In February 2019, we were the first operator in the World to complete a full 5G live connection, and we expect to have 5G live across 50 cities in Europe by the end of FY20 following commercial launches this summer. Going forward we intend to maintain a progressive dividend policy. In addition, by deploying RPA ‘bots’ in our shared services centres, we reduced over 1,600 FTE roles this year. A decline in the value of our listed stake in Vodafone Idea was a further headwind.
As Group CFO I am focused on three key objectives for the business. There is clear evidence that man-made greenhouse gases (‘GHG’) are having a direct negative impact on the climate. Investing in leading network assets is at the heart of our strategy, and we remain committed to providing a differentiated customer experience compared to value players. We expect to generate FCF pre-spectrum of at least €5.4 billion. We are a communications technology company responsible for connecting over 650 million people, and organisations of all sizes, to the digital society. In the Netherlands, VodafoneZiggo has already delivered half of the targeted cost and capex synergies, and now expects to achieve its goal of €210 million of annual run-rate savings by calendar 2020, one year ahead of its original plan.
These include: Our new dividend policy will also help to increase financial headroom.
The Board’s decision to rebase the dividend was not taken lightly, but we believe it is a necessary step to ensure that we deliver on our ambition to improve returns on capital, grow free cash flow and drive shareholder value. Our sustainable business strategy articulates our intention to deliver significant positive impact in three areas, each of which has the potential to improve the lives of our customers and wider society. The Group invested a further €10 billion in networks, spectrum and IT modernisation during the year. By sharing infrastructure, we will support the ‘digital society’ by improving network coverage and speeding up the deployment of 4G and 5G services; protect the planet by substantially reducing energy emissions; and materially improve the utilisation of our assets, realising significant cash savings in both operating costs and capital expenditure. Once the German spectrum auction concludes, this will largely complete the Group’s spectrum portfolio in the key 3.6GHz band in its major markets, and we anticipate lower spectrum needs from FY21 onwards. As a result we now expect to reduce net operating expenses in Europe and common functions by at least €1.2 billion by the end of FY21 compared to the FY18 levels, implying an annual run rate saving of c.€400 million. Annual report and accounts 2009 FirstGroup plc Preliminary results for the year to 31 March 2009 FirstGroup plc pre-close trading update for the 12 months to 31 March 2009 We are also making rapid progress in our efforts to improve capital efficiency through our ‘smart capex’ approach in combination with a number of important industry partnerships, particularly for 5G network sharing. During the coming year we will work to develop ‘Vodafone’s social contract’ with policy makers, politicians and regulators based on the shared principles of duty of care, fairness and leadership. Mobile data services and usage penetration is still relatively low, and there is the potential to expand M-Pesa, our African payments platform, beyond just money transfer to capture digital and financial services opportunities.
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