We are happy with our position in the U.S. and have no current plans to exit.

We see the recent changes to the competitive landscape in Germany as more pronounced against our historic expectations than for any of our other major markets.

You will see us growing the business organically as hard as we can, but equally keeping our minds open as to whether we can grow inorganically as well,

It has become increasingly clear that the greatest operational benefits come from strong local and regional scale.

The low-frills Internet offers in Germany are causing pricing to decline in that segment faster than we would have expected.

Vodafone has delivered a good operational performance in a challenging environment.