emmet kelly morgan stanley

Our key stakeholders, including governments, customers, charities and shareholders have given me so much positive feedback on the way we have supported them over this crisis period. So I’m sure you have a sort of plan to manage that. Just keep in mind that this has not reflected one-to-one into total European performance for Vodafone because clearly some of the roamers in Spain are coming from the UK, and therefore, we have a number of inter-company elimination that in between that make the impact less strong, but I think considering both roaming and SMEs, clearly Spain will be impacted. Our total annual revenue from roaming is around EUR900 million with just over half of this flowing to EBITDA. This is a new external metric, but it has been for many years a significant factor in our internal planning and capital allocation processes. We are targeting 30 large-scale customer pilots across three industry verticals this year. I think we have real momentum and the right formula going forward. It’s roaming, it’s cost savings you may achieve and there’s also about their provisions. For investors, election night could hinge on moments when markets conclude who has won, not necessarily on when media networks call a winner. Emmet Kelly. Any reproduction, redistribution or retransmission is expressly prohibited. For small businesses, key to our supply chain, we have shortened our payment terms from 30 days to 15 days to support the working capital. Discover who we are and the right opportunity for you. You can’t really close out due diligence and full government engagement if no one can travel. We are coming out with very good momentum from FY ’20. When will the telecom industry regain pricing power and begin to reap the rewards of its investment to build out 4G and fiber infrastructure? All rights reserved. 1: Frederic Boulan, David Wright & team, The 2016 All-Europe Research Team: The Sector Champions, In Crisis, Fixed Income ETFs Prove Integral to Efficient Bond Market, Modern Slavery Act Transparency Statement. Our network sharing arrangements will allow us to improve asset utilization and return on capital. Thank you. Moving to Other Europe on the right of the slide, which represents 12% of Group EBITDA. We have also started a number of critical transformation projects including for the public administration. Not if I can Nick, not really. The Vodafone Idea team continues to work constructively with all relevant authorities to find a path forward. Maybe if — it’s very clear, maybe on one point on bad debt provisions which you mentioned earlier in delays and payments, is there a particular market you have in mind? They’ve encouraged new entrants, done spectrum set-asides, favorable access terms, which if you like of undermined returns and I think we have always shown a return on capital and highlighted this to, but I think to visibly publish here I think is an important step in trying to make them understand that we need to improve the situation. Maybe with COVID-19, there might be a delay. We’ve done that very effectively in Italy, we re-purposed ourselves in Spain with really good effect and results, VOXI in the UK. I have been talking about social contract since I came into the role. This year, mobile data per user was up to 5.7 gig, which is 55% up year-over-year. Our teams have connected new field hospitals, donated equipment and services and provided extra mobile packages, so that they could always remain connected. So, is it more like a kind of end of the fiscal year now with that in mind? It was broadcast as part of the Telephone Time anthology series. And this is because of course, between revenues and cash flow, there are a number of costs, clearly roaming cost again reduced the impacts, but also the cost transformation we have just talked about is having an impact, and therefore, at cash flow level, we are less impacted. Our strategy is to be a technology communications leader enabling a digital society, more relevant than ever in a world that will be permanently changed by the impact of COVID-19. See how you can make meaningful contributions as a student or recent graduate at Morgan Stanley. This consistency of cash generation enables us to invest in the critical national infrastructure society relies upon, alongside enabling us to declare a dividend of EUR0.09 per share for the year. The winners in the space will be players who help users spend less time with meeting setup or resolving tech issues and instead focus on the quality and intimacy of the interaction. So it’s always been really a protagonist in our planning. I had a question if possible, I…. Thank you. In contrast, we have seen a significant increase in data and voice usage; some of which is out of bundle. Our board of directors and senior executives hold the belief that capital can and should benefit all of society. I’ve got a question on return on capital. We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals. It may not be that simple. I think you saw from the results, the UK is really performing and I think that the market conditions, if you like, strategically for us are favorable. Thanks, Nick. As the lower chart shows, we intend to build out the full functionality of services by market and drive M-Pesa’s overall contribution to service revenue growth. And there, in our new strategy, we have really focused to move at pace on network sharing precisely in order to improve returns. So I could go on. It’s really helpful for us. Third, access to information has been vital in limiting the outbreak and keeping the general public aware of what to do in an emergency. From a cost perspective, we have factored in obviously our transformation numbers as well as a degree of stability in our capital intensity, which is what Nick was explaining earlier and no major volume changes. We believe our greatest asset is our people. At our open office event in September last year, we showcased a number of advancements we are making to be the industry leader in this area, emphasizing at the time that this was a fundamental transformation of our operating model and not just cost cutting. Our purpose is to connect for a better future framed by three areas of focus: digital society; inclusion for all; and planet. First, we prioritize our investment in maintaining our critical infrastructure across both our fixed and mobile networks. So I think there is a product demand aspect. Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. So we see this as something that may be gradually building throughout the year. When she says we plan for it, we review the three-year, five-year long-range plans of all the markets, the strategies, the commercial actions, etc. Our next question comes from David at BAML. Facebook gives people the power to share and makes the world more open and connected. So though they’re making a lot of good progress, ultimately STC top management needs to be in Egypt, needs to engage with government, finish off the due diligence. Just keep that in mind, but that the cash flow level again 100% of the impact. And in Italy, we are now the lowest churning brand in Italy. Morgan Stanley Senior Research Analyst Emmet Kelly breaks down European telecoms’ four key strategies when it comes to the content game. I guess the question is, are there any real sort of sacred cows here, if your five major markets, the big four Europeans and Africa are not making that ROCE targets on a mid-term view. We are now open for Q&A. And following the completion of the acquisition of cable operator AbCom in Albania and the disposal of Malta, we are now fully converged in all our markets. Our successful convergence strategy is driving significant customer loyalty and NPS benefits with three-quarters of our mobile consumer contract customers now converged. I was going to say, question I image you’re expecting on the UK market and the deal between — announced between Liberty and Telefonica, the interest in just hearing kind of your reactions to that where you’re involved in negotiations in that asset, why you felt the deal with Telefonica rather than yourselves and whether that you feel has a broader impact on your UK business in the medium term, do you need to consider more M&A in the UK market yourself? Nascent tech companies are maturing at unprecedented pace, says Internet Analyst Andrea Ferraz. Of course, proof is in the pudding and actions, but I’d say we’re starting to get the bread crumbs and are starting to shape in the right direction.

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