Full Year 2022 Vodafone Group PLC Earnings Call - Q&A Session Transcript
Good morning, and welcome, and thank you for joining us for our results call. Before we take your questions, I thought I would just cover 4 key points related to our results. Firstly, our financial performance in the year was good, and our results were in line with both the expectations for the year and the medium-term financial ambition we set out earlier in this year.
We grew revenues, both in Europe and Africa. We grew adjusted EBITDA by 5%. We grew adjusted free cash flow to EUR 5.4 billion and delivered a real inflection point in returns with 170 basis points increase in return on capital to 7.2%, well on the trajectory for returns to be above our weighted cost of capital.
Second, this good performance is a direct result of all the execution we've been doing on our organic strategy. And alongside that long-term strategy, we have very clear operational priorities, which obviously include Germany.
Third, we're not immune to the macroeconomic challenges in Europe and Africa, but we
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