MADRID Dec. 20 () –
Vodafone Spain invoiced 903 million euros in its second fiscal quarter, which runs between July and September, which represents around 1.5% less compared to the 916 million euros it received in the previous three months, according to unaudited accounts published this Friday by Zegona, the British investment firm that has owned the company since the middle of this year.
Because Zegona took control of Vodafone Spain on June 1 (after paying 5,000 million euros), the comparison of billing has only been made between quarters because the year-on-year comparison “is not significant in this case”, since, As Zegona has argued, the acquisition created a “discontinuity in the way revenue is recognized.”
In that sense, the decrease in income has been largely impacted by the accounting change applied since July 1 (from retail to wholesale income) following the agreement reached with Finetwork.
Last May both companies signed a wholesale network access agreement and, as part of the new deal, Finetwork evolved from a white label model to being a virtual mobile operator, which also led to Vodafone Spain migrating 1.2 million lines mobile and fixed to Finetwork.
In that sense, the company is promoting reinvestment in the customer base of part of the savings and efficiencies obtained by cost management to improve its attractiveness and competitiveness in the market, which has still had a limited impact on revenues. this quarter.
Despite the reduction in turnover, Vodafone Spain has improved its profitability given that the gross operating result after leases (ebitdaal) stood at 318 million euros in its second fiscal quarter, an advance of 6.35% compared to with the 299 million euros registered in the previous three months.
Regarding its commercial activity, Vodafone Spain has increased its customer base by 146,000 people in its second fiscal quarter compared to the previous three months.
Specifically, the company closed September with 13,528 million mobile lines, 122,000 more than in June, and with 2,755 million fiber lines (24,000 more).
For its part, the Zegona group, whose only asset is Vodafone Spain, has also presented its accounts, which reflect that the firm lost 213 million euros in the semester between March and September, while its operating result showed a negative figure of 59 million euros, although its gross result stood at 852 million euros.
In addition, the long-term debt of the Zegona group closed September at around 3.8 billion euros.
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