42.1B – Wireless service revenue of $69.0B with over 100M wireless retail connections – FiOS revenue of $11.2B with
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