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"f19879": {
"value": "1. Basis of preparation This section describes the critical accounting judgements and estimates that management has identified as having a
\npotentially material impact on the Group\u2019s consolidated financial statements and sets out our significant accounting
\npolicies that relate to the financial statements as a whole. Where an accounting policy is generally applicable to a
\nspecific note to the financial statements, the policy is described within that note. We have also detailed below the new
\naccounting pronouncements that we will adopt in future years and our current view of the impact they will have on our
\nfinancial reporting.
\nThe consolidated financial statements are prepared in accordance with UK-adopted International Accounting Standards (\u2018IAS\u2019), with International
\nFinancial Reporting Standards (\u2018IFRS\u2019) as issued by the International Accounting Standards Board (\u2018IASB\u2019) and with the requirements of the
\nCompanies Act 2006 (the \u2018Act\u2019). The consolidated financial statements are prepared on a going concern basis (see page 112).
\nVodafone Group Plc is incorporated and domiciled in England and Wales (registration number 1833679). The registered address of the Company is
\nVodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England.
\nIFRS requires the Directors to adopt accounting policies that are the most appropriate to the Group\u2019s circumstances. These have been applied
\nconsistently to all the years presented, unless otherwise stated. In determining and applying accounting policies, Directors and management are
\nrequired to make judgements and estimates in respect of items where the choice of specific policy, accounting judgement, estimate or assumption
\nto be followed could materially affect the Group\u2019s reported financial position, results or cash flows and disclosure of contingent assets or liabilities
\nduring the reporting period; it may later be determined that a different choice may have been more appropriate.
\nThe Group\u2019s critical accounting judgements and key sources of estimation uncertainty are detailed below. Actual outcomes could differ from those
\nestimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
\nperiod in which the estimate is revised if the revision affects only that period; they are recognised in the period of the revision and future periods if
\nthe revision affects both current and future periods.
\nManagement regularly reviews, and revises as necessary, the accounting judgements that significantly impact the amounts recognised in the
\nfinancial statements and the estimates that are considered to be \u2018critical estimates\u2019 due to their potential to give rise to material adjustments in the
\nGroup\u2019s financial statements in the year to 31 March 2024. As at 31 March 2023, management has identified critical judgements in respect of
\nrevenue recognition, lease accounting, valuing assets and liabilities acquired in business combinations, the accounting for tax disputes, the
\nclassification of joint arrangements, whether to recognise provisions or to disclose contingent liabilities, held for sale accounting and the impacts of
\nclimate change. In addition, management has identified critical accounting estimates in relation to the recovery of deferred tax assets, post
\nemployment benefits and impairment reviews; estimates have also been identified that are not considered to be critical in respect of the allocation
\nof revenue to goods and services, the useful economic lives of finite lived intangible assets and property, plant and equipment.
\nThe majority of the Group\u2019s provisions are either long-term in nature (such as asset retirement obligations) or relate to shorter-term liabilities (such
\nas those relating to restructuring and property) where there is not considered to be a significant risk of material adjustment in the next financial year.
\nCritical judgements exercised in respect of tax disputes include cases in India and a tax dispute related to financing costs in the Netherlands.
\nThese critical accounting judgements, estimates and related disclosures have been discussed with the Group\u2019s Audit and Risk Committee.
\nCritical accounting judgements and key sources of estimation uncertainty
\nRevenue recognition
\nRevenue recognition under IFRS 15 necessitates the collation and processing of very large amounts of data and the use of management
\njudgements and estimates to produce financial information. The most significant accounting judgements and source of estimation uncertainty are
\ndisclosed below.
\nGross versus net presentation
\nIf the Group has control of goods or services when they are delivered to a customer, then the Group is the principal in the sale to the customer;
\notherwise the Group is acting as an agent. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by
\nmanagement of both the legal form and substance of the agreement between the Group and its business partners; such judgements impact the
\namount of reported revenue and operating expenses (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019) but do not impact reported
\nassets, liabilities or cash flows. Scenarios requiring judgement to determine whether the Group is a principal or an agent include, for example, those
\nwhere the Group delivers third-party branded software or services (such as premium music, TV content or cloud-based services) to customers and
\ngoods or those where services delivered to customers in partnership with a third-party.
\n
\n
\n
\n\nAllocation of revenue to goods and services provided to customers
\nRevenue is recognised when goods and services are delivered to customers (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019). Goods and
\nservices may be delivered to a customer at different times under the same contract, hence it is necessary to allocate the amount payable by the
\ncustomer between goods and services on a \u2018relative standalone selling price basis\u2019; this requires the identification of performance obligations
\n(\u2018obligations\u2019) and the determination of standalone selling prices for the identified obligations. The determination of obligations is, for the primary goods
\nand services sold by the Group, not considered to be a critical accounting judgement; the Group\u2019s policy on identifying obligations is disclosed in note 2
\n\u2018Revenue disaggregation and segmental analysis\u2019. The determination of standalone selling prices for identified obligations is discussed below.
\nIt is necessary to estimate the standalone price when the Group does not sell equivalent goods or services in similar circumstances on a standalone
\nbasis. When estimating the standalone price the Group maximises the use of external inputs; methods for estimating standalone prices include
\ndetermining the standalone price of similar goods and services sold by the Group, observing the standalone prices for similar goods and services when
\nsold by third parties or using a cost-plus reasonable margin approach (which is sometimes the case for devices and other equipment). Where it is not
\npossible to reliably estimate standalone prices due to a lack of observable standalone sales or highly variable pricing, which is sometimes the case for
\nservices, the standalone price of an obligation may be determined as the transaction price less the standalone prices of other obligations in the contract.
\nThe standalone price determined for obligations materially impacts the allocation of revenue between obligations and impacts the timing of revenue
\nwhen obligations are provided to customers at different times \u2013 for example, the allocation of revenue between devices, which are usually delivered up-
\nfront, and services which are typically delivered over the contract period. However, there is not considered to be a significant risk of material adjustment
\nto the carrying value of contract-related assets or liabilities in the 12 months after the balance sheet date if these estimates were revised.
\nLease accounting
\nLease accounting under IFRS 16 is complex and necessitates the collation and processing of very large amounts of data and the increased use of
\nmanagement judgements and estimates to produce financial information. The most significant accounting judgements are disclosed below.
\nLease identification
\nWhether the arrangement is considered a lease or a service contract depends on the analysis by management of both the legal form and substance of
\nthe arrangement between the Group and the counter-party to determine if control of an identified asset has been passed between the parties; if not, the
\narrangement is a service arrangement. Control exists if the Group obtains substantially all of the economic benefit from the use of the asset, and has the
\nability to direct its use, for a period of time. An identified asset exists where an agreement explicitly or implicitly identifies an asset or a physically distinct
\nportion of an asset which the lessor has no substantive right to substitute.
\nThe scenarios requiring the greatest judgement include those where the arrangement is for the use of fibre or other fixed telecommunication lines.
\nGenerally, where the Group has exclusive use of a physical line it is determined that the Group can also direct the use of the line and therefore leases will
\nbe recognised. Where the Group provides access to fibre or other fixed telecommunication lines to another operator on a wholesale basis the
\narrangement will generally be identified as a lease, whereas when the Group provides fixed line services to an end-user, generally control over such lines
\nis not passed to the end-user and a lease is not identified.
\nThe impact of determining whether an agreement is a lease or a service depends on whether the Group is a potential lessee or lessor in the arrangement
\nand, where the Group is a lessor, whether the arrangement is classified as an operating or finance lease. The impacts for each scenario are described
\nbelow where the Group is potentially:
\n-
A lessee. The judgement impacts the nature and timing of both costs and reported assets and liabilities. A lease results in an asset and a liability being
\nreported and depreciation and interest being recognised; the interest charge will decrease over the life of the lease. A service contract results in
\noperating expenses being recognised evenly over the life of the contract and no assets or liabilities being recorded (other than trade payables,
\nprepayments and accruals).
\n-
An operating lessor. The judgement impacts the nature of income recognised. An operating lease results in lease income being recognised whilst a
\nservice contract results in service revenue. Both are recognised evenly over the life of the contract.
\n-
A finance lessor. The judgement impacts the nature and timing of both income and reported assets. A finance lease results in the lease income being
\nrecognised at commencement of the lease and an asset (the net investment in the lease) being recorded.
\nLease term
\nWhere leases include additional optional periods after an initial lease term, significant judgement is required in determining whether these optional
\nperiods should be included when determining the lease term. The impact of this judgement is significantly greater where the Group is a lessee. As a
\nlessee, optional periods are included in the lease term if the Group is reasonably certain it will exercise an extension option or will not exercise a
\ntermination option; this depends on an analysis by management of all relevant facts and circumstances including the leased asset\u2019s nature and purpose,
\nthe economic and practical potential for replacing the asset and any plans that the Group has in place for the future use of the asset. Where a leased
\nasset is highly customised (either when initially provided or as a result of leasehold improvements) or it is impractical or uneconomic to replace then the
\nGroup is more likely to judge that lease extension options are reasonably certain to be exercised. The value of the right-of-use asset and lease liability will
\nbe greater when extension options are included in the lease term. The normal approach adopted for lease term by asset class is described below.
\n
\n\n
The lease terms can vary significantly by type and use of asset and geography. In addition, the exact lease term is subject to the non-cancellable period
\nand rights and options in each contract. Generally, lease terms are judged to be the longer of the minimum lease term and:
\n-
Between 5 and 10 years for land and buildings (excluding retail), with terms at the top end of this range if the lease relates to assets that are considered
\nto be difficult to exit sooner for economic, practical or reputational reasons;
\n-
To the next contractual lease break date for retail premises (excluding breaks within the next 12 months);
\n-
Where leases are used to provide internal connectivity the lease term for the connectivity is aligned to the lease term or useful economic life of the
\nassets connected;
\n-
The customer service agreement length for leases of local loop connections or other assets required to provide fixed line services to individual
\ncustomers; and
\n-
Where there are contractual agreements to provide services using leased assets, the lease term for these assets is generally set in accordance with the
\nabove principles or for the lease term required to provide the services for the agreed service period, if longer.
\nIn most instances the Group has options to renew or extend leases for additional periods after the end of the lease term which are assessed using the
\ncriteria above.
\nLease terms are reassessed if a significant event or change in circumstances occurs relating to the leased assets that is within the control of the Group;
\nsuch changes usually relate to commercial agreements entered into by the Group, or business decisions made by the Group.
Where such changes
\nchange the Group\u2019s assessment of whether it is reasonably certain to exercise options to extend, or not terminate leases, then the lease term is
\nreassessed and the lease liability is remeasured, which in most cases will increase the lease liability.
\nTaxation
\nThe Group\u2019s tax charge on ordinary activities is the sum of the total current and deferred tax charges. The calculation of the Group\u2019s total tax charge
\ninvolves estimation and judgement in respect of certain matters, being principally:
\nRecognition of deferred tax assets
\nSignificant items on which the Group has exercised accounting estimation and judgement include the recognition of deferred tax assets in respect
\nof losses in Luxembourg, Germany, Italy and Spain as well as capital allowances in the United Kingdom. The recognition of deferred tax assets,
\nparticularly in respect of tax losses, is based upon whether management judge that it is probable that there will be sufficient and suitable taxable
\nprofits in the relevant legal entity or tax group against which to utilise the assets in the future. The Group assesses the availability of future taxable
\nprofits using the same undiscounted five year forecasts for the Group\u2019s operations as are used in the Group\u2019s value in use calculations (see note 4
\n\u2018Impairment losses\u2019). In the case of Luxembourg, this includes forecasts of future income from the Group\u2019s internal financing, centralised
\nprocurement and roaming activities.
\nWhere tax losses are forecast to be recovered beyond the five year period, the availability of taxable profits is assessed using the cash flows and long-
\nterm growth rates used for the value in use calculations.
\nThe estimated cash flows inherent in these forecasts include the unsystematic risks of operating in the telecommunications business including the
\npotential impacts of changes in the market structure, trends in customer pricing, the costs associated with the acquisition and retention of
\ncustomers, future technological evolutions and potential regulatory changes, such as our ability to acquire and/or renew spectrum licences.
\nChanges in the estimates which underpin the Group\u2019s forecasts could have an impact on the amount of future taxable profits and could have a
\nsignificant impact on the period over which the deferred tax asset would be recovered.
\nThe Group only considers substantively enacted tax laws when assessing the amount and availability of tax losses to offset against the future taxable
\nprofits. See note 6 \u2018Taxation\u2019 to the consolidated financial statements.
\nSee additional commentary relating to climate change below.
\nUncertain tax positions
\nThe tax impact of a transaction or item can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The
\nGroup uses in-house tax experts when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate.
\nThe most significant judgements in this area relate to the Group\u2019s tax disputes in India and a tax dispute related to financing costs in the Netherlands.
\nFurther details of tax disputes are included in note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\nBusiness combinations and goodwill
\nWhen the Group completes a business combination, the fair values of the identifiable assets and liabilities acquired, including intangible assets, are
\nrecognised. The determination of the fair values of acquired assets and liabilities is based, to a considerable extent, on management\u2019s judgement. If the
\npurchase consideration exceeds the fair value of the net assets acquired then the incremental amount paid is recognised as goodwill. If the purchase
\nprice consideration is lower than the fair value of the assets acquired then the difference is recorded as a gain in the income statement.
\nAllocation of the purchase price between finite lived assets (discussed below) and indefinite lived assets such as goodwill affects the subsequent results
\nof the Group as finite lived intangible assets are amortised, whereas indefinite lived intangible assets, including goodwill, are not amortised.
\nSee note 27 \u2018Acquisitions and disposals\u2019 to the consolidated financial statements for further details.
\n
\n
\n
\n
\nJoint arrangements
\nThe Group participates in a number of joint arrangements where control of the arrangement is shared with one or more other parties. Judgement is
\nrequired to classify joint arrangements in a separate legal entity as either a joint operation or as a joint venture, which depends on management\u2019s
\nassessment of the legal form and substance of the arrangement taking into account relevant facts and circumstances such as whether the owners have
\nrights to substantially all the economic outputs and, in substance, settle the liabilities of the entity.
\nThe classification can have a material impact on the consolidated financial statements. The Group\u2019s share of assets, liabilities, revenue, expenses and
\ncash flows of joint operations are included in the consolidated financial statements on a line-by-line basis, whereas the Group\u2019s investment and share of
\nresults of joint ventures are shown within single line items in the consolidated statement of financial position and consolidated income statement
\nrespectively. See note 12 \u2018Investments in associates and joint arrangements\u2019 to the consolidated financial statements.
\nFinite lived intangible assets
\nOther intangible assets include amounts spent by the Group acquiring licences and spectrum, customer bases and the costs of purchasing and
\ndeveloping computer software.
\nWhere intangible assets are acquired through business combinations and no active market for the assets exists, the fair value of these assets is
\ndetermined by discounting estimated future net cash flows generated by the asset. Estimates relating to the future cash flows and discount rates used
\nmay have a material effect on the reported amounts of finite lived intangible assets.
\nEstimation of useful life
\nThe useful life over which intangible assets are amortised depends on management\u2019s estimate of the period over which economic benefit will be derived
\nfrom the asset. Useful lives are periodically reviewed to ensure that they remain appropriate. Management\u2019s estimates of useful life have a material
\nimpact on the amount of amortisation recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying
\nvalues of intangible assets in the year to 31 March 2024 if these estimates were revised. The basis for determining the useful life for the most significant
\ncategories of intangible assets are discussed below.
\nCustomer bases
\nThe estimated useful life principally reflects management\u2019s view of the average economic life of the customer base and is assessed by reference to
\ncustomer churn rates. An increase in churn rates may lead to a reduction in the estimated useful life and an increase in the amortisation charge.
\nCapitalised software
\nFor computer software, the estimated useful life is based on management\u2019s view, considering historical experience with similar products as well as
\nanticipation of future events which may impact their life such as changes in technology. The useful life will not exceed the duration of a licence.
\nProperty, plant and equipment
\nProperty, plant and equipment represents 24.4% of the Group\u2019s total assets (2022: 26.5%). Estimates and assumptions made may have a material impact
\non their carrying value and related depreciation charge. See note 11 \u2018Property, plant and equipment\u2019 to the consolidated financial statements for further
\ndetails.
\nEstimation of useful life
\nThe depreciation charge for an asset is derived using estimates of its expected useful life and expected residual value, which are reviewed annually.
\nManagement\u2019s estimates of useful life have a material impact on the amount of depreciation recorded in the year, but there is not considered to be a
\nsignificant risk of material adjustment to the carrying values of property, plant and equipment in the year to 31 March 2024 if these estimates were
\nrevised.
\nManagement determines the useful lives and residual values for assets when they are acquired, based on experience with similar assets and taking into
\naccount other relevant factors such as any expected changes in technology.
\nSee additional commentary relating to climate change, below.
\nPost employment benefits
\nManagement uses estimates when determining the Group\u2019s liabilities and expenses arising for defined benefit pension schemes. Management is
\nrequired to estimate the future rates of inflation, salary increases, discount rates and longevity of members, each of which may have a material impact on
\nthe defined benefit obligations that are recorded. Further details, including a sensitivity analysis, are included in note 25 \u2018Post employment benefits\u2019 to
\nthe consolidated financial statements.
\nContingent liabilities
\nThe Group exercises judgement to determine whether to recognise provisions and the exposures to contingent liabilities related to pending litigations or
\nother outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities (see
\nnote 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements). Judgement is necessary to assess the likelihood that a
\npending claim will succeed, or a liability will arise.
\nImpairment reviews
\nIFRS requires management to perform impairment tests annually for indefinite lived assets, and for finite lived assets and for equity accounted
\ninvestments if events or changes in circumstances indicate that their carrying amounts may not be recoverable.
\nManagement is required to make significant judgments concerning the identification of impairment indicators, the determination of fair values for assets
\nand whether the carrying value of assets can be supported by the net present value of future cash flows that they are expected to generate.
\n
\n\n
The Group performs an annual impairment test which focuses on determining a recoverable amount for its assets based on value in use, rather than
\nfair value less costs of disposal due to a lack of observable market data on fair values for equivalent assets.
\nCalculating the net present value of the future cash flows requires estimates to be made in respect of highly uncertain matters including
\nmanagement\u2019s expectations of:
\n\u2212
Growth in adjusted EBITDAaL, (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019 for a reconciliation to the consolidated income
\nstatement);
\n\u2212
Timing and amount of future capital expenditure, licence and spectrum payments;
\n\u2212
Long-term growth rates; and
\n\u2212
Appropriate discount rates to reflect the risks involved.
\nChanging the assumptions selected by management, in particular projected adjusted EBITDAaL, long-term growth rate and discount rate
\nassumptions, could significantly affect the Group\u2019s impairment evaluation and hence reported assets and profits or losses. Further details, including
\na sensitivity analysis, are included in note 4 \u2018Impairment losses\u2019 to the consolidated financial statements.
\nWhere the Group has interests in listed entities, market data, such as share price, is used to assess the fair value of those interests. If the market
\ncapitalisation indicates that their carrying amounts may not be recoverable, possible adjustments to the share price are reviewed and, where
\ninformation is available, a value in use calculation is performed to support a conclusion on impairment.
\nFor operations that are classified as held for sale, management is required to determine whether the carrying value of the discontinued operation
\ncan be supported by the fair value less costs of disposal. Where not observable in a quoted market, management has determined fair value less
\ncosts to sell by reference to the outcomes from the application of a number of potential valuation techniques, determined from inputs other than
\nquoted prices that are observable for the asset or liability, either directly or indirectly.
\nFor a number of reasons, transaction values agreed as part of any business acquisition or disposal may be higher than the assessed value in use.
\nSee additional commentary relating to climate change, below.
\nHeld for sale accounting
\nWhen the value of a non-current asset or a group of assets in a disposal group will be primarily recovered through a sale transaction and there is an
\nactive plan for the disposal such that it is highly probable that the disposal will be completed within 12 months (subject to certain matters outside of
\nthe Group\u2019s control) then the related assets will be classified as held for sale or as a discontinued operation.
\nJudgement is applied by management in determining if assets meet the requirements to be classified as held for sale or as discontinued operations.
\nFurther detail is provided in note 7 \u2018Discontinued operations and assets held for sale\u2019.
\nClimate change
\nThe potential climate change-related risks and opportunities to which the Group is exposed, as identified by management, are disclosed in the
\nGroup\u2019s TCFD disclosures on pages 58 and 59. Management has assessed the potential financial impacts relating to the identified risks, primarily
\nconsidering the useful lives of, and retirement obligations for, property, plant and equipment, the possibility of impairment of goodwill and other
\nlong-lived assets and the recoverability of the Group\u2019s deferred tax assets. Management has exercised judgement in concluding that there are no
\nfurther material financial impacts of the Group\u2019s climate-related risks and opportunities on the consolidated financial statements. These
\njudgements will be kept under review by management as the future impacts of climate change depend on environmental, regulatory and other
\nfactors outside of the Group\u2019s control which are not all currently known.
\nSignificant accounting policies applied in the current reporting period that relate to the financial statements as a
\nwhole
\nAccounting convention
\nThe consolidated financial statements are prepared on a historical cost basis except for certain financial and equity instruments that have been
\nmeasured at fair value and for the application of IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 for the Group\u2019s entities reporting in
\nTurkish lira (see below).
\nBasis of consolidation
\nThe consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 31
\n\u2018Related undertakings\u2019 to the consolidated financial statements), joint operations that are subject to joint control and the results of joint ventures
\nand associates (see note 12 \u2018Investments in associates and joint arrangements\u2019 to the consolidated financial statements).
\nBasis of preparation changes adopted on 1 April 2022 - Hyperinflation
\nAs anticipated in the Annual Report for the year ended 31 March 2022, Turkey met the requirements to be designated as a hyperinflationary
\neconomy under IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 in the quarter ended 30 June 2022. In addition, Ethiopia where the
\nGroup\u2019s associate, Safaricom, has operations has also become a hyperinflationary economy in the year. The Group has therefore applied
\nhyperinflationary accounting, as specified in IAS 29, at its Turkish operations whose functional currency is the Turkish lira and to Safaricom\u2019s
\noperations in Ethiopia where the Ethiopian birr is the functional currency for the reporting period commencing 1 April 2022. This resulted in an
\nopening balance adjustment of \u20ac565 million to consolidated equity.
\nIn accordance with IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019, comparative amounts have not been restated.
\n\n
\n
\n
\nTurkish lira and Ethiopian birr results and non-monetary asset and liability balances for the current financial year ended 31 March 2023 have been
\nrevalued to their present value equivalent local currency amount as at 31 March 2023, based on an inflation index, before translation to euros at the
\nreporting date exchange rate of \u20ac1: 20.85 TRL and \u20ac1:58.59 ETB, respectively.
\nFor the Group\u2019s operations in Turkey:
\n\u2212
The gain or loss on net monetary assets resulting from IAS 29 application is recognised in the consolidated income statement within Other
\nincome.
\n\u2212
The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation on operating,
\ninvesting and financing cash flows as one number in the consolidated statement of cash flows.
\n\u2212
The Group has presented the IAS 29 opening balance adjustment to net assets within currency reserves in equity. Subsequent IAS 29 equity
\nrestatement effects and the impact of currency movements are presented within other comprehensive income because such amounts are
\njudged to meet the definition of \u2018exchange differences\u2019.
\nFor Safaricom\u2019s operations in Ethiopia, the impacts of IAS 29 accounting are reflected as an increase to Investments in associates and joint ventures
\nand an increase to Equity.
\nThe inflation index in Turkey selected to reflect the change in purchasing power was the consumer price index (CPI) issued by the Turkish Statistical
\nInstitute which has risen by 50.5% during the current financial year ended 31 March 2023.The inflation index selected in Ethiopia is the CPI issued by
\nthe Ethiopian Statistics Service which rose 31.3% in the year ended 31 March 2023.
\nThe main impacts of the aforementioned adjustments on the consolidated financial statements are shown below.
\nYear ended 31 March
\nIncrease/(decrease)
\n\u20acm
\nRevenue
85
\nOperating profit
(87)
\nProfit for the financial year
(123)
\nNon-current assets
814
\nEquity attributable to owners of the parent
777
\nNon-controlling interests
37
\nForeign currencies
\nThe consolidated financial statements are presented in euro, which is also the Company\u2019s functional currency. Each entity in the Group determines
\nits own functional currency and items included in the financial statements of each entity are measured using that functional currency.
\nWith the exception of the Group\u2019s Turkish lira operations, which are subject to hyperinflation accounting (see above), transactions in foreign
\ncurrencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated
\nin foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-
\nmonetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction
\ndates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
\nShare capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction
\nand are not retranslated.
\nFor the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are
\nexpressed in euro using exchange rates prevailing at the reporting period date.
\nIncome and expense items and cash flows are translated at the average exchange rates for each month and exchange differences arising are
\nrecognised directly in other comprehensive income. On disposal of a foreign entity, the cumulative amount previously recognised in the
\nconsolidated statement of comprehensive income relating to that particular foreign operation is recognised in profit or loss in the consolidated
\nincome statement.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and
\ntranslated accordingly.
\nThe net foreign exchange gain recognised in the consolidated income statement for the year ended 31 March 2023 is \u20ac111 million (31 March 2022:
\n\u20ac309 million loss; 2021: \u20ac13 million loss). The net gains and net losses are recorded within operating profit (2023: \u20ac247 million credit; 2022: \u20ac24
\nmillion charge; 2021: \u20ac3 million credit), financing costs (2023: \u20ac135 million charge; 2022: \u20ac284 million charge; 2021 \u20ac23 million charge) and
\nincome tax expense (2023: \u20ac1 million charge; 2022: \u20ac1 million charge; 2021: \u20ac7 million credit). The foreign exchange gains and losses included
\nwithin other income arise on the disposal of subsidiaries, interests in joint ventures, associates and investments from the recycling of foreign
\nexchange gains and losses previously recognised in the consolidated statement of comprehensive income.
\n
\n
\n
Current or non-current classification
\nAssets are classified as current in the consolidated statement of financial position where recovery is expected within 12 months of the reporting
\ndate. All assets where recovery is expected more than 12 months from the reporting date and all deferred tax assets, goodwill and intangible assets,
\nproperty, plant and equipment and investments in associates and joint ventures are reported as non-current.
\nLiabilities are classified as current unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the
\nreporting date. For provisions, where the timing of settlement is uncertain, amounts are classified as non-current where settlement is expected
\nmore than 12 months from the reporting date. In addition, deferred tax liabilities and post-employment benefits are reported as non-current.
\nInventory
\nInventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct
\nmaterials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present
\nlocation and condition.
\nNew accounting pronouncements adopted on or after 1 April 2022
\nThe Group adopted the following new accounting policies on 1 April 2022 to comply with amendments to IFRS. The accounting pronouncements,
\nnone of which had a material impact on the Group\u2019s financial reporting on adoption, are:
\n\u2212
Annual Improvements to IFRS Standards 2018-2020;
\n\u2212
Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019;
\n\u2212
Amendments to IAS 37 \u2018Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019; and
\n\u2212
Amendments to IFRS 3 \u2018Reference to the Conceptual Framework\u2019.
\nNew accounting pronouncements to be adopted on or after 1 April 2023
\nThe following new standards and narrow-scope amendments have been issued by the IASB and are effective for annual reporting periods beginning
\non or after 1 January 2023:
\n\u2212
IFRS 17 \u2018Insurance Contracts\u2019;
\n\u2212
Amendments to IAS 1 \u2018Disclosure of Accounting Policies\u2019;
\n\u2212
Amendment to IAS 8 \u2018Definition of Accounting Estimates\u2019; and
\n\u2212
Amendment to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019.
\nThese amendments have been endorsed by the UK Endorsement Board. The Group\u2019s financial reporting will be presented in accordance with the
\nabove new standards from 1 April 2023. The amendments to IAS 1, IAS 8 and IAS 12 are not expected to have a material impact on the consolidated
\nincome statement, consolidated statement of financial position or consolidated statement of cash flows. The impact of the adoption of IFRS 17 is
\naddressed below.
\nIFRS 17 \u2018Insurance Contracts\u2019
\nIFRS 17 sets out revised principles for the recognition, measurement, presentation and disclosure of insurance contracts.
The Group issues certain
\nshort and long-term insurance contracts including device insurance and the reinsurance of a third-party annuity policy issued to the Vodafone and
\nCWW Sections of the Vodafone UK Group Pension Scheme.
\nThe adoption of IFRS 17 will result in insurance and reinsurance liabilities being reclassified into a separate line item from Trade and other payables
\nand Provisions.
The total reclassifications as at 1 April 2023 and for comparative periods are estimated to range from \u20ac400 million to \u20ac650 million,
\nthe largest element relating to the reinsurance of the third-party annuity policy (see Note 15 \u2018Trade and other payables\u2019 and Note 25 \u2018Post
\nemployment benefits\u2019). Prior periods will be re-presented on adoption of IFRS 17; no material adjustments are expected to equity or to the Group\u2019s
\nConsolidated Income Statement on adoption.
\nThe Group will issue further details on the impact of adopting IFRS 17 as part of the Interim Financial Statements for the six months ending 30
\nSeptember 2023.
\nNew accounting pronouncements to be adopted on or after 1 April 2024
\nThe following amendments have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2024; they have not
\nyet been endorsed by the UK Endorsement Board.
\n\u2212
Amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-Current\u2019; Amendments to IAS 1 \u2018Non-current Liabilities and Covenants\u2019; and
\n\u2212
Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019.
\nThe Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards
\nfrom 1 April 2024 as applicable.
\n
\n\n
\n2. Revenue disaggregation and segmental analysis
\nThe Group\u2019s businesses are managed on a geographical basis. Selected financial data is presented on this basis below.
\nAccounting policies
\nRevenue
\nWhen the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate
\nperformance obligations (\u2018obligations\u2019) to the extent that the customer can benefit from the goods or services on their own and that the separate
\ngoods and services are considered distinct from other goods and services in the agreement. Where individual goods and services do not meet the
\ncriteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is
\nidentified. The obligations identified will depend on the nature of individual customer contracts, but might typically be separately identified for
\nmobile handsets, other equipment such as set-top boxes and routers provided to customers and services provided to customers such as mobile and
\nfixed line communication services. Where goods and services have a functional dependency (for example, a fixed line router can only be used with
\nthe Group\u2019s services) this does not, in isolation, prevent those goods or services from being assessed as separate obligations. Activities relating to
\nconnecting customers to the Group\u2019s network for the future provision of services are not considered to meet the criteria to be recognised as
\nobligations except to the extent that the control of related equipment passes to customers.
\nThe Group determines the transaction price to which it expects to be entitled in return for providing the promised obligations to the customer based
\non the committed contractual amounts, net of sales taxes and discounts. Where indirect channel dealers, such as retailers, acquire customer
\ncontracts on behalf of the Group and receive commission, any commissions that the dealer is compelled to use to fund discounts or other
\nincentives to the customer are treated as payments to the customer when determining the transaction price and consequently are not included in
\ncontract acquisition costs.
\nThe transaction price is allocated between the identified obligations according to the relative standalone selling prices of the obligations. The
\nstandalone selling price of each obligation deliverable in the contract is determined according to the prices that the Group would achieve by selling
\nthe same goods and/or services included in the obligation to a similar customer on a standalone basis; where standalone selling prices are not
\ndirectly observable, estimation techniques are used maximising the use of external inputs. See \u2018Critical accounting judgements and key sources of
\nestimation uncertainty\u2019 in note 1 for details. Revenue is recognised when the respective obligations in the contract are delivered to the customer
\nand cash collection is considered probable. Revenue for the provision of services, such as mobile airtime and fixed line broadband, is recognised
\nwhen the Group provides the related service during the agreed service period.
\nRevenue for device sales to end customers is generally recognised when the device is delivered to the end customer. For device sales made to
\nintermediaries such as indirect channel dealers, revenue is recognised if control of the device has transferred to the intermediary and the
\nintermediary has no right to return the device to receive a refund; otherwise revenue recognition is deferred until sale of the device to an end
\ncustomer by the intermediary or the expiry of any right of return.
\nWhere refunds are issued to customers they are deducted from revenue in the relevant service period.
\nWhen the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a
\nprincipal, receipts from, and payments to, suppliers are reported on a gross basis in revenue and operating costs. If another party has control of
\ngoods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant
\nobligations is recognised net of any related payments to the supplier and recognised revenue represents the margin earned by the Group. See
\n\u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 for details.
\nCustomers typically pay in advance for prepay mobile services and monthly for other communication services. Customers typically pay for handsets
\nand other equipment either up-front at the time of sale or over the term of the related service agreement.
\nWhen revenue recognised in respect of a customer contract exceeds amounts received or receivable from a customer at that time a contract asset
\nis recognised; contract assets will typically be recognised for handsets or other equipment provided to customers where payment is recovered by
\nthe Group via future service fees. If amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the
\nGroup receives an advance payment from a customer, a contract liability is recognised.
\nWhen contract assets or liabilities are recognised, a financing component may exist in the contract; this is typically the case when a handset or other
\nequipment is provided to a customer up-front but payment is received over the term of the related service agreement, in which case the customer is
\ndeemed to have received financing. If a significant financing component is provided to the customer, the transaction price is reduced and interest
\nrevenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant central bank rates and customer credit risk.
\nContract-related costs
\nWhen costs directly relating to a specific contract are incurred prior to recognising revenue for a related obligation, and those costs enhance the
\nability of the Group to deliver an obligation and are expected to be recovered, then those costs are recognised on the consolidated statement of
\nfinancial position as fulfilment costs and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered.
\nThe direct and incremental costs of acquiring a contract including, for example, certain commissions payable to staff or agents for acquiring
\ncustomers on behalf of the Group, are recognised as contract acquisition cost assets in the consolidated statement of financial position when the
\nrelated payment obligation is recorded. Costs are recognised as an expense in line with the recognition of the related revenue that is expected to be
\nearned by the Group; typically this is over the customer contract period as new commissions are payable on contract renewal. Certain amounts
\npayable to agents are deducted from revenue recognised (see above).
\n\n\n
Revenue disaggregation and segmental income statement analysis
\nRevenue reported for the year includes revenue from contracts with customers, comprising service and equipment revenue, as well as other
\nrevenue items including revenue from leases and interest revenue arising from transactions with a significant financing component.
\nThe tables below present Revenue and Adjusted EBITDAaL for the year ended 31 March 2023 and for the comparative years ended 31 March 2022
\nand 31 March 2021. The comparative information for the year ended 31 March 2021 is presented under the previous segmental reporting structure.
\nRevenue from
Total
\nService
Equipment
contracts with
Other
Interest
segment
Adjusted
\n31 March 2023
\nrevenue
revenue
customers
revenue
\n1
\nrevenue
revenue
EBITDAaL
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGermany
11,433
1,313
12,746
350
17
13,113
5,323
\nItaly
4,251
426
4,677
122
10
4,809
1,453
\nUK
5,358
1,375
6,733
58
33
6,824
1,350
\nSpain
3,514
307
3,821
60
26
3,907
947
\nOther Europe
5,005
602
5,607
117
20
5,744
1,632
\nVodacom
4,849
1,034
5,883
403
28
6,314
2,159
\nOther Markets
3,300
530
3,830
4
\u2013
3,834
1,145
\nVantage Towers
\u2013
\u2013
\u2013
1,338
\u2013
1,338
795
\nCommon Functions
\n2
\n530
47
577
810
\u2013
1,387
(139)
\nEliminations
(271)
(1)
(272)
(1,292)
\u2013
(1,564)
\u2013
\nGroup
37,969
5,633
43,602
1,970
134
45,706
14,665
\nRevenue from
Total
\nService
Equipment
contracts with
Other
Interest
segment
Adjusted
\n31 March 2022
\nrevenue
revenue
customers
revenue
\n1
\nrevenue
revenue
EBITDAaL
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGermany
11,616
1,126
12,742
365
21
13,128
5,669
\nItaly
4,379
525
4,904
108
10
5,022
1,699
\nUK
5,154
1,333
6,487
69
33
6,589
1,395
\nSpain
3,714
369
4,083
73
24
4,180
957
\nOther Europe
5,001
528
5,529
105
19
5,653
1,606
\nVodacom
4,635
950
5,585
384
24
5,993
2,125
\nOther Markets
3,420
404
3,824
6
\u2013
3,830
1,335
\nVantage Towers
\u2013
\u2013
\u2013
1,252
\u2013
1,252
619
\nCommon Functions
\n2
\n522
53
575
838
1
1,414
(197)
\nEliminations
(238)
(1)
(239)
(1,242)
\u2013
(1,481)
\u2013
\nGroup
38,203
5,287
43,490
1,958
132
45,580
15,208
\nRevenue from
Total
\nService
Equipment
contracts with
Other
Interest
segment
Adjusted
\n31 March 2021
\nrevenue
revenue
customers
revenue
\n1
\nrevenue
revenue
EBITDAaL
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGermany
11,520
1,055
12,575
380
29
12,984
5,634
\nItaly
4,458
446
4,904
97
13
5,014
1,597
\nUK
4,848
1,206
6,054
44
53
6,151
1,367
\nSpain
3,788
292
4,080
64
22
4,166
1,044
\nOther Europe
4,859
549
5,408
124
17
5,549
1,760
\nVodacom
4,083
800
4,883
282
16
5,181
1,873
\nOther Markets
3,312
441
3,753
12
\u2013
3,765
1,228
\nCommon Functions
\n2
\n470
36
506
862
\u2013
1,368
(117)
\nEliminations
(197)
(1)
(198)
(171)
\u2013
(369)
\u2013
\nGroup
37,
4,824
41,965
1,694
150
43,809
14,386
\nNotes:
\n1
Other revenue includes lease revenue recognised under IFRS 16 \u2018Leases\u2019 (see note 20 \u2018Leases\u2019).
\n2
Comprises central teams and business functions.
\nThe total future revenue from the remaining term of Group\u2019s contracts with customers for performance obligations not yet delivered to those
\ncustomers at 31 March 2023 is \u20ac18,521 million (2022: \u20ac20,013 million; 2021: \u20ac21,038 million); of which \u20ac11,941 million (2022: \u20ac12,913 million;
\n2021: \u20ac14,110 million) is expected to be recognised within the next year and the majority of the remaining amount in the following 12 months.
\n
\n
\n
\n\nSegmental analysis
\nThe Group\u2019s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating
\ndecision maker in deciding how to allocate resources and in assessing performance. The Group has determined the chief operating decision maker
\nto be its Chief Executive. The Group has a single group of similar services and products, being the supply of communications services and related
\nproducts.
\nVantage Towers A.G. (\u2018Vantage Towers\u2019) has been presented as a separate segment of the Group since 1 April 2021, following its IPO in March 2021;
\nthe segmental presentation for the year ended 31 March 2021 was not revised.
Vantage Towers continued to be reported as a separate segment
\nuntil the time of its disposal.
\nFrom 1 April 2023, the Group will revise its segments by moving Vodafone Egypt from the Other Markets segment to the Vodacom segment to
\nreflect the effective date of changes made to the Group\u2019s internal reporting structure, following the transfer of Vodafone Egypt to the Vodacom
\ngroup in December 2022.
\nRevenue is attributed to a country based on the location of the Group company reporting the revenue. Transactions between operating segments
\nare charged at arm\u2019s-length prices.
\nWith the exception of Vodacom, which is a legal entity encompassing South Africa and certain other smaller African markets, and Vantage Towers,
\nwhich comprises companies providing mobile tower infrastructure in a number of European markets, segment information is primarily provided on
\nthe basis of geographic areas, being the basis on which the Group manages its worldwide interests.
\nThe operating segments for Germany, Italy, UK, Spain and Vodacom are individually material for the Group and are each reporting segments for
\nwhich certain financial information is provided. In addition, the Vantage Towers operating segment was a separately listed part of the Group until its
\ndisposal into a joint venture on 22 March 2023 (see note 27 \u2018Acquisitions and disposals\u2019) and is presented as a reporting segment as it is considered
\nto provide useful information to users of the financial statements. The aggregation of smaller operating segments into the Other Europe and Other
\nMarkets reporting segments reflects, in the opinion of management, the similar local market economic characteristics and regulatory environments
\nfor each of those operating segments as well as the similar products and services sold and comparable classes of customers. In the case of the
\nOther Europe region (comprising Albania, Czech Republic, Greece, Hungary (to the date of its disposal), Ireland, Portugal and Romania), this largely
\nreflects membership or a close association with the European Union, while the Other Markets segment (comprising Egypt, Ghana (to the date of its
\ndisposal) and Turkey) largely includes developing economies with less stable economic or regulatory environments. Common Functions is a
\nseparate reporting segment and comprises activities which are undertaken primarily in central Group entities that do not meet the criteria for
\naggregation with other reporting segments.
\nA reconciliation of adjusted EBITDAaL, the Group\u2019s measure of segment profit, to the Group\u2019s profit or loss before taxation for the financial year is
\nshown below.
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nAdjusted EBITDAaL
14,665
15,208
14,386
\nRestructuring costs
(587)
(346)
(356)
\nInterest on lease liabilities
436
398
374
\nLoss on disposal of owned assets
(36)
(28)
(30)
\nDepreciation and amortisation on owned assets
(9,649)
(9,858)
(10,187)
\nShare of results of equity accounted associates and joint ventures
433
389
374
\nImpairment loss
\n2
\n(64)
\u2013
\u2013
\nOther income
9,098
50
568
\nOperating profit
14,296
5,813
5,129
\nInvestment income
248
254
245
\nFinance costs
(1,728)
(1,964)
(1,027)
\nProfit before taxation
12,816
4,103
4,347
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, the share of result of equity accounted associates and joint ventures has increased by \u20ac178 million, other income has decreased by \u20ac29 million and operating profit has
\nincreased by \u20ac149 million compared to amounts previously reported. In the year ended 31 March 2021, the share of result of equity accounted associates and joint ventures has increased by
\n\u20ac32 million, operating profit has increased by \u20ac32 million and investment income has decreased by \u20ac85 million compared to amounts previously reported. See note 7 \u2018Discontinued
\noperations and assets held for sale\u2019 for more information.
\n2
The FY23 impairment loss relates to Indus Towers and is included in the Other Markets segment. See overleaf and Note 4 \u2018Impairment losses\u2019.
\n
\n
\n
Segmental assets
\nThe tables below present the segmental assets for the year ended 31 March 2023 and for the comparative years ended 31 March 2022 and 31
\nMarch 2021. The comparative information for the year ended 31 March 2021 is presented under the previous segmental reporting structure.
\nNon-current
Capital
Right-of-use
Other additions to
\nDepreciation
\nand
\n31 March 2023
\nassets
\n1
\nadditions
\n2
\nasset additions
intangible assets
\n3
\namortisation
Impairment loss
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGermany
43,878
2,701
2,145
2
4,154
\u2013
\nItaly
10,235
833
916
5
1,970
\u2013
\nUK
6,629
892
1,639
\u2013
1,562
\u2013
\nSpain
6,331
565
742
8
1,393
\u2013
\nOther Europe
7,815
927
1,104
151
1,363
\u2013
\nVodacom
5,810
862
219
260
1,027
\u2013
\nOther Markets
2,488
495
177
13
830
64
\nVantage Towers
\u2013
551
318
\u2013
326
\u2013
\nCommon Functions
2,013
839
127
\u2013
993
\u2013
\nGroup
85,199
8,665
7,387
439
13,618
64
\nNon-current
Capital
Right-of-use
Other additions to
\nDepreciation
\nand
\n31 March 2022
\nassets
\n1
\nadditions
\n2
\nasset additions
intangible assets
\n3
\namortisation
Impairment loss
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGermany
43,190
2,670
795
\u2013
3,981
\u2013
\nItaly
10,519
840
670
255
1,929
\u2013
\nUK
6,226
832
580
229
1,905
\u2013
\nSpain
6,433
676
422
291
1,499
\u2013
\nOther Europe
8,548
1,009
502
126
1,511
\u2013
\nVodacom
6,383
853
187
\u2013
920
\u2013
\nOther Markets
2,467
530
229
\u2013
598
\u2013
\nVantage Towers
8,179
366
320
\u2013
523
\u2013
\nCommon Functions
2,103
844
123
\u2013
979
\u2013
\nGroup
94,048
8,620
3,828
901
13,845
\u2013
\nNon-current
Capital
Right-of-use
Other additions to
\nDepreciation
\nand
\n31 March 2021
\nassets
\n1
\nadditions
\n2
\nasset additions
intangible assets
\n3
\namortisation
Impairment loss
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGermany
47,563
2,772
1,133
1
4,836
\u2013
\nItaly
10,707
805
758
17
2,025
\u2013
\nUK
7,968
822
1,138
\u2013
2,202
\u2013
\nSpain
7,213
772
700
9
1,579
\u2013
\nOther Europe
10,369
968
1,016
431
1,727
\u2013
\nVodacom
5,839
703
174
\u2013
872
\u2013
\nOther Markets
2,988
512
247
439
666
\u2013
\nCommon Functions
2,145
829
140
\u2013
194
\u2013
\nGroup
94,792
8,183
5,306
897
14,101
\u2013
\nNotes:
\n1
Comprises goodwill, other intangible assets and property, plant and equipment.
\n2
Includes additions to property, plant and equipment (excluding right-of-use assets), computer software and development costs, reported within Intangible assets.
\n3
Includes additions to licences and spectrum and customer base acquisitions.
\n
\n
\n
\n3. Operating profit
\nDetailed below are the key amounts recognised in arriving at our operating profit
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nAmortisation of intangible assets (Note 10)
4,031
4,044
4,421
\nDepreciation of property, plant and equipment (Note 11):
\nOwned assets
5,627
5,857
5,766
\nLeased assets
3,960
3,944
3,914
\nImpairment loss (Note 4)
64
\u2013
\u2013
\nStaff costs (Note 24)
5,842
5,334
5,157
\nAmounts related to inventory included in cost of sales
5,950
5,671
5,160
\nOwn costs capitalised attributable to the construction or acquisition of property, plant and
\nequipment
(1,267)
(1,092)
(995)
\nLoss on disposal of Vodafone Hungary
\n2
\n(Note 27)
69
\u2013
\u2013
\nGain on disposal of Vodafone Ghana
\n2
\n(Note 27)
(689)
\u2013
\u2013
\nGain on disposal of Vantage Towers
\n2
\n(Note 27)
(8,607)
\u2013
\u2013
\nGain on disposal of Indus Towers Limited
\n1,2
\n\u2013
81
\u2013
\nPledge arrangements in respect of Indus Towers Limited
\n2
\n(Note 29)
\u2013
(15)
(429)
\nNet gain on formation of TPG Telecom
\n2
\n(Note 12)
\u2013
\u2013
1,043
\nNet gain on formation of Indus Towers Limited
\n2
\n(Note 12)
\u2013
\u2013
292
\nSettlement of tender offer to KDG shareholders
\n2
\n\u2013
\u2013
(204)
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, the gain on disposal of Indus Towers Limited has decreased by \u20ac29 million compared to the amount previously reported. There is no impact on the amount previously reported
\nfor the year ended 31 March 2021. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Included in other income in the consolidated income statement.
\nThe total remuneration of the Group\u2019s auditor, Ernst & Young LLP and other member firms of Ernst & Young Global Limited, for services provided to
\nthe Group during the year ended 31 March 2023 is analysed below.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nParent company
5
4
3
\nSubsidiaries
22
19
18
\nAudit fees
\n1
\n27
23
21
\nAudit-related
\n2
\n3
2
\u2013
\nVantage Towers IPO
\n3
\n\u2013
\u2013
11
\nNon-audit fees
3
2
11
\nTotal fees
30
25
32
\nNotes:
\n1
Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u20ac1 million
\nin each of the years presented.
\n2
Fees for (i) special purpose audits and (ii) statutory and regulatory filings during the year.
\n3
Fees incurred for IPO services relating to the IPO of Vantage Towers A.G. on 18 March 2021.
\n
\n
\n
4. Impairment losses
\nImpairment occurs when the carrying value of assets is greater than the present value of the net cash flows they are
\nexpected to generate. We review the carrying value of assets for each country in which we operate at least annually. For
\nfurther details of our impairment review process see \u2018Critical accounting judgements and key sources of estimation
\nuncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 to the consolidated financial statements.
\nAccounting policies
\nGoodwill
\nGoodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication that the asset may be impaired.
\nFor the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-
\ngenerating units. The determination of the Group\u2019s cash-generating units is primarily based on the geographic area where the Group supplies
\ncommunications services and products. If cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets
\nin that same jurisdiction and management monitors performance separately, multiple cash-generating units are identified within that geographic
\narea.
\nIf the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce
\nthe carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of
\neach asset in the unit. Impairment losses recognised for goodwill are not reversible in subsequent periods.
\nThe recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows
\nare discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
\nspecific to the asset for which the estimates of future cash flows have not been adjusted.
\nManagement prepares formal five year plans for the Group\u2019s cash-generating units, which are the basis for the value in use calculations.
\nProperty, plant and equipment, finite lived intangible assets and equity accounted investments
\nAt each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite lived intangible assets and equity-
\naccounted investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication
\nexists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to
\nestimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset
\nbelongs.
\nIf the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or
\ncash-generating unit is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement.
\nWhere there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying
\namount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that
\nwould have been determined had no impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss
\nreversal is recognised immediately in the consolidated income statement.
\nImpairment loss
\nFollowing our annual impairment review, the Group recognised an impairment loss in the consolidated income statement within operating profit
\nrelating to our investment in Indus Towers of \u20ac64 million in the current year.
Further detail on events that led to the recognition of this loss is
\nincluded on page 141. No impairments were recognised for any other cash-generating units in the three years ended 31 March 2023.
\nGoodwill
\nThe remaining carrying value of goodwill at 31 March was as follows:
\n2023
2022
\n\u20acm
\u20acm
\nGermany
20,335
20,335
\nItaly
2,481
2,481
\nVantage Towers Germany
\u2013
2,565
\nOther
4,799
6,503
\n27,615
31,884
\n
\n\n
\n
\nKey assumptions used in the value in use calculations
\nThe key assumptions used in determining the value in use are:
\nAssumption
How determined
\nProjected adjusted
\nEBITDAaL
\nProjected adjusted EBITDAaL has been based on past experience adjusted for the following:
\n-
\nIn Europe, mobile revenue is expected to benefit from increased usage as customers transition to higher data
\nbundles, and new products and services are introduced. Fixed revenue is expected to continue to grow as
\npenetration is increased and more products and services are sold to customers;
\n-
\nOutside of Europe, revenue is expected to continue to grow as the penetration of faster data-enabled devices
\nrises along with higher data bundle attachment rates, and new products and services are introduced; and
\n-
\nMargins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers
\nin increasingly competitive markets and by positive factors such as the efficiencies expected from the
\nimplementation of Group initiatives.
\nProjected capital
\nexpenditure
\nThe cash flow forecasts for capital expenditure are based on past experience and include the ongoing capital
\nexpenditure required to maintain our networks, provide products and services in line with customer expectations,
\nincluding of higher data volumes and speeds, and to meet the population coverage requirements of certain of the
\nGroup\u2019s licences. In Europe, capital expenditure is required to roll out capacity-building next generation 5G and
\ngigabit networks. Outside of Europe, capital expenditure will be required for the continued rollout of current and
\nnext generation mobile networks in emerging markets. Capital expenditure includes cash outflows for the
\npurchase of owned property, plant and equipment and computer software.
\nProjected licence and
\nspectrum payments
\nTo enable the continued provision of products and services, the cash flow forecasts for licence and spectrum
\npayments for each relevant cash-generating unit include amounts for expected renewals and newly available
\nspectrum. Beyond the five year forecast period, a long-run cost of spectrum is assumed.
\nLong-term growth rate
For the purposes of the Group\u2019s value in use calculations, a long
\u2011
term growth rate into perpetuity is applied
\nimmediately at the end of the five year forecast period and is based on the lower of:
\n-
\nthe nominal GDP growth rate forecasts for the country of operation; and
\n-
the long-term compound annual growth rate in adjusted EBITDAaL as estimated by management.
\nLong-term compound annual growth rates determined by management may be lower than forecast nominal GDP
\ngrowth rates due to the following market-specific factors: competitive intensity levels, maturity of business,
\nregulatory environment or sector-specific inflation expectations.
\nPre-tax discount rate
The pre-tax discount rate for each cash-generating unit is derived such that when applied to pre-tax cash flows it
\ngives the same result as when the observable post-tax weighted average cost of capital is applied to post-tax cash
\nflows.
\nThe assumptions used to develop discount rates for each cash-generating unit are benchmarked to externally
\navailable data.
\n-
The risk free rate is derived from an average yield of a ten year bond issued by the government in each cash-
\ngenerating unit\u2019s respective country of operations.
\n-
The forward-looking equity market risk premium (an investor\u2019s required rate return over and above a risk free
\nrate) is based on studies by independent economists, the long-term average equity market risk premium and
\nthe market risk premiums typically used by valuation practitioners.
\n-
The asset beta reflecting the systematic risk of the telecommunications segment relative to the market as a
\nwhole is determined from betas observed for comparable listed telecommunications companies.
\n-
The region-specific leverage ratios are estimated from ratios observed for comparable listed
\ntelecommunications companies.
\nEach cash-generating unit\u2019s discount rate is determined in nominal terms in order to match their nominal
\nestimates of future cash flows.
\nRising risk free interest rates and lower asset betas have, respectively, increased and decreased the cash-
\ngenerating unit discount rates in the current year.
\n
\n
\n
Year ended 31 March 2023
\nThe Group performs its annual impairment test for goodwill and indefinite lived intangible assets at 31 March and when there is an indicator of
\nimpairment of an asset. At each reporting period date judgement is exercised by management in determining whether any internal or external
\nsources of information observed are indicative that the carrying amount of any of the Group\u2019s cash generating units is not recoverable. For changes
\nto the Group's cash-generating units in the current year see note 27 'Acquisitions and disposals'.
\nClimate change
\nAs a large owner of infrastructure and consumer of energy, the Group has exposure to climate change related risks such as energy cost increases,
\nasset damage and service disruption. The long range plans used in the Group\u2019s impairment testing include forecast energy costs and other costs
\nthat are embedded in the planning process to deliver the Group\u2019s zero carbon targets. The long range plans also include capital expenditure in
\nrelation to the Group\u2019s use of durable and energy efficient infrastructure and the costs of the Group\u2019s extensive and ongoing network maintenance
\nprogramme. Climate change has not had a material impact on the outcome of the Group\u2019s impairment testing.
\nIndus Towers Limited
\nThe Group\u2019s investment in Indus Towers was tested for impairment at 31 March 2023 following a decline in Indus Towers\u2019 quoted share price in the
\ncurrent year. Management concluded that fair value less costs of disposal is the appropriate basis to determine the recoverable amount of the
\nGroup\u2019s investment. Indus Towers\u2019 share price is observable in a quoted market and is considered a level 1 input under the IFRS 13 fair value
\nhierarchy. The share price of INR143.00 per share implied a recoverable amount of INR 81 billion (\u20ac0.9 billion) which was lower than the carrying
\nvalue of the investment at the same date. An impairment charge of \u20ac64 million was recognised to reduce the carrying value of the Group\u2019s
\ninvestment to the recoverable amount in the Group\u2019s consolidated statement of financial position.
\nValue in use assumptions
\nThe table below shows key assumptions used in the value in use calculations, and separately presented cash-generating units for which the carrying
\namount of goodwill is significant in comparison with the Group\u2019s total carrying amount of goodwill:
\nAssumptions used in value in use
\ncalculations
\nGermany
Italy
\n%
%
\nPre-tax discount rate
7.8
8.9
\nLong-term growth rate
0.6
1.5
\nProjected adjusted EBITDAaL CAGR
\n1
\n1.8
1.0
\nProjected capital expenditure
\n2
\n19.4-19.8
16.5-17.9
\nSensitivity analysis
\nThe estimated recoverable amounts of the Group\u2019s operations in Germany, Italy, the UK, and Spain exceed their carrying values by \u20ac3.2 billion, \u20ac0.2
\nbillion, \u20ac1.3 billion, and \u20ac0.4 billion respectively. If the assumptions used in the impairment review were changed to a greater extent than as
\npresented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2023.
\nChange required for carrying value to equal recoverable amount
\nGermany
Italy
UK
Spain
\npps
pps
pps
pps
\nPre-tax discount rate
0.6
0.2
1.6
0.5
\nLong-term growth rate
(0.6)
(0.2)
(1.9)
(0.6)
\nProjected adjusted EBITDAaL CAGR
\n1
\n(1.8)
(0.5)
(4.1)
(1.5)
\nProjected capital expenditure
\n2
\n5.5
0.9
4.2
2.2
\nNotes:
\n1
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing.
\n2
Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the
\nplans used for impairment testing.
\n\n
\n
\n
\nFor the Group\u2019s operations in Italy and Spain management has prepared the following sensitivity analysis for changes in pre-tax discount rate and
\nprojected adjusted EBITDAaL CAGR
\n1
\nassumptions. The associated impact of the change in each key assumption does not consider any
\nconsequential impact on other assumptions used in the impairment review.
\nRecoverable amount less carrying value
\nItaly
Spain
\n\u20acbn
\u20acbn
\nBase case as at 31 March 2023
0.2
0.4
\nChange in pre-tax discount rate
\nDecrease by 1pps
1.4
1.3
\nIncrease by 1pps
(0.8)
(0.3)
\nChange in projected adjusted EBITDAaL CAGR
\n1
\nDecrease by 5pps
(1.6)
(0.8)
\nIncrease by 5pps
2.3
1.8
\nNote:
\n1
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing.
\nYear ended 31 March 2022
\nThe disclosures below for the year ended 31 March 2022 are as previously disclosed in the 31 March 2022 Annual Report.
\nThe Group performs its annual impairment test for goodwill and indefinite lived intangible assets at 31 March and when there is an indicator of
\nimpairment of an asset. At each reporting period date judgement is exercised by management in determining whether any internal or external
\nsources of information observed are indicative that the carrying amount of any of the Group\u2019s cash-generating units is not recoverable.
\nAs a large owner of infrastructure and consumer of energy, the Group has exposure to climate change related risks such as energy cost increases,
\nasset damage and service disruption. The long range plans used in the Group\u2019s impairment testing include forecast energy costs and other costs
\nthat are embedded in the planning process to deliver the Group\u2019s zero carbon targets. The long range plans also include capital expenditure in
\nrelation to the Group\u2019s use of durable and energy efficient infrastructure and the costs of the Group\u2019s extensive and ongoing network maintenance
\nprogramme. Furthermore, the Group will continue to develop strong reactive initiatives to manage the unpredictable impacts of future climate-
\nrelated risks. Climate change, therefore, has not had a material impact on the outcome of the Group\u2019s impairment testing and the Group will
\ncontinue to refine its approach to modelling climate-related risks and opportunities in the value in use calculations.
\nAs the war in Ukraine continues, it is challenging to predict the full extent and duration of its impact on the economy and the Group\u2019s businesses.
\nHowever, to assess a potential impact of this on the Group\u2019s impairment testing, management prepared scenario analysis based on adjustments to
\nthe long range plans for high level estimates of market risks impacted by the war. This analysis did not indicate a risk of impairment at 31 March
\n2022. Management will update the cash flows and assumptions used in the Group\u2019s impairment testing at future reporting dates with latest best
\nestimates.
\nNo impairments were recognised for the Group\u2019s cash-generating units during the year to 31 March 2022.
\nValue in use assumptions
\nThe table below shows key assumptions used in the value in use calculations, and separately presented cash-generating units for which the carrying
\namount of goodwill is significant in comparison with the Group\u2019s total carrying amount of goodwill:
\nAssumptions used in value in use calculations
\nGermany
Italy
\nVantage Towers
\nGermany
Other
\n%
%
%
%
\nPre-tax discount rate
7.4
9.3
6.1
6.2-22.5
\nLong-term growth rate
0.5
1.5
1.5
1.0-8.9
\nProjected adjusted EBITDAaL CAGR
\n1
\n(0.1)
(0.2)
11.0
(5.4)-13.0
\nProjected capital expenditure
\n2
\n19.6-21.8
15.0-16.3
32.0-62.1
10.0-51.4
\nNotes:
\n1
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. For the
\npurposes of this disclosure, Italy\u2019s adjusted EBITDAaL for the year ended 31 March 2022 excludes the TIM settlement.
\n2
Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the
\nplans used for impairment testing.
\n
\n
\n
Sensitivity analysis
\nThe estimated recoverable amounts of the Group\u2019s operations in Germany, Italy, the UK and Spain exceed their carrying values by \u20ac7.3 billion, \u20ac0.4
\nbillion, \u20ac1.3 billion and \u20ac0.1 billion respectively. However, if the assumptions used in the impairment review were changed to a greater extent than
\nas presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2022.
\nChange required for carrying value to equal recoverable amount
\nGermany
Italy
UK
Spain
\npps
pps
pps
pps
\nPre-tax discount rate
1.4
0.3
1.3
0.1
\nLong-term growth rate
(1.4)
(0.3)
(1.5)
(0.1)
\nProjected adjusted EBITDAaL CAGR
\n1
\n(4.1)
(0.9)
(3.1)
(0.4)
\nProjected capital expenditure
\n2
\n12.6
1.8
4.3
0.5
\nFor the Group\u2019s operations in Germany, Italy, the UK and Spain management has considered the following reasonably possible changes in pre-tax
\ndiscount rate, long-term growth rate and projected adjusted EBITDAaL CAGR
\n1
\nassumptions, leaving all other assumptions unchanged. The
\nsensitivity analysis presented is prepared on the basis that the reasonably possible change in each key assumption would not have a consequential
\nimpact on other assumptions used in the impairment review. The associated impact on the impairment assessment is presented in the table below.
\nManagement has concluded that no reasonably possible or foreseeable change in projected capital expenditure
\n2
\nwould cause the difference
\nbetween the carrying value and recoverable amount for any cash generating unit to be materially different to the base case disclosed below.
\nRecoverable amount less carrying value
\nGermany
Italy
UK
Spain
\n\u20acbn
\u20acbn
\u20acbn
\u20acbn
\nBase case as at 31 March 2022
7.3
0.4
1.3
0.1
\nChange in pre-tax discount rate
\nDecrease by 1pps
14.9
1.7
2.8
1.0
\nIncrease by 1pps
1.7
(0.7)
0.3
(0.6)
\nChange in long-term growth rate
\nDecrease by 1pps
1.6
(0.6)
0.4
(0.5)
\nIncrease by 1pps
15.6
1.7
2.8
0.9
\nChange in projected adjusted EBITDAaL CAGR
\n1
\nDecrease by 5pps
(1.4)
(1.6)
(0.7)
(1.1)
\nIncrease by 5pps
17.9
2.8
3.8
1.5
\nNote:
\n1
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. For the
\npurposes of this disclosure, Italy\u2019s adjusted EBITDAaL for the year ended 31 March 2022 excludes the TIM settlement.
\n2
Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the
\nplans used for impairment testing.
\nYear ended 31 March 2021
\nThe disclosures below for the year ended 31 March 2021 are as previously disclosed in the 31 March 2021 Annual Report.
\nFollowing the carve-out of Vodafone\u2019s tower infrastructure to Vantage Towers A.G. (\u2018Vantage Towers\u2019) during the year in Germany, Spain, Portugal,
\nIreland, Greece, Romania, Czech Republic and Hungary and the acquisitions by Vantage Towers of Vodafone UK\u2019s 50% shareholding in Cornerstone
\nTelecommunications Infrastructure Limited (\u2018CTIL\u2019) and the remaining shareholding in the Vantage Towers Greece, management considers
\nVodafone\u2019s operating companies and Vantage Tower\u2019s operating companies in the affected geographical areas to represent two cash-generating
\nunits for the purpose of impairment testing as at 31 March 2021. Vodafone\u2019s investment in Infrastrutture Wireless Italiane S.p.A. (\u2018INWIT\u2019) was also
\ntransferred to Vantage Towers during the year.
\nGoodwill has been allocated on a relative values basis to the Vantage Towers cash-generating units, where applicable, as part of the tower business
\ncarve out from Vodafone\u2019s operations. The cash-generating units described below relate to Vodafone\u2019s mobile and fixed line trading businesses,
\nunless otherwise indicated as being part of Vantage Towers.
\nValue in use assumptions
\nThe table below shows key assumptions used in the value in use calculations.
\nAssumptions used in value in use calculation
\nGermany
Italy
Spain
Ireland
Romania
\nVantage Towers
\nGermany
\n%
%
%
%
%
%
\nPre-tax discount rate
7.4
10.5
9.2
7.7
9.9
6.0
\nLong-term growth rate
0.5
0.5
0.5
0.5
1.0
1.5
\nProjected adjusted EBITDAaL CAGR
\n1
\n1.2
2.1
4.9
0.5
0.9
8.4
\nProjected capital expenditure
\n2
\n19.7-21.5
14.4-15.9
15.7-17.6
12.6-15.1
12.3-15.2
39.1-56.2
\nNotes:
\n1
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. A pro-rata
\nadjustment has been made to true-up 31 March 2021 adjusted EBITDAaL to a full year where the towers business carve-out occurred during the year.
\n2
Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the
\nplans used for impairment testing.
\n
\n
\n
\n
\nSensitivity analysis
\nThe estimated recoverable amounts of the Group\u2019s operations in Germany, Italy, Spain, Ireland, Romania and Vantage Towers Germany exceed their
\ncarrying values by \u20ac7.4 billion, \u20ac0.6 billion, \u20ac0.3 billion, \u20ac0.1 billion, \u20ac0.1 billion and \u20ac3.5 billion, respectively. If the assumptions used in the
\nimpairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment
\nloss being recognised for the year ended 31 March 2021.
\nChange required for carrying value to equal recoverable amount
\nGermany
Italy
Spain
Ireland
Romania
\nVantage Towers
\nGermany
\npps
pps
pps
pps
pps
pps
\nPre-tax discount rate
1.3
0.7
0.4
0.7
0.7
5.2
\nLong-term growth rate
(1.3)
(0.8)
(0.5)
(0.7)
(0.9)
(4.9)
\nProjected adjusted EBITDAaL CAGR
\n1
\n(4.0)
(1.5)
(1.5)
(1.6)
(1.9)
(19.3)
\nProjected capital expenditure
\n2
\n12.7
3.0
1.6
2.8
1.9
162.6
\nManagement considered the following reasonably possible changes in key assumptions for projected adjusted EBITDAaL CAGR
\n1
\nand long-term
\ngrowth rate, leaving all other assumptions unchanged. Consistent with the prior year, and due to the uncertainty of future COVID-19 impacts,
\nmanagement\u2019s range of reasonably possible changes in projected adjusted EBITDAaL CAGR
\n1
\nis plus or minus 5 percentage points (2020: +/- 5
\npercentage points). The sensitivity analysis presented is prepared on the basis that the reasonably possible change in each key assumption would
\nnot have a consequential impact on other assumptions used in the impairment review. The associated impact on the impairment assessment is
\npresented in the table below.
\nManagement believes that no reasonably possible or foreseeable change in the pre-tax discount rate or projected capital expenditure
\n2
\nwould cause
\nthe difference between the carrying value and recoverable amount for any cash-generating unit to be materially different from the base case
\ndisclosed below.
\nRecoverable amount less carrying value
\nGermany
Italy
Spain
Ireland
Romania
\nVantage Towers
\nGermany
\n\u20acbn
\u20acbn
\u20acbn
\u20acbn
\u20acbn
\u20acbn
\nBase case as at 31 March 2021
7.4
0.6
0.3
0.1
0.1
3.5
\nChange in projected adjusted EBITDAaL CAGR
\n1
\nDecrease by 5pps
(1.6)
(1.3)
(0.6)
(0.2)
(0.1)
2.4
\nIncrease by 5pps
18.2
2.9
1.4
0.5
0.3
5.0
\nChange in long-term growth rate
\nDecrease by 1pps
1.5
(0.1)
(0.3)
\u2013
\u2013
2.2
\nIncrease by 1pps
16.0
1.6
1.0
0.3
0.2
6.1
\nThe carrying values for Vodafone UK, Portugal, Czech Republic, and Hungary include goodwill arising from acquisitions and/or the purchase of
\noperating licences or spectrum rights. The recoverable amounts for these operating companies are also not materially greater than their carrying
\nvalues and accordingly are disclosed below.
\nIf the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in
\nisolation, lead to an impairment loss being recognised in the year ended 31 March 2021.
\nChange required for carrying value to equal recoverable amount
\nUK
Portugal
Czech Republic
Hungary
\npps
pps
pps
pps
\nPre-tax discount rate
0.8
0.9
1.2
0.3
\nLong-term growth rate
(0.8)
(1.0)
(1.3)
(0.4)
\nProjected adjusted EBITDAaL CAGR
\n1
\n(1.7)
(2.2)
(3.0)
(0.7)
\nProjected capital expenditure
\n2
\n2.5
3.7
7.5
1.5
\nNotes:
\n1
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. A pro-rata
\nadjustment has been made to true up 31 March 2021 adjusted EBITDAaL to a full year where the towers business carve-out occurred during the year.
\n2
Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the
\nplans used for impairment testing.
\n
\n
\n
5. Investment income and financing costs
\nInvestment income comprises interest received from short-term investments and other receivables. Financing costs
\nmainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging
\ntransactions used to manage foreign exchange and interest rate movements.
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nInvestment income
\nFinancial assets measured at amortised cost
212
249
221
\nFinancial assets measured at fair value through profit and loss
36
5
24
\n248
254
245
\nFinancing costs
\nFinancial liabilities measured at amortised cost
\nBonds
1,711
1,546
1,722
\nLease liabilities
436
398
374
\nBank loans and other liabilities
\n2
\n430
469
463
\nInterest on derivatives
(561)
(428)
(485)
\nMark-to-market on derivatives
(423)
(341)
(1,070)
\nFinancial assets measured at fair value through profit and loss
\u2013
36
\u2013
\nForeign exchange
135
284
23
\n1,728
1,964
1,027
\nNet financing costs
1,480
1,710
782
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2021, investment income has decreased by \u20ac85 million compared to the amount previously reported. There is no impact on the amount previously reported for the year ended 31
\nMarch 2022. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Interest capitalised for the year ended 31 March 2023 was \u20ac5 million (2022: \u20ac17 million, 2021: \u20ac17 million).
\n
\n
\n
\n6. Taxation
\nThis note explains how our Group tax charge arises. The deferred tax section of the note also provides information on
\nour expected future tax charges and sets out the tax assets held across the Group together with our view on whether or
\nnot we expect to be able to make use of these in the future.
\nAccounting policies
\nIncome tax expense represents the sum of the current and deferred taxes.
\nCurrent tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement
\nbecause some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The Group\u2019s liability
\nfor current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date.
\nThe Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result of a past event and management
\njudge that it is probable that there will be a future outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are
\nassessed and measured on an issue by issue basis within the jurisdictions that we operate either using management\u2019s estimate of the most likely
\noutcome where the issues are binary, or the expected value approach where the issues have a range of possible outcomes. The Group recognises
\ninterest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense.
\nDeferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of
\nassets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using
\nthe statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and
\ndeferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which
\ndeductible temporary differences can be utilised.
\nSuch assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of
\nassets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to
\nthe extent they arise from the initial recognition of non-tax deductible goodwill.
\nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint
\narrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference
\nwill not reverse in the foreseeable future.
\nThe carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group\u2019s assessment that
\nsufficient taxable profits will be available to allow all or part of the asset to be recovered.
\nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates
\nthat have been enacted or substantively enacted by the reporting period date.
\nTax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they
\neither relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to
\nsettle the current tax assets and liabilities on a net basis.
\nTax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly
\nto equity, in which case the tax is recognised in other comprehensive income or in equity.
\nIncome tax expense
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nUnited Kingdom corporation tax expense:
\nCurrent year
4
22
24
\nAdjustments in respect of prior years
4
17
3
\n8
39
27
\nOverseas current tax expense/(credit):
\nCurrent year
924
993
872
\nAdjustments in respect of prior years
(26)
81
(30)
\n898
1,074
842
\nTotal current tax expense
906
1,113
869
\nDeferred tax on origination and reversal of temporary differences:
\nUnited Kingdom deferred tax
(71)
(791)
(94)
\nOverseas deferred tax
(354)
1,008
3,089
\nTotal deferred tax (credit)/expense
(425)
217
2,995
\nTotal income tax expense
481
1,330
3,864
\n
\n
\n
Tax charged/(credited) directly to other comprehensive income
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nCurrent tax
3
\u2013
(17)
\nDeferred tax
304
648
(1,009)
\nTotal tax charged/(credited) directly to other comprehensive income
307
648
(1,026)
\nTax charged/(credited) directly to equity
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nDeferred tax
6
\u2013
(2)
\nTotal tax charged/(credited) directly to equity
6
\u2013
(2)
\nFactors affecting the tax expense for the year
\nThe table below explains the differences between the expected tax expense, being the aggregate of the Group\u2019s geographical split of
\nprofits multiplied by the relevant local tax rates and the Group\u2019s total tax expense for each year.
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nContinuing profit before tax as shown in the consolidated income statement
12,816
4,103
4,347
\nAggregated expected income tax expense
3,848
1,231
1,111
\nImpairment loss with no tax effect
18
\u2013
\u2013
\nDisposal of Group investments
\n2
\n(2,918)
(8)
(332)
\nEffect of taxation of associates and joint ventures, reported within profit before tax
(125)
(111)
69
\nDeferred tax (credit)/charge following revaluation of investments in Luxembourg
(393)
1,455
2,120
\nPreviously unrecognised temporary differences we expect to use in the future, including in
\nLuxembourg
\n(16)
(708)
(45)
\nPreviously recognised temporary differences and losses we no longer expect to use in the
\nfuture
\n\u2013
74
699
\nCurrent year temporary differences (including losses) that we currently do not expect to use
207
116
170
\nAdjustments in respect of prior year tax liabilities
(35)
13
(10)
\nImpact of tax credits and irrecoverable taxes
80
74
90
\nDeferred tax on overseas earnings
(6)
2
\u2013
\nEffect of current year changes in statutory tax rates on deferred tax balances
\n3
\n35
(667)
(45)
\nFinancing costs not (taxable)/deductible for tax purposes
(27)
46
(62)
\nRevaluation of assets for tax purposes in Turkey and Italy
\n4
\n(338)
(357)
\u2013
\nExpenses not deductible for tax purposes
151
170
99
\nIncome tax expense
481
1,330
3,864
\nNotes:
\n1
Amounts for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 7 \u2018Discontinued
\noperations and assets held for sale\u2019 for more information.
\n2
2023 relates to the change in consolidation status of Vantage Towers and the tax exempt disposals of Vodafone Hungary and Vodafone Ghana. 2021 includes the tax exempt gains relating
\nto the TPG Telecom Limited merger in Australia and Indus Towers Limited in India..
\n3
2022 includes the increase in future UK tax rate to 25%.
\n4
2023 relates to a step of assets for tax purposes in Turkey. 2022 relates to step up of assets for tax purposes in Italy and Turkey
\n
\n
\n
\n\nDeferred tax
\nAnalysis of movements in the net deferred tax asset balance during the year:
\n\u20acm
\n1 April 2022
18,569
\nForeign exchange movements
(59)
\nCredited the income statement
425
\nCharged directly to OCI
(304)
\nCharged directly to equity
(6)
\nImpact of hyperinflation accounting
(191)
\nArising on acquisitions and disposals
111
\n31 March 2023
\n1
\n18,545
\nDeferred tax assets and liabilities, before offset of balances within countries, are as follows:
\nAmount
Net
\ncredited/
recognised
\n(expensed)
Gross
Gross
Less
deferred tax
\nin income
deferred
deferred tax
amounts
asset/
\nstatement
tax asset
liability
unrecognised
(liability)
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nAccelerated tax depreciation
136
2,761
(1,426)
(47)
1,288
\nIntangible assets
324
630
(1,495)
15
(850)
\nTax losses
(78)
28,035
\u2013
(9,540)
18,495
\nTreasury related items
2
623
(717)
(588)
(682)
\nTemporary differences relating to revenue recognition
(40)
19
(705)
\u2013
(686)
\nTemporary differences relating to leases
216
1,482
(1,054)
(30)
398
\nOther temporary differences
(135)
938
(296)
(60)
582
\n31 March 2023
\n1
\n425
34,488
(5,693)
(10,250)
18,545
\nAnalysed in the balance sheet, after offset of balances within countries, as:
\n\u20acm
\nDeferred tax asset
19,316
\nDeferred tax liability
(771)
\n31 March 2023
\n1
\n18,545
\nAt 31 March 2022, deferred tax assets and liabilities, before offset of balances within countries, were as follows:
\nAmount
Net
\ncredited/
recognised
\n(expensed)
Gross
Gross
Less
deferred tax
\nin income
deferred
deferred tax
amounts
asset/
\nstatement
tax asset
liability
unrecognised
(liability)
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nAccelerated tax depreciation
672
2,589
(1,361)
(58)
1,170
\nIntangible assets
643
666
(1,801)
11
(1,124)
\nTax losses
(1,450)
28,977
\u2013
(10,341)
18,636
\nTreasury related items
(90)
616
(372)
(562)
(318)
\nTemporary differences relating to revenue recognition
(9)
3
(666)
\u2013
(663)
\nTemporary differences relating to leases
(3)
1,754
(1,577)
\u2013
177
\nOther temporary differences
20
1,148
(379)
(78)
691
\n31 March 2022
\n1
\n(217)
35,753
(6,156)
(11,028)
18,569
\nAt 31 March 2022, analysed in the balance sheet, after offset of balances within countries, as:
\n\u20acm
\nDeferred tax asset
19,089
\nDeferred tax liability
(520)
\n31 March 2022
\n1
\n18,569
\nNote:
\n1
The Group does not discount deferred tax assets. This is in accordance with IAS 12.
\n
\n
\n
Factors affecting the tax charge in future years
\nThe Group\u2019s future tax charge, and effective tax rate, could be affected by several factors including; tax reform in countries around the world,
\nincluding any arising from the OECD\u2019s or European Commission\u2019s work on the taxation of the digital economy and European Commission initiatives
\nsuch as the Minimum Tax directive or as a consequence of state aid investigations, future corporate acquisitions and disposals, any restructuring of
\nour businesses and the resolution of open tax issues (see below).
\nThe Group is routinely subject to audit by tax authorities in the territories in which it operates. The Group considers each issue on its merits and,
\nwhere appropriate, holds provisions in respect of the potential tax liability that may arise.
As at 31 March 2023, the Group holds provisions for such
\npotential liabilities of \u20ac412 million (2022: \u20ac463 million). These provisions relate to multiple issues, across the jurisdictions in which the Group
\noperates. The reduction follows the resolution of a number of disputes during the year.
\nAs the tax impact of a transaction can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process, the
\namount ultimately paid may differ materially from the amount accrued and could therefore affect the Group's overall profitability and cash flows in
\nfuture periods.
See Note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\nThe tables below present the gross amount and expiry dates of losses available for carry forward for the year ended 31 March 2023 and the
\ncomparative year ended 31 March 2022.
\nExpiring
Expiring
\nwithin
beyond
\n31 March 2023
\n5 years
6 years
Unlimited
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\nLosses for which a deferred tax asset is recognised
15
59
78,967
79,041
\nLosses for which no deferred tax is recognised
306
15,649
18,321
34,276
\n321
15,708
97,288
113,317
\nExpiring
Expiring
\nwithin
beyond
\n31 March 2022
\n5 years
6 years
Unlimited
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\nLosses for which a deferred tax asset is recognised
19
259
79,848
80,126
\nLosses for which no deferred tax is recognised
334
13,162
23,928
37,424
\n353
13,421
103,776
117,550
\nDeferred tax assets on losses in Luxembourg
\nIncluded in the table above are losses of \u20ac65,232 million (2022: \u20ac65,348 million) that have arisen in Luxembourg companies. A deferred tax asset of
\n\u20ac16,269 million (2022: \u20ac16,298 million) has been recognised in respect of these losses, as we conclude it is probable that the Luxembourg entities
\nwill continue to generate taxable profits in the future against which we can utilise these losses. These tax losses principally arose from historical
\nimpairments, primarily following the acquisition of the Mannesmann Group in 2000. These losses also arose prior to the 2017 tax reform in
\nLuxembourg and are available to carry forward indefinitely.
\nIn December 2022, the Group undertook an internal restructuring which saw the Luxembourg companies dispose of their investments in the
\nGroup\u2019s operating companies. This resulted in the Luxembourg holding companies recording a tax deductible loss on the disposal in the local GAAP
\nfinancial statements. The investments are valued for the local GAAP financial statements using the Group\u2019s recoverable value calculations (see
\nNote 4 \u2013 'Impairment losses') and the carrying values and valuation methodology differs from the goodwill assessment for the Group\u2019s consolidated
\nfinancial statements.
\nLosses incurred after the 2017 tax reform in Luxembourg expire after 17 years and are only used after any pre-existing losses. In the year ended 31
\nMarch 2023 the Luxembourg companies incurred additional tax losses of \u20ac2,608 million following the disposals of their investments in the Group\u2019s
\noperating companies. No deferred tax asset is recognised for these losses on the basis that they are not forecast to be used prior to the expiry of
\ntheir 17 year life. In a period where pre-existing tax losses are not utilised due to impairments, the forecast utilisation timeframe extends by one year.
\nFollowing the restructuring, the losses in Luxembourg are no longer impacted by changes in the value of the Group\u2019s operating companies and the
\nrecovery of the deferred tax asset will be driven by the recurring profits of the Luxembourg companies.
\nThese recurring profits are derived from the Group\u2019s internal financing, centralised procurement and international roaming activities. These activities
\nhave consistently generated taxable profits of over \u20ac1 billion per annum throughout their existence.
The Group has reviewed the latest 5 year
\nforecasts for the Luxembourg companies, including their ability to continue to generate income beyond this period. The forecasts consider the
\nimpact of the current market conditions on the existing financing activities, including the current view of interest rates, levels of intragroup
\nfinancing, as well as the future profits generated from the procurement and roaming activities.
\nThis assessment also included a review of the commercial structures supporting the profits generated from these activities and considered the
\nfactors, under the Group\u2019s control, which could impact the ability of these activities to generate taxable profits. We have assessed that the current
\nstructure continues to be sustainable under the tax laws substantively enacted at the balance sheet date and the Group\u2019s intentions to keep these
\nactivities in Luxembourg remains unchanged.
\n
\n
\n
\n\nBased on the current forecasts, \u20ac4,518 million (2022: \u20ac3,546 million) of the deferred tax asset is forecast to be used within the next 10 years, and
\n\u20ac8,742 million (2022: \u20ac6,953 million) used within 20 years. The losses are projected to be fully utilised over the next 35 to 39 years. The decrease in
\nthe recovery period over the prior year is principally a result of higher interest rates, driving margins up on existing financing activities. In the year
\nended 31 March 2022 these same factors also meant the Group recognised \u20ac699 million of previously unrecognised deferred tax asset as the
\nforecasts produced at that time, which reflected the same factors discussed above, showed these losses will be used within 60 years. The Group did
\nnot previously recognise the asset as the losses were forecast to be used beyond 60 years.
\nAn increase or decrease in the forecast income in Luxembourg in each year of 5%-10% would change the period over which the losses will be fully
\nutilised by 2 to 4 years. The Group uses these different scenarios of forecast income to understand the impact that a change in interest rates or level
\nof debt advanced by the Luxembourg companies could have on the recovery period of the losses.
\nAny future changes in tax law, including those driven by OECD, EU or domestic tax reforms or the structure of the Group could have a significant
\neffect on the use of the Luxembourg losses, including the period over which these losses can be utilised. The Group has continued to monitor
\ndevelopments relating to OECD\u2019s Pillar 2 rules, including reviewing the administrative guidance published in December 2022 and does not
\nanticipate a significant impact on its ability to continue to use our losses in Luxembourg. On the basis that future changes in tax laws are unknown,
\nthe profit forecasts assume that existing tax laws continue.
\nBased on the above factors the Group concludes that it is probable that the Luxembourg companies will continue to generate taxable profits in the
\nfuture against which it will use these losses.
\nIn addition to the above, \u20ac15,925 million (2022; \u20ac13,298 million) of the Group\u2019s Luxembourg losses expire after 11-17 years and no deferred tax
\nasset is recognised as they will expire before we can use these losses.
The remaining losses do not expire. We also have \u20ac9,136 million (2022:
\n\u20ac9,136 million) of Luxembourg losses in a former Cable & Wireless Worldwide Group company, for which no deferred tax asset has been recognised
\nas it is uncertain whether these losses will be utilised.
\nDeferred tax assets on losses in Germany
\nThe Group has tax losses of \u20ac12,932 million (2022: \u20ac13,955 million) in Germany arising on the write down of investments in Germany in 2000.
The
\nlosses are available to use against both German federal and trade tax liabilities and they do not expire. A deferred tax asset of \u20ac2,021 million (2022:
\n\u20ac2,170 million) has been recognised in respect of these losses as we conclude it is probable that the German business will continue to generate
\ntaxable profits in the future against which we can utilise these losses.
The Group has reviewed the latest forecasts for the German business which
\nincorporate the unsystematic risks of operating in the telecommunications business (see Note 4 \u2018Impairment losses\u2019).
In the period beyond the 5
\nyear forecast we have reviewed the profits inherent in the terminal period and based on these and our expectations for the German business we
\nbelieve it is probable the German losses will be fully utilised. Based on the current forecasts the losses will be fully utilised over the next 4 to 9 years.
\nA 5%-10% change in the forecast profits of the German business would alter the utilisation period by 1 year.
\nDeferred tax assets in Italy
\nThe Group has a recognised deferred tax asset of \u20ac425 million (2022: \u20ac411 million), including \u20ac152 million (2022: \u20ac71 million) relating to tax losses
\nin Italy. The Italian business has historically been profitable and is forecasted to return to profitability, absent the tax deductions arising from the
\nrevaluation of assets undertaken in the year ended 31 March 2022, in the short term. The Group has reviewed the latest forecasts for the Italian
\nbusiness which incorporate the unsystematic risks of operating in the telecommunications business (see Note 4 \u2018Impairment losses\u2019).
In the period
\nbeyond the 5 year forecast we have reviewed the profits inherent in the terminal period and based on these and our expectations for the Italian
\nbusiness we believe it is probable the Italian losses will be fully utilised.
\nDeferred tax assets on losses in Spain
\nThe Group has tax losses of \u20ac5,130 million (2022: \u20ac4,627 million) which are available to offset against the future profits of the Grupo Corporativo
\nONO business.
The losses do not expire, and no deferred tax asset is recognised for these losses due to the trading environment in Spain.
\nOther tax losses
\nThe Group has losses amounting to \u20ac2,377 million (2022: \u20ac8,444 million) in respect of UK subsidiaries which are only available for offset against
\nfuture capital gains and since it is uncertain whether these losses will be utilised, no deferred tax asset has been recognised, as in the prior year. The
\nlosses reduced following the dissolution of a UK holding company which held capital losses. The remaining losses relate to a number of other
\njurisdictions across the Group. There are also \u20ac2,443 million (2022: \u20ac2,365 million) of unrecognised temporary differences relating to treasury items
\nand other items.
\nImpact of climate risks
\nThe recovery of the Group\u2019s deferred tax assets is dependent on its forecasts of future profitability and the climate related risks have been
\nconsidered in the Group\u2019s assessment of the recovery of those assets (see Note 4 \u2018Impairment losses\u2019). The Group does not expect the climate
\nrelated risks to have an impact on the ability of Luxembourg to continue to provide the internal financing, procurement, and roaming activities to
\nother members of the Group.
\nUnremitted earnings
\nNo deferred tax liability has been recognised in respect of a further \u20ac26,371 million (2022: \u20ac8,599 million) of unremitted earnings of subsidiaries
\nbecause the Group is able to control the timing of the reversal of the temporary difference, and it is probable that such differences will not reverse in
\nthe foreseeable future.
It is not practicable to estimate the amount of unrecognised deferred tax liabilities in respect of these unremitted earnings.
\n
\n
\n
7. Discontinued operations and assets held for sale
\nThe Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale.
\nThe Group classifies non-current assets and assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets are available
\nimmediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that
\ntheir carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be
\ncompleted within one year from the date of the initial classification.
\nAssets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are
\nmeasured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not
\ndepreciated or amortised once classified as held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\nWhere operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019) and have been
\ndisposed of, or are classified as held for sale, the Group classifies such operations as discontinued.
\nDiscontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from
\ndiscontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other
\nnotes to the financial statements include amounts for continuing operations, unless indicated otherwise.
\nDiscontinued operations
\nThe Group did not have any discontinued operations in the year ended 31 March 2023 or the comparative years ended 31 March 2022 and 31
\nMarch 2021.
\nAssets held for sale
\nReclassification of Indus Towers Limited
\nIn the consolidated financial statements for the prior year ended 31 March 2022, the Group\u2019s 21.0% interest in Indus Towers Limited was reported
\nwithin assets held for sale. Whilst the Group remains focused on achieving a sale, the investment is not assessed as meeting the requirements of
\nheld for sale at 31 March 2023. Consequently, comparative balances as at 31 March 2022 have been re-presented in these consolidated financial
\nstatements to reflect that Indus Towers Limited is no longer reported as held for sale.
\nImpact on the consolidated income statement
\nThe reclassification has no impact on previously reported revenue and gross profit, as reported in the consolidated income statement.
\nIn the year ended 31 March 2022, the share of results of equity accounted associates and joint ventures increased by \u20ac178 million, offset by a
\ndecrease of \u20ac29 million in other income. Consequently, operating profit, profit before taxation and profit for the financial year all increased by \u20ac149
\nmillion compared to amounts previously reported. Total comprehensive income for the financial year increased by \u20ac144 million, reflecting the
\nincrease in profit for the financial year of \u20ac149 million, offset by a charge of \u20ac5 million included in other comprehensive income.
\nIn the year ended 31 March 2021, the share of results of equity accounted associates and joint ventures increased by \u20ac32 million and therefore
\noperating profit increased by \u20ac32 million compared to the amount previously reported. Investment income decreased by \u20ac85 million and therefore
\nprofit before taxation and profit for the financial year both decreased by \u20ac53 million compared to amounts previously reported. Total
\ncomprehensive expense for the financial year increased by \u20ac48 million, reflecting the decrease in profit for the financial year of \u20ac53 million, offset
\nby a credit of \u20ac5 million included in other comprehensive income
\nImpact on the consolidated statement of financial position
\nThe consolidated statement of financial position is on page 124 and has not been reproduced below in its entirety. The table below only discloses
\nthe impacted lines.
\nAs previously
\npresented
\nImpact of
\nreclassification
Re-presented
\n2022
2022
2022
\n\u20acm
\u20acm
\u20acm
\nNon-current assets
\nInvestments in associates and joint ventures
4,268
1,055
5,323
\nAssets held for sale
959
(959)
\u2013
\nTotal assets
153,953
96
154,049
\nEquity
\nAccumulated losses
(122,118)
96
(122,022)
\nTotal equity and liabilities
153,953
96
154,049
\n
\n
\n
\n8. Earnings per share
\nBasic earnings per share is the amount of profit generated for the financial year attributable to equity shareholders
\ndivided by the weighted average number of shares in issue during the year.
\n2023
2022
2021
\nMillions
Millions
Millions
\nWeighted average number of shares for basic earnings per share
27,680
29,012
29,592
\nEffect of dilutive potential shares: restricted shares and share options
95
97
91
\nWeighted average number of shares for diluted earnings per share
27,775
29,109
29,683
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nProfit for earnings per share from continuing operations attributable to owners
11,838
2,237
59
\nProfit for basic and diluted earnings per share
11,838
2,237
59
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\neurocents
eurocents
eurocents
\nBasic earnings per share from continuing operations
42.77c
7.71c
0.20c
\nBasic earnings per share
42.77c
7.71c
0.20c
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\neurocents
eurocents
eurocents
\nDiluted earnings per share from continuing operations
42.62c
7.68c
0.20c
\nDiluted earnings per share
42.62c
7.68c
0.20c
\nNote:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, profit for basic and diluted earnings per share has increased by \u20ac149 million (2021: \u20ac53 million decrease) compared to the amount previously reported. Consequently, basic
\nearnings per share increased by 0.51 eurocents (2021: 0.18 eurocents decrease) and diluted earnings per share increased by 0.51 eurocents (2021: 0.18 eurocents decrease) compared to
\namounts previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n9. Equity dividends
\nDividends are one type of shareholder return, historically paid to our shareholders in February and August.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nDeclared during the financial year
\nFinal dividend for the year ended 31 March 2022: 4.50 eurocents per share
\n1,265
1,254
1,205
(2021: 4.50 eurocents per share, 2020: 4.50 eurocents per share)
\nInterim dividend for the year ended 31 March 2023: 4.50 eurocents per share
\n1,237
1,229
1,207
(2022: 4.50 eurocents per share, 2021: 4.50 eurocents per share)
\n2,502
2,483
2,412
\nProposed after the end of the year and not recognised as a liability
\nFinal dividend for the year ended 31 March 2023: 4.50 eurocents per share
\n1,215
1,265
1,260
(2022: 4.50 eurocents per share, 2021: 4.50 eurocents per share)
\n
\n
\n
10. Intangible assets
\nThe statement of financial position contains significant intangible assets, mainly in relation to goodwill and licences
\nand spectrum. Goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net
\nassets primarily due to the synergies we expect to create, is not amortised but is subject to annual impairment reviews.
\nLicences and spectrum are amortised over the life of the licence. For further details see \u2018Critical accounting judgements
\nand key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation \u2018 to the consolidated financial statements.
\nAccounting policies
\nIdentifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset
\nwill flow to the Group and the cost of the asset can be reliably measured. Identifiable intangible assets are recognised at fair value when the Group
\ncompletes a business combination. The determination of the fair values of the separately identified intangibles, is based, to a considerable extent,
\non management\u2019s judgement.
\nGoodwill
\nGoodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the
\nidentifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition.
\nGoodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not
\nsubject to amortisation but is tested for impairment annually or whenever there is evidence that it may be impaired. Goodwill is denominated in the
\ncurrency of the acquired entity and revalued to the closing exchange rate at each reporting period date.
\nNegative goodwill arising on an acquisition is recognised directly in the income statement.
\nOn disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the determination of the profit or loss
\nrecognised in the income statement on disposal.
\nFinite lived intangible assets
\nIntangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation. The amortisation period and method
\nis reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in
\nthe asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
\nLicence and spectrum fees
\nAmortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired licence period, the conditions for licence
\nrenewal and whether licences are dependent on specific technologies. Amortisation is charged to the income statement on a straight-line basis
\nover the estimated useful lives from the commencement of related network services.
\nComputer software
\nComputer software comprises software purchased from third parties as well as the cost of internally developed software. Computer software
\nlicences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs that are directly associated with
\nthe production of identifiable and unique software products controlled by the Group, and are probable of producing future economic benefits, are
\nrecognised as intangible assets. Direct costs of software development include employee costs and directly attributable overheads.
\nSoftware integral to an item of hardware equipment is classified as property, plant and equipment.
\nCosts associated with maintaining software programs are recognised as an expense when they are incurred.
\nAmortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for
\nuse.
\nOther intangible assets
\nOther intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the
\nincome statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis. The
\namortisation basis adopted for each class of intangible asset reflects the Group\u2019s consumption of the economic benefit from that asset.
\nEstimated useful lives
\nThe estimated useful lives of finite lived intangible assets are as follows:
\nLicence and spectrum fees
3 - 40 years
\nComputer software
3 - 5 years
\nBrands
1 - 30 years
\nCustomer bases
2 - 37 years
\n
\n
\n
\n\nLicence and
Computer
Customer
\nGoodwill
spectrum fees
software
bases
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nCost
\n1 April 2021
99,364
33,528
17,833
12,308
466
163,499
\nExchange movements
(21)
(148)
(60)
80
1
(148)
\nArising on acquisition
(10)
\u2013
\u2013
54
\u2013
44
\nAdditions
\u2013
901
2,727
\u2013
7
3,635
\nDisposals
\u2013
(356)
(2,823)
\u2013
(1)
(3,180)
\nOther
\u2013
1
36
\u2013
(10)
27
\n31 March 2022
99,333
33,926
17,713
12,442
463
163,877
\nAdoption of IAS 29
1,564
1,099
408
110
87
3,268
\n1 April 2022 brought forward
100,897
35,025
18,121
12,552
550
167,145
\nExchange movements
(783)
(1,270)
(504)
(240)
(53)
(2,850)
\nDisposal of subsidiaries
(3,939)
(443)
(348)
(458)
(4)
(5,192)
\nAdditions
\u2013
439
2,804
\u2013
7
3,250
\nDisposals
\u2013
(2)
(1,831)
\u2013
(1)
(1,834)
\nHyperinflation impacts
729
557
232
51
40
1,609
\n31 March 2023
96,904
34,306
18,474
11,905
539
162,128
\nAccumulated impairment losses and amortisation
\n1 April 2021
67,633
22,043
12,496
7,324
454
109,950
\nExchange movements
(184)
(35)
(72)
70
1
(220)
\nAmortisation charge for the year
\u2013
1,306
2,225
509
4
4,044
\nDisposals
\u2013
(351)
(2,821)
\u2013
(1)
(3,173)
\nOther
\u2013
\u2013
39
\u2013
(7)
32
\n31 March 2022
67,449
22,963
11,867
7,903
451
110,633
\nAdoption of IAS 29
1,564
829
390
110
87
2,980
\n1 April 2022 brought forward
69,013
23,792
12,257
8,013
538
113,613
\nExchange movements
(414)
(846)
(351)
(231)
(50)
(1,892)
\nDisposal of subsidiaries
(39)
(147)
(180)
(80)
(2)
(448)
\nAmortisation charge for the year
\u2013
1,133
2,343
554
1
4,031
\nDisposals
\u2013
(2)
(1,814)
\u2013
(1)
(1,817)
\nHyperinflation impacts
729
407
207
51
40
1,434
\n31 March 2023
69,289
24,337
12,462
8,307
526
114,921
\nNet book value
\n31 March 2022
31,884
10,963
5,846
4,539
12
53,244
\n31 March 2023
27,615
9,969
6,012
3,598
13
47,207
\nFor licences and spectrum fees and other intangible assets, amortisation is included within the cost of sales line within the consolidated income
\nstatement. Included in the net book value of computer software are assets in the course of construction, which are not depreciated, with a cost of
\n\u20ac1,451 million (2022: \u20ac1,955 million).
\nThe net book value and expiry dates of the most significant licences are as follows:
\n2023
2022
\nExpiry dates
\u20acm
\u20acm
\nGermany
2025/2033/2040
2,979
3,270
\nItaly
2029/2037
3,123
3,415
\nUK
2023/2033/2038/2041
1,055
1,209
\nSpain
2028/2030/2031/2038/2041
758
809
\nThe remaining amortisation period for each of the licences in the table above corresponds to the expiry date of the respective licence. A summary of
\nthe Group\u2019s most significant spectrum licences can be found on page 241.
\n\n
\n
11. Property, plant and equipment
\nThe Group makes significant investments in network equipment and infrastructure \u2013 the base stations and technology
\nrequired to operate our networks \u2013 that form the majority of our tangible assets. All assets are depreciated over their
\nuseful economic lives. For further details on the estimation of useful economic lives, see \u2018Critical accounting
\njudgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation \u2018to the consolidated financial
\nstatements.
\nAccounting policies
\nLand and buildings held for use are stated in the statement of financial position at their cost, less any accumulated depreciation and any
\naccumulated impairment losses.
\nAmounts for equipment, fixtures and fittings, which includes network infrastructure assets are stated at cost less accumulated depreciation and any
\naccumulated impairment losses.
\nAssets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the
\nassets are ready for their intended use.
\nThe cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
\nDepreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over their estimated useful lives, as
\nfollows:
\nLand and buildings
\nFreehold buildings
25 - 50 years
\nLeasehold premises
the term of the lease
\nEquipment, fixtures and fittings
\nNetwork infrastructure and other
1 - 35 years
\nDepreciation is not provided on freehold land.
\nRight-of-use assets arising from the Group\u2019s lease arrangements are depreciated over their reasonably certain lease term, as determined under the
\nGroup\u2019s leases policy (see note 20 \u2018Leases\u2019 and \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 for details).
\nThe gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and equipment is determined as the
\ndifference between any proceeds from sale or receivables arising on a lease and the carrying amount of the asset and is recognised in the income
\nstatement.
\n
\n
\n
\n\nEquipment,
\nLand and
fixtures
\nbuildings
and fittings
Total
\n\u20acm
\u20acm
\u20acm
\nCost
\n1 April 2021
2,315
75,974
78,289
\nExchange movements
1
(265)
(264)
\nArising on acquisition
(74)
44
(30)
\nAdditions
41
5,845
5,886
\nDisposals
(200)
(2,280)
(2,480)
\nOther
263
2
265
\n31 March 2022 as reported
2,346
79,320
81,666
\nAdoption of IAS 29
15
1,776
1,791
\n1 April 2022 brought forward
2,361
81,096
83,457
\nExchange movements
(81)
(2,648)
(2,729)
\nDisposal of subsidiaries
(69)
(7,210)
(7,279)
\nAdditions
49
5,805
5,854
\nDisposals
(253)
(3,724)
(3,977)
\nHyperinflation impacts
7
1,040
1,047
\nOther
(17)
101
84
\n31 March 2023
1,997
74,460
76,457
\nAccumulated depreciation and impairment
\n1 April 2021
1,216
48,403
49,619
\nExchange movements
3
(171)
(168)
\nCharge for the year
117
5,740
5,857
\nDisposals
(191)
(2,240)
(2,431)
\nOther
224
(223)
1
\n31 March 2022 as reported
1,369
51,509
52,878
\nAdoption of IAS 29
3
1,432
1,435
\n1 April 2022 brought forward
1,372
52,941
54,313
\nExchange movements
(28)
(1,694)
(1,722)
\nDisposal of subsidiaries
(18)
(4,543)
(4,561)
\nCharge for the year
83
5,544
5,627
\nDisposals
(170)
(3,672)
(3,842)
\nHyperinflation impacts
1
747
748
\n31 March 2023
1,240
49,323
50,563
\nNet book value
\n31 March 2022
977
27,811
28,788
\n31 March 2023
757
25,137
25,894
\nIncluded in the net book value of land and buildings and equipment, fixtures and fittings are assets in the course of construction, which are not
\ndepreciated, with a cost of \u20ac10 million (2022: \u20ac12 million) and \u20ac1,988 million (2022: \u20ac2,353 million) respectively. Also included in the book value of
\nequipment, fixtures and fittings are assets leased out by the Group under operating leases, with a cost of \u20ac2,170 million (2022: \u20ac2,998 million),
\naccumulated depreciation of \u20ac1,393 million (2022: \u20ac2,050 million) and net book value of \u20ac777 million (2022: \u20ac948 million).
\nRight-of-use assets arising from the Group\u2019s lease arrangements are recorded within property, plant and equipment:
\n2023
2022
\n\u20acm
\u20acm
\nProperty, plant and equipment (owned assets)
25,894
28,788
\nRight-of-use assets
\n1
\n12,098
12,016
\n31 March
37,992
40,804
\nNote:
\n1
Additions of \u20ac7,387 million (2022: \u20ac3,828 million) and a depreciation charge of \u20ac3,960 million (2022: \u20ac3,944 million) were recorded in respect of right-of-use assets during the year to 31
\nMarch 2023.
\n
\n
\n
12. Investments in associates and joint arrangements
\nThe Group holds interests in associates in Kenya and in India, where we have significant influence, as well as in a
\nnumber of joint arrangements, notably in the Netherlands, India, Australia and now Oak Holdings 1 GmbH and its
\nmarkets, where we share control with one or more third parties. For further details see \u2018Critical accounting judgements
\nand key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation \u2018to the consolidated financial statements.
\nAccounting policies
\nInterests in joint arrangements
\nA joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint
\ncontrol; that is, when the relevant activities that significantly affect the investee\u2019s returns require the unanimous consent of the parties sharing
\ncontrol. Joint arrangements are either joint operations or joint ventures.
\nGains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of
\nthe Group\u2019s entire equity holding in the subsidiary.
\nJoint operations
\nA joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities,
\nrelating to the arrangement or that other facts and circumstances indicate that this is the case. The Group\u2019s share of assets, liabilities, revenue,
\nexpenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis.
\nAny goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance with the Group\u2019s accounting policy
\nfor goodwill arising on the acquisition of a subsidiary.
\nJoint ventures
\nA joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities and
\ncontingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 \u2018Discontinued
\noperations and assets held for sale\u2019), are incorporated in the consolidated financial statements using the equity method of accounting. Under the
\nequity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\nchanges in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group\u2019s share of post-tax
\nprofits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group\u2019s interest in that joint venture
\nare recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
\nAssociates
\nAn associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement.
\nSignificant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have
\ncontrol or joint control over those policies.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities
\nand contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of
\naccounting used for joint ventures, described above.
\nJoint operations
\nOn 22 March 2023, the Group completed the disposal of its principal joint operation as part of the transaction with Oak Holdings 1 GmbH. The
\nfinancial and operating activities of the operation were jointly controlled by the participating shareholders and were primarily designed for all but an
\ninsignificant amount of the output to be consumed by the shareholders.
\nCountry of
\nincorporation or
\nregistration
\nPercentage
\nshareholdings
\n1
\nPercentage
\nshareholdings
\n1
\nName of joint operation
Principal activity
2023
2022
\nCornerstone Telecommunications Infrastructure Limited
Network infrastructure
UK
\u2013
50.0
\nNote:
\n1
Effective ownership percentages of Vodafone Group Plc are rounded to the nearest tenth of one percent.
\n
\n
\n
\n\nJoint ventures and associates
\n2023
2022
\nRe-presented
\n1
\n\u20acm
\u20acm
\nInvestments in joint ventures
9,578
3,781
\nInvestments in associates
1,501
1,542
\n31 March
11,079
5,323
\nNote:
\n1
The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022,
\ninvestments in associates have increased by \u20ac1,055 million compared to the amount previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\nJoint ventures
\nThe financial and operating activities of the Group\u2019s joint ventures are jointly controlled by the participating shareholders. The participating
\nshareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Company\u2019s principal
\njoint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
\njoint ventures is also their principal place of operation.
\nCountry of
\nincorporation or
\nregistration
\nPercentage
\nshareholdings
\n1
\nPercentage
\nshareholdings
\n1
\nName of joint venture
Principal activity
2023
2022
\nOak Holdings 1 GmbH
Network infrastructure
Germany
64.2
\u2013
\nVodafoneZiggo Group Holding B.V.
Network operator
Netherlands
50.0
50.0
\nOXG Glasfaser GmbH
Fibre infrastructure
Germany
50.0
\u2013
\nVodafone Idea Limited
\n2
\nNetwork operator
India
32.3
47.6
\nTPG Telecom Limited
\n3
\nNetwork operator
Australia
25.1
25.1
\nINWIT S.p.A.
Network infrastructure
Italy
\u2013
33.2
\nNotes:
\n1
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n2
At 31 March 2023 the fair value of the Group\u2019s interest in Vodafone Idea Limited was INR 91 billion (\u20ac1,021 million) (2022: INR 148 billion (\u20ac1,750 million)) based on the quoted share price
\non the National Stock Exchange of India.
\n3
At 31 March 2023 the fair value of the Group\u2019s interest in TPG Telecom Limited was AUD 2,273 million (\u20ac1,401 million) (2022: AUD 2,818 million (\u20ac1,902 million)) based on the quoted share
\nprice on ASX.
\nOak Holdings 1 GmbH
\nOn 22 March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-control partnership of
\nVodafone, GIP and KKR. Vodafone retained an interest of 64.2% in Oak Holdings 1 GmbH, which owns 89.3% of Vantage Towers A.G. On 18 April
\n2023, the Management Board and the Supervisory Board of Vantage Towers A.G. published their joint reasoned statement on the public delisting
\ntender offer of Oak Holdings 1 GmbH to the shareholders of Vantage Towers A.G. Both recommended that all remaining shareholders accept the
\ndelisting tender offer.
\nOXG Glasfaser GmbH
\nIn March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser GmbH (\u2018OXG\u2019), with 50.0%
\nshareholding held by each shareholder. Each shareholder is committed to contribute funding of up to \u20ac950 million to OXG for the deployment of
\nfibre-to-the-home in Germany. The funding is expected to be contributed between 2023 and 2029. The amount and timing of the funding depends
\non the speed and size of the fibre deployment so the funding may be for a lower value or contributed over a longer period of time. The contribution
\ncan be in the form of free capital reserves, shareholder loan, loan notes or similar instruments as agreed by the shareholders.
\nVodafone Idea Limited
\nThe Group\u2019s carrying value in Vodafone Idea Limited (\u2018VIL\u2019) reduced to \u20acnil at 30 September 2019. The Group\u2019s share of VIL\u2019s losses not recognised
\nat 31 March 2023 is \u20ac3,759 million (31 March 2022: \u20ac5,120 million). Significant uncertainties exist in relation to VIL\u2019s ability to generate the cash
\nflow it requires to settle or its ability to refinance its liabilities and guarantees as they fall due (see note 29 \u2018Contingent liabilities and legal
\nproceedings\u2019).
\nThe value of the Group\u2019s 21.0% shareholding in Indus Towers Limited is, in part, dependent on the income generated by Indus Towers Limited from
\ntower rentals to major customers, including VIL. Any inability of these major customers to pay such amounts in the future may impact the carrying
\nvalue (31 March 2023: \u20ac908 million) of the Group\u2019s investment in Indus Towers Limited.
\n
\n\n
TPG Telecom Limited
\nTPG Telecom Limited is listed on the Australian Securities Exchange (\u2018ASX\u2019). Vodafone and Hutchison Telecommunications (Australia) Limited each
\nown an economic interest of 25.05%, with the remaining 49.9% listed as free float on the ASX. The financial information presented in the tables
\nbelow includes debt held within the structure that holds the Group\u2019s interest in TPG.
\nINWIT S.p.A.
\nOn 22 March 2023, the Group completed the disposal of its 33.2% interest in INWIT S.p.A. as part of the transaction with Oak Holdings 1 GmbH.
\nDividends received from joint ventures
\nDuring the year ended 31 March 2023, the Group received dividends included in the consolidated statement of cash flows from VodafoneZiggo
\nGroup Holding B.V. of \u20ac165 million (2022: \u20ac350 million, 2021: \u20ac209 million), TPG Telecom Limited of \u20ac24 million (2022: \u20ac22 million, 2021: \u20acnil)
\nand INWIT S.p.A. of \u20ac103 million (2022: \u20ac96 million, 2021: \u20ac42 million).
\nAggregated financial information
\nThe table below provides aggregated financial information for the Group\u2019s joint ventures as it relates to the amounts recognised in the income
\nstatement and consolidated statement of financial position.
\nInvestment in joint ventures
\nProfit/(loss) from
\ncontinuing operations
\n1
\n2023
2022
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nOak Holdings 1 GmbH
8,634
\u2013
\u2013
\u2013
\u2013
\nVodafoneZiggo Group Holding B.V.
793
822
137
(19)
(232)
\nTPG Telecom Limited
108
84
48
(5)
98
\nINWIT S.p.A.
\u2013
2,851
30
27
3
\nOther
43
24
(15)
(14)
(15)
\nTotal
9,578
3,781
200
(11)
(146)
\nNotes:
\n1
Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations.
\n
\n
\n
\n\nSummarised financial information
\nSummarised financial information for each of the Group\u2019s material joint ventures on a 100% ownership basis is set out below and overleaf.
\nFinancial information is presented for Vodafone Idea Limited (\u2018VIL\u2019) for the six month period to, and as at 30 September 2022 on the basis that full-
\nyear information in relation to VIL has not been released at the date of approval of these financial statements and as such is market sensitive for VIL.
\nAs disclosed above, the Group\u2019s investment in VIL was reduced to \u20acnil in the year ended 31 March 2020 and the Group has not recorded any profit
\nor loss in respect of its share of VIL\u2019s results since that date.
\nFinancial information is presented for TPG Telecom Limited (\u2018TPG\u2019) for the nine month period to, and as at 31 December 2022 on the basis that full-
\nyear information in relation to TPG has not been released at the date of approval of these financial statements and as such is market sensitive for
\nTPG.
\nFinancial information presented for INWIT S.p.A. for the years to 31 March 2023, 31 March 2022 and 31 March 2021 is based on the financial results
\nand financial position as at 31 December 2022, 31 December 2021 and 31 December 2020, respectively, being the latest financial information
\navailable to the Group when completing the financial statements for each year.
\nVodafoneZiggo Group Holding B.V.
Vodafone Idea Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
4,063
4,056
4,010
2,586
4,450
4,847
\nOperating expenses
(2,124)
(2,104)
(2,058)
(1,681)
(2,802)
(3,133)
\nDepreciation and amortisation
(1,527)
(1,592)
(1,658)
(1,220)
(2,390)
(2,442)
\nOther income
\u2013
\u2013
25
\u2013
(34)
(2,135)
\nOperating profit/(loss)
412
360
319
(315)
(776)
(2,863)
\nInterest income
\u2013
\u2013
\u2013
2
14
32
\nInterest expense
11
(276)
(658)
(1,392)
(2,297)
(2,035)
\nProfit/(loss) before tax
423
84
(339)
(1,705)
(3,059)
(4,866)
\nIncome tax (expense)/credit
(150)
(121)
(125)
(1)
2
\u2013
\nProfit/(loss) from continuing operations
\n1
\n273
(37)
(464)
(1,706)
(3,057)
(4,866)
\nTPG Telecom Limited
INWIT S.p.A.
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
3,027
3,375
3,010
853
785
562
\nOperating expenses
(1,870)
(2,292)
(2,096)
(73)
(70)
(46)
\nDepreciation and amortisation
(700)
(914)
(769)
(508)
(513)
(398)
\nOperating profit
457
169
145
272
202
118
\nInterest income
\u2013
\u2013
1
\u2013
\u2013
\u2013
\nInterest expense
(172)
(122)
(201)
(81)
(90)
(101)
\nProfit/(loss) before tax
285
47
(55)
191
112
17
\nIncome tax (expense)/credit
(25)
(27)
495
(1)
(30)
(7)
\nProfit from continuing operations
\n1
\n260
20
440
190
82
10
\nNote:
\n1
Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations.
\n
\n
\n
Oak Holdings 1
\nGmbH
\n1
\nVodafoneZiggo Group Holding B.V.
\n2023
2023
2022
\n\u20acm
\u20acm
\u20acm
\nStatement of financial position
\nNon-current assets
23,878
16,570
16,521
\nCurrent assets
749
719
739
\nTotal assets
24,627
17,289
17,260
\nEquity shareholders\u2019 funds
13,450
1,586
1,643
\nNon-controlling interests
1,262
\u2013
\u2013
\nNon-current liabilities
6,709
13,299
13,187
\nCurrent liabilities
3,206
2,404
2,430
\nCash and cash equivalents within current assets
224
20
190
\nNon-current liabilities excluding trade and other payables and provisions
6,215
13,138
13,007
\nCurrent liabilities excluding trade and other payables and provisions
2,409
1,247
1,282
\nVodafone Idea Limited
\n2
\nTPG Telecom Limited
\n2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\nStatement of financial position
\nNon-current assets
21,316
17,267
9,823
10,638
\nCurrent assets
2,580
2,693
1,009
898
\nTotal assets
23,896
19,960
10,832
11,536
\nEquity shareholders\u2019 (deficit)/funds
(12,486)
(10,214)
3,019
3,129
\nNon-current liabilities
28,902
23,266
6,702
7,227
\nCurrent liabilities
7,480
6,908
1,111
1,180
\nCash and cash equivalents within current assets
109
365
290
435
\nNon-current liabilities excluding trade and other payables and provisions
28,879
23,241
6,595
7,173
\nCurrent liabilities excluding trade and other payables and provisions
3,404
3,334
86
121
\nINWIT S.p.A.
\n2022
\n\u20acm
\nStatement of financial position
\nNon-current assets
14,532
\nCurrent assets
270
\nTotal assets
14,802
\nEquity shareholders\u2019 funds
8,595
\nNon-current liabilities
5,672
\nCurrent liabilities
535
\nCash and cash equivalents within current assets
96
\nNon-current liabilities excluding trade and other payables and provisions
5,420
\nCurrent liabilities excluding trade and other payables and provisions
319
\nNote:
\n1
Includes balances which are provisional based on finalisation of the purchase price allocation.
\n2
Includes certain amounts subject to an adjustment mechanism agreed as part of the formation of Vodafone Idea Limited. See note 29 \u2018Contingent liabilities and legal proceedings\u2019.
\n
\n
\n
\n
\nThe reconciliation of summarised financial information presented to the carrying amount of our interest in joint ventures is set out below.
\nOak Holdings 1
\nGmbH
\nVodafoneZiggo Group Holding B.V.
\n2023
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 funds
13,450
1,586
1,643
\nInterest in joint ventures
\n1
\n8,634
793
822
\nCarrying value
8,634
793
822
\nProfit/(loss) from continuing operations
\u2013
273
(37)
(464)
\nShare of profit/(loss)
\n1
\n\u2013
137
(19)
(232)
\nVodafone Idea Limited
TPG Telecom Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 (deficit)/funds
(12,486)
(10,214)
3,019
3,129
\nInterest in joint ventures
\n1
\n(5,943)
(4,863)
56
27
\nImpairment
(272)
(257)
\u2013
\u2013
\nGoodwill
\u2013
\u2013
52
57
\nInvestment proportion not recognised
6,215
5,120
\u2013
\u2013
\nCarrying value
\u2013
\u2013
108
84
\n(Loss)/profit from continuing operations
(1,706)
(3,057)
(4,866)
260
20
440
\nShare of (loss)/profit
\n1
\n(812)
(1,357)
(2,160)
48
(5)
98
\nShare of loss not recognised
812
1,357
2,160
\u2013
\u2013
\u2013
\nShare of profit/(loss)
\n1
\n\u2013
\u2013
\u2013
48
(5)
98
\nINWIT S.p.A.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 funds
\u2013
8,595
8,801
\nInterest in joint ventures
\u2013
2,851
2,920
\nCarrying value
\u2013
2,851
2,920
\nProfit from continuing operations
190
82
10
\nShare of profit
63
27
3
\nShare of profit not recognised as held for sale
(33)
\u2013
\u2013
\nShare of profit
30
27
3
\nNote:
\n1
The Group\u2019s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V., Vodafone Idea Limited and TPG Telecom Limited are 64.2%, 50.0%, 47.6% and
\n25.1%, respectively, rounded to the nearest tenth of one percent.
\n
\n
\n
Associates
\nUnless otherwise stated, the Company\u2019s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The
\ncountry of incorporation or registration of all associates is also their principal place of operation.
\nCountry of
Percentage
Percentage
\nincorporation or
shareholding
\n1
\nshareholding
\n1
\nName of associate
Principal activity
registration
2023
2022
\nSafaricom PLC
\n2
\nNetwork operator
Kenya
39.9
40.0
\nIndus Towers Limited
\n3
\nNetwork infrastructure
India
21.0
21.0
\nNotes:
\n1
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n2
At 31 March 2023, the fair value of the Group\u2019s interest in Safaricom PLC was KES 290 billion (\u20ac2,012 million) (2022: KES 546 billion (\u20ac4,270 million)) based on the closing quoted share price
\non the Nairobi Stock Exchange. The Group also holds two non-voting shares.
\n3
At 31 March 2023, the fair value of the Group\u2019s interest in Indus Towers Limited was INR 81 billion (\u20ac908 million) (2022: INR 126 billion (\u20ac1,494 million)) based on the closing quoted share
\nprice on the National Stock Exchange of India.
\nAggregated financial information
\nThe table below provides aggregated financial information for the Group\u2019s associates as it relates to the amounts recognised in the income
\nstatement and consolidated statement of financial position.
\nInvestment in associates
Profit/(loss) from continuing operations
\nRe-presented
\n1
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nSafaricom PLC
\n2
\n509
428
195
217
217
\nIndus Towers Limited
908
1,055
50
178
306
\nOther
\n2
\n84
59
(12)
5
(3)
\nTotal
1,501
1,542
233
400
520
\nNote:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, investments in associates has increased by \u20ac1,055 million and profit from continuing operations has increased by \u20ac178 million (2021: \u20ac32 million) compared to the amounts
\npreviously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Other comprehensive income includes profit from continuing operations, together with \u20ac127 million in respect of the application of IAS 29 to Safaricom\u2019s operations in Ethiopia.
\nDividends from associates
\nDuring the year ended 31 March 2023, the Group received dividends included in the consolidated statement of cash flows from Indus Towers
\nLimited of \u20ac75 million (2022: \u20acnil, 2021: \u20ac201 million) and from Safaricom PLC of \u20ac250 million (2022: \u20ac170 million, 2021: \u20ac171 million).
\n
\n
\n
\n
\nSummarised financial information
\nSummarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set out below.
\nSafaricom PLC
Indus Towers Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
2,468
2,318
2,083
3,343
3,122
2,421
\nOperating expenses
(1,353)
(1,164)
(1,030)
(2,240)
(1,480)
(1,247)
\nDepreciation and amortisation
(432)
(309)
(299)
(588)
(598)
(477)
\nOther income
68
\u2013
\u2013
\u2013
\u2013
412
\nOperating profit
751
845
754
515
1,044
1,109
\nInterest income
13
9
12
26
\u2013
61
\nInterest expense
(69)
(59)
(27)
(200)
(140)
(194)
\nProfit before tax
695
795
739
341
904
976
\nIncome tax expense
(285)
(270)
(197)
(102)
(272)
(168)
\nProfit from continuing operations and total
\ncomprehensive income
410
525
542
239
632
808
\nAttributable to:
\n- Owners of the parent
489
542
542
239
632
808
\n- Non-controlling interests
(79)
(17)
\u2013
\u2013
\u2013
\u2013
\nStatement of financial position
\nNon-current assets
3,007
2,173
5,243
5,359
\nCurrent assets
436
510
1,081
1,685
\nTotal assets
3,443
2,683
6,324
7,044
\nEquity shareholders' funds
1,269
1,066
3,453
3,774
\nNon-controlling interests
532
312
\u2013
\u2013
\nNon-current liabilities
753
558
1,954
2,101
\nCurrent liabilities
889
747
917
1,169
\nCash and cash equivalents within current assets
127
241
3
278
\nNon-current liabilities excluding trade and other
\npayables and provisions
500
465
1,665
1,795
\nCurrent liabilities excluding trade and other
\npayables and provisions
322
241
491
638
\nThe reconciliation of summarised financial information presented to the carrying amount of our interest in the associate is set out below.
\nSafaricom PLC
Indus Towers Limited
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders' funds
1,269
1,066
3,453
3,774
\nInterest in associates
\n2
\n507
425
727
794
\nGoodwill
2
3
181
261
\nCarrying value
509
428
908
1,055
\nProfit from continuing operations
489
542
542
239
632
808
\nShare of profit
195
217
217
50
178
306
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, the carrying value of the Group\u2019s interest in the associate has increased by \u20ac1,055 million and the Group\u2019s share of profit has increased by \u20ac178 million (2021: \u20ac32 million)
\ncompared to the amounts previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
The Group\u2019s effective ownership percentages of Safaricom PLC and Indus Towers Limited are 39.9% and 21.0%, respectively, rounded to the nearest tenth of one percent.
\n
\n
\n
13. Other investments
\nThe Group holds a number of other listed and unlisted investments, mainly comprising managed funds,
\ndeposits and government bonds.
\nAccounting policies
\nOther investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an
\ninvestment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned,
\nand are initially measured at fair value, including transaction costs.
\nDebt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and
\ninterest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the
\ncriteria for amortised cost are measured at fair value through profit and loss.
\nEquity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of
\nfair value gains and losses to profit or loss following derecognition of the investment.
\n2023
2022
\n\u20acm
\u20acm
\nIncluded within non-current assets
\nEquity securities
\n1
\n94
143
\nDebt securities
\n2
\n999
930
\n1,093
1,073
\nIncluded within current assets
\nShort-term investments:
\nBonds and debt securities
\n3
\n1,338
1,446
\nManaged investment funds
\n1
\n2,967
3,349
\n4,305
4,795
\nCollateral assets
\n4
\n239
698
\nOther investments
\n5
\n2,473
2,438
\n7,017
7,931
\nNotes:
\n1
Items measured at a fair value, \u20ac47 million (2022: \u20ac91 million) of equity securities have a valuation basis of level 1 classification, which comprises financial instruments where fair value is
\ndetermined by unadjusted quoted prices in active markets for identical assets and liabilities. The remaining items are measured at fair value and the basis is level 2 classification, which
\ncomprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
\n2
Items are measured at amortised cost and have a fair value of \u20ac803 million (2022: \u20ac830 million) with a valuation basis of level 1 classification.
\n3
Items are measured at fair value and the valuation basis is level 1 classification.
\n4
Items are measured at amortised cost and the carrying amount approximates fair value.
\n5
Includes investments measured at a fair value of \u20ac1,409 million (2022: \u20ac1,460 million). The valuation basis is level 1. The remaining items are measured at amortised cost and the carrying
\namount approximates fair value.
\nNon-current debt securities within non-current assets include \u20ac885 million (2022: \u20ac885 million) of loan notes issued by VodafoneZiggo
\nHolding B.V.
\nThe Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving
\nsuitable returns. Collateral arrangements on derivative financial instruments result in cash being paid/(held), repayable when the
\nderivatives are settled. These assets do not meet the definition of cash and cash equivalents but are included in the Group\u2019s net debt based
\non their liquidity.
\nBonds and debt securities includes \u20ac899 million (2022: \u20ac681 million) of highly liquid Japanese; \u20ac290 million (2022: \u20acnil) Dutch; \u20ac150
\nmillion (2022: \u20acnil) German; \u20acnil (2022: \u20ac501 million) Belgian; \u20acnil (2022: \u20ac200 million) French government securities and \u20acnil (2022: \u20ac64
\nmillion) of UK government bonds.
\nManaged investment funds of \u20ac2,967 million (2022: \u20ac3,349 million) are in funds with liquidity of up to 90 days.
\nCollateral assets of \u20ac239 million (2022: \u20ac698 million) represents collateral paid on derivative financial instruments.
\nOther investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts
\nheld in qualifying assets by Group insurance companies to meet regulatory requirements.
\n
\n
\n
\n14. Trade and other receivables
\nTrade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay to our
\nsuppliers in advance. Derivative financial instruments with a positive market value are reported within this note as are
\ncontract assets, which represent an asset for accrued revenue in respect of goods or services delivered to customers for
\nwhich a trade receivable does not yet exist, and finance lease receivables recognised where the Group acts as a lessor.
\nSee note 20 \u2018Leases\u2019 for more information on the Group\u2019s leasing activities.
\nAccounting policies
\nTrade receivables represent amounts owed by customers where the right to receive payment is conditional only on the passage of time. Trade
\nreceivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is
\naccreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the
\nGroup establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other
\ncomprehensive income; all other trade receivables are recorded at amortised cost.
\nThe carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for
\nlifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the
\nageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management
\ndeems them not to be collectible.
\n2023
2022
\n\u20acm
\u20acm
\nIncluded within non-current assets
\nTrade receivables
51
34
\nTrade receivables held at fair value through other comprehensive income
337
606
\nNet investment in leases
267
134
\nContract assets
494
495
\nContract-related costs
690
630
\nOther receivables
66
37
\nPrepayments
296
231
\nDerivative financial instruments
\n1
\n5,642
4,216
\n7,843
6,383
\nIncluded within current assets
\nTrade receivables
3,277
3,300
\nTrade receivables held at fair value through other comprehensive income
566
802
\nNet investment in leases
106
66
\nContract assets
3,063
3,056
\nContract-related costs
1,471
1,403
\nAmounts owed by associates and joint ventures
175
241
\nOther receivables
730
869
\nPrepayments
835
872
\nDerivative financial instruments
\n1
\n482
410
\n10,705
11,019
\nNote:
\n1
Includes \u20ac198 million (2022: \u20ac3 million) of embedded derivative option for which fair value is based on level 3 of the fair value hierarchy (see section on fair value carrying value information
\nwithin note 22 \u2018Capital and Risk Management\u2019). All other items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined
\nfrom inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
\nThe Group\u2019s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are measured after allowances for
\nfuture expected credit losses, see note 22 \u2018Capital and financial risk management\u2019 for more information on credit risk.
\nThe carrying amounts of trade and other receivables, which are measured at amortised cost, approximate their fair value and are predominantly
\nnon-interest bearing.
\nThe Group\u2019s contract-related costs comprise \u20ac2,078 million (2022: \u20ac1,967 million) relating to costs incurred to obtain customer contracts and \u20ac83
\nmillion (2022: \u20ac66 million) relating to costs incurred to fulfil customer contracts; an amortisation and impairment expense of \u20ac1,541 million (2022:
\n\u20ac1,517 million) was recognised in operating profit during the year.
\nOther than for the embedded derivative option described above, the fair values of the derivative financial instruments are calculated by discounting
\nthe future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.
\n
\n
\n
15. Trade and other payables
\nTrade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued and
\ncontract liabilities relating to consideration received from customers in advance. They also include taxes and social
\nsecurity amounts due in relation to the Group\u2019s role as an employer. Derivative financial instruments with a negative
\nmarket value are reported within this note.
\nAccounting policies
\nTrade payables are not interest-bearing and are stated at their nominal value.
\n2023
2022
\n\u20acm
\u20acm
\nIncluded within non-current liabilities
\nOther payables
520
452
\nAccruals
48
28
\nContract liabilities
500
530
\nDerivative financial instruments
\n1
\n1,116
1,506
\n2,184
2,516
\nIncluded within current liabilities
\nTrade payables
7,662
7,327
\nAmounts owed to associates and joint ventures
329
40
\nOther taxes and social security payable
1,013
1,114
\nOther payables
2,080
2,032
\nAccruals
\n2
\n4,814
6,991
\nContract liabilities
2,043
1,991
\nDerivative financial instruments
\n1
\n306
166
\n18,247
19,661
\nNotes:
\n1
Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are
\nobservable for the asset or liability, either directly or indirectly.
\n2
Includes \u20acnil (2022: \u20ac1,434 million) payable in relation to the irrevocable and non-discretionary share buyback programmes.
\nThe carrying amounts of trade and other payables approximate their fair value.
\nMaterially all of the \u20ac1,991 million recorded as current contract liabilities at 1 April 2022 was recognised as revenue during the year.
\nOther payables included within non-current liabilities include \u20ac257 million (2022: \u20ac351 million) in respect of the re-insurance of a third party
\nannuity policy related to the Vodafone and CWW Sections of the Vodafone UK Group Pension Scheme.
\nThe fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate
\nmarket interest rates and foreign currency rates prevailing at 31 March.
\n
\n
\n
\n16. Provisions
\nA provision is a liability recorded in the statement of financial position, where there is uncertainty over the timing or
\namount that will be paid, and is therefore often estimated. The main provisions we hold are in relation to asset
\nretirement obligations, which include the cost of returning network infrastructure sites to their original condition at the
\nend of the lease and claims for legal and regulatory matters.
\nAccounting policies
\nProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be
\nrequired to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors\u2019 best
\nestimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Where
\nthe timing of settlement is uncertain amounts are classified as non-current where settlement is expected more than 12 months from the reporting date.
\nAsset retirement obligations
\nIn the course of the Group\u2019s activities, a number of sites and other assets are utilised which are expected to have costs associated with decommissioning.
\nThe associated cash outflows are substantially expected to occur at the dates of decommissioning of the assets to which they relate, and are long term in
\nnature.
\nLegal and regulatory
\nThe Group is involved in a number of legal and other disputes, including where the Group has received notifications of possible claims. The
\nDirectors of the Company, after taking legal advice, have established provisions considering the facts of each case. For a discussion of
\ncertain legal issues potentially affecting the Group see note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial
\nstatements.
\nRestructuring
\nThe Group undertakes periodic reviews of its operations and recognises provisions as required based on the outcomes of these
\nreviews. The associated cash outflows for restructuring costs are primarily less than one year.
\nOther provisions
\nOther provisions comprise various items that do not fall within the Group\u2019s other categories of provisions.
\nAsset
\nretirement
Legal and
\nobligations
regulatory
Restructuring
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April 2021
1,222
528
426
463
2,639
\nExchange movements
3
(25)
(4)
5
(21)
\nAmounts capitalised in the year
297
\u2013
\u2013
\u2013
297
\nAmounts charged to the income statement
\u2013
216
216
139
571
\nUtilised in the year - payments
(51)
(128)
(295)
(197)
(671)
\nAmounts released to the income statement
(1)
(142)
(41)
(83)
(267)
\n31 March 2022
1,470
449
302
327
2,548
\nExchange movements
(22)
(28)
\u2013
(2)
(52)
\nDisposal of subsidiaries
(578)
(8)
(2)
(2)
(590)
\nAmounts capitalised in the year
185
\u2013
\u2013
\u2013
185
\nAmounts charged to the income statement
\u2013
138
425
126
689
\nUtilised in the year - payments
(59)
(44)
(181)
(123)
(407)
\nAmounts released to the income statement
(1)
(77)
(36)
(48)
(162)
\nOther
35
\u2013
\u2013
\u2013
35
\n31 March 2023
1,030
430
508
278
2,246
\n
\n
\n
Provisions have been analysed between current and non-current as follows:
\nAsset
\nretirement
Legal and
\nobligations
regulatory
Restructuring
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nCurrent liabilities
61
193
298
122
674
\nNon-current liabilities
969
237
210
156
1,572
\n31 March 2023
1,030
430
508
278
2,246
\nAsset
\nretirement
Legal and
\nobligations
regulatory
Restructuring
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nCurrent liabilities
43
235
241
148
667
\nNon-current liabilities
1,427
214
61
179
1,881
\n31 March 2022
1,470
449
302
327
2,548
\n17. Called up share capital
\nCalled up share capital is the number of shares in issue at their par value. A number of shares were allotted during the
\nyear in relation to employee share schemes.
\nAccounting policies
\nEquity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs.
\n2023
2022
\nNumber
\u20acm
Number
\u20acm
\nOrdinary shares of 20
\n20
\n\u2044
21
US cents each allotted,
\nissued and fully paid:
\n1, 2, 3
\n1 April
28,817,627,868
4,797
28,816,835,778
4,797
\nAllotted during the year
628,190
\u2013
792,090
\u2013
\n31 March
28,818,256,058
4,797
28,817,627,868
4,797
\nNotes:
\n1
At 31 March 2023, there were 50,000 (2022: 50,000) 7% cumulative fixed rate shares of \u00a31 each in issue.
\n2
At 31 March 2023, the Group held 1,825,691,429 (2022: 447,576,522) treasury shares with a nominal value of \u20ac304 million (2022: \u20ac75 million). The market value of shares held was \u20ac1,855
\nmillion (2022: \u20ac661 million). During the year, 85,844,124 (2022: 68,306,442) treasury shares were reissued under Group share schemes and 1,463,959,031 (2022: 1,441,870,348) shares
\nwere repurchased under share buy-back arrangements.
\n3
During the year ended 31 March 2022, 1,518,629,693 treasury shares were issued in settlement of a maturing \u00a31.72 billion subordinated mandatory convertible bond.
\n
\n
\n
\n18. Reconciliation of net cash flow from operating activities
\nThe table below shows how our profit for the year from continuing operations translates into cash flows generated
\nfrom our operating activities.
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\nNotes
\u20acm
\u20acm
\u20acm
\nProfit for the financial year
12,335
2,773
483
\nInvestment income
5
(248)
(254)
(245)
\nFinancing costs
5
1,728
1,964
1,027
\nIncome tax expense
6
481
1,330
3,864
\nOperating profit
14,296
5,813
5,129
\nAdjustments for:
\nShare-based payments and other non-cash charges
73
173
146
\nDepreciation and amortisation
10, 11
13,618
13,845
14,101
\nLoss on disposal of property, plant and equipment and intangible assets
27
30
17
\nShare of result of equity accounted associates and joint ventures
12
(433)
(389)
(374)
\nImpairment loss
4
64
\u2013
\u2013
\nOther income
3
(9,098)
(50)
(568)
\nIncrease in inventory
(180)
(162)
(68)
\n(Increase)/decrease in trade and other receivables
14
(458)
(638)
582
\nIncrease/(decrease) in trade and other payables
15
1,379
384
(730)
\nCash generated by operations
19,288
19,006
18,235
\nNet tax paid
(1,234)
(925)
(1,020)
\nNet cash flow from operating activities
18,054
18,081
17,215
\nNote:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, profit for the financial year and operating profit have both increased by \u20ac149 million, other income has decreased by \u20ac29 million and the share of result of equity accounted
\nassociates and joint ventures has increased by \u20ac178 million compared to the amounts previously reported. In the year ended 31 March 2021, profit for the financial year has decreased by
\n\u20ac53 million, investment income has decreased by \u20ac85 million, operating profit has increased by \u20ac32 million and the share of result of equity accounted associates and joint ventures has
\nincreased by \u20ac32 million compared to the amounts previously reported. There is no impact on cash generated by operations and net cash flow from operating activities. See note 7
\n\u2018Discontinued operations and assets held for sale\u2019 for more information.
\n19. Cash and cash equivalents
\nThe majority of the Group\u2019s cash is held in bank deposits or money market funds which have a maturity of three months
\nor less from acquisition to enable us to meet our short-term liquidity requirements.
\nAccounting policies
\nCash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that are readily convertible to a known
\namount of cash and are subject to an insignificant risk of changes in value. Assets in money market funds, whose contractual cash flows do not
\nrepresent solely payments of interest and principal, are measured at fair value with gains and losses arising from changes in fair value included in net
\nprofit or loss for the period. All other cash and cash equivalents are measured at amortised cost.
\n2023
2022
\n\u20acm
\u20acm
\nCash and bank deposits
\n1
\n3,924
2,220
\nMoney market funds
\n2
\n7,781
5,276
\nCash and cash equivalents as presented in the consolidated statement of financial position
11,705
7,496
\nBank overdrafts
(77)
(125)
\nCash and cash equivalents as presented in the consolidated statement of cash flows
11,628
7,371
\nNote:
\n1
Includes bank deposits under repurchase agreements of \u20ac1,750 million (2022: \u20acnil).
\n2
Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active
\nmarkets.
\nThe carrying amount of balances at amortised cost approximates their fair value.
\nCash and cash equivalents of \u20ac1,572 million (2022: \u20ac1,554 million) are held in countries with restrictions on remittances but where the balances
\ncould be used to repay subsidiaries\u2019 third party liabilities. In addition, those balances could also be used to repay \u20ac722 million (2022: \u20ac932 million)
\nof intercompany liabilities as at 31 March 2023.
\n
\n
\n
20. Leases
\nThe Group leases assets from other parties (the Group is a lessee) and also leases assets to other parties (the Group is a
\nlessor). This note describes how the Group accounts for leases and provides details about its lease arrangements.
\nAccounting policies
\nAs a lessee
\nWhen the Group leases an asset, a \u2018right-of-use asset\u2019 is recognised for the leased item and a lease liability is recognised for any lease payments to
\nbe paid over the lease term at the lease commencement date. The right-of-use asset is initially measured at cost, being the present value of the
\nlease payments paid or payable, plus any initial direct costs incurred in entering the lease and less any lease incentives received.
\nRight-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the asset\u2019s useful life or the
\nend of the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is \u2018reasonably certain\u2019 to
\nexercise any extension options (see below). The useful life of the asset is determined in a manner consistent to that for owned property, plant and
\nequipment (as described in note 11 \u2018Property, plant and equipment\u2019). If right-of-use assets are considered to be impaired, the carrying value is
\nreduced accordingly.
\nLease liabilities are initially measured at the value of the lease payments over the lease term that are not paid at the commencement date and are
\nusually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily
\ndeterminable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the
\nlease.
\nAfter initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change
\nin future lease payments arising from a change in an index or rate (e.g. an inflation related increase) or if the Group\u2019s assessment of the lease term
\nchanges; any changes in the lease liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset.
\nAs a lessor
\nWhere the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When a lease transfers substantially all
\nthe risks and rewards of ownership of the underlying asset then the lease is a finance lease; otherwise the lease is an operating lease.
\nWhere the Group is an intermediate lessor, the interests in the head lease and the sub-lease are accounted for separately and the lease classification
\nof a sub-lease is determined by reference to the right-of-use asset arising from the head lease.
\nIncome from operating leases is recognised on a straight-line basis over the lease term. Income from finance leases is recognised at lease
\ncommencement with interest income recognised over the lease term.
\nLease income is recognised as revenue for transactions that are part of the Group\u2019s ordinary activities (i.e. primarily leases of handsets or other
\nequipment to customers, leases of wholesale access to the Group\u2019s fibre and cable networks and leases of tower infrastructure assets). The Group
\nuses IFRS 15 principles to allocate the consideration in contracts between any lease and non-lease components.
\nThe Group\u2019s leasing activities as a lessee
\nThe Group leases buildings for its retail stores, offices and data centres, land on which to construct mobile base stations, space on mobile base
\nstations to place active RAN equipment and network space (primarily rack space or duct space). In addition, the Group leases fibre and other fixed
\nconnectivity to provide internal connectivity for the Group\u2019s operations and on a wholesale basis from other operators to provide fixed connectivity
\nservices to the Group\u2019s customers.
\nThe Group\u2019s general approach to determining lease term by class of asset is described in note 1 \u2018Basis of preparation\u2019 under critical accounting
\njudgements and key sources of estimation uncertainty.
\nMost of the Group\u2019s leases include future price increases through fixed percentage increases, indexation to inflation measures on a periodic basis or
\nrent review clauses. Other than fixed percentage increases the lease liability does not reflect the impact of these future increases unless the
\nmeasurement date has passed. The Group\u2019s leases contain no material variable payments clauses other than those related to the number of
\noperators sharing space on third party mobile base stations.
\n
\n\n
\n\nOptional lease periods
\nWhere practicable the Group seeks to include extension or break options in leases to provide operational flexibility, therefore many of the Group\u2019s
\nlease contracts contain optional periods. The Group\u2019s policy on assessing and reassessing whether it is reasonably certain that the optional period
\nwill be included in the lease term is described in note 1 \u2018Basis of preparation\u2019 under \u2018critical accounting judgements and key sources of estimation
\nuncertainty\u2019.
\nAfter initial recognition of a lease, the Group only reassesses the lease term when there is a significant event or a significant change in
\ncircumstances, which was not anticipated at the time of the previous assessment. Significant events or significant changes in circumstances could
\ninclude merger and acquisition or similar activity, significant expenditure on the leased asset not anticipated in the previous assessment, or detailed
\nmanagement plans indicating a different conclusion on optional periods to the previous assessment. Where a significant event or significant change
\nin circumstances does not occur, the lease term and therefore lease liability and right-of-use asset value, will decline over time.
\nThe Group\u2019s cash outflow for leases in the year ended 31 March 2023 was \u20ac4,479 million (2022: \u20ac4,338 million). Following changes to the Group\u2019s
\nstructure during the year, it is expected that future annual cash outflows will increase by circa \u20ac300 million absent significant future changes in the
\nvolume of the Group\u2019s activities or strategic changes to use more or fewer owned assets, subject to contractual price increases. The future cash
\noutflows included within lease liabilities are shown in the maturity analysis below. The maturity analysis only includes the reasonably certain
\npayments to be made; cash outflows in these future periods will likely exceed these amounts as payments will be made on optional periods not
\nconsidered reasonably certain at present and on new leases entered into in future periods.
\nThe Group\u2019s leases for customer connectivity are normally either under regulated access or network sharing or similar preferential access
\narrangements and as a result the Group normally has significant flexibility over the term it can lease such connections for; generally the notice
\nperiod required to cancel the lease is less than the notice period included in the service contract with the end customer.
As a result, the Group does
\nnot have any significant cash exposure to optional periods on customer connectivity as the Group can cancel the lease when the service agreement
\nends. In some circumstances the Group is committed to minimum spend amounts for connectivity leases, which are included within reported lease
\nliabilities.
\nSale and leaseback
\nIn March 2023, the Group disposed of its interest in Vantage Towers A.G. (\u2018Vantage Towers\u2019) into a new joint venture, Oak Holdings 1 GmbH (\u2018Oak\u2019);
\nVodafone retains an interest of 64.2% in Oak, which owns 89.3% of Vantage Towers (see note 27 \u2018Acquisitions and disposals\u2019 for additional details).
\nThe Group has agreements with Vantage Towers to lease back spaces on its towers (see note 30 \u2018Related party transactions\u2019). The Group de-
\nrecognised assets related to the mobile base stations with a net book value of \u20ac4,793 million. A total net gain on disposal of \u20ac9,287 million was
\nrealised as a result of the disposal of Vantage Towers; \u20ac680 million of this gain, reflecting the gain on the proportion of sold towers that has been
\nretained through the leaseback, has been recorded as a reduction in the value of the right-of-use asset recognised for the leaseback of tower space
\nand will be realised as a reduction in depreciation over the term of the leaseback until November 2028. Other sale and leaseback transactions
\nentered into by the Group were not material, individually or in aggregate.
\nAmounts recognised in the primary financial statements in relation to lessee transactions
\nRight-of-use assets
\nThe carrying value of the Group\u2019s right-of-use assets, depreciation charge for the year and additions during the year are disclosed in note 11
\n\u2018Property, plant and equipment\u2019.
\nLease liabilities
\nThe Group\u2019s lease liabilities are disclosed in note 21 \u2018Borrowings\u2019. The maturity profile of the Group\u2019s lease liabilities is as follows:
\n2023
2022
\n\u20acm
\u20acm
\nWithin one year
3,452
3,130
\nIn more than one year but less than two years
2,574
2,189
\nIn more than two years but less than three years
2,200
1,759
\nIn more than three years but less than four years
1,981
1,579
\nIn more than four years but less than five years
1,810
1,387
\nIn more than five years
3,240
4,242
\n15,257
14,286
\nEffect of discounting
(1,893)
(1,747)
\nLease liability - as disclosed in note 21 \u2018Borrowings\u2019
13,364
12,539
\nAt 31 March 2023 the Group has entered into lease contracts with payment obligations with an undiscounted value of \u20ac320 million (2022: \u20ac51
\nmillion) that had not commenced at 31 March 2023.
\nInterest expense on lease liabilities for the year is disclosed in note 5 \u2018Investment income and financing costs\u2019.
\nThe Group has no material liabilities under residual value guarantees and makes no material variable payments not included in the lease liability.
\nThe Group does not apply either the short term or low value expedient options in IFRS 16.
\n
\n
\n
The Group\u2019s leasing activities as a lessor
\nThe Group has a wide range of lessor activities with consumer and enterprise customers, other telecommunication companies and other
\ncompanies. With consumer and enterprise customers, the Group generates lease income from the provision of handsets, routers and other
\ncommunications equipment. The Group provides wholesale access to the Group\u2019s fibre and cable networks, leases out space on the Group\u2019s owned
\nmobile base stations to other telecommunication companies and sub-leases certain retained mobile base station sites to telecommunication tower
\ncompanies. In addition, the Group sub-leases retail stores to franchise partners in certain markets and leases out surplus assets (e.g. vacant offices
\nand retail stores) to other companies.
\nLessor transactions are classified as operating or finance leases based on whether the lease transfers substantially all of the risks and rewards
\nincidental to ownership of the asset. Leases are individually assessed, but generally, the Group\u2019s lessor transactions in the year are classified as:
\n-
Operating leases where the Group provides wholesale access to its fibre and cable networks, provides routers or similar equipment to fixed
\ncustomers or is lessor of space on owned mobile base stations; and
\n-
Finance leases where the Group is sub-lessor of handsets or similar items in back-to-back arrangements or where surplus assets or certain
\nretained mobile base stations sites are sublet out for all or substantially all of the remaining head lease term.
\nThe Group\u2019s income as a lessor in the year is as follows:
\n2023
2022
\n\u20acm
\u20acm
\nOperating leases
\nLease revenue (note 2 \u2018Revenue disaggregation and segmental analysis\u2019)
751
758
\nIncome from leases not recognised as revenue
47
45
\nSubstantially all of the Group\u2019s income as a lessor is operating lease income.
\nThe committed amounts to be received from the Group\u2019s operating leases are as follows:
\nMaturity
\nWithin one
\nyear
\nIn one to two
\nyears
\nIn two to
\nthree years
\nIn three to four
\nyears
\nIn four to five
\nyears
\nIn more than
\nfive years
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nCommitted operating lease payments due to the Group as
\na lessor
\n31 March 2023
304
128
36
16
7
4
495
\n31 March 2022
513
250
161
128
114
343
1,509
\nThe Group\u2019s net investment in leases are disclosed in note 14 \u2018Trade and other receivables\u2019. The maturity profile of the Group\u2019s net investment in
\nleases is as follows:
\n2023
2022
\n\u20acm
\u20acm
\nWithin one year
111
72
\nIn more than one year but less than two years
88
55
\nIn more than two years but less than three years
67
36
\nIn more than three years but less than four years
54
25
\nIn more than four years but less than five years
47
11
\nIn more than five years
39
9
\n406
208
\nUnearned finance income
(33)
(8)
\nNet investment in leases - as disclosed in note 14 \u2018Trade and other receivables\u2019
373
200
\nThe Group has no material lease income arising from variable lease payments.
\n
\n\n
\n21. Borrowings
\nThe Group\u2019s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities
\nand through short-term and long-term issuances in the capital markets including bond and commercial paper issues
\nand bank loans. Liabilities arising from the Group\u2019s lease arrangements are also reported in borrowings; see note 20
\n\u2018Leases\u2019. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates
\ndepending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to
\nmitigate the impact of exchange rate movements on certain monetary items.
\nAccounting policies
\nInterest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at
\namortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair
\nvalue adjustments are recognised in accordance with our policy (see note 22 \u2018Capital and financial risk management\u2019). Any difference between the
\nproceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing.
\nWhere bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal
\namounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at
\namortised cost using the effective interest rate method.
\nBorrowings
\n2023
2022
\n\u20acm
\u20acm
\nNon-current borrowings
\nBonds
39,512
46,156
\nBank loans
487
629
\nLease liabilities (note 20)
10,318
9,810
\nOther borrowings
\n1
\n1,352
1,536
\n51,669
58,131
\nCurrent borrowings
\nBonds
4,604
1,875
\nBank loans
308
688
\nLease liabilities (note 20)
3,046
2,729
\nCollateral liabilities
4,886
2,914
\nBank borrowings secured against Indian assets
1,485
1,382
\nOther borrowings
\n1
\n392
2,373
\n14,721
11,961
\nBorrowings
66,390
70,092
\nNote:
\n1
Includes \u20ac1,140 million (2022: \u20ac1,273 million) and \u20ac196 million (2022: \u20ac2,165 million) of licence and spectrum fees payable in non-current and current borrowings respectively.
\nThe fair value of the Group\u2019s financial liabilities held at amortised cost approximate to fair value with the exception of long-term bonds with a
\ncarrying value of \u20ac39,512 million (2022: \u20ac46,156 million) which have a fair value of \u20ac35,044 million (2022: \u20ac46,348 million). Fair value is based on
\nlevel 1 of the fair value hierarchy using quoted market prices.
\nThe Group\u2019s current borrowings also include \u20ac1,485 million (2022: \u20ac1,382 million) of bank borrowings that are secured against the Group\u2019s
\nshareholdings in Indus Towers and Vodafone Idea (see note 12 \u2018Investments in Associates and Joint Ventures\u2019 for further details of these assets) and
\nwill be repaid through the realisation of proceeds from those assets. This arrangement contains an embedded derivative option which has been
\nseparately fair valued and is presented within derivative assets in current assets (see note 14 \u2018Trade and other receivables\u2019).
\nThe Group\u2019s borrowings, which include certain bonds that have been designated in hedge relationships, are carried at \u20ac1,282 million higher (2022:
\n\u20ac1,316 million higher) than their euro equivalent redemption value. In addition, where bonds are issued in currencies other than euros, the Group
\nhas entered into foreign currency swaps to fix the euro cash outflows on redemption. The impact of these swaps is not reflected in borrowings and
\nwould decrease the euro equivalent redemption value of the bonds by \u20ac1,440 million (2022: \u20ac1,456 million).
\n
\n
\n
Commercial paper programmes
\nWe currently have US and euro commercial paper programmes of US$15 billion (\u20ac13.8 billion) and \u20ac10 billion respectively which are available to be
\nused to meet short-term liquidity requirements. At 31 March 2023 both programmes remained undrawn.
\nThe commercial paper facilities were supported by US$4.0 billion (\u20ac3.7 billion) and \u20ac4.0 billion of syndicated committed bank facilities. No amounts
\nhad been drawn under these facilities.
\nBonds
\nWe have two \u20ac30 billion euro medium-term note programmes and a US shelf programme which are used to meet medium to long-term funding
\nrequirements. At 31 March 2023 the total amounts in issue under these programmes split by currency were US$21.3 billion, \u20ac17.6 billion, \u00a33.6
\nbillion, AUD$0.5 billion, HKD$2.1 billion, NOK2.2 billion, CHF0.7 billion and JPY10 billion.
\nAt 31 March 2023 the Group had bonds outstanding with a nominal value equivalent to \u20ac42.8 billion. During the year ended 31 March 2023, bonds
\nwith a nominal value of \u20ac1.8 billion and \u00a30.6 billion were issued utilising the euro medium-term note programme and US$1.2 billion were issued
\nutilising the US Shelf programme. During the year bonds with euro equivalent nominal values of \u20ac1.9 billion and \u20ac3.8 billion matured and were re-
\npurchased respectively.
\nBonds mature between 2023 and 2063 (2022: 2022 and 2059) and have interest rates between 0.375% and 7.875% (2022: 0% and 7.875%).
\nMandatory convertible bonds
\nIn March 2023 the Group concluded the last remaining share buybacks related to the mandatory convertible bonds (\u2018MCBs\u2019) and no further
\ninstruments remain outstanding. On 12 March 2019 the Group issued \u00a33.4 billion of subordinated mandatory convertible bonds (\u2018MCBs\u2019) split into
\ntwo equal tranches of \u00a31.7 billion with coupons of 1.2% and 1.5% respectively. The first tranche matured on 12 March 2021 at a conversion price of
\n\u00a31.2055 per share and the second tranche matured on 12 March 2022 at a conversion price of \u00a31.1326 per share. These were recognised as
\ncompound instruments with nominal values of \u00a33.4 billion (\u20ac3.8 billion) recognised as a component of shareholders\u2019 funds in equity and the fair
\nvalue of future coupons \u00a30.1 billion (\u20ac0.1 billion) recognised as a financial liability in borrowings. The Group\u2019s strategy was to hedge the equity risk
\nassociated with the MCB issuance to any future movement in its share price by an option strategy designed to hedge the economic impact of share
\nprice movements. The Group decided to buy back ordinary shares to mitigate dilution resulting from the conversion and the hedging
\nstrategy provided a hedge for the repurchase price.
\nTreasury shares
\nThe Group held a maximum of 1,825,691,429 (2022: 1,911,661,729) of its own shares during the year which represented 6.3% (2022: 6.6%) of
\nissued share capital at that time.
\n
\n
\n
\n22. Capital and financial risk management
\nThis note details the treasury management and financial risk management objectives and policies, as well as
\nthe exposure and sensitivity of the Group to credit, liquidity, interest and foreign exchange risk, and the policies in place
\nto monitor and manage these risks.
\nAccounting policies
\nFinancial instruments
\nFinancial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s consolidated statement of financial
\nposition when the Group becomes a party to the contractual provisions of the instrument.
\nFinancial liabilities and equity instruments
\nFinancial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered
\ninto and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the
\nassets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies
\nadopted for specific financial liabilities and equity instruments are set out below.
\nFinancial liabilities under put option arrangements
\nThe Group has an obligation to pay a fixed rate of return to minority equity shareholders in the Group\u2019s subsidiary Kabel Deutschland AG, under the
\nterms of a court-imposed domination and profit and loss transfer agreement. This agreement also provides the minority shareholders the option to
\nput their shareholding to Vodafone at a fixed price per share. The obligation to purchase the shares has been recognised as a financial liability and no
\nnon-controlling interests are recognised in respect of minority shareholders. Interest costs are accrued at the agreed rate of return and recognised
\nin financing costs.
\nDerivative financial instruments and hedge accounting
\nThe Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative
\nfinancial instruments. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written
\nprinciples on the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial
\ninstruments for speculative purposes.
\nThe Group designates certain derivatives as:
\n\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (\u2018cash flow hedges\u2019); or
\n\u2212
hedges of net investments in foreign operations.
\nDerivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each
\nreporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income
\nstatement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\nportion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge
\nrelationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item
\nand hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk,
\nwith gains and losses recognised in the income statement.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge
\naccounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and
\nis recognised in the income statement when the hedged transaction is ultimately recognised in the income statement.
\nFor cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive
\nincome and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction
\nresults in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\nincome and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
\nnon-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in
\nthe income statement.
\nFor net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign
\noperation is disposed of.
\n
\n
\n
Capital management
\nThe following table summarises the capital of the Group at 31 March:
\nRe-presented
\n1
\n2023
2022
\n\u20acm
\u20acm
\nBorrowings (note 21)
66,390
70,092
\nCash and cash equivalents (note 19)
(11,705)
(7,496)
\nDerivative financial instruments included in trade and other receivables (note 14)
(6,124)
(4,626)
\nDerivative financial instruments included in trade and other payables (note 15)
1,422
1,672
\nShort-term investments (note 13)
(4,305)
(4,795)
\nCollateral assets (note 13)
(239)
(698)
\nFinancial liabilities under put option arrangements
485
494
\nEquity
64,483
57,073
\nCapital
110,407
111,716
\nNote:
\n1
The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. Capital has increased by \u20ac96 million
\ncompared to the amount previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\nThe Group\u2019s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet
\nanticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity
\nto certain subsidiaries.
\nDividends from joint ventures and associates and to non-controlling shareholders
\nDividend policies within shareholder agreements for certain of the Group\u2019s associates and joint ventures give the Group certain rights to receive
\ndividends but are generally paid at the discretion of the Board of Directors or shareholders. We do not have existing obligations to pay dividends to
\nnon-controlling interest partners of our subsidiaries other than ongoing dividend obligations to the Kabel Deutschland A.G. minority shareholders.
\nThe amount of dividends received and paid in the year are disclosed in the consolidated statement of cash flows.
\nPotential cash outflows from option agreements and similar arrangements
\nAll remaining put options issued as part of the hedging strategy for the mandatory convertible bonds (\u2018MCBs\u2019) matured during the financial year
\n(1,452 million share options outstanding as at 31 March 2022). These permitted the holders to exercise against the Group at maturity of the option
\nif there was a decrease in our share price. Under the terms of the options, settlement was made in cash which equated to the reduced value of
\nshares from the initial conversion price, adjusted for dividends declared.
\nSale of trade receivables
\nDuring the year, the Group sold certain trade receivables to a number of financial institutions. Whilst there are no repurchase obligations in respect
\nof these receivables, the Group provided credit guarantees which would only become payable if default rates were significantly higher than
\nhistorical rates. The credit guarantee is not considered substantive and substantially all risks and rewards associated with the receivables passed to
\nthe purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the guarantees at 31 March 2023 was
\n\u20ac1,927 million (2022: \u20ac1,341 million). No provision has been made in respect of these guarantees as the likelihood of a cash outflow has been
\nassessed as remote.
\nSupplier financing arrangements
\nThe Group offers suppliers the opportunity to use supply chain financing (\u2018SCF\u2019). SCF allows suppliers that decide to use it to receive funding earlier
\nthan the invoice due date. At 31 March 2023, the financial institutions that run the SCF programmes had purchased \u20ac2.4 billion (2022: \u20ac2.4 billion)
\nof outstanding supplier invoices, principally from larger suppliers. The Group does not provide any financial guarantees to the financial institutions
\nunder this programme and continues to cash settle supplier payables in accordance with their contractual terms. As such, the programme does not
\nchange the Group\u2019s net debt, trade payable balances or cash flows.
\nThe Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to hold the characteristics of a trade
\npayable or should be classified as borrowings; these indicators include whether the payment terms exceed the shorter of customary payment terms
\nin the industry or 180 days. At 31 March 2023, none of the payables subject to supplier financing arrangements met the criteria to be reclassified as
\nborrowings.
\nFinancial risk management
\nThe Group\u2019s treasury function centrally manages the Group\u2019s funding requirement, net foreign exchange exposure, interest rate management
\nexposures and counterparty risk arising from investments and derivatives. Treasury operations are conducted within a framework of policies and
\nguidelines authorised and reviewed by the Board, most recently in March 2023. A treasury risk committee comprising of the Group\u2019s Chief Financial
\nOfficer, Group General Counsel and Company Secretary, Group Financial Controller, Group Corporate Finance Director, Group Treasury Director and
\nGroup Director of Financial Controlling and Operations meets three times a year to review treasury activities and its members receive management
\ninformation relating to treasury activities on a quarterly basis. The Group\u2019s Internal Auditor reviews the internal control environment regularly.
\n
\n\n
\n
\nNo bonds issued by the Group or the Revolving Credit Facilities are subject to financial covenant ratios. Approximately \u20ac35 billion (2022: \u20ac38 billion)
\nof issued bonds have a change of control clause. The Group uses derivative instruments for currency and interest rate risk management purposes that
\nare transacted by specialist treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements.
\nThe Group\u2019s financial risk management policies seek to reduce the Group\u2019s exposure to any future disruption to financial markets, including any
\nfuture impacts from global economic and political uncertainty and other macro economic events.
\nThe Group has combined cash and cash equivalent and short-term investments of \u20ac16.0 billion, providing significant headroom over short-term
\nliquidity requirements. Additionally the Group maintains undrawn revolving credit facilities of \u20ac7.7 billion euro equivalent. As at 31 March 2023 and
\nafter hedging, substantially all the Group\u2019s borrowings are held on a fixed interest basis, mitigating exposure to interest rate risk. The Group has no
\nsignificant currency exposures other than positions in economic hedging relationships. The Group\u2019s credit risk under financing activities is spread
\nacross a portfolio of highly rated institutions to reduce counterparty exposures and derivative balances are substantially all collateralised. The
\nGroup\u2019s operating activities result in customer credit risk, for which provisions for expected credit losses are recognised.
\nCredit risk
\nCredit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a financial loss for the Group. The Group is
\nexposed to credit risk from its operating activities and from its financing activities, the Group considers its maximum exposure to credit risk at 31
\nMarch to be:
\n2023
2022
\n\u20acm
\u20acm
\nCash and bank deposits (note 19)
3,924
2,220
\nMoney market funds (note 19)
7,781
5,276
\nManaged investment funds (note 13)
2,967
3,349
\nBonds and debt securities (note 13)
2,337
2,376
\nCollateral assets (note 13)
239
698
\nOther investments (note 13)
2,473
2,438
\nDerivative financial instruments (note 14)
6,124
4,626
\nTrade receivables (note 14)
\n1
\n6,158
6,083
\nContract assets and other receivables (note 14)
4,353
4,457
\nPerformance bonds and other guarantees (note 29)
3,381
2,866
\n39,737
34,389
\nNote:
\n1
Includes amounts guaranteed under sales of trade receivables \u20ac1,927 million (2022: \u20ac1,341 million)
\nExpected credit loss
\nThe Group has financial assets classified and measured at amortised cost and fair value through other comprehensive income that are subject to the
\nexpected credit loss model requirements of IFRS 9. Cash and bank deposits and certain other investments are both classified and measured at
\namortised cost and subject to impairment requirements. However, the identified expected credit loss is considered to be immaterial.
\nInformation about expected credit losses for trade receivables and contract assets can be found under \u2018operating activities\u2019 on page 179.
\nFinancing activities
\nThe Group invests in government securities on the basis they generate a fixed rate of return and are amongst the most creditworthy of investments
\navailable.
\nInvestments are made in accordance with established internal treasury policies which dictate the scaled maximum exposure permissible in relation
\nto an investment\u2019s long-term credit rating. The Group invests in AAA unsecured money market mutual funds, where the investment is limited to
\n10% of each fund; A to AAA government securities, both directly and through money market mutual funds; and has two managed investment funds
\nthat hold securities with an average credit quality of AA.
\nIn respect of financial instruments used by the Group\u2019s treasury function, the aggregate credit risk the Group may have with one counterparty is
\nlimited by reference to the long-term credit ratings assigned for that counterparty by Moody\u2019s, Fitch Ratings and Standard & Poor\u2019s. Furthermore,
\ncollateral support agreements reduce the Group\u2019s exposure to counterparties who must post collateral when there is value due to the Group under
\noutstanding derivative contracts that exceeds a contractually agreed threshold amount. When value is due to the counterparty the Group is
\nrequired to post collateral on identical terms. Such cash collateral is adjusted daily as necessary.
\n
\n
\n
In the event of any default, ownership of the collateral would revert to the respective holder at that point. Detailed below is the value of the cash
\ncollateral, which is reported within current borrowings, held by the Group at 31 March:
\n2023
2022
\n\u20acm
\u20acm
\nCollateral liabilities
4,886
2,914
\nIn addition, as discussed in note 29 \u2018Contingent liabilities and legal proceedings\u2019, the Group has covenanted to provide security in favour of the
\ntrustee of the Vodafone Group UK Pension Scheme in respect of the funding deficit in the scheme and pledged security in relation to the Indus
\nTowers merger. The Group has also pledged cash as collateral against derivative financial instruments as disclosed in note 13 \u2018Other investments\u2019.
\nOperating activities
\nCustomer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls relating to customer credit risk
\nmanagement. Outstanding trade receivables and contract assets are regularly reviewed to monitor any changes in credit risk with concentrations of
\ncredit risk considered to be limited given that the Group\u2019s customer base is large and unrelated. The Group applies the simplified approach and
\nrecords lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured using historical cash
\ncollection data for periods of at least 24 months wherever possible and grouped into various customer segments based on product or customer
\ntype. The historical loss rates are adjusted where macroeconomic factors, for example changes in interest rates or unemployment rates, or other
\ncommercial factors are expected to have a significant impact when determining future expected credit loss rates. For trade receivables the expected
\ncredit loss provision is calculated using a provision matrix, in which the provision increases as balances age, and for receivables paid in instalments
\nand contract assets a weighted loss rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade
\nreceivables and contract assets are written off when each business unit determines there to be no reasonable expectation of recovery and
\nenforcement activity has ceased.
\nMovements in the allowance for expected credit losses during the year were as follows:
\nTrade receivables held
\nTrade receivables held
at fair value through
\nContract assets
at amortised cost
other comprehensive income
\n2023
2022
2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April
83
101
1,342
1,480
108
57
\nExchange movements
(3)
1
(72)
(70)
1
\u2013
\nAmounts charged to credit losses on financial assets
138
114
449
394
19
53
\nOther
\n1
\n(140)
(133)
(570)
(462)
(57)
(2)
\n31 March
78
83
1,149
1,342
71
108
\nNote:
\n1
Primarily utilisation of the provision by way of write-off.
\nExpected credit losses are presented as net credit losses on financial assets within operating profit and subsequent recoveries of amounts
\npreviously written off are credited against the same line item.
\nThe majority of the Group\u2019s trade receivables are due for maturity within 90 days and largely comprise amounts receivable from consumers and business
\ncustomers.
The table below presents information on trade receivables past due\u00b9 and their associated expected credit losses:
\n31 March 2023
\nTrade receivables at amortised cost past due
\n30 days
31\u201360
61\u2013180
180
\nTotal
Due
or less
days
days
days+
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGross carrying amount
2,465
599
163
329
957
4,513
\nExpected credit loss allowance
(67)
(64)
(50)
(173)
(831)
(1,185)
\nNet carrying amount
2,398
535
113
156
126
3,328
\n31 March 2022
\nTrade receivables at amortised cost past due
\n30 days
31\u201360
61\u2013180
180
\nTotal
Due
or less
days
days
days+
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGross carrying amount
2,411
650
182
390
1,043
4,676
\nExpected credit loss allowance
(123)
(83)
(53)
(190)
(893)
(1,342)
\nNet carrying amount
2,288
567
129
200
150
3,334
\nNote:
\n1
Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they become due. Trade receivables at fair value through other
\ncomprehensive income are not materially past due.
\n
\n
\n
\n
\nLiquidity risk
\nLiquidity is reviewed daily on at least a 12 month rolling basis and stress tested on the assumption that any commercial paper outstanding matures
\nand is not reissued. The Group maintains substantial cash and cash equivalents which at 31 March 2023 amounted to cash \u20ac11.7
billion (2022: \u20ac7.5
\nbillion) and undrawn committed facilities of \u20ac8.0 billion (2022: \u20ac8.2 billion), principally euro and US dollar revolving credit facilities of \u20ac4.0 billion
\nand US$4.0 billion (\u20ac3.7 billion) which mature in 2025 and 2028 respectively. The Group manages liquidity risk on non-current borrowings by
\nmaintaining a varied maturity profile with a cap on the level of debt maturity in any one calendar year, therefore minimising refinancing risk. Non-
\ncurrent borrowings mature between 1 and 40 years.
\nThe maturity profile
of the anticipated future cash flows including interest in relation to the Group\u2019s non-derivative financial liabilities on an
\nundiscounted basis which, therefore, differs from both the carrying value and fair value, is as follows:
\nMaturity profile
\n1
\nTrade payables and
\nother financial
\nBank loans
Bonds
Lease liabilities
Other
\n2
\nTotal borrowings
liabilities
\n3
\nTotal
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nWithin one year
308
6,234
3,452
6,764
16,758
15,370
32,128
\nIn one to two years
235
3,070
2,574
423
6,302
51
6,353
\nIn two to three years
110
5,725
2,200
259
8,294
\u2013
8,294
\nIn three to four years
18
5,500
1,981
258
7,757
\u2013
7,757
\nIn four to five years
70
2,212
1,810
233
4,325
\u2013
4,325
\nIn more than five years
128
42,325
3,240
599
46,292
\u2013
46,292
\n869
65,066
15,257
8,536
89,728
15,421
105,149
\nEffect of discount/financing rates
(74)
(20,950)
(1,893)
(421)
(23,338)
(3)
(23,341)
\n31 March 2023
795
44,116
13,364
8,115
66,390
15,418
81,808
\nWithin one year
700
3,569
3,130
6,823
14,222
16,884
31,106
\nIn one to two years
33
6,190
2,189
417
8,829
29
8,858
\nIn two to three years
411
3,786
1,759
207
6,163
\u2013
6,163
\nIn three to four years
2
5,746
1,579
199
7,526
\u2013
7,526
\nIn four to five years
205
6,253
1,387
678
8,523
\u2013
8,523
\nIn more than five years
21
43,514
4,242
136
47,913
\u2013
47,913
\n1,372
69,058
14,286
8,460
93,176
16,913
110,089
\nEffect of discount/financing rates
(55)
(21,027)
(1,747)
(255)
(23,084)
(1)
(23,085)
\n31 March 2022
1,317
48,031
12,539
8,205
70,092
16,912
87,004
\nNotes:
\n1
Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders have the right, but not the obligation, to request
\npayment within 30 days. This also applies to undrawn committed facilities. There is no debt that is subject to a material adverse change clause.
\n2
Includes spectrum licence payables with maturity profile \u20ac196 million (2022: \u20ac2,319 million) within one year, \u20ac170 million (2022: \u20ac165 million) in one to two years, \u20ac199 million (2022:
\n\u20ac199 million) in two to three years, \u20ac199 million (2022: \u20ac199 million) in three to four years, \u20ac199 million (2022: \u20ac662 million) in four to five years and \u20ac587million (2022: \u20ac136 million) in
\nmore than five years. Also includes \u20ac4,886 million (2022: \u20ac2,914 million) in relation to cash received under collateral support agreements shown within 1 year.
\n3
Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other payables.
\nThe maturity profile of the Group\u2019s financial derivatives (which include interest rate swaps, cross-currency interest rate swaps and foreign exchange
\nswaps) using undiscounted cash flows, is as follows:
\n2023
2022
\nPayable
\n1
\nReceivable
\n1
\nTotal
Payable
\n1
\nReceivable
\n1
\nTotal
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nWithin one year
(17,845)
18,527
682
(12,671)
13,470
799
\nIn one to two years
(3,534)
4,055
521
(5,897)
6,399
502
\nIn two to three years
(4,028)
4,441
413
(2,584)
3,158
574
\nIn three to four years
(2,186)
2,567
381
(3,373)
3,864
491
\nIn four to five years
(2,265)
2,681
416
(1,699)
2,139
440
\nIn more than five years
(38,494)
44,586
6,092
(34,097)
40,129
6,032
\n(68,352)
76,857
8,505
(60,321)
69,159
8,838
\nEffect of discount/financing rates
(3,803)
(5,884)
\nFinancial derivative net receivable/(payable)
4,702
2,954
\nNote:
\n1
Payables and receivables are stated separately in the table above as cash settlement is on a gross basis.
\n
\n
\n
Market risk
\nInterest rate management
\nUnder the Group\u2019s interest rate management policy, interest rates on long-term monetary assets and liabilities are principally maintained on a fixed
\nrate basis.
\nAt 31 March 2023 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate basis in accordance with treasury
\npolicy. At 31 March 2022 the Group held economic interest rate hedges at fair value through profit and loss.
\nFor each one hundred basis point rise in market interest rates for all currencies in which the Group had borrowings at 31 March 2023 there would be
\nan increase in profit before tax by \u20ac27 million (2022: \u20ac420 million) including mark to market revaluations of interest rate and other derivatives and
\nthe potential interest on cash and short-term investments. There would be no material impact on equity.
\nAt 31 March 2023, the Group had limited exposure through interest rate derivatives and floating rate bonds referencing LIBOR and other interbank
\noffered rates (IBORs).
\nForeign exchange management
\nAs Vodafone\u2019s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the sterling share price represents the
\nvalue of its future multi-currency cash flows, principally in euro, South African rand and sterling, the Group maintains the currency of debt and
\ninterest charges in proportion to its expected future principal cash flows and has a policy to hedge external foreign exchange risks on transactions
\ndenominated in other currencies above a certain de minimis level.
\nAt 31 March 2023 11% of net debt was denominated in currencies other than euro (3% sterling, 6% South African rand and 2% other). This allows
\nsterling, South African rand and other debt to be serviced in proportion to expected future cash flows and therefore provides a partial economic
\nhedge against income statement translation exposure, as interest costs will be denominated in foreign currencies.
\nUnder the Group\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group companies is generally maintained at the
\nlower of \u20ac5 million per currency per month or \u20ac15 million per currency over a six month period.
\nThe Group recognises foreign exchange movements in equity for the translation of net investment hedging instruments and balances treated as
\ninvestments in foreign operations. However, there is no net impact on equity for exchange rate movements on net investment hedging instruments
\nas there would be an offset in the currency translation of the foreign operation. At 31 March 2023 the Group held financial liabilities in a net
\ninvestment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements on the hedging liabilities,
\nanalysed against a strengthening of the South African rand by 12% (2022: 13%) would result in a decrease in equity of \u20ac267 million (2022:
\n\u20ac221million) which would be fully offset by foreign exchange movements on the hedged net assets. In addition, cash flow hedges of principally US
\ndollar borrowings would result in an increase in equity of \u20ac204 million (2022: \u20ac371 million) against a strengthening of US dollar by 5% (2022: 5%).
\nThe Group profit and loss account is exposed to foreign exchange risk within both operating profit and financing income and expense. The principal
\noperations not generating income in euro are Vodacom South Africa (South African rand), and Egypt (Egyptian pound). Financing income and
\nexpense includes foreign currency gains/losses incurred on the translation of balance sheet items not held in functional currency. These are
\nprincipally on certain borrowings, derivatives, and other investments denominated in sterling and Turkish lira.
\nThe following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the
\naverage movements in the previous three annual reporting periods.
\n2023
2022
\n\u20acm
\u20acm
\nIncrease/ (decrease) in Profit before taxation
\nZAR 12% change (2022: 13%)
87
134
\nEGP 27% change (2022: 9%)
116
41
\nTRY 43% change (2022: 39%)
33
83
\nGBP 3% change (2022: 2%)
(46)
(67)
\nEquity risk
\nThere is no material equity risk relating to the Group\u2019s equity investments which are detailed in note 13 \u2018Other investments\u2019.
\nIn the prior financial year, the Group had hedged its exposure under the subordinated mandatory convertible bonds to any future movements in its
\nshare price by an option strategy designed to hedge the economic impact of share price movements. This option strategy ended during the current
\nfinancial year.
As at 31 March 2023, the Group is no longer sensitive (2022: 7% sensitivity) to a movement in its share price that would result in an
\nincrease or decrease in profit before tax (2022: \u20ac36 million).
\n
\n
\n
\nRisk management strategy of hedge relationships
\nThe risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market risk strategies.
\nThe objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate borrowings in US dollar, pound sterling,
\nAustralian dollar, Swiss franc, Hong Kong dollar, Japanese yen, Norwegian krona and US dollar floating rate borrowings into euro fixed rate
\nborrowings and hedge the foreign exchange spot rate and interest rate risk. There are also cash flow hedges of certain subsidiary expenditure not
\ndenominated in functional currency of the entity, to hedge foreign exchange spot risk. Derivative financial instruments designated in cash flow
\nhedges are cross-currency interest rate swaps and foreign exchange swaps and forwards. The swap maturity dates and liquidity profiles of the
\nnominal cash flows match those of the underlying borrowings and exposures.
\nThe objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative financial instruments designated in
\nnet investment hedges are cross-currency interest rate swaps and foreign exchange swaps. The hedging instruments are rolled on an ongoing basis
\nas determined by the nature of the business.
\nThe objective of the fair value hedges is to hedge a proportion of the Group\u2019s fixed rate euro denominated borrowing to a euro floating rate
\nborrowing. The swap maturity dates match those of the underlying borrowing and the nominal cash flows are converted to quarterly payments.
\nHedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure
\nthat an economic relationship exists between the hedged item and hedging instrument.
\nFor hedges of foreign currency denominated borrowings and investments, the Group uses a combination of cross-currency and foreign exchange
\nswaps to hedge its exposure to foreign exchange risk and interest rate risk and enters into hedge relationships where the critical terms of the
\nhedging instrument match with the terms of the hedged item. Therefore the Group expects a highly effective hedging relationship with the swap
\ncontracts and the value of the corresponding hedged items to change systematically in the opposite direction in response to movements in the
\nunderlying exchange rates and interest rates. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances
\naffect the terms of the hedged item such that the critical terms no longer match with the critical terms of the hedging instrument, the Group uses
\nthe hypothetical derivative method to assess effectiveness.
\nHedge ineffectiveness may occur due to:
\na) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil;
\nb) Changes in the contractual terms or timing of the payments on the hedged item; and
\nc) A change in the credit risk of the Group or the counterparty with the hedging instrument.
\nThe hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item
\nto determine their relative weighting; for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
\nThe fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate
\nmarket rates and foreign currency rates prevailing at 31 March. The valuation basis is level 2 of the fair value hierarchy. This classification comprises
\nitems where fair value is determined from inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly.
\nDerivative financial assets and liabilities are included within trade and other receivables and trade and other payables in the statement of financial
\nposition.
\n
\n
\n
The following table represents the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March.
\nAt 31 March 2023
\nOther comprehensive income
Weighted average
\nOpening
(Gain)/
Gain/(Loss)
Closing
\nCarrying
Carrying
balance
Loss
recycled to
balance
Euro
\nNominal
value
value
1 April
deferred to
financing
31 March
Maturity
interest
\namounts
assets
liabilities
2022
OCI
costs
2023
\n1
\nyear
FX rate
rate
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
\nCash flow hedges - foreign currency risk
\n3
\nCross-currency and foreign exchange
\nswaps
\nUS dollar bonds
17,690
4,456
\u2013
(1,484)
(2,321)
1,096
(2,709)
2038
1.18
3.14
\nAustralian dollar bonds
288
13
\u2013
(5)
31
(47)
(21)
2027
1.56
1.57
\nSwiss franc bonds
624
58
\u2013
20
(43)
20
(3)
2026
1.08
1.26
\nPound sterling bonds
4,195
61
152
109
6
(152)
(37)
2044
0.86
3.15
\nHong Kong dollar bonds
233
22
\u2013
7
(17)
5
(5)
2028
9.08
1.48
\nJapanese yen bonds
78
3
\u2013
2
(9)
(5)
(12)
2037
128.53
2.47
\nNorwegian krona bonds
241
\u2013
34
3
17
(32)
(12)
2026
9.15
1.12
\nForeign exchange forwards
\n2
\n383
\u2013
34
(69)
34
1
(34)
2023
18.92
\u2013
\nCash flow hedges - foreign currency and
\ninterest rate risk
\n3
\nCross currency swaps - US dollar bonds
417
49
\u2013
(1)
(20)
10
(11)
2023
1.17
1.07
\nNet investment hedge - foreign
\nexchange risk
\n5
\nCross-currency and foreign exchange
\nswaps - South African rand investment
2,004
96
\u2013
1,133
(181)
\u2013
952
2025
18.23
1.83
\n26,153
4,758
220
(285)
(2,503)
896
(1,892)
\nAt 31 March 2022
\nOther comprehensive income
Weighted average
\nOpening
(Gain)/
Gain/(Loss)
Closing
\nCarrying
Carrying
balance
Loss
recycled to
balance
Euro
\nNominal
value
value
1 April
deferred to
financing
31 March
Maturity
interest
\namounts
assets
liabilities
2021
OCI
costs
2022
\n1
\nyear
FX rate
rate
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
\nCash flow hedges - foreign currency risk
\n3
\nCross-currency and foreign exchange
\nswaps
\nUS dollar bonds
20,995
2,745
10
501
(3,257)
1,272
(1,484)
2036
1.18
2.76
\nAustralian dollar bonds
736
50
\u2013
(24)
(12)
31
(5)
2024
1.56
0.92
\nSwiss franc bonds
624
16
1
30
(59)
49
20
2026
1.08
1.26
\nPound sterling bonds
3,498
61
145
323
(239)
25
109
2043
0.86
2.97
\nHong Kong dollar bonds
233
8
3
13
(18)
12
7
2028
9.08
1.48
\nJapanese yen bonds
78
\u2013
6
11
(7)
(2)
2
2037
128.53
2.47
\nNorwegian krona bonds
241
\u2013
16
3
(7)
7
3
2026
9.15
1.12
\nForeign exchange forwards
\n2
\n244
\u2013
69
\u2013
(72)
3
(69)
2022
12.34
\u2013
\nCash flow hedges - foreign currency and
\ninterest rate risk
\n3
\nCross currency swaps - US dollar bonds
417
24
\u2013
8
(33)
24
(1)
2023
1.17
1.07
\nCash flow hedges - interest rate risk
\n3
\nInterest rate swaps - Euro loans
\u2013
\u2013
\u2013
(1)
\u2013
1
\u2013
\u2013
\u2013
\u2013
\nNet investment hedge - foreign
\nexchange risk
\n5
\nCross-currency and foreign exchange
\nswaps - South African rand investment
1,555
\u2013
113
959
174
\u2013
1,133
2022
17.29
0.31
\n28,621
2,904
363
1,823
(3,530)
1,422
(285)
\nNotes:
\n1
Fair value movement deferred into other comprehensive income includes \u20ac383 million loss (2022: \u20ac1,318 million loss) and \u20ac17 million gain (2022: \u20ac1 million gain) of foreign currency basis outside the
\ncash flow and net investment hedge relationships respectively.
\n2
Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local markets. Notional amounts of \u20ac259 million (2022: \u20ac146 million) and $134 million
\nor \u20ac124 million equivalent (2022: $109 million or \u20ac98 million equivalent) with weighted average exchange rates of 18.36 (2022: 12.45) and 20.07 (2022: 10.95) respectively to Turkish lira.
\n3
For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the
\nperiod was \u20acnil (2022: \u20acnil).
\n4
The carrying value of bonds includes an additional \u20ac776 million loss (2022: \u20ac760 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.
\n5
Hedge ineffectiveness of swaps designated in a net investment hedge during the period was \u20acnil (2022: \u20acnil).
\n
\n\n
\n
\nChanges in assets and liabilities arising from financing activities
\nBorrowings
\nDerivative assets and
\nliabilities
\nFinancial liabilities
\nunder put options
Other liabilities
\nAssets and liabilities
\narising from financing
\nactivities
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April 2022
70,092
(2,954)
494
1,498
69,130
\nCash movements
\nProceeds from issuance of long-term borrowings
4,071
\u2013
\u2013
\u2013
4,071
\nRepayment of borrowings
(13,538)
\u2013
\u2013
\u2013
(13,538)
\nNet movement in short-term borrowings
3,172
\u2013
\u2013
\u2013
3,172
\nNet movement in derivatives
\u2013
261
\u2013
\u2013
261
\nInterest paid
(2,444)
590
(18)
(79)
(1,951)
\nPurchase of treasury shares
\u2013
\u2013
\u2013
(1,867)
(1,867)
\nOther
\u2013
\u2013
(12)
\u2013
(12)
\nNon-cash movements
\nFair value movements
\u2013
(1,688)
\u2013
\u2013
(1,688)
\nForeign exchange
(44)
(350)
\u2013
(20)
(414)
\nInterest costs
2,657
(561)
21
(113)
2,004
\nLease additions
7,652
\u2013
\u2013
\u2013
7,652
\nAcquisition and disposal of subsidiaries
(5,243)
\u2013
\u2013
\u2013
(5,243)
\nOther
\n1
\n15
\u2013
\u2013
684
699
\n31 March 2023
66,390
(4,702)
485
103
62,276
\nBorrowings
\nDerivative assets and
\nliabilities
\nFinancial liabilities
\nunder put options
Other liabilities
\nAssets and liabilities
\narising from financing
\nactivities
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April 2021
67,760
859
492
491
69,602
\nCash movements
\nProceeds from issuance of long-term borrowings
2,548
\u2013
\u2013
\u2013
2,548
\nRepayment of borrowings
(8,248)
\u2013
\u2013
\u2013
(8,248)
\nNet movement in short-term borrowings
3,002
\u2013
\u2013
\u2013
3,002
\nNet movement in derivatives
\u2013
(293)
\u2013
\u2013
(293)
\nInterest paid
(2,246)
469
(17)
(10)
(1,804)
\nPurchase of treasury shares
\u2013
\u2013
\u2013
(2,087)
(2,087)
\nNon-cash movements
\nFair value movements
\u2013
(2,631)
\u2013
\u2013
(2,631)
\nForeign exchange
1,386
(930)
\u2013
(15)
441
\nInterest costs
2,356
(428)
19
13
1,960
\nLease additions
3,410
\u2013
\u2013
\u2013
3,410
\nOther
\n1
\n124
\u2013
\u2013
3,106
3,230
\n31 March 2022
70,092
(2,954)
494
1,498
69,130
\nNote:
\n1
Movement in Other liabilities primarily relate to share buyback programmes.
\n
\n
\n
Fair value and carrying value information
\nThe carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019, 14 \u2018Trade and other receivables\u2019
\nand 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost the carrying values approximate fair value except as disclosed in
\nnote 13 \u2018Other investments\u2019.
\nThe carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other payables\u2019 and 21 \u2018Borrowings\u2019. The
\ncarrying values approximate fair value for the Group\u2019s trade payables and other payables categories. For other financial liabilities a comparison of fair
\nvalue and carrying value is disclosed in note 21 \u2018Borrowings\u2019.
\nLevel 3 financial instruments
\nThe Group\u2019s borrowings include \u20ac1,485 million (2022: \u20ac1,382 million) of bank borrowings that are secured against the Group\u2019s shareholdings in
\nIndus Towers and Vodafone Idea (see note 12 \u2018Investments in Associates and Joint Ventures\u2019 for further details of these assets) and will be repaid
\nthrough the realisation of proceeds from those assets. This arrangement contains an embedded derivative option which has been separately fair
\nvalued. The 31 March 2023 valuation of the embedded derivative asset of \u20ac198 million (2022: \u20ac3 million) is presented within derivative assets in
\ncurrent assets (see note 14 \u2018Trade and other receivables\u2019).
\nA Black Scholes model for European put options has been used as a valuation model and primarily uses market inputs (quoted share prices and
\nvolatilities for Indus Towers and Vodafone Idea) along with a strike price equal to the amount payable under the loan. The valuation includes an
\nunobservable adjustment to reflect the potential timeframe to settle the loan and has been modelled using a range of potential durations up to 30
\nSeptember 2024. As a result of this unobservable adjustment, the option is classified as a level 3 instrument under the fair value hierarchy. An
\nincrease/(decrease) in durations applied of 6 months would increase/(decrease) the derivative asset by \u20ac141 million/(\u20ac115 million).
\nNet financial instruments
\nThe table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet and the impact of enforceable
\nmaster netting or similar agreements.
\nAt 31 March 2023
\nRelated amounts not set off in the balance sheet
\nGross amount
Amount set off
\nAmounts
\npresented in
\nbalance sheet
\nRight of set off
\nwith derivative
\ncounterparties
\nCollateral
\n(liabilities)/assets
\n1
\nNet amount
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nDerivative financial assets
6,124
\u2013
6,124
(910)
(4,886)
328
\nDerivative financial liabilities
(1,422)
\u2013
(1,422)
910
239
(273)
\nTotal
4,702
\u2013
4,702
\u2013
(4,647)
55
\nAt 31 March 2022
\nRelated amounts not set off in the balance sheet
\nGross amount
Amount set off
\nAmounts
\npresented in
\nbalance sheet
\nRight of set off
\nwith derivative
\ncounterparties
\nCollateral
\n(liabilities)/assets
\n1
\nNet amount
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nDerivative financial assets
4,626
\u2013
4,626
(1,365)
(2,914)
347
\nDerivative financial liabilities
(1,672)
\u2013
(1,672)
1,365
368
61
\nTotal
2,954
\u2013
2,954
\u2013
(2,546)
408
\nNote:
\n1
Excludes collateral of \u20acnil (2022: \u20ac330 million) pledged as initial margin, as security against future mark to market movements on certain derivative options, that therefore does not offset
\nagainst existing mark to market balances as at 31 March.
\nFinancial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when there is a legally enforceable right to
\noffset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Derivative
\nfinancial instruments that do not meet the criteria for offset could be settled net in certain circumstances under ISDA (\u2018International Swaps and
\nDerivatives Association\u2019) agreements where each party has the option to settle amounts on a net basis in the event of default from the other.
\nCollateral may be offset and net settled against derivative financial instruments in the event of default by either party. The aforementioned
\ncollateral balances are recorded in Notes 13 \u2018Other investments\u2019 or 21 \u2018Borrowings\u2019 respectively.
\n
\n
\n
\n23. Directors and key management compensation
\nThis note details the total amounts earned by the Company\u2019s Directors and members of the Executive Committee.
\nDirectors
\nAggregate emoluments of the Directors of the Company were as follows:
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nShort-term remuneration
6
7
7
\nLong-term incentive schemes
\n2
\n3
2
1
\n9
9
8
\nNotes:
\n1
The prior year comparatives have been re-presented to aggregate previously disclosed salaries and fees and incentive schemes into Short-term remuneration. Additional disclosure is now
\nprovided for long-term incentive schemes, increasing total emoluments by \u20ac2 million and \u20ac1 million for the years ended 31 March 2022 and 31 March 2021, respectively.
\n2
Relates to share-based payments.
\nNo Directors serving during the year exercised share options in the year ended 31 March 2023 (2022: None; 2021: None).
\nKey management compensation
\nAggregate compensation for key management, being the Directors and members of the Executive Committee, was as follows:
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nShort-term employee benefits
25
28
28
\nShare-based payments
12
8
11
\n37
36
39
\n
\n
\n
24. Employees
\nThis note shows the average number of people employed by the Group during the year, in which areas of our business
\nour employees work and where they are based. It also shows total employment costs.
\n2023
2022
2021
\nEmployees
Employees
Employees
\nBy activity
\nOperations
15,808
15,404
14,893
\nSelling and distribution
24,676
25,499
26,874
\nCustomer care and administration
57,619
56,038
54,739
\n98,103
96,941
96,506
\nBy segment
\nGermany
15,242
15,256
15,798
\nItaly
5,733
5,765
5,818
\nSpain
3,992
4,194
4,257
\nUK
9,312
9,198
9,584
\nOther Europe
14,189
15,106
15,460
\nVodacom
7,990
7,973
7,810
\nOther Markets
9,331
9,336
9,498
\nVantage Towers
\n1
\n753
502
\u2013
\nCommon Functions
31,561
29,611
28,281
\nTotal
98,103
96,941
96,506
\nNote:
\n1
Vantage Towers was a new reporting segment in the comparative year ended 31 March 2022.
\nThe cost incurred in respect of these employees (including Directors) was:
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nWages and salaries
4,853
4,469
4,238
\nSocial security costs
604
578
549
\nOther pension costs (note 25 'Post employment benefits')
244
168
235
\nShare-based payments (note 26 'Shared-based payments')
141
119
135
\nTotal
5,842
5,334
5,157
\n
\n
\n
\n25. Post employment benefits
\nThe Group operates a number of Defined Benefit and Defined Contribution retirement plans for our employees. The
\nGroup\u2019s largest defined benefit plan is in the UK. For further details see \u2018Critical accounting judgements and key sources
\nof estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019.
\nAccounting policies
\nFor defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is
\nrecognised as an asset or a liability on the consolidated statement of financial position. Defined benefit plan liabilities are assessed using the
\nprojected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value.
\nActuarial gains and losses are taken to the consolidated statement of comprehensive income for defined benefit plans or consolidated income
\nstatement for cash leaver plans as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial
\nassumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The
\nreturn on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive
\nincome.
\nOther movements in the net surplus or deficit are recognised in the consolidated income statement, including the current service cost, any past
\nservice cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the consolidated
\nincome statement. The amount charged to the consolidated income statement in respect of these plans is included within operating costs or in the
\nGroup\u2019s share of the results of equity accounted operations, as appropriate.
\nThe Group\u2019s contributions to defined contribution pension plans are charged to the consolidated income statement as they fall due.
\nBackground
\nAt 31 March 2023 the Group operated a number of retirement plans for the benefit of its employees throughout the world, with varying rights and
\nobligations depending on the conditions and practices in the countries concerned. The Group\u2019s philosophy is to provide access to defined
\ncontribution retirement plans where feasible and to manage legacy defined benefit retirement arrangements. Defined benefit plans provide
\nbenefits based on the employees\u2019 length of pensionable service and their final pensionable salary or other criteria. Defined contribution plans offer
\nemployees individual funds that are converted into benefits at the time of retirement.
\nThe Group operates defined benefit plans in Germany, India, Ireland, Italy, the UK, the United States; defined benefit indemnity plans in Greece and
\nTurkey; and a cash leaver plan in India. Defined contribution plans are currently provided in Egypt, Germany, Greece, India, Ireland, Italy, Portugal,
\nSouth Africa, Spain and the UK.
\nIncome statement expense/(income)
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nDefined contribution plans
207
197
204
\nDefined benefit plans
37
(29)
31
\nTotal amount charged to income statement (note 24)
244
168
235
\nDefined benefit plans
\nThe Group\u2019s retirement policy is to provide competitive pension provision, in each operating country, in line with the market median for that
\nlocation. The Group\u2019s preferred retirement provision is focused on Defined Contribution arrangements and/or State provision for future service.
\nThe Group\u2019s main defined benefit funding liability is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019). Since June 2014 the Vodafone
\nUK plan has consisted of two segregated sections: the Vodafone Section and the Cable & Wireless Section (\u2018CWW Section\u2019). Both sections are closed
\nto new entrants and to future accrual. The Group also operates smaller funded and unfunded plans in the UK, funded and unfunded plans in
\nGermany and a funded plan in Ireland. Defined benefit pension provision exposes the Group to actuarial risks such as longer than expected longevity
\nof participants, lower than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value
\nof assets of the plans.
\nThe main defined benefit plans are administered by trustee boards which are legally separate from the Group and consist of representatives who are
\nemployees, former employees or are independent from the Group. The trustee boards of the pension plans are required by legislation to act in the
\nbest interest of the participants, set the investment strategy and contribution rates and are subject to statutory funding regimes.
\nThe Vodafone UK plan is registered as an occupational pension plan with HM Revenue and Customs (\u2018HMRC\u2019) and is subject to UK legislation and
\noperates within the framework outlined by the Pensions Regulator. UK legislation requires that pension plans are funded prudently and that
\nvaluations are undertaken at least every three years. Separate valuations are required for the Vodafone Section and CWW Section.
\nThe trustees obtain regular actuarial valuations to check whether the statutory funding objective is met and whether a recovery plan is required to
\nrestore funding to the level of the agreed technical provisions. The 31 March 2022 triennial actuarial valuation for the Vodafone Section and CWW
\nSection of the Vodafone UK plan showed a net surplus of \u00a3248 million (\u20ac282 million) on the funding basis, comprising of a \u00a397 million (\u20ac110
\nmillion) surplus for the Vodafone Section and a \u00a3151 million (\u20ac172 million) surplus for the CWW Section. No further contributions are due in respect
\nof the Vodafone UK plan at this time.
The next actuarial valuation has an effective date of 31 March 2025.
\n
\n
\n
These plan-specific actuarial valuations differ to the IAS 19 accounting basis, which is used to measure pension assets and liabilities presented in the
\nGroup\u2019s consolidated statement of financial position.
\nFunding plans are individually agreed for each of the Group\u2019s other defined benefit plans with the respective trustees or governing board, taking into
\naccount local regulatory requirements. It is expected that ordinary contributions of \u20ac71 million will be paid into the Group\u2019s defined benefit plans
\nduring the year ending 31 March 2024. The Group has also provided certain guarantees in respect of the Vodafone UK plan; further details are
\nprovided in note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\nThe investment strategy for the UK plans is controlled by the trustees in consultation with the Group and the plans have no direct investments in
\nthe Group\u2019s equity securities or in property or other assets currently used by the Group. The allocation of assets between different classes of
\ninvestment is reviewed regularly and is a key factor in the trustee investment policy. The trustees aim to achieve the plan\u2019s investment objectives
\nthrough investing partly in a diversified mix of growth assets which, over the long term, are expected to grow in value by more than the low risk
\nassets. The low risk assets include cash and gilts, inflation and interest rate hedging and in substance insured pensioner annuity policies in both the
\nVodafone Section and CWW Sections of the Vodafone UK plan and an insured pensioner annuity policy in the Vodafone Ireland Pension Plan. A
\nnumber of investment managers are appointed to promote diversification by assets, organisation and investment style and current market
\nconditions and trends are regularly assessed, which may lead to adjustments in the asset allocation.
\nDuring the reporting period, there were significant movements in UK gilt markets \u2013 in particular the \u2018mini budget\u2019 announced by the UK
\ngovernment on 23 September 2022 caused rapid sales of government bonds which further depressed gilt markets. Although a temporary
\nintervention by the Bank of England and subsequent policy changes stabilised the market, gilt yields increased significantly in a short period
\nof time.
This triggered an increase in collateral calls for pension schemes that, like the Vodafone UK plan, used liability driven investment
\n(LDI) strategies to hedge their interest rate risks.
\nIn response to the risk of potential future collateral calls, on 18 October 2022, the Group entered into short term liquidity facilities with both
\nsections of the Vodafone UK plan for an aggregate amount of \u00a3450 million (\u20ac512 million). These facilities were put in place for short-term
\nliquidity purposes, with the intention of reducing the risk should the UK plan be required to dispose of assets at short notice in the event of
\nsignificant increases in gilt yields. Drawings could be made from the facility until 27 January 2023, with all amounts borrowed required to be
\nrepaid by 28 February 2023. No amounts were drawn under these facilities.
\nThere has been reduced volatility in gilt yields since the end of 2022, although, the level of yields are significantly higher than they were at 31
\nMarch 2022. This has resulted in a decrease in the value of the assets, and also liabilities in respect of the Vodafone UK plan as at 31 March
\n2023.
\nActuarial assumptions
\nThe Group\u2019s plan liabilities are measured using the projected unit credit method using the principal actuarial assumptions set out below:
\n2023
2022
2021
\n%
%
%
\nWeighted average actuarial assumptions used at 31 March
\n1
\nRate of inflation
\n2
\n3.0
3.3
2.9
\nRate of increase in salaries
\n3
\n3.0
3.1
2.7
\nDiscount rate
4.5
2.5
1.8
\nNotes:
\n1
Figures shown represent a weighted average assumption of the individual plans.
\n2
The rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation.
\n3
Relates only to schemes open to future accrual primarily in Germany, Ireland and India.
\nMortality assumptions used are based on recommendations from the individual local actuaries which include adjustments for the experience of the
\nGroup where appropriate. The Group\u2019s largest plan is the Vodafone UK plan. Further life expectancies assumed for the UK plans are 22.8/24.7 years
\n(2022: 23.4/25.4 years) for a male/female pensioner currently aged 65 years and 23.7/25.5 years (2022: 25.4/27.5 years) from age 65 for a
\nmale/female non-pensioner member currently aged 40.
\nCharges made to the consolidated income statement and consolidated statement of comprehensive income (\u2018SOCI\u2019) on the basis of the
\nassumptions stated above are:
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nCurrent service cost
44
38
37
\nNet past service (credit)/costs
\n1
\n\u2013
(71)
2
\nNet interest (income)/charge
(7)
4
(8)
\nTotal net cost/(credit) included within staff costs
37
(29)
31
\nActuarial losses/(gains) recognised in the SOCI
213
(627)
686
\nNote:
\n1
No past service credits were recorded in the current financial year.
In the prior year, a change in Germany relating to the provision of death and disability benefits effective from 1 April 2021
\nresulted in a past service credit of \u20ac49 million; further net past service credits were recognised in the year ended 31 March 2022 for the Vodafone UK plan relating to the offer of a pension
\nincrease exchange to all members at retirement and benefit clarifications.
\n
\n
\n
\n
\nDuration of the benefit obligations
\nThe weighted average duration of the defined benefit obligation at 31 March 2023 is 16 years (2022: 21 years).
\nFair value of the assets and present value of the liabilities of the plans
\nThe amount included in the consolidated statement of financial position arising from the Group\u2019s obligations in respect of its defined benefit plans is
\nas follows:
\nAssets
Liabilities
\nNet surplus/
\n(deficit)
\n\u20acm
\u20acm
\u20acm
\n1 April 2021
7,632
(8,085)
(453)
\nService cost
\u2013
(38)
(38)
\nPast service credit
\u2013
71
71
\nInterest income/(cost)
140
(144)
(4)
\nReturn on plan assets excluding interest income
58
\u2013
58
\nActuarial gains arising from changes in demographic assumptions
\u2013
7
7
\nActuarial gains arising from changes in financial assumptions
\u2013
483
483
\nActuarial gains arising from experience adjustments
\u2013
79
79
\nEmployer cash contributions
60
\u2013
60
\nMember cash contributions
17
(17)
\u2013
\nBenefits paid
(241)
241
\u2013
\nExchange rate movements
52
(45)
7
\nOther movements
(3)
7
4
\n31 March 2022
7,715
(7,441)
274
\nService cost
\u2013
(44)
(44)
\nInterest income/(cost)
185
(178)
7
\nReturn on plan assets excluding interest income
(2,475)
\u2013
(2,475)
\nActuarial gains arising from changes in demographic assumptions
\u2013
186
186
\nActuarial gains arising from changes in financial assumptions
\u2013
2,293
2,293
\nActuarial losses arising from experience adjustments
\u2013
(217)
(217)
\nEmployer cash contributions
42
\u2013
42
\nMember cash contributions
15
(15)
\u2013
\nBenefits paid
(216)
216
\u2013
\nExchange rate movements
(211)
224
13
\nOther movements
(8)
\u2013
(8)
\n31 March 2023
5,047
(4,976)
71
\nThe table below provides an analysis of the net surplus for the Group as a whole.
\n2023
2022
\n\u20acm
\u20acm
\nAnalysis of net surplus:
\nTotal fair value of plan assets
5,047
7,715
\nPresent value of funded plan liabilities
(4,875)
(7,337)
\nNet surplus for funded plans
172
378
\nPresent value of unfunded plan liabilities
(101)
(104)
\nNet surplus
71
274
\nNet surplus is analysed as:
\nAssets
\n1
\n329
555
\nLiabilities
(258)
(281)
\nNote:
\n1
Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of
\nfuture refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions.
\n
\n
\n
An analysis of net surplus is provided below for the Vodafone UK plan, which is a funded plan. As part of the merger of the Vodafone UK plan and the
\nCable and Wireless Worldwide Retirement Plan (\u2018CWWRP\u2019) plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the
\nVodafone Section and hence are reported separately below.
\nCWW Section
Vodafone Section
\n2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\nAnalysis of net surplus:
\nTotal fair value of plan assets
1,845
2,850
1,958
3,399
\nPresent value of plan liabilities
(1,657)
(2,565)
(1,900)
(3,166)
\nNet surplus
188
285
58
233
\nNet surpluses are analysed as:
\nAssets
188
285
58
233
\nLiabilities
\u2013
\u2013
\u2013
\u2013
\nFair value of plan assets
\n2023
2022
\n\u20acm
\u20acm
\nCash and cash equivalents
27
55
\nEquity investments:
\nWith quoted prices in an active market
140
849
\nWithout quoted prices in an active market
322
359
\nDebt instruments:
\nWith quoted prices in an active market
588
1,334
\nWithout quoted prices in an active market
288
317
\nProperty:
\nWith quoted prices in an active market
17
29
\nWithout quoted prices in an active market
438
460
\nDerivatives:
\n1
\nWithout quoted prices in an active market
1,791
2,195
\nInvestment fund
782
1,161
\nAnnuity policies
\nWith quoted prices in an active market
25
34
\nWithout quoted prices
629
922
\nTotal
5,047
7,715
\nNote:
\n1
Derivatives include collateral held in the form of cash. Assets are valued using \u2018level 2\u2019 inputs under IFRS 13 \u2018Fair Value Measurement\u2019 principles and classified as unquoted accordingly.
\nThe fair value of plan assets, which have been measured in accordance with IFRS 13 \u2018Fair Value Measurement\u2019, are analysed by asset category above
\nand are subdivided by assets that have a quoted market price in an active market and those that do not, such as investment funds. Where available,
\nthe fair values are quoted prices (e.g. listed equity, sovereign debt and corporate bonds). Unlisted investments without quoted prices in an active
\nmarket (e.g. private equity) are included at values provided by the fund manager in accordance with relevant guidance. Other significant assets are
\nvalued based on observable inputs such as yield curves. The Vodafone UK plan annuity policies fully match the pension obligations of those
\npensioners insured and therefore are set equal to the present value of the related obligations. Investment funds of \u20ac782 million at 31 March 2023
\n(2022: \u20ac1,161 million) include investments in diversified alternative beta funds held in the Vodafone Section of the Vodafone UK plan.
\nThe actual return on plan assets over the year to 31 March 2023 was a loss of \u20ac2,290 million (2022: \u20ac198 million gain).
\nSensitivity analysis
\nMeasurement of the Group\u2019s defined benefit retirement obligation is sensitive to changes in certain key assumptions. The sensitivity analysis below
\nshows how a reasonably possible increase or decrease in a particular assumption would, in isolation, result in an increase or decrease in the present
\nvalue of the defined benefit obligation as at 31 March 2023.
\nRate of inflation
Rate of increase in salaries
Discount rate
Life expectancy
\nDecrease
\nby 0.5%
\nIncrease
\nby 0.5%
\nDecrease
\nby 0.5%
\nIncrease
\nby 0.5%
\nDecrease
\nby 0.5%
\nIncrease
\nby 0.5%
\nDecrease
\nby 1 year
\nIncrease
\nby 1 year
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n(Decrease)/increase in present
\n(222)
260
(1)
1
385
(341)
(129)
128
value of defined benefit obligation
\n1
\nNote:
\n1
The sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another. In
\npresenting this sensitivity analysis, the change in the present value of the defined benefit obligation has been calculated on the same basis as prior years using the projected unit credit
\nmethod at the end of the year, which is the same as that applied in calculating the defined benefit obligation liability recognised in the statement of financial position. The rate of inflation
\nassumption sensitivity factors in the impact of changes to all assumptions relating to inflation including the rate of increase in salaries, pension increases and deferred revaluations.
\n
\n
\n
\n26. Share-based payments
\nThe Group has a number of share plans used to award shares to Executive Directors and employees as part of their
\nremuneration package. A charge is recognised over the vesting period in the consolidated income statement to record
\nthe cost of these, based on the fair value of the award on the grant date.
\nAccounting policies
\nThe Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are measured at fair value (excluding
\nthe effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-
\nbased award is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest and
\nadjusted for the effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also recognised.
\nSome share awards have an attached market condition, based on total shareholder return (\u2018TSR\u2019), which is taken into account when calculating
\nthe fair value of the share awards. The valuation for the TSR is based on Vodafone\u2019s ranking within the same group of companies, where possible,
\nover the past five years.
\nThe fair value of awards of non-vested shares is a calculation of the closing price of the Company\u2019s shares on the day prior to the grant date, adjusted
\nfor the present value of the delay in receiving dividends where appropriate.
\nThe maximum aggregate number of ordinary shares which may be issued in respect of share options or share plans will not (without shareholder
\napproval) exceed:
\n\u2212
10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of
\nordinary shares which have been allocated in the preceding ten year period under all plans; and
\n\u2212
5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of
\nordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated
\non an all-employee basis.
\nShare options
\nVodafone Sharesave Plan
\nUnder the Vodafone Sharesave Plan UK staff may acquire shares in the Company through monthly savings of up to \u00a3375 over a three and/or five
\nyear period. The savings may then be used to purchase shares at the option price, which is set at the beginning of the invitation period and usually at
\na discount of 20% to the then prevailing market price of the Company\u2019s shares.
\nShare plans
\nVodafone Group executive plans
\nUnder the Vodafone Global Incentive Plan awards of shares are granted to Directors and certain employees. The release of these shares is
\nconditional upon continued employment and for some awards achievement of certain performance targets measured over a three year period.
\nVodafone Share Incentive Plan
\nFollowing a review of the UK all-employee plans it was decided that with effect from 1 April 2017 employees would no longer be able to contribute
\nto the Share Incentive Plan and would therefore no longer receive matching shares. Individuals who continue to hold shares in the plan will receive
\ndividends paid out in cash.
\n
\n
\n
Movements in outstanding ordinary share options
\nOrdinary share options
\n2023
2022
2021
\nMillions
Millions
Millions
\n1 April
61
62
53
\nGranted during the year
50
20
35
\nForfeited during the year
(2)
(2)
(1)
\nExercised during the year
(8)
(1)
\u2013
\nExpired during the year
(39)
(18)
(25)
\n31 March
62
61
62
\nWeighted average exercise price:
\n1 April
\u00a31.02
\u00a31.07
\u00a31.19
\nGranted during the year
\u00a30.83
\u00a30.95
\u00a31.03
\nForfeited during the year
\u00a31.02
\u00a31.06
\u00a31.16
\nExercised during the year
\u00a31.05
\u00a31.17
\u00a31.23
\nExpired during the year
\u00a31.01
\u00a31.10
\u00a31.27
\n31 March
\u00a30.87
\u00a31.02
\u00a31.07
\nSummary of options outstanding
\n31 March 2023
31 March 2022
\nOutstanding
\nshares
\nWeighted
\naverage
\nexercise
\nWeighted
\nremaining
\naverage
\ncontractual
\nlife
\nOutstanding
\nshares
\nWeighted
\naverage
\nexercise
\nWeighted
\nremaining
\naverage
\ncontractual
\nlife
\nMillions
price
Months
Millions
price
Months
\nVodafone Group Sharesave Plan:
\n\u00a30.78 - \u00a31.78
62
\u00a30.87
33
61
\u00a31.02
24
\nShare awards
\nMovements in non-vested shares are as follows:
\n2023
2022
2021
\nWeighted
Weighted
Weighted
\naverage fair
average fair
average fair
\nvalue at
value at
value at
\nMillions
grant date
Millions
grant date
Millions
grant date
\n1 April
270
\u00a31.07
267
\u00a31.20
245
\u00a31.41
\nGranted
120
\u00a31.17
113
\u00a31.17
108
\u00a30.99
\nVested
(70)
\u00a31.15
(68)
\u00a31.44
(56)
\u00a31.56
\nForfeited
(59)
\u00a30.89
(42)
\u00a31.52
(30)
\u00a31.10
\n31 March
261
\u00a31.14
270
\u00a31.07
267
\u00a31.20
\nOther information
\nThe total fair value of shares vested during the year ended 31 March 2023 was \u00a381 million (2022: \u00a398 million; 2021: \u00a3108 million).
\nThe compensation cost included in the consolidated income statement in respect of share options and share plans was \u20ac141 million (2022: \u20ac119
\nmillion; 2021: \u20ac135 million) which is comprised principally of equity-settled transactions.
\nThe average share price for the year ended 31 March 2023 was 108.2 pence (2022: 122.1 pence; 2021: 120.8 pence).
\n
\n\n
\n27. Acquisitions and disposals
\nThe note below provides details of acquisition and disposal transactions for the current year as well as those completed in the
\nprior year. For further details see \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
\npreparation\u2019 to the consolidated financial statements.
\nAccounting policies
\nBusiness combinations
\nAcquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at
\nthe date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised
\nin the consolidated income statement as incurred. The acquiree\u2019s identifiable assets and liabilities are recognised at their fair values at the acquisition
\ndate, which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the consideration transferred, the
\namount of any non-controlling interests in the acquiree and the fair value of the Group\u2019s previously held equity interest in the acquiree, if any, over the
\nnet amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the
\nacquiree may initially be measured either at fair value or at the non-controlling shareholders\u2019 proportion of the net fair value of the identifiable assets
\nacquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis.
\nAcquisition of interests from non-controlling shareholders
\nIn transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or
\nreceived and the amount by which the non-controlling interest is adjusted is recognised in equity.
\nDisposals
\nThe difference between the carrying value of the net assets disposed of and the fair value of consideration received is recorded as a gain or loss on
\ndisposal. Foreign exchange translation gains or losses relating to subsidiaries, joint arrangements and associates that the Group has disposed of, and that
\nhave previously recorded in other comprehensive income or expense, are also recognised as part of the gain or loss on disposal.
\nOther transactions with non-controlling shareholders in subsidiaries
\nThe aggregate cash consideration in respect of other transactions with non-controlling shareholders in subsidiaries, net of cash acquired, is as follows:
\n2023
2022
\n\u20acm
\u20acm
\nCash consideration (paid)/received
\nVantage Towers
(667)
217
\nOther
(25)
(28)
\n(692)
189
\nVantage Towers
\nOn 13 November 2022, the Group completed the purchase of 4.2% of Vantage Towers A.G. for cash consideration of \u20ac667 million, taking its
\nshareholding to 85.8%. In the comparative period, the Group received \u20ac217 million following completion of the market stabilisation period resulting
\nfrom the IPO of Vantage Towers in March 2020 and as described in the Vantage Towers prospectus.
\nDisposals
\nThe aggregate cash consideration in respect of the disposal of subsidiaries, net of cash disposed, is as follows:
\n2023
2022
\n\u20acm
\u20acm
\nCash consideration received
\nVodafone Hungary
1,606
\u2013
\nVantage Towers
5,592
\u2013
\nOther disposals during the period
2
\u2013
\nNet cash disposed
(224)
\u2013
\n6,976
\u2013
\n
\n
\n
Vodafone Hungary
\nOn 31 January 2023, the Group completed the sale of Vodafone Magyarorsz\u00e1g Zrt (\u2018Vodafone Hungary\u2019) to 4iG Public Limited Company and Corvinus
\nZrt. The table below summarises the net assets disposed and the resulting loss on disposal of
\u20ac
69 million.
\n\u20acm
\nGoodwill
(441)
\nOther intangible assets
(521)
\nProperty, plant and equipment
(516)
\nInventory
(17)
\nTrade and other receivables
(206)
\nCash and cash equivalents
(3)
\nCurrent and deferred taxation
13
\nBorrowings
106
\nTrade and other payables
163
\nProvisions
31
\nNet assets disposed
(1,391)
\nCash proceeds
1,606
\nForeign exchange recycled from Currency reserve on disposal
(284)
\nNet loss on disposal
\n1
\n(69)
\nNotes:
\n1
Included in other income in the consolidated income statement.
\nVantage Towers
\nOn 22 March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-control partnership of
\nVodafone, GIP and KKR. Vodafone retains an interest of 64.2% in Oak Holdings 1 GmbH, which owns 89.3% of Vantage Towers A.G. The table below
\nsummarises the net assets disposed and the net gain on disposal as
\u20ac
8,607 million.
\n\u20acm
\nGoodwill
(3,448)
\nOther intangible assets
(294)
\nProperty, plant and equipment
(4,882)
\nInvestments in associates and joint ventures
(2,778)
\nTrade and other receivables
(292)
\nCash and cash equivalants
(207)
\nCurrent and deferred taxation
61
\nBorrowings
4,916
\nTrade and other payables
658
\nProvisions
556
\nNet assets disposed
(5,710)
\nNon-controlling interests derecognised
807
\nCash proceeds
5,592
\nFair value of Investment in Oak Holdings 1 GmbH
8,634
\nRestriction of gain (note 20)
\n1
\n(680)
\nForeign exchange recycled from Currency reserve on disposal
(36)
\nNet gain on disposal
\n2
\n8,607
\nNotes:
\n1
Related tax of \u20ac154 million is included in Income tax expense in the consolidated income statement.
\n2
Included in other income in the consolidated income statement.
\nVodafone Ghana
\nOn 21 February 2023, the Group completed the sale of its 70% shareholding in Vodafone Telecommunications Company Limited (\u2018Vodafone Ghana\u2019) to
\nTelecel Group for consideration of \u20acNil. A net gain on disposal of \u20ac689 million has been recorded within other income and expense in the consolidated
\nincome statement.
\nOther matters
\nVodafone Egypt
\nIn the comparative period on 10 November 2021, the Group announced that it had agreed to transfer its 55% shareholding in Vodafone Egypt to its
\nsubsidiary, Vodacom Group Limited (\u2018Vodacom\u2019).
\nOn 13 December 2022, the Group announced the completion of the transaction. Vodafone was issued with 242 million shares in Vodacom and received
\ncash proceeds of \u20ac577 million in exchange for its 55% shareholding in Vodafone Egypt. Following completion, Vodafone\u2019s shareholding in Vodacom has
\nincreased from 60.5% to 65.1%.
\n
\n
\n
\n28. Commitments
\nA commitment is a contractual obligation to make a payment in the future, mainly in relation to agreements to buy assets such
\nas mobile devices, network infrastructure and IT systems and leases that have not commenced. These amounts are not
\nrecorded in the consolidated statement of financial position since we have not yet received the goods or services from the
\nsupplier.
\nCapital commitments
\nThe amounts below are the minimum amounts that we are committed to pay.
\nCompany and subsidiaries
Share of joint operations
Group
\n2023
2022
2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nContracts placed for future capital
\nexpenditure not provided in the financial
\nstatements
\n1
\n3,507
4,388
\u2013
140
3,507
4,527
\nNote:
\n1
Commitment includes contracts placed for property, plant and equipment and intangible assets.
\nLeases entered into by the Group but not commenced at 31 March 2023 are disclosed in note 20 \u2018Leases\u2019. Included in capital commitments is an
\namount of \u20ac114 million (2022: \u20ac331 million) relating to spectrum acquisition commitments in Vodacom.
\nIn March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser GmbH \u2018OXG\u2019, with 50.0%
\nshareholding held by each shareholder. Each shareholder is committed to contribute funding of up to \u20ac950 million to OXG for the deployment of
\nfibre-to-the-home in Germany. The funding is expected to be contributed between 2023 and 2029. The amount and timing of the funding depends
\non the speed and size of the fibre deployment so the funding may be for a lower value or contributed over a longer period of time. The contribution
\ncan be in the form of free capital reserves, shareholder loan, loan notes or similar instruments as agreed by the shareholders.
\n29. Contingent liabilities and legal proceedings
\nContingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but
\nis not considered probable or cannot be measured reliably.
\n2023
2022
\n\u20acm
\u20acm
\nPerformance bonds
\n1
\n504
430
\nOther guarantees
\n2
\n2,877
2,436
\nNotes:
\n1
Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial
\narrangements.
\n2
Other guarantees principally comprise Vodafone Group Plc\u2019s guarantee of the Group\u2019s 50% share of a US$3.5 billion loan facility (2022: US$3.5 billion loan facility), which forms part of the Group\u2019s
\noverall joint venture investment in TPG Telecom Ltd. The Group\u2019s share of these loan balances is included in the net investment in joint venture (see note 12 \u2018Investments in associates and joint
\narrangements\u2019). Other guarantees also include a secondary pledge of INR42.5 billion (2022: INR42.5 billion) over shares owned by Vodafone Group in Indus Towers to the value of \u20ac476 million
\n(2022: \u20ac504 million). See page 197. Certain ongoing tax litigations include guarantee arrangements, principally \u20ac267 million in relation to the Netherlands tax case (refer to legal proceedings
\nsection below).
\n
\n
\n
\nUK pension schemes
\nThe Group\u2019s main defined benefit plan is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019) which has two segregated sections, the
\nVodafone Section and the CWW Section, as detailed in note 25 \u2018Post employment benefits\u2019.
\nThe Group has covenanted to provide security in favour of both the Vodafone Section and CWW Section when they are in a deficit position. The deficit is
\nmeasured on a prescribed basis agreed between the Group and trustee, which differs from the accounting basis reported in note 25 \u2018Post employment
\nbenefits\u2019. The Group provides surety bonds as the security.
\nThe level of the security has varied since inception in line with the movement in the Vodafone UK plan deficit. Due to the improved funding position of
\nthe Plan the level of security has reduced over the year. As at 31 March 2023 the Vodafone UK plan retains security over \u20ac114 million (notional value) for
\nthe Vodafone Section and no security is currently required for the CWW Section. The security may be substituted either on a voluntary or mandatory
\nbasis. The Company has also provided two guarantees to the Vodafone Section of the Vodafone UK plan for a combined value up to \u20ac1.42 billion to
\nprovide security over the deficit under certain defined circumstances, including insolvency of the employers. The Company has also agreed a similar
\nguarantee of up to \u20ac1.42 billion for the CWW Section.
\nAn additional smaller UK defined benefit plan, the THUS Plc Group Scheme, has a guarantee from the Company for up to \u20ac114 million.
\nVodafone Idea
\nAs part of the agreement to merge Vodafone India and Idea Cellular in 7, the parties agreed a mechanism for payments between the Group and
\nVodafone Idea Limited (\u2018VIL\u2019) pursuant to the difference between the crystallisation of certain identified contingent liabilities in relation to legal,
\nregulatory, tax and other matters, and refunds relating to Vodafone India and Idea Cellular. Cash payments or cash receipts relating to these matters
\nmust have been made or received by VIL before any amount becomes due from or owed to the Group. Any future payments by the Group to VIL as a
\nresult of this agreement would only be made after satisfaction of this and other contractual conditions.
\nThe Group\u2019s potential exposure under this mechanism is capped at INR 64 billion (\u20ac719 million) following payments made under this mechanism from
\nVodafone to VIL, in the year ended 31 March 2021, totalling INR 19 billion (\u20ac235 million).
\nOn 7 February 2023, VIL issued equity to the Government of India equivalent to INR 161 billion (\u20ac1.8 billion), representing the net present value of
\ninterest accrued on both deferred spectrum auction instalments and AGR dues pursuant to a relief package announced in September 2021 which is
\ndesigned to improve the liquidity and financial health of the telecom sector.
Wider reforms announced as part of the relief package include a four-year
\nmoratorium on spectrum and AGR payments and the option to convert payments due on spectrum and AGR payments to equity at the end of the
\nmoratorium period which VIL elected to accept in October 2021.
\nVIL remains in need of additional liquidity support from its lenders and intends to raise additional funding. There are significant uncertainties in relation to
\nVIL\u2019s ability to make payments in relation to any remaining liabilities covered by the mechanism and no further cash payments are considered probable
\nfrom the Group as at 31 March 2023.
The carrying value of the Group\u2019s investment in VIL is \u20acnil and the Group is recording no further share of losses in
\nrespect of VIL. The Group\u2019s potential exposure to liabilities within VIL is capped by the mechanism described above; consequently, contingent liabilities
\narising from litigation in India concerning operations of Vodafone India are not reported.
\nIndus Towers
\nVIL\u2019s ability to satisfy certain payment obligations under its Master Services Agreements with Indus Towers (the \u2018MSAs\u2019) is uncertain and depends on a
\nnumber of factors including its ability to raise additional funding.
Under the terms of the Indus and Bharti Infratel merger in November 2020, a security
\npackage was agreed for the benefit of the newly created merged entity, Indus Towers, which could be invoked in the event that VIL was unable to make
\nMSA payments. The security package included the following elements:
\n-
A cash prepayment of INR 24 billion (\u20ac279 million) by VIL to Indus Towers in respect of its undisputed payment obligations, due under the MSAs
\nafter the merger closing. The prepayment was fully utilised during the year to 31 March 2022;
\n-
A primary pledge over 190.7 million shares owned by Vodafone Group in Indus Towers having a value of INR 47 billion (\u20ac544 million) as at 31 March
\n2021.
These pledged shares were sold by the Group in the year ended 31 March 2022; the Group invested INR 33.7 billion (\u20ac393 million) of the
\nproceeds by subscribing to newly issued VIL equity, which VIL immediately used to partially settle outstanding MSA obligations to Indus Towers
\nresulting in an equivalent partial release of the primary pledge.
On 14 February 2023, a similar transaction was undertaken with INR 4.4 billion (\u20ac49
\nmillion) remaining from the sale of the primary pledge shares, fully releasing the pledge.
\n-
A secondary pledge over shares owned by Vodafone Group in Indus Towers, ranking behind Vodafone\u2019s existing lenders for the outstanding bank
\nborrowings of \u20ac1.5 billion as at 31 March 2023 secured against Indian assets (\u2018the bank borrowings\u2019), with a maximum liability cap of INR 42.5 billion
\n(\u20ac476 million).
In the event of non-payment of relevant MSA obligations by VIL, Indus Towers would have recourse to any secondary pledged
\nshares, after repayment of the bank borrowings in full, up to the value of the liability cap.
\n
\n
\n
\n\nLegal Proceedings
\nThe Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with, government authorities that are
\nincidental to its operations.
\nLegal proceedings where the Group considers that the likelihood of material future outflows of cash or other resources is more than remote are
\ndisclosed below. Where the Group assesses that it is probable that the outcome of legal proceedings will result in a financial outflow, and a reliable
\nestimate can be made of the amount of that obligation, a provision is recognised for these amounts.
\nIn all cases, determining the probability of successfully defending a claim against the Group involves the application of judgement as the outcome
\nis inherently uncertain. The determination of the value of any future outflows of cash or other resources, and the timing of such outflows, involves
\nthe use of estimates. The costs incurred in complex legal proceedings, regardless of outcome, can be significant.
\nThe Group is not involved in any material proceedings in which any of the Group\u2019s Directors, members of senior management or affiliates are either a
\nparty adverse to the Group or have a material interest adverse to the Group.
\nIndian tax cases
\nThe Group has been challenging retrospective tax demands raised by the Indian tax authority under the Finance Act 2012 against Vodafone
\nInternational Holdings BV (\u2018VIHBV\u2019) relating to a transaction in 2007 whereby VIHBV acquired assets in India from Hutchison Telecommunications
\nInternational Limited.
Pursuant to a new scheme for resolving tax disputes introduced by legislation in August 2021, Vodafone and the Indian
\nGovernment have reached a final agreement and the demands for outstanding tax (including interest and penalties) have been withdrawn in full.
\nFurther background relating to this matter is provided in the Group\u2019s Annual Report for the financial year ended 31 March 2022.
\nVISPL tax claims
\nVodafone India Services Private Ltd (\u2018VISPL\u2019) is involved in a number of tax cases. The total value of the claims is approximately \u20ac471 million plus
\ninterest, and penalties of up to 300% of the principal.
\nOf the individual tax claims, the most significant is in the amount of approximately \u20ac239 million (plus interest of \u20ac628 million), which VISPL has
\nbeen assessed as owing in respect of (i) a transfer pricing margin charged for the international call centre of HTIL prior to the 2007 transaction with
\nVodafone for HTIL assets in India; (ii) the sale of the international call centre by VISPL to HTIL; and (iii) the acquisition of and/or the alleged transfer
\nof options held by VISPL in Vodafone India. The first two of the three heads of tax are subject to an indemnity by HTIL. The larger part of the potential
\nclaim is not subject to an indemnity. A stay of the tax demand on a deposit of \u00a320 million and a corporate guarantee by VIHBV for the balance of tax
\nassessed are in place. On 8 October 2015, the Bombay High Court ruled in favour of Vodafone in relation to the options and the call centre sale. The
\nIndian Tax Authority has appealed to the Supreme Court of India. The appeal hearing has been adjourned indefinitely.
\nWhile there is some uncertainty as to the outcome of the tax cases involving VISPL, the Group believes it has valid defences and does not consider it
\nprobable that a financial outflow will be required to settle these cases.
\nNetherlands tax case
\nVodafone Europe BV (\u2018VEBV\u2019) has received assessments totalling \u20ac267 million of tax and interest from the Dutch tax authorities, who are challenging
\nthe application of the arm\u2019s length principle in relation to various intra-group financing transactions. VEBV has appealed against these assessments
\nto the District Court of the Hague where a hearing was held in March 2023 and we are awaiting the decision which is currently expected in summer
\n2023. The Group has entered into a guarantee for the full value of the assessments issued.
\nThe Group believes it has robust defences and does not consider it probable that there will be a financial outflow required to resolve the case.
\n
\n\n
Other cases in the Group
\nGermany: Kabel Deutschland takeover - class actions
\nThe German courts have been determining the adequacy of the mandatory cash offer made to minority shareholders in Vodafone\u2019s takeover of
\nKabel Deutschland in 2013. Hearings took place in May 2019 and a decision was delivered in November 2019 in Vodafone\u2019s favour, rejecting all
\nclaims by minority shareholders. A number of shareholders appealed which was rejected by the court in December 2021. Several minority
\nshareholders have filed a further appeal before the Federal Court of Justice. The appeal process is ongoing.
While the outcome is uncertain, the
\nGroup believes it has valid defences and that the outcome of the appeal will be favourable to Vodafone.
\nItaly: Iliad v Vodafone Italy
\nIn July 2019, Iliad filed a claim for \u20ac500 million against Vodafone Italy in the Civil Court of Milan. The claim alleges anti-competitive behaviour in
\nrelation to portability and certain advertising campaigns by Vodafone Italy. The main hearing on the merits of the claim took place on 8 June 2021.
\nOn 17 April 2023, the Civil Court issued a judgement in Vodafone Italy\u2019s favour and rejected Iliad\u2019s claim for damages in full. Whether Iliad will appeal
\nthe judgement is unknown as of the date of this report.
\nThe Group is currently unable to estimate any possible loss in this claim in the event of an adverse judgement on appeal but while the outcome is
\nuncertain, the Group believes it has valid defences and that it is probable that no present obligation exists.
\nGreece: Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v Vodafone Greece
\nIn October 2019, Mr. and Mrs. Papistas, and companies owned or controlled by them, filed several claims against Vodafone Greece with a total value
\nof approximately \u20ac330 million for purported damage caused by the alleged abuse of dominance and wrongful termination of a franchise
\narrangement with a Papistas company. Lawsuits which the Papistas claimants had previously brought against Vodafone Group Plc and certain
\ndirectors and officers of Vodafone were withdrawn. Vodafone Greece filed a counter claim and all claims were heard in February 2020. All of the
\nPapistas claims were rejected by the Athens Court of First Instance because the stamp duty payments required to have the merits of the case
\nconsidered had not been made.
Vodafone Greece\u2019s counter claim was also rejected. The Papistas claimants and Vodafone Greece have each filed
\nappeals. The appeal hearings took place on 23 February and 11 May 2023 and we are waiting to receive the judgements.
\nThe amount claimed in these lawsuits is substantial and, if the claimants are successful, the total potential liability could be material. However, we
\nare continuing vigorously to defend the claims and based on the progress of the litigation so far the Group believes that it is highly unlikely that
\nthere will be an adverse ruling for the Group. On this basis, the Group does not expect the outcome of these claims to have a material financial
\nimpact.
\nUK: Phones 4U in Administration v Vodafone Limited and Vodafone Group Plc and Others
\nIn December 2018, the administrators of former UK indirect seller, Phones 4U, sued the three main UK mobile network operators (\u2018MNOs\u2019),
\nincluding Vodafone, and their parent companies in the English High Court. The administrators allege collusion between the MNOs to pull their
\nbusiness from Phones 4U, thereby causing its collapse. Vodafone and the other defendants filed their defences in April 2019 and the Administrators
\nfiled their replies in October 2019.
Disclosure has taken place and witness statements were filed in December 2021. The judge has also ordered that
\nthere should be a split trial between liability and damages. The first trial on liability took place from May to July 2022. We are waiting to receive the
\njudgement.
\nTaking into account all available evidence, the Group assesses it to be more likely than not that a present obligation does not exist and that the
\nallegations of collusion are completely without merit; the Group is vigorously defending the claim. The value of the claim is not pleaded but we
\nunderstand it to be the total value of the business, allegedly equivalent to approximately \u00a31 billion with the addition of alleged exemplary damages.
\nVodafone\u2019s alleged share of the liability is also not pleaded.
The Group is not able to estimate any possible loss in the event of an adverse judgment.
\n
\n
\n
\n30. Related party transactions
\nThe Group has a number of related parties including joint arrangements and associates, pension schemes and Directors and
\nExecutive Committee members (see note 12 \u2018Investments in associates and joint arrangements\u2019, note 25 \u2018Post employment
\nbenefits\u2019 and note 23 \u2018Directors and key management compensation\u2019).
\nTransactions with joint arrangements and associates
\nRelated party transactions with the Group\u2019s joint arrangements and associates primarily comprise fees for the use of products and services including
\nnetwork airtime and access charges, fees for the provision of network infrastructure and cash pooling arrangements. No related party transactions have
\nbeen entered into during the year which might reasonably affect any decisions made by the users of these consolidated financial statements except as
\ndisclosed below.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nSales of goods and services to associates
20
20
14
\nPurchase of goods and services from associates
8
10
5
\nSales of goods and services to joint arrangements
220
221
203
\nPurchase of goods and services from joint arrangements
263
298
109
\nInterest income receivable from joint arrangements
\n1
\n52
48
65
\nInterest expense payable to joint arrangements
\n1
\n33
52
56
\nTrade balances owed:
\nby associates
7
8
\nto associates
1
6
\nby joint arrangements
170
139
\nto joint arrangements
329
34
\nOther balances owed by associates
\u2013
80
\nOther balances owed by joint arrangements
\n1
\n980
1,080
\nOther balances owed to joint arrangements
\n2
\n5,628
1,561
\nNotes:
\n1
Amounts arise primarily through VodafoneZiggo and Oak Holdings 1 GmbH. Interest is paid/received in line with market rates.
\n2
Amounts are primarily in relation to leases of tower space from Oak Holdings 1 GmbH (2022: INWIT S.p.A.).
\nOn 22 March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-control partnership of
\nVodafone, GIP and KKR. Vodafone retained a non-controlling interest of 64.2% in Oak Holdings 1 GmbH, which owns 89.3% of Vantage Towers A.G. Oak
\nHoldings 1 GmbH is a joint venture of the Group.
\nDividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows.
\nTransactions with Directors other than compensation
\nDuring the three years ended 31 March 2023 and as of 16 May 2023, no Director nor any other executive officer, nor any associate of any Director or any
\nother executive officer, was indebted to the Group. During the three years ended 31 March 2023 and as of 16 May 2023, the Group has not been a party
\nto any other material transaction, or proposed transactions, in which any member of the key management personnel (including Directors, any other
\nexecutive officer, senior manager, any spouse or relative of any of the foregoing or any relative of such spouse) had or was to have a direct or indirect
\nmaterial interest.
\n\n
\n
31. Related undertakings
\nA full list of all of our subsidiaries, joint arrangements and associated undertakings is detailed below.
\nA full list of subsidiaries, joint arrangements and associated undertakings (as defined in the Large and Medium-sized Companies and Groups
\n(Accounts and Reports) Regulations 2008) as at 31 March 2023 is detailed below. No subsidiaries are excluded from the Group consolidation.
\nUnless otherwise stated the Company\u2019s subsidiaries all have share capital consisting solely of ordinary shares and are indirectly held. The
\npercentage held by Group companies reflect both the proportion of nominal capital and voting rights unless otherwise stated. Summarised financial
\ninformation is provided in respect of the Group\u2019s most significant joint arrangements and associates in note 12 \u2018Investments in associates and joint
\narrangements\u2019.
\nSubsidiaries
\nA subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the
\ncurrent ability to direct the activities that affect the Company\u2019s returns and exposure or rights to variable returns from the entity. The results of
\nsubsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up
\nto the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their
\naccounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on
\nconsolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity therein.
\nNon-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling
\nshareholder\u2019s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests
\neven if this results in the non-controlling interests having a deficit balance.
\nCompany name
\n% of share
\nclass held
\nby Group
\nCompanies
Share Class
\nAlbania
\nAutostrada Tirane-Durres, Rruga: \u201cPavaresia\u201d, Nr 61, Kashar,
\nTirana,Albania
\nVodafone Albania Sh.A
99.94
Ordinary shares
\nRruga \u201cIbrahim Rugova\u201d, Sky Tower, Kati i 5, Hyrja 2, Tiran\u00eb,
\n1000, Albania
\n_VOIS Albania Shpk.
100.00
Ordinary shares
\nAustralia
\nMills Oakley, Level 7, 151 Clarence Street, Sydney NSW 2000,
\nAustralia
\nVodafone Enterprise Australia Pty
\nLimited
\n100.00
Ordinary shares
\nAustria
\nc/o Stolitzka & Partner Rechtsanw\u00e4lte OG, K\u00e4rntner Ring 12, 3.
\nStock, 1010, Wien, Austria
\nVodafone Enterprise Austria GmbH
100.00
Ordinary shares
\nBahrain
\nRSM Bahrain, 3rd floor Falcon Tower, Diplomatic Area, Manama,
\nPO BOX 11816, Bahrain
\nVodafone Enterprise Bahrain W.L.L.
100.00
Ordinary shares
\nBelgium
\nMalta House, rue Archim\u00e8de 25, 1000 Bruxelles, Belgium
\nVodafone Belgium SA/NV
100.00
Ordinary shares
\nBrazil
\nAv Jos\u00e9 Rocha Bonfim, 214, Cond Pra\u00e7a Capital \u2013 Edif\u00edcio Toronto,
\nsls 228/229 13080-900 Jardim Santa Genebra \u2013 Campinas,
\nS\u00e3o Paulo, Brazil
\nCobra do Brasil Servi\u00e7os de Telem\u00e0tica
\nltda. (in process of dissolution)
\n70.00
Ordinary shares
\nAv. Paulista, 37 \u2013 4\u00ba andar, Sala 427, Bela Vista, CEP, 01311-902,
\nS\u00e3o Paulo, Brazil
\nVodafone Empresa Brasil
\nTelecomunica\u00e7\u00f5es Ltda
\n100.00
Ordinary shares
\nRua Boa Vista, No. 254, room 1304 (parte), Centro, S\u00e3o Paulo,
\n01014907, Brazil
\nVodafone Servi\u00e7os Empresariais
\nBrasil Ltda.
\n100.00
Ordinary shares
\nCompany name
\n% of share
\nclass held
\nby Group
\nCompanies
Share Class
\nBulgaria
\n10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia,
\n1000, Bulgaria
\nVodafone Enterprise Bulgaria EOOD
100.00
Ordinary shares
\nCanada
\nc/o ARC Information Services Inc., 3-84 Castlebury Crescent,
\nToronto ON M2H 1W8, Canada
\nVodafone Canada Inc.
100.00
Common shares
\nCayman Islands
\nOne Nexus Way, Camana Bay, Grand Cayman, KY1-9005,
\nCayman Islands
\nCGP Investments (Holdings) Limited
100.00
Ordinary shares
\nChina
\nBuilding 21, 11, Kangdin5g St., BDA, Beijing, 100176 \u2013 China
\nVodafone Automotive Technologies
\n(Beijing) Co, Ltd
\n100.00
Ordinary shares
\nLevel 9, Tower 2, China Central Place, Room 941, No.79 Jianguo
\nRoad, Chaoyang District, Beijing, 100025, China
\nVodafone Enterprise Communications
\nTechnical Service (Shanghai) Co., Ltd.
\nBeijing Branch
\n2
\n100.00
Branch
\nRoom 1603, 16th Floor, 1200 Pudong Avenue, Free Trade Zone,
\nShanghai, China
\nVodafone Enterprise Communications
\nTechnical Service (Shanghai) Co., Ltd.
\n100.00
Ordinary shares
\nCongo, The Democratic Republic of the
\n292 Avenue de La Justice, Commune de la Gombe, Kinshasa,
\nThe Democratic Republic of the Congo
\nVodacom Congo (RDC) SA
\n5
\n33.20
Ordinary shares
\nBuilding Commimo II Ground Floor Right, 3157 Boulevard
\ndu 30 Juin, Commune de la Gombe, Kinshasa, DRC Congo,
\nThe Democratic Republic of the Congo
\nVodacash S.A
\n5
\n33.20
Ordinary shares
\nCompany name
\n% of share
\nclass held
\nby Group
\nCompanies
Share Class
\nCyprus
\nAli R\u0131za Efendi Caddesi No:33/A Ortak\u00f6y, Lefko\u015fa, Cyprus
\nVodafone Evde Operations Ltd
100.00
Ordinary shares
\nVodafone Mobile Operations Limited
100.00
Ordinary shares
\nCzech Republic
\nn\u00e1m\u011bst\u00ed Junkov\u00fdch 2, Prague 5, 15500, Czech Republic
\nNadace Vodafone \u010cesk\u00e1 Republika
100.00
Trustee
\nOskar Mobil s.r.o.
100.00
Ordinary shares
\nVodafone Czech Republic A.S.
100.00
Ordinary shares
\nVodafone Enterprise Europe (UK)
\nLimited \u2013 Czech Branch
\n2
\n100.00
Branch
\nPraha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
\nVantage Towers 2 s.r.o
100.00
Ordinary shares
\nZ\u00e1vi\u0161ova Real Estate, s.r.o.
100.00
Ordinary shares
\nDenmark
\nTuborg Boulevard 12, 2900, Hellerup, Denmark
\nVodafone Enterprise Denmark A/S
100.00
Ordinary shares
\nEgypt
\n37 Kasr El Nil St, 4th. Floor, Cairo, Egypt
\nStarnet
\n5
\n35.81
Ordinary shares
\n54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt
\nSarmady Communications
\n5
\n35.82
Ordinary shares
\nBuilding no. 2109 \u201cVHUB1\u201d, Smart Village, Cairo Alexandria, Egypt
\nVodafone International Services LLC
\n5
\n100.00
Ordinary shares
\nSite No 15/3C, Central Axis, 6th October City, Egypt
\nVodafone Egypt Telecommunications
\nS.A.E.
\n5
\n35.82
Ordinary shares
\nSmart Village C3 Vodafo5ne Building, Egypt
\nVodafone Data
\n5
\n35.81
Ordinary shares
\nVodafone Building Zahraa EL Maadi, Building A, Service Area D,
\nMaadi, Cairo, Egypt
\nVodafone For Trading
\n5
\n35.78
Ordinary shares
\n
\n\n
Finland
\nc/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki,
\n00100, Finland
\nVodafone Enterprise Finland Oy
100.00
Ordinary shares
\nFrance
\n1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph,
\nFrance
\nVodafone Automotive Telematics
\nDevelopment S.A.S
\n100.00
Ordinary shares
\nEuroPlaza Tour, 20, Avenue Andre Prothin, La D\u00e9fense Cedex
\n\u2013 France (149153), 92400, Courbevoie, France
\nVodafone Automotive France S.A.S
100.00
Ordinary shares
\nVodafone Enterprise France SAS
100.00
New euro
\nshares
\nRue Champollion, 22300, Lannion, France
\nApollo Submarine Cable System Ltd
\n\u2013 French Branch
\n2
\n100.00
Branch
\nGermany
\nAltes Forsthaus 2, 67661, Kaiserslautern, Germany
\nTKS Telepost Kabel-Service
\nKaiserslautern GmbH
\n3
\n94.01
Ordinary shares
\nBetastra\u00dfe 6-8, 85774 Unterf\u00f6hring, Germany
\nKabel Deutschland Holding AG
94.01
Ordinary shares
\nVodafone Customer Care GmbH
\n3
\n94.01
Ordinary shares
\nVodafone Deutschland GmbH
94.01
Ordinary shares
\nBuschurweg 4, 76870 Kandel, Germany
\nVodafone Automotive Deutschland
\nGmbH
\n100.00
Ordinary shares
\nFerdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
\nVodafone Enterprise Germany GmbH
100.00
Ordinary shares
\nVodafone GmbH
100.00
Ordinary A
\nshares, Ordinary
\nB shares
\nVodafone Group Services GmbH
100.00
Ordinary shares
\nVodafone Institut f\u00fcr Gesellschaft und
\nKommunikation GmbH
\n100.00
Ordinary shares
\nVodafone Stiftung Deutschland
\nGemeinn\u00fctzige GmbH
\n100.00
Ordinary shares
\nVodafone Vierte Verwaltungs AG
100.00
Ordinary shares
\nVodafone West GmbH
100.00
Ordinary shares
\nFriedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany
\nKABELCOM Braunschweig Gesellschaft
\nF\u00fcr Breitbandkabel-Kommunikation
\nMit Beschr\u00e4nkter Haftung
\n3
\n94.01
Ordinary shares
\nHolzmarkt 1, 50676, K\u00f6ln, North Rhine-Westphalia, Germany
\nGrandcentrix GmbH
100.00
Ordinary shares
\nNobelstrasse 55, 18059, Rostock, Germany
\n\u201cUrbana Teleunion\u201d Rostock GmbH &
\nCo.KG
\n3
\n65.80
Ordinary shares
\nSeilerstrasse 18, 38440, Wolfsburg, Germany
\nKABELCOM Wolfsburg Gesellschaft f\u00fcr
\nBreitbandkabel-Kommunikation mit
\nbeschr\u00e4nkter Haftung
\n3
\n94.01
Ordinary shares
\nGreece
\n12,5 km National Road Athens \u2013 Lamia, Metamorfosi / Athens,
\n14452, Greece
\nVodafone Innovus S.A
99.87
Ordinary shares
\n1-3 Tzavella str, 152 31 Halandri, Athens, Greece
\nVodafone-Panafon Hellenic
\nTeleco5mmunications Company S.A.
\n99.87
Ordinary shares
\nPireos 163 & Ehelidon, Athens, 11854, Greece
\n360 Connect S.A.
99.87
Ordinary shares
\nGuernsey
\nMartello Court, Admiral Park, St. Peter Port, GY1 3HB, Guernsey
\nFB Holdings Limited
100.00
Ordinary shares
\nLe Bunt Holdings Limited
100.00
Ordinary shares
\nSilver Stream Investments Limited
100.00
Ordinary shares
\nRoseneath, The Grange, St Peter Port, GY1 2QJ, Guernsey
\nVBA Holdings Limited
\n5
\n65.10
Ordinary shares,
\nNon-voting
\nirredeemable
\nnon-cumulative
\npreference
\nshares
\nVBA International Limited
\n5
\n65.10
Ordinary shares,
\nNon-voting
\nirredeemable
\nnon-cumulative
\npreference
\nshares
\nHong Kong
\nLevel 24, Dorset House, Taikoo Place, 979 King\u2019s Road, Quarry Bay,
\nHong Kong
\nVodafone Enterprise Hong Kong Ltd
100.00
Ordinary shares
\nHungary
\n40-44 Hungaria Krt., Budapest, H-1087, Hungary
\nVSSB Vodafone Szolg\u00e1ltat\u00f3 K\u00f6zpont
\nBudapest Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151
\nR\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
\n100.00
Registered
\nordinary shares
\nIndia
\n10th Floor, Tower A&B, Global Technology Park, (Maple Tree
\nBuilding), Marathahalli Outer Ring Road, Devarabeesanahalli
\nVillage, Varthur Hobli, Bengaluru, Karnataka, 560103, India
\nCable & Wireless Networks India Private
\nLimited
\n100.00
Equity shares
\nCable and Wireless (India) Limited \u2013
\nBranch
\n2
\n100.00
Branch
\nCable and Wireless Global (India)
\nPrivate Limited
\n100.00
Equity shares
\n201-206, Shiv Smriti Chambers, 49/A, Dr. Annie Besant Road,
\nMumbai, Maharashtra, Worli, 400018, India
\nOmega Telecom Holdings Private
\nLimited
\n100.00
Equity shares
\nVodafone India Services Private Limited
100.00
Equity shares
\nBusiness@Mantri, Tower B, Wing no \u2013 B1 & B2, 3rd Floor, S. No.
\n\u2013 197, Near Hotel Four Points, Lohegaon, Pune, Maharashtra,
\n411014, India
\nVodafone Global Services Private
\nLimited
\n100.00
Equity shares
\nE-47, Bankra Super Market, Bankra, Howrah, West Bengal,
\n711403, India
\nUsha Martin Telematics Limited
100.00
Equity shares
\nIreland
\n2nd Floor, Palmerston House, Fenian Street, DUBLIN 2, Ireland
\nVodafone International Financing
\nDesignated Activity Company
\n100.00
Ordinary shares
\n38/39 Fitzwilliam Square West, Dublin 2, D02 NX53, Ireland
\nVodafone Enterprise Global Limited
100.00
Ordinary shares
\nVodafone Global Network Limited
100.00
Ordinary shares
\nMountainview, Leopardstown, Dublin 18, Ireland
\nVF Ireland Property Holdings Limited
100.00
Ordinary euro
\nshares
\nVodafone Group Services Ireland
\nLimited
\n100.00
Ordinary shares
\nVodafone Ireland Limited
100.00
Ordinary shares
\nVodafone Ireland Marketing Limited
100.00
Ordinary shares
\nVodafone Ireland Retail Limited
100.00
Ordinary shares
\nItaly
\nPiazzale Luigi Cadorna, 4, 20123, Milano, Italy
\nVodafone Global Enterprise (Italy) S.R.L.
100.00
Ordinary shares
\nSS 33 del Sempione KM 35, 212, 21052 Busto Arsizio (VA), Italy
\nVodafone Automotive Italia S.p.A
100.00
Ordinary shares
\nVia Astico 41, 21100 Varese, Italy
\nVodafone Automotive Electronic
\nSystems S.r.L
\n100.00
Ordinary shares
\nVodafone Automotive SpA
100.00
Ordinary shares
\nVodafone Automotive Telematics Srl
100.00
Ordinary shares
\nVia Jervis 13, 10015, Ivrea (TO), Italy
\nVEI S.r.l.
100.00
Partnership
\ninterest shares
\nVodafone Italia S.p.A.
100.00
Ordinary shares
\nVia Lorenteggio 240, 20147, Milan, Italy
\nVodafone Enterprise Italy S.r.L
100.00
Euro shares
\nVodafone Gestioni S.p.A.
100.00
Ordinary shares
\nVodafone Servizi E Tecnologie S.R.L.
100.00
Equity shares
\nIVia per Carpi 26/B, 42015, Correggio (RE), Italy
\nVND S.p.A.
100.00
Ordinary shares
\nJapan
\nKAKiYa building, 9F, 2-7-17 Shin-Yokohama, Kohoku-ku,
\nYokoha-City, Kanagawa, 222-0033, Japan
\nVodafone Automotive Japan KK
100.00
Ordinary shares
\nMarunouchi Trust Tower North 15F, 8-1, Marunouchi 1-chome,
\nlevel 15, Chiyoda-ku, Tokyo, Japan
\nVodafone Enterprise U.K. \u2013 Japanese
\nBranch
\n2
\n100.00
Branch
\nVodafone Global Enterprise (Japan) K.K.
100.00
Ordinary shares
\n\n\n
\n\n
Jersey
\n44 Esplanade, St Helier, JE4 9WG, Jersey
\nVodafone International 2 Limited
100.00
Ordinary shares
\nKenya
\n6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi,
\n00100, Kenya
\nM-PESA Holding Co. Limited
100.00
Equity shares
\nVodafone Kenya Limited
\n5
\n69.46
Ordinary voting
\nshares
\nThe Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside
\nDrive, Nairobi, Kenya
\nVodacom Business (Kenya) Limited
\n5
\n52.08
Ordinary shares
\nKorea, Republic of
\nASEM Tower level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul,
\n135-798, Korea, Republic of
\nVodafone Enterprise Korea Limited
100.00
Ordinary shares
\nLesotho
\n585 Mabile Road, Vodacom Park, Maseru, Lesotho, Lesotho
\nVodacom Lesotho (Pty) Limited
\n5
\n52.08
Ordinary shares
\nVCL Financial Services (Pty) Ltd
\n5
\n52.08
Ordinary shares
\nLuxembourg
\n15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
\nTomorrow Street GP S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone Enterprise Global Businesses
\nS.\u00e0 r.l.
\n100.00
Ordinary shares
\nVodafone Enterprise Luxembourg S.A.
100.00
Ordinary euro
\nshares
\nVodafone International 1 S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone International M S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone Investments Luxembourg
\nS.\u00e0 r.l.
\n100.00
Ordinary shares
\nVodafone Luxembourg S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone Procurement Company S.\u00e0
\nr.l.
\n100.00
Ordinary shares
\nVodafone Roaming Services S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone Services Company S.\u00e0 r.l.
100.00
Ordinary shares
\nMalaysia
\nSuite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak,
\n50400 Kuala Lumpur, Malaysia
\nVodafone Global Enterprise (Malaysia)
\nSdn Bhd
\n100.00
Ordinary shares
\nMalta
\nPortomaso Business Tower, Level 15B, St Julians, STJ 4011, Malta
\nVodafone Holdings Limited
100.00
\u2018A\u2019 Ordinary
\nshares, \u2018B\u2019
\nOrdinary shares
\nVodafone Insurance Limited
100.00
\u2018A\u2019 Ordinary
\nshares, \u2018B\u2019
\nOrdinary shares
\nMauritius
\n10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene,
\nMauritius, Mauritius
\nMobile Wallet VM1
\n5
\n65.10
Ordinary shares
\nMobile Wallet VM2
\n5
\n65.10
Ordinary shares
\nVBA (Mauritius) Limited
\n5
\n65.10
Ordinary shares,
\nRedeemable
\npreference
\nshares
\nVodacom International Limited
\n5
\n65.10
Ordinary shares,
\nNon-Cumulative
\npreference
\nshares
\nFifth Floor, Ebene Esplanade, 24 Bank Street, Cybercity,
\nEbene, Mauritius
\nAl-Amin Investments Limited
100.00
Ordinary shares
\nArray Holdings Limited
100.00
Ordinary shares
\nAsian Telecommunication Investments
\n(Mauritius) Limited
\n100.00
Ordinary shares
\nCCII (Mauritius), Inc.
100.00
Ordinary shares
\nCGP India Investments Ltd.
100.00
Ordinary shares
\nEuro Pacific Securities Ltd.
100.00
Ordinary shares
\nMobilvest
100.00
Ordinary shares
\nPrime Metals Ltd.
100.00
Ordinary shares
\nTrans Crystal Ltd.
100.00
Ordinary shares
\nVodafone Mauritius Ltd.
100.00
Ordinary shares
\nVodafone Telecommunications (India)
\nLimited
\n100.00
Ordinary shares
\nVodafone Tele-Services (India)
\nHoldings Limited
\n100.00
Ordinary shares
\nMexico
\nAvenida Insurgentes Sur No. 1647, Piso 12, despacho 1202,
\nColonia San Jos\u00e9 Insurgentes, Alcald\u00eda Benito Ju\u00e1rez, C.P. 03900,
\nCiudad de M\u00e9xico, Mexico
\nVodafone Empresa M\u00e9xico S.de R.L. de
\nC.V.
\n100.00
Corporate
\ncertificate series
\nA shares,
\nCorporate
\ncertificate series
\nB shares
\nMozambique
\nRua dos Desportistas, Numero 649, Cidade de Maputo,
\nMozambique
\nVodacom Mo\u00e7ambique, SA
\n5
\n55.33
Ordinary shares
\nVodafone M-Pesa, S.A
\n5
\n55.33
Ordinary shares
\nNetherlands
\nRivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel,
\nNetherlands
\nVodafone Enterprise Netherlands B.V.
100.00
Ordinary shares
\nVodafone Europe B.V.
100.00
Ordinary shares
\nVodafone International Holdings B.V.
100.00
Ordinary shares
\nVodafone Panafon International
\nHoldings B.V.
\n99.87
Ordinary shares
\nZuid-hollanden 7, Rode Olifant, Spaces, 2596AL, den Haag,
\nNetherlands
\nIoT. nxt USA BV
\n5
\n42.31
Ordinary shares
\nIOT.NXT B.V.
\n5
\n42.31
Ordinary shares
\nIoT.nxt Europe BV
\n5
\n42.31
Ordinary shares
\nNew Zealand
\n74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand
\nVodafone Enterprise Hong Kong
\nLimited \u2013 New Zealand Branch
\n2
\n100.00
Branch
\nNorway
\nc/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway
\nVodafone Enterprise Norway AS
100.00
Ordinary shares
\nVodafone House, The Connection, Newbury, Berkshire, RG14 2FN,
\nUnited Kingdom
\nVodafone Limited \u2013 Norway Branch
\n2
\n100.00
Branch
\nOman
\nKnowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box
\n104 135, Oman
\nVodafone Services LLC
100.00
Shares
\nPoland
\nul. Towarowa 28, 00-839, Warsaw, Poland
\nVodafone Business Poland sp. z o.o.
100.00
Ordinary shares
\nPortugal
\nAv. D. Jo\u00e3o II, n\u00ba 36 \u2013 8\u00ba Piso, 1998 \u2013 017, Parque das Na\u00e7\u00f5es,
\nLisboa, Portugal
\nOni Way \u2013 Infocomunicacoes, S.A
100.00
Ordinary shares
\nVodafone Enterprise Spain, S.L.U. \u2013
\nPortugal Branch
\n2
\n100.00
Branch
\nVodafone Portugal \u2013 Comunicacoes
\nPessoais, S.A.
\n100.00
Ordinary shares
\nVodafone Solutions, Unipessoal LDA
100.00
Ordinary shares
\n
\n\n
Romania
\n1 A Constantin Ghercu Street, 10th Floor, 6th District, Bucharest,
\nRomania
\nUPC Services S.R.L. (in liquidation)
100.00
Ordinary shares
\n18 Diligen\u021bei Steet, 1st floor, Building C1, Ploiesti, Prahova County,
\nRomania
\nEvotracking SRL
100.00
Ordinary shares
\n201 Barbu Vacarescu Street, 5th floor, 2nd District, Bucharest,
\nRomania
\nVodafone External Services SRL
100.00
Ordinary shares
\nVodafone Foundation
100.00
Sole member
\n201 Barbu Vacarescu, 4th floor, 2nd District, Bucharest, Romania
\nVodafone Romania S.A
100.00
Ordinary shares
\n62 D Nordului Street, District 1, Bucharest, Romania
\nUPC Foundation
100.00
Sole member
\nOltenitei Street no. 2, City Offices Building, 3rd Floor, Bucharest
\n4th District, Romania
\nVodafone Rom\u00e2nia Technologies SRL
100.00
Ordinary shares
\nSectorul 2, Strada Barbu V\u0103c\u0103rescu, Nr. 201, Etaj 1, Bucharest,
\nRomania
\nVodafone Rom\u00e2nia M \u2013 Payments SRL
100.00
Ordinary shares
\nRussian Federation
\nBuild. 2, 14/10, Chayanova str., 125047, Moscow, Russian
\nFederation
\nCable & Wireless CIS Svyaz LLC
100.00
Charter capital
\nshares
\nSerbia
\nVladimira Popovi\u0107a 38-40, New Belgrade, 11070, Serbia
\nVodafone Enterprise Equipment
\nLimited Ogranak u Beogradu \u2013 Serbia
\nBranch
\n2
\n100.00
Branch
\nSingapore
\nAsia Square Tower 2, 12 Marina View, #17-01, 018961, Singapore
\nVodafone Enterprise Singapore Pte.Ltd
100.00
Ordinary shares
\nSlovakia
\nKarad\u017ei\u010dova 2, mestsk\u00e1 \u010das\u0165 Star\u00e9 mesto, Bratislava, 811 09,
\nSlovakia
\nVodafone Global Network Limited \u2013
\nSlovakia Branch
\n2
\n100.00
Branch
\nPrievozsk\u00e1 6, Bratislava, 821 09, Slovakia
\nVodafone Czech Republic A.S. \u2013
\nSlovakia Branch
\n2
\n100.00
Branch
\nSouth Africa
\n9 Kinross Street, Germiston South, 1401, South Africa
\nVodafone Holdings (SA) Proprietary
\nLimited
\n100.00
Ordinary shares
\nVodafone Investments (SA) Proprietary
\nLimited
\n100.00
Ordinary A
\nshares, \u201cB\u201d
\nOrdinary no par
\nvalue shares
\nBylsbridge Office Park, Building 14m Block C, 1st Floor, Alexandra
\nRoad, Centurion, Highveld Ext 73, 0046, South Africa
\nIoT.nxt (Pty) Limited
\n5
\n42.31
Ordinary shares
\nIoT.nxt Development (Pty) Limited
\n5
\n42.31
Ordinary shares
\n10T Holdings Proprietary Limited
\n5
\n42.31
Ordinary shares
\nVodacom Corporate Park, 082 Vodacom Boulevard, Midrand,
\n1685, South Africa
\nJupicol (Proprietary) Limited
\n5
\n45.57
Ordinary shares
\nStorage Technology Services (Pty)
\nLimited
\n5
\n33.20
Ordinary shares
\nInfinity Services Partner Company
\n5
\n65.10
Ordinary shares
\nMezzanine Ware (RF) Proprietary
\nLimited
\n5
\n58.59
Ordinary shares
\nMotifprops 1 (Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nVodacom (Pty) Limited
\n5
\n65.10
Ordinary shares,
\nOrdinary A
\nshares
\nVodacom Business Africa Group (Pty)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Business Africa SA (Pty)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Financial Services
\n(Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nVodacom Group Limited
65.10
Ordinary shares
\nVodacom Insurance Administration
\nCompany (Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nVodacom Insurance Company (RF)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom International Holdings (Pty)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Life Assurance Company
\n(RF) Limited
\n5
\n65.10
Ordinary shares
\nVodacom Payment Services
\n(Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nVodacom Properties No 1 (Proprietary)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Properties No.2 (Pty)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Tower Company Proprietary
\nLimited
\n5
\n65.10
Ordinary shares
\nWheatfields Investments 276
\n(Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nXLink Communications (Proprietary)
\nLimited
\n5
\n65.10
Ordinary A
\nshares
\nSpain
\nAntracita, 7 \u2013 28045, Madrid, Spain
\nVodafone Automotive Iberia S.L.
100.00
Ordinary shares
\nAvenida de Am\u00e9rica 115, 28042, Madrid, Spain
\nVodafone Energ\u00eda, S.L.
100.00
Ordinary shares
\nVodafone Enterprise Spain SLU
100.00
Ordinary euro
\nshares
\nVodafone Espa\u00f1a, S.A.U.
100.00
Ordinary shares
\nVodafone Holdings Europe, S.L.U.
100.00
Ordinary shares
\nVodafone ONO, S.A.U.
100.00
Ordinary shares
\nVodafone Servicios, S.L.U.
100.00
Ordinary shares
\nTorre Norte Adif, Explanada de la Estaci\u00f3n no 7, 29002, M\u00e1laga,
\nSpain
\nVodafone Intelligent Solutions Espa\u00f1a,
\nS.L.U.
\n100.00
Ordinary shares
\nSweden
\nc/o Hellstr\u00f6m advokatbyr\u00e5, Box 7305, 103 90, Stockholm, Sweden
\nVodafone Enterprise Sweden AB
100.00
Ordinary shares,
\nShareholder\u2019s
\ncontribution
\nshares
\nSwitzerland
\nSchiffbaustrasse 2, 8005, Zurich, Switzerland
\nVodafone Enterprise Switzerland AG
100.00
Ordinary shares
\nTaiwan
\n22F., No.100, Songren Road., Xinyi District, Taipei City, 11070,
\nTaiwan
\nVodafone Global Enterprise Taiwan
\nLimited
\n100.00
Ordinary shares
\nTanzania, United Republic of
\n15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo
\nRoad, Dar es Salaam, Tanzania, United Republic of
\nM-Pesa Limited
\n5
\n48.82
Ordinary A
\nshares, Ordinary
\nB shares
\nShared Networks Tanzania Limited
\n5
\n48.82
Ordinary shares
\nVodacom Tanzania Public Limited
\nCompany
\n5
\n48.82
Ordinary shares
\n3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road,
\nDar es Salaam, Tanzania, United Republic of
\nGateway Communications Tanzania
\nLimited
\n5
\n64.45
Ordinary shares
\n
\n\n
\n
\n
Thailand
\n725 Metropolis Building, 20th floor, Unit 100, Sukhumvit Road,
\nKlongton Nua Sub-district, Watthana District, Bangkok, 10110,
\nThailand
\nVodafone Business Siam Co., Ltd.
100.00
Ordinary shares
\nTurkey
\nB\u00fcy\u00fckdere Caddesi, No:251, Maslak, \u015ei\u015fli / \u0130stanbul, 34398, Turkey
\nVodafone Bilgi Ve Iletisim Hizmetleri
\nAS
\n100.00
Registered
\nshares
\nVodafone Dagitim, Servis ve Icerik
\nHizmetleri A.S.
\n100.00
Ordinary shares
\nVodafone Dijital Yayincilik Hizmetleri
\nA.S.
\n100.00
Ordinary shares
\nVodafone Holding A.S.
100.00
Registered
\nshares
\nVodafone Kule ve Altyapi Hizmetleri
\nA.S.
\n100.00
Ordinary shares
\nVodafone Mall Ve Elektronik Hizmetler
\nTicaret AS
\n100.00
Ordinary shares
\nVodafone Medya Icerik Hizmetleri A.S.
100.00
Ordinary shares
\nVodafone Net \u0130leti\u015fim Hizmetleri A.S.
100.00
Ordinary shares
\nVodafone Telekomunikasyon A.S
100.00
Registered
\nshares
\n\u0130T\u00dc Ayaza\u011fa Kamp\u00fcs\u00fc, Koru Yolu, Ar\u0131 Teknokent Ar\u0131 3 Binas\u0131,
\nMaslak, \u0130stanbul, 586553, Turkey
\nVodafone Teknoloji Hizmetleri A.S.
100.00
Registered
\nshares
\nMaslak Mah. AOS 55 Sk. 42 Maslak Sit. B Blok Apt. No: 4/663,
\nSar\u0131yer Istanbul, Turkey
\nVodafone Sigorta Aracilik Hizmetleri
\nA.S.
\n100.00
Ordinary shares
\nVodafone Elektronik Para Ve \u00d6deme
\nHizmetleri A.S.
\n100.00
Registered
\nshares
\nVodafone Finansman A.S.
100.00
Ordinary shares
\nMaslak Mah. B\u00fcy\u00fckdere Cad. B\u00fcy\u00fckdere No: 251, Sar\u0131yer, Istanbul,
\n34453, Turkey
\nVOIS Turkey Akilli \u00c7\u00f6z\u00fcmler Limited
\n\u015eirket
\n100.00
Ordinary shares
\nUkraine
\nBohdana Khmelnytskogo Str. 19-21, Kyiv, Ukraine
\nLLC Vodafone Enterprise Ukraine
100.00
Ordinary shares
\nUnited Arab Emirates
\n16-SD 129, Ground Floor, Building 16-Co Work, Dubai Internet City,
\nUnited Arab Emirates
\nVodacom Fintech Services FZ-LLC
\n5
\n65.10
Ordinary shares
\nOffice 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai,
\nUnited Arab Emirates
\nVodafone Enterprise Europe (UK)
\nLimited \u2013 Dubai Branch
\n2
\n100.00
Branch
\nUnited Kingdom
\n11 Staple Inn Building, London, WC1V 7QH, United Kingdom
\nVodacom Business Africa Group
\nServices Limited
\n5
\n65.10
Ordinary shares,
\nPreference
\nshares
\nVodacom Investments Company
\nProprietary Limited
\n5
\n65.10
Ordinary shares
\nVodacom UK Limited
\n5
\n65.10
Ordinary shares,
\nOrdinary B
\nshares,
\nNon-
\nredeemable
\nordinary A
\nshares,
\nNon-
\nredeemable
\npreference
\nshares
\n1-2 Berkeley Square, 99 Berkeley Street, Glasgow, G3 7HR,
\nScotland
\nThus Group Holdings Limited
100.00
Ordinary shares
\nThus Group Limited
100.00
Ordinary shares
\nThus Profit Sharing Trustees Limited
100.00
Ordinary shares
\n3 More London, Riverside, London, SE1 2AQ, United Kingdom
\nIoT Nxt UK Limited
42.31
Ordinary shares
\n784 Upper Newtownards Road, Belfast, BT16 1UD, United Kingdom
\nVodafone (NI) Limited
100.00
Ordinary shares
\nEdinburgh House, 4 North St. Andrew Street, Edinburgh, EH2 1HJ,
\nUnited Kingdom
\nPinnacle Cellular Group Limited
100.00
Ordinary shares
\nPinnacle Cellular Limited
100.00
Ordinary shares
\nVodafone (Scotland) Limited
100.00
Ordinary shares
\nOne Kingdom Street, London, W2 6BY, United Kingdom
\nDABCo Limited
100.00
Ordinary shares
\nQuarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland
\nEnergis (Ireland) Limited
100.00
A Ordinary
\nshares, B
\nOrdinary shares,
\nC Ordinary
\nshares, D
\nOrdinary shares
\nVodafone House, The Connection, Newbury, Berkshire, RG14 2FN,
\nUnited Kingdom
\nApollo Submarine Cable System
\nLimited
\n100.00
Ordinary shares
\nBluefish Communications Limited
100.00
Ordinary A
\nshares, Ordinary
\nB shares,
\nOrdinary C
\nshares, Ordinary
\nD shares
\nCable & Wireless Aspac Holdings
\nLimited
\n100.00
Ordinary shares
\nCable & Wireless CIS Services Limited
100.00
Ordinary shares
\nCable & Wireless Communications
\nData Network Services Limited
\n100.00
\u2018A\u2019 Ordinary
\nshares, \u2018B\u2019
\nOrdinary shares
\nCable & Wireless Europe Holdings
\nLimited
\n100.00
Ordinary shares
\nCable & Wireless Global
\nTelecommunication Services Limited
\n100.00
Ordinary shares
\nCable & Wireless UK Holdings Limited
100.00
Ordinary shares
\nCable & Wireless Worldwide Limited
100.00
Ordinary shares
\nCable & Wireless Worldwide Voice
\nMessaging Limited
\n100.00
Ordinary shares
\nCable and Wireless (India) Limited
100.00
Ordinary shares
\nCable and Wireless Nominee Limited
100.00
Ordinary shares
\nCentral Communications Group
\nLimited
\n100.00
Ordinary Shares,
\nOrdinary A
\nshares
\nEnergis Communications Limited
100.00
Ordinary shares
\nEnergis Squared Limited
100.00
Ordinary shares
\nLondon Hydraulic Power Company
\n(The)
\n100.00
Ordinary shares,
\n5%
\nNon-Cumulative
\npreference
\nshares
\nMetroHoldings Limited
100.00
Ordinary shares
\nNavtrak Ltd
100.00
Ordinary shares
\nProject Telecom Holdings Limited
100.00
Ordinary shares
\nRian Mobile Limited
100.00
Ordinary shares
\nTalkmobile Limited
100.00
Ordinary shares
\nThe Eastern Leasing Company Limited
100.00
Ordinary shares
\nThus Limited
100.00
Ordinary shares
\nVizzavi Limited
100.00
Ordinary shares
\nVoda Limited
100.00
Ordinary shares
\nVodafone (New Zealand) Hedging
\nLimited
\n100.00
Ordinary shares
\nVodafone 2.
100.00
Ordinary shares
\nVodafone 4 UK
100.00
Ordinary shares
\nVodafone 5 Limited
100.00
Ordinary shares
\nVodafone 5 UK
100.00
Ordinary shares
\nVodafone 6 UK
100.00
Ordinary shares
\nVodafone Americas 4
100.00
Ordinary shares
\nVodafone Automotive UK Limited
100.00
Ordinary shares
\nVodafone Benelux Limited
100.00
Ordinary shares
\nVodafone Cellular Limited
\n1
\n100.00
Ordinary shares
\nVodafone Consolidated Holdings
\nLimited
\n100.00
Ordinary shares
\nVodafone Corporate Limited
100.00
Ordinary shares
\nVodafone Corporate Secretaries
\nLimited
\n100.00
Ordinary shares
\nVodafone DC Pension Trustee
\nCompany Limited
\n100.00
Ordinary shares
\n
\n
\n
Vodafone Distribution Holdings Limited
100.00
Ordinary shares
\nVodafone Enterprise Corporate
\nSecretaries Limited
\n100.00
Ordinary shares
\nVodafone Enterprise Equipment
\nLimited
\n100.00
Ordinary shares
\nVodafone Enterprise Europe (UK)
\nLimited
\n100.00
Ordinary shares
\nVodafone Enterprise U.K.
100.00
Ordinary shares
\nVodafone Euro Hedging Limited
100.00
Ordinary shares
\nVodafone Euro Hedging Two Limited
100.00
Ordinary shares
\nVodafone Europe UK
100.00
Ordinary shares
\nVodafone European Investments
\n1
\n100.00
Ordinary shares
\nVodafone European Portal Limited
\n1
\n100.00
Ordinary shares
\nVodafone Finance Limited
\n1
\n100.00
Ordinary shares
\nVodafone Finance Luxembourg
\nLimited
\n100.00
Ordinary shares
\nVodafone Finance Management
100.00
Ordinary shares
\nVodafone Finance UK Limited
100.00
Ordinary shares
\nVodafone Financial Operations
100.00
Ordinary shares
\nVodafone Global Content Services
\nLimited
\n100.00
Ordinary shares,
\n5% Fixed rate
\nnon-voting
\npreference
\nshares
\nVodafone Global Enterprise Limited
100.00
Ordinary shares,
\nDeferred shares,
\nB deferred
\nshares
\nVodafone Group (Directors) Trustee
\nLimited
\n1
\n100.00
Ordinary shares
\nVodafone Group Pension Trustee
\nLimited
\n1
\n100.00
Ordinary shares
\nVodafone Group Services Limited
100.00
Ordinary shares,
\ndeferred shares
\nVodafone Group Services No.2 Limited
\n1
\n100.00
Ordinary shares
\nVodafone Group Share Trustee
\nLimited
\n1
\n100.00
Ordinary shares
\nVodafone Holdings Luxembourg
\nLimited
\n100.00
Ordinary shares
\nVodafone Intermediate Enterprises
\nLimited
\n100.00
Ordinary shares
\nVodafone International 2 Limited \u2013 UK
\nBranch
\n2
\n100.00
Branch
\nVodafone International Holdings
\nLimited
\n100.00
Ordinary shares
\nVodafone International Operations
\nLimited
\n100.00
Ordinary shares
\nVodafone Investment UK
100.00
Ordinary shares
\nVodafone Investments Australia
\nLimited
\n100.00
Ordinary shares
\nVodafone Investments Limited
\n1
\n100.00
Ordinary shares,
\nZero coupon
\nredeemable
\npreference
\nshares
\nVodafone IP Licensing Limited
\n1
\n100.00
Ordinary shares
\nVodafone Limited
100.00
Ordinary shares
\nVodafone Marketing UK
100.00
Ordinary shares
\nVodafone Mobile Communications
\nLimited
\n100.00
Ordinary shares
\nVodafone Mobile Enterprises Limited
100.00
Ordinary shares
\nVodafone Mobile Network Limited
100.00
Ordinary shares
\nVodafone Nominees Limited
\n1
\n100.00
Ordinary shares
\nVodafone Oceania Limited
100.00
Ordinary shares
\nVodafone Overseas Finance Limited
100.00
Ordinary shares
\nVodafone Overseas Holdings Limited
100.00
Ordinary shares
\nVodafone Panafon UK
99.87
Ordinary shares
\nVodafone Partner Services Limited
100.00
Ordinary shares,
\nRedeemable
\npreference
\nshares
\nVodafone Retail (Holdings) Limited
100.00
Ordinary shares
\nVodafone Sales & Services Limited
100.00
Ordinary shares
\nVodafone UK Foundation
100.00
Sole member
\nVodafone UK Limited
\n1
\n100.00
Ordinary shares
\nVodafone Ventures Limited
\n1
\n100.00
Ordinary shares
\nVodafone Worldwide Holdings Limited
100.00
Ordinary shares,
\nCumulative
\npreference
\nshares
\nVodafone Yen Finance Limited
100.00
Ordinary shares
\nVodafone-Central Limited
100.00
Ordinary shares
\nVodaphone Limited
100.00
Ordinary shares
\nVodata Limited
100.00
Ordinary shares
\nYour Communications Group Limited
100.00
B Ordinary
\nshares,
\nRedeemable
\npreference
\nshares
\nUnited States
\n1209 Orange Street, Wilmington DE 19801, United States
\nIoT nxt USA Inc
\n5
\n42.31
Common stock
\n1450 Broadway, Fl 11, Suite 104, New York NY 10018, United States
\nCable & Wireless Americas Systems,
\nInc.
\n100.00
Common stock
\nshares
\nVodafone Americas Virginia Inc.
100.00
Common stock
\nshares
\nVodafone US Inc.
100.00
Common stock
\nshares, Ordinary
\nshares
\n1615 Platte Street, Suite 02-115, Denver CO 80202, United States
\nVodafone Americas Foundation
100.00
Trustee
\n
\n\n
\n
\n
Associated undertakings and joint
\narrangements
\nAustralia
\nLevel 1, 177 Pacific Highway, North Sydney NSW 2060, Australia
\n3.6 GHz Spectrum Pty Ltd
25.05
Ordinary shares
\nAAPT Limited
25.05
Ordinary shares
\nACN 088 889 230 Pty Ltd
25.05
Ordinary shares
\nACN 139 798 404 Pty Ltd
25.05
Ordinary shares
\nAdam Internet Holdings Pty Ltd
25.05
Ordinary shares
\nAdam Internet Pty Ltd
25.05
A shares, B
\nshares, Ordinary
\nshares
\nAgile Pty Ltd
25.05
Ordinary shares
\nAlchemyIT Pty Ltd
25.05
Ordinary shares
\nChariot Pty Ltd
25.05
Ordinary shares
\nChime Communications Pty Ltd
25.05
Ordinary shares
\nConnect West Pty Ltd
25.05
Ordinary shares
\nDestra Communications Pty Ltd
25.05
Ordinary shares
\nDigiplus Contracts Pty Ltd
25.05
Ordinary shares
\nDigiplus Holdings Pty Ltd
25.05
Ordinary shares
\nDigiplus Investments Pty Ltd
25.05
Ordinary shares
\nDigiplus Pty Ltd
25.05
Ordinary shares
\nH3GA Properties (No.3) Pty Limited
25.05
Ordinary shares
\niiNet Labs Pty Ltd
25.05
Ordinary shares
\niiNet Limited
25.05
Ordinary shares
\nInternode Pty Ltd
25.05
Ordinary shares,
\nClass B shares
\nIntraPower Pty Limited
25.05
Ordinary shares
\nIntrapower Terrestrial Pty Ltd
25.05
Ordinary shares
\nIP Group Pty Ltd
25.05
Ordinary shares
\nIP Services Xchange Pty Ltd
25.05
A shares, B
\nshares
\nKooee Communications Pty Ltd
25.05
Ordinary shares
\nKooee Mobile Pty Ltd
25.05
Ordinary shares
\nMercury Connect Pty Ltd
25.05
Ordinary shares,
\nE class shares
\nMobile JV Pty Limited
25.05
Ordinary shares
\nMobileworld Communications Pty Limited
25.05
Ordinary shares
\nMobileworld Operating Pty Ltd
25.05
Ordinary shares
\nNetspace Online Systems Pty Ltd
25.05
Ordinary shares
\nNumillar IPS Pty Ltd
25.05
Ordinary shares
\nPIPE International (Australia) Pty Ltd
25.05
Ordinary shares
\nPIPE Networks Pty Limited
25.05
Ordinary shares
\nPIPE Transmission Pty Limited
25.05
Ordinary shares
\nPowerTel Limited
25.05
Ordinary shares
\nRequest Broadband Pty Ltd
25.05
Ordinary shares
\nSoul Communications Pty Ltd
25.05
Ordinary shares
\nSoul Contracts Pty Ltd
25.05
Ordinary shares
\nSoul Pattinson Telecommunications
\nPty Ltd
\n25.05
Ordinary shares
\nSPT Telecommunications Pty Ltd
25.05
Ordinary shares
\nSPTCom Pty Ltd
25.05
Ordinary shares
\nTelecom Enterprises Australia Pty Limited
25.05
Ordinary shares
\nTelecom New Zealand Australia Pty Ltd
25.05
Ordinary shares,
\nRedeemable
\npreference
\nshares
\nTPG Corporation Limited
25.05
Ordinary shares
\nTPG Energy Pty Ltd
25.05
Ordinary shares
\nTPG Finance Pty Limited
25.05
Ordinary shares
\nTPG Holdings Pty Ltd
25.05
Ordinary shares
\nTPG Internet Pty Ltd
25.05
Ordinary shares
\nTPG JV Company Pty Ltd
25.05
Ordinary shares
\nTPG Network Pty Ltd
25.05
Ordinary shares
\nTPG Telecom Limited
25.05
Ordinary shares
\nTransACT Capital Communications Pty Ltd
25.05
Ordinary shares
\nTransACT Communications Pty Ltd
25.05
Ordinary shares
\nTransACT Victoria Communications
\nPty Ltd
\n25.05
Ordinary shares
\nTransACT Victoria Holdings Pty Ltd
25.05
Ordinary shares
\nTrusted Cloud Pty Ltd
25.05
Ordinary shares
\nTrusted Cloud Solutions Pty Ltd
25.05
Ordinary shares
\nValue Added Network Pty Ltd
25.05
Ordinary shares
\nVision Network Pty Limited
25.05
Ordinary shares
\nVodafone Australia Pty Limited
25.05
Ordinary shares,
\nClass B shares,
\nRedeemable
\npreference
\nshares
\nVodafone Foundation Australia Pty Limited
25.05
Ordinary shares
\nVodafone Hutchison Receivables Pty
\nLimited
\n25.05
Ordinary shares
\nVodafone Hutchison Spectrum Pty
\nLimited
\n25.05
Ordinary shares
\nVodafone Network Pty Limited
25.05
Ordinary shares
\nVodafone Pty Limited
25.05
Ordinary shares
\nVtalkVoip Pty Ltd
25.05
Ordinary shares
\nWestnet Pty Ltd
25.05
Ordinary shares
\nBelgium
\nSpace Court of Justice, Rue aux Laines 70, 1000 Brussels, Belgium
\nUtiq S.A
25.00
Ordinary shares
\nBermuda
\nClarendon House, 2 Church St, Hamilton, HM11, Bermuda
\nPPC 1 Limited
25.05
Ordinary shares
\nCzech Republic
\nPraha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
\nVantage Towers s.r.o.
\n4
\n57.30
Ordinary shares
\nU Rajsk\u00e9 zahrady 1912/3, Praha 3, 130 00, Czech Republic
\nCOOP Mobil s.r.o.
33.33
Ordinary shares
\nEgypt
\n23 Kasr El Nil St, Cairo, 11211, Egypt
\nWataneya Telecommunications S.A.E
50.00
Ordinary shares
\nEthiopia
\nAddis Ababa, Kirkos Sub City, Woreda 01, Addis Ababa, Ethiopia
\nSafaricom Telecommunications Ethiopia
\nPrivate Limited Company
\n5
\n19.48
Ordinary shares
\nGermany
\n38 Berliner Allee, 40212, D\u00fcsseldorf, Germany
\nMNP Deutschland Gesellschaft
\nb\u00fcrgerlichen Rechts
\n33.33
Partnership
\nshare
\nFerdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
\nOak Holdings 1 GmbH
64.20
Ordinary shares
\nOak Holdings 2 GmbH
64.20
Ordinary shares
\nOak Holdings GmbH
64.20
Ordinary shares
\nOXG Glasfaser Beteiligungs-GmbH
50.00
Ordinary shares
\nOXG Glasfaser GmbH
50.00
Ordinary shares
\nNobelstrasse 55, 18059, Rostock, Germany
\nVerwaltung \u201cUrbana Teleunion\u201d Rostock
\nGmbH
\n3
\n47.00
Ordinary shares
\nPrinzenallee 11-13, 40549, D\u00fcsseldorf, Germany
\nVantage Towers AG
57.30
Ordinary shares
\nVantage Towers Erste
\nVerwaltungsgesellschaft mbH
\n4
\n57.30
Ordinary shares
\nVantage Towers Zweite
\nVerwaltungsgesellschaft mbH
\n4
\n57.30
Ordinary shares
\nGreece
\n2 Adrianeiou str, Athens, 11525, Greece
\nVantage Towers Single Member Societe
\nAnonyme
\n4
\n57.30
Ordinary shares
\n43-45 Valtetsiou Str., Athens, Greece
\nSafenet N.P,A.
24.97
Ordinary shares
\n56 Kifisias Avenue & Delfwn, Marousi, 151 25, Greece
\nTilegnous IKE
33.29
Ordinary shares
\nMarathonos Ave 18 km & Pylou, Pallini, Attica, Pallini, Attica,
\n15351, Greece
\nVictus Networks S.A.
49.94
Ordinary shares
\nHungary
\nBoldizs\u00e1r utca 2, Budapest, 1112, Hungary
\nVantage Towers Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151
\nR\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
\n4
\n57.30
Ordinary shares
\nIndia
\n10th Floor, Birla Centurion, Century Mills Compound, Pandurang
\nBudhkar Marg, Worli, Mumbai, Maharashtra, 400030, India
\nVodafone Foundation
\n6
\n31.81
Ordinary shares
\nVodafone Idea Shared Services Limited
\n6
\n32.29
Ordinary shares
\nVodafone Idea Technology Solutions
\nLimited
\n6
\n32.29
Ordinary shares
\nVodafone m-pesa Limited
\n6
\n32.29
Ordinary shares
\nYou Broadband India Limited
\n6
\n32.29
Equity shares
\nA-19, Mohan Co-operative Industrial Estate, Mathura Road, New
\nDelhi, Delhi, 110044, India
\nFireFly Networks Limited
\n6
\n24.16
Ordinary shares
\nBuilding No.10, Tower-A, 4th Floor, DLF Cyber City, Gurugram,
\nHaryana, 122002, India
\nIndus Towers Limited
21.05
Ordinary shares
\nSuman Tower, Plot No. 18, Sector No. 11, Gandhinagar, 382011,
\nGujarat, India
\nVodafone Idea Limited
32.29
Equity shares
\nVodafone Idea Manpower Services
\nLimited
\n6
\n31.91
Ordinary shares
\nVodafone House, Corporate Road, Prahladnagar, Off S. G. Highway,
\nAhmedabad, Gujarat, 380051, India
\nVodafone Idea Business Services Limited
\n6
\n32.29
Ordinary shares
\nVodafone Idea Communication Systems
\nLimited
\n6
\n32.29
Ordinary shares
\nVodafone Idea Telecom Infrastructure
\nLimited
\n6
\n32.29
Ordinary shares
\n
\n
\n
\n\nIreland
\nMountainview, Leopardstown, Dublin 18, Ireland
\nVantage Towers Limited
\n4
\n57.30
Ordinary shares
\nThe Herbert Building, The Park, Carrickmines, Dublin, Ireland
\nSiro DAC
50.00
Ordinary shares
\nSiro JV Holdco Limited
50.00
Ordinary B
\nshares
\nItaly
\nVia Gaetana Negri 1, 20123, Milano, Italy
\nInfrastrutture Wireless Italiana S.p.A.
19.01
Ordinary shares
\nKenya
\nLR No. 13263 Safaricom House, PO Box 66827, 00800,
\nNairobi, Kenya
\nSafaricom PLC
27.74
Ordinary shares
\nSafaricom House, Waiyaki Way Westlands, Nairobi, Kenya
\nM-PESA Africa Limited
\n5
\n46.42
Ordinary shares
\nLuxembourg
\n15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
\nTomorrow Street SCA
50.00
Ordinary B
\nshares, Ordinary
\nC shares
\nNetherlands
\nAvenue Ceramique 300, 6221 Kx, Maastricht, Netherlands
\nVodafone Libertel B.V.
50.00
Ordinary shares
\nBoven Vredenburgpassage 128, 3511 WR, Utrecht, Netherlands
\nAmsterdamse Beheer- en
\nConsultingmaatschappij B.V.
\n50.00
Ordinary shares
\nEsprit Telecom B.V.
50.00
Ordinary shares
\nFinCo Partner 1 B.V.
50.00
Ordinary shares
\nLGE HoldCo V B.V.
50.00
Ordinary shares
\nLGE HoldCo VI B.V.
50.00
Ordinary shares
\nLGE Holdco VII B.V.
50.00
Ordinary shares
\nLGE HoldCo VIII B.V.
50.00
Ordinary shares
\nVodafone Financial Services B.V.
50.00
Ordinary shares
\nVodafone Nederland Holding I B.V.
50.00
Ordinary shares
\nVodafone Nederland Holding II B.V.
50.00
Ordinary shares
\nVodafoneZiggo Employment B.V.
50.00
Ordinary shares
\nVodafoneZiggo Group B.V.
50.00
Ordinary shares
\nVodafoneZiggo Group Holding B.V.
50.00
Ordinary shares
\nVZ Financing I B.V.
50.00
Ordinary shares
\nVZ Financing II B.V.
50.00
Ordinary shares
\nVZ FinCo B.V.
50.00
Ordinary shares
\nVZ PropCo B.V.
50.00
Ordinary shares
\nVZ Secured Financing B.V.
50.00
Ordinary shares
\nXB Facilities B.V.
50.00
Ordinary shares
\nZiggo B.V.
50.00
Ordinary shares
\nZiggo Deelnemingen B.V.
50.00
Ordinary shares
\nZiggo Finance 2 B.V.
50.00
Ordinary shares
\nZiggo Netwerk II B.V.
50.00
Ordinary shares
\nZiggo Real Estate B.V.
50.00
Ordinary shares
\nZiggo Services B.V.
50.00
Ordinary shares
\nZiggo Services Employment B.V.
50.00
Ordinary shares
\nZiggo Services Netwerk 2 B.V.
50.00
Ordinary shares
\nZiggo Zakelijk Services B.V.
50.00
Ordinary shares
\nZoranet Connectivity Services B.V.
50.00
Ordinary shares
\nZUM B.V.
50.00
Ordinary shares
\nMedia Parkboulevard 2, 1217 WE Hilversum, Netherlands
\nLiberty Global Content Netherlands B.V.
50.00
Ordinary shares
\nRivium Quadrant 175, 2909 LC, Capelle aan den IJssel, Netherlands
\nCentral Tower Holding Company B.V.
\n4
\n57.30
Ordinary shares
\nWinschoterdiep 60, 9723 AB Groningen, Netherlands
\nZesko B.V.
50.00
Ordinary shares
\nZiggo Bond Company B.V.
50.00
Ordinary shares
\nZiggo Netwerk B.V.
50.00
Ordinary shares
\nNew Zealand
\nTompkins Wake, Level 11, 41 Shortland Street, Auckland, 1010,
\nNew Zealand
\niiNet (New Zealand) AKL Limited
25.05
Ordinary shares
\nPhilippines
\n22F Robinson Equitable Tower, ADB Ave, Corner Povega St, Ortigas
\nCenter, Pasig City, Philippines
\nOrchid Cybertech Services Inc
25.05
Ordinary shares
\nPortugal
\nEdif. Arquiparque VII, R Dr Ant\u00f3nio Loureiro Borges, 7, 3.\u00ba, 1495-131
\nALG\u00c9S, Alg\u00e9s, Oeiras, Portugal
\nVantage Towers, S.A.
\n4
\n57.30
Ordinary shares
\nEspa\u00e7o Sete Rios, LEAP Rua de Campolide, 351, 0.05, 1070-034,
\nLisboa, Portugal
\nDual Grid \u2013 Gest\u00e3o de Redes Partilhadas,
\nS.A.
\n50.00
Ordinary shares
\nRua Pedro e In\u00eas, Lote 2.08.01, 1990-075, Parque das Na\u00e7\u00f5es,
\nLisboa, Portugal
\nSport TV Portgugal, S.A.
25.00
Nominative
\nshares
\nRomania
\nCalea Floreasca no. 169A, 3rd floor, District 1, Bucharest, Rom\u00e2nia,
\nRomania
\nVantage Towers S.R.L.
\n4
\n57.30
Ordinary shares
\nFloor 3, Module 2, Connected buildings III, Nr. 10A, Dimitrie Pompei
\nBoulevard, Bucharest, Sector 2, Romania
\nNetgrid Telecom SRL
50.00
Ordinary shares
\nRussian Federation
\nBuilding 3, 11, Promyshlennaya Street, Moscow, 115 516, Russian
\nFederation
\nAutoconnex Limited
35.00
Ordinary shares
\nSouth Africa
\n76 Maude Street, Sandton, Johannesberg, 2196, South Africa
\nWaterberg Lodge (Proprietary) Limited
\n5
\n32.55
Ordinary shares
\nBuilding 13, Ground Floor, East Thornhill Office Park, 94 Bekker
\nRoad, Vorna Valley X67 1685, South Africa
\nNumber Portability Company (Pty) Ltd
\n5
\n12.10
Ordinary shares
\nCeltis Plaza North, 1085 Schoeman Street, Hatfield, Pretoria,
\n0028, South Africa
\nAfri G I S (Pty) Ltd
\n5
\n21.16
Ordinary shares
\nRigel Office Park Block A, No 446 Rigel Avenue South,
\nErasmu, South Africa
\nCanard Spatial Technologies Proprietary
\nLimited
\n5
\n21.16
Ordinary shares
\nVodacom Corporate Park, 082 Vodacom Boulevard, Midrand,
\n1685, South Africa
\nM-Pesa S.A (Proprietary) Limited
\n5
\n46.42
Ordinary shares
\nSpain
\nCalle San Severo 22, 28042, Madrid, Spain, Spain
\nVantage Towers, S.L.U.
\n4
\n57.30
Ordinary shares
\nTanzania, United Republic of
\nPlot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam,
\nTanzania, United Republic of
\nVodacom Trust Limited
\n5
\n48.82
Ordinary A
\nshares, Ordinary
\nB shares
\nTurkey
\n\u00c7ifte Havuzlar Mah Eski Londra Asfalt\u0131 Cad No: 151/1E/301,
\nEsenler, Istanbul, Turkey
\nFGS Bilgi Islem Urunler Sanayi ve Ticaret
\nAS
\n50.00
Ordinary shares
\nUnited Kingdom
\n24/25 The Shard, 32 London Bridge Street, London, SE1 9SG,
\nUnited Kingdom
\nDigital Mobile Spectrum Limited
25.00
Ordinary shares
\n3 More London Riverside, London, SE1 2AQ, United Kingdom
\nVodaFamily Ethiopia Holding Company
\nLimited
\n5
\n31.47
Ordinary shares
\nGriffin House, 161 Hammersmith Road, London, W6 8BS,
\nUnited Kingdom
\nCable & Wireless Trade Mark Management
\nLimited
\n50.00
Ordinary B
\nshares
\nHive 2, 1530 Arlington Business Park, Theale, Reading, Berkshire,
\nRG7 4SA, United Kingdom
\nCornerstone Telecommunications
\nInfrastructure Limited
\n5
\n28.65
Ordinary shares
\nVodafone House, The Connection, Newbury, Berkshire, RG14 2FN,
\nUnited Kingdom
\nVodafone Hutchison (Australia) Holdings
\nLimited
\n50.00
Ordinary shares
\nUnited States
\n251 Little Falls Drive, Wilmington DE 19808, United States
\nLG Financing Partnership
50.00
Partnership
\ninterest
\nPPC 1 (US) Inc.
25.05
Ordinary shares
\nZiggo Financing Partnership
50.00
Partnership
\ninterest
\nNotes:
\n1.
Directly held by Vodafone Group Plc.
\n2. Branches.
\n3.
Shareholding is indirect through Vodafone Deutschland GmbH.
\n4.
Shareholding is indirect through Vantage Towers A.G.
\n5.
Shareholding is indirect through Vodacom Group Limited. The
\nindirect shareholding is calculated using the 65.10% ownership
\ninterest in Vodacom Group Limited.
\n6.
Includes the indirect interest held through Vodafone Idea
\nLimited.
\n
\n
\n
Selected financial information
\nThe table below shows selected financial information in respect of subsidiaries that have non-controlling interests that are material to the Group.
\nVodacom Group Limited
\nVodafone Egypt
\nTelecommunications S.A.E
\n1
\n2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\nSummary comprehensive income information
\nRevenue
6,314
5,993
1,762
1,814
\nProfit for the financial year
943
1,002
302
314
\nOther comprehensive expense
193
(2)
\u2013
\u2013
\nTotal comprehensive income
1,136
1,000
302
314
\nOther financial information
\nProfit for the financial year allocated to non-controlling interests
348
353
126
141
\nDividends paid to non-controlling interests
274
294
68
194
\nSummary financial position information
\nNon-current assets
6,761
7,253
1,005
1,630
\nCurrent assets
3,033
3,123
396
440
\nTotal assets
9,794
10,376
1,401
2,070
\nNon-current liabilities
(2,830)
(2,191)
(50)
(83)
\nCurrent liabilities
(3,153)
(3,539)
(752)
(1,197)
\nTotal assets less total liabilities
3,811
4,646
599
790
\nEquity shareholders\u2019 funds
2,907
3,624
420
474
\nNon-controlling interests
904
1,022
179
316
\nTotal equity
3,811
4,646
599
790
\nStatement of cash flows
\nNet cash inflow from operating activities
1,908
1,946
657
755
\nNet cash outflow from investing activities
(840)
(666)
(173)
(284)
\nNet cash outflow from financing activities
(1,124)
(1,177)
(434)
(749)
\nNet cash inflow/(outflow)
(56)
103
50
(278)
\nCash and cash equivalents brought forward
1,025
876
72
348
\nExchange gain/(loss) on cash and cash equivalents
(13)
46
(3)
2
\nCash and cash equivalents
956
1,025
119
72
\nNote:
\n1
From 1 April 2023, the Group will revise its segments by moving Vodafone Egypt from the Other Markets segment to the Vodacom segment to reflect the effective date of changes made to the
\nGroup\u2019s internal reporting structure, following the transfer of Vodafone Egypt to the Vodacom Group in December 2022.
\n
\n
\n
\n32. Subsidiaries exempt from audit
\nThe following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act
\n2006 for the year ended 31 March 2023.
\nName
\nRegistration
\nnumber
Name
\nRegistration
\nnumber
\nBluefish Communications Limited
5142610
Vodafone Enterprise Europe (UK) Limited
3137479
\nCable & Wireless Aspac Holdings Limited
4705342
Vodafone Europe UK
5798451
\nCable & Wireless CIS Services Limited
2964774
Vodafone European Investments
3961908
\nCable & Wireless Europe Holdings Limited
4659719
Vodafone European Portal Limited
3973442
\nCable & Wireless UK Holdings Limited
3840888
Vodafone Finance Management
2139168
\nCable & Wireless Worldwide Limited
7029206
Vodafone Finance UK Limited
3922620
\nCable & Wireless Worldwide Voice Messaging Limited
1981417
Vodafone Global Content Services Limited
4064873
\nCable & Wireless Nominee Limited
3249884
Vodafone Holdings Luxembourg Limited
4200970
\nEnergis (Ireland) Limited
NI035793
Vodafone Intermediate Enterprises Limited
3869137
\nEnergis Communications Limited
2630471
Vodafone International Holdings Limited
2797426
\nEnergis Squared Limited
3037442
Vodafone International Operations Limited
2797438
\nLondon Hydraulic Power Company (The)
ZC000055
Vodafone Investment UK
5798385
\nMetroHoldings Limited
3511122
Vodafone Investments Limited
1530514
\nThe Eastern Leasing Company Limited
1672832
Vodafone IP Licensing Limited
6846238
\nThus Group Holdings Limited
SC192666
Vodafone Marketing UK
6858585
\nThus Group Limited
SC226738
Vodafone Mobile Communications Limited
3942221
\nVoda Limited
1847509
Vodafone Mobile Enterprises Limited
2373469
\nVodafone 2.
4083193
Vodafone Mobile Network Limited
3961482
\nVodafone 5 Limited
6688527
Vodafone Nominees Limited
1172051
\nVodafone 5 UK
2960479
Vodafone Oceania Limited
3973427
\nVodafone 6 UK
8809444
Vodafone Overseas Finance Limited
4171115
\nVodafone Americas 4
6389457
Vodafone Panafon UK
6326918
\nVodafone Benelux Limited
4200960
Vodafone UK Limited
2227940
\nVodafone Consolidated Holdings Limited
5754561
Vodafone Worldwide Holdings Limited
3294074
\nVodafone Corporate Secretaries Limited
2357692
Vodafone Yen Finance Limited
4373166
\nVodafone Enterprise Corporate Secretaries Limited
2303594
Vodaphone Limited
3961390
\nVodafone Enterprise Equipment Limited
1648524
Your Communications Group Limited
4171876
\n33. Subsequent events
\nM-Pesa Holding Company Limited
\nOn 17 April 2023, the Group entered into an agreement to sell M-Pesa Holding Company Limited (\u2018MPHCL\u2019) to Safaricom Plc, an associate entity of the Group,
\nfor USD 1. MPHCL holds M-Pesa customer funds on trust for the benefit of M-Pesa customers in Kenya. Balances included in the Group\u2019s consolidated
\nfinancial statements for MPHCL at 31 March 2023 include short term investments of \u20ac1,247 million and \u20ac1,226 million due to M-Pesa customers, recorded
\nwithin Other investments and Other creditors, respectively. These sums are shown in the Group\u2019s consolidated financial statements in accordance with IFRS,
\nbut MPHCL acts as the independent trustee for M-Pesa customers, independently administering the trust and holding all funds from the M-Pesa customers
\non trust for the benefit of M-Pesa customers. Any profit generated by MPHCL, after defraying direct costs, is donated for use for public charitable purposes
\nonly. See note 13 \u2018Other investments\u2019 and note 15 \u2018Trade and other payables\u2019. No material gain or loss is expected to arise on disposal. Completion of this
\ntransaction is subject to various approvals which are expected to be obtained before or during July 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19880": {
"value": "1. Basis of preparation This section describes the critical accounting judgements and estimates that management has identified as having a
\npotentially material impact on the Group\u2019s consolidated financial statements and sets out our significant accounting
\npolicies that relate to the financial statements as a whole. Where an accounting policy is generally applicable to a
\nspecific note to the financial statements, the policy is described within that note. We have also detailed below the new
\naccounting pronouncements that we will adopt in future years and our current view of the impact they will have on our
\nfinancial reporting.
\nThe consolidated financial statements are prepared in accordance with UK-adopted International Accounting Standards (\u2018IAS\u2019), with International
\nFinancial Reporting Standards (\u2018IFRS\u2019) as issued by the International Accounting Standards Board (\u2018IASB\u2019) and with the requirements of the
\nCompanies Act 2006 (the \u2018Act\u2019). The consolidated financial statements are prepared on a going concern basis (see page 112).
\nVodafone Group Plc is incorporated and domiciled in England and Wales (registration number 1833679). The registered address of the Company is
\nVodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England.
\nIFRS requires the Directors to adopt accounting policies that are the most appropriate to the Group\u2019s circumstances. These have been applied
\nconsistently to all the years presented, unless otherwise stated. In determining and applying accounting policies, Directors and management are
\nrequired to make judgements and estimates in respect of items where the choice of specific policy, accounting judgement, estimate or assumption
\nto be followed could materially affect the Group\u2019s reported financial position, results or cash flows and disclosure of contingent assets or liabilities
\nduring the reporting period; it may later be determined that a different choice may have been more appropriate.
\nThe Group\u2019s critical accounting judgements and key sources of estimation uncertainty are detailed below. Actual outcomes could differ from those
\nestimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
\nperiod in which the estimate is revised if the revision affects only that period; they are recognised in the period of the revision and future periods if
\nthe revision affects both current and future periods.
\nManagement regularly reviews, and revises as necessary, the accounting judgements that significantly impact the amounts recognised in the
\nfinancial statements and the estimates that are considered to be \u2018critical estimates\u2019 due to their potential to give rise to material adjustments in the
\nGroup\u2019s financial statements in the year to 31 March 2024. As at 31 March 2023, management has identified critical judgements in respect of
\nrevenue recognition, lease accounting, valuing assets and liabilities acquired in business combinations, the accounting for tax disputes, the
\nclassification of joint arrangements, whether to recognise provisions or to disclose contingent liabilities, held for sale accounting and the impacts of
\nclimate change. In addition, management has identified critical accounting estimates in relation to the recovery of deferred tax assets, post
\nemployment benefits and impairment reviews; estimates have also been identified that are not considered to be critical in respect of the allocation
\nof revenue to goods and services, the useful economic lives of finite lived intangible assets and property, plant and equipment.
\nThe majority of the Group\u2019s provisions are either long-term in nature (such as asset retirement obligations) or relate to shorter-term liabilities (such
\nas those relating to restructuring and property) where there is not considered to be a significant risk of material adjustment in the next financial year.
\nCritical judgements exercised in respect of tax disputes include cases in India and a tax dispute related to financing costs in the Netherlands.
\nThese critical accounting judgements, estimates and related disclosures have been discussed with the Group\u2019s Audit and Risk Committee.
\nCritical accounting judgements and key sources of estimation uncertainty
\nRevenue recognition
\nRevenue recognition under IFRS 15 necessitates the collation and processing of very large amounts of data and the use of management
\njudgements and estimates to produce financial information. The most significant accounting judgements and source of estimation uncertainty are
\ndisclosed below.
\nGross versus net presentation
\nIf the Group has control of goods or services when they are delivered to a customer, then the Group is the principal in the sale to the customer;
\notherwise the Group is acting as an agent. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by
\nmanagement of both the legal form and substance of the agreement between the Group and its business partners; such judgements impact the
\namount of reported revenue and operating expenses (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019) but do not impact reported
\nassets, liabilities or cash flows. Scenarios requiring judgement to determine whether the Group is a principal or an agent include, for example, those
\nwhere the Group delivers third-party branded software or services (such as premium music, TV content or cloud-based services) to customers and
\ngoods or those where services delivered to customers in partnership with a third-party.
\n
\n
\n
\n\nAllocation of revenue to goods and services provided to customers
\nRevenue is recognised when goods and services are delivered to customers (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019). Goods and
\nservices may be delivered to a customer at different times under the same contract, hence it is necessary to allocate the amount payable by the
\ncustomer between goods and services on a \u2018relative standalone selling price basis\u2019; this requires the identification of performance obligations
\n(\u2018obligations\u2019) and the determination of standalone selling prices for the identified obligations. The determination of obligations is, for the primary goods
\nand services sold by the Group, not considered to be a critical accounting judgement; the Group\u2019s policy on identifying obligations is disclosed in note 2
\n\u2018Revenue disaggregation and segmental analysis\u2019. The determination of standalone selling prices for identified obligations is discussed below.
\nIt is necessary to estimate the standalone price when the Group does not sell equivalent goods or services in similar circumstances on a standalone
\nbasis. When estimating the standalone price the Group maximises the use of external inputs; methods for estimating standalone prices include
\ndetermining the standalone price of similar goods and services sold by the Group, observing the standalone prices for similar goods and services when
\nsold by third parties or using a cost-plus reasonable margin approach (which is sometimes the case for devices and other equipment). Where it is not
\npossible to reliably estimate standalone prices due to a lack of observable standalone sales or highly variable pricing, which is sometimes the case for
\nservices, the standalone price of an obligation may be determined as the transaction price less the standalone prices of other obligations in the contract.
\nThe standalone price determined for obligations materially impacts the allocation of revenue between obligations and impacts the timing of revenue
\nwhen obligations are provided to customers at different times \u2013 for example, the allocation of revenue between devices, which are usually delivered up-
\nfront, and services which are typically delivered over the contract period. However, there is not considered to be a significant risk of material adjustment
\nto the carrying value of contract-related assets or liabilities in the 12 months after the balance sheet date if these estimates were revised.
\nLease accounting
\nLease accounting under IFRS 16 is complex and necessitates the collation and processing of very large amounts of data and the increased use of
\nmanagement judgements and estimates to produce financial information. The most significant accounting judgements are disclosed below.
\nLease identification
\nWhether the arrangement is considered a lease or a service contract depends on the analysis by management of both the legal form and substance of
\nthe arrangement between the Group and the counter-party to determine if control of an identified asset has been passed between the parties; if not, the
\narrangement is a service arrangement. Control exists if the Group obtains substantially all of the economic benefit from the use of the asset, and has the
\nability to direct its use, for a period of time. An identified asset exists where an agreement explicitly or implicitly identifies an asset or a physically distinct
\nportion of an asset which the lessor has no substantive right to substitute.
\nThe scenarios requiring the greatest judgement include those where the arrangement is for the use of fibre or other fixed telecommunication lines.
\nGenerally, where the Group has exclusive use of a physical line it is determined that the Group can also direct the use of the line and therefore leases will
\nbe recognised. Where the Group provides access to fibre or other fixed telecommunication lines to another operator on a wholesale basis the
\narrangement will generally be identified as a lease, whereas when the Group provides fixed line services to an end-user, generally control over such lines
\nis not passed to the end-user and a lease is not identified.
\nThe impact of determining whether an agreement is a lease or a service depends on whether the Group is a potential lessee or lessor in the arrangement
\nand, where the Group is a lessor, whether the arrangement is classified as an operating or finance lease. The impacts for each scenario are described
\nbelow where the Group is potentially:
\n-
A lessee. The judgement impacts the nature and timing of both costs and reported assets and liabilities. A lease results in an asset and a liability being
\nreported and depreciation and interest being recognised; the interest charge will decrease over the life of the lease. A service contract results in
\noperating expenses being recognised evenly over the life of the contract and no assets or liabilities being recorded (other than trade payables,
\nprepayments and accruals).
\n-
An operating lessor. The judgement impacts the nature of income recognised. An operating lease results in lease income being recognised whilst a
\nservice contract results in service revenue. Both are recognised evenly over the life of the contract.
\n-
A finance lessor. The judgement impacts the nature and timing of both income and reported assets. A finance lease results in the lease income being
\nrecognised at commencement of the lease and an asset (the net investment in the lease) being recorded.
\nLease term
\nWhere leases include additional optional periods after an initial lease term, significant judgement is required in determining whether these optional
\nperiods should be included when determining the lease term. The impact of this judgement is significantly greater where the Group is a lessee. As a
\nlessee, optional periods are included in the lease term if the Group is reasonably certain it will exercise an extension option or will not exercise a
\ntermination option; this depends on an analysis by management of all relevant facts and circumstances including the leased asset\u2019s nature and purpose,
\nthe economic and practical potential for replacing the asset and any plans that the Group has in place for the future use of the asset. Where a leased
\nasset is highly customised (either when initially provided or as a result of leasehold improvements) or it is impractical or uneconomic to replace then the
\nGroup is more likely to judge that lease extension options are reasonably certain to be exercised. The value of the right-of-use asset and lease liability will
\nbe greater when extension options are included in the lease term. The normal approach adopted for lease term by asset class is described below.
\n
\n\n
The lease terms can vary significantly by type and use of asset and geography. In addition, the exact lease term is subject to the non-cancellable period
\nand rights and options in each contract. Generally, lease terms are judged to be the longer of the minimum lease term and:
\n-
Between 5 and 10 years for land and buildings (excluding retail), with terms at the top end of this range if the lease relates to assets that are considered
\nto be difficult to exit sooner for economic, practical or reputational reasons;
\n-
To the next contractual lease break date for retail premises (excluding breaks within the next 12 months);
\n-
Where leases are used to provide internal connectivity the lease term for the connectivity is aligned to the lease term or useful economic life of the
\nassets connected;
\n-
The customer service agreement length for leases of local loop connections or other assets required to provide fixed line services to individual
\ncustomers; and
\n-
Where there are contractual agreements to provide services using leased assets, the lease term for these assets is generally set in accordance with the
\nabove principles or for the lease term required to provide the services for the agreed service period, if longer.
\nIn most instances the Group has options to renew or extend leases for additional periods after the end of the lease term which are assessed using the
\ncriteria above.
\nLease terms are reassessed if a significant event or change in circumstances occurs relating to the leased assets that is within the control of the Group;
\nsuch changes usually relate to commercial agreements entered into by the Group, or business decisions made by the Group.
Where such changes
\nchange the Group\u2019s assessment of whether it is reasonably certain to exercise options to extend, or not terminate leases, then the lease term is
\nreassessed and the lease liability is remeasured, which in most cases will increase the lease liability.
\nTaxation
\nThe Group\u2019s tax charge on ordinary activities is the sum of the total current and deferred tax charges. The calculation of the Group\u2019s total tax charge
\ninvolves estimation and judgement in respect of certain matters, being principally:
\nRecognition of deferred tax assets
\nSignificant items on which the Group has exercised accounting estimation and judgement include the recognition of deferred tax assets in respect
\nof losses in Luxembourg, Germany, Italy and Spain as well as capital allowances in the United Kingdom. The recognition of deferred tax assets,
\nparticularly in respect of tax losses, is based upon whether management judge that it is probable that there will be sufficient and suitable taxable
\nprofits in the relevant legal entity or tax group against which to utilise the assets in the future. The Group assesses the availability of future taxable
\nprofits using the same undiscounted five year forecasts for the Group\u2019s operations as are used in the Group\u2019s value in use calculations (see note 4
\n\u2018Impairment losses\u2019). In the case of Luxembourg, this includes forecasts of future income from the Group\u2019s internal financing, centralised
\nprocurement and roaming activities.
\nWhere tax losses are forecast to be recovered beyond the five year period, the availability of taxable profits is assessed using the cash flows and long-
\nterm growth rates used for the value in use calculations.
\nThe estimated cash flows inherent in these forecasts include the unsystematic risks of operating in the telecommunications business including the
\npotential impacts of changes in the market structure, trends in customer pricing, the costs associated with the acquisition and retention of
\ncustomers, future technological evolutions and potential regulatory changes, such as our ability to acquire and/or renew spectrum licences.
\nChanges in the estimates which underpin the Group\u2019s forecasts could have an impact on the amount of future taxable profits and could have a
\nsignificant impact on the period over which the deferred tax asset would be recovered.
\nThe Group only considers substantively enacted tax laws when assessing the amount and availability of tax losses to offset against the future taxable
\nprofits. See note 6 \u2018Taxation\u2019 to the consolidated financial statements.
\nSee additional commentary relating to climate change below.
\nUncertain tax positions
\nThe tax impact of a transaction or item can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The
\nGroup uses in-house tax experts when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate.
\nThe most significant judgements in this area relate to the Group\u2019s tax disputes in India and a tax dispute related to financing costs in the Netherlands.
\nFurther details of tax disputes are included in note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\nBusiness combinations and goodwill
\nWhen the Group completes a business combination, the fair values of the identifiable assets and liabilities acquired, including intangible assets, are
\nrecognised. The determination of the fair values of acquired assets and liabilities is based, to a considerable extent, on management\u2019s judgement. If the
\npurchase consideration exceeds the fair value of the net assets acquired then the incremental amount paid is recognised as goodwill. If the purchase
\nprice consideration is lower than the fair value of the assets acquired then the difference is recorded as a gain in the income statement.
\nAllocation of the purchase price between finite lived assets (discussed below) and indefinite lived assets such as goodwill affects the subsequent results
\nof the Group as finite lived intangible assets are amortised, whereas indefinite lived intangible assets, including goodwill, are not amortised.
\nSee note 27 \u2018Acquisitions and disposals\u2019 to the consolidated financial statements for further details.
\n
\n
\n
\n
\nJoint arrangements
\nThe Group participates in a number of joint arrangements where control of the arrangement is shared with one or more other parties. Judgement is
\nrequired to classify joint arrangements in a separate legal entity as either a joint operation or as a joint venture, which depends on management\u2019s
\nassessment of the legal form and substance of the arrangement taking into account relevant facts and circumstances such as whether the owners have
\nrights to substantially all the economic outputs and, in substance, settle the liabilities of the entity.
\nThe classification can have a material impact on the consolidated financial statements. The Group\u2019s share of assets, liabilities, revenue, expenses and
\ncash flows of joint operations are included in the consolidated financial statements on a line-by-line basis, whereas the Group\u2019s investment and share of
\nresults of joint ventures are shown within single line items in the consolidated statement of financial position and consolidated income statement
\nrespectively. See note 12 \u2018Investments in associates and joint arrangements\u2019 to the consolidated financial statements.
\nFinite lived intangible assets
\nOther intangible assets include amounts spent by the Group acquiring licences and spectrum, customer bases and the costs of purchasing and
\ndeveloping computer software.
\nWhere intangible assets are acquired through business combinations and no active market for the assets exists, the fair value of these assets is
\ndetermined by discounting estimated future net cash flows generated by the asset. Estimates relating to the future cash flows and discount rates used
\nmay have a material effect on the reported amounts of finite lived intangible assets.
\nEstimation of useful life
\nThe useful life over which intangible assets are amortised depends on management\u2019s estimate of the period over which economic benefit will be derived
\nfrom the asset. Useful lives are periodically reviewed to ensure that they remain appropriate. Management\u2019s estimates of useful life have a material
\nimpact on the amount of amortisation recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying
\nvalues of intangible assets in the year to 31 March 2024 if these estimates were revised. The basis for determining the useful life for the most significant
\ncategories of intangible assets are discussed below.
\nCustomer bases
\nThe estimated useful life principally reflects management\u2019s view of the average economic life of the customer base and is assessed by reference to
\ncustomer churn rates. An increase in churn rates may lead to a reduction in the estimated useful life and an increase in the amortisation charge.
\nCapitalised software
\nFor computer software, the estimated useful life is based on management\u2019s view, considering historical experience with similar products as well as
\nanticipation of future events which may impact their life such as changes in technology. The useful life will not exceed the duration of a licence.
\nProperty, plant and equipment
\nProperty, plant and equipment represents 24.4% of the Group\u2019s total assets (2022: 26.5%). Estimates and assumptions made may have a material impact
\non their carrying value and related depreciation charge. See note 11 \u2018Property, plant and equipment\u2019 to the consolidated financial statements for further
\ndetails.
\nEstimation of useful life
\nThe depreciation charge for an asset is derived using estimates of its expected useful life and expected residual value, which are reviewed annually.
\nManagement\u2019s estimates of useful life have a material impact on the amount of depreciation recorded in the year, but there is not considered to be a
\nsignificant risk of material adjustment to the carrying values of property, plant and equipment in the year to 31 March 2024 if these estimates were
\nrevised.
\nManagement determines the useful lives and residual values for assets when they are acquired, based on experience with similar assets and taking into
\naccount other relevant factors such as any expected changes in technology.
\nSee additional commentary relating to climate change, below.
\nPost employment benefits
\nManagement uses estimates when determining the Group\u2019s liabilities and expenses arising for defined benefit pension schemes. Management is
\nrequired to estimate the future rates of inflation, salary increases, discount rates and longevity of members, each of which may have a material impact on
\nthe defined benefit obligations that are recorded. Further details, including a sensitivity analysis, are included in note 25 \u2018Post employment benefits\u2019 to
\nthe consolidated financial statements.
\nContingent liabilities
\nThe Group exercises judgement to determine whether to recognise provisions and the exposures to contingent liabilities related to pending litigations or
\nother outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities (see
\nnote 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements). Judgement is necessary to assess the likelihood that a
\npending claim will succeed, or a liability will arise.
\nImpairment reviews
\nIFRS requires management to perform impairment tests annually for indefinite lived assets, and for finite lived assets and for equity accounted
\ninvestments if events or changes in circumstances indicate that their carrying amounts may not be recoverable.
\nManagement is required to make significant judgments concerning the identification of impairment indicators, the determination of fair values for assets
\nand whether the carrying value of assets can be supported by the net present value of future cash flows that they are expected to generate.
\n
\n\n
The Group performs an annual impairment test which focuses on determining a recoverable amount for its assets based on value in use, rather than
\nfair value less costs of disposal due to a lack of observable market data on fair values for equivalent assets.
\nCalculating the net present value of the future cash flows requires estimates to be made in respect of highly uncertain matters including
\nmanagement\u2019s expectations of:
\n\u2212
Growth in adjusted EBITDAaL, (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019 for a reconciliation to the consolidated income
\nstatement);
\n\u2212
Timing and amount of future capital expenditure, licence and spectrum payments;
\n\u2212
Long-term growth rates; and
\n\u2212
Appropriate discount rates to reflect the risks involved.
\nChanging the assumptions selected by management, in particular projected adjusted EBITDAaL, long-term growth rate and discount rate
\nassumptions, could significantly affect the Group\u2019s impairment evaluation and hence reported assets and profits or losses. Further details, including
\na sensitivity analysis, are included in note 4 \u2018Impairment losses\u2019 to the consolidated financial statements.
\nWhere the Group has interests in listed entities, market data, such as share price, is used to assess the fair value of those interests. If the market
\ncapitalisation indicates that their carrying amounts may not be recoverable, possible adjustments to the share price are reviewed and, where
\ninformation is available, a value in use calculation is performed to support a conclusion on impairment.
\nFor operations that are classified as held for sale, management is required to determine whether the carrying value of the discontinued operation
\ncan be supported by the fair value less costs of disposal. Where not observable in a quoted market, management has determined fair value less
\ncosts to sell by reference to the outcomes from the application of a number of potential valuation techniques, determined from inputs other than
\nquoted prices that are observable for the asset or liability, either directly or indirectly.
\nFor a number of reasons, transaction values agreed as part of any business acquisition or disposal may be higher than the assessed value in use.
\nSee additional commentary relating to climate change, below.
\nHeld for sale accounting
\nWhen the value of a non-current asset or a group of assets in a disposal group will be primarily recovered through a sale transaction and there is an
\nactive plan for the disposal such that it is highly probable that the disposal will be completed within 12 months (subject to certain matters outside of
\nthe Group\u2019s control) then the related assets will be classified as held for sale or as a discontinued operation.
\nJudgement is applied by management in determining if assets meet the requirements to be classified as held for sale or as discontinued operations.
\nFurther detail is provided in note 7 \u2018Discontinued operations and assets held for sale\u2019.
\nClimate change
\nThe potential climate change-related risks and opportunities to which the Group is exposed, as identified by management, are disclosed in the
\nGroup\u2019s TCFD disclosures on pages 58 and 59. Management has assessed the potential financial impacts relating to the identified risks, primarily
\nconsidering the useful lives of, and retirement obligations for, property, plant and equipment, the possibility of impairment of goodwill and other
\nlong-lived assets and the recoverability of the Group\u2019s deferred tax assets. Management has exercised judgement in concluding that there are no
\nfurther material financial impacts of the Group\u2019s climate-related risks and opportunities on the consolidated financial statements. These
\njudgements will be kept under review by management as the future impacts of climate change depend on environmental, regulatory and other
\nfactors outside of the Group\u2019s control which are not all currently known.
\nSignificant accounting policies applied in the current reporting period that relate to the financial statements as a
\nwhole
\nAccounting convention
\nThe consolidated financial statements are prepared on a historical cost basis except for certain financial and equity instruments that have been
\nmeasured at fair value and for the application of IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 for the Group\u2019s entities reporting in
\nTurkish lira (see below).
\nBasis of consolidation
\nThe consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 31
\n\u2018Related undertakings\u2019 to the consolidated financial statements), joint operations that are subject to joint control and the results of joint ventures
\nand associates (see note 12 \u2018Investments in associates and joint arrangements\u2019 to the consolidated financial statements).
\nBasis of preparation changes adopted on 1 April 2022 - Hyperinflation
\nAs anticipated in the Annual Report for the year ended 31 March 2022, Turkey met the requirements to be designated as a hyperinflationary
\neconomy under IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 in the quarter ended 30 June 2022. In addition, Ethiopia where the
\nGroup\u2019s associate, Safaricom, has operations has also become a hyperinflationary economy in the year. The Group has therefore applied
\nhyperinflationary accounting, as specified in IAS 29, at its Turkish operations whose functional currency is the Turkish lira and to Safaricom\u2019s
\noperations in Ethiopia where the Ethiopian birr is the functional currency for the reporting period commencing 1 April 2022. This resulted in an
\nopening balance adjustment of \u20ac565 million to consolidated equity.
\nIn accordance with IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019, comparative amounts have not been restated.
\n\n
\n
\n
\nTurkish lira and Ethiopian birr results and non-monetary asset and liability balances for the current financial year ended 31 March 2023 have been
\nrevalued to their present value equivalent local currency amount as at 31 March 2023, based on an inflation index, before translation to euros at the
\nreporting date exchange rate of \u20ac1: 20.85 TRL and \u20ac1:58.59 ETB, respectively.
\nFor the Group\u2019s operations in Turkey:
\n\u2212
The gain or loss on net monetary assets resulting from IAS 29 application is recognised in the consolidated income statement within Other
\nincome.
\n\u2212
The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation on operating,
\ninvesting and financing cash flows as one number in the consolidated statement of cash flows.
\n\u2212
The Group has presented the IAS 29 opening balance adjustment to net assets within currency reserves in equity. Subsequent IAS 29 equity
\nrestatement effects and the impact of currency movements are presented within other comprehensive income because such amounts are
\njudged to meet the definition of \u2018exchange differences\u2019.
\nFor Safaricom\u2019s operations in Ethiopia, the impacts of IAS 29 accounting are reflected as an increase to Investments in associates and joint ventures
\nand an increase to Equity.
\nThe inflation index in Turkey selected to reflect the change in purchasing power was the consumer price index (CPI) issued by the Turkish Statistical
\nInstitute which has risen by 50.5% during the current financial year ended 31 March 2023.The inflation index selected in Ethiopia is the CPI issued by
\nthe Ethiopian Statistics Service which rose 31.3% in the year ended 31 March 2023.
\nThe main impacts of the aforementioned adjustments on the consolidated financial statements are shown below.
\nYear ended 31 March
\nIncrease/(decrease)
\n\u20acm
\nRevenue
85
\nOperating profit
(87)
\nProfit for the financial year
(123)
\nNon-current assets
814
\nEquity attributable to owners of the parent
777
\nNon-controlling interests
37
\nForeign currencies
\nThe consolidated financial statements are presented in euro, which is also the Company\u2019s functional currency. Each entity in the Group determines
\nits own functional currency and items included in the financial statements of each entity are measured using that functional currency.
\nWith the exception of the Group\u2019s Turkish lira operations, which are subject to hyperinflation accounting (see above), transactions in foreign
\ncurrencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated
\nin foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-
\nmonetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction
\ndates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
\nShare capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction
\nand are not retranslated.
\nFor the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are
\nexpressed in euro using exchange rates prevailing at the reporting period date.
\nIncome and expense items and cash flows are translated at the average exchange rates for each month and exchange differences arising are
\nrecognised directly in other comprehensive income. On disposal of a foreign entity, the cumulative amount previously recognised in the
\nconsolidated statement of comprehensive income relating to that particular foreign operation is recognised in profit or loss in the consolidated
\nincome statement.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and
\ntranslated accordingly.
\nThe net foreign exchange gain recognised in the consolidated income statement for the year ended 31 March 2023 is \u20ac111 million (31 March 2022:
\n\u20ac309 million loss; 2021: \u20ac13 million loss). The net gains and net losses are recorded within operating profit (2023: \u20ac247 million credit; 2022: \u20ac24
\nmillion charge; 2021: \u20ac3 million credit), financing costs (2023: \u20ac135 million charge; 2022: \u20ac284 million charge; 2021 \u20ac23 million charge) and
\nincome tax expense (2023: \u20ac1 million charge; 2022: \u20ac1 million charge; 2021: \u20ac7 million credit). The foreign exchange gains and losses included
\nwithin other income arise on the disposal of subsidiaries, interests in joint ventures, associates and investments from the recycling of foreign
\nexchange gains and losses previously recognised in the consolidated statement of comprehensive income.
\n
\n
\n
Current or non-current classification
\nAssets are classified as current in the consolidated statement of financial position where recovery is expected within 12 months of the reporting
\ndate. All assets where recovery is expected more than 12 months from the reporting date and all deferred tax assets, goodwill and intangible assets,
\nproperty, plant and equipment and investments in associates and joint ventures are reported as non-current.
\nLiabilities are classified as current unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the
\nreporting date. For provisions, where the timing of settlement is uncertain, amounts are classified as non-current where settlement is expected
\nmore than 12 months from the reporting date. In addition, deferred tax liabilities and post-employment benefits are reported as non-current.
\nInventory
\nInventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct
\nmaterials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present
\nlocation and condition.
\nNew accounting pronouncements adopted on or after 1 April 2022
\nThe Group adopted the following new accounting policies on 1 April 2022 to comply with amendments to IFRS. The accounting pronouncements,
\nnone of which had a material impact on the Group\u2019s financial reporting on adoption, are:
\n\u2212
Annual Improvements to IFRS Standards 2018-2020;
\n\u2212
Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019;
\n\u2212
Amendments to IAS 37 \u2018Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019; and
\n\u2212
Amendments to IFRS 3 \u2018Reference to the Conceptual Framework\u2019.
\nNew accounting pronouncements to be adopted on or after 1 April 2023
\nThe following new standards and narrow-scope amendments have been issued by the IASB and are effective for annual reporting periods beginning
\non or after 1 January 2023:
\n\u2212
IFRS 17 \u2018Insurance Contracts\u2019;
\n\u2212
Amendments to IAS 1 \u2018Disclosure of Accounting Policies\u2019;
\n\u2212
Amendment to IAS 8 \u2018Definition of Accounting Estimates\u2019; and
\n\u2212
Amendment to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019.
\nThese amendments have been endorsed by the UK Endorsement Board. The Group\u2019s financial reporting will be presented in accordance with the
\nabove new standards from 1 April 2023. The amendments to IAS 1, IAS 8 and IAS 12 are not expected to have a material impact on the consolidated
\nincome statement, consolidated statement of financial position or consolidated statement of cash flows. The impact of the adoption of IFRS 17 is
\naddressed below.
\nIFRS 17 \u2018Insurance Contracts\u2019
\nIFRS 17 sets out revised principles for the recognition, measurement, presentation and disclosure of insurance contracts.
The Group issues certain
\nshort and long-term insurance contracts including device insurance and the reinsurance of a third-party annuity policy issued to the Vodafone and
\nCWW Sections of the Vodafone UK Group Pension Scheme.
\nThe adoption of IFRS 17 will result in insurance and reinsurance liabilities being reclassified into a separate line item from Trade and other payables
\nand Provisions.
The total reclassifications as at 1 April 2023 and for comparative periods are estimated to range from \u20ac400 million to \u20ac650 million,
\nthe largest element relating to the reinsurance of the third-party annuity policy (see Note 15 \u2018Trade and other payables\u2019 and Note 25 \u2018Post
\nemployment benefits\u2019). Prior periods will be re-presented on adoption of IFRS 17; no material adjustments are expected to equity or to the Group\u2019s
\nConsolidated Income Statement on adoption.
\nThe Group will issue further details on the impact of adopting IFRS 17 as part of the Interim Financial Statements for the six months ending 30
\nSeptember 2023.
\nNew accounting pronouncements to be adopted on or after 1 April 2024
\nThe following amendments have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2024; they have not
\nyet been endorsed by the UK Endorsement Board.
\n\u2212
Amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-Current\u2019; Amendments to IAS 1 \u2018Non-current Liabilities and Covenants\u2019; and
\n\u2212
Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019.
\nThe Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards
\nfrom 1 April 2024 as applicable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19884": {
"value": "This section describes the critical accounting judgements and estimates that management has identified as having a potentially material impact on the Group\u2019s consolidated financial statements and sets out our significant accounting
\npolicies that relate to the financial statements as a whole. Where an accounting policy is generally applicable to a
\nspecific note to the financial statements, the policy is described within that note. We have also detailed below the new
\naccounting pronouncements that we will adopt in future years and our current view of the impact they will have on our
\nfinancial reporting.
\nThe consolidated financial statements are prepared in accordance with UK-adopted International Accounting Standards (\u2018IAS\u2019), with International
\nFinancial Reporting Standards (\u2018IFRS\u2019) as issued by the International Accounting Standards Board (\u2018IASB\u2019) and with the requirements of the
\nCompanies Act 2006 (the \u2018Act\u2019). The consolidated financial statements are prepared on a going concern basis (see page 112).
\nVodafone Group Plc is incorporated and domiciled in England and Wales (registration number 1833679). The registered address of the Company is
\nVodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England.
\nIFRS requires the Directors to adopt accounting policies that are the most appropriate to the Group\u2019s circumstances. These have been applied
\nconsistently to all the years presented, unless otherwise stated. In determining and applying accounting policies, Directors and management are
\nrequired to make judgements and estimates in respect of items where the choice of specific policy, accounting judgement, estimate or assumption
\nto be followed could materially affect the Group\u2019s reported financial position, results or cash flows and disclosure of contingent assets or liabilities
\nduring the reporting period; it may later be determined that a different choice may have been more appropriate.
\nThe Group\u2019s critical accounting judgements and key sources of estimation uncertainty are detailed below. Actual outcomes could differ from those
\nestimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
\nperiod in which the estimate is revised if the revision affects only that period; they are recognised in the period of the revision and future periods if
\nthe revision affects both current and future periods.
\nManagement regularly reviews, and revises as necessary, the accounting judgements that significantly impact the amounts recognised in the
\nfinancial statements and the estimates that are considered to be \u2018critical estimates\u2019 due to their potential to give rise to material adjustments in the
\nGroup\u2019s financial statements in the year to 31 March 2024. As at 31 March 2023, management has identified critical judgements in respect of
\nrevenue recognition, lease accounting, valuing assets and liabilities acquired in business combinations, the accounting for tax disputes, the
\nclassification of joint arrangements, whether to recognise provisions or to disclose contingent liabilities, held for sale accounting and the impacts of
\nclimate change. In addition, management has identified critical accounting estimates in relation to the recovery of deferred tax assets, post
\nemployment benefits and impairment reviews; estimates have also been identified that are not considered to be critical in respect of the allocation
\nof revenue to goods and services, the useful economic lives of finite lived intangible assets and property, plant and equipment.
\nThe majority of the Group\u2019s provisions are either long-term in nature (such as asset retirement obligations) or relate to shorter-term liabilities (such
\nas those relating to restructuring and property) where there is not considered to be a significant risk of material adjustment in the next financial year.
\nCritical judgements exercised in respect of tax disputes include cases in India and a tax dispute related to financing costs in the Netherlands.
\nThese critical accounting judgements, estimates and related disclosures have been discussed with the Group\u2019s Audit and Risk Committee.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19892": {
"value": "The consolidated financial statements are prepared in accordance with UK-adopted International Accounting Standards (\u2018IAS\u2019), with International Financial Reporting Standards (\u2018IFRS\u2019) as issued by the International Accounting Standards Board (\u2018IASB\u2019) and with the requirements of the
\nCompanies Act 2006 (the \u2018Act\u2019).",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19897": {
"value": "The consolidated financial statements are prepared on a going concern basis (see page 112).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19899": {
"value": "Vodafone Group Plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19900": {
"value": "Vodafone Group Plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19901": {
"value": "Plc",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19902": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19903": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19904": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19906": {
"value": "Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19919": {
"value": "2023-03-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19931": {
"value": "Critical accounting judgements and key sources of estimation uncertainty Revenue recognition
\nRevenue recognition under IFRS 15 necessitates the collation and processing of very large amounts of data and the use of management
\njudgements and estimates to produce financial information. The most significant accounting judgements and source of estimation uncertainty are
\ndisclosed below.
\nGross versus net presentation
\nIf the Group has control of goods or services when they are delivered to a customer, then the Group is the principal in the sale to the customer;
\notherwise the Group is acting as an agent. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by
\nmanagement of both the legal form and substance of the agreement between the Group and its business partners; such judgements impact the
\namount of reported revenue and operating expenses (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019) but do not impact reported
\nassets, liabilities or cash flows. Scenarios requiring judgement to determine whether the Group is a principal or an agent include, for example, those
\nwhere the Group delivers third-party branded software or services (such as premium music, TV content or cloud-based services) to customers and
\ngoods or those where services delivered to customers in partnership with a third-party.
\n
\n
\n
\n\nAllocation of revenue to goods and services provided to customers
\nRevenue is recognised when goods and services are delivered to customers (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019). Goods and
\nservices may be delivered to a customer at different times under the same contract, hence it is necessary to allocate the amount payable by the
\ncustomer between goods and services on a \u2018relative standalone selling price basis\u2019; this requires the identification of performance obligations
\n(\u2018obligations\u2019) and the determination of standalone selling prices for the identified obligations. The determination of obligations is, for the primary goods
\nand services sold by the Group, not considered to be a critical accounting judgement; the Group\u2019s policy on identifying obligations is disclosed in note 2
\n\u2018Revenue disaggregation and segmental analysis\u2019. The determination of standalone selling prices for identified obligations is discussed below.
\nIt is necessary to estimate the standalone price when the Group does not sell equivalent goods or services in similar circumstances on a standalone
\nbasis. When estimating the standalone price the Group maximises the use of external inputs; methods for estimating standalone prices include
\ndetermining the standalone price of similar goods and services sold by the Group, observing the standalone prices for similar goods and services when
\nsold by third parties or using a cost-plus reasonable margin approach (which is sometimes the case for devices and other equipment). Where it is not
\npossible to reliably estimate standalone prices due to a lack of observable standalone sales or highly variable pricing, which is sometimes the case for
\nservices, the standalone price of an obligation may be determined as the transaction price less the standalone prices of other obligations in the contract.
\nThe standalone price determined for obligations materially impacts the allocation of revenue between obligations and impacts the timing of revenue
\nwhen obligations are provided to customers at different times \u2013 for example, the allocation of revenue between devices, which are usually delivered up-
\nfront, and services which are typically delivered over the contract period. However, there is not considered to be a significant risk of material adjustment
\nto the carrying value of contract-related assets or liabilities in the 12 months after the balance sheet date if these estimates were revised.
\nLease accounting
\nLease accounting under IFRS 16 is complex and necessitates the collation and processing of very large amounts of data and the increased use of
\nmanagement judgements and estimates to produce financial information. The most significant accounting judgements are disclosed below.
\nLease identification
\nWhether the arrangement is considered a lease or a service contract depends on the analysis by management of both the legal form and substance of
\nthe arrangement between the Group and the counter-party to determine if control of an identified asset has been passed between the parties; if not, the
\narrangement is a service arrangement. Control exists if the Group obtains substantially all of the economic benefit from the use of the asset, and has the
\nability to direct its use, for a period of time. An identified asset exists where an agreement explicitly or implicitly identifies an asset or a physically distinct
\nportion of an asset which the lessor has no substantive right to substitute.
\nThe scenarios requiring the greatest judgement include those where the arrangement is for the use of fibre or other fixed telecommunication lines.
\nGenerally, where the Group has exclusive use of a physical line it is determined that the Group can also direct the use of the line and therefore leases will
\nbe recognised. Where the Group provides access to fibre or other fixed telecommunication lines to another operator on a wholesale basis the
\narrangement will generally be identified as a lease, whereas when the Group provides fixed line services to an end-user, generally control over such lines
\nis not passed to the end-user and a lease is not identified.
\nThe impact of determining whether an agreement is a lease or a service depends on whether the Group is a potential lessee or lessor in the arrangement
\nand, where the Group is a lessor, whether the arrangement is classified as an operating or finance lease. The impacts for each scenario are described
\nbelow where the Group is potentially:
\n-
A lessee. The judgement impacts the nature and timing of both costs and reported assets and liabilities. A lease results in an asset and a liability being
\nreported and depreciation and interest being recognised; the interest charge will decrease over the life of the lease. A service contract results in
\noperating expenses being recognised evenly over the life of the contract and no assets or liabilities being recorded (other than trade payables,
\nprepayments and accruals).
\n-
An operating lessor. The judgement impacts the nature of income recognised. An operating lease results in lease income being recognised whilst a
\nservice contract results in service revenue. Both are recognised evenly over the life of the contract.
\n-
A finance lessor. The judgement impacts the nature and timing of both income and reported assets. A finance lease results in the lease income being
\nrecognised at commencement of the lease and an asset (the net investment in the lease) being recorded.
\nLease term
\nWhere leases include additional optional periods after an initial lease term, significant judgement is required in determining whether these optional
\nperiods should be included when determining the lease term. The impact of this judgement is significantly greater where the Group is a lessee. As a
\nlessee, optional periods are included in the lease term if the Group is reasonably certain it will exercise an extension option or will not exercise a
\ntermination option; this depends on an analysis by management of all relevant facts and circumstances including the leased asset\u2019s nature and purpose,
\nthe economic and practical potential for replacing the asset and any plans that the Group has in place for the future use of the asset. Where a leased
\nasset is highly customised (either when initially provided or as a result of leasehold improvements) or it is impractical or uneconomic to replace then the
\nGroup is more likely to judge that lease extension options are reasonably certain to be exercised. The value of the right-of-use asset and lease liability will
\nbe greater when extension options are included in the lease term. The normal approach adopted for lease term by asset class is described below.
\n
\n\n
The lease terms can vary significantly by type and use of asset and geography. In addition, the exact lease term is subject to the non-cancellable period
\nand rights and options in each contract. Generally, lease terms are judged to be the longer of the minimum lease term and:
\n-
Between 5 and 10 years for land and buildings (excluding retail), with terms at the top end of this range if the lease relates to assets that are considered
\nto be difficult to exit sooner for economic, practical or reputational reasons;
\n-
To the next contractual lease break date for retail premises (excluding breaks within the next 12 months);
\n-
Where leases are used to provide internal connectivity the lease term for the connectivity is aligned to the lease term or useful economic life of the
\nassets connected;
\n-
The customer service agreement length for leases of local loop connections or other assets required to provide fixed line services to individual
\ncustomers; and
\n-
Where there are contractual agreements to provide services using leased assets, the lease term for these assets is generally set in accordance with the
\nabove principles or for the lease term required to provide the services for the agreed service period, if longer.
\nIn most instances the Group has options to renew or extend leases for additional periods after the end of the lease term which are assessed using the
\ncriteria above.
\nLease terms are reassessed if a significant event or change in circumstances occurs relating to the leased assets that is within the control of the Group;
\nsuch changes usually relate to commercial agreements entered into by the Group, or business decisions made by the Group.
Where such changes
\nchange the Group\u2019s assessment of whether it is reasonably certain to exercise options to extend, or not terminate leases, then the lease term is
\nreassessed and the lease liability is remeasured, which in most cases will increase the lease liability.
\nTaxation
\nThe Group\u2019s tax charge on ordinary activities is the sum of the total current and deferred tax charges. The calculation of the Group\u2019s total tax charge
\ninvolves estimation and judgement in respect of certain matters, being principally:
\nRecognition of deferred tax assets
\nSignificant items on which the Group has exercised accounting estimation and judgement include the recognition of deferred tax assets in respect
\nof losses in Luxembourg, Germany, Italy and Spain as well as capital allowances in the United Kingdom. The recognition of deferred tax assets,
\nparticularly in respect of tax losses, is based upon whether management judge that it is probable that there will be sufficient and suitable taxable
\nprofits in the relevant legal entity or tax group against which to utilise the assets in the future. The Group assesses the availability of future taxable
\nprofits using the same undiscounted five year forecasts for the Group\u2019s operations as are used in the Group\u2019s value in use calculations (see note 4
\n\u2018Impairment losses\u2019). In the case of Luxembourg, this includes forecasts of future income from the Group\u2019s internal financing, centralised
\nprocurement and roaming activities.
\nWhere tax losses are forecast to be recovered beyond the five year period, the availability of taxable profits is assessed using the cash flows and long-
\nterm growth rates used for the value in use calculations.
\nThe estimated cash flows inherent in these forecasts include the unsystematic risks of operating in the telecommunications business including the
\npotential impacts of changes in the market structure, trends in customer pricing, the costs associated with the acquisition and retention of
\ncustomers, future technological evolutions and potential regulatory changes, such as our ability to acquire and/or renew spectrum licences.
\nChanges in the estimates which underpin the Group\u2019s forecasts could have an impact on the amount of future taxable profits and could have a
\nsignificant impact on the period over which the deferred tax asset would be recovered.
\nThe Group only considers substantively enacted tax laws when assessing the amount and availability of tax losses to offset against the future taxable
\nprofits. See note 6 \u2018Taxation\u2019 to the consolidated financial statements.
\nSee additional commentary relating to climate change below.
\nUncertain tax positions
\nThe tax impact of a transaction or item can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The
\nGroup uses in-house tax experts when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate.
\nThe most significant judgements in this area relate to the Group\u2019s tax disputes in India and a tax dispute related to financing costs in the Netherlands.
\nFurther details of tax disputes are included in note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\nBusiness combinations and goodwill
\nWhen the Group completes a business combination, the fair values of the identifiable assets and liabilities acquired, including intangible assets, are
\nrecognised. The determination of the fair values of acquired assets and liabilities is based, to a considerable extent, on management\u2019s judgement. If the
\npurchase consideration exceeds the fair value of the net assets acquired then the incremental amount paid is recognised as goodwill. If the purchase
\nprice consideration is lower than the fair value of the assets acquired then the difference is recorded as a gain in the income statement.
\nAllocation of the purchase price between finite lived assets (discussed below) and indefinite lived assets such as goodwill affects the subsequent results
\nof the Group as finite lived intangible assets are amortised, whereas indefinite lived intangible assets, including goodwill, are not amortised.
\nSee note 27 \u2018Acquisitions and disposals\u2019 to the consolidated financial statements for further details.
\n
\n
\n
\n
\nJoint arrangements
\nThe Group participates in a number of joint arrangements where control of the arrangement is shared with one or more other parties. Judgement is
\nrequired to classify joint arrangements in a separate legal entity as either a joint operation or as a joint venture, which depends on management\u2019s
\nassessment of the legal form and substance of the arrangement taking into account relevant facts and circumstances such as whether the owners have
\nrights to substantially all the economic outputs and, in substance, settle the liabilities of the entity.
\nThe classification can have a material impact on the consolidated financial statements. The Group\u2019s share of assets, liabilities, revenue, expenses and
\ncash flows of joint operations are included in the consolidated financial statements on a line-by-line basis, whereas the Group\u2019s investment and share of
\nresults of joint ventures are shown within single line items in the consolidated statement of financial position and consolidated income statement
\nrespectively. See note 12 \u2018Investments in associates and joint arrangements\u2019 to the consolidated financial statements.
\nFinite lived intangible assets
\nOther intangible assets include amounts spent by the Group acquiring licences and spectrum, customer bases and the costs of purchasing and
\ndeveloping computer software.
\nWhere intangible assets are acquired through business combinations and no active market for the assets exists, the fair value of these assets is
\ndetermined by discounting estimated future net cash flows generated by the asset. Estimates relating to the future cash flows and discount rates used
\nmay have a material effect on the reported amounts of finite lived intangible assets.
\nEstimation of useful life
\nThe useful life over which intangible assets are amortised depends on management\u2019s estimate of the period over which economic benefit will be derived
\nfrom the asset. Useful lives are periodically reviewed to ensure that they remain appropriate. Management\u2019s estimates of useful life have a material
\nimpact on the amount of amortisation recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying
\nvalues of intangible assets in the year to 31 March 2024 if these estimates were revised. The basis for determining the useful life for the most significant
\ncategories of intangible assets are discussed below.
\nCustomer bases
\nThe estimated useful life principally reflects management\u2019s view of the average economic life of the customer base and is assessed by reference to
\ncustomer churn rates. An increase in churn rates may lead to a reduction in the estimated useful life and an increase in the amortisation charge.
\nCapitalised software
\nFor computer software, the estimated useful life is based on management\u2019s view, considering historical experience with similar products as well as
\nanticipation of future events which may impact their life such as changes in technology. The useful life will not exceed the duration of a licence.
\nProperty, plant and equipment
\nProperty, plant and equipment represents 24.4% of the Group\u2019s total assets (2022: 26.5%). Estimates and assumptions made may have a material impact
\non their carrying value and related depreciation charge. See note 11 \u2018Property, plant and equipment\u2019 to the consolidated financial statements for further
\ndetails.
\nEstimation of useful life
\nThe depreciation charge for an asset is derived using estimates of its expected useful life and expected residual value, which are reviewed annually.
\nManagement\u2019s estimates of useful life have a material impact on the amount of depreciation recorded in the year, but there is not considered to be a
\nsignificant risk of material adjustment to the carrying values of property, plant and equipment in the year to 31 March 2024 if these estimates were
\nrevised.
\nManagement determines the useful lives and residual values for assets when they are acquired, based on experience with similar assets and taking into
\naccount other relevant factors such as any expected changes in technology.
\nSee additional commentary relating to climate change, below.
\nPost employment benefits
\nManagement uses estimates when determining the Group\u2019s liabilities and expenses arising for defined benefit pension schemes. Management is
\nrequired to estimate the future rates of inflation, salary increases, discount rates and longevity of members, each of which may have a material impact on
\nthe defined benefit obligations that are recorded. Further details, including a sensitivity analysis, are included in note 25 \u2018Post employment benefits\u2019 to
\nthe consolidated financial statements.
\nContingent liabilities
\nThe Group exercises judgement to determine whether to recognise provisions and the exposures to contingent liabilities related to pending litigations or
\nother outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities (see
\nnote 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements). Judgement is necessary to assess the likelihood that a
\npending claim will succeed, or a liability will arise.
\nImpairment reviews
\nIFRS requires management to perform impairment tests annually for indefinite lived assets, and for finite lived assets and for equity accounted
\ninvestments if events or changes in circumstances indicate that their carrying amounts may not be recoverable.
\nManagement is required to make significant judgments concerning the identification of impairment indicators, the determination of fair values for assets
\nand whether the carrying value of assets can be supported by the net present value of future cash flows that they are expected to generate.
\n
\n\n
The Group performs an annual impairment test which focuses on determining a recoverable amount for its assets based on value in use, rather than
\nfair value less costs of disposal due to a lack of observable market data on fair values for equivalent assets.
\nCalculating the net present value of the future cash flows requires estimates to be made in respect of highly uncertain matters including
\nmanagement\u2019s expectations of:
\n\u2212
Growth in adjusted EBITDAaL, (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019 for a reconciliation to the consolidated income
\nstatement);
\n\u2212
Timing and amount of future capital expenditure, licence and spectrum payments;
\n\u2212
Long-term growth rates; and
\n\u2212
Appropriate discount rates to reflect the risks involved.
\nChanging the assumptions selected by management, in particular projected adjusted EBITDAaL, long-term growth rate and discount rate
\nassumptions, could significantly affect the Group\u2019s impairment evaluation and hence reported assets and profits or losses. Further details, including
\na sensitivity analysis, are included in note 4 \u2018Impairment losses\u2019 to the consolidated financial statements.
\nWhere the Group has interests in listed entities, market data, such as share price, is used to assess the fair value of those interests. If the market
\ncapitalisation indicates that their carrying amounts may not be recoverable, possible adjustments to the share price are reviewed and, where
\ninformation is available, a value in use calculation is performed to support a conclusion on impairment.
\nFor operations that are classified as held for sale, management is required to determine whether the carrying value of the discontinued operation
\ncan be supported by the fair value less costs of disposal. Where not observable in a quoted market, management has determined fair value less
\ncosts to sell by reference to the outcomes from the application of a number of potential valuation techniques, determined from inputs other than
\nquoted prices that are observable for the asset or liability, either directly or indirectly.
\nFor a number of reasons, transaction values agreed as part of any business acquisition or disposal may be higher than the assessed value in use.
\nSee additional commentary relating to climate change, below.
\nHeld for sale accounting
\nWhen the value of a non-current asset or a group of assets in a disposal group will be primarily recovered through a sale transaction and there is an
\nactive plan for the disposal such that it is highly probable that the disposal will be completed within 12 months (subject to certain matters outside of
\nthe Group\u2019s control) then the related assets will be classified as held for sale or as a discontinued operation.
\nJudgement is applied by management in determining if assets meet the requirements to be classified as held for sale or as discontinued operations.
\nFurther detail is provided in note 7 \u2018Discontinued operations and assets held for sale\u2019.
\nClimate change
\nThe potential climate change-related risks and opportunities to which the Group is exposed, as identified by management, are disclosed in the
\nGroup\u2019s TCFD disclosures on pages 58 and 59. Management has assessed the potential financial impacts relating to the identified risks, primarily
\nconsidering the useful lives of, and retirement obligations for, property, plant and equipment, the possibility of impairment of goodwill and other
\nlong-lived assets and the recoverability of the Group\u2019s deferred tax assets. Management has exercised judgement in concluding that there are no
\nfurther material financial impacts of the Group\u2019s climate-related risks and opportunities on the consolidated financial statements. These
\njudgements will be kept under review by management as the future impacts of climate change depend on environmental, regulatory and other
\nfactors outside of the Group\u2019s control which are not all currently known.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f19977": {
"value": "Allocation of revenue to goods and services provided to customers Revenue is recognised when goods and services are delivered to customers (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019). Goods and
\nservices may be delivered to a customer at different times under the same contract, hence it is necessary to allocate the amount payable by the
\ncustomer between goods and services on a \u2018relative standalone selling price basis\u2019; this requires the identification of performance obligations
\n(\u2018obligations\u2019) and the determination of standalone selling prices for the identified obligations. The determination of obligations is, for the primary goods
\nand services sold by the Group, not considered to be a critical accounting judgement; the Group\u2019s policy on identifying obligations is disclosed in note 2
\n\u2018Revenue disaggregation and segmental analysis\u2019. The determination of standalone selling prices for identified obligations is discussed below.
\nIt is necessary to estimate the standalone price when the Group does not sell equivalent goods or services in similar circumstances on a standalone
\nbasis. When estimating the standalone price the Group maximises the use of external inputs; methods for estimating standalone prices include
\ndetermining the standalone price of similar goods and services sold by the Group, observing the standalone prices for similar goods and services when
\nsold by third parties or using a cost-plus reasonable margin approach (which is sometimes the case for devices and other equipment). Where it is not
\npossible to reliably estimate standalone prices due to a lack of observable standalone sales or highly variable pricing, which is sometimes the case for
\nservices, the standalone price of an obligation may be determined as the transaction price less the standalone prices of other obligations in the contract.
\nThe standalone price determined for obligations materially impacts the allocation of revenue between obligations and impacts the timing of revenue
\nwhen obligations are provided to customers at different times \u2013 for example, the allocation of revenue between devices, which are usually delivered up-
\nfront, and services which are typically delivered over the contract period. However, there is not considered to be a significant risk of material adjustment
\nto the carrying value of contract-related assets or liabilities in the 12 months after the balance sheet date if these estimates were revised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20110": {
"value": "Business combinations and goodwill When the Group completes a business combination, the fair values of the identifiable assets and liabilities acquired, including intangible assets, are
\nrecognised. The determination of the fair values of acquired assets and liabilities is based, to a considerable extent, on management\u2019s judgement. If the
\npurchase consideration exceeds the fair value of the net assets acquired then the incremental amount paid is recognised as goodwill. If the purchase
\nprice consideration is lower than the fair value of the assets acquired then the difference is recorded as a gain in the income statement.
\nAllocation of the purchase price between finite lived assets (discussed below) and indefinite lived assets such as goodwill affects the subsequent results
\nof the Group as finite lived intangible assets are amortised, whereas indefinite lived intangible assets, including goodwill, are not amortised.
\nSee note 27 \u2018Acquisitions and disposals\u2019 to the consolidated financial statements for further details.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20264": {
"value": "Climate change The potential climate change-related risks and opportunities to which the Group is exposed, as identified by management, are disclosed in the
\nGroup\u2019s TCFD disclosures on pages 58 and 59. Management has assessed the potential financial impacts relating to the identified risks, primarily
\nconsidering the useful lives of, and retirement obligations for, property, plant and equipment, the possibility of impairment of goodwill and other
\nlong-lived assets and the recoverability of the Group\u2019s deferred tax assets. Management has exercised judgement in concluding that there are no
\nfurther material financial impacts of the Group\u2019s climate-related risks and opportunities on the consolidated financial statements. These
\njudgements will be kept under review by management as the future impacts of climate change depend on environmental, regulatory and other
factors outside of the Group\u2019s control which are not all currently known.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20275": {
"value": "Significant accounting policies applied in the current reporting period that relate to the financial statements as a
\nwhole
\nAccounting convention
\nThe consolidated financial statements are prepared on a historical cost basis except for certain financial and equity instruments that have been
\nmeasured at fair value and for the application of IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 for the Group\u2019s entities reporting in
\nTurkish lira (see below).
\nBasis of consolidation
\nThe consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 31
\n\u2018Related undertakings\u2019 to the consolidated financial statements), joint operations that are subject to joint control and the results of joint ventures
\nand associates (see note 12 \u2018Investments in associates and joint arrangements\u2019 to the consolidated financial statements).
\nBasis of preparation changes adopted on 1 April 2022 - Hyperinflation
\nAs anticipated in the Annual Report for the year ended 31 March 2022, Turkey met the requirements to be designated as a hyperinflationary
\neconomy under IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 in the quarter ended 30 June 2022. In addition, Ethiopia where the
\nGroup\u2019s associate, Safaricom, has operations has also become a hyperinflationary economy in the year. The Group has therefore applied
\nhyperinflationary accounting, as specified in IAS 29, at its Turkish operations whose functional currency is the Turkish lira and to Safaricom\u2019s
\noperations in Ethiopia where the Ethiopian birr is the functional currency for the reporting period commencing 1 April 2022. This resulted in an
\nopening balance adjustment of \u20ac565 million to consolidated equity.
\nIn accordance with IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019, comparative amounts have not been restated.
Turkish lira and Ethiopian birr results and non-monetary asset and liability balances for the current financial year ended 31 March 2023 have been
\nrevalued to their present value equivalent local currency amount as at 31 March 2023, based on an inflation index, before translation to euros at the
\nreporting date exchange rate of \u20ac1: 20.85 TRL and \u20ac1:58.59 ETB, respectively.
\nFor the Group\u2019s operations in Turkey:
\n\u2212
The gain or loss on net monetary assets resulting from IAS 29 application is recognised in the consolidated income statement within Other
\nincome.
\n\u2212
The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation on operating,
\ninvesting and financing cash flows as one number in the consolidated statement of cash flows.
\n\u2212
The Group has presented the IAS 29 opening balance adjustment to net assets within currency reserves in equity. Subsequent IAS 29 equity
\nrestatement effects and the impact of currency movements are presented within other comprehensive income because such amounts are
\njudged to meet the definition of \u2018exchange differences\u2019.
\nFor Safaricom\u2019s operations in Ethiopia, the impacts of IAS 29 accounting are reflected as an increase to Investments in associates and joint ventures
\nand an increase to Equity.
\nThe inflation index in Turkey selected to reflect the change in purchasing power was the consumer price index (CPI) issued by the Turkish Statistical
\nInstitute which has risen by 50.5% during the current financial year ended 31 March 2023.The inflation index selected in Ethiopia is the CPI issued by
\nthe Ethiopian Statistics Service which rose 31.3% in the year ended 31 March 2023.
\nThe main impacts of the aforementioned adjustments on the consolidated financial statements are shown below.
\nYear ended 31 March
\nIncrease/(decrease)
\n\u20acm
\nRevenue
85
\nOperating profit
(87)
\nProfit for the financial year
(123)
\nNon-current assets
814
\nEquity attributable to owners of the parent
777
\nNon-controlling interests
37
\nForeign currencies
\nThe consolidated financial statements are presented in euro, which is also the Company\u2019s functional currency. Each entity in the Group determines
\nits own functional currency and items included in the financial statements of each entity are measured using that functional currency.
\nWith the exception of the Group\u2019s Turkish lira operations, which are subject to hyperinflation accounting (see above), transactions in foreign
\ncurrencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated
\nin foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-
\nmonetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction
\ndates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
\nShare capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction
\nand are not retranslated.
\nFor the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are
\nexpressed in euro using exchange rates prevailing at the reporting period date.
\nIncome and expense items and cash flows are translated at the average exchange rates for each month and exchange differences arising are
\nrecognised directly in other comprehensive income. On disposal of a foreign entity, the cumulative amount previously recognised in the
\nconsolidated statement of comprehensive income relating to that particular foreign operation is recognised in profit or loss in the consolidated
\nincome statement.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and
\ntranslated accordingly.
\nThe net foreign exchange gain recognised in the consolidated income statement for the year ended 31 March 2023 is \u20ac111 million (31 March 2022:
\n\u20ac309 million loss; 2021: \u20ac13 million loss). The net gains and net losses are recorded within operating profit (2023: \u20ac247 million credit; 2022: \u20ac24
\nmillion charge; 2021: \u20ac3 million credit), financing costs (2023: \u20ac135 million charge; 2022: \u20ac284 million charge; 2021 \u20ac23 million charge) and
\nincome tax expense (2023: \u20ac1 million charge; 2022: \u20ac1 million charge; 2021: \u20ac7 million credit). The foreign exchange gains and losses included
\nwithin other income arise on the disposal of subsidiaries, interests in joint ventures, associates and investments from the recycling of foreign
\nexchange gains and losses previously recognised in the consolidated statement of comprehensive income.
Current or non-current classification
\nAssets are classified as current in the consolidated statement of financial position where recovery is expected within 12 months of the reporting
\ndate. All assets where recovery is expected more than 12 months from the reporting date and all deferred tax assets, goodwill and intangible assets,
\nproperty, plant and equipment and investments in associates and joint ventures are reported as non-current.
\nLiabilities are classified as current unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the
\nreporting date. For provisions, where the timing of settlement is uncertain, amounts are classified as non-current where settlement is expected
\nmore than 12 months from the reporting date. In addition, deferred tax liabilities and post-employment benefits are reported as non-current.
\nInventory
\nInventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct
\nmaterials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present
\nlocation and condition.
Accounting policies
\nRevenue
\nWhen the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate
\nperformance obligations (\u2018obligations\u2019) to the extent that the customer can benefit from the goods or services on their own and that the separate
\ngoods and services are considered distinct from other goods and services in the agreement. Where individual goods and services do not meet the
\ncriteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is
\nidentified. The obligations identified will depend on the nature of individual customer contracts, but might typically be separately identified for
\nmobile handsets, other equipment such as set-top boxes and routers provided to customers and services provided to customers such as mobile and
\nfixed line communication services. Where goods and services have a functional dependency (for example, a fixed line router can only be used with
\nthe Group\u2019s services) this does not, in isolation, prevent those goods or services from being assessed as separate obligations. Activities relating to
\nconnecting customers to the Group\u2019s network for the future provision of services are not considered to meet the criteria to be recognised as
\nobligations except to the extent that the control of related equipment passes to customers.
\nThe Group determines the transaction price to which it expects to be entitled in return for providing the promised obligations to the customer based
\non the committed contractual amounts, net of sales taxes and discounts. Where indirect channel dealers, such as retailers, acquire customer
\ncontracts on behalf of the Group and receive commission, any commissions that the dealer is compelled to use to fund discounts or other
\nincentives to the customer are treated as payments to the customer when determining the transaction price and consequently are not included in
\ncontract acquisition costs.
\nThe transaction price is allocated between the identified obligations according to the relative standalone selling prices of the obligations. The
\nstandalone selling price of each obligation deliverable in the contract is determined according to the prices that the Group would achieve by selling
\nthe same goods and/or services included in the obligation to a similar customer on a standalone basis; where standalone selling prices are not
\ndirectly observable, estimation techniques are used maximising the use of external inputs. See \u2018Critical accounting judgements and key sources of
\nestimation uncertainty\u2019 in note 1 for details. Revenue is recognised when the respective obligations in the contract are delivered to the customer
\nand cash collection is considered probable. Revenue for the provision of services, such as mobile airtime and fixed line broadband, is recognised
\nwhen the Group provides the related service during the agreed service period.
\nRevenue for device sales to end customers is generally recognised when the device is delivered to the end customer. For device sales made to
\nintermediaries such as indirect channel dealers, revenue is recognised if control of the device has transferred to the intermediary and the
\nintermediary has no right to return the device to receive a refund; otherwise revenue recognition is deferred until sale of the device to an end
\ncustomer by the intermediary or the expiry of any right of return.
\nWhere refunds are issued to customers they are deducted from revenue in the relevant service period.
\nWhen the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a
\nprincipal, receipts from, and payments to, suppliers are reported on a gross basis in revenue and operating costs. If another party has control of
\ngoods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant
\nobligations is recognised net of any related payments to the supplier and recognised revenue represents the margin earned by the Group. See
\n\u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 for details.
\nCustomers typically pay in advance for prepay mobile services and monthly for other communication services. Customers typically pay for handsets
\nand other equipment either up-front at the time of sale or over the term of the related service agreement.
\nWhen revenue recognised in respect of a customer contract exceeds amounts received or receivable from a customer at that time a contract asset
\nis recognised; contract assets will typically be recognised for handsets or other equipment provided to customers where payment is recovered by
\nthe Group via future service fees. If amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the
\nGroup receives an advance payment from a customer, a contract liability is recognised.
\nWhen contract assets or liabilities are recognised, a financing component may exist in the contract; this is typically the case when a handset or other
\nequipment is provided to a customer up-front but payment is received over the term of the related service agreement, in which case the customer is
\ndeemed to have received financing. If a significant financing component is provided to the customer, the transaction price is reduced and interest
\nrevenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant central bank rates and customer credit risk.
\nContract-related costs
\nWhen costs directly relating to a specific contract are incurred prior to recognising revenue for a related obligation, and those costs enhance the
\nability of the Group to deliver an obligation and are expected to be recovered, then those costs are recognised on the consolidated statement of
\nfinancial position as fulfilment costs and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered.
\nThe direct and incremental costs of acquiring a contract including, for example, certain commissions payable to staff or agents for acquiring
\ncustomers on behalf of the Group, are recognised as contract acquisition cost assets in the consolidated statement of financial position when the
\nrelated payment obligation is recorded. Costs are recognised as an expense in line with the recognition of the related revenue that is expected to be
\nearned by the Group; typically this is over the customer contract period as new commissions are payable on contract renewal. Certain amounts
\npayable to agents are deducted from revenue recognised (see above).
Accounting policies
\nGoodwill
\nGoodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication that the asset may be impaired.
\nFor the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-
\ngenerating units. The determination of the Group\u2019s cash-generating units is primarily based on the geographic area where the Group supplies
\ncommunications services and products. If cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets
\nin that same jurisdiction and management monitors performance separately, multiple cash-generating units are identified within that geographic
\narea.
\nIf the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce
\nthe carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of
\neach asset in the unit. Impairment losses recognised for goodwill are not reversible in subsequent periods.
\nThe recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows
\nare discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
\nspecific to the asset for which the estimates of future cash flows have not been adjusted.
\nManagement prepares formal five year plans for the Group\u2019s cash-generating units, which are the basis for the value in use calculations.
\nProperty, plant and equipment, finite lived intangible assets and equity accounted investments
\nAt each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite lived intangible assets and equity-
\naccounted investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication
\nexists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to
\nestimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset
\nbelongs.
\nIf the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or
\ncash-generating unit is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement.
\nWhere there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying
\namount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that
\nwould have been determined had no impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss
\nreversal is recognised immediately in the consolidated income statement.
Accounting policies
\nIncome tax expense represents the sum of the current and deferred taxes.
\nCurrent tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement
\nbecause some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The Group\u2019s liability
\nfor current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date.
\nThe Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result of a past event and management
\njudge that it is probable that there will be a future outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are
\nassessed and measured on an issue by issue basis within the jurisdictions that we operate either using management\u2019s estimate of the most likely
\noutcome where the issues are binary, or the expected value approach where the issues have a range of possible outcomes. The Group recognises
\ninterest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense.
\nDeferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of
\nassets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using
\nthe statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and
\ndeferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which
\ndeductible temporary differences can be utilised.
\nSuch assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of
\nassets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to
\nthe extent they arise from the initial recognition of non-tax deductible goodwill.
\nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint
\narrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference
\nwill not reverse in the foreseeable future.
\nThe carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group\u2019s assessment that
\nsufficient taxable profits will be available to allow all or part of the asset to be recovered.
\nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates
\nthat have been enacted or substantively enacted by the reporting period date.
\nTax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they
\neither relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to
\nsettle the current tax assets and liabilities on a net basis.
\nTax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly
\nto equity, in which case the tax is recognised in other comprehensive income or in equity.
Accounting policies
\nIdentifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset
\nwill flow to the Group and the cost of the asset can be reliably measured. Identifiable intangible assets are recognised at fair value when the Group
\ncompletes a business combination. The determination of the fair values of the separately identified intangibles, is based, to a considerable extent,
\non management\u2019s judgement.
\nGoodwill
\nGoodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the
\nidentifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition.
\nGoodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not
\nsubject to amortisation but is tested for impairment annually or whenever there is evidence that it may be impaired. Goodwill is denominated in the
\ncurrency of the acquired entity and revalued to the closing exchange rate at each reporting period date.
\nNegative goodwill arising on an acquisition is recognised directly in the income statement.
\nOn disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the determination of the profit or loss
\nrecognised in the income statement on disposal.
\nFinite lived intangible assets
\nIntangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation. The amortisation period and method
\nis reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in
\nthe asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
\nLicence and spectrum fees
\nAmortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired licence period, the conditions for licence
\nrenewal and whether licences are dependent on specific technologies. Amortisation is charged to the income statement on a straight-line basis
\nover the estimated useful lives from the commencement of related network services.
\nComputer software
\nComputer software comprises software purchased from third parties as well as the cost of internally developed software. Computer software
\nlicences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs that are directly associated with
\nthe production of identifiable and unique software products controlled by the Group, and are probable of producing future economic benefits, are
\nrecognised as intangible assets. Direct costs of software development include employee costs and directly attributable overheads.
\nSoftware integral to an item of hardware equipment is classified as property, plant and equipment.
\nCosts associated with maintaining software programs are recognised as an expense when they are incurred.
\nAmortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for
\nuse.
\nOther intangible assets
\nOther intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the
\nincome statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis. The
\namortisation basis adopted for each class of intangible asset reflects the Group\u2019s consumption of the economic benefit from that asset.
\nEstimated useful lives
\nThe estimated useful lives of finite lived intangible assets are as follows:
\nLicence and spectrum fees
3 - 40 years
\nComputer software
3 - 5 years
\nBrands
1 - 30 years
\nCustomer bases
2 - 37 years
Accounting policies
\nLand and buildings held for use are stated in the statement of financial position at their cost, less any accumulated depreciation and any
\naccumulated impairment losses.
\nAmounts for equipment, fixtures and fittings, which includes network infrastructure assets are stated at cost less accumulated depreciation and any
\naccumulated impairment losses.
\nAssets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the
\nassets are ready for their intended use.
\nThe cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
\nDepreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over their estimated useful lives, as
\nfollows:
\nLand and buildings
\nFreehold buildings
25 - 50 years
\nLeasehold premises
the term of the lease
\nEquipment, fixtures and fittings
\nNetwork infrastructure and other
1 - 35 years
\nDepreciation is not provided on freehold land.
\nRight-of-use assets arising from the Group\u2019s lease arrangements are depreciated over their reasonably certain lease term, as determined under the
\nGroup\u2019s leases policy (see note 20 \u2018Leases\u2019 and \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 for details).
\nThe gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and equipment is determined as the
\ndifference between any proceeds from sale or receivables arising on a lease and the carrying amount of the asset and is recognised in the income
\nstatement.
Accounting policies
\nInterests in joint arrangements
\nA joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint
\ncontrol; that is, when the relevant activities that significantly affect the investee\u2019s returns require the unanimous consent of the parties sharing
\ncontrol. Joint arrangements are either joint operations or joint ventures.
\nGains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of
\nthe Group\u2019s entire equity holding in the subsidiary.
\nJoint operations
\nA joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities,
\nrelating to the arrangement or that other facts and circumstances indicate that this is the case. The Group\u2019s share of assets, liabilities, revenue,
\nexpenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis.
\nAny goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance with the Group\u2019s accounting policy
\nfor goodwill arising on the acquisition of a subsidiary.
\nJoint ventures
\nA joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities and
\ncontingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 \u2018Discontinued
\noperations and assets held for sale\u2019), are incorporated in the consolidated financial statements using the equity method of accounting. Under the
\nequity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\nchanges in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group\u2019s share of post-tax
\nprofits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group\u2019s interest in that joint venture
\nare recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
\nAssociates
\nAn associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement.
\nSignificant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have
\ncontrol or joint control over those policies.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities
\nand contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of
\naccounting used for joint ventures, described above.
Accounting policies
\nOther investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an
\ninvestment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned,
\nand are initially measured at fair value, including transaction costs.
\nDebt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and
\ninterest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the
\ncriteria for amortised cost are measured at fair value through profit and loss.
\nEquity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of
\nfair value gains and losses to profit or loss following derecognition of the investment.
Accounting policies
\nTrade receivables represent amounts owed by customers where the right to receive payment is conditional only on the passage of time. Trade
\nreceivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is
\naccreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the
\nGroup establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other
\ncomprehensive income; all other trade receivables are recorded at amortised cost.
\nThe carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for
\nlifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the
\nageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management
\ndeems them not to be collectible.
Accounting policies
\nTrade payables are not interest-bearing and are stated at their nominal value.
Accounting policies
\nProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be
\nrequired to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors\u2019 best
\nestimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Where
\nthe timing of settlement is uncertain amounts are classified as non-current where settlement is expected more than 12 months from the reporting date.
\nAsset retirement obligations
\nIn the course of the Group\u2019s activities, a number of sites and other assets are utilised which are expected to have costs associated with decommissioning.
\nThe associated cash outflows are substantially expected to occur at the dates of decommissioning of the assets to which they relate, and are long term in
\nnature.
\nLegal and regulatory
\nThe Group is involved in a number of legal and other disputes, including where the Group has received notifications of possible claims. The
\nDirectors of the Company, after taking legal advice, have established provisions considering the facts of each case. For a discussion of
\ncertain legal issues potentially affecting the Group see note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial
\nstatements.
\nRestructuring
\nThe Group undertakes periodic reviews of its operations and recognises provisions as required based on the outcomes of these
\nreviews. The associated cash outflows for restructuring costs are primarily less than one year.
\nOther provisions
\nOther provisions comprise various items that do not fall within the Group\u2019s other categories of provisions.
Accounting policies
\nEquity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs.
Accounting policies
\nCash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that are readily convertible to a known
\namount of cash and are subject to an insignificant risk of changes in value. Assets in money market funds, whose contractual cash flows do not
\nrepresent solely payments of interest and principal, are measured at fair value with gains and losses arising from changes in fair value included in net
\nprofit or loss for the period. All other cash and cash equivalents are measured at amortised cost.
Accounting policies
\nAs a lessee
\nWhen the Group leases an asset, a \u2018right-of-use asset\u2019 is recognised for the leased item and a lease liability is recognised for any lease payments to
\nbe paid over the lease term at the lease commencement date. The right-of-use asset is initially measured at cost, being the present value of the
\nlease payments paid or payable, plus any initial direct costs incurred in entering the lease and less any lease incentives received.
\nRight-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the asset\u2019s useful life or the
\nend of the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is \u2018reasonably certain\u2019 to
\nexercise any extension options (see below). The useful life of the asset is determined in a manner consistent to that for owned property, plant and
\nequipment (as described in note 11 \u2018Property, plant and equipment\u2019). If right-of-use assets are considered to be impaired, the carrying value is
\nreduced accordingly.
\nLease liabilities are initially measured at the value of the lease payments over the lease term that are not paid at the commencement date and are
\nusually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily
\ndeterminable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the
\nlease.
\nAfter initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change
\nin future lease payments arising from a change in an index or rate (e.g. an inflation related increase) or if the Group\u2019s assessment of the lease term
\nchanges; any changes in the lease liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset.
\nAs a lessor
\nWhere the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When a lease transfers substantially all
\nthe risks and rewards of ownership of the underlying asset then the lease is a finance lease; otherwise the lease is an operating lease.
\nWhere the Group is an intermediate lessor, the interests in the head lease and the sub-lease are accounted for separately and the lease classification
\nof a sub-lease is determined by reference to the right-of-use asset arising from the head lease.
\nIncome from operating leases is recognised on a straight-line basis over the lease term. Income from finance leases is recognised at lease
\ncommencement with interest income recognised over the lease term.
\nLease income is recognised as revenue for transactions that are part of the Group\u2019s ordinary activities (i.e. primarily leases of handsets or other
\nequipment to customers, leases of wholesale access to the Group\u2019s fibre and cable networks and leases of tower infrastructure assets). The Group
\nuses IFRS 15 principles to allocate the consideration in contracts between any lease and non-lease components.
Accounting policies
\nInterest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at
\namortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair
\nvalue adjustments are recognised in accordance with our policy (see note 22 \u2018Capital and financial risk management\u2019). Any difference between the
\nproceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing.
\nWhere bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal
\namounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at
\namortised cost using the effective interest rate method.
Accounting policies
\nFinancial instruments
\nFinancial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s consolidated statement of financial
\nposition when the Group becomes a party to the contractual provisions of the instrument.
\nFinancial liabilities and equity instruments
\nFinancial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered
\ninto and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the
\nassets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies
\nadopted for specific financial liabilities and equity instruments are set out below.
\nFinancial liabilities under put option arrangements
\nThe Group has an obligation to pay a fixed rate of return to minority equity shareholders in the Group\u2019s subsidiary Kabel Deutschland AG, under the
\nterms of a court-imposed domination and profit and loss transfer agreement. This agreement also provides the minority shareholders the option to
\nput their shareholding to Vodafone at a fixed price per share. The obligation to purchase the shares has been recognised as a financial liability and no
\nnon-controlling interests are recognised in respect of minority shareholders. Interest costs are accrued at the agreed rate of return and recognised
\nin financing costs.
\nDerivative financial instruments and hedge accounting
\nThe Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative
\nfinancial instruments. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written
\nprinciples on the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial
\ninstruments for speculative purposes.
\nThe Group designates certain derivatives as:
\n\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (\u2018cash flow hedges\u2019); or
\n\u2212
hedges of net investments in foreign operations.
\nDerivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each
\nreporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income
\nstatement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\nportion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge
\nrelationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item
\nand hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk,
\nwith gains and losses recognised in the income statement.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge
\naccounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and
\nis recognised in the income statement when the hedged transaction is ultimately recognised in the income statement.
\nFor cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive
\nincome and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction
\nresults in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\nincome and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
\nnon-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in
\nthe income statement.
\nFor net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign
\noperation is disposed of.
Accounting policies
\nFor defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is
\nrecognised as an asset or a liability on the consolidated statement of financial position. Defined benefit plan liabilities are assessed using the
\nprojected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value.
\nActuarial gains and losses are taken to the consolidated statement of comprehensive income for defined benefit plans or consolidated income
\nstatement for cash leaver plans as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial
\nassumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The
\nreturn on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive
\nincome.
\nOther movements in the net surplus or deficit are recognised in the consolidated income statement, including the current service cost, any past
\nservice cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the consolidated
\nincome statement. The amount charged to the consolidated income statement in respect of these plans is included within operating costs or in the
\nGroup\u2019s share of the results of equity accounted operations, as appropriate.
\nThe Group\u2019s contributions to defined contribution pension plans are charged to the consolidated income statement as they fall due.
Accounting policies
\nThe Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are measured at fair value (excluding
\nthe effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-
\nbased award is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest and
\nadjusted for the effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also recognised.
\nSome share awards have an attached market condition, based on total shareholder return (\u2018TSR\u2019), which is taken into account when calculating
\nthe fair value of the share awards. The valuation for the TSR is based on Vodafone\u2019s ranking within the same group of companies, where possible,
\nover the past five years.
\nThe fair value of awards of non-vested shares is a calculation of the closing price of the Company\u2019s shares on the day prior to the grant date, adjusted
\nfor the present value of the delay in receiving dividends where appropriate.
\nThe maximum aggregate number of ordinary shares which may be issued in respect of share options or share plans will not (without shareholder
\napproval) exceed:
\n\u2212
10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of
\nordinary shares which have been allocated in the preceding ten year period under all plans; and
\n\u2212
5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of
\nordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated
\non an all-employee basis.
Accounting policies
\nBusiness combinations
\nAcquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at
\nthe date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised
\nin the consolidated income statement as incurred. The acquiree\u2019s identifiable assets and liabilities are recognised at their fair values at the acquisition
\ndate, which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the consideration transferred, the
\namount of any non-controlling interests in the acquiree and the fair value of the Group\u2019s previously held equity interest in the acquiree, if any, over the
\nnet amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the
\nacquiree may initially be measured either at fair value or at the non-controlling shareholders\u2019 proportion of the net fair value of the identifiable assets
\nacquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis.
\nAcquisition of interests from non-controlling shareholders
\nIn transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or
\nreceived and the amount by which the non-controlling interest is adjusted is recognised in equity.
A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the
\ncurrent ability to direct the activities that affect the Company\u2019s returns and exposure or rights to variable returns from the entity. The results of
\nsubsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up
\nto the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their
\naccounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on
\nconsolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity therein.
\nNon-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling
\nshareholder\u2019s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests
\neven if this results in the non-controlling interests having a deficit balance.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20283": {
"value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 31
\n\u2018Related undertakings\u2019 to the consolidated financial statements), joint operations that are subject to joint control and the results of joint ventures
\nand associates (see note 12 \u2018Investments in associates and joint arrangements\u2019 to the consolidated financial statements).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20290": {
"value": "Basis of preparation changes adopted on 1 April 2022 - Hyperinflation As anticipated in the Annual Report for the year ended 31 March 2022, Turkey met the requirements to be designated as a hyperinflationary
\neconomy under IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 in the quarter ended 30 June 2022. In addition, Ethiopia where the
\nGroup\u2019s associate, Safaricom, has operations has also become a hyperinflationary economy in the year. The Group has therefore applied
\nhyperinflationary accounting, as specified in IAS 29, at its Turkish operations whose functional currency is the Turkish lira and to Safaricom\u2019s
\noperations in Ethiopia where the Ethiopian birr is the functional currency for the reporting period commencing 1 April 2022. This resulted in an
\nopening balance adjustment of \u20ac565 million to consolidated equity.
\nIn accordance with IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019, comparative amounts have not been restated.
\n
\n
\n
\nTurkish lira and Ethiopian birr results and non-monetary asset and liability balances for the current financial year ended 31 March 2023 have been
\nrevalued to their present value equivalent local currency amount as at 31 March 2023, based on an inflation index, before translation to euros at the
\nreporting date exchange rate of \u20ac1: 20.85 TRL and \u20ac1:58.59 ETB, respectively.
\nFor the Group\u2019s operations in Turkey:
\n\u2212
The gain or loss on net monetary assets resulting from IAS 29 application is recognised in the consolidated income statement within Other
\nincome.
\n\u2212
The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation on operating,
\ninvesting and financing cash flows as one number in the consolidated statement of cash flows.
\n\u2212
The Group has presented the IAS 29 opening balance adjustment to net assets within currency reserves in equity. Subsequent IAS 29 equity
\nrestatement effects and the impact of currency movements are presented within other comprehensive income because such amounts are
\njudged to meet the definition of \u2018exchange differences\u2019.
\nFor Safaricom\u2019s operations in Ethiopia, the impacts of IAS 29 accounting are reflected as an increase to Investments in associates and joint ventures
\nand an increase to Equity.
\nThe inflation index in Turkey selected to reflect the change in purchasing power was the consumer price index (CPI) issued by the Turkish Statistical
\nInstitute which has risen by 50.5% during the current financial year ended 31 March 2023.The inflation index selected in Ethiopia is the CPI issued by
\nthe Ethiopian Statistics Service which rose 31.3% in the year ended 31 March 2023.
\nThe main impacts of the aforementioned adjustments on the consolidated financial statements are shown below.
\nYear ended 31 March
\nIncrease/(decrease)
\n\u20acm
\nRevenue
85
\nOperating profit
(87)
\nProfit for the financial year
(123)
\nNon-current assets
814
\nEquity attributable to owners of the parent
777
\nNon-controlling interests
37",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20291": {
"value": "Basis of preparation changes adopted on 1 April 2022 - Hyperinflation As anticipated in the Annual Report for the year ended 31 March 2022, Turkey met the requirements to be designated as a hyperinflationary
\neconomy under IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 in the quarter ended 30 June 2022. In addition, Ethiopia where the
\nGroup\u2019s associate, Safaricom, has operations has also become a hyperinflationary economy in the year. The Group has therefore applied
\nhyperinflationary accounting, as specified in IAS 29, at its Turkish operations whose functional currency is the Turkish lira and to Safaricom\u2019s
\noperations in Ethiopia where the Ethiopian birr is the functional currency for the reporting period commencing 1 April 2022. This resulted in an
\nopening balance adjustment of \u20ac565 million to consolidated equity.
\nIn accordance with IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019, comparative amounts have not been restated.
\n
\n
\n
\nTurkish lira and Ethiopian birr results and non-monetary asset and liability balances for the current financial year ended 31 March 2023 have been
\nrevalued to their present value equivalent local currency amount as at 31 March 2023, based on an inflation index, before translation to euros at the
\nreporting date exchange rate of \u20ac1: 20.85 TRL and \u20ac1:58.59 ETB, respectively.
\nFor the Group\u2019s operations in Turkey:
\n\u2212
The gain or loss on net monetary assets resulting from IAS 29 application is recognised in the consolidated income statement within Other
\nincome.
\n\u2212
The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation on operating,
\ninvesting and financing cash flows as one number in the consolidated statement of cash flows.
\n\u2212
The Group has presented the IAS 29 opening balance adjustment to net assets within currency reserves in equity. Subsequent IAS 29 equity
\nrestatement effects and the impact of currency movements are presented within other comprehensive income because such amounts are
\njudged to meet the definition of \u2018exchange differences\u2019.
\nFor Safaricom\u2019s operations in Ethiopia, the impacts of IAS 29 accounting are reflected as an increase to Investments in associates and joint ventures
\nand an increase to Equity.
\nThe inflation index in Turkey selected to reflect the change in purchasing power was the consumer price index (CPI) issued by the Turkish Statistical
\nInstitute which has risen by 50.5% during the current financial year ended 31 March 2023.The inflation index selected in Ethiopia is the CPI issued by
\nthe Ethiopian Statistics Service which rose 31.3% in the year ended 31 March 2023.
\nThe main impacts of the aforementioned adjustments on the consolidated financial statements are shown below.
\nYear ended 31 March
\nIncrease/(decrease)
\n\u20acm
\nRevenue
85
\nOperating profit
(87)
\nProfit for the financial year
(123)
\nNon-current assets
814
\nEquity attributable to owners of the parent
777
\nNon-controlling interests
37",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20292": {
"value": "Basis of preparation changes adopted on 1 April 2022 - Hyperinflation As anticipated in the Annual Report for the year ended 31 March 2022, Turkey met the requirements to be designated as a hyperinflationary
\neconomy under IAS 29 \u2018Financial Reporting in Hyperinflationary Economies\u2019 in the quarter ended 30 June 2022. In addition, Ethiopia where the
\nGroup\u2019s associate, Safaricom, has operations has also become a hyperinflationary economy in the year. The Group has therefore applied
\nhyperinflationary accounting, as specified in IAS 29, at its Turkish operations whose functional currency is the Turkish lira and to Safaricom\u2019s
\noperations in Ethiopia where the Ethiopian birr is the functional currency for the reporting period commencing 1 April 2022. This resulted in an
\nopening balance adjustment of \u20ac565 million to consolidated equity.
\nIn accordance with IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019, comparative amounts have not been restated.
\n
\n
\n
\nTurkish lira and Ethiopian birr results and non-monetary asset and liability balances for the current financial year ended 31 March 2023 have been
\nrevalued to their present value equivalent local currency amount as at 31 March 2023, based on an inflation index, before translation to euros at the
\nreporting date exchange rate of \u20ac1: 20.85 TRL and \u20ac1:58.59 ETB, respectively.
\nFor the Group\u2019s operations in Turkey:
\n\u2212
The gain or loss on net monetary assets resulting from IAS 29 application is recognised in the consolidated income statement within Other
\nincome.
\n\u2212
The Group also presents the gain or loss on cash and cash equivalents as monetary items together with the effect of inflation on operating,
\ninvesting and financing cash flows as one number in the consolidated statement of cash flows.
\n\u2212
The Group has presented the IAS 29 opening balance adjustment to net assets within currency reserves in equity. Subsequent IAS 29 equity
\nrestatement effects and the impact of currency movements are presented within other comprehensive income because such amounts are
\njudged to meet the definition of \u2018exchange differences\u2019.
\nFor Safaricom\u2019s operations in Ethiopia, the impacts of IAS 29 accounting are reflected as an increase to Investments in associates and joint ventures
\nand an increase to Equity.
\nThe inflation index in Turkey selected to reflect the change in purchasing power was the consumer price index (CPI) issued by the Turkish Statistical
\nInstitute which has risen by 50.5% during the current financial year ended 31 March 2023.The inflation index selected in Ethiopia is the CPI issued by
\nthe Ethiopian Statistics Service which rose 31.3% in the year ended 31 March 2023.
\nThe main impacts of the aforementioned adjustments on the consolidated financial statements are shown below.
\nYear ended 31 March
\nIncrease/(decrease)
\n\u20acm
\nRevenue
85
\nOperating profit
(87)
\nProfit for the financial year
(123)
\nNon-current assets
814
\nEquity attributable to owners of the parent
777
\nNon-controlling interests
37",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20384": {
"value": "Foreign currencies The consolidated financial statements are presented in euro, which is also the Company\u2019s functional currency. Each entity in the Group determines
\nits own functional currency and items included in the financial statements of each entity are measured using that functional currency.
\nWith the exception of the Group\u2019s Turkish lira operations, which are subject to hyperinflation accounting (see above), transactions in foreign
\ncurrencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated
\nin foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-
\nmonetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction
\ndates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
\nShare capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction
\nand are not retranslated.
\nFor the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are
\nexpressed in euro using exchange rates prevailing at the reporting period date.
\nIncome and expense items and cash flows are translated at the average exchange rates for each month and exchange differences arising are
\nrecognised directly in other comprehensive income. On disposal of a foreign entity, the cumulative amount previously recognised in the
\nconsolidated statement of comprehensive income relating to that particular foreign operation is recognised in profit or loss in the consolidated
\nincome statement.
\nGoodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and
\ntranslated accordingly.
\nThe net foreign exchange gain recognised in the consolidated income statement for the year ended 31 March 2023 is \u20ac111 million (31 March 2022:
\n\u20ac309 million loss; 2021: \u20ac13 million loss). The net gains and net losses are recorded within operating profit (2023: \u20ac247 million credit; 2022: \u20ac24
\nmillion charge; 2021: \u20ac3 million credit), financing costs (2023: \u20ac135 million charge; 2022: \u20ac284 million charge; 2021 \u20ac23 million charge) and
\nincome tax expense (2023: \u20ac1 million charge; 2022: \u20ac1 million charge; 2021: \u20ac7 million credit). The foreign exchange gains and losses included
\nwithin other income arise on the disposal of subsidiaries, interests in joint ventures, associates and investments from the recycling of foreign
\nexchange gains and losses previously recognised in the consolidated statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20387": {
"value": "The consolidated financial statements are presented in euro, which is also the Company\u2019s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency.
\nWith the exception of the Group\u2019s Turkish lira operations, which are subject to hyperinflation accounting (see above), transactions in foreign
\ncurrencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated
\nin foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-
\nmonetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction
\ndates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
\nShare capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction
\nand are not retranslated.
\nFor the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are
\nexpressed in euro using exchange rates prevailing at the reporting period date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20447": {
"value": "Inventory Inventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct
\nmaterials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present
\nlocation and condition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20454": {
"value": "New accounting pronouncements adopted on or after 1 April 2022 The Group adopted the following new accounting policies on 1 April 2022 to comply with amendments to IFRS. The accounting pronouncements,
\nnone of which had a material impact on the Group\u2019s financial reporting on adoption, are:
\n\u2212
Annual Improvements to IFRS Standards 2018-2020;
\n\u2212
Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019;
\n\u2212
Amendments to IAS 37 \u2018Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019; and
\n\u2212
Amendments to IFRS 3 \u2018Reference to the Conceptual Framework\u2019.
\nNew accounting pronouncements to be adopted on or after 1 April 2023
\nThe following new standards and narrow-scope amendments have been issued by the IASB and are effective for annual reporting periods beginning
\non or after 1 January 2023:
\n\u2212
IFRS 17 \u2018Insurance Contracts\u2019;
\n\u2212
Amendments to IAS 1 \u2018Disclosure of Accounting Policies\u2019;
\n\u2212
Amendment to IAS 8 \u2018Definition of Accounting Estimates\u2019; and
\n\u2212
Amendment to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019.
\nThese amendments have been endorsed by the UK Endorsement Board. The Group\u2019s financial reporting will be presented in accordance with the
\nabove new standards from 1 April 2023. The amendments to IAS 1, IAS 8 and IAS 12 are not expected to have a material impact on the consolidated
\nincome statement, consolidated statement of financial position or consolidated statement of cash flows. The impact of the adoption of IFRS 17 is
\naddressed below.
\nIFRS 17 \u2018Insurance Contracts\u2019
\nIFRS 17 sets out revised principles for the recognition, measurement, presentation and disclosure of insurance contracts.
The Group issues certain
\nshort and long-term insurance contracts including device insurance and the reinsurance of a third-party annuity policy issued to the Vodafone and
\nCWW Sections of the Vodafone UK Group Pension Scheme.
\nThe adoption of IFRS 17 will result in insurance and reinsurance liabilities being reclassified into a separate line item from Trade and other payables
\nand Provisions.
The total reclassifications as at 1 April 2023 and for comparative periods are estimated to range from \u20ac400 million to \u20ac650 million,
\nthe largest element relating to the reinsurance of the third-party annuity policy (see Note 15 \u2018Trade and other payables\u2019 and Note 25 \u2018Post
\nemployment benefits\u2019). Prior periods will be re-presented on adoption of IFRS 17; no material adjustments are expected to equity or to the Group\u2019s
\nConsolidated Income Statement on adoption.
\nThe Group will issue further details on the impact of adopting IFRS 17 as part of the Interim Financial Statements for the six months ending 30
\nSeptember 2023.
\nNew accounting pronouncements to be adopted on or after 1 April 2024
\nThe following amendments have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2024; they have not
\nyet been endorsed by the UK Endorsement Board.
\n\u2212
Amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-Current\u2019; Amendments to IAS 1 \u2018Non-current Liabilities and Covenants\u2019; and
\n\u2212
Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019.
\nThe Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards
from 1 April 2024 as applicable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20531": {
"value": "2. Revenue disaggregation and segmental analysis The Group\u2019s businesses are managed on a geographical basis. Selected financial data is presented on this basis below.
\nAccounting policies
\nRevenue
\nWhen the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate
\nperformance obligations (\u2018obligations\u2019) to the extent that the customer can benefit from the goods or services on their own and that the separate
\ngoods and services are considered distinct from other goods and services in the agreement. Where individual goods and services do not meet the
\ncriteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is
\nidentified. The obligations identified will depend on the nature of individual customer contracts, but might typically be separately identified for
\nmobile handsets, other equipment such as set-top boxes and routers provided to customers and services provided to customers such as mobile and
\nfixed line communication services. Where goods and services have a functional dependency (for example, a fixed line router can only be used with
\nthe Group\u2019s services) this does not, in isolation, prevent those goods or services from being assessed as separate obligations. Activities relating to
\nconnecting customers to the Group\u2019s network for the future provision of services are not considered to meet the criteria to be recognised as
\nobligations except to the extent that the control of related equipment passes to customers.
\nThe Group determines the transaction price to which it expects to be entitled in return for providing the promised obligations to the customer based
\non the committed contractual amounts, net of sales taxes and discounts. Where indirect channel dealers, such as retailers, acquire customer
\ncontracts on behalf of the Group and receive commission, any commissions that the dealer is compelled to use to fund discounts or other
\nincentives to the customer are treated as payments to the customer when determining the transaction price and consequently are not included in
\ncontract acquisition costs.
\nThe transaction price is allocated between the identified obligations according to the relative standalone selling prices of the obligations. The
\nstandalone selling price of each obligation deliverable in the contract is determined according to the prices that the Group would achieve by selling
\nthe same goods and/or services included in the obligation to a similar customer on a standalone basis; where standalone selling prices are not
\ndirectly observable, estimation techniques are used maximising the use of external inputs. See \u2018Critical accounting judgements and key sources of
\nestimation uncertainty\u2019 in note 1 for details. Revenue is recognised when the respective obligations in the contract are delivered to the customer
\nand cash collection is considered probable. Revenue for the provision of services, such as mobile airtime and fixed line broadband, is recognised
\nwhen the Group provides the related service during the agreed service period.
\nRevenue for device sales to end customers is generally recognised when the device is delivered to the end customer. For device sales made to
\nintermediaries such as indirect channel dealers, revenue is recognised if control of the device has transferred to the intermediary and the
\nintermediary has no right to return the device to receive a refund; otherwise revenue recognition is deferred until sale of the device to an end
\ncustomer by the intermediary or the expiry of any right of return.
\nWhere refunds are issued to customers they are deducted from revenue in the relevant service period.
\nWhen the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a
\nprincipal, receipts from, and payments to, suppliers are reported on a gross basis in revenue and operating costs. If another party has control of
\ngoods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant
\nobligations is recognised net of any related payments to the supplier and recognised revenue represents the margin earned by the Group. See
\n\u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 for details.
\nCustomers typically pay in advance for prepay mobile services and monthly for other communication services. Customers typically pay for handsets
\nand other equipment either up-front at the time of sale or over the term of the related service agreement.
\nWhen revenue recognised in respect of a customer contract exceeds amounts received or receivable from a customer at that time a contract asset
\nis recognised; contract assets will typically be recognised for handsets or other equipment provided to customers where payment is recovered by
\nthe Group via future service fees. If amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the
\nGroup receives an advance payment from a customer, a contract liability is recognised.
\nWhen contract assets or liabilities are recognised, a financing component may exist in the contract; this is typically the case when a handset or other
\nequipment is provided to a customer up-front but payment is received over the term of the related service agreement, in which case the customer is
\ndeemed to have received financing. If a significant financing component is provided to the customer, the transaction price is reduced and interest
\nrevenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant central bank rates and customer credit risk.
\nContract-related costs
\nWhen costs directly relating to a specific contract are incurred prior to recognising revenue for a related obligation, and those costs enhance the
\nability of the Group to deliver an obligation and are expected to be recovered, then those costs are recognised on the consolidated statement of
\nfinancial position as fulfilment costs and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered.
\nThe direct and incremental costs of acquiring a contract including, for example, certain commissions payable to staff or agents for acquiring
\ncustomers on behalf of the Group, are recognised as contract acquisition cost assets in the consolidated statement of financial position when the
\nrelated payment obligation is recorded. Costs are recognised as an expense in line with the recognition of the related revenue that is expected to be
\nearned by the Group; typically this is over the customer contract period as new commissions are payable on contract renewal. Certain amounts
\npayable to agents are deducted from revenue recognised (see above).
\n\n\n
Revenue disaggregation and segmental income statement analysis
\nRevenue reported for the year includes revenue from contracts with customers, comprising service and equipment revenue, as well as other
\nrevenue items including revenue from leases and interest revenue arising from transactions with a significant financing component.
\nThe tables below present Revenue and Adjusted EBITDAaL for the year ended 31 March 2023 and for the comparative years ended 31 March 2022
\nand 31 March 2021. The comparative information for the year ended 31 March 2021 is presented under the previous segmental reporting structure.
\nRevenue from
Total
\nService
Equipment
contracts with
Other
Interest
segment
Adjusted
\n31 March 2023
\nrevenue
revenue
customers
revenue
\n1
\nrevenue
revenue
EBITDAaL
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGermany
11,433
1,313
12,746
350
17
13,113
5,323
\nItaly
4,251
426
4,677
122
10
4,809
1,453
\nUK
5,358
1,375
6,733
58
33
6,824
1,350
\nSpain
3,514
307
3,821
60
26
3,907
947
\nOther Europe
5,005
602
5,607
117
20
5,744
1,632
\nVodacom
4,849
1,034
5,883
403
28
6,314
2,159
\nOther Markets
3,300
530
3,830
4
\u2013
3,834
1,145
\nVantage Towers
\u2013
\u2013
\u2013
1,338
\u2013
1,338
795
\nCommon Functions
\n2
\n530
47
577
810
\u2013
1,387
(139)
\nEliminations
(271)
(1)
(272)
(1,292)
\u2013
(1,564)
\u2013
\nGroup
37,969
5,633
43,602
1,970
134
45,706
14,665
\nRevenue from
Total
\nService
Equipment
contracts with
Other
Interest
segment
Adjusted
\n31 March 2022
\nrevenue
revenue
customers
revenue
\n1
\nrevenue
revenue
EBITDAaL
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGermany
11,616
1,126
12,742
365
21
13,128
5,669
\nItaly
4,379
525
4,904
108
10
5,022
1,699
\nUK
5,154
1,333
6,487
69
33
6,589
1,395
\nSpain
3,714
369
4,083
73
24
4,180
957
\nOther Europe
5,001
528
5,529
105
19
5,653
1,606
\nVodacom
4,635
950
5,585
384
24
5,993
2,125
\nOther Markets
3,420
404
3,824
6
\u2013
3,830
1,335
\nVantage Towers
\u2013
\u2013
\u2013
1,252
\u2013
1,252
619
\nCommon Functions
\n2
\n522
53
575
838
1
1,414
(197)
\nEliminations
(238)
(1)
(239)
(1,242)
\u2013
(1,481)
\u2013
\nGroup
38,203
5,287
43,490
1,958
132
45,580
15,208
\nRevenue from
Total
\nService
Equipment
contracts with
Other
Interest
segment
Adjusted
\n31 March 2021
\nrevenue
revenue
customers
revenue
\n1
\nrevenue
revenue
EBITDAaL
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGermany
11,520
1,055
12,575
380
29
12,984
5,634
\nItaly
4,458
446
4,904
97
13
5,014
1,597
\nUK
4,848
1,206
6,054
44
53
6,151
1,367
\nSpain
3,788
292
4,080
64
22
4,166
1,044
\nOther Europe
4,859
549
5,408
124
17
5,549
1,760
\nVodacom
4,083
800
4,883
282
16
5,181
1,873
\nOther Markets
3,312
441
3,753
12
\u2013
3,765
1,228
\nCommon Functions
\n2
\n470
36
506
862
\u2013
1,368
(117)
\nEliminations
(197)
(1)
(198)
(171)
\u2013
(369)
\u2013
\nGroup
37,
4,824
41,965
1,694
150
43,809
14,386
\nNotes:
\n1
Other revenue includes lease revenue recognised under IFRS 16 \u2018Leases\u2019 (see note 20 \u2018Leases\u2019).
\n2
Comprises central teams and business functions.
\nThe total future revenue from the remaining term of Group\u2019s contracts with customers for performance obligations not yet delivered to those
\ncustomers at 31 March 2023 is \u20ac18,521 million (2022: \u20ac20,013 million; 2021: \u20ac21,038 million); of which \u20ac11,941 million (2022: \u20ac12,913 million;
\n2021: \u20ac14,110 million) is expected to be recognised within the next year and the majority of the remaining amount in the following 12 months.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20536": {
"value": "Accounting policies Revenue
\nWhen the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate
\nperformance obligations (\u2018obligations\u2019) to the extent that the customer can benefit from the goods or services on their own and that the separate
\ngoods and services are considered distinct from other goods and services in the agreement. Where individual goods and services do not meet the
\ncriteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is
\nidentified. The obligations identified will depend on the nature of individual customer contracts, but might typically be separately identified for
\nmobile handsets, other equipment such as set-top boxes and routers provided to customers and services provided to customers such as mobile and
\nfixed line communication services. Where goods and services have a functional dependency (for example, a fixed line router can only be used with
\nthe Group\u2019s services) this does not, in isolation, prevent those goods or services from being assessed as separate obligations. Activities relating to
\nconnecting customers to the Group\u2019s network for the future provision of services are not considered to meet the criteria to be recognised as
\nobligations except to the extent that the control of related equipment passes to customers.
\nThe Group determines the transaction price to which it expects to be entitled in return for providing the promised obligations to the customer based
\non the committed contractual amounts, net of sales taxes and discounts. Where indirect channel dealers, such as retailers, acquire customer
\ncontracts on behalf of the Group and receive commission, any commissions that the dealer is compelled to use to fund discounts or other
\nincentives to the customer are treated as payments to the customer when determining the transaction price and consequently are not included in
\ncontract acquisition costs.
\nThe transaction price is allocated between the identified obligations according to the relative standalone selling prices of the obligations. The
\nstandalone selling price of each obligation deliverable in the contract is determined according to the prices that the Group would achieve by selling
\nthe same goods and/or services included in the obligation to a similar customer on a standalone basis; where standalone selling prices are not
\ndirectly observable, estimation techniques are used maximising the use of external inputs. See \u2018Critical accounting judgements and key sources of
\nestimation uncertainty\u2019 in note 1 for details. Revenue is recognised when the respective obligations in the contract are delivered to the customer
\nand cash collection is considered probable. Revenue for the provision of services, such as mobile airtime and fixed line broadband, is recognised
\nwhen the Group provides the related service during the agreed service period.
\nRevenue for device sales to end customers is generally recognised when the device is delivered to the end customer. For device sales made to
\nintermediaries such as indirect channel dealers, revenue is recognised if control of the device has transferred to the intermediary and the
\nintermediary has no right to return the device to receive a refund; otherwise revenue recognition is deferred until sale of the device to an end
\ncustomer by the intermediary or the expiry of any right of return.
\nWhere refunds are issued to customers they are deducted from revenue in the relevant service period.
\nWhen the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a
\nprincipal, receipts from, and payments to, suppliers are reported on a gross basis in revenue and operating costs. If another party has control of
\ngoods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant
\nobligations is recognised net of any related payments to the supplier and recognised revenue represents the margin earned by the Group. See
\n\u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 for details.
\nCustomers typically pay in advance for prepay mobile services and monthly for other communication services. Customers typically pay for handsets
\nand other equipment either up-front at the time of sale or over the term of the related service agreement.
\nWhen revenue recognised in respect of a customer contract exceeds amounts received or receivable from a customer at that time a contract asset
\nis recognised; contract assets will typically be recognised for handsets or other equipment provided to customers where payment is recovered by
\nthe Group via future service fees. If amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the
\nGroup receives an advance payment from a customer, a contract liability is recognised.
\nWhen contract assets or liabilities are recognised, a financing component may exist in the contract; this is typically the case when a handset or other
\nequipment is provided to a customer up-front but payment is received over the term of the related service agreement, in which case the customer is
\ndeemed to have received financing. If a significant financing component is provided to the customer, the transaction price is reduced and interest
\nrevenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant central bank rates and customer credit risk.
\nContract-related costs
\nWhen costs directly relating to a specific contract are incurred prior to recognising revenue for a related obligation, and those costs enhance the
\nability of the Group to deliver an obligation and are expected to be recovered, then those costs are recognised on the consolidated statement of
\nfinancial position as fulfilment costs and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered.
\nThe direct and incremental costs of acquiring a contract including, for example, certain commissions payable to staff or agents for acquiring
\ncustomers on behalf of the Group, are recognised as contract acquisition cost assets in the consolidated statement of financial position when the
\nrelated payment obligation is recorded. Costs are recognised as an expense in line with the recognition of the related revenue that is expected to be
\nearned by the Group; typically this is over the customer contract period as new commissions are payable on contract renewal. Certain amounts
\npayable to agents are deducted from revenue recognised (see above). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f20993": {
"value": "Segmental analysis The Group\u2019s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating
\ndecision maker in deciding how to allocate resources and in assessing performance. The Group has determined the chief operating decision maker
\nto be its Chief Executive. The Group has a single group of similar services and products, being the supply of communications services and related
\nproducts.
\nVantage Towers A.G. (\u2018Vantage Towers\u2019) has been presented as a separate segment of the Group since 1 April 2021, following its IPO in March 2021;
\nthe segmental presentation for the year ended 31 March 2021 was not revised.
Vantage Towers continued to be reported as a separate segment
\nuntil the time of its disposal.
\nFrom 1 April 2023, the Group will revise its segments by moving Vodafone Egypt from the Other Markets segment to the Vodacom segment to
\nreflect the effective date of changes made to the Group\u2019s internal reporting structure, following the transfer of Vodafone Egypt to the Vodacom
\ngroup in December 2022.
\nRevenue is attributed to a country based on the location of the Group company reporting the revenue. Transactions between operating segments
\nare charged at arm\u2019s-length prices.
\nWith the exception of Vodacom, which is a legal entity encompassing South Africa and certain other smaller African markets, and Vantage Towers,
\nwhich comprises companies providing mobile tower infrastructure in a number of European markets, segment information is primarily provided on
\nthe basis of geographic areas, being the basis on which the Group manages its worldwide interests.
\nThe operating segments for Germany, Italy, UK, Spain and Vodacom are individually material for the Group and are each reporting segments for
\nwhich certain financial information is provided. In addition, the Vantage Towers operating segment was a separately listed part of the Group until its
\ndisposal into a joint venture on 22 March 2023 (see note 27 \u2018Acquisitions and disposals\u2019) and is presented as a reporting segment as it is considered
\nto provide useful information to users of the financial statements. The aggregation of smaller operating segments into the Other Europe and Other
\nMarkets reporting segments reflects, in the opinion of management, the similar local market economic characteristics and regulatory environments
\nfor each of those operating segments as well as the similar products and services sold and comparable classes of customers. In the case of the
\nOther Europe region (comprising Albania, Czech Republic, Greece, Hungary (to the date of its disposal), Ireland, Portugal and Romania), this largely
\nreflects membership or a close association with the European Union, while the Other Markets segment (comprising Egypt, Ghana (to the date of its
\ndisposal) and Turkey) largely includes developing economies with less stable economic or regulatory environments. Common Functions is a
\nseparate reporting segment and comprises activities which are undertaken primarily in central Group entities that do not meet the criteria for
\naggregation with other reporting segments.
\nA reconciliation of adjusted EBITDAaL, the Group\u2019s measure of segment profit, to the Group\u2019s profit or loss before taxation for the financial year is
\nshown below.
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nAdjusted EBITDAaL
14,665
15,208
14,386
\nRestructuring costs
(587)
(346)
(356)
\nInterest on lease liabilities
436
398
374
\nLoss on disposal of owned assets
(36)
(28)
(30)
\nDepreciation and amortisation on owned assets
(9,649)
(9,858)
(10,187)
\nShare of results of equity accounted associates and joint ventures
433
389
374
\nImpairment loss
\n2
\n(64)
\u2013
\u2013
\nOther income
9,098
50
568
\nOperating profit
14,296
5,813
5,129
\nInvestment income
248
254
245
\nFinance costs
(1,728)
(1,964)
(1,027)
\nProfit before taxation
12,816
4,103
4,347
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, the share of result of equity accounted associates and joint ventures has increased by \u20ac178 million, other income has decreased by \u20ac29 million and operating profit has
\nincreased by \u20ac149 million compared to amounts previously reported. In the year ended 31 March 2021, the share of result of equity accounted associates and joint ventures has increased by
\n\u20ac32 million, operating profit has increased by \u20ac32 million and investment income has decreased by \u20ac85 million compared to amounts previously reported. See note 7 \u2018Discontinued
\noperations and assets held for sale\u2019 for more information.
\n2
The FY23 impairment loss relates to Indus Towers and is included in the Other Markets segment. See overleaf and Note 4 \u2018Impairment losses\u2019.
\n
\n
\n
Segmental assets
\nThe tables below present the segmental assets for the year ended 31 March 2023 and for the comparative years ended 31 March 2022 and 31
\nMarch 2021. The comparative information for the year ended 31 March 2021 is presented under the previous segmental reporting structure.
\nNon-current
Capital
Right-of-use
Other additions to
\nDepreciation
\nand
\n31 March 2023
\nassets
\n1
\nadditions
\n2
\nasset additions
intangible assets
\n3
\namortisation
Impairment loss
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGermany
43,878
2,701
2,145
2
4,154
\u2013
\nItaly
10,235
833
916
5
1,970
\u2013
\nUK
6,629
892
1,639
\u2013
1,562
\u2013
\nSpain
6,331
565
742
8
1,393
\u2013
\nOther Europe
7,815
927
1,104
151
1,363
\u2013
\nVodacom
5,810
862
219
260
1,027
\u2013
\nOther Markets
2,488
495
177
13
830
64
\nVantage Towers
\u2013
551
318
\u2013
326
\u2013
\nCommon Functions
2,013
839
127
\u2013
993
\u2013
\nGroup
85,199
8,665
7,387
439
13,618
64
\nNon-current
Capital
Right-of-use
Other additions to
\nDepreciation
\nand
\n31 March 2022
\nassets
\n1
\nadditions
\n2
\nasset additions
intangible assets
\n3
\namortisation
Impairment loss
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGermany
43,190
2,670
795
\u2013
3,981
\u2013
\nItaly
10,519
840
670
255
1,929
\u2013
\nUK
6,226
832
580
229
1,905
\u2013
\nSpain
6,433
676
422
291
1,499
\u2013
\nOther Europe
8,548
1,009
502
126
1,511
\u2013
\nVodacom
6,383
853
187
\u2013
920
\u2013
\nOther Markets
2,467
530
229
\u2013
598
\u2013
\nVantage Towers
8,179
366
320
\u2013
523
\u2013
\nCommon Functions
2,103
844
123
\u2013
979
\u2013
\nGroup
94,048
8,620
3,828
901
13,845
\u2013
\nNon-current
Capital
Right-of-use
Other additions to
\nDepreciation
\nand
\n31 March 2021
\nassets
\n1
\nadditions
\n2
\nasset additions
intangible assets
\n3
\namortisation
Impairment loss
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGermany
47,563
2,772
1,133
1
4,836
\u2013
\nItaly
10,707
805
758
17
2,025
\u2013
\nUK
7,968
822
1,138
\u2013
2,202
\u2013
\nSpain
7,213
772
700
9
1,579
\u2013
\nOther Europe
10,369
968
1,016
431
1,727
\u2013
\nVodacom
5,839
703
174
\u2013
872
\u2013
\nOther Markets
2,988
512
247
439
666
\u2013
\nCommon Functions
2,145
829
140
\u2013
194
\u2013
\nGroup
94,792
8,183
5,306
897
14,101
\u2013
\nNotes:
\n1
Comprises goodwill, other intangible assets and property, plant and equipment.
\n2
Includes additions to property, plant and equipment (excluding right-of-use assets), computer software and development costs, reported within Intangible assets.
\n3
Includes additions to licences and spectrum and customer base acquisitions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21423": {
"value": "3. Operating profit Detailed below are the key amounts recognised in arriving at our operating profit
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nAmortisation of intangible assets (Note 10)
4,031
4,044
4,421
\nDepreciation of property, plant and equipment (Note 11):
\nOwned assets
5,627
5,857
5,766
\nLeased assets
3,960
3,944
3,914
\nImpairment loss (Note 4)
64
\u2013
\u2013
\nStaff costs (Note 24)
5,842
5,334
5,157
\nAmounts related to inventory included in cost of sales
5,950
5,671
5,160
\nOwn costs capitalised attributable to the construction or acquisition of property, plant and
\nequipment
(1,267)
(1,092)
(995)
\nLoss on disposal of Vodafone Hungary
\n2
\n(Note 27)
69
\u2013
\u2013
\nGain on disposal of Vodafone Ghana
\n2
\n(Note 27)
(689)
\u2013
\u2013
\nGain on disposal of Vantage Towers
\n2
\n(Note 27)
(8,607)
\u2013
\u2013
\nGain on disposal of Indus Towers Limited
\n1,2
\n\u2013
81
\u2013
\nPledge arrangements in respect of Indus Towers Limited
\n2
\n(Note 29)
\u2013
(15)
(429)
\nNet gain on formation of TPG Telecom
\n2
\n(Note 12)
\u2013
\u2013
1,043
\nNet gain on formation of Indus Towers Limited
\n2
\n(Note 12)
\u2013
\u2013
292
\nSettlement of tender offer to KDG shareholders
\n2
\n\u2013
\u2013
(204)
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, the gain on disposal of Indus Towers Limited has decreased by \u20ac29 million compared to the amount previously reported. There is no impact on the amount previously reported
\nfor the year ended 31 March 2021. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Included in other income in the consolidated income statement.
\nThe total remuneration of the Group\u2019s auditor, Ernst & Young LLP and other member firms of Ernst & Young Global Limited, for services provided to
\nthe Group during the year ended 31 March 2023 is analysed below.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nParent company
5
4
3
\nSubsidiaries
22
19
18
\nAudit fees
\n1
\n27
23
21
\nAudit-related
\n2
\n3
2
\u2013
\nVantage Towers IPO
\n3
\n\u2013
\u2013
11
\nNon-audit fees
3
2
11
\nTotal fees
30
25
32
\nNotes:
\n1
Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u20ac1 million
\nin each of the years presented.
\n2
Fees for (i) special purpose audits and (ii) statutory and regulatory filings during the year.
\n3
Fees incurred for IPO services relating to the IPO of Vantage Towers A.G. on 18 March 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21424": {
"value": "3. Operating profit Detailed below are the key amounts recognised in arriving at our operating profit
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nAmortisation of intangible assets (Note 10)
4,031
4,044
4,421
\nDepreciation of property, plant and equipment (Note 11):
\nOwned assets
5,627
5,857
5,766
\nLeased assets
3,960
3,944
3,914
\nImpairment loss (Note 4)
64
\u2013
\u2013
\nStaff costs (Note 24)
5,842
5,334
5,157
\nAmounts related to inventory included in cost of sales
5,950
5,671
5,160
\nOwn costs capitalised attributable to the construction or acquisition of property, plant and
\nequipment
(1,267)
(1,092)
(995)
\nLoss on disposal of Vodafone Hungary
\n2
\n(Note 27)
69
\u2013
\u2013
\nGain on disposal of Vodafone Ghana
\n2
\n(Note 27)
(689)
\u2013
\u2013
\nGain on disposal of Vantage Towers
\n2
\n(Note 27)
(8,607)
\u2013
\u2013
\nGain on disposal of Indus Towers Limited
\n1,2
\n\u2013
81
\u2013
\nPledge arrangements in respect of Indus Towers Limited
\n2
\n(Note 29)
\u2013
(15)
(429)
\nNet gain on formation of TPG Telecom
\n2
\n(Note 12)
\u2013
\u2013
1,043
\nNet gain on formation of Indus Towers Limited
\n2
\n(Note 12)
\u2013
\u2013
292
\nSettlement of tender offer to KDG shareholders
\n2
\n\u2013
\u2013
(204)
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, the gain on disposal of Indus Towers Limited has decreased by \u20ac29 million compared to the amount previously reported. There is no impact on the amount previously reported
\nfor the year ended 31 March 2021. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Included in other income in the consolidated income statement.
\nThe total remuneration of the Group\u2019s auditor, Ernst & Young LLP and other member firms of Ernst & Young Global Limited, for services provided to
\nthe Group during the year ended 31 March 2023 is analysed below.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nParent company
5
4
3
\nSubsidiaries
22
19
18
\nAudit fees
\n1
\n27
23
21
\nAudit-related
\n2
\n3
2
\u2013
\nVantage Towers IPO
\n3
\n\u2013
\u2013
11
\nNon-audit fees
3
2
11
\nTotal fees
30
25
32
\nNotes:
\n1
Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u20ac1 million
\nin each of the years presented.
\n2
Fees for (i) special purpose audits and (ii) statutory and regulatory filings during the year.
\n3
Fees incurred for IPO services relating to the IPO of Vantage Towers A.G. on 18 March 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21425": {
"value": "3. Operating profit Detailed below are the key amounts recognised in arriving at our operating profit
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nAmortisation of intangible assets (Note 10)
4,031
4,044
4,421
\nDepreciation of property, plant and equipment (Note 11):
\nOwned assets
5,627
5,857
5,766
\nLeased assets
3,960
3,944
3,914
\nImpairment loss (Note 4)
64
\u2013
\u2013
\nStaff costs (Note 24)
5,842
5,334
5,157
\nAmounts related to inventory included in cost of sales
5,950
5,671
5,160
\nOwn costs capitalised attributable to the construction or acquisition of property, plant and
\nequipment
(1,267)
(1,092)
(995)
\nLoss on disposal of Vodafone Hungary
\n2
\n(Note 27)
69
\u2013
\u2013
\nGain on disposal of Vodafone Ghana
\n2
\n(Note 27)
(689)
\u2013
\u2013
\nGain on disposal of Vantage Towers
\n2
\n(Note 27)
(8,607)
\u2013
\u2013
\nGain on disposal of Indus Towers Limited
\n1,2
\n\u2013
81
\u2013
\nPledge arrangements in respect of Indus Towers Limited
\n2
\n(Note 29)
\u2013
(15)
(429)
\nNet gain on formation of TPG Telecom
\n2
\n(Note 12)
\u2013
\u2013
1,043
\nNet gain on formation of Indus Towers Limited
\n2
\n(Note 12)
\u2013
\u2013
292
\nSettlement of tender offer to KDG shareholders
\n2
\n\u2013
\u2013
(204)
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, the gain on disposal of Indus Towers Limited has decreased by \u20ac29 million compared to the amount previously reported. There is no impact on the amount previously reported
\nfor the year ended 31 March 2021. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Included in other income in the consolidated income statement.
\nThe total remuneration of the Group\u2019s auditor, Ernst & Young LLP and other member firms of Ernst & Young Global Limited, for services provided to
\nthe Group during the year ended 31 March 2023 is analysed below.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nParent company
5
4
3
\nSubsidiaries
22
19
18
\nAudit fees
\n1
\n27
23
21
\nAudit-related
\n2
\n3
2
\u2013
\nVantage Towers IPO
\n3
\n\u2013
\u2013
11
\nNon-audit fees
3
2
11
\nTotal fees
30
25
32
\nNotes:
\n1
Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u20ac1 million
\nin each of the years presented.
\n2
Fees for (i) special purpose audits and (ii) statutory and regulatory filings during the year.
\n3
Fees incurred for IPO services relating to the IPO of Vantage Towers A.G. on 18 March 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21426": {
"value": "3. Operating profit Detailed below are the key amounts recognised in arriving at our operating profit
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nAmortisation of intangible assets (Note 10)
4,031
4,044
4,421
\nDepreciation of property, plant and equipment (Note 11):
\nOwned assets
5,627
5,857
5,766
\nLeased assets
3,960
3,944
3,914
\nImpairment loss (Note 4)
64
\u2013
\u2013
\nStaff costs (Note 24)
5,842
5,334
5,157
\nAmounts related to inventory included in cost of sales
5,950
5,671
5,160
\nOwn costs capitalised attributable to the construction or acquisition of property, plant and
\nequipment
(1,267)
(1,092)
(995)
\nLoss on disposal of Vodafone Hungary
\n2
\n(Note 27)
69
\u2013
\u2013
\nGain on disposal of Vodafone Ghana
\n2
\n(Note 27)
(689)
\u2013
\u2013
\nGain on disposal of Vantage Towers
\n2
\n(Note 27)
(8,607)
\u2013
\u2013
\nGain on disposal of Indus Towers Limited
\n1,2
\n\u2013
81
\u2013
\nPledge arrangements in respect of Indus Towers Limited
\n2
\n(Note 29)
\u2013
(15)
(429)
\nNet gain on formation of TPG Telecom
\n2
\n(Note 12)
\u2013
\u2013
1,043
\nNet gain on formation of Indus Towers Limited
\n2
\n(Note 12)
\u2013
\u2013
292
\nSettlement of tender offer to KDG shareholders
\n2
\n\u2013
\u2013
(204)
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, the gain on disposal of Indus Towers Limited has decreased by \u20ac29 million compared to the amount previously reported. There is no impact on the amount previously reported
\nfor the year ended 31 March 2021. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Included in other income in the consolidated income statement.
\nThe total remuneration of the Group\u2019s auditor, Ernst & Young LLP and other member firms of Ernst & Young Global Limited, for services provided to
\nthe Group during the year ended 31 March 2023 is analysed below.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nParent company
5
4
3
\nSubsidiaries
22
19
18
\nAudit fees
\n1
\n27
23
21
\nAudit-related
\n2
\n3
2
\u2013
\nVantage Towers IPO
\n3
\n\u2013
\u2013
11
\nNon-audit fees
3
2
11
\nTotal fees
30
25
32
\nNotes:
\n1
Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u20ac1 million
\nin each of the years presented.
\n2
Fees for (i) special purpose audits and (ii) statutory and regulatory filings during the year.
\n3
Fees incurred for IPO services relating to the IPO of Vantage Towers A.G. on 18 March 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21433": {
"value": "Re-presented 1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nAmortisation of intangible assets (Note 10)
4,031
4,044
4,421
\nDepreciation of property, plant and equipment (Note 11):
\nOwned assets
5,627
5,857
5,766
\nLeased assets
3,960
3,944
3,914
\nImpairment loss (Note 4)
64
\u2013
\u2013
\nStaff costs (Note 24)
5,842
5,334
5,157
\nAmounts related to inventory included in cost of sales
5,950
5,671
5,160
\nOwn costs capitalised attributable to the construction or acquisition of property, plant and
\nequipment
(1,267)
(1,092)
(995)
\nLoss on disposal of Vodafone Hungary
\n2
\n(Note 27)
69
\u2013
\u2013
\nGain on disposal of Vodafone Ghana
\n2
\n(Note 27)
(689)
\u2013
\u2013
\nGain on disposal of Vantage Towers
\n2
\n(Note 27)
(8,607)
\u2013
\u2013
\nGain on disposal of Indus Towers Limited
\n1,2
\n\u2013
81
\u2013
\nPledge arrangements in respect of Indus Towers Limited
\n2
\n(Note 29)
\u2013
(15)
(429)
\nNet gain on formation of TPG Telecom
\n2
\n(Note 12)
\u2013
\u2013
1,043
\nNet gain on formation of Indus Towers Limited
\n2
\n(Note 12)
\u2013
\u2013
292
\nSettlement of tender offer to KDG shareholders
\n2
\n\u2013
\u2013
(204)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21434": {
"value": "Re-presented 1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nAmortisation of intangible assets (Note 10)
4,031
4,044
4,421
\nDepreciation of property, plant and equipment (Note 11):
\nOwned assets
5,627
5,857
5,766
\nLeased assets
3,960
3,944
3,914
\nImpairment loss (Note 4)
64
\u2013
\u2013
\nStaff costs (Note 24)
5,842
5,334
5,157
\nAmounts related to inventory included in cost of sales
5,950
5,671
5,160
\nOwn costs capitalised attributable to the construction or acquisition of property, plant and
\nequipment
(1,267)
(1,092)
(995)
\nLoss on disposal of Vodafone Hungary
\n2
\n(Note 27)
69
\u2013
\u2013
\nGain on disposal of Vodafone Ghana
\n2
\n(Note 27)
(689)
\u2013
\u2013
\nGain on disposal of Vantage Towers
\n2
\n(Note 27)
(8,607)
\u2013
\u2013
\nGain on disposal of Indus Towers Limited
\n1,2
\n\u2013
81
\u2013
\nPledge arrangements in respect of Indus Towers Limited
\n2
\n(Note 29)
\u2013
(15)
(429)
\nNet gain on formation of TPG Telecom
\n2
\n(Note 12)
\u2013
\u2013
1,043
\nNet gain on formation of Indus Towers Limited
\n2
\n(Note 12)
\u2013
\u2013
292
\nSettlement of tender offer to KDG shareholders
\n2
\n\u2013
\u2013
(204)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21435": {
"value": "Re-presented 1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nAmortisation of intangible assets (Note 10)
4,031
4,044
4,421
\nDepreciation of property, plant and equipment (Note 11):
\nOwned assets
5,627
5,857
5,766
\nLeased assets
3,960
3,944
3,914
\nImpairment loss (Note 4)
64
\u2013
\u2013
\nStaff costs (Note 24)
5,842
5,334
5,157
\nAmounts related to inventory included in cost of sales
5,950
5,671
5,160
\nOwn costs capitalised attributable to the construction or acquisition of property, plant and
\nequipment
(1,267)
(1,092)
(995)
\nLoss on disposal of Vodafone Hungary
\n2
\n(Note 27)
69
\u2013
\u2013
\nGain on disposal of Vodafone Ghana
\n2
\n(Note 27)
(689)
\u2013
\u2013
\nGain on disposal of Vantage Towers
\n2
\n(Note 27)
(8,607)
\u2013
\u2013
\nGain on disposal of Indus Towers Limited
\n1,2
\n\u2013
81
\u2013
\nPledge arrangements in respect of Indus Towers Limited
\n2
\n(Note 29)
\u2013
(15)
(429)
\nNet gain on formation of TPG Telecom
\n2
\n(Note 12)
\u2013
\u2013
1,043
\nNet gain on formation of Indus Towers Limited
\n2
\n(Note 12)
\u2013
\u2013
292
\nSettlement of tender offer to KDG shareholders
\n2
\n\u2013
\u2013
(204)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21535": {
"value": "The total remuneration of the Group\u2019s auditor, Ernst & Young LLP and other member firms of Ernst & Young Global Limited, for services provided to the Group during the year ended 31 March 2023 is analysed below.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nParent company
5
4
3
\nSubsidiaries
22
19
18
\nAudit fees
\n1
\n27
23
21
\nAudit-related
\n2
\n3
2
\u2013
\nVantage Towers IPO
\n3
\n\u2013
\u2013
11
\nNon-audit fees
3
2
11
\nTotal fees
30
25
32
\nNotes:
\n1
Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to \u20ac1 million
\nin each of the years presented.
\n2
Fees for (i) special purpose audits and (ii) statutory and regulatory filings during the year.
\n3
Fees incurred for IPO services relating to the IPO of Vantage Towers A.G. on 18 March 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21612": {
"value": "4. Impairment losses Impairment occurs when the carrying value of assets is greater than the present value of the net cash flows they are
\nexpected to generate. We review the carrying value of assets for each country in which we operate at least annually. For
\nfurther details of our impairment review process see \u2018Critical accounting judgements and key sources of estimation
\nuncertainty\u2019 in note 1 \u2018Basis of preparation\u2019 to the consolidated financial statements.
\nAccounting policies
\nGoodwill
\nGoodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication that the asset may be impaired.
\nFor the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-
\ngenerating units. The determination of the Group\u2019s cash-generating units is primarily based on the geographic area where the Group supplies
\ncommunications services and products. If cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets
\nin that same jurisdiction and management monitors performance separately, multiple cash-generating units are identified within that geographic
\narea.
\nIf the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce
\nthe carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of
\neach asset in the unit. Impairment losses recognised for goodwill are not reversible in subsequent periods.
\nThe recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows
\nare discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
\nspecific to the asset for which the estimates of future cash flows have not been adjusted.
\nManagement prepares formal five year plans for the Group\u2019s cash-generating units, which are the basis for the value in use calculations.
\nProperty, plant and equipment, finite lived intangible assets and equity accounted investments
\nAt each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite lived intangible assets and equity-
\naccounted investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication
\nexists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to
\nestimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset
\nbelongs.
\nIf the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or
\ncash-generating unit is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement.
\nWhere there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying
\namount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that
\nwould have been determined had no impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss
\nreversal is recognised immediately in the consolidated income statement.
\nImpairment loss
\nFollowing our annual impairment review, the Group recognised an impairment loss in the consolidated income statement within operating profit
\nrelating to our investment in Indus Towers of \u20ac64 million in the current year.
Further detail on events that led to the recognition of this loss is
\nincluded on page 141. No impairments were recognised for any other cash-generating units in the three years ended 31 March 2023.
\nGoodwill
\nThe remaining carrying value of goodwill at 31 March was as follows:
\n2023
2022
\n\u20acm
\u20acm
\nGermany
20,335
20,335
\nItaly
2,481
2,481
\nVantage Towers Germany
\u2013
2,565
\nOther
4,799
6,503
\n27,615
31,884
\n
\n\n
\n
\nKey assumptions used in the value in use calculations
\nThe key assumptions used in determining the value in use are:
\nAssumption
How determined
\nProjected adjusted
\nEBITDAaL
\nProjected adjusted EBITDAaL has been based on past experience adjusted for the following:
\n-
\nIn Europe, mobile revenue is expected to benefit from increased usage as customers transition to higher data
\nbundles, and new products and services are introduced. Fixed revenue is expected to continue to grow as
\npenetration is increased and more products and services are sold to customers;
\n-
\nOutside of Europe, revenue is expected to continue to grow as the penetration of faster data-enabled devices
\nrises along with higher data bundle attachment rates, and new products and services are introduced; and
\n-
\nMargins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers
\nin increasingly competitive markets and by positive factors such as the efficiencies expected from the
\nimplementation of Group initiatives.
\nProjected capital
\nexpenditure
\nThe cash flow forecasts for capital expenditure are based on past experience and include the ongoing capital
\nexpenditure required to maintain our networks, provide products and services in line with customer expectations,
\nincluding of higher data volumes and speeds, and to meet the population coverage requirements of certain of the
\nGroup\u2019s licences. In Europe, capital expenditure is required to roll out capacity-building next generation 5G and
\ngigabit networks. Outside of Europe, capital expenditure will be required for the continued rollout of current and
\nnext generation mobile networks in emerging markets. Capital expenditure includes cash outflows for the
\npurchase of owned property, plant and equipment and computer software.
\nProjected licence and
\nspectrum payments
\nTo enable the continued provision of products and services, the cash flow forecasts for licence and spectrum
\npayments for each relevant cash-generating unit include amounts for expected renewals and newly available
\nspectrum. Beyond the five year forecast period, a long-run cost of spectrum is assumed.
\nLong-term growth rate
For the purposes of the Group\u2019s value in use calculations, a long
\u2011
term growth rate into perpetuity is applied
\nimmediately at the end of the five year forecast period and is based on the lower of:
\n-
\nthe nominal GDP growth rate forecasts for the country of operation; and
\n-
the long-term compound annual growth rate in adjusted EBITDAaL as estimated by management.
\nLong-term compound annual growth rates determined by management may be lower than forecast nominal GDP
\ngrowth rates due to the following market-specific factors: competitive intensity levels, maturity of business,
\nregulatory environment or sector-specific inflation expectations.
\nPre-tax discount rate
The pre-tax discount rate for each cash-generating unit is derived such that when applied to pre-tax cash flows it
\ngives the same result as when the observable post-tax weighted average cost of capital is applied to post-tax cash
\nflows.
\nThe assumptions used to develop discount rates for each cash-generating unit are benchmarked to externally
\navailable data.
\n-
The risk free rate is derived from an average yield of a ten year bond issued by the government in each cash-
\ngenerating unit\u2019s respective country of operations.
\n-
The forward-looking equity market risk premium (an investor\u2019s required rate return over and above a risk free
\nrate) is based on studies by independent economists, the long-term average equity market risk premium and
\nthe market risk premiums typically used by valuation practitioners.
\n-
The asset beta reflecting the systematic risk of the telecommunications segment relative to the market as a
\nwhole is determined from betas observed for comparable listed telecommunications companies.
\n-
The region-specific leverage ratios are estimated from ratios observed for comparable listed
\ntelecommunications companies.
\nEach cash-generating unit\u2019s discount rate is determined in nominal terms in order to match their nominal
\nestimates of future cash flows.
\nRising risk free interest rates and lower asset betas have, respectively, increased and decreased the cash-
\ngenerating unit discount rates in the current year.
\n
\n
\n
Year ended 31 March 2023
\nThe Group performs its annual impairment test for goodwill and indefinite lived intangible assets at 31 March and when there is an indicator of
\nimpairment of an asset. At each reporting period date judgement is exercised by management in determining whether any internal or external
\nsources of information observed are indicative that the carrying amount of any of the Group\u2019s cash generating units is not recoverable. For changes
\nto the Group's cash-generating units in the current year see note 27 'Acquisitions and disposals'.
\nClimate change
\nAs a large owner of infrastructure and consumer of energy, the Group has exposure to climate change related risks such as energy cost increases,
\nasset damage and service disruption. The long range plans used in the Group\u2019s impairment testing include forecast energy costs and other costs
\nthat are embedded in the planning process to deliver the Group\u2019s zero carbon targets. The long range plans also include capital expenditure in
\nrelation to the Group\u2019s use of durable and energy efficient infrastructure and the costs of the Group\u2019s extensive and ongoing network maintenance
\nprogramme. Climate change has not had a material impact on the outcome of the Group\u2019s impairment testing.
\nIndus Towers Limited
\nThe Group\u2019s investment in Indus Towers was tested for impairment at 31 March 2023 following a decline in Indus Towers\u2019 quoted share price in the
\ncurrent year. Management concluded that fair value less costs of disposal is the appropriate basis to determine the recoverable amount of the
\nGroup\u2019s investment. Indus Towers\u2019 share price is observable in a quoted market and is considered a level 1 input under the IFRS 13 fair value
\nhierarchy. The share price of INR143.00 per share implied a recoverable amount of INR 81 billion (\u20ac0.9 billion) which was lower than the carrying
\nvalue of the investment at the same date. An impairment charge of \u20ac64 million was recognised to reduce the carrying value of the Group\u2019s
\ninvestment to the recoverable amount in the Group\u2019s consolidated statement of financial position.
\nValue in use assumptions
\nThe table below shows key assumptions used in the value in use calculations, and separately presented cash-generating units for which the carrying
\namount of goodwill is significant in comparison with the Group\u2019s total carrying amount of goodwill:
\nAssumptions used in value in use
\ncalculations
\nGermany
Italy
\n%
%
\nPre-tax discount rate
7.8
8.9
\nLong-term growth rate
0.6
1.5
\nProjected adjusted EBITDAaL CAGR
\n1
\n1.8
1.0
\nProjected capital expenditure
\n2
\n19.4-19.8
16.5-17.9
\nSensitivity analysis
\nThe estimated recoverable amounts of the Group\u2019s operations in Germany, Italy, the UK, and Spain exceed their carrying values by \u20ac3.2 billion, \u20ac0.2
\nbillion, \u20ac1.3 billion, and \u20ac0.4 billion respectively. If the assumptions used in the impairment review were changed to a greater extent than as
\npresented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2023.
\nChange required for carrying value to equal recoverable amount
\nGermany
Italy
UK
Spain
\npps
pps
pps
pps
\nPre-tax discount rate
0.6
0.2
1.6
0.5
\nLong-term growth rate
(0.6)
(0.2)
(1.9)
(0.6)
\nProjected adjusted EBITDAaL CAGR
\n1
\n(1.8)
(0.5)
(4.1)
(1.5)
\nProjected capital expenditure
\n2
\n5.5
0.9
4.2
2.2
\nNotes:
\n1
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing.
\n2
Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the
\nplans used for impairment testing.
\n\n
\n
\n
\nFor the Group\u2019s operations in Italy and Spain management has prepared the following sensitivity analysis for changes in pre-tax discount rate and
\nprojected adjusted EBITDAaL CAGR
\n1
\nassumptions. The associated impact of the change in each key assumption does not consider any
\nconsequential impact on other assumptions used in the impairment review.
\nRecoverable amount less carrying value
\nItaly
Spain
\n\u20acbn
\u20acbn
\nBase case as at 31 March 2023
0.2
0.4
\nChange in pre-tax discount rate
\nDecrease by 1pps
1.4
1.3
\nIncrease by 1pps
(0.8)
(0.3)
\nChange in projected adjusted EBITDAaL CAGR
\n1
\nDecrease by 5pps
(1.6)
(0.8)
\nIncrease by 5pps
2.3
1.8
\nNote:
\n1
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing.
\nYear ended 31 March 2022
\nThe disclosures below for the year ended 31 March 2022 are as previously disclosed in the 31 March 2022 Annual Report.
\nThe Group performs its annual impairment test for goodwill and indefinite lived intangible assets at 31 March and when there is an indicator of
\nimpairment of an asset. At each reporting period date judgement is exercised by management in determining whether any internal or external
\nsources of information observed are indicative that the carrying amount of any of the Group\u2019s cash-generating units is not recoverable.
\nAs a large owner of infrastructure and consumer of energy, the Group has exposure to climate change related risks such as energy cost increases,
\nasset damage and service disruption. The long range plans used in the Group\u2019s impairment testing include forecast energy costs and other costs
\nthat are embedded in the planning process to deliver the Group\u2019s zero carbon targets. The long range plans also include capital expenditure in
\nrelation to the Group\u2019s use of durable and energy efficient infrastructure and the costs of the Group\u2019s extensive and ongoing network maintenance
\nprogramme. Furthermore, the Group will continue to develop strong reactive initiatives to manage the unpredictable impacts of future climate-
\nrelated risks. Climate change, therefore, has not had a material impact on the outcome of the Group\u2019s impairment testing and the Group will
\ncontinue to refine its approach to modelling climate-related risks and opportunities in the value in use calculations.
\nAs the war in Ukraine continues, it is challenging to predict the full extent and duration of its impact on the economy and the Group\u2019s businesses.
\nHowever, to assess a potential impact of this on the Group\u2019s impairment testing, management prepared scenario analysis based on adjustments to
\nthe long range plans for high level estimates of market risks impacted by the war. This analysis did not indicate a risk of impairment at 31 March
\n2022. Management will update the cash flows and assumptions used in the Group\u2019s impairment testing at future reporting dates with latest best
\nestimates.
\nNo impairments were recognised for the Group\u2019s cash-generating units during the year to 31 March 2022.
\nValue in use assumptions
\nThe table below shows key assumptions used in the value in use calculations, and separately presented cash-generating units for which the carrying
\namount of goodwill is significant in comparison with the Group\u2019s total carrying amount of goodwill:
\nAssumptions used in value in use calculations
\nGermany
Italy
\nVantage Towers
\nGermany
Other
\n%
%
%
%
\nPre-tax discount rate
7.4
9.3
6.1
6.2-22.5
\nLong-term growth rate
0.5
1.5
1.5
1.0-8.9
\nProjected adjusted EBITDAaL CAGR
\n1
\n(0.1)
(0.2)
11.0
(5.4)-13.0
\nProjected capital expenditure
\n2
\n19.6-21.8
15.0-16.3
32.0-62.1
10.0-51.4
\nNotes:
\n1
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. For the
\npurposes of this disclosure, Italy\u2019s adjusted EBITDAaL for the year ended 31 March 2022 excludes the TIM settlement.
\n2
Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the
\nplans used for impairment testing.
\n
\n
\n
Sensitivity analysis
\nThe estimated recoverable amounts of the Group\u2019s operations in Germany, Italy, the UK and Spain exceed their carrying values by \u20ac7.3 billion, \u20ac0.4
\nbillion, \u20ac1.3 billion and \u20ac0.1 billion respectively. However, if the assumptions used in the impairment review were changed to a greater extent than
\nas presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2022.
\nChange required for carrying value to equal recoverable amount
\nGermany
Italy
UK
Spain
\npps
pps
pps
pps
\nPre-tax discount rate
1.4
0.3
1.3
0.1
\nLong-term growth rate
(1.4)
(0.3)
(1.5)
(0.1)
\nProjected adjusted EBITDAaL CAGR
\n1
\n(4.1)
(0.9)
(3.1)
(0.4)
\nProjected capital expenditure
\n2
\n12.6
1.8
4.3
0.5
\nFor the Group\u2019s operations in Germany, Italy, the UK and Spain management has considered the following reasonably possible changes in pre-tax
\ndiscount rate, long-term growth rate and projected adjusted EBITDAaL CAGR
\n1
\nassumptions, leaving all other assumptions unchanged. The
\nsensitivity analysis presented is prepared on the basis that the reasonably possible change in each key assumption would not have a consequential
\nimpact on other assumptions used in the impairment review. The associated impact on the impairment assessment is presented in the table below.
\nManagement has concluded that no reasonably possible or foreseeable change in projected capital expenditure
\n2
\nwould cause the difference
\nbetween the carrying value and recoverable amount for any cash generating unit to be materially different to the base case disclosed below.
\nRecoverable amount less carrying value
\nGermany
Italy
UK
Spain
\n\u20acbn
\u20acbn
\u20acbn
\u20acbn
\nBase case as at 31 March 2022
7.3
0.4
1.3
0.1
\nChange in pre-tax discount rate
\nDecrease by 1pps
14.9
1.7
2.8
1.0
\nIncrease by 1pps
1.7
(0.7)
0.3
(0.6)
\nChange in long-term growth rate
\nDecrease by 1pps
1.6
(0.6)
0.4
(0.5)
\nIncrease by 1pps
15.6
1.7
2.8
0.9
\nChange in projected adjusted EBITDAaL CAGR
\n1
\nDecrease by 5pps
(1.4)
(1.6)
(0.7)
(1.1)
\nIncrease by 5pps
17.9
2.8
3.8
1.5
\nNote:
\n1
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. For the
\npurposes of this disclosure, Italy\u2019s adjusted EBITDAaL for the year ended 31 March 2022 excludes the TIM settlement.
\n2
Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the
\nplans used for impairment testing.
\nYear ended 31 March 2021
\nThe disclosures below for the year ended 31 March 2021 are as previously disclosed in the 31 March 2021 Annual Report.
\nFollowing the carve-out of Vodafone\u2019s tower infrastructure to Vantage Towers A.G. (\u2018Vantage Towers\u2019) during the year in Germany, Spain, Portugal,
\nIreland, Greece, Romania, Czech Republic and Hungary and the acquisitions by Vantage Towers of Vodafone UK\u2019s 50% shareholding in Cornerstone
\nTelecommunications Infrastructure Limited (\u2018CTIL\u2019) and the remaining shareholding in the Vantage Towers Greece, management considers
\nVodafone\u2019s operating companies and Vantage Tower\u2019s operating companies in the affected geographical areas to represent two cash-generating
\nunits for the purpose of impairment testing as at 31 March 2021. Vodafone\u2019s investment in Infrastrutture Wireless Italiane S.p.A. (\u2018INWIT\u2019) was also
\ntransferred to Vantage Towers during the year.
\nGoodwill has been allocated on a relative values basis to the Vantage Towers cash-generating units, where applicable, as part of the tower business
\ncarve out from Vodafone\u2019s operations. The cash-generating units described below relate to Vodafone\u2019s mobile and fixed line trading businesses,
\nunless otherwise indicated as being part of Vantage Towers.
\nValue in use assumptions
\nThe table below shows key assumptions used in the value in use calculations.
\nAssumptions used in value in use calculation
\nGermany
Italy
Spain
Ireland
Romania
\nVantage Towers
\nGermany
\n%
%
%
%
%
%
\nPre-tax discount rate
7.4
10.5
9.2
7.7
9.9
6.0
\nLong-term growth rate
0.5
0.5
0.5
0.5
1.0
1.5
\nProjected adjusted EBITDAaL CAGR
\n1
\n1.2
2.1
4.9
0.5
0.9
8.4
\nProjected capital expenditure
\n2
\n19.7-21.5
14.4-15.9
15.7-17.6
12.6-15.1
12.3-15.2
39.1-56.2
\nNotes:
\n1
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. A pro-rata
\nadjustment has been made to true-up 31 March 2021 adjusted EBITDAaL to a full year where the towers business carve-out occurred during the year.
\n2
Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the
\nplans used for impairment testing.
\n
\n
\n
\n
\nSensitivity analysis
\nThe estimated recoverable amounts of the Group\u2019s operations in Germany, Italy, Spain, Ireland, Romania and Vantage Towers Germany exceed their
\ncarrying values by \u20ac7.4 billion, \u20ac0.6 billion, \u20ac0.3 billion, \u20ac0.1 billion, \u20ac0.1 billion and \u20ac3.5 billion, respectively. If the assumptions used in the
\nimpairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment
\nloss being recognised for the year ended 31 March 2021.
\nChange required for carrying value to equal recoverable amount
\nGermany
Italy
Spain
Ireland
Romania
\nVantage Towers
\nGermany
\npps
pps
pps
pps
pps
pps
\nPre-tax discount rate
1.3
0.7
0.4
0.7
0.7
5.2
\nLong-term growth rate
(1.3)
(0.8)
(0.5)
(0.7)
(0.9)
(4.9)
\nProjected adjusted EBITDAaL CAGR
\n1
\n(4.0)
(1.5)
(1.5)
(1.6)
(1.9)
(19.3)
\nProjected capital expenditure
\n2
\n12.7
3.0
1.6
2.8
1.9
162.6
\nManagement considered the following reasonably possible changes in key assumptions for projected adjusted EBITDAaL CAGR
\n1
\nand long-term
\ngrowth rate, leaving all other assumptions unchanged. Consistent with the prior year, and due to the uncertainty of future COVID-19 impacts,
\nmanagement\u2019s range of reasonably possible changes in projected adjusted EBITDAaL CAGR
\n1
\nis plus or minus 5 percentage points (2020: +/- 5
\npercentage points). The sensitivity analysis presented is prepared on the basis that the reasonably possible change in each key assumption would
\nnot have a consequential impact on other assumptions used in the impairment review. The associated impact on the impairment assessment is
\npresented in the table below.
\nManagement believes that no reasonably possible or foreseeable change in the pre-tax discount rate or projected capital expenditure
\n2
\nwould cause
\nthe difference between the carrying value and recoverable amount for any cash-generating unit to be materially different from the base case
\ndisclosed below.
\nRecoverable amount less carrying value
\nGermany
Italy
Spain
Ireland
Romania
\nVantage Towers
\nGermany
\n\u20acbn
\u20acbn
\u20acbn
\u20acbn
\u20acbn
\u20acbn
\nBase case as at 31 March 2021
7.4
0.6
0.3
0.1
0.1
3.5
\nChange in projected adjusted EBITDAaL CAGR
\n1
\nDecrease by 5pps
(1.6)
(1.3)
(0.6)
(0.2)
(0.1)
2.4
\nIncrease by 5pps
18.2
2.9
1.4
0.5
0.3
5.0
\nChange in long-term growth rate
\nDecrease by 1pps
1.5
(0.1)
(0.3)
\u2013
\u2013
2.2
\nIncrease by 1pps
16.0
1.6
1.0
0.3
0.2
6.1
\nThe carrying values for Vodafone UK, Portugal, Czech Republic, and Hungary include goodwill arising from acquisitions and/or the purchase of
\noperating licences or spectrum rights. The recoverable amounts for these operating companies are also not materially greater than their carrying
\nvalues and accordingly are disclosed below.
\nIf the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in
\nisolation, lead to an impairment loss being recognised in the year ended 31 March 2021.
\nChange required for carrying value to equal recoverable amount
\nUK
Portugal
Czech Republic
Hungary
\npps
pps
pps
pps
\nPre-tax discount rate
0.8
0.9
1.2
0.3
\nLong-term growth rate
(0.8)
(1.0)
(1.3)
(0.4)
\nProjected adjusted EBITDAaL CAGR
\n1
\n(1.7)
(2.2)
(3.0)
(0.7)
\nProjected capital expenditure
\n2
\n2.5
3.7
7.5
1.5
\nNotes:
\n1
Projected adjusted EBITDAaL CAGR is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. A pro-rata
\nadjustment has been made to true up 31 March 2021 adjusted EBITDAaL to a full year where the towers business carve-out occurred during the year.
\n2
Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the
\nplans used for impairment testing. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21620": {
"value": "Accounting policies Goodwill
\nGoodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication that the asset may be impaired.
\nFor the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-
\ngenerating units. The determination of the Group\u2019s cash-generating units is primarily based on the geographic area where the Group supplies
\ncommunications services and products. If cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets
\nin that same jurisdiction and management monitors performance separately, multiple cash-generating units are identified within that geographic
\narea.
\nIf the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce
\nthe carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of
\neach asset in the unit. Impairment losses recognised for goodwill are not reversible in subsequent periods.
\nThe recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows
\nare discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
\nspecific to the asset for which the estimates of future cash flows have not been adjusted.
\nManagement prepares formal five year plans for the Group\u2019s cash-generating units, which are the basis for the value in use calculations.
\nProperty, plant and equipment, finite lived intangible assets and equity accounted investments
\nAt each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite lived intangible assets and equity-
\naccounted investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication
\nexists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to
\nestimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset
\nbelongs.
\nIf the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or
\ncash-generating unit is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement.
\nWhere there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying
\namount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that
\nwould have been determined had no impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss
\nreversal is recognised immediately in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21621": {
"value": "Accounting policiesGoodwill
\nGoodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication that the asset may be impaired.
\nFor the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-
\ngenerating units. The determination of the Group\u2019s cash-generating units is primarily based on the geographic area where the Group supplies
\ncommunications services and products. If cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets
\nin that same jurisdiction and management monitors performance separately, multiple cash-generating units are identified within that geographic
\narea.
\nIf the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce
\nthe carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of
\neach asset in the unit. Impairment losses recognised for goodwill are not reversible in subsequent periods.
\nThe recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows
\nare discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
\nspecific to the asset for which the estimates of future cash flows have not been adjusted.
\nManagement prepares formal five year plans for the Group\u2019s cash-generating units, which are the basis for the value in use calculations.
Goodwill
\nGoodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the
\nidentifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition.
\nGoodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not
\nsubject to amortisation but is tested for impairment annually or whenever there is evidence that it may be impaired. Goodwill is denominated in the
\ncurrency of the acquired entity and revalued to the closing exchange rate at each reporting period date.
\nNegative goodwill arising on an acquisition is recognised directly in the income statement.
\nOn disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the determination of the profit or loss
\nrecognised in the income statement on disposal.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f21622": {
"value": "Accounting policiesGoodwill
\nGoodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication that the asset may be impaired.
\nFor the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-
\ngenerating units. The determination of the Group\u2019s cash-generating units is primarily based on the geographic area where the Group supplies
\ncommunications services and products. If cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets
\nin that same jurisdiction and management monitors performance separately, multiple cash-generating units are identified within that geographic
\narea.
\nIf the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce
\nthe carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of
\neach asset in the unit. Impairment losses recognised for goodwill are not reversible in subsequent periods.
\nThe recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows
\nare discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
\nspecific to the asset for which the estimates of future cash flows have not been adjusted.
\nManagement prepares formal five year plans for the Group\u2019s cash-generating units, which are the basis for the value in use calculations.
\nProperty, plant and equipment, finite lived intangible assets and equity accounted investments
\nAt each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite lived intangible assets and equity-
\naccounted investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication
\nexists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to
\nestimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset
\nbelongs.
\nIf the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or
\ncash-generating unit is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement.
\nWhere there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying
\namount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that
\nwould have been determined had no impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss
\nreversal is recognised immediately in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22404": {
"value": "5. Investment income and financing costs Investment income comprises interest received from short-term investments and other receivables. Financing costs
\nmainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging
\ntransactions used to manage foreign exchange and interest rate movements.
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nInvestment income
\nFinancial assets measured at amortised cost
212
249
221
\nFinancial assets measured at fair value through profit and loss
36
5
24
\n248
254
245
\nFinancing costs
\nFinancial liabilities measured at amortised cost
\nBonds
1,711
1,546
1,722
\nLease liabilities
436
398
374
\nBank loans and other liabilities
\n2
\n430
469
463
\nInterest on derivatives
(561)
(428)
(485)
\nMark-to-market on derivatives
(423)
(341)
(1,070)
\nFinancial assets measured at fair value through profit and loss
\u2013
36
\u2013
\nForeign exchange
135
284
23
\n1,728
1,964
1,027
\nNet financing costs
1,480
1,710
782
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2021, investment income has decreased by \u20ac85 million compared to the amount previously reported. There is no impact on the amount previously reported for the year ended 31
\nMarch 2022. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Interest capitalised for the year ended 31 March 2023 was \u20ac5 million (2022: \u20ac17 million, 2021: \u20ac17 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22405": {
"value": "5. Investment income and financing costs Investment income comprises interest received from short-term investments and other receivables. Financing costs
\nmainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging
\ntransactions used to manage foreign exchange and interest rate movements.
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nInvestment income
\nFinancial assets measured at amortised cost
212
249
221
\nFinancial assets measured at fair value through profit and loss
36
5
24
\n248
254
245
\nFinancing costs
\nFinancial liabilities measured at amortised cost
\nBonds
1,711
1,546
1,722
\nLease liabilities
436
398
374
\nBank loans and other liabilities
\n2
\n430
469
463
\nInterest on derivatives
(561)
(428)
(485)
\nMark-to-market on derivatives
(423)
(341)
(1,070)
\nFinancial assets measured at fair value through profit and loss
\u2013
36
\u2013
\nForeign exchange
135
284
23
\n1,728
1,964
1,027
\nNet financing costs
1,480
1,710
782
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2021, investment income has decreased by \u20ac85 million compared to the amount previously reported. There is no impact on the amount previously reported for the year ended 31
\nMarch 2022. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Interest capitalised for the year ended 31 March 2023 was \u20ac5 million (2022: \u20ac17 million, 2021: \u20ac17 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22406": {
"value": "5. Investment income and financing costs Investment income comprises interest received from short-term investments and other receivables. Financing costs
\nmainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging
\ntransactions used to manage foreign exchange and interest rate movements.
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nInvestment income
\nFinancial assets measured at amortised cost
212
249
221
\nFinancial assets measured at fair value through profit and loss
36
5
24
\n248
254
245
\nFinancing costs
\nFinancial liabilities measured at amortised cost
\nBonds
1,711
1,546
1,722
\nLease liabilities
436
398
374
\nBank loans and other liabilities
\n2
\n430
469
463
\nInterest on derivatives
(561)
(428)
(485)
\nMark-to-market on derivatives
(423)
(341)
(1,070)
\nFinancial assets measured at fair value through profit and loss
\u2013
36
\u2013
\nForeign exchange
135
284
23
\n1,728
1,964
1,027
\nNet financing costs
1,480
1,710
782
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2021, investment income has decreased by \u20ac85 million compared to the amount previously reported. There is no impact on the amount previously reported for the year ended 31
\nMarch 2022. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Interest capitalised for the year ended 31 March 2023 was \u20ac5 million (2022: \u20ac17 million, 2021: \u20ac17 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22407": {
"value": "5. Investment income and financing costs Investment income comprises interest received from short-term investments and other receivables. Financing costs
\nmainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging
\ntransactions used to manage foreign exchange and interest rate movements.
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nInvestment income
\nFinancial assets measured at amortised cost
212
249
221
\nFinancial assets measured at fair value through profit and loss
36
5
24
\n248
254
245
\nFinancing costs
\nFinancial liabilities measured at amortised cost
\nBonds
1,711
1,546
1,722
\nLease liabilities
436
398
374
\nBank loans and other liabilities
\n2
\n430
469
463
\nInterest on derivatives
(561)
(428)
(485)
\nMark-to-market on derivatives
(423)
(341)
(1,070)
\nFinancial assets measured at fair value through profit and loss
\u2013
36
\u2013
\nForeign exchange
135
284
23
\n1,728
1,964
1,027
\nNet financing costs
1,480
1,710
782
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2021, investment income has decreased by \u20ac85 million compared to the amount previously reported. There is no impact on the amount previously reported for the year ended 31
\nMarch 2022. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Interest capitalised for the year ended 31 March 2023 was \u20ac5 million (2022: \u20ac17 million, 2021: \u20ac17 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22416": {
"value": "Re-presented 1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nInvestment income
\nFinancial assets measured at amortised cost
212
249
221
\nFinancial assets measured at fair value through profit and loss
36
5
24
\n248
254
245
\nFinancing costs
\nFinancial liabilities measured at amortised cost
\nBonds
1,711
1,546
1,722
\nLease liabilities
436
398
374
\nBank loans and other liabilities
\n2
\n430
469
463
\nInterest on derivatives
(561)
(428)
(485)
\nMark-to-market on derivatives
(423)
(341)
(1,070)
\nFinancial assets measured at fair value through profit and loss
\u2013
36
\u2013
\nForeign exchange
135
284
23
\n1,728
1,964
1,027
\nNet financing costs
1,480
1,710
782
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2021, investment income has decreased by \u20ac85 million compared to the amount previously reported. There is no impact on the amount previously reported for the year ended 31
\nMarch 2022. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Interest capitalised for the year ended 31 March 2023 was \u20ac5 million (2022: \u20ac17 million, 2021: \u20ac17 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22417": {
"value": "Re-presented 1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nInvestment income
\nFinancial assets measured at amortised cost
212
249
221
\nFinancial assets measured at fair value through profit and loss
36
5
24
\n248
254
245
\nFinancing costs
\nFinancial liabilities measured at amortised cost
\nBonds
1,711
1,546
1,722
\nLease liabilities
436
398
374
\nBank loans and other liabilities
\n2
\n430
469
463
\nInterest on derivatives
(561)
(428)
(485)
\nMark-to-market on derivatives
(423)
(341)
(1,070)
\nFinancial assets measured at fair value through profit and loss
\u2013
36
\u2013
\nForeign exchange
135
284
23
\n1,728
1,964
1,027
\nNet financing costs
1,480
1,710
782",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22418": {
"value": "Re-presented 1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nInvestment income
\nFinancial assets measured at amortised cost
212
249
221
\nFinancial assets measured at fair value through profit and loss
36
5
24
\n248
254
245
\nFinancing costs
\nFinancial liabilities measured at amortised cost
\nBonds
1,711
1,546
1,722
\nLease liabilities
436
398
374
\nBank loans and other liabilities
\n2
\n430
469
463
\nInterest on derivatives
(561)
(428)
(485)
\nMark-to-market on derivatives
(423)
(341)
(1,070)
\nFinancial assets measured at fair value through profit and loss
\u2013
36
\u2013
\nForeign exchange
135
284
23
\n1,728
1,964
1,027
\nNet financing costs
1,480
1,710
782",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22521": {
"value": "6. Taxation This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on
\nour expected future tax charges and sets out the tax assets held across the Group together with our view on whether or
\nnot we expect to be able to make use of these in the future.
\nAccounting policies
\nIncome tax expense represents the sum of the current and deferred taxes.
\nCurrent tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement
\nbecause some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The Group\u2019s liability
\nfor current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date.
\nThe Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result of a past event and management
\njudge that it is probable that there will be a future outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are
\nassessed and measured on an issue by issue basis within the jurisdictions that we operate either using management\u2019s estimate of the most likely
\noutcome where the issues are binary, or the expected value approach where the issues have a range of possible outcomes. The Group recognises
\ninterest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense.
\nDeferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of
\nassets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using
\nthe statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and
\ndeferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which
\ndeductible temporary differences can be utilised.
\nSuch assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of
\nassets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to
\nthe extent they arise from the initial recognition of non-tax deductible goodwill.
\nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint
\narrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference
\nwill not reverse in the foreseeable future.
\nThe carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group\u2019s assessment that
\nsufficient taxable profits will be available to allow all or part of the asset to be recovered.
\nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates
\nthat have been enacted or substantively enacted by the reporting period date.
\nTax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they
\neither relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to
\nsettle the current tax assets and liabilities on a net basis.
\nTax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly
\nto equity, in which case the tax is recognised in other comprehensive income or in equity.
\nIncome tax expense
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nUnited Kingdom corporation tax expense:
\nCurrent year
4
22
24
\nAdjustments in respect of prior years
4
17
3
\n8
39
27
\nOverseas current tax expense/(credit):
\nCurrent year
924
993
872
\nAdjustments in respect of prior years
(26)
81
(30)
\n898
1,074
842
\nTotal current tax expense
906
1,113
869
\nDeferred tax on origination and reversal of temporary differences:
\nUnited Kingdom deferred tax
(71)
(791)
(94)
\nOverseas deferred tax
(354)
1,008
3,089
\nTotal deferred tax (credit)/expense
(425)
217
2,995
\nTotal income tax expense
481
1,330
3,864
\n
\n
\n
Tax charged/(credited) directly to other comprehensive income
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nCurrent tax
3
\u2013
(17)
\nDeferred tax
304
648
(1,009)
\nTotal tax charged/(credited) directly to other comprehensive income
307
648
(1,026)
\nTax charged/(credited) directly to equity
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nDeferred tax
6
\u2013
(2)
\nTotal tax charged/(credited) directly to equity
6
\u2013
(2)
\nFactors affecting the tax expense for the year
\nThe table below explains the differences between the expected tax expense, being the aggregate of the Group\u2019s geographical split of
\nprofits multiplied by the relevant local tax rates and the Group\u2019s total tax expense for each year.
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nContinuing profit before tax as shown in the consolidated income statement
12,816
4,103
4,347
\nAggregated expected income tax expense
3,848
1,231
1,111
\nImpairment loss with no tax effect
18
\u2013
\u2013
\nDisposal of Group investments
\n2
\n(2,918)
(8)
(332)
\nEffect of taxation of associates and joint ventures, reported within profit before tax
(125)
(111)
69
\nDeferred tax (credit)/charge following revaluation of investments in Luxembourg
(393)
1,455
2,120
\nPreviously unrecognised temporary differences we expect to use in the future, including in
\nLuxembourg
\n(16)
(708)
(45)
\nPreviously recognised temporary differences and losses we no longer expect to use in the
\nfuture
\n\u2013
74
699
\nCurrent year temporary differences (including losses) that we currently do not expect to use
207
116
170
\nAdjustments in respect of prior year tax liabilities
(35)
13
(10)
\nImpact of tax credits and irrecoverable taxes
80
74
90
\nDeferred tax on overseas earnings
(6)
2
\u2013
\nEffect of current year changes in statutory tax rates on deferred tax balances
\n3
\n35
(667)
(45)
\nFinancing costs not (taxable)/deductible for tax purposes
(27)
46
(62)
\nRevaluation of assets for tax purposes in Turkey and Italy
\n4
\n(338)
(357)
\u2013
\nExpenses not deductible for tax purposes
151
170
99
\nIncome tax expense
481
1,330
3,864
\nNotes:
\n1
Amounts for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. See note 7 \u2018Discontinued
\noperations and assets held for sale\u2019 for more information.
\n2
2023 relates to the change in consolidation status of Vantage Towers and the tax exempt disposals of Vodafone Hungary and Vodafone Ghana. 2021 includes the tax exempt gains relating
\nto the TPG Telecom Limited merger in Australia and Indus Towers Limited in India..
\n3
2022 includes the increase in future UK tax rate to 25%.
\n4
2023 relates to a step of assets for tax purposes in Turkey. 2022 relates to step up of assets for tax purposes in Italy and Turkey
\n
\n
\n
\n\nDeferred tax
\nAnalysis of movements in the net deferred tax asset balance during the year:
\n\u20acm
\n1 April 2022
18,569
\nForeign exchange movements
(59)
\nCredited the income statement
425
\nCharged directly to OCI
(304)
\nCharged directly to equity
(6)
\nImpact of hyperinflation accounting
(191)
\nArising on acquisitions and disposals
111
\n31 March 2023
\n1
\n18,545
\nDeferred tax assets and liabilities, before offset of balances within countries, are as follows:
\nAmount
Net
\ncredited/
recognised
\n(expensed)
Gross
Gross
Less
deferred tax
\nin income
deferred
deferred tax
amounts
asset/
\nstatement
tax asset
liability
unrecognised
(liability)
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nAccelerated tax depreciation
136
2,761
(1,426)
(47)
1,288
\nIntangible assets
324
630
(1,495)
15
(850)
\nTax losses
(78)
28,035
\u2013
(9,540)
18,495
\nTreasury related items
2
623
(717)
(588)
(682)
\nTemporary differences relating to revenue recognition
(40)
19
(705)
\u2013
(686)
\nTemporary differences relating to leases
216
1,482
(1,054)
(30)
398
\nOther temporary differences
(135)
938
(296)
(60)
582
\n31 March 2023
\n1
\n425
34,488
(5,693)
(10,250)
18,545
\nAnalysed in the balance sheet, after offset of balances within countries, as:
\n\u20acm
\nDeferred tax asset
19,316
\nDeferred tax liability
(771)
\n31 March 2023
\n1
\n18,545
\nAt 31 March 2022, deferred tax assets and liabilities, before offset of balances within countries, were as follows:
\nAmount
Net
\ncredited/
recognised
\n(expensed)
Gross
Gross
Less
deferred tax
\nin income
deferred
deferred tax
amounts
asset/
\nstatement
tax asset
liability
unrecognised
(liability)
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nAccelerated tax depreciation
672
2,589
(1,361)
(58)
1,170
\nIntangible assets
643
666
(1,801)
11
(1,124)
\nTax losses
(1,450)
28,977
\u2013
(10,341)
18,636
\nTreasury related items
(90)
616
(372)
(562)
(318)
\nTemporary differences relating to revenue recognition
(9)
3
(666)
\u2013
(663)
\nTemporary differences relating to leases
(3)
1,754
(1,577)
\u2013
177
\nOther temporary differences
20
1,148
(379)
(78)
691
\n31 March 2022
\n1
\n(217)
35,753
(6,156)
(11,028)
18,569
\nAt 31 March 2022, analysed in the balance sheet, after offset of balances within countries, as:
\n\u20acm
\nDeferred tax asset
19,089
\nDeferred tax liability
(520)
\n31 March 2022
\n1
\n18,569
\nNote:
\n1
The Group does not discount deferred tax assets. This is in accordance with IAS 12.
\n
\n
\n
Factors affecting the tax charge in future years
\nThe Group\u2019s future tax charge, and effective tax rate, could be affected by several factors including; tax reform in countries around the world,
\nincluding any arising from the OECD\u2019s or European Commission\u2019s work on the taxation of the digital economy and European Commission initiatives
\nsuch as the Minimum Tax directive or as a consequence of state aid investigations, future corporate acquisitions and disposals, any restructuring of
\nour businesses and the resolution of open tax issues (see below).
\nThe Group is routinely subject to audit by tax authorities in the territories in which it operates. The Group considers each issue on its merits and,
\nwhere appropriate, holds provisions in respect of the potential tax liability that may arise.
As at 31 March 2023, the Group holds provisions for such
\npotential liabilities of \u20ac412 million (2022: \u20ac463 million). These provisions relate to multiple issues, across the jurisdictions in which the Group
\noperates. The reduction follows the resolution of a number of disputes during the year.
\nAs the tax impact of a transaction can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process, the
\namount ultimately paid may differ materially from the amount accrued and could therefore affect the Group's overall profitability and cash flows in
\nfuture periods.
See Note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\nThe tables below present the gross amount and expiry dates of losses available for carry forward for the year ended 31 March 2023 and the
\ncomparative year ended 31 March 2022.
\nExpiring
Expiring
\nwithin
beyond
\n31 March 2023
\n5 years
6 years
Unlimited
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\nLosses for which a deferred tax asset is recognised
15
59
78,967
79,041
\nLosses for which no deferred tax is recognised
306
15,649
18,321
34,276
\n321
15,708
97,288
113,317
\nExpiring
Expiring
\nwithin
beyond
\n31 March 2022
\n5 years
6 years
Unlimited
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\nLosses for which a deferred tax asset is recognised
19
259
79,848
80,126
\nLosses for which no deferred tax is recognised
334
13,162
23,928
37,424
\n353
13,421
103,776
117,550
\nDeferred tax assets on losses in Luxembourg
\nIncluded in the table above are losses of \u20ac65,232 million (2022: \u20ac65,348 million) that have arisen in Luxembourg companies. A deferred tax asset of
\n\u20ac16,269 million (2022: \u20ac16,298 million) has been recognised in respect of these losses, as we conclude it is probable that the Luxembourg entities
\nwill continue to generate taxable profits in the future against which we can utilise these losses. These tax losses principally arose from historical
\nimpairments, primarily following the acquisition of the Mannesmann Group in 2000. These losses also arose prior to the 2017 tax reform in
\nLuxembourg and are available to carry forward indefinitely.
\nIn December 2022, the Group undertook an internal restructuring which saw the Luxembourg companies dispose of their investments in the
\nGroup\u2019s operating companies. This resulted in the Luxembourg holding companies recording a tax deductible loss on the disposal in the local GAAP
\nfinancial statements. The investments are valued for the local GAAP financial statements using the Group\u2019s recoverable value calculations (see
\nNote 4 \u2013 'Impairment losses') and the carrying values and valuation methodology differs from the goodwill assessment for the Group\u2019s consolidated
\nfinancial statements.
\nLosses incurred after the 2017 tax reform in Luxembourg expire after 17 years and are only used after any pre-existing losses. In the year ended 31
\nMarch 2023 the Luxembourg companies incurred additional tax losses of \u20ac2,608 million following the disposals of their investments in the Group\u2019s
\noperating companies. No deferred tax asset is recognised for these losses on the basis that they are not forecast to be used prior to the expiry of
\ntheir 17 year life. In a period where pre-existing tax losses are not utilised due to impairments, the forecast utilisation timeframe extends by one year.
\nFollowing the restructuring, the losses in Luxembourg are no longer impacted by changes in the value of the Group\u2019s operating companies and the
\nrecovery of the deferred tax asset will be driven by the recurring profits of the Luxembourg companies.
\nThese recurring profits are derived from the Group\u2019s internal financing, centralised procurement and international roaming activities. These activities
\nhave consistently generated taxable profits of over \u20ac1 billion per annum throughout their existence.
The Group has reviewed the latest 5 year
\nforecasts for the Luxembourg companies, including their ability to continue to generate income beyond this period. The forecasts consider the
\nimpact of the current market conditions on the existing financing activities, including the current view of interest rates, levels of intragroup
\nfinancing, as well as the future profits generated from the procurement and roaming activities.
\nThis assessment also included a review of the commercial structures supporting the profits generated from these activities and considered the
\nfactors, under the Group\u2019s control, which could impact the ability of these activities to generate taxable profits. We have assessed that the current
\nstructure continues to be sustainable under the tax laws substantively enacted at the balance sheet date and the Group\u2019s intentions to keep these
\nactivities in Luxembourg remains unchanged.
\n
\n
\n
\n\nBased on the current forecasts, \u20ac4,518 million (2022: \u20ac3,546 million) of the deferred tax asset is forecast to be used within the next 10 years, and
\n\u20ac8,742 million (2022: \u20ac6,953 million) used within 20 years. The losses are projected to be fully utilised over the next 35 to 39 years. The decrease in
\nthe recovery period over the prior year is principally a result of higher interest rates, driving margins up on existing financing activities. In the year
\nended 31 March 2022 these same factors also meant the Group recognised \u20ac699 million of previously unrecognised deferred tax asset as the
\nforecasts produced at that time, which reflected the same factors discussed above, showed these losses will be used within 60 years. The Group did
\nnot previously recognise the asset as the losses were forecast to be used beyond 60 years.
\nAn increase or decrease in the forecast income in Luxembourg in each year of 5%-10% would change the period over which the losses will be fully
\nutilised by 2 to 4 years. The Group uses these different scenarios of forecast income to understand the impact that a change in interest rates or level
\nof debt advanced by the Luxembourg companies could have on the recovery period of the losses.
\nAny future changes in tax law, including those driven by OECD, EU or domestic tax reforms or the structure of the Group could have a significant
\neffect on the use of the Luxembourg losses, including the period over which these losses can be utilised. The Group has continued to monitor
\ndevelopments relating to OECD\u2019s Pillar 2 rules, including reviewing the administrative guidance published in December 2022 and does not
\nanticipate a significant impact on its ability to continue to use our losses in Luxembourg. On the basis that future changes in tax laws are unknown,
\nthe profit forecasts assume that existing tax laws continue.
\nBased on the above factors the Group concludes that it is probable that the Luxembourg companies will continue to generate taxable profits in the
\nfuture against which it will use these losses.
\nIn addition to the above, \u20ac15,925 million (2022; \u20ac13,298 million) of the Group\u2019s Luxembourg losses expire after 11-17 years and no deferred tax
\nasset is recognised as they will expire before we can use these losses.
The remaining losses do not expire. We also have \u20ac9,136 million (2022:
\n\u20ac9,136 million) of Luxembourg losses in a former Cable & Wireless Worldwide Group company, for which no deferred tax asset has been recognised
\nas it is uncertain whether these losses will be utilised.
\nDeferred tax assets on losses in Germany
\nThe Group has tax losses of \u20ac12,932 million (2022: \u20ac13,955 million) in Germany arising on the write down of investments in Germany in 2000.
The
\nlosses are available to use against both German federal and trade tax liabilities and they do not expire. A deferred tax asset of \u20ac2,021 million (2022:
\n\u20ac2,170 million) has been recognised in respect of these losses as we conclude it is probable that the German business will continue to generate
\ntaxable profits in the future against which we can utilise these losses.
The Group has reviewed the latest forecasts for the German business which
\nincorporate the unsystematic risks of operating in the telecommunications business (see Note 4 \u2018Impairment losses\u2019).
In the period beyond the 5
\nyear forecast we have reviewed the profits inherent in the terminal period and based on these and our expectations for the German business we
\nbelieve it is probable the German losses will be fully utilised. Based on the current forecasts the losses will be fully utilised over the next 4 to 9 years.
\nA 5%-10% change in the forecast profits of the German business would alter the utilisation period by 1 year.
\nDeferred tax assets in Italy
\nThe Group has a recognised deferred tax asset of \u20ac425 million (2022: \u20ac411 million), including \u20ac152 million (2022: \u20ac71 million) relating to tax losses
\nin Italy. The Italian business has historically been profitable and is forecasted to return to profitability, absent the tax deductions arising from the
\nrevaluation of assets undertaken in the year ended 31 March 2022, in the short term. The Group has reviewed the latest forecasts for the Italian
\nbusiness which incorporate the unsystematic risks of operating in the telecommunications business (see Note 4 \u2018Impairment losses\u2019).
In the period
\nbeyond the 5 year forecast we have reviewed the profits inherent in the terminal period and based on these and our expectations for the Italian
\nbusiness we believe it is probable the Italian losses will be fully utilised.
\nDeferred tax assets on losses in Spain
\nThe Group has tax losses of \u20ac5,130 million (2022: \u20ac4,627 million) which are available to offset against the future profits of the Grupo Corporativo
\nONO business.
The losses do not expire, and no deferred tax asset is recognised for these losses due to the trading environment in Spain.
\nOther tax losses
\nThe Group has losses amounting to \u20ac2,377 million (2022: \u20ac8,444 million) in respect of UK subsidiaries which are only available for offset against
\nfuture capital gains and since it is uncertain whether these losses will be utilised, no deferred tax asset has been recognised, as in the prior year. The
\nlosses reduced following the dissolution of a UK holding company which held capital losses. The remaining losses relate to a number of other
\njurisdictions across the Group. There are also \u20ac2,443 million (2022: \u20ac2,365 million) of unrecognised temporary differences relating to treasury items
\nand other items.
\nImpact of climate risks
\nThe recovery of the Group\u2019s deferred tax assets is dependent on its forecasts of future profitability and the climate related risks have been
\nconsidered in the Group\u2019s assessment of the recovery of those assets (see Note 4 \u2018Impairment losses\u2019). The Group does not expect the climate
\nrelated risks to have an impact on the ability of Luxembourg to continue to provide the internal financing, procurement, and roaming activities to
\nother members of the Group.
\nUnremitted earnings
\nNo deferred tax liability has been recognised in respect of a further \u20ac26,371 million (2022: \u20ac8,599 million) of unremitted earnings of subsidiaries
\nbecause the Group is able to control the timing of the reversal of the temporary difference, and it is probable that such differences will not reverse in
\nthe foreseeable future.
It is not practicable to estimate the amount of unrecognised deferred tax liabilities in respect of these unremitted earnings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22528": {
"value": "Accounting policies Income tax expense represents the sum of the current and deferred taxes.
\nCurrent tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement
\nbecause some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The Group\u2019s liability
\nfor current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date.
\nThe Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result of a past event and management
\njudge that it is probable that there will be a future outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are
\nassessed and measured on an issue by issue basis within the jurisdictions that we operate either using management\u2019s estimate of the most likely
\noutcome where the issues are binary, or the expected value approach where the issues have a range of possible outcomes. The Group recognises
\ninterest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense.
\nDeferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of
\nassets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using
\nthe statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and
\ndeferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which
\ndeductible temporary differences can be utilised.
\nSuch assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of
\nassets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to
\nthe extent they arise from the initial recognition of non-tax deductible goodwill.
\nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint
\narrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference
\nwill not reverse in the foreseeable future.
\nThe carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group\u2019s assessment that
\nsufficient taxable profits will be available to allow all or part of the asset to be recovered.
\nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates
\nthat have been enacted or substantively enacted by the reporting period date.
\nTax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they
\neither relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to
\nsettle the current tax assets and liabilities on a net basis.
\nTax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly
\nto equity, in which case the tax is recognised in other comprehensive income or in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22540": {
"value": "Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using
\nthe statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and
\ndeferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which
\ndeductible temporary differences can be utilised.
\nSuch assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of
\nassets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to
\nthe extent they arise from the initial recognition of non-tax deductible goodwill.
\nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint
\narrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference
\nwill not reverse in the foreseeable future.
\nThe carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group\u2019s assessment that
\nsufficient taxable profits will be available to allow all or part of the asset to be recovered.
\nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates
\nthat have been enacted or substantively enacted by the reporting period date.
\nTax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they
\neither relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to
\nsettle the current tax assets and liabilities on a net basis.
\nTax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly
to equity, in which case the tax is recognised in other comprehensive income or in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f22801": {
"value": "Deferred tax Analysis of movements in the net deferred tax asset balance during the year:
\n\u20acm
\n1 April 2022
18,569
\nForeign exchange movements
(59)
\nCredited the income statement
425
\nCharged directly to OCI
(304)
\nCharged directly to equity
(6)
\nImpact of hyperinflation accounting
(191)
\nArising on acquisitions and disposals
111
\n31 March 2023
\n1
\n18,545
\nDeferred tax assets and liabilities, before offset of balances within countries, are as follows:
\nAmount
Net
\ncredited/
recognised
\n(expensed)
Gross
Gross
Less
deferred tax
\nin income
deferred
deferred tax
amounts
asset/
\nstatement
tax asset
liability
unrecognised
(liability)
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nAccelerated tax depreciation
136
2,761
(1,426)
(47)
1,288
\nIntangible assets
324
630
(1,495)
15
(850)
\nTax losses
(78)
28,035
\u2013
(9,540)
18,495
\nTreasury related items
2
623
(717)
(588)
(682)
\nTemporary differences relating to revenue recognition
(40)
19
(705)
\u2013
(686)
\nTemporary differences relating to leases
216
1,482
(1,054)
(30)
398
\nOther temporary differences
(135)
938
(296)
(60)
582
\n31 March 2023
\n1
\n425
34,488
(5,693)
(10,250)
18,545
\nAnalysed in the balance sheet, after offset of balances within countries, as:
\n\u20acm
\nDeferred tax asset
19,316
\nDeferred tax liability
(771)
\n31 March 2023
\n1
\n18,545
\nAt 31 March 2022, deferred tax assets and liabilities, before offset of balances within countries, were as follows:
\nAmount
Net
\ncredited/
recognised
\n(expensed)
Gross
Gross
Less
deferred tax
\nin income
deferred
deferred tax
amounts
asset/
\nstatement
tax asset
liability
unrecognised
(liability)
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nAccelerated tax depreciation
672
2,589
(1,361)
(58)
1,170
\nIntangible assets
643
666
(1,801)
11
(1,124)
\nTax losses
(1,450)
28,977
\u2013
(10,341)
18,636
\nTreasury related items
(90)
616
(372)
(562)
(318)
\nTemporary differences relating to revenue recognition
(9)
3
(666)
\u2013
(663)
\nTemporary differences relating to leases
(3)
1,754
(1,577)
\u2013
177
\nOther temporary differences
20
1,148
(379)
(78)
691
\n31 March 2022
\n1
\n(217)
35,753
(6,156)
(11,028)
18,569
\nAt 31 March 2022, analysed in the balance sheet, after offset of balances within countries, as:
\n\u20acm
\nDeferred tax asset
19,089
\nDeferred tax liability
(520)
\n31 March 2022
\n1
\n18,569
\nNote:
\n1
The Group does not discount deferred tax assets. This is in accordance with IAS 12.
\n
\n
\n
Factors affecting the tax charge in future years
\nThe Group\u2019s future tax charge, and effective tax rate, could be affected by several factors including; tax reform in countries around the world,
\nincluding any arising from the OECD\u2019s or European Commission\u2019s work on the taxation of the digital economy and European Commission initiatives
\nsuch as the Minimum Tax directive or as a consequence of state aid investigations, future corporate acquisitions and disposals, any restructuring of
\nour businesses and the resolution of open tax issues (see below).
\nThe Group is routinely subject to audit by tax authorities in the territories in which it operates. The Group considers each issue on its merits and,
\nwhere appropriate, holds provisions in respect of the potential tax liability that may arise.
As at 31 March 2023, the Group holds provisions for such
\npotential liabilities of \u20ac412 million (2022: \u20ac463 million). These provisions relate to multiple issues, across the jurisdictions in which the Group
\noperates. The reduction follows the resolution of a number of disputes during the year.
\nAs the tax impact of a transaction can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process, the
\namount ultimately paid may differ materially from the amount accrued and could therefore affect the Group's overall profitability and cash flows in
\nfuture periods.
See Note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\nThe tables below present the gross amount and expiry dates of losses available for carry forward for the year ended 31 March 2023 and the
\ncomparative year ended 31 March 2022.
\nExpiring
Expiring
\nwithin
beyond
\n31 March 2023
\n5 years
6 years
Unlimited
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\nLosses for which a deferred tax asset is recognised
15
59
78,967
79,041
\nLosses for which no deferred tax is recognised
306
15,649
18,321
34,276
\n321
15,708
97,288
113,317
\nExpiring
Expiring
\nwithin
beyond
\n31 March 2022
\n5 years
6 years
Unlimited
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\nLosses for which a deferred tax asset is recognised
19
259
79,848
80,126
\nLosses for which no deferred tax is recognised
334
13,162
23,928
37,424
\n353
13,421
103,776
117,550
\nDeferred tax assets on losses in Luxembourg
\nIncluded in the table above are losses of \u20ac65,232 million (2022: \u20ac65,348 million) that have arisen in Luxembourg companies. A deferred tax asset of
\n\u20ac16,269 million (2022: \u20ac16,298 million) has been recognised in respect of these losses, as we conclude it is probable that the Luxembourg entities
\nwill continue to generate taxable profits in the future against which we can utilise these losses. These tax losses principally arose from historical
\nimpairments, primarily following the acquisition of the Mannesmann Group in 2000. These losses also arose prior to the 2017 tax reform in
\nLuxembourg and are available to carry forward indefinitely.
\nIn December 2022, the Group undertook an internal restructuring which saw the Luxembourg companies dispose of their investments in the
\nGroup\u2019s operating companies. This resulted in the Luxembourg holding companies recording a tax deductible loss on the disposal in the local GAAP
\nfinancial statements. The investments are valued for the local GAAP financial statements using the Group\u2019s recoverable value calculations (see
\nNote 4 \u2013 'Impairment losses') and the carrying values and valuation methodology differs from the goodwill assessment for the Group\u2019s consolidated
\nfinancial statements.
\nLosses incurred after the 2017 tax reform in Luxembourg expire after 17 years and are only used after any pre-existing losses. In the year ended 31
\nMarch 2023 the Luxembourg companies incurred additional tax losses of \u20ac2,608 million following the disposals of their investments in the Group\u2019s
\noperating companies. No deferred tax asset is recognised for these losses on the basis that they are not forecast to be used prior to the expiry of
\ntheir 17 year life. In a period where pre-existing tax losses are not utilised due to impairments, the forecast utilisation timeframe extends by one year.
\nFollowing the restructuring, the losses in Luxembourg are no longer impacted by changes in the value of the Group\u2019s operating companies and the
\nrecovery of the deferred tax asset will be driven by the recurring profits of the Luxembourg companies.
\nThese recurring profits are derived from the Group\u2019s internal financing, centralised procurement and international roaming activities. These activities
\nhave consistently generated taxable profits of over \u20ac1 billion per annum throughout their existence.
The Group has reviewed the latest 5 year
\nforecasts for the Luxembourg companies, including their ability to continue to generate income beyond this period. The forecasts consider the
\nimpact of the current market conditions on the existing financing activities, including the current view of interest rates, levels of intragroup
\nfinancing, as well as the future profits generated from the procurement and roaming activities.
\nThis assessment also included a review of the commercial structures supporting the profits generated from these activities and considered the
\nfactors, under the Group\u2019s control, which could impact the ability of these activities to generate taxable profits. We have assessed that the current
\nstructure continues to be sustainable under the tax laws substantively enacted at the balance sheet date and the Group\u2019s intentions to keep these
\nactivities in Luxembourg remains unchanged.
\n
\n
\n
\n\nBased on the current forecasts, \u20ac4,518 million (2022: \u20ac3,546 million) of the deferred tax asset is forecast to be used within the next 10 years, and
\n\u20ac8,742 million (2022: \u20ac6,953 million) used within 20 years. The losses are projected to be fully utilised over the next 35 to 39 years. The decrease in
\nthe recovery period over the prior year is principally a result of higher interest rates, driving margins up on existing financing activities. In the year
\nended 31 March 2022 these same factors also meant the Group recognised \u20ac699 million of previously unrecognised deferred tax asset as the
\nforecasts produced at that time, which reflected the same factors discussed above, showed these losses will be used within 60 years. The Group did
\nnot previously recognise the asset as the losses were forecast to be used beyond 60 years.
\nAn increase or decrease in the forecast income in Luxembourg in each year of 5%-10% would change the period over which the losses will be fully
\nutilised by 2 to 4 years. The Group uses these different scenarios of forecast income to understand the impact that a change in interest rates or level
\nof debt advanced by the Luxembourg companies could have on the recovery period of the losses.
\nAny future changes in tax law, including those driven by OECD, EU or domestic tax reforms or the structure of the Group could have a significant
\neffect on the use of the Luxembourg losses, including the period over which these losses can be utilised. The Group has continued to monitor
\ndevelopments relating to OECD\u2019s Pillar 2 rules, including reviewing the administrative guidance published in December 2022 and does not
\nanticipate a significant impact on its ability to continue to use our losses in Luxembourg. On the basis that future changes in tax laws are unknown,
\nthe profit forecasts assume that existing tax laws continue.
\nBased on the above factors the Group concludes that it is probable that the Luxembourg companies will continue to generate taxable profits in the
\nfuture against which it will use these losses.
\nIn addition to the above, \u20ac15,925 million (2022; \u20ac13,298 million) of the Group\u2019s Luxembourg losses expire after 11-17 years and no deferred tax
\nasset is recognised as they will expire before we can use these losses.
The remaining losses do not expire. We also have \u20ac9,136 million (2022:
\n\u20ac9,136 million) of Luxembourg losses in a former Cable & Wireless Worldwide Group company, for which no deferred tax asset has been recognised
\nas it is uncertain whether these losses will be utilised.
\nDeferred tax assets on losses in Germany
\nThe Group has tax losses of \u20ac12,932 million (2022: \u20ac13,955 million) in Germany arising on the write down of investments in Germany in 2000.
The
\nlosses are available to use against both German federal and trade tax liabilities and they do not expire. A deferred tax asset of \u20ac2,021 million (2022:
\n\u20ac2,170 million) has been recognised in respect of these losses as we conclude it is probable that the German business will continue to generate
\ntaxable profits in the future against which we can utilise these losses.
The Group has reviewed the latest forecasts for the German business which
\nincorporate the unsystematic risks of operating in the telecommunications business (see Note 4 \u2018Impairment losses\u2019).
In the period beyond the 5
\nyear forecast we have reviewed the profits inherent in the terminal period and based on these and our expectations for the German business we
\nbelieve it is probable the German losses will be fully utilised. Based on the current forecasts the losses will be fully utilised over the next 4 to 9 years.
\nA 5%-10% change in the forecast profits of the German business would alter the utilisation period by 1 year.
\nDeferred tax assets in Italy
\nThe Group has a recognised deferred tax asset of \u20ac425 million (2022: \u20ac411 million), including \u20ac152 million (2022: \u20ac71 million) relating to tax losses
\nin Italy. The Italian business has historically been profitable and is forecasted to return to profitability, absent the tax deductions arising from the
\nrevaluation of assets undertaken in the year ended 31 March 2022, in the short term. The Group has reviewed the latest forecasts for the Italian
\nbusiness which incorporate the unsystematic risks of operating in the telecommunications business (see Note 4 \u2018Impairment losses\u2019).
In the period
\nbeyond the 5 year forecast we have reviewed the profits inherent in the terminal period and based on these and our expectations for the Italian
\nbusiness we believe it is probable the Italian losses will be fully utilised.
\nDeferred tax assets on losses in Spain
\nThe Group has tax losses of \u20ac5,130 million (2022: \u20ac4,627 million) which are available to offset against the future profits of the Grupo Corporativo
\nONO business.
The losses do not expire, and no deferred tax asset is recognised for these losses due to the trading environment in Spain.
\nOther tax losses
\nThe Group has losses amounting to \u20ac2,377 million (2022: \u20ac8,444 million) in respect of UK subsidiaries which are only available for offset against
\nfuture capital gains and since it is uncertain whether these losses will be utilised, no deferred tax asset has been recognised, as in the prior year. The
\nlosses reduced following the dissolution of a UK holding company which held capital losses. The remaining losses relate to a number of other
\njurisdictions across the Group. There are also \u20ac2,443 million (2022: \u20ac2,365 million) of unrecognised temporary differences relating to treasury items
\nand other items.
\nImpact of climate risks
\nThe recovery of the Group\u2019s deferred tax assets is dependent on its forecasts of future profitability and the climate related risks have been
\nconsidered in the Group\u2019s assessment of the recovery of those assets (see Note 4 \u2018Impairment losses\u2019). The Group does not expect the climate
\nrelated risks to have an impact on the ability of Luxembourg to continue to provide the internal financing, procurement, and roaming activities to
\nother members of the Group.
\nUnremitted earnings
\nNo deferred tax liability has been recognised in respect of a further \u20ac26,371 million (2022: \u20ac8,599 million) of unremitted earnings of subsidiaries
\nbecause the Group is able to control the timing of the reversal of the temporary difference, and it is probable that such differences will not reverse in
\nthe foreseeable future.
It is not practicable to estimate the amount of unrecognised deferred tax liabilities in respect of these unremitted earnings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23233": {
"value": "7. Discontinued operations and assets held for sale The Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale.
\nThe Group classifies non-current assets and assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets are available
\nimmediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that
\ntheir carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be
\ncompleted within one year from the date of the initial classification.
\nAssets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are
\nmeasured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not
\ndepreciated or amortised once classified as held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\nWhere operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019) and have been
\ndisposed of, or are classified as held for sale, the Group classifies such operations as discontinued.
\nDiscontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from
\ndiscontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other
\nnotes to the financial statements include amounts for continuing operations, unless indicated otherwise.
\nDiscontinued operations
\nThe Group did not have any discontinued operations in the year ended 31 March 2023 or the comparative years ended 31 March 2022 and 31
\nMarch 2021.
\nAssets held for sale
\nReclassification of Indus Towers Limited
\nIn the consolidated financial statements for the prior year ended 31 March 2022, the Group\u2019s 21.0% interest in Indus Towers Limited was reported
\nwithin assets held for sale. Whilst the Group remains focused on achieving a sale, the investment is not assessed as meeting the requirements of
\nheld for sale at 31 March 2023. Consequently, comparative balances as at 31 March 2022 have been re-presented in these consolidated financial
\nstatements to reflect that Indus Towers Limited is no longer reported as held for sale.
\nImpact on the consolidated income statement
\nThe reclassification has no impact on previously reported revenue and gross profit, as reported in the consolidated income statement.
\nIn the year ended 31 March 2022, the share of results of equity accounted associates and joint ventures increased by \u20ac178 million, offset by a
\ndecrease of \u20ac29 million in other income. Consequently, operating profit, profit before taxation and profit for the financial year all increased by \u20ac149
\nmillion compared to amounts previously reported. Total comprehensive income for the financial year increased by \u20ac144 million, reflecting the
\nincrease in profit for the financial year of \u20ac149 million, offset by a charge of \u20ac5 million included in other comprehensive income.
\nIn the year ended 31 March 2021, the share of results of equity accounted associates and joint ventures increased by \u20ac32 million and therefore
\noperating profit increased by \u20ac32 million compared to the amount previously reported. Investment income decreased by \u20ac85 million and therefore
\nprofit before taxation and profit for the financial year both decreased by \u20ac53 million compared to amounts previously reported. Total
\ncomprehensive expense for the financial year increased by \u20ac48 million, reflecting the decrease in profit for the financial year of \u20ac53 million, offset
\nby a credit of \u20ac5 million included in other comprehensive income
\nImpact on the consolidated statement of financial position
\nThe consolidated statement of financial position is on page 124 and has not been reproduced below in its entirety. The table below only discloses
\nthe impacted lines.
\nAs previously
\npresented
\nImpact of
\nreclassification
Re-presented
\n2022
2022
2022
\n\u20acm
\u20acm
\u20acm
\nNon-current assets
\nInvestments in associates and joint ventures
4,268
1,055
5,323
\nAssets held for sale
959
(959)
\u2013
\nTotal assets
153,953
96
154,049
\nEquity
\nAccumulated losses
(122,118)
96
(122,022)
\nTotal equity and liabilities
153,953
96
154,049 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23234": {
"value": "7. Discontinued operations and assets held for sale The Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale.
\nThe Group classifies non-current assets and assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets are available
\nimmediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that
\ntheir carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be
\ncompleted within one year from the date of the initial classification.
\nAssets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are
\nmeasured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not
\ndepreciated or amortised once classified as held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\nWhere operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019) and have been
\ndisposed of, or are classified as held for sale, the Group classifies such operations as discontinued.
\nDiscontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from
\ndiscontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other
\nnotes to the financial statements include amounts for continuing operations, unless indicated otherwise.
\nDiscontinued operations
\nThe Group did not have any discontinued operations in the year ended 31 March 2023 or the comparative years ended 31 March 2022 and 31
\nMarch 2021.
\nAssets held for sale
\nReclassification of Indus Towers Limited
\nIn the consolidated financial statements for the prior year ended 31 March 2022, the Group\u2019s 21.0% interest in Indus Towers Limited was reported
\nwithin assets held for sale. Whilst the Group remains focused on achieving a sale, the investment is not assessed as meeting the requirements of
\nheld for sale at 31 March 2023. Consequently, comparative balances as at 31 March 2022 have been re-presented in these consolidated financial
\nstatements to reflect that Indus Towers Limited is no longer reported as held for sale.
\nImpact on the consolidated income statement
\nThe reclassification has no impact on previously reported revenue and gross profit, as reported in the consolidated income statement.
\nIn the year ended 31 March 2022, the share of results of equity accounted associates and joint ventures increased by \u20ac178 million, offset by a
\ndecrease of \u20ac29 million in other income. Consequently, operating profit, profit before taxation and profit for the financial year all increased by \u20ac149
\nmillion compared to amounts previously reported. Total comprehensive income for the financial year increased by \u20ac144 million, reflecting the
\nincrease in profit for the financial year of \u20ac149 million, offset by a charge of \u20ac5 million included in other comprehensive income.
\nIn the year ended 31 March 2021, the share of results of equity accounted associates and joint ventures increased by \u20ac32 million and therefore
\noperating profit increased by \u20ac32 million compared to the amount previously reported. Investment income decreased by \u20ac85 million and therefore
\nprofit before taxation and profit for the financial year both decreased by \u20ac53 million compared to amounts previously reported. Total
\ncomprehensive expense for the financial year increased by \u20ac48 million, reflecting the decrease in profit for the financial year of \u20ac53 million, offset
\nby a credit of \u20ac5 million included in other comprehensive income
\nImpact on the consolidated statement of financial position
\nThe consolidated statement of financial position is on page 124 and has not been reproduced below in its entirety. The table below only discloses
\nthe impacted lines.
\nAs previously
\npresented
\nImpact of
\nreclassification
Re-presented
\n2022
2022
2022
\n\u20acm
\u20acm
\u20acm
\nNon-current assets
\nInvestments in associates and joint ventures
4,268
1,055
5,323
\nAssets held for sale
959
(959)
\u2013
\nTotal assets
153,953
96
154,049
\nEquity
\nAccumulated losses
(122,118)
96
(122,022)
\nTotal equity and liabilities
153,953
96
154,049",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23235": {
"value": "7. Discontinued operations and assets held for sale The Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale.
\nThe Group classifies non-current assets and assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets are available
\nimmediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that
\ntheir carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be
\ncompleted within one year from the date of the initial classification.
\nAssets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are
\nmeasured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not
\ndepreciated or amortised once classified as held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\nWhere operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019) and have been
\ndisposed of, or are classified as held for sale, the Group classifies such operations as discontinued.
\nDiscontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from
\ndiscontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other
\nnotes to the financial statements include amounts for continuing operations, unless indicated otherwise.
\nDiscontinued operations
\nThe Group did not have any discontinued operations in the year ended 31 March 2023 or the comparative years ended 31 March 2022 and 31
\nMarch 2021.
\nAssets held for sale
\nReclassification of Indus Towers Limited
\nIn the consolidated financial statements for the prior year ended 31 March 2022, the Group\u2019s 21.0% interest in Indus Towers Limited was reported
\nwithin assets held for sale. Whilst the Group remains focused on achieving a sale, the investment is not assessed as meeting the requirements of
\nheld for sale at 31 March 2023. Consequently, comparative balances as at 31 March 2022 have been re-presented in these consolidated financial
\nstatements to reflect that Indus Towers Limited is no longer reported as held for sale.
\nImpact on the consolidated income statement
\nThe reclassification has no impact on previously reported revenue and gross profit, as reported in the consolidated income statement.
\nIn the year ended 31 March 2022, the share of results of equity accounted associates and joint ventures increased by \u20ac178 million, offset by a
\ndecrease of \u20ac29 million in other income. Consequently, operating profit, profit before taxation and profit for the financial year all increased by \u20ac149
\nmillion compared to amounts previously reported. Total comprehensive income for the financial year increased by \u20ac144 million, reflecting the
\nincrease in profit for the financial year of \u20ac149 million, offset by a charge of \u20ac5 million included in other comprehensive income.
\nIn the year ended 31 March 2021, the share of results of equity accounted associates and joint ventures increased by \u20ac32 million and therefore
\noperating profit increased by \u20ac32 million compared to the amount previously reported. Investment income decreased by \u20ac85 million and therefore
\nprofit before taxation and profit for the financial year both decreased by \u20ac53 million compared to amounts previously reported. Total
\ncomprehensive expense for the financial year increased by \u20ac48 million, reflecting the decrease in profit for the financial year of \u20ac53 million, offset
\nby a credit of \u20ac5 million included in other comprehensive income
\nImpact on the consolidated statement of financial position
\nThe consolidated statement of financial position is on page 124 and has not been reproduced below in its entirety. The table below only discloses
\nthe impacted lines.
\nAs previously
\npresented
\nImpact of
\nreclassification
Re-presented
\n2022
2022
2022
\n\u20acm
\u20acm
\u20acm
\nNon-current assets
\nInvestments in associates and joint ventures
4,268
1,055
5,323
\nAssets held for sale
959
(959)
\u2013
\nTotal assets
153,953
96
154,049
\nEquity
\nAccumulated losses
(122,118)
96
(122,022)
\nTotal equity and liabilities
153,953
96
154,049",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23240": {
"value": "The Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale. The Group classifies non-current assets and assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets are available
\nimmediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that
\ntheir carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be
\ncompleted within one year from the date of the initial classification.
\nAssets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are
\nmeasured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not
\ndepreciated or amortised once classified as held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\nWhere operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019) and have been
\ndisposed of, or are classified as held for sale, the Group classifies such operations as discontinued.
\nDiscontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from
\ndiscontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other
\nnotes to the financial statements include amounts for continuing operations, unless indicated otherwise.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23241": {
"value": "The Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale. The Group classifies non-current assets and assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets are available
\nimmediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that
\ntheir carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be
\ncompleted within one year from the date of the initial classification.
\nAssets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are
\nmeasured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not
\ndepreciated or amortised once classified as held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\nWhere operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019) and have been
\ndisposed of, or are classified as held for sale, the Group classifies such operations as discontinued.
\nDiscontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from
\ndiscontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other
\nnotes to the financial statements include amounts for continuing operations, unless indicated otherwise.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23242": {
"value": "The Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale. The Group classifies non-current assets and assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets are available
\nimmediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that
\ntheir carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be
\ncompleted within one year from the date of the initial classification.
\nAssets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are
\nmeasured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not
\ndepreciated or amortised once classified as held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\nWhere operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019) and have been
\ndisposed of, or are classified as held for sale, the Group classifies such operations as discontinued.
\nDiscontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from
\ndiscontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other
\nnotes to the financial statements include amounts for continuing operations, unless indicated otherwise.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23243": {
"value": "The Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale. The Group classifies non-current assets and assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets are available
\nimmediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that
\ntheir carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be
\ncompleted within one year from the date of the initial classification.
\nAssets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are
\nmeasured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not
\ndepreciated or amortised once classified as held for sale. Similarly, equity accounting ceases for associates and joint ventures held for sale.
\nWhere operations constitute a separately reportable segment (see note 2 \u2018Revenue disaggregation and segmental analysis\u2019) and have been
\ndisposed of, or are classified as held for sale, the Group classifies such operations as discontinued.
\nDiscontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from
\ndiscontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other
\nnotes to the financial statements include amounts for continuing operations, unless indicated otherwise.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23268": {
"value": "Assets held for sale Reclassification of Indus Towers Limited
\nIn the consolidated financial statements for the prior year ended 31 March 2022, the Group\u2019s 21.0% interest in Indus Towers Limited was reported
\nwithin assets held for sale. Whilst the Group remains focused on achieving a sale, the investment is not assessed as meeting the requirements of
\nheld for sale at 31 March 2023. Consequently, comparative balances as at 31 March 2022 have been re-presented in these consolidated financial
\nstatements to reflect that Indus Towers Limited is no longer reported as held for sale.
\nImpact on the consolidated income statement
\nThe reclassification has no impact on previously reported revenue and gross profit, as reported in the consolidated income statement.
\nIn the year ended 31 March 2022, the share of results of equity accounted associates and joint ventures increased by \u20ac178 million, offset by a
\ndecrease of \u20ac29 million in other income. Consequently, operating profit, profit before taxation and profit for the financial year all increased by \u20ac149
\nmillion compared to amounts previously reported. Total comprehensive income for the financial year increased by \u20ac144 million, reflecting the
\nincrease in profit for the financial year of \u20ac149 million, offset by a charge of \u20ac5 million included in other comprehensive income.
\nIn the year ended 31 March 2021, the share of results of equity accounted associates and joint ventures increased by \u20ac32 million and therefore
\noperating profit increased by \u20ac32 million compared to the amount previously reported. Investment income decreased by \u20ac85 million and therefore
\nprofit before taxation and profit for the financial year both decreased by \u20ac53 million compared to amounts previously reported. Total
\ncomprehensive expense for the financial year increased by \u20ac48 million, reflecting the decrease in profit for the financial year of \u20ac53 million, offset
\nby a credit of \u20ac5 million included in other comprehensive income
\nImpact on the consolidated statement of financial position
\nThe consolidated statement of financial position is on page 124 and has not been reproduced below in its entirety. The table below only discloses
\nthe impacted lines.
\nAs previously
\npresented
\nImpact of
\nreclassification
Re-presented
\n2022
2022
2022
\n\u20acm
\u20acm
\u20acm
\nNon-current assets
\nInvestments in associates and joint ventures
4,268
1,055
5,323
\nAssets held for sale
959
(959)
\u2013
\nTotal assets
153,953
96
154,049
\nEquity
\nAccumulated losses
(122,118)
96
(122,022)
\nTotal equity and liabilities
153,953
96
154,049",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23352": {
"value": "8. Earnings per share Basic earnings per share is the amount of profit generated for the financial year attributable to equity shareholders
\ndivided by the weighted average number of shares in issue during the year.
\n2023
2022
2021
\nMillions
Millions
Millions
\nWeighted average number of shares for basic earnings per share
27,680
29,012
29,592
\nEffect of dilutive potential shares: restricted shares and share options
95
97
91
\nWeighted average number of shares for diluted earnings per share
27,775
29,109
29,683
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nProfit for earnings per share from continuing operations attributable to owners
11,838
2,237
59
\nProfit for basic and diluted earnings per share
11,838
2,237
59
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\neurocents
eurocents
eurocents
\nBasic earnings per share from continuing operations
42.77c
7.71c
0.20c
\nBasic earnings per share
42.77c
7.71c
0.20c
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\neurocents
eurocents
eurocents
\nDiluted earnings per share from continuing operations
42.62c
7.68c
0.20c
\nDiluted earnings per share
42.62c
7.68c
0.20c
\nNote:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, profit for basic and diluted earnings per share has increased by \u20ac149 million (2021: \u20ac53 million decrease) compared to the amount previously reported. Consequently, basic
\nearnings per share increased by 0.51 eurocents (2021: 0.18 eurocents decrease) and diluted earnings per share increased by 0.51 eurocents (2021: 0.18 eurocents decrease) compared to
\namounts previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23436": {
"value": "9. Equity dividends Dividends are one type of shareholder return, historically paid to our shareholders in February and August.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nDeclared during the financial year
\nFinal dividend for the year ended 31 March 2022: 4.50 eurocents per share
\n1,265
1,254
1,205
(2021: 4.50 eurocents per share, 2020: 4.50 eurocents per share)
\nInterim dividend for the year ended 31 March 2023: 4.50 eurocents per share
\n1,237
1,229
1,207
(2022: 4.50 eurocents per share, 2021: 4.50 eurocents per share)
\n2,502
2,483
2,412
\nProposed after the end of the year and not recognised as a liability
\nFinal dividend for the year ended 31 March 2023: 4.50 eurocents per share
\n1,215
1,265
1,260
(2022: 4.50 eurocents per share, 2021: 4.50 eurocents per share)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23461": {
"value": "0.045",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f23463": {
"value": "1215000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f23465": {
"value": "1265000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f23467": {
"value": "1260000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2020-04-01T00:00:00/2021-04-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f23470": {
"value": "0.045",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f23471": {
"value": "0.045",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2020-04-01T00:00:00/2021-04-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f23496": {
"value": "10. Intangible assets The statement of financial position contains significant intangible assets, mainly in relation to goodwill and licences
\nand spectrum. Goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net
\nassets primarily due to the synergies we expect to create, is not amortised but is subject to annual impairment reviews.
\nLicences and spectrum are amortised over the life of the licence. For further details see \u2018Critical accounting judgements
\nand key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation \u2018 to the consolidated financial statements.
\nAccounting policies
\nIdentifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset
\nwill flow to the Group and the cost of the asset can be reliably measured. Identifiable intangible assets are recognised at fair value when the Group
\ncompletes a business combination. The determination of the fair values of the separately identified intangibles, is based, to a considerable extent,
\non management\u2019s judgement.
\nGoodwill
\nGoodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the
\nidentifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition.
\nGoodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not
\nsubject to amortisation but is tested for impairment annually or whenever there is evidence that it may be impaired. Goodwill is denominated in the
\ncurrency of the acquired entity and revalued to the closing exchange rate at each reporting period date.
\nNegative goodwill arising on an acquisition is recognised directly in the income statement.
\nOn disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the determination of the profit or loss
\nrecognised in the income statement on disposal.
\nFinite lived intangible assets
\nIntangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation. The amortisation period and method
\nis reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in
\nthe asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
\nLicence and spectrum fees
\nAmortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired licence period, the conditions for licence
\nrenewal and whether licences are dependent on specific technologies. Amortisation is charged to the income statement on a straight-line basis
\nover the estimated useful lives from the commencement of related network services.
\nComputer software
\nComputer software comprises software purchased from third parties as well as the cost of internally developed software. Computer software
\nlicences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs that are directly associated with
\nthe production of identifiable and unique software products controlled by the Group, and are probable of producing future economic benefits, are
\nrecognised as intangible assets. Direct costs of software development include employee costs and directly attributable overheads.
\nSoftware integral to an item of hardware equipment is classified as property, plant and equipment.
\nCosts associated with maintaining software programs are recognised as an expense when they are incurred.
\nAmortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for
\nuse.
\nOther intangible assets
\nOther intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the
\nincome statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis. The
\namortisation basis adopted for each class of intangible asset reflects the Group\u2019s consumption of the economic benefit from that asset.
\nEstimated useful lives
\nThe estimated useful lives of finite lived intangible assets are as follows:
\nLicence and spectrum fees
3 - 40 years
\nComputer software
3 - 5 years
\nBrands
1 - 30 years
\nCustomer bases
2 - 37 years
\n
\n
\n
\n\nLicence and
Computer
Customer
\nGoodwill
spectrum fees
software
bases
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nCost
\n1 April 2021
99,364
33,528
17,833
12,308
466
163,499
\nExchange movements
(21)
(148)
(60)
80
1
(148)
\nArising on acquisition
(10)
\u2013
\u2013
54
\u2013
44
\nAdditions
\u2013
901
2,727
\u2013
7
3,635
\nDisposals
\u2013
(356)
(2,823)
\u2013
(1)
(3,180)
\nOther
\u2013
1
36
\u2013
(10)
27
\n31 March 2022
99,333
33,926
17,713
12,442
463
163,877
\nAdoption of IAS 29
1,564
1,099
408
110
87
3,268
\n1 April 2022 brought forward
100,897
35,025
18,121
12,552
550
167,145
\nExchange movements
(783)
(1,270)
(504)
(240)
(53)
(2,850)
\nDisposal of subsidiaries
(3,939)
(443)
(348)
(458)
(4)
(5,192)
\nAdditions
\u2013
439
2,804
\u2013
7
3,250
\nDisposals
\u2013
(2)
(1,831)
\u2013
(1)
(1,834)
\nHyperinflation impacts
729
557
232
51
40
1,609
\n31 March 2023
96,904
34,306
18,474
11,905
539
162,128
\nAccumulated impairment losses and amortisation
\n1 April 2021
67,633
22,043
12,496
7,324
454
109,950
\nExchange movements
(184)
(35)
(72)
70
1
(220)
\nAmortisation charge for the year
\u2013
1,306
2,225
509
4
4,044
\nDisposals
\u2013
(351)
(2,821)
\u2013
(1)
(3,173)
\nOther
\u2013
\u2013
39
\u2013
(7)
32
\n31 March 2022
67,449
22,963
11,867
7,903
451
110,633
\nAdoption of IAS 29
1,564
829
390
110
87
2,980
\n1 April 2022 brought forward
69,013
23,792
12,257
8,013
538
113,613
\nExchange movements
(414)
(846)
(351)
(231)
(50)
(1,892)
\nDisposal of subsidiaries
(39)
(147)
(180)
(80)
(2)
(448)
\nAmortisation charge for the year
\u2013
1,133
2,343
554
1
4,031
\nDisposals
\u2013
(2)
(1,814)
\u2013
(1)
(1,817)
\nHyperinflation impacts
729
407
207
51
40
1,434
\n31 March 2023
69,289
24,337
12,462
8,307
526
114,921
\nNet book value
\n31 March 2022
31,884
10,963
5,846
4,539
12
53,244
\n31 March 2023
27,615
9,969
6,012
3,598
13
47,207
\nFor licences and spectrum fees and other intangible assets, amortisation is included within the cost of sales line within the consolidated income
\nstatement. Included in the net book value of computer software are assets in the course of construction, which are not depreciated, with a cost of
\n\u20ac1,451 million (2022: \u20ac1,955 million).
\nThe net book value and expiry dates of the most significant licences are as follows:
\n2023
2022
\nExpiry dates
\u20acm
\u20acm
\nGermany
2025/2033/2040
2,979
3,270
\nItaly
2029/2037
3,123
3,415
\nUK
2023/2033/2038/2041
1,055
1,209
\nSpain
2028/2030/2031/2038/2041
758
809
\nThe remaining amortisation period for each of the licences in the table above corresponds to the expiry date of the respective licence. A summary of
\nthe Group\u2019s most significant spectrum licences can be found on page 241. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23497": {
"value": "10. Intangible assets The statement of financial position contains significant intangible assets, mainly in relation to goodwill and licences
\nand spectrum. Goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net
\nassets primarily due to the synergies we expect to create, is not amortised but is subject to annual impairment reviews.
\nLicences and spectrum are amortised over the life of the licence. For further details see \u2018Critical accounting judgements
\nand key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation \u2018 to the consolidated financial statements.
\nAccounting policies
\nIdentifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset
\nwill flow to the Group and the cost of the asset can be reliably measured. Identifiable intangible assets are recognised at fair value when the Group
\ncompletes a business combination. The determination of the fair values of the separately identified intangibles, is based, to a considerable extent,
\non management\u2019s judgement.
\nGoodwill
\nGoodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the
\nidentifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition.
\nGoodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not
\nsubject to amortisation but is tested for impairment annually or whenever there is evidence that it may be impaired. Goodwill is denominated in the
\ncurrency of the acquired entity and revalued to the closing exchange rate at each reporting period date.
\nNegative goodwill arising on an acquisition is recognised directly in the income statement.
\nOn disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the determination of the profit or loss
\nrecognised in the income statement on disposal.
\nFinite lived intangible assets
\nIntangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation. The amortisation period and method
\nis reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in
\nthe asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
\nLicence and spectrum fees
\nAmortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired licence period, the conditions for licence
\nrenewal and whether licences are dependent on specific technologies. Amortisation is charged to the income statement on a straight-line basis
\nover the estimated useful lives from the commencement of related network services.
\nComputer software
\nComputer software comprises software purchased from third parties as well as the cost of internally developed software. Computer software
\nlicences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs that are directly associated with
\nthe production of identifiable and unique software products controlled by the Group, and are probable of producing future economic benefits, are
\nrecognised as intangible assets. Direct costs of software development include employee costs and directly attributable overheads.
\nSoftware integral to an item of hardware equipment is classified as property, plant and equipment.
\nCosts associated with maintaining software programs are recognised as an expense when they are incurred.
\nAmortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for
\nuse.
\nOther intangible assets
\nOther intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the
\nincome statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis. The
\namortisation basis adopted for each class of intangible asset reflects the Group\u2019s consumption of the economic benefit from that asset.
\nEstimated useful lives
\nThe estimated useful lives of finite lived intangible assets are as follows:
\nLicence and spectrum fees
3 - 40 years
\nComputer software
3 - 5 years
\nBrands
1 - 30 years
\nCustomer bases
2 - 37 years
\n
\n
\n
\n\nLicence and
Computer
Customer
\nGoodwill
spectrum fees
software
bases
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nCost
\n1 April 2021
99,364
33,528
17,833
12,308
466
163,499
\nExchange movements
(21)
(148)
(60)
80
1
(148)
\nArising on acquisition
(10)
\u2013
\u2013
54
\u2013
44
\nAdditions
\u2013
901
2,727
\u2013
7
3,635
\nDisposals
\u2013
(356)
(2,823)
\u2013
(1)
(3,180)
\nOther
\u2013
1
36
\u2013
(10)
27
\n31 March 2022
99,333
33,926
17,713
12,442
463
163,877
\nAdoption of IAS 29
1,564
1,099
408
110
87
3,268
\n1 April 2022 brought forward
100,897
35,025
18,121
12,552
550
167,145
\nExchange movements
(783)
(1,270)
(504)
(240)
(53)
(2,850)
\nDisposal of subsidiaries
(3,939)
(443)
(348)
(458)
(4)
(5,192)
\nAdditions
\u2013
439
2,804
\u2013
7
3,250
\nDisposals
\u2013
(2)
(1,831)
\u2013
(1)
(1,834)
\nHyperinflation impacts
729
557
232
51
40
1,609
\n31 March 2023
96,904
34,306
18,474
11,905
539
162,128
\nAccumulated impairment losses and amortisation
\n1 April 2021
67,633
22,043
12,496
7,324
454
109,950
\nExchange movements
(184)
(35)
(72)
70
1
(220)
\nAmortisation charge for the year
\u2013
1,306
2,225
509
4
4,044
\nDisposals
\u2013
(351)
(2,821)
\u2013
(1)
(3,173)
\nOther
\u2013
\u2013
39
\u2013
(7)
32
\n31 March 2022
67,449
22,963
11,867
7,903
451
110,633
\nAdoption of IAS 29
1,564
829
390
110
87
2,980
\n1 April 2022 brought forward
69,013
23,792
12,257
8,013
538
113,613
\nExchange movements
(414)
(846)
(351)
(231)
(50)
(1,892)
\nDisposal of subsidiaries
(39)
(147)
(180)
(80)
(2)
(448)
\nAmortisation charge for the year
\u2013
1,133
2,343
554
1
4,031
\nDisposals
\u2013
(2)
(1,814)
\u2013
(1)
(1,817)
\nHyperinflation impacts
729
407
207
51
40
1,434
\n31 March 2023
69,289
24,337
12,462
8,307
526
114,921
\nNet book value
\n31 March 2022
31,884
10,963
5,846
4,539
12
53,244
\n31 March 2023
27,615
9,969
6,012
3,598
13
47,207
\nFor licences and spectrum fees and other intangible assets, amortisation is included within the cost of sales line within the consolidated income
\nstatement. Included in the net book value of computer software are assets in the course of construction, which are not depreciated, with a cost of
\n\u20ac1,451 million (2022: \u20ac1,955 million).
\nThe net book value and expiry dates of the most significant licences are as follows:
\n2023
2022
\nExpiry dates
\u20acm
\u20acm
\nGermany
2025/2033/2040
2,979
3,270
\nItaly
2029/2037
3,123
3,415
\nUK
2023/2033/2038/2041
1,055
1,209
\nSpain
2028/2030/2031/2038/2041
758
809
\nThe remaining amortisation period for each of the licences in the table above corresponds to the expiry date of the respective licence. A summary of
\nthe Group\u2019s most significant spectrum licences can be found on page 241.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23498": {
"value": "10. Intangible assets The statement of financial position contains significant intangible assets, mainly in relation to goodwill and licences
\nand spectrum. Goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net
\nassets primarily due to the synergies we expect to create, is not amortised but is subject to annual impairment reviews.
\nLicences and spectrum are amortised over the life of the licence. For further details see \u2018Critical accounting judgements
\nand key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation \u2018 to the consolidated financial statements.
\nAccounting policies
\nIdentifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset
\nwill flow to the Group and the cost of the asset can be reliably measured. Identifiable intangible assets are recognised at fair value when the Group
\ncompletes a business combination. The determination of the fair values of the separately identified intangibles, is based, to a considerable extent,
\non management\u2019s judgement.
\nGoodwill
\nGoodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the
\nidentifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition.
\nGoodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not
\nsubject to amortisation but is tested for impairment annually or whenever there is evidence that it may be impaired. Goodwill is denominated in the
\ncurrency of the acquired entity and revalued to the closing exchange rate at each reporting period date.
\nNegative goodwill arising on an acquisition is recognised directly in the income statement.
\nOn disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the determination of the profit or loss
\nrecognised in the income statement on disposal.
\nFinite lived intangible assets
\nIntangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation. The amortisation period and method
\nis reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in
\nthe asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
\nLicence and spectrum fees
\nAmortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired licence period, the conditions for licence
\nrenewal and whether licences are dependent on specific technologies. Amortisation is charged to the income statement on a straight-line basis
\nover the estimated useful lives from the commencement of related network services.
\nComputer software
\nComputer software comprises software purchased from third parties as well as the cost of internally developed software. Computer software
\nlicences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs that are directly associated with
\nthe production of identifiable and unique software products controlled by the Group, and are probable of producing future economic benefits, are
\nrecognised as intangible assets. Direct costs of software development include employee costs and directly attributable overheads.
\nSoftware integral to an item of hardware equipment is classified as property, plant and equipment.
\nCosts associated with maintaining software programs are recognised as an expense when they are incurred.
\nAmortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for
\nuse.
\nOther intangible assets
\nOther intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the
\nincome statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis. The
\namortisation basis adopted for each class of intangible asset reflects the Group\u2019s consumption of the economic benefit from that asset.
\nEstimated useful lives
\nThe estimated useful lives of finite lived intangible assets are as follows:
\nLicence and spectrum fees
3 - 40 years
\nComputer software
3 - 5 years
\nBrands
1 - 30 years
\nCustomer bases
2 - 37 years
\n
\n
\n
\n\nLicence and
Computer
Customer
\nGoodwill
spectrum fees
software
bases
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nCost
\n1 April 2021
99,364
33,528
17,833
12,308
466
163,499
\nExchange movements
(21)
(148)
(60)
80
1
(148)
\nArising on acquisition
(10)
\u2013
\u2013
54
\u2013
44
\nAdditions
\u2013
901
2,727
\u2013
7
3,635
\nDisposals
\u2013
(356)
(2,823)
\u2013
(1)
(3,180)
\nOther
\u2013
1
36
\u2013
(10)
27
\n31 March 2022
99,333
33,926
17,713
12,442
463
163,877
\nAdoption of IAS 29
1,564
1,099
408
110
87
3,268
\n1 April 2022 brought forward
100,897
35,025
18,121
12,552
550
167,145
\nExchange movements
(783)
(1,270)
(504)
(240)
(53)
(2,850)
\nDisposal of subsidiaries
(3,939)
(443)
(348)
(458)
(4)
(5,192)
\nAdditions
\u2013
439
2,804
\u2013
7
3,250
\nDisposals
\u2013
(2)
(1,831)
\u2013
(1)
(1,834)
\nHyperinflation impacts
729
557
232
51
40
1,609
\n31 March 2023
96,904
34,306
18,474
11,905
539
162,128
\nAccumulated impairment losses and amortisation
\n1 April 2021
67,633
22,043
12,496
7,324
454
109,950
\nExchange movements
(184)
(35)
(72)
70
1
(220)
\nAmortisation charge for the year
\u2013
1,306
2,225
509
4
4,044
\nDisposals
\u2013
(351)
(2,821)
\u2013
(1)
(3,173)
\nOther
\u2013
\u2013
39
\u2013
(7)
32
\n31 March 2022
67,449
22,963
11,867
7,903
451
110,633
\nAdoption of IAS 29
1,564
829
390
110
87
2,980
\n1 April 2022 brought forward
69,013
23,792
12,257
8,013
538
113,613
\nExchange movements
(414)
(846)
(351)
(231)
(50)
(1,892)
\nDisposal of subsidiaries
(39)
(147)
(180)
(80)
(2)
(448)
\nAmortisation charge for the year
\u2013
1,133
2,343
554
1
4,031
\nDisposals
\u2013
(2)
(1,814)
\u2013
(1)
(1,817)
\nHyperinflation impacts
729
407
207
51
40
1,434
\n31 March 2023
69,289
24,337
12,462
8,307
526
114,921
\nNet book value
\n31 March 2022
31,884
10,963
5,846
4,539
12
53,244
\n31 March 2023
27,615
9,969
6,012
3,598
13
47,207
\nFor licences and spectrum fees and other intangible assets, amortisation is included within the cost of sales line within the consolidated income
\nstatement. Included in the net book value of computer software are assets in the course of construction, which are not depreciated, with a cost of
\n\u20ac1,451 million (2022: \u20ac1,955 million).
\nThe net book value and expiry dates of the most significant licences are as follows:
\n2023
2022
\nExpiry dates
\u20acm
\u20acm
\nGermany
2025/2033/2040
2,979
3,270
\nItaly
2029/2037
3,123
3,415
\nUK
2023/2033/2038/2041
1,055
1,209
\nSpain
2028/2030/2031/2038/2041
758
809
\nThe remaining amortisation period for each of the licences in the table above corresponds to the expiry date of the respective licence. A summary of
\nthe Group\u2019s most significant spectrum licences can be found on page 241. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23509": {
"value": "Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset
\nwill flow to the Group and the cost of the asset can be reliably measured. Identifiable intangible assets are recognised at fair value when the Group
\ncompletes a business combination. The determination of the fair values of the separately identified intangibles, is based, to a considerable extent,
\non management\u2019s judgement.
\nGoodwill
\nGoodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group\u2019s interest in the net fair value of the
\nidentifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition.
\nGoodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not
\nsubject to amortisation but is tested for impairment annually or whenever there is evidence that it may be impaired. Goodwill is denominated in the
\ncurrency of the acquired entity and revalued to the closing exchange rate at each reporting period date.
\nNegative goodwill arising on an acquisition is recognised directly in the income statement.
\nOn disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the determination of the profit or loss
\nrecognised in the income statement on disposal.
\nFinite lived intangible assets
\nIntangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation. The amortisation period and method
\nis reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in
\nthe asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
\nLicence and spectrum fees
\nAmortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired licence period, the conditions for licence
\nrenewal and whether licences are dependent on specific technologies. Amortisation is charged to the income statement on a straight-line basis
\nover the estimated useful lives from the commencement of related network services.
\nComputer software
\nComputer software comprises software purchased from third parties as well as the cost of internally developed software. Computer software
\nlicences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs that are directly associated with
\nthe production of identifiable and unique software products controlled by the Group, and are probable of producing future economic benefits, are
\nrecognised as intangible assets. Direct costs of software development include employee costs and directly attributable overheads.
\nSoftware integral to an item of hardware equipment is classified as property, plant and equipment.
\nCosts associated with maintaining software programs are recognised as an expense when they are incurred.
\nAmortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for
\nuse.
\nOther intangible assets
\nOther intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the
\nincome statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis. The
\namortisation basis adopted for each class of intangible asset reflects the Group\u2019s consumption of the economic benefit from that asset.
\nEstimated useful lives
\nThe estimated useful lives of finite lived intangible assets are as follows:
\nLicence and spectrum fees
3 - 40 years
\nComputer software
3 - 5 years
\nBrands
1 - 30 years
\nCustomer bases
2 - 37 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23510": {
"value": "Accounting policiesIdentifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset
\nwill flow to the Group and the cost of the asset can be reliably measured. Identifiable intangible assets are recognised at fair value when the Group
\ncompletes a business combination. The determination of the fair values of the separately identified intangibles, is based, to a considerable extent,
\non management\u2019s judgement.
Finite lived intangible assets
\nIntangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation. The amortisation period and method
\nis reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in
\nthe asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
\nLicence and spectrum fees
\nAmortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired licence period, the conditions for licence
\nrenewal and whether licences are dependent on specific technologies. Amortisation is charged to the income statement on a straight-line basis
\nover the estimated useful lives from the commencement of related network services.
\nComputer software
\nComputer software comprises software purchased from third parties as well as the cost of internally developed software. Computer software
\nlicences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs that are directly associated with
\nthe production of identifiable and unique software products controlled by the Group, and are probable of producing future economic benefits, are
\nrecognised as intangible assets. Direct costs of software development include employee costs and directly attributable overheads.
\nSoftware integral to an item of hardware equipment is classified as property, plant and equipment.
\nCosts associated with maintaining software programs are recognised as an expense when they are incurred.
\nAmortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for
\nuse.
\nOther intangible assets
\nOther intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the
\nincome statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis. The
\namortisation basis adopted for each class of intangible asset reflects the Group\u2019s consumption of the economic benefit from that asset.
\nEstimated useful lives
\nThe estimated useful lives of finite lived intangible assets are as follows:
\nLicence and spectrum fees
3 - 40 years
\nComputer software
3 - 5 years
\nBrands
1 - 30 years
\nCustomer bases
2 - 37 years
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23594": {
"value": "Licence and
Computer
Customer
\nGoodwill
spectrum fees
software
bases
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nCost
\n1 April 2021
99,364
33,528
17,833
12,308
466
163,499
\nExchange movements
(21)
(148)
(60)
80
1
(148)
\nArising on acquisition
(10)
\u2013
\u2013
54
\u2013
44
\nAdditions
\u2013
901
2,727
\u2013
7
3,635
\nDisposals
\u2013
(356)
(2,823)
\u2013
(1)
(3,180)
\nOther
\u2013
1
36
\u2013
(10)
27
\n31 March 2022
99,333
33,926
17,713
12,442
463
163,877
\nAdoption of IAS 29
1,564
1,099
408
110
87
3,268
\n1 April 2022 brought forward
100,897
35,025
18,121
12,552
550
167,145
\nExchange movements
(783)
(1,270)
(504)
(240)
(53)
(2,850)
\nDisposal of subsidiaries
(3,939)
(443)
(348)
(458)
(4)
(5,192)
\nAdditions
\u2013
439
2,804
\u2013
7
3,250
\nDisposals
\u2013
(2)
(1,831)
\u2013
(1)
(1,834)
\nHyperinflation impacts
729
557
232
51
40
1,609
\n31 March 2023
96,904
34,306
18,474
11,905
539
162,128
\nAccumulated impairment losses and amortisation
\n1 April 2021
67,633
22,043
12,496
7,324
454
109,950
\nExchange movements
(184)
(35)
(72)
70
1
(220)
\nAmortisation charge for the year
\u2013
1,306
2,225
509
4
4,044
\nDisposals
\u2013
(351)
(2,821)
\u2013
(1)
(3,173)
\nOther
\u2013
\u2013
39
\u2013
(7)
32
\n31 March 2022
67,449
22,963
11,867
7,903
451
110,633
\nAdoption of IAS 29
1,564
829
390
110
87
2,980
\n1 April 2022 brought forward
69,013
23,792
12,257
8,013
538
113,613
\nExchange movements
(414)
(846)
(351)
(231)
(50)
(1,892)
\nDisposal of subsidiaries
(39)
(147)
(180)
(80)
(2)
(448)
\nAmortisation charge for the year
\u2013
1,133
2,343
554
1
4,031
\nDisposals
\u2013
(2)
(1,814)
\u2013
(1)
(1,817)
\nHyperinflation impacts
729
407
207
51
40
1,434
\n31 March 2023
69,289
24,337
12,462
8,307
526
114,921
\nNet book value
\n31 March 2022
31,884
10,963
5,846
4,539
12
53,244
\n31 March 2023
27,615
9,969
6,012
3,598
13
47,207
Equipment,
\nLand and
fixtures
\nbuildings
and fittings
Total
\n\u20acm
\u20acm
\u20acm
\nCost
\n1 April 2021
2,315
75,974
78,289
\nExchange movements
1
(265)
(264)
\nArising on acquisition
(74)
44
(30)
\nAdditions
41
5,845
5,886
\nDisposals
(200)
(2,280)
(2,480)
\nOther
263
2
265
\n31 March 2022 as reported
2,346
79,320
81,666
\nAdoption of IAS 29
15
1,776
1,791
\n1 April 2022 brought forward
2,361
81,096
83,457
\nExchange movements
(81)
(2,648)
(2,729)
\nDisposal of subsidiaries
(69)
(7,210)
(7,279)
\nAdditions
49
5,805
5,854
\nDisposals
(253)
(3,724)
(3,977)
\nHyperinflation impacts
7
1,040
1,047
\nOther
(17)
101
84
\n31 March 2023
1,997
74,460
76,457
\nAccumulated depreciation and impairment
\n1 April 2021
1,216
48,403
49,619
\nExchange movements
3
(171)
(168)
\nCharge for the year
117
5,740
5,857
\nDisposals
(191)
(2,240)
(2,431)
\nOther
224
(223)
1
\n31 March 2022 as reported
1,369
51,509
52,878
\nAdoption of IAS 29
3
1,432
1,435
\n1 April 2022 brought forward
1,372
52,941
54,313
\nExchange movements
(28)
(1,694)
(1,722)
\nDisposal of subsidiaries
(18)
(4,543)
(4,561)
\nCharge for the year
83
5,544
5,627
\nDisposals
(170)
(3,672)
(3,842)
\nHyperinflation impacts
1
747
748
\n31 March 2023
1,240
49,323
50,563
\nNet book value
\n31 March 2022
977
27,811
28,788
\n31 March 2023
757
25,137
25,894
\nIncluded in the net book value of land and buildings and equipment, fixtures and fittings are assets in the course of construction, which are not
\ndepreciated, with a cost of \u20ac10 million (2022: \u20ac12 million) and \u20ac1,988 million (2022: \u20ac2,353 million) respectively. Also included in the book value of
\nequipment, fixtures and fittings are assets leased out by the Group under operating leases, with a cost of \u20ac2,170 million (2022: \u20ac2,998 million),
\naccumulated depreciation of \u20ac1,393 million (2022: \u20ac2,050 million) and net book value of \u20ac777 million (2022: \u20ac948 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23884": {
"value": "11. Property, plant and equipment The Group makes significant investments in network equipment and infrastructure \u2013 the base stations and technology
\nrequired to operate our networks \u2013 that form the majority of our tangible assets. All assets are depreciated over their
\nuseful economic lives. For further details on the estimation of useful economic lives, see \u2018Critical accounting
\njudgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation \u2018to the consolidated financial
\nstatements.
\nAccounting policies
\nLand and buildings held for use are stated in the statement of financial position at their cost, less any accumulated depreciation and any
\naccumulated impairment losses.
\nAmounts for equipment, fixtures and fittings, which includes network infrastructure assets are stated at cost less accumulated depreciation and any
\naccumulated impairment losses.
\nAssets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the
\nassets are ready for their intended use.
\nThe cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
\nDepreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over their estimated useful lives, as
\nfollows:
\nLand and buildings
\nFreehold buildings
25 - 50 years
\nLeasehold premises
the term of the lease
\nEquipment, fixtures and fittings
\nNetwork infrastructure and other
1 - 35 years
\nDepreciation is not provided on freehold land.
\nRight-of-use assets arising from the Group\u2019s lease arrangements are depreciated over their reasonably certain lease term, as determined under the
\nGroup\u2019s leases policy (see note 20 \u2018Leases\u2019 and \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 for details).
\nThe gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and equipment is determined as the
\ndifference between any proceeds from sale or receivables arising on a lease and the carrying amount of the asset and is recognised in the income
\nstatement.
\n
\n
\n
\n\nEquipment,
\nLand and
fixtures
\nbuildings
and fittings
Total
\n\u20acm
\u20acm
\u20acm
\nCost
\n1 April 2021
2,315
75,974
78,289
\nExchange movements
1
(265)
(264)
\nArising on acquisition
(74)
44
(30)
\nAdditions
41
5,845
5,886
\nDisposals
(200)
(2,280)
(2,480)
\nOther
263
2
265
\n31 March 2022 as reported
2,346
79,320
81,666
\nAdoption of IAS 29
15
1,776
1,791
\n1 April 2022 brought forward
2,361
81,096
83,457
\nExchange movements
(81)
(2,648)
(2,729)
\nDisposal of subsidiaries
(69)
(7,210)
(7,279)
\nAdditions
49
5,805
5,854
\nDisposals
(253)
(3,724)
(3,977)
\nHyperinflation impacts
7
1,040
1,047
\nOther
(17)
101
84
\n31 March 2023
1,997
74,460
76,457
\nAccumulated depreciation and impairment
\n1 April 2021
1,216
48,403
49,619
\nExchange movements
3
(171)
(168)
\nCharge for the year
117
5,740
5,857
\nDisposals
(191)
(2,240)
(2,431)
\nOther
224
(223)
1
\n31 March 2022 as reported
1,369
51,509
52,878
\nAdoption of IAS 29
3
1,432
1,435
\n1 April 2022 brought forward
1,372
52,941
54,313
\nExchange movements
(28)
(1,694)
(1,722)
\nDisposal of subsidiaries
(18)
(4,543)
(4,561)
\nCharge for the year
83
5,544
5,627
\nDisposals
(170)
(3,672)
(3,842)
\nHyperinflation impacts
1
747
748
\n31 March 2023
1,240
49,323
50,563
\nNet book value
\n31 March 2022
977
27,811
28,788
\n31 March 2023
757
25,137
25,894
\nIncluded in the net book value of land and buildings and equipment, fixtures and fittings are assets in the course of construction, which are not
\ndepreciated, with a cost of \u20ac10 million (2022: \u20ac12 million) and \u20ac1,988 million (2022: \u20ac2,353 million) respectively. Also included in the book value of
\nequipment, fixtures and fittings are assets leased out by the Group under operating leases, with a cost of \u20ac2,170 million (2022: \u20ac2,998 million),
\naccumulated depreciation of \u20ac1,393 million (2022: \u20ac2,050 million) and net book value of \u20ac777 million (2022: \u20ac948 million).
\nRight-of-use assets arising from the Group\u2019s lease arrangements are recorded within property, plant and equipment:
\n2023
2022
\n\u20acm
\u20acm
\nProperty, plant and equipment (owned assets)
25,894
28,788
\nRight-of-use assets
\n1
\n12,098
12,016
\n31 March
37,992
40,804
\nNote:
\n1
Additions of \u20ac7,387 million (2022: \u20ac3,828 million) and a depreciation charge of \u20ac3,960 million (2022: \u20ac3,944 million) were recorded in respect of right-of-use assets during the year to 31
\nMarch 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23893": {
"value": "Accounting policies Land and buildings held for use are stated in the statement of financial position at their cost, less any accumulated depreciation and any
\naccumulated impairment losses.
\nAmounts for equipment, fixtures and fittings, which includes network infrastructure assets are stated at cost less accumulated depreciation and any
\naccumulated impairment losses.
\nAssets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the
\nassets are ready for their intended use.
\nThe cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
\nDepreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over their estimated useful lives, as
\nfollows:
\nLand and buildings
\nFreehold buildings
25 - 50 years
\nLeasehold premises
the term of the lease
\nEquipment, fixtures and fittings
\nNetwork infrastructure and other
1 - 35 years
\nDepreciation is not provided on freehold land.
\nRight-of-use assets arising from the Group\u2019s lease arrangements are depreciated over their reasonably certain lease term, as determined under the
\nGroup\u2019s leases policy (see note 20 \u2018Leases\u2019 and \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 for details).
\nThe gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and equipment is determined as the
\ndifference between any proceeds from sale or receivables arising on a lease and the carrying amount of the asset and is recognised in the income
\nstatement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f23903": {
"value": "Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over their estimated useful lives, as follows:
\nLand and buildings
\nFreehold buildings
25 - 50 years
\nLeasehold premises
the term of the lease
\nEquipment, fixtures and fittings
\nNetwork infrastructure and other
1 - 35 years
\nDepreciation is not provided on freehold land.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24139": {
"value": "12. Investments in associates and joint arrangements
\nThe Group holds interests in associates in Kenya and in India, where we have significant influence, as well as in a
\nnumber of joint arrangements, notably in the Netherlands, India, Australia and now Oak Holdings 1 GmbH and its
\nmarkets, where we share control with one or more third parties. For further details see \u2018Critical accounting judgements
\nand key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation \u2018to the consolidated financial statements.
\nAccounting policies
\nInterests in joint arrangements
\nA joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint
\ncontrol; that is, when the relevant activities that significantly affect the investee\u2019s returns require the unanimous consent of the parties sharing
\ncontrol. Joint arrangements are either joint operations or joint ventures.
\nGains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of
\nthe Group\u2019s entire equity holding in the subsidiary.
\nJoint operations
\nA joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities,
\nrelating to the arrangement or that other facts and circumstances indicate that this is the case. The Group\u2019s share of assets, liabilities, revenue,
\nexpenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis.
\nAny goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance with the Group\u2019s accounting policy
\nfor goodwill arising on the acquisition of a subsidiary.
\nJoint ventures
\nA joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities and
\ncontingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 \u2018Discontinued
\noperations and assets held for sale\u2019), are incorporated in the consolidated financial statements using the equity method of accounting. Under the
\nequity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\nchanges in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group\u2019s share of post-tax
\nprofits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group\u2019s interest in that joint venture
\nare recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
\nAssociates
\nAn associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement.
\nSignificant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have
\ncontrol or joint control over those policies.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities
\nand contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of
\naccounting used for joint ventures, described above.
\nJoint operations
\nOn 22 March 2023, the Group completed the disposal of its principal joint operation as part of the transaction with Oak Holdings 1 GmbH. The
\nfinancial and operating activities of the operation were jointly controlled by the participating shareholders and were primarily designed for all but an
\ninsignificant amount of the output to be consumed by the shareholders.
\nCountry of
\nincorporation or
\nregistration
\nPercentage
\nshareholdings
\n1
\nPercentage
\nshareholdings
\n1
\nName of joint operation
Principal activity
2023
2022
\nCornerstone Telecommunications Infrastructure Limited
Network infrastructure
UK
\u2013
50.0
\nNote:
\n1
Effective ownership percentages of Vodafone Group Plc are rounded to the nearest tenth of one percent.
Joint ventures and associates
\n2023
2022
\nRe-presented
\n1
\n\u20acm
\u20acm
\nInvestments in joint ventures
9,578
3,781
\nInvestments in associates
1,501
1,542
\n31 March
11,079
5,323
\nNote:
\n1
The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022,
\ninvestments in associates have increased by \u20ac1,055 million compared to the amount previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\nJoint ventures
\nThe financial and operating activities of the Group\u2019s joint ventures are jointly controlled by the participating shareholders. The participating
\nshareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Company\u2019s principal
\njoint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
\njoint ventures is also their principal place of operation.
\nCountry of
\nincorporation or
\nregistration
\nPercentage
\nshareholdings
\n1
\nPercentage
\nshareholdings
\n1
\nName of joint venture
Principal activity
2023
2022
\nOak Holdings 1 GmbH
Network infrastructure
Germany
64.2
\u2013
\nVodafoneZiggo Group Holding B.V.
Network operator
Netherlands
50.0
50.0
\nOXG Glasfaser GmbH
Fibre infrastructure
Germany
50.0
\u2013
\nVodafone Idea Limited
\n2
\nNetwork operator
India
32.3
47.6
\nTPG Telecom Limited
\n3
\nNetwork operator
Australia
25.1
25.1
\nINWIT S.p.A.
Network infrastructure
Italy
\u2013
33.2
\nNotes:
\n1
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n2
At 31 March 2023 the fair value of the Group\u2019s interest in Vodafone Idea Limited was INR 91 billion (\u20ac1,021 million) (2022: INR 148 billion (\u20ac1,750 million)) based on the quoted share price
\non the National Stock Exchange of India.
\n3
At 31 March 2023 the fair value of the Group\u2019s interest in TPG Telecom Limited was AUD 2,273 million (\u20ac1,401 million) (2022: AUD 2,818 million (\u20ac1,902 million)) based on the quoted share
\nprice on ASX.
\nOak Holdings 1 GmbH
\nOn 22 March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-control partnership of
\nVodafone, GIP and KKR. Vodafone retained an interest of 64.2% in Oak Holdings 1 GmbH, which owns 89.3% of Vantage Towers A.G. On 18 April
\n2023, the Management Board and the Supervisory Board of Vantage Towers A.G. published their joint reasoned statement on the public delisting
\ntender offer of Oak Holdings 1 GmbH to the shareholders of Vantage Towers A.G. Both recommended that all remaining shareholders accept the
\ndelisting tender offer.
\nOXG Glasfaser GmbH
\nIn March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser GmbH (\u2018OXG\u2019), with 50.0%
\nshareholding held by each shareholder. Each shareholder is committed to contribute funding of up to \u20ac950 million to OXG for the deployment of
\nfibre-to-the-home in Germany. The funding is expected to be contributed between 2023 and 2029. The amount and timing of the funding depends
\non the speed and size of the fibre deployment so the funding may be for a lower value or contributed over a longer period of time. The contribution
\ncan be in the form of free capital reserves, shareholder loan, loan notes or similar instruments as agreed by the shareholders.
\nVodafone Idea Limited
\nThe Group\u2019s carrying value in Vodafone Idea Limited (\u2018VIL\u2019) reduced to \u20acnil at 30 September 2019. The Group\u2019s share of VIL\u2019s losses not recognised
\nat 31 March 2023 is \u20ac3,759 million (31 March 2022: \u20ac5,120 million). Significant uncertainties exist in relation to VIL\u2019s ability to generate the cash
\nflow it requires to settle or its ability to refinance its liabilities and guarantees as they fall due (see note 29 \u2018Contingent liabilities and legal
\nproceedings\u2019).
\nThe value of the Group\u2019s 21.0% shareholding in Indus Towers Limited is, in part, dependent on the income generated by Indus Towers Limited from
\ntower rentals to major customers, including VIL. Any inability of these major customers to pay such amounts in the future may impact the carrying
\nvalue (31 March 2023: \u20ac908 million) of the Group\u2019s investment in Indus Towers Limited.
TPG Telecom Limited
\nTPG Telecom Limited is listed on the Australian Securities Exchange (\u2018ASX\u2019). Vodafone and Hutchison Telecommunications (Australia) Limited each
\nown an economic interest of 25.05%, with the remaining 49.9% listed as free float on the ASX. The financial information presented in the tables
\nbelow includes debt held within the structure that holds the Group\u2019s interest in TPG.
\nINWIT S.p.A.
\nOn 22 March 2023, the Group completed the disposal of its 33.2% interest in INWIT S.p.A. as part of the transaction with Oak Holdings 1 GmbH.
\nDividends received from joint ventures
\nDuring the year ended 31 March 2023, the Group received dividends included in the consolidated statement of cash flows from VodafoneZiggo
\nGroup Holding B.V. of \u20ac165 million (2022: \u20ac350 million, 2021: \u20ac209 million), TPG Telecom Limited of \u20ac24 million (2022: \u20ac22 million, 2021: \u20acnil)
\nand INWIT S.p.A. of \u20ac103 million (2022: \u20ac96 million, 2021: \u20ac42 million).
\nAggregated financial information
\nThe table below provides aggregated financial information for the Group\u2019s joint ventures as it relates to the amounts recognised in the income
\nstatement and consolidated statement of financial position.
\nInvestment in joint ventures
\nProfit/(loss) from
\ncontinuing operations
\n1
\n2023
2022
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nOak Holdings 1 GmbH
8,634
\u2013
\u2013
\u2013
\u2013
\nVodafoneZiggo Group Holding B.V.
793
822
137
(19)
(232)
\nTPG Telecom Limited
108
84
48
(5)
98
\nINWIT S.p.A.
\u2013
2,851
30
27
3
\nOther
43
24
(15)
(14)
(15)
\nTotal
9,578
3,781
200
(11)
(146)
\nNotes:
\n1
Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations.
Summarised financial information
\nSummarised financial information for each of the Group\u2019s material joint ventures on a 100% ownership basis is set out below and overleaf.
\nFinancial information is presented for Vodafone Idea Limited (\u2018VIL\u2019) for the six month period to, and as at 30 September 2022 on the basis that full-
\nyear information in relation to VIL has not been released at the date of approval of these financial statements and as such is market sensitive for VIL.
\nAs disclosed above, the Group\u2019s investment in VIL was reduced to \u20acnil in the year ended 31 March 2020 and the Group has not recorded any profit
\nor loss in respect of its share of VIL\u2019s results since that date.
\nFinancial information is presented for TPG Telecom Limited (\u2018TPG\u2019) for the nine month period to, and as at 31 December 2022 on the basis that full-
\nyear information in relation to TPG has not been released at the date of approval of these financial statements and as such is market sensitive for
\nTPG.
\nFinancial information presented for INWIT S.p.A. for the years to 31 March 2023, 31 March 2022 and 31 March 2021 is based on the financial results
\nand financial position as at 31 December 2022, 31 December 2021 and 31 December 2020, respectively, being the latest financial information
\navailable to the Group when completing the financial statements for each year.
\nVodafoneZiggo Group Holding B.V.
Vodafone Idea Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
4,063
4,056
4,010
2,586
4,450
4,847
\nOperating expenses
(2,124)
(2,104)
(2,058)
(1,681)
(2,802)
(3,133)
\nDepreciation and amortisation
(1,527)
(1,592)
(1,658)
(1,220)
(2,390)
(2,442)
\nOther income
\u2013
\u2013
25
\u2013
(34)
(2,135)
\nOperating profit/(loss)
412
360
319
(315)
(776)
(2,863)
\nInterest income
\u2013
\u2013
\u2013
2
14
32
\nInterest expense
11
(276)
(658)
(1,392)
(2,297)
(2,035)
\nProfit/(loss) before tax
423
84
(339)
(1,705)
(3,059)
(4,866)
\nIncome tax (expense)/credit
(150)
(121)
(125)
(1)
2
\u2013
\nProfit/(loss) from continuing operations
\n1
\n273
(37)
(464)
(1,706)
(3,057)
(4,866)
\nTPG Telecom Limited
INWIT S.p.A.
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
3,027
3,375
3,010
853
785
562
\nOperating expenses
(1,870)
(2,292)
(2,096)
(73)
(70)
(46)
\nDepreciation and amortisation
(700)
(914)
(769)
(508)
(513)
(398)
\nOperating profit
457
169
145
272
202
118
\nInterest income
\u2013
\u2013
1
\u2013
\u2013
\u2013
\nInterest expense
(172)
(122)
(201)
(81)
(90)
(101)
\nProfit/(loss) before tax
285
47
(55)
191
112
17
\nIncome tax (expense)/credit
(25)
(27)
495
(1)
(30)
(7)
\nProfit from continuing operations
\n1
\n260
20
440
190
82
10
\nNote:
\n1
Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations.
Oak Holdings 1
\nGmbH
\n1
\nVodafoneZiggo Group Holding B.V.
\n2023
2023
2022
\n\u20acm
\u20acm
\u20acm
\nStatement of financial position
\nNon-current assets
23,878
16,570
16,521
\nCurrent assets
749
719
739
\nTotal assets
24,627
17,289
17,260
\nEquity shareholders\u2019 funds
13,450
1,586
1,643
\nNon-controlling interests
1,262
\u2013
\u2013
\nNon-current liabilities
6,709
13,299
13,187
\nCurrent liabilities
3,206
2,404
2,430
\nCash and cash equivalents within current assets
224
20
190
\nNon-current liabilities excluding trade and other payables and provisions
6,215
13,138
13,007
\nCurrent liabilities excluding trade and other payables and provisions
2,409
1,247
1,282
\nVodafone Idea Limited
\n2
\nTPG Telecom Limited
\n2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\nStatement of financial position
\nNon-current assets
21,316
17,267
9,823
10,638
\nCurrent assets
2,580
2,693
1,009
898
\nTotal assets
23,896
19,960
10,832
11,536
\nEquity shareholders\u2019 (deficit)/funds
(12,486)
(10,214)
3,019
3,129
\nNon-current liabilities
28,902
23,266
6,702
7,227
\nCurrent liabilities
7,480
6,908
1,111
1,180
\nCash and cash equivalents within current assets
109
365
290
435
\nNon-current liabilities excluding trade and other payables and provisions
28,879
23,241
6,595
7,173
\nCurrent liabilities excluding trade and other payables and provisions
3,404
3,334
86
121
\nINWIT S.p.A.
\n2022
\n\u20acm
\nStatement of financial position
\nNon-current assets
14,532
\nCurrent assets
270
\nTotal assets
14,802
\nEquity shareholders\u2019 funds
8,595
\nNon-current liabilities
5,672
\nCurrent liabilities
535
\nCash and cash equivalents within current assets
96
\nNon-current liabilities excluding trade and other payables and provisions
5,420
\nCurrent liabilities excluding trade and other payables and provisions
319
\nNote:
\n1
Includes balances which are provisional based on finalisation of the purchase price allocation.
\n2
Includes certain amounts subject to an adjustment mechanism agreed as part of the formation of Vodafone Idea Limited. See note 29 \u2018Contingent liabilities and legal proceedings\u2019.
The reconciliation of summarised financial information presented to the carrying amount of our interest in joint ventures is set out below.
\nOak Holdings 1
\nGmbH
\nVodafoneZiggo Group Holding B.V.
\n2023
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 funds
13,450
1,586
1,643
\nInterest in joint ventures
\n1
\n8,634
793
822
\nCarrying value
8,634
793
822
\nProfit/(loss) from continuing operations
\u2013
273
(37)
(464)
\nShare of profit/(loss)
\n1
\n\u2013
137
(19)
(232)
\nVodafone Idea Limited
TPG Telecom Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 (deficit)/funds
(12,486)
(10,214)
3,019
3,129
\nInterest in joint ventures
\n1
\n(5,943)
(4,863)
56
27
\nImpairment
(272)
(257)
\u2013
\u2013
\nGoodwill
\u2013
\u2013
52
57
\nInvestment proportion not recognised
6,215
5,120
\u2013
\u2013
\nCarrying value
\u2013
\u2013
108
84
\n(Loss)/profit from continuing operations
(1,706)
(3,057)
(4,866)
260
20
440
\nShare of (loss)/profit
\n1
\n(812)
(1,357)
(2,160)
48
(5)
98
\nShare of loss not recognised
812
1,357
2,160
\u2013
\u2013
\u2013
\nShare of profit/(loss)
\n1
\n\u2013
\u2013
\u2013
48
(5)
98
\nINWIT S.p.A.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 funds
\u2013
8,595
8,801
\nInterest in joint ventures
\u2013
2,851
2,920
\nCarrying value
\u2013
2,851
2,920
\nProfit from continuing operations
190
82
10
\nShare of profit
63
27
3
\nShare of profit not recognised as held for sale
(33)
\u2013
\u2013
\nShare of profit
30
27
3
\nNote:
\n1
The Group\u2019s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V., Vodafone Idea Limited and TPG Telecom Limited are 64.2%, 50.0%, 47.6% and
\n25.1%, respectively, rounded to the nearest tenth of one percent.
Associates
\nUnless otherwise stated, the Company\u2019s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The
\ncountry of incorporation or registration of all associates is also their principal place of operation.
\nCountry of
Percentage
Percentage
\nincorporation or
shareholding
\n1
\nshareholding
\n1
\nName of associate
Principal activity
registration
2023
2022
\nSafaricom PLC
\n2
\nNetwork operator
Kenya
39.9
40.0
\nIndus Towers Limited
\n3
\nNetwork infrastructure
India
21.0
21.0
\nNotes:
\n1
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n2
At 31 March 2023, the fair value of the Group\u2019s interest in Safaricom PLC was KES 290 billion (\u20ac2,012 million) (2022: KES 546 billion (\u20ac4,270 million)) based on the closing quoted share price
\non the Nairobi Stock Exchange. The Group also holds two non-voting shares.
\n3
At 31 March 2023, the fair value of the Group\u2019s interest in Indus Towers Limited was INR 81 billion (\u20ac908 million) (2022: INR 126 billion (\u20ac1,494 million)) based on the closing quoted share
\nprice on the National Stock Exchange of India.
\nAggregated financial information
\nThe table below provides aggregated financial information for the Group\u2019s associates as it relates to the amounts recognised in the income
\nstatement and consolidated statement of financial position.
\nInvestment in associates
Profit/(loss) from continuing operations
\nRe-presented
\n1
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nSafaricom PLC
\n2
\n509
428
195
217
217
\nIndus Towers Limited
908
1,055
50
178
306
\nOther
\n2
\n84
59
(12)
5
(3)
\nTotal
1,501
1,542
233
400
520
\nNote:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, investments in associates has increased by \u20ac1,055 million and profit from continuing operations has increased by \u20ac178 million (2021: \u20ac32 million) compared to the amounts
\npreviously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Other comprehensive income includes profit from continuing operations, together with \u20ac127 million in respect of the application of IAS 29 to Safaricom\u2019s operations in Ethiopia.
\nDividends from associates
\nDuring the year ended 31 March 2023, the Group received dividends included in the consolidated statement of cash flows from Indus Towers
\nLimited of \u20ac75 million (2022: \u20acnil, 2021: \u20ac201 million) and from Safaricom PLC of \u20ac250 million (2022: \u20ac170 million, 2021: \u20ac171 million).
Summarised financial information
\nSummarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set out below.
\nSafaricom PLC
Indus Towers Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
2,468
2,318
2,083
3,343
3,122
2,421
\nOperating expenses
(1,353)
(1,164)
(1,030)
(2,240)
(1,480)
(1,247)
\nDepreciation and amortisation
(432)
(309)
(299)
(588)
(598)
(477)
\nOther income
68
\u2013
\u2013
\u2013
\u2013
412
\nOperating profit
751
845
754
515
1,044
1,109
\nInterest income
13
9
12
26
\u2013
61
\nInterest expense
(69)
(59)
(27)
(200)
(140)
(194)
\nProfit before tax
695
795
739
341
904
976
\nIncome tax expense
(285)
(270)
(197)
(102)
(272)
(168)
\nProfit from continuing operations and total
\ncomprehensive income
410
525
542
239
632
808
\nAttributable to:
\n- Owners of the parent
489
542
542
239
632
808
\n- Non-controlling interests
(79)
(17)
\u2013
\u2013
\u2013
\u2013
\nStatement of financial position
\nNon-current assets
3,007
2,173
5,243
5,359
\nCurrent assets
436
510
1,081
1,685
\nTotal assets
3,443
2,683
6,324
7,044
\nEquity shareholders' funds
1,269
1,066
3,453
3,774
\nNon-controlling interests
532
312
\u2013
\u2013
\nNon-current liabilities
753
558
1,954
2,101
\nCurrent liabilities
889
747
917
1,169
\nCash and cash equivalents within current assets
127
241
3
278
\nNon-current liabilities excluding trade and other
\npayables and provisions
500
465
1,665
1,795
\nCurrent liabilities excluding trade and other
\npayables and provisions
322
241
491
638
\nThe reconciliation of summarised financial information presented to the carrying amount of our interest in the associate is set out below.
\nSafaricom PLC
Indus Towers Limited
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders' funds
1,269
1,066
3,453
3,774
\nInterest in associates
\n2
\n507
425
727
794
\nGoodwill
2
3
181
261
\nCarrying value
509
428
908
1,055
\nProfit from continuing operations
489
542
542
239
632
808
\nShare of profit
195
217
217
50
178
306
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, the carrying value of the Group\u2019s interest in the associate has increased by \u20ac1,055 million and the Group\u2019s share of profit has increased by \u20ac178 million (2021: \u20ac32 million)
\ncompared to the amounts previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
The Group\u2019s effective ownership percentages of Safaricom PLC and Indus Towers Limited are 39.9% and 21.0%, respectively, rounded to the nearest tenth of one percent.
Associated undertakings and joint
\narrangements
\nAustralia
\nLevel 1, 177 Pacific Highway, North Sydney NSW 2060, Australia
\n3.6 GHz Spectrum Pty Ltd
25.05
Ordinary shares
\nAAPT Limited
25.05
Ordinary shares
\nACN 088 889 230 Pty Ltd
25.05
Ordinary shares
\nACN 139 798 404 Pty Ltd
25.05
Ordinary shares
\nAdam Internet Holdings Pty Ltd
25.05
Ordinary shares
\nAdam Internet Pty Ltd
25.05
A shares, B
\nshares, Ordinary
\nshares
\nAgile Pty Ltd
25.05
Ordinary shares
\nAlchemyIT Pty Ltd
25.05
Ordinary shares
\nChariot Pty Ltd
25.05
Ordinary shares
\nChime Communications Pty Ltd
25.05
Ordinary shares
\nConnect West Pty Ltd
25.05
Ordinary shares
\nDestra Communications Pty Ltd
25.05
Ordinary shares
\nDigiplus Contracts Pty Ltd
25.05
Ordinary shares
\nDigiplus Holdings Pty Ltd
25.05
Ordinary shares
\nDigiplus Investments Pty Ltd
25.05
Ordinary shares
\nDigiplus Pty Ltd
25.05
Ordinary shares
\nH3GA Properties (No.3) Pty Limited
25.05
Ordinary shares
\niiNet Labs Pty Ltd
25.05
Ordinary shares
\niiNet Limited
25.05
Ordinary shares
\nInternode Pty Ltd
25.05
Ordinary shares,
\nClass B shares
\nIntraPower Pty Limited
25.05
Ordinary shares
\nIntrapower Terrestrial Pty Ltd
25.05
Ordinary shares
\nIP Group Pty Ltd
25.05
Ordinary shares
\nIP Services Xchange Pty Ltd
25.05
A shares, B
\nshares
\nKooee Communications Pty Ltd
25.05
Ordinary shares
\nKooee Mobile Pty Ltd
25.05
Ordinary shares
\nMercury Connect Pty Ltd
25.05
Ordinary shares,
\nE class shares
\nMobile JV Pty Limited
25.05
Ordinary shares
\nMobileworld Communications Pty Limited
25.05
Ordinary shares
\nMobileworld Operating Pty Ltd
25.05
Ordinary shares
\nNetspace Online Systems Pty Ltd
25.05
Ordinary shares
\nNumillar IPS Pty Ltd
25.05
Ordinary shares
\nPIPE International (Australia) Pty Ltd
25.05
Ordinary shares
\nPIPE Networks Pty Limited
25.05
Ordinary shares
\nPIPE Transmission Pty Limited
25.05
Ordinary shares
\nPowerTel Limited
25.05
Ordinary shares
\nRequest Broadband Pty Ltd
25.05
Ordinary shares
\nSoul Communications Pty Ltd
25.05
Ordinary shares
\nSoul Contracts Pty Ltd
25.05
Ordinary shares
\nSoul Pattinson Telecommunications
\nPty Ltd
\n25.05
Ordinary shares
\nSPT Telecommunications Pty Ltd
25.05
Ordinary shares
\nSPTCom Pty Ltd
25.05
Ordinary shares
\nTelecom Enterprises Australia Pty Limited
25.05
Ordinary shares
\nTelecom New Zealand Australia Pty Ltd
25.05
Ordinary shares,
\nRedeemable
\npreference
\nshares
\nTPG Corporation Limited
25.05
Ordinary shares
\nTPG Energy Pty Ltd
25.05
Ordinary shares
\nTPG Finance Pty Limited
25.05
Ordinary shares
\nTPG Holdings Pty Ltd
25.05
Ordinary shares
\nTPG Internet Pty Ltd
25.05
Ordinary shares
\nTPG JV Company Pty Ltd
25.05
Ordinary shares
\nTPG Network Pty Ltd
25.05
Ordinary shares
\nTPG Telecom Limited
25.05
Ordinary shares
\nTransACT Capital Communications Pty Ltd
25.05
Ordinary shares
\nTransACT Communications Pty Ltd
25.05
Ordinary shares
\nTransACT Victoria Communications
\nPty Ltd
\n25.05
Ordinary shares
\nTransACT Victoria Holdings Pty Ltd
25.05
Ordinary shares
\nTrusted Cloud Pty Ltd
25.05
Ordinary shares
\nTrusted Cloud Solutions Pty Ltd
25.05
Ordinary shares
\nValue Added Network Pty Ltd
25.05
Ordinary shares
\nVision Network Pty Limited
25.05
Ordinary shares
\nVodafone Australia Pty Limited
25.05
Ordinary shares,
\nClass B shares,
\nRedeemable
\npreference
\nshares
\nVodafone Foundation Australia Pty Limited
25.05
Ordinary shares
\nVodafone Hutchison Receivables Pty
\nLimited
\n25.05
Ordinary shares
\nVodafone Hutchison Spectrum Pty
\nLimited
\n25.05
Ordinary shares
\nVodafone Network Pty Limited
25.05
Ordinary shares
\nVodafone Pty Limited
25.05
Ordinary shares
\nVtalkVoip Pty Ltd
25.05
Ordinary shares
\nWestnet Pty Ltd
25.05
Ordinary shares
\nBelgium
\nSpace Court of Justice, Rue aux Laines 70, 1000 Brussels, Belgium
\nUtiq S.A
25.00
Ordinary shares
\nBermuda
\nClarendon House, 2 Church St, Hamilton, HM11, Bermuda
\nPPC 1 Limited
25.05
Ordinary shares
\nCzech Republic
\nPraha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
\nVantage Towers s.r.o.
\n4
\n57.30
Ordinary shares
\nU Rajsk\u00e9 zahrady 1912/3, Praha 3, 130 00, Czech Republic
\nCOOP Mobil s.r.o.
33.33
Ordinary shares
\nEgypt
\n23 Kasr El Nil St, Cairo, 11211, Egypt
\nWataneya Telecommunications S.A.E
50.00
Ordinary shares
\nEthiopia
\nAddis Ababa, Kirkos Sub City, Woreda 01, Addis Ababa, Ethiopia
\nSafaricom Telecommunications Ethiopia
\nPrivate Limited Company
\n5
\n19.48
Ordinary shares
\nGermany
\n38 Berliner Allee, 40212, D\u00fcsseldorf, Germany
\nMNP Deutschland Gesellschaft
\nb\u00fcrgerlichen Rechts
\n33.33
Partnership
\nshare
\nFerdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
\nOak Holdings 1 GmbH
64.20
Ordinary shares
\nOak Holdings 2 GmbH
64.20
Ordinary shares
\nOak Holdings GmbH
64.20
Ordinary shares
\nOXG Glasfaser Beteiligungs-GmbH
50.00
Ordinary shares
\nOXG Glasfaser GmbH
50.00
Ordinary shares
\nNobelstrasse 55, 18059, Rostock, Germany
\nVerwaltung \u201cUrbana Teleunion\u201d Rostock
\nGmbH
\n3
\n47.00
Ordinary shares
\nPrinzenallee 11-13, 40549, D\u00fcsseldorf, Germany
\nVantage Towers AG
57.30
Ordinary shares
\nVantage Towers Erste
\nVerwaltungsgesellschaft mbH
\n4
\n57.30
Ordinary shares
\nVantage Towers Zweite
\nVerwaltungsgesellschaft mbH
\n4
\n57.30
Ordinary shares
\nGreece
\n2 Adrianeiou str, Athens, 11525, Greece
\nVantage Towers Single Member Societe
\nAnonyme
\n4
\n57.30
Ordinary shares
\n43-45 Valtetsiou Str., Athens, Greece
\nSafenet N.P,A.
24.97
Ordinary shares
\n56 Kifisias Avenue & Delfwn, Marousi, 151 25, Greece
\nTilegnous IKE
33.29
Ordinary shares
\nMarathonos Ave 18 km & Pylou, Pallini, Attica, Pallini, Attica,
\n15351, Greece
\nVictus Networks S.A.
49.94
Ordinary shares
\nHungary
\nBoldizs\u00e1r utca 2, Budapest, 1112, Hungary
\nVantage Towers Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151
\nR\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
\n4
\n57.30
Ordinary shares
\nIndia
\n10th Floor, Birla Centurion, Century Mills Compound, Pandurang
\nBudhkar Marg, Worli, Mumbai, Maharashtra, 400030, India
\nVodafone Foundation
\n6
\n31.81
Ordinary shares
\nVodafone Idea Shared Services Limited
\n6
\n32.29
Ordinary shares
\nVodafone Idea Technology Solutions
\nLimited
\n6
\n32.29
Ordinary shares
\nVodafone m-pesa Limited
\n6
\n32.29
Ordinary shares
\nYou Broadband India Limited
\n6
\n32.29
Equity shares
\nA-19, Mohan Co-operative Industrial Estate, Mathura Road, New
\nDelhi, Delhi, 110044, India
\nFireFly Networks Limited
\n6
\n24.16
Ordinary shares
\nBuilding No.10, Tower-A, 4th Floor, DLF Cyber City, Gurugram,
\nHaryana, 122002, India
\nIndus Towers Limited
21.05
Ordinary shares
\nSuman Tower, Plot No. 18, Sector No. 11, Gandhinagar, 382011,
\nGujarat, India
\nVodafone Idea Limited
32.29
Equity shares
\nVodafone Idea Manpower Services
\nLimited
\n6
\n31.91
Ordinary shares
\nVodafone House, Corporate Road, Prahladnagar, Off S. G. Highway,
\nAhmedabad, Gujarat, 380051, India
\nVodafone Idea Business Services Limited
\n6
\n32.29
Ordinary shares
\nVodafone Idea Communication Systems
\nLimited
\n6
\n32.29
Ordinary shares
\nVodafone Idea Telecom Infrastructure
\nLimited
\n6
\n32.29
Ordinary shares
Ireland
\nMountainview, Leopardstown, Dublin 18, Ireland
\nVantage Towers Limited
\n4
\n57.30
Ordinary shares
\nThe Herbert Building, The Park, Carrickmines, Dublin, Ireland
\nSiro DAC
50.00
Ordinary shares
\nSiro JV Holdco Limited
50.00
Ordinary B
\nshares
\nItaly
\nVia Gaetana Negri 1, 20123, Milano, Italy
\nInfrastrutture Wireless Italiana S.p.A.
19.01
Ordinary shares
\nKenya
\nLR No. 13263 Safaricom House, PO Box 66827, 00800,
\nNairobi, Kenya
\nSafaricom PLC
27.74
Ordinary shares
\nSafaricom House, Waiyaki Way Westlands, Nairobi, Kenya
\nM-PESA Africa Limited
\n5
\n46.42
Ordinary shares
\nLuxembourg
\n15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
\nTomorrow Street SCA
50.00
Ordinary B
\nshares, Ordinary
\nC shares
\nNetherlands
\nAvenue Ceramique 300, 6221 Kx, Maastricht, Netherlands
\nVodafone Libertel B.V.
50.00
Ordinary shares
\nBoven Vredenburgpassage 128, 3511 WR, Utrecht, Netherlands
\nAmsterdamse Beheer- en
\nConsultingmaatschappij B.V.
\n50.00
Ordinary shares
\nEsprit Telecom B.V.
50.00
Ordinary shares
\nFinCo Partner 1 B.V.
50.00
Ordinary shares
\nLGE HoldCo V B.V.
50.00
Ordinary shares
\nLGE HoldCo VI B.V.
50.00
Ordinary shares
\nLGE Holdco VII B.V.
50.00
Ordinary shares
\nLGE HoldCo VIII B.V.
50.00
Ordinary shares
\nVodafone Financial Services B.V.
50.00
Ordinary shares
\nVodafone Nederland Holding I B.V.
50.00
Ordinary shares
\nVodafone Nederland Holding II B.V.
50.00
Ordinary shares
\nVodafoneZiggo Employment B.V.
50.00
Ordinary shares
\nVodafoneZiggo Group B.V.
50.00
Ordinary shares
\nVodafoneZiggo Group Holding B.V.
50.00
Ordinary shares
\nVZ Financing I B.V.
50.00
Ordinary shares
\nVZ Financing II B.V.
50.00
Ordinary shares
\nVZ FinCo B.V.
50.00
Ordinary shares
\nVZ PropCo B.V.
50.00
Ordinary shares
\nVZ Secured Financing B.V.
50.00
Ordinary shares
\nXB Facilities B.V.
50.00
Ordinary shares
\nZiggo B.V.
50.00
Ordinary shares
\nZiggo Deelnemingen B.V.
50.00
Ordinary shares
\nZiggo Finance 2 B.V.
50.00
Ordinary shares
\nZiggo Netwerk II B.V.
50.00
Ordinary shares
\nZiggo Real Estate B.V.
50.00
Ordinary shares
\nZiggo Services B.V.
50.00
Ordinary shares
\nZiggo Services Employment B.V.
50.00
Ordinary shares
\nZiggo Services Netwerk 2 B.V.
50.00
Ordinary shares
\nZiggo Zakelijk Services B.V.
50.00
Ordinary shares
\nZoranet Connectivity Services B.V.
50.00
Ordinary shares
\nZUM B.V.
50.00
Ordinary shares
\nMedia Parkboulevard 2, 1217 WE Hilversum, Netherlands
\nLiberty Global Content Netherlands B.V.
50.00
Ordinary shares
\nRivium Quadrant 175, 2909 LC, Capelle aan den IJssel, Netherlands
\nCentral Tower Holding Company B.V.
\n4
\n57.30
Ordinary shares
\nWinschoterdiep 60, 9723 AB Groningen, Netherlands
\nZesko B.V.
50.00
Ordinary shares
\nZiggo Bond Company B.V.
50.00
Ordinary shares
\nZiggo Netwerk B.V.
50.00
Ordinary shares
\nNew Zealand
\nTompkins Wake, Level 11, 41 Shortland Street, Auckland, 1010,
\nNew Zealand
\niiNet (New Zealand) AKL Limited
25.05
Ordinary shares
\nPhilippines
\n22F Robinson Equitable Tower, ADB Ave, Corner Povega St, Ortigas
\nCenter, Pasig City, Philippines
\nOrchid Cybertech Services Inc
25.05
Ordinary shares
\nPortugal
\nEdif. Arquiparque VII, R Dr Ant\u00f3nio Loureiro Borges, 7, 3.\u00ba, 1495-131
\nALG\u00c9S, Alg\u00e9s, Oeiras, Portugal
\nVantage Towers, S.A.
\n4
\n57.30
Ordinary shares
\nEspa\u00e7o Sete Rios, LEAP Rua de Campolide, 351, 0.05, 1070-034,
\nLisboa, Portugal
\nDual Grid \u2013 Gest\u00e3o de Redes Partilhadas,
\nS.A.
\n50.00
Ordinary shares
\nRua Pedro e In\u00eas, Lote 2.08.01, 1990-075, Parque das Na\u00e7\u00f5es,
\nLisboa, Portugal
\nSport TV Portgugal, S.A.
25.00
Nominative
\nshares
\nRomania
\nCalea Floreasca no. 169A, 3rd floor, District 1, Bucharest, Rom\u00e2nia,
\nRomania
\nVantage Towers S.R.L.
\n4
\n57.30
Ordinary shares
\nFloor 3, Module 2, Connected buildings III, Nr. 10A, Dimitrie Pompei
\nBoulevard, Bucharest, Sector 2, Romania
\nNetgrid Telecom SRL
50.00
Ordinary shares
\nRussian Federation
\nBuilding 3, 11, Promyshlennaya Street, Moscow, 115 516, Russian
\nFederation
\nAutoconnex Limited
35.00
Ordinary shares
\nSouth Africa
\n76 Maude Street, Sandton, Johannesberg, 2196, South Africa
\nWaterberg Lodge (Proprietary) Limited
\n5
\n32.55
Ordinary shares
\nBuilding 13, Ground Floor, East Thornhill Office Park, 94 Bekker
\nRoad, Vorna Valley X67 1685, South Africa
\nNumber Portability Company (Pty) Ltd
\n5
\n12.10
Ordinary shares
\nCeltis Plaza North, 1085 Schoeman Street, Hatfield, Pretoria,
\n0028, South Africa
\nAfri G I S (Pty) Ltd
\n5
\n21.16
Ordinary shares
\nRigel Office Park Block A, No 446 Rigel Avenue South,
\nErasmu, South Africa
\nCanard Spatial Technologies Proprietary
\nLimited
\n5
\n21.16
Ordinary shares
\nVodacom Corporate Park, 082 Vodacom Boulevard, Midrand,
\n1685, South Africa
\nM-Pesa S.A (Proprietary) Limited
\n5
\n46.42
Ordinary shares
\nSpain
\nCalle San Severo 22, 28042, Madrid, Spain, Spain
\nVantage Towers, S.L.U.
\n4
\n57.30
Ordinary shares
\nTanzania, United Republic of
\nPlot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam,
\nTanzania, United Republic of
\nVodacom Trust Limited
\n5
\n48.82
Ordinary A
\nshares, Ordinary
\nB shares
\nTurkey
\n\u00c7ifte Havuzlar Mah Eski Londra Asfalt\u0131 Cad No: 151/1E/301,
\nEsenler, Istanbul, Turkey
\nFGS Bilgi Islem Urunler Sanayi ve Ticaret
\nAS
\n50.00
Ordinary shares
\nUnited Kingdom
\n24/25 The Shard, 32 London Bridge Street, London, SE1 9SG,
\nUnited Kingdom
\nDigital Mobile Spectrum Limited
25.00
Ordinary shares
\n3 More London Riverside, London, SE1 2AQ, United Kingdom
\nVodaFamily Ethiopia Holding Company
\nLimited
\n5
\n31.47
Ordinary shares
\nGriffin House, 161 Hammersmith Road, London, W6 8BS,
\nUnited Kingdom
\nCable & Wireless Trade Mark Management
\nLimited
\n50.00
Ordinary B
\nshares
\nHive 2, 1530 Arlington Business Park, Theale, Reading, Berkshire,
\nRG7 4SA, United Kingdom
\nCornerstone Telecommunications
\nInfrastructure Limited
\n5
\n28.65
Ordinary shares
\nVodafone House, The Connection, Newbury, Berkshire, RG14 2FN,
\nUnited Kingdom
\nVodafone Hutchison (Australia) Holdings
\nLimited
\n50.00
Ordinary shares
\nUnited States
\n251 Little Falls Drive, Wilmington DE 19808, United States
\nLG Financing Partnership
50.00
Partnership
\ninterest
\nPPC 1 (US) Inc.
25.05
Ordinary shares
\nZiggo Financing Partnership
50.00
Partnership
\ninterest
\nNotes:
\n1.
Directly held by Vodafone Group Plc.
\n2. Branches.
\n3.
Shareholding is indirect through Vodafone Deutschland GmbH.
\n4.
Shareholding is indirect through Vantage Towers A.G.
\n5.
Shareholding is indirect through Vodacom Group Limited. The
\nindirect shareholding is calculated using the 65.10% ownership
\ninterest in Vodacom Group Limited.
\n6.
Includes the indirect interest held through Vodafone Idea
\nLimited.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24140": {
"value": "12. Investments in associates and joint arrangements
\nThe Group holds interests in associates in Kenya and in India, where we have significant influence, as well as in a
\nnumber of joint arrangements, notably in the Netherlands, India, Australia and now Oak Holdings 1 GmbH and its
\nmarkets, where we share control with one or more third parties. For further details see \u2018Critical accounting judgements
\nand key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation \u2018to the consolidated financial statements.
\nAccounting policies
\nInterests in joint arrangements
\nA joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint
\ncontrol; that is, when the relevant activities that significantly affect the investee\u2019s returns require the unanimous consent of the parties sharing
\ncontrol. Joint arrangements are either joint operations or joint ventures.
\nGains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of
\nthe Group\u2019s entire equity holding in the subsidiary.
\nJoint operations
\nA joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities,
\nrelating to the arrangement or that other facts and circumstances indicate that this is the case. The Group\u2019s share of assets, liabilities, revenue,
\nexpenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis.
\nAny goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance with the Group\u2019s accounting policy
\nfor goodwill arising on the acquisition of a subsidiary.
\nJoint ventures
\nA joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities and
\ncontingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 \u2018Discontinued
\noperations and assets held for sale\u2019), are incorporated in the consolidated financial statements using the equity method of accounting. Under the
\nequity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\nchanges in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group\u2019s share of post-tax
\nprofits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group\u2019s interest in that joint venture
\nare recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
\nAssociates
\nAn associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement.
\nSignificant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have
\ncontrol or joint control over those policies.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities
\nand contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of
\naccounting used for joint ventures, described above.
\nJoint operations
\nOn 22 March 2023, the Group completed the disposal of its principal joint operation as part of the transaction with Oak Holdings 1 GmbH. The
\nfinancial and operating activities of the operation were jointly controlled by the participating shareholders and were primarily designed for all but an
\ninsignificant amount of the output to be consumed by the shareholders.
\nCountry of
\nincorporation or
\nregistration
\nPercentage
\nshareholdings
\n1
\nPercentage
\nshareholdings
\n1
\nName of joint operation
Principal activity
2023
2022
\nCornerstone Telecommunications Infrastructure Limited
Network infrastructure
UK
\u2013
50.0
\nNote:
\n1
Effective ownership percentages of Vodafone Group Plc are rounded to the nearest tenth of one percent.
Joint ventures and associates
\n2023
2022
\nRe-presented
\n1
\n\u20acm
\u20acm
\nInvestments in joint ventures
9,578
3,781
\nInvestments in associates
1,501
1,542
\n31 March
11,079
5,323
\nNote:
\n1
The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022,
\ninvestments in associates have increased by \u20ac1,055 million compared to the amount previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\nJoint ventures
\nThe financial and operating activities of the Group\u2019s joint ventures are jointly controlled by the participating shareholders. The participating
\nshareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Company\u2019s principal
\njoint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
\njoint ventures is also their principal place of operation.
\nCountry of
\nincorporation or
\nregistration
\nPercentage
\nshareholdings
\n1
\nPercentage
\nshareholdings
\n1
\nName of joint venture
Principal activity
2023
2022
\nOak Holdings 1 GmbH
Network infrastructure
Germany
64.2
\u2013
\nVodafoneZiggo Group Holding B.V.
Network operator
Netherlands
50.0
50.0
\nOXG Glasfaser GmbH
Fibre infrastructure
Germany
50.0
\u2013
\nVodafone Idea Limited
\n2
\nNetwork operator
India
32.3
47.6
\nTPG Telecom Limited
\n3
\nNetwork operator
Australia
25.1
25.1
\nINWIT S.p.A.
Network infrastructure
Italy
\u2013
33.2
\nNotes:
\n1
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n2
At 31 March 2023 the fair value of the Group\u2019s interest in Vodafone Idea Limited was INR 91 billion (\u20ac1,021 million) (2022: INR 148 billion (\u20ac1,750 million)) based on the quoted share price
\non the National Stock Exchange of India.
\n3
At 31 March 2023 the fair value of the Group\u2019s interest in TPG Telecom Limited was AUD 2,273 million (\u20ac1,401 million) (2022: AUD 2,818 million (\u20ac1,902 million)) based on the quoted share
\nprice on ASX.
\nOak Holdings 1 GmbH
\nOn 22 March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-control partnership of
\nVodafone, GIP and KKR. Vodafone retained an interest of 64.2% in Oak Holdings 1 GmbH, which owns 89.3% of Vantage Towers A.G. On 18 April
\n2023, the Management Board and the Supervisory Board of Vantage Towers A.G. published their joint reasoned statement on the public delisting
\ntender offer of Oak Holdings 1 GmbH to the shareholders of Vantage Towers A.G. Both recommended that all remaining shareholders accept the
\ndelisting tender offer.
\nOXG Glasfaser GmbH
\nIn March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser GmbH (\u2018OXG\u2019), with 50.0%
\nshareholding held by each shareholder. Each shareholder is committed to contribute funding of up to \u20ac950 million to OXG for the deployment of
\nfibre-to-the-home in Germany. The funding is expected to be contributed between 2023 and 2029. The amount and timing of the funding depends
\non the speed and size of the fibre deployment so the funding may be for a lower value or contributed over a longer period of time. The contribution
\ncan be in the form of free capital reserves, shareholder loan, loan notes or similar instruments as agreed by the shareholders.
\nVodafone Idea Limited
\nThe Group\u2019s carrying value in Vodafone Idea Limited (\u2018VIL\u2019) reduced to \u20acnil at 30 September 2019. The Group\u2019s share of VIL\u2019s losses not recognised
\nat 31 March 2023 is \u20ac3,759 million (31 March 2022: \u20ac5,120 million). Significant uncertainties exist in relation to VIL\u2019s ability to generate the cash
\nflow it requires to settle or its ability to refinance its liabilities and guarantees as they fall due (see note 29 \u2018Contingent liabilities and legal
\nproceedings\u2019).
\nThe value of the Group\u2019s 21.0% shareholding in Indus Towers Limited is, in part, dependent on the income generated by Indus Towers Limited from
\ntower rentals to major customers, including VIL. Any inability of these major customers to pay such amounts in the future may impact the carrying
\nvalue (31 March 2023: \u20ac908 million) of the Group\u2019s investment in Indus Towers Limited.
TPG Telecom Limited
\nTPG Telecom Limited is listed on the Australian Securities Exchange (\u2018ASX\u2019). Vodafone and Hutchison Telecommunications (Australia) Limited each
\nown an economic interest of 25.05%, with the remaining 49.9% listed as free float on the ASX. The financial information presented in the tables
\nbelow includes debt held within the structure that holds the Group\u2019s interest in TPG.
\nINWIT S.p.A.
\nOn 22 March 2023, the Group completed the disposal of its 33.2% interest in INWIT S.p.A. as part of the transaction with Oak Holdings 1 GmbH.
\nDividends received from joint ventures
\nDuring the year ended 31 March 2023, the Group received dividends included in the consolidated statement of cash flows from VodafoneZiggo
\nGroup Holding B.V. of \u20ac165 million (2022: \u20ac350 million, 2021: \u20ac209 million), TPG Telecom Limited of \u20ac24 million (2022: \u20ac22 million, 2021: \u20acnil)
\nand INWIT S.p.A. of \u20ac103 million (2022: \u20ac96 million, 2021: \u20ac42 million).
\nAggregated financial information
\nThe table below provides aggregated financial information for the Group\u2019s joint ventures as it relates to the amounts recognised in the income
\nstatement and consolidated statement of financial position.
\nInvestment in joint ventures
\nProfit/(loss) from
\ncontinuing operations
\n1
\n2023
2022
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nOak Holdings 1 GmbH
8,634
\u2013
\u2013
\u2013
\u2013
\nVodafoneZiggo Group Holding B.V.
793
822
137
(19)
(232)
\nTPG Telecom Limited
108
84
48
(5)
98
\nINWIT S.p.A.
\u2013
2,851
30
27
3
\nOther
43
24
(15)
(14)
(15)
\nTotal
9,578
3,781
200
(11)
(146)
\nNotes:
\n1
Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations.
Summarised financial information
\nSummarised financial information for each of the Group\u2019s material joint ventures on a 100% ownership basis is set out below and overleaf.
\nFinancial information is presented for Vodafone Idea Limited (\u2018VIL\u2019) for the six month period to, and as at 30 September 2022 on the basis that full-
\nyear information in relation to VIL has not been released at the date of approval of these financial statements and as such is market sensitive for VIL.
\nAs disclosed above, the Group\u2019s investment in VIL was reduced to \u20acnil in the year ended 31 March 2020 and the Group has not recorded any profit
\nor loss in respect of its share of VIL\u2019s results since that date.
\nFinancial information is presented for TPG Telecom Limited (\u2018TPG\u2019) for the nine month period to, and as at 31 December 2022 on the basis that full-
\nyear information in relation to TPG has not been released at the date of approval of these financial statements and as such is market sensitive for
\nTPG.
\nFinancial information presented for INWIT S.p.A. for the years to 31 March 2023, 31 March 2022 and 31 March 2021 is based on the financial results
\nand financial position as at 31 December 2022, 31 December 2021 and 31 December 2020, respectively, being the latest financial information
\navailable to the Group when completing the financial statements for each year.
\nVodafoneZiggo Group Holding B.V.
Vodafone Idea Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
4,063
4,056
4,010
2,586
4,450
4,847
\nOperating expenses
(2,124)
(2,104)
(2,058)
(1,681)
(2,802)
(3,133)
\nDepreciation and amortisation
(1,527)
(1,592)
(1,658)
(1,220)
(2,390)
(2,442)
\nOther income
\u2013
\u2013
25
\u2013
(34)
(2,135)
\nOperating profit/(loss)
412
360
319
(315)
(776)
(2,863)
\nInterest income
\u2013
\u2013
\u2013
2
14
32
\nInterest expense
11
(276)
(658)
(1,392)
(2,297)
(2,035)
\nProfit/(loss) before tax
423
84
(339)
(1,705)
(3,059)
(4,866)
\nIncome tax (expense)/credit
(150)
(121)
(125)
(1)
2
\u2013
\nProfit/(loss) from continuing operations
\n1
\n273
(37)
(464)
(1,706)
(3,057)
(4,866)
\nTPG Telecom Limited
INWIT S.p.A.
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
3,027
3,375
3,010
853
785
562
\nOperating expenses
(1,870)
(2,292)
(2,096)
(73)
(70)
(46)
\nDepreciation and amortisation
(700)
(914)
(769)
(508)
(513)
(398)
\nOperating profit
457
169
145
272
202
118
\nInterest income
\u2013
\u2013
1
\u2013
\u2013
\u2013
\nInterest expense
(172)
(122)
(201)
(81)
(90)
(101)
\nProfit/(loss) before tax
285
47
(55)
191
112
17
\nIncome tax (expense)/credit
(25)
(27)
495
(1)
(30)
(7)
\nProfit from continuing operations
\n1
\n260
20
440
190
82
10
\nNote:
\n1
Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations.
Oak Holdings 1
\nGmbH
\n1
\nVodafoneZiggo Group Holding B.V.
\n2023
2023
2022
\n\u20acm
\u20acm
\u20acm
\nStatement of financial position
\nNon-current assets
23,878
16,570
16,521
\nCurrent assets
749
719
739
\nTotal assets
24,627
17,289
17,260
\nEquity shareholders\u2019 funds
13,450
1,586
1,643
\nNon-controlling interests
1,262
\u2013
\u2013
\nNon-current liabilities
6,709
13,299
13,187
\nCurrent liabilities
3,206
2,404
2,430
\nCash and cash equivalents within current assets
224
20
190
\nNon-current liabilities excluding trade and other payables and provisions
6,215
13,138
13,007
\nCurrent liabilities excluding trade and other payables and provisions
2,409
1,247
1,282
\nVodafone Idea Limited
\n2
\nTPG Telecom Limited
\n2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\nStatement of financial position
\nNon-current assets
21,316
17,267
9,823
10,638
\nCurrent assets
2,580
2,693
1,009
898
\nTotal assets
23,896
19,960
10,832
11,536
\nEquity shareholders\u2019 (deficit)/funds
(12,486)
(10,214)
3,019
3,129
\nNon-current liabilities
28,902
23,266
6,702
7,227
\nCurrent liabilities
7,480
6,908
1,111
1,180
\nCash and cash equivalents within current assets
109
365
290
435
\nNon-current liabilities excluding trade and other payables and provisions
28,879
23,241
6,595
7,173
\nCurrent liabilities excluding trade and other payables and provisions
3,404
3,334
86
121
\nINWIT S.p.A.
\n2022
\n\u20acm
\nStatement of financial position
\nNon-current assets
14,532
\nCurrent assets
270
\nTotal assets
14,802
\nEquity shareholders\u2019 funds
8,595
\nNon-current liabilities
5,672
\nCurrent liabilities
535
\nCash and cash equivalents within current assets
96
\nNon-current liabilities excluding trade and other payables and provisions
5,420
\nCurrent liabilities excluding trade and other payables and provisions
319
\nNote:
\n1
Includes balances which are provisional based on finalisation of the purchase price allocation.
\n2
Includes certain amounts subject to an adjustment mechanism agreed as part of the formation of Vodafone Idea Limited. See note 29 \u2018Contingent liabilities and legal proceedings\u2019.
The reconciliation of summarised financial information presented to the carrying amount of our interest in joint ventures is set out below.
\nOak Holdings 1
\nGmbH
\nVodafoneZiggo Group Holding B.V.
\n2023
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 funds
13,450
1,586
1,643
\nInterest in joint ventures
\n1
\n8,634
793
822
\nCarrying value
8,634
793
822
\nProfit/(loss) from continuing operations
\u2013
273
(37)
(464)
\nShare of profit/(loss)
\n1
\n\u2013
137
(19)
(232)
\nVodafone Idea Limited
TPG Telecom Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 (deficit)/funds
(12,486)
(10,214)
3,019
3,129
\nInterest in joint ventures
\n1
\n(5,943)
(4,863)
56
27
\nImpairment
(272)
(257)
\u2013
\u2013
\nGoodwill
\u2013
\u2013
52
57
\nInvestment proportion not recognised
6,215
5,120
\u2013
\u2013
\nCarrying value
\u2013
\u2013
108
84
\n(Loss)/profit from continuing operations
(1,706)
(3,057)
(4,866)
260
20
440
\nShare of (loss)/profit
\n1
\n(812)
(1,357)
(2,160)
48
(5)
98
\nShare of loss not recognised
812
1,357
2,160
\u2013
\u2013
\u2013
\nShare of profit/(loss)
\n1
\n\u2013
\u2013
\u2013
48
(5)
98
\nINWIT S.p.A.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 funds
\u2013
8,595
8,801
\nInterest in joint ventures
\u2013
2,851
2,920
\nCarrying value
\u2013
2,851
2,920
\nProfit from continuing operations
190
82
10
\nShare of profit
63
27
3
\nShare of profit not recognised as held for sale
(33)
\u2013
\u2013
\nShare of profit
30
27
3
\nNote:
\n1
The Group\u2019s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V., Vodafone Idea Limited and TPG Telecom Limited are 64.2%, 50.0%, 47.6% and
\n25.1%, respectively, rounded to the nearest tenth of one percent.
Associates
\nUnless otherwise stated, the Company\u2019s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The
\ncountry of incorporation or registration of all associates is also their principal place of operation.
\nCountry of
Percentage
Percentage
\nincorporation or
shareholding
\n1
\nshareholding
\n1
\nName of associate
Principal activity
registration
2023
2022
\nSafaricom PLC
\n2
\nNetwork operator
Kenya
39.9
40.0
\nIndus Towers Limited
\n3
\nNetwork infrastructure
India
21.0
21.0
\nNotes:
\n1
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n2
At 31 March 2023, the fair value of the Group\u2019s interest in Safaricom PLC was KES 290 billion (\u20ac2,012 million) (2022: KES 546 billion (\u20ac4,270 million)) based on the closing quoted share price
\non the Nairobi Stock Exchange. The Group also holds two non-voting shares.
\n3
At 31 March 2023, the fair value of the Group\u2019s interest in Indus Towers Limited was INR 81 billion (\u20ac908 million) (2022: INR 126 billion (\u20ac1,494 million)) based on the closing quoted share
\nprice on the National Stock Exchange of India.
\nAggregated financial information
\nThe table below provides aggregated financial information for the Group\u2019s associates as it relates to the amounts recognised in the income
\nstatement and consolidated statement of financial position.
\nInvestment in associates
Profit/(loss) from continuing operations
\nRe-presented
\n1
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nSafaricom PLC
\n2
\n509
428
195
217
217
\nIndus Towers Limited
908
1,055
50
178
306
\nOther
\n2
\n84
59
(12)
5
(3)
\nTotal
1,501
1,542
233
400
520
\nNote:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, investments in associates has increased by \u20ac1,055 million and profit from continuing operations has increased by \u20ac178 million (2021: \u20ac32 million) compared to the amounts
\npreviously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Other comprehensive income includes profit from continuing operations, together with \u20ac127 million in respect of the application of IAS 29 to Safaricom\u2019s operations in Ethiopia.
\nDividends from associates
\nDuring the year ended 31 March 2023, the Group received dividends included in the consolidated statement of cash flows from Indus Towers
\nLimited of \u20ac75 million (2022: \u20acnil, 2021: \u20ac201 million) and from Safaricom PLC of \u20ac250 million (2022: \u20ac170 million, 2021: \u20ac171 million).
Summarised financial information
\nSummarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set out below.
\nSafaricom PLC
Indus Towers Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
2,468
2,318
2,083
3,343
3,122
2,421
\nOperating expenses
(1,353)
(1,164)
(1,030)
(2,240)
(1,480)
(1,247)
\nDepreciation and amortisation
(432)
(309)
(299)
(588)
(598)
(477)
\nOther income
68
\u2013
\u2013
\u2013
\u2013
412
\nOperating profit
751
845
754
515
1,044
1,109
\nInterest income
13
9
12
26
\u2013
61
\nInterest expense
(69)
(59)
(27)
(200)
(140)
(194)
\nProfit before tax
695
795
739
341
904
976
\nIncome tax expense
(285)
(270)
(197)
(102)
(272)
(168)
\nProfit from continuing operations and total
\ncomprehensive income
410
525
542
239
632
808
\nAttributable to:
\n- Owners of the parent
489
542
542
239
632
808
\n- Non-controlling interests
(79)
(17)
\u2013
\u2013
\u2013
\u2013
\nStatement of financial position
\nNon-current assets
3,007
2,173
5,243
5,359
\nCurrent assets
436
510
1,081
1,685
\nTotal assets
3,443
2,683
6,324
7,044
\nEquity shareholders' funds
1,269
1,066
3,453
3,774
\nNon-controlling interests
532
312
\u2013
\u2013
\nNon-current liabilities
753
558
1,954
2,101
\nCurrent liabilities
889
747
917
1,169
\nCash and cash equivalents within current assets
127
241
3
278
\nNon-current liabilities excluding trade and other
\npayables and provisions
500
465
1,665
1,795
\nCurrent liabilities excluding trade and other
\npayables and provisions
322
241
491
638
\nThe reconciliation of summarised financial information presented to the carrying amount of our interest in the associate is set out below.
\nSafaricom PLC
Indus Towers Limited
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders' funds
1,269
1,066
3,453
3,774
\nInterest in associates
\n2
\n507
425
727
794
\nGoodwill
2
3
181
261
\nCarrying value
509
428
908
1,055
\nProfit from continuing operations
489
542
542
239
632
808
\nShare of profit
195
217
217
50
178
306
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, the carrying value of the Group\u2019s interest in the associate has increased by \u20ac1,055 million and the Group\u2019s share of profit has increased by \u20ac178 million (2021: \u20ac32 million)
\ncompared to the amounts previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
The Group\u2019s effective ownership percentages of Safaricom PLC and Indus Towers Limited are 39.9% and 21.0%, respectively, rounded to the nearest tenth of one percent.
Associated undertakings and joint
\narrangements
\nAustralia
\nLevel 1, 177 Pacific Highway, North Sydney NSW 2060, Australia
\n3.6 GHz Spectrum Pty Ltd
25.05
Ordinary shares
\nAAPT Limited
25.05
Ordinary shares
\nACN 088 889 230 Pty Ltd
25.05
Ordinary shares
\nACN 139 798 404 Pty Ltd
25.05
Ordinary shares
\nAdam Internet Holdings Pty Ltd
25.05
Ordinary shares
\nAdam Internet Pty Ltd
25.05
A shares, B
\nshares, Ordinary
\nshares
\nAgile Pty Ltd
25.05
Ordinary shares
\nAlchemyIT Pty Ltd
25.05
Ordinary shares
\nChariot Pty Ltd
25.05
Ordinary shares
\nChime Communications Pty Ltd
25.05
Ordinary shares
\nConnect West Pty Ltd
25.05
Ordinary shares
\nDestra Communications Pty Ltd
25.05
Ordinary shares
\nDigiplus Contracts Pty Ltd
25.05
Ordinary shares
\nDigiplus Holdings Pty Ltd
25.05
Ordinary shares
\nDigiplus Investments Pty Ltd
25.05
Ordinary shares
\nDigiplus Pty Ltd
25.05
Ordinary shares
\nH3GA Properties (No.3) Pty Limited
25.05
Ordinary shares
\niiNet Labs Pty Ltd
25.05
Ordinary shares
\niiNet Limited
25.05
Ordinary shares
\nInternode Pty Ltd
25.05
Ordinary shares,
\nClass B shares
\nIntraPower Pty Limited
25.05
Ordinary shares
\nIntrapower Terrestrial Pty Ltd
25.05
Ordinary shares
\nIP Group Pty Ltd
25.05
Ordinary shares
\nIP Services Xchange Pty Ltd
25.05
A shares, B
\nshares
\nKooee Communications Pty Ltd
25.05
Ordinary shares
\nKooee Mobile Pty Ltd
25.05
Ordinary shares
\nMercury Connect Pty Ltd
25.05
Ordinary shares,
\nE class shares
\nMobile JV Pty Limited
25.05
Ordinary shares
\nMobileworld Communications Pty Limited
25.05
Ordinary shares
\nMobileworld Operating Pty Ltd
25.05
Ordinary shares
\nNetspace Online Systems Pty Ltd
25.05
Ordinary shares
\nNumillar IPS Pty Ltd
25.05
Ordinary shares
\nPIPE International (Australia) Pty Ltd
25.05
Ordinary shares
\nPIPE Networks Pty Limited
25.05
Ordinary shares
\nPIPE Transmission Pty Limited
25.05
Ordinary shares
\nPowerTel Limited
25.05
Ordinary shares
\nRequest Broadband Pty Ltd
25.05
Ordinary shares
\nSoul Communications Pty Ltd
25.05
Ordinary shares
\nSoul Contracts Pty Ltd
25.05
Ordinary shares
\nSoul Pattinson Telecommunications
\nPty Ltd
\n25.05
Ordinary shares
\nSPT Telecommunications Pty Ltd
25.05
Ordinary shares
\nSPTCom Pty Ltd
25.05
Ordinary shares
\nTelecom Enterprises Australia Pty Limited
25.05
Ordinary shares
\nTelecom New Zealand Australia Pty Ltd
25.05
Ordinary shares,
\nRedeemable
\npreference
\nshares
\nTPG Corporation Limited
25.05
Ordinary shares
\nTPG Energy Pty Ltd
25.05
Ordinary shares
\nTPG Finance Pty Limited
25.05
Ordinary shares
\nTPG Holdings Pty Ltd
25.05
Ordinary shares
\nTPG Internet Pty Ltd
25.05
Ordinary shares
\nTPG JV Company Pty Ltd
25.05
Ordinary shares
\nTPG Network Pty Ltd
25.05
Ordinary shares
\nTPG Telecom Limited
25.05
Ordinary shares
\nTransACT Capital Communications Pty Ltd
25.05
Ordinary shares
\nTransACT Communications Pty Ltd
25.05
Ordinary shares
\nTransACT Victoria Communications
\nPty Ltd
\n25.05
Ordinary shares
\nTransACT Victoria Holdings Pty Ltd
25.05
Ordinary shares
\nTrusted Cloud Pty Ltd
25.05
Ordinary shares
\nTrusted Cloud Solutions Pty Ltd
25.05
Ordinary shares
\nValue Added Network Pty Ltd
25.05
Ordinary shares
\nVision Network Pty Limited
25.05
Ordinary shares
\nVodafone Australia Pty Limited
25.05
Ordinary shares,
\nClass B shares,
\nRedeemable
\npreference
\nshares
\nVodafone Foundation Australia Pty Limited
25.05
Ordinary shares
\nVodafone Hutchison Receivables Pty
\nLimited
\n25.05
Ordinary shares
\nVodafone Hutchison Spectrum Pty
\nLimited
\n25.05
Ordinary shares
\nVodafone Network Pty Limited
25.05
Ordinary shares
\nVodafone Pty Limited
25.05
Ordinary shares
\nVtalkVoip Pty Ltd
25.05
Ordinary shares
\nWestnet Pty Ltd
25.05
Ordinary shares
\nBelgium
\nSpace Court of Justice, Rue aux Laines 70, 1000 Brussels, Belgium
\nUtiq S.A
25.00
Ordinary shares
\nBermuda
\nClarendon House, 2 Church St, Hamilton, HM11, Bermuda
\nPPC 1 Limited
25.05
Ordinary shares
\nCzech Republic
\nPraha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
\nVantage Towers s.r.o.
\n4
\n57.30
Ordinary shares
\nU Rajsk\u00e9 zahrady 1912/3, Praha 3, 130 00, Czech Republic
\nCOOP Mobil s.r.o.
33.33
Ordinary shares
\nEgypt
\n23 Kasr El Nil St, Cairo, 11211, Egypt
\nWataneya Telecommunications S.A.E
50.00
Ordinary shares
\nEthiopia
\nAddis Ababa, Kirkos Sub City, Woreda 01, Addis Ababa, Ethiopia
\nSafaricom Telecommunications Ethiopia
\nPrivate Limited Company
\n5
\n19.48
Ordinary shares
\nGermany
\n38 Berliner Allee, 40212, D\u00fcsseldorf, Germany
\nMNP Deutschland Gesellschaft
\nb\u00fcrgerlichen Rechts
\n33.33
Partnership
\nshare
\nFerdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
\nOak Holdings 1 GmbH
64.20
Ordinary shares
\nOak Holdings 2 GmbH
64.20
Ordinary shares
\nOak Holdings GmbH
64.20
Ordinary shares
\nOXG Glasfaser Beteiligungs-GmbH
50.00
Ordinary shares
\nOXG Glasfaser GmbH
50.00
Ordinary shares
\nNobelstrasse 55, 18059, Rostock, Germany
\nVerwaltung \u201cUrbana Teleunion\u201d Rostock
\nGmbH
\n3
\n47.00
Ordinary shares
\nPrinzenallee 11-13, 40549, D\u00fcsseldorf, Germany
\nVantage Towers AG
57.30
Ordinary shares
\nVantage Towers Erste
\nVerwaltungsgesellschaft mbH
\n4
\n57.30
Ordinary shares
\nVantage Towers Zweite
\nVerwaltungsgesellschaft mbH
\n4
\n57.30
Ordinary shares
\nGreece
\n2 Adrianeiou str, Athens, 11525, Greece
\nVantage Towers Single Member Societe
\nAnonyme
\n4
\n57.30
Ordinary shares
\n43-45 Valtetsiou Str., Athens, Greece
\nSafenet N.P,A.
24.97
Ordinary shares
\n56 Kifisias Avenue & Delfwn, Marousi, 151 25, Greece
\nTilegnous IKE
33.29
Ordinary shares
\nMarathonos Ave 18 km & Pylou, Pallini, Attica, Pallini, Attica,
\n15351, Greece
\nVictus Networks S.A.
49.94
Ordinary shares
\nHungary
\nBoldizs\u00e1r utca 2, Budapest, 1112, Hungary
\nVantage Towers Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151
\nR\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
\n4
\n57.30
Ordinary shares
\nIndia
\n10th Floor, Birla Centurion, Century Mills Compound, Pandurang
\nBudhkar Marg, Worli, Mumbai, Maharashtra, 400030, India
\nVodafone Foundation
\n6
\n31.81
Ordinary shares
\nVodafone Idea Shared Services Limited
\n6
\n32.29
Ordinary shares
\nVodafone Idea Technology Solutions
\nLimited
\n6
\n32.29
Ordinary shares
\nVodafone m-pesa Limited
\n6
\n32.29
Ordinary shares
\nYou Broadband India Limited
\n6
\n32.29
Equity shares
\nA-19, Mohan Co-operative Industrial Estate, Mathura Road, New
\nDelhi, Delhi, 110044, India
\nFireFly Networks Limited
\n6
\n24.16
Ordinary shares
\nBuilding No.10, Tower-A, 4th Floor, DLF Cyber City, Gurugram,
\nHaryana, 122002, India
\nIndus Towers Limited
21.05
Ordinary shares
\nSuman Tower, Plot No. 18, Sector No. 11, Gandhinagar, 382011,
\nGujarat, India
\nVodafone Idea Limited
32.29
Equity shares
\nVodafone Idea Manpower Services
\nLimited
\n6
\n31.91
Ordinary shares
\nVodafone House, Corporate Road, Prahladnagar, Off S. G. Highway,
\nAhmedabad, Gujarat, 380051, India
\nVodafone Idea Business Services Limited
\n6
\n32.29
Ordinary shares
\nVodafone Idea Communication Systems
\nLimited
\n6
\n32.29
Ordinary shares
\nVodafone Idea Telecom Infrastructure
\nLimited
\n6
\n32.29
Ordinary shares
Ireland
\nMountainview, Leopardstown, Dublin 18, Ireland
\nVantage Towers Limited
\n4
\n57.30
Ordinary shares
\nThe Herbert Building, The Park, Carrickmines, Dublin, Ireland
\nSiro DAC
50.00
Ordinary shares
\nSiro JV Holdco Limited
50.00
Ordinary B
\nshares
\nItaly
\nVia Gaetana Negri 1, 20123, Milano, Italy
\nInfrastrutture Wireless Italiana S.p.A.
19.01
Ordinary shares
\nKenya
\nLR No. 13263 Safaricom House, PO Box 66827, 00800,
\nNairobi, Kenya
\nSafaricom PLC
27.74
Ordinary shares
\nSafaricom House, Waiyaki Way Westlands, Nairobi, Kenya
\nM-PESA Africa Limited
\n5
\n46.42
Ordinary shares
\nLuxembourg
\n15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
\nTomorrow Street SCA
50.00
Ordinary B
\nshares, Ordinary
\nC shares
\nNetherlands
\nAvenue Ceramique 300, 6221 Kx, Maastricht, Netherlands
\nVodafone Libertel B.V.
50.00
Ordinary shares
\nBoven Vredenburgpassage 128, 3511 WR, Utrecht, Netherlands
\nAmsterdamse Beheer- en
\nConsultingmaatschappij B.V.
\n50.00
Ordinary shares
\nEsprit Telecom B.V.
50.00
Ordinary shares
\nFinCo Partner 1 B.V.
50.00
Ordinary shares
\nLGE HoldCo V B.V.
50.00
Ordinary shares
\nLGE HoldCo VI B.V.
50.00
Ordinary shares
\nLGE Holdco VII B.V.
50.00
Ordinary shares
\nLGE HoldCo VIII B.V.
50.00
Ordinary shares
\nVodafone Financial Services B.V.
50.00
Ordinary shares
\nVodafone Nederland Holding I B.V.
50.00
Ordinary shares
\nVodafone Nederland Holding II B.V.
50.00
Ordinary shares
\nVodafoneZiggo Employment B.V.
50.00
Ordinary shares
\nVodafoneZiggo Group B.V.
50.00
Ordinary shares
\nVodafoneZiggo Group Holding B.V.
50.00
Ordinary shares
\nVZ Financing I B.V.
50.00
Ordinary shares
\nVZ Financing II B.V.
50.00
Ordinary shares
\nVZ FinCo B.V.
50.00
Ordinary shares
\nVZ PropCo B.V.
50.00
Ordinary shares
\nVZ Secured Financing B.V.
50.00
Ordinary shares
\nXB Facilities B.V.
50.00
Ordinary shares
\nZiggo B.V.
50.00
Ordinary shares
\nZiggo Deelnemingen B.V.
50.00
Ordinary shares
\nZiggo Finance 2 B.V.
50.00
Ordinary shares
\nZiggo Netwerk II B.V.
50.00
Ordinary shares
\nZiggo Real Estate B.V.
50.00
Ordinary shares
\nZiggo Services B.V.
50.00
Ordinary shares
\nZiggo Services Employment B.V.
50.00
Ordinary shares
\nZiggo Services Netwerk 2 B.V.
50.00
Ordinary shares
\nZiggo Zakelijk Services B.V.
50.00
Ordinary shares
\nZoranet Connectivity Services B.V.
50.00
Ordinary shares
\nZUM B.V.
50.00
Ordinary shares
\nMedia Parkboulevard 2, 1217 WE Hilversum, Netherlands
\nLiberty Global Content Netherlands B.V.
50.00
Ordinary shares
\nRivium Quadrant 175, 2909 LC, Capelle aan den IJssel, Netherlands
\nCentral Tower Holding Company B.V.
\n4
\n57.30
Ordinary shares
\nWinschoterdiep 60, 9723 AB Groningen, Netherlands
\nZesko B.V.
50.00
Ordinary shares
\nZiggo Bond Company B.V.
50.00
Ordinary shares
\nZiggo Netwerk B.V.
50.00
Ordinary shares
\nNew Zealand
\nTompkins Wake, Level 11, 41 Shortland Street, Auckland, 1010,
\nNew Zealand
\niiNet (New Zealand) AKL Limited
25.05
Ordinary shares
\nPhilippines
\n22F Robinson Equitable Tower, ADB Ave, Corner Povega St, Ortigas
\nCenter, Pasig City, Philippines
\nOrchid Cybertech Services Inc
25.05
Ordinary shares
\nPortugal
\nEdif. Arquiparque VII, R Dr Ant\u00f3nio Loureiro Borges, 7, 3.\u00ba, 1495-131
\nALG\u00c9S, Alg\u00e9s, Oeiras, Portugal
\nVantage Towers, S.A.
\n4
\n57.30
Ordinary shares
\nEspa\u00e7o Sete Rios, LEAP Rua de Campolide, 351, 0.05, 1070-034,
\nLisboa, Portugal
\nDual Grid \u2013 Gest\u00e3o de Redes Partilhadas,
\nS.A.
\n50.00
Ordinary shares
\nRua Pedro e In\u00eas, Lote 2.08.01, 1990-075, Parque das Na\u00e7\u00f5es,
\nLisboa, Portugal
\nSport TV Portgugal, S.A.
25.00
Nominative
\nshares
\nRomania
\nCalea Floreasca no. 169A, 3rd floor, District 1, Bucharest, Rom\u00e2nia,
\nRomania
\nVantage Towers S.R.L.
\n4
\n57.30
Ordinary shares
\nFloor 3, Module 2, Connected buildings III, Nr. 10A, Dimitrie Pompei
\nBoulevard, Bucharest, Sector 2, Romania
\nNetgrid Telecom SRL
50.00
Ordinary shares
\nRussian Federation
\nBuilding 3, 11, Promyshlennaya Street, Moscow, 115 516, Russian
\nFederation
\nAutoconnex Limited
35.00
Ordinary shares
\nSouth Africa
\n76 Maude Street, Sandton, Johannesberg, 2196, South Africa
\nWaterberg Lodge (Proprietary) Limited
\n5
\n32.55
Ordinary shares
\nBuilding 13, Ground Floor, East Thornhill Office Park, 94 Bekker
\nRoad, Vorna Valley X67 1685, South Africa
\nNumber Portability Company (Pty) Ltd
\n5
\n12.10
Ordinary shares
\nCeltis Plaza North, 1085 Schoeman Street, Hatfield, Pretoria,
\n0028, South Africa
\nAfri G I S (Pty) Ltd
\n5
\n21.16
Ordinary shares
\nRigel Office Park Block A, No 446 Rigel Avenue South,
\nErasmu, South Africa
\nCanard Spatial Technologies Proprietary
\nLimited
\n5
\n21.16
Ordinary shares
\nVodacom Corporate Park, 082 Vodacom Boulevard, Midrand,
\n1685, South Africa
\nM-Pesa S.A (Proprietary) Limited
\n5
\n46.42
Ordinary shares
\nSpain
\nCalle San Severo 22, 28042, Madrid, Spain, Spain
\nVantage Towers, S.L.U.
\n4
\n57.30
Ordinary shares
\nTanzania, United Republic of
\nPlot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam,
\nTanzania, United Republic of
\nVodacom Trust Limited
\n5
\n48.82
Ordinary A
\nshares, Ordinary
\nB shares
\nTurkey
\n\u00c7ifte Havuzlar Mah Eski Londra Asfalt\u0131 Cad No: 151/1E/301,
\nEsenler, Istanbul, Turkey
\nFGS Bilgi Islem Urunler Sanayi ve Ticaret
\nAS
\n50.00
Ordinary shares
\nUnited Kingdom
\n24/25 The Shard, 32 London Bridge Street, London, SE1 9SG,
\nUnited Kingdom
\nDigital Mobile Spectrum Limited
25.00
Ordinary shares
\n3 More London Riverside, London, SE1 2AQ, United Kingdom
\nVodaFamily Ethiopia Holding Company
\nLimited
\n5
\n31.47
Ordinary shares
\nGriffin House, 161 Hammersmith Road, London, W6 8BS,
\nUnited Kingdom
\nCable & Wireless Trade Mark Management
\nLimited
\n50.00
Ordinary B
\nshares
\nHive 2, 1530 Arlington Business Park, Theale, Reading, Berkshire,
\nRG7 4SA, United Kingdom
\nCornerstone Telecommunications
\nInfrastructure Limited
\n5
\n28.65
Ordinary shares
\nVodafone House, The Connection, Newbury, Berkshire, RG14 2FN,
\nUnited Kingdom
\nVodafone Hutchison (Australia) Holdings
\nLimited
\n50.00
Ordinary shares
\nUnited States
\n251 Little Falls Drive, Wilmington DE 19808, United States
\nLG Financing Partnership
50.00
Partnership
\ninterest
\nPPC 1 (US) Inc.
25.05
Ordinary shares
\nZiggo Financing Partnership
50.00
Partnership
\ninterest
\nNotes:
\n1.
Directly held by Vodafone Group Plc.
\n2. Branches.
\n3.
Shareholding is indirect through Vodafone Deutschland GmbH.
\n4.
Shareholding is indirect through Vantage Towers A.G.
\n5.
Shareholding is indirect through Vodacom Group Limited. The
\nindirect shareholding is calculated using the 65.10% ownership
\ninterest in Vodacom Group Limited.
\n6.
Includes the indirect interest held through Vodafone Idea
\nLimited.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24141": {
"value": "12. Investments in associates and joint arrangements
\nThe Group holds interests in associates in Kenya and in India, where we have significant influence, as well as in a
\nnumber of joint arrangements, notably in the Netherlands, India, Australia and now Oak Holdings 1 GmbH and its
\nmarkets, where we share control with one or more third parties. For further details see \u2018Critical accounting judgements
\nand key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation \u2018to the consolidated financial statements.
\nAccounting policies
\nInterests in joint arrangements
\nA joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint
\ncontrol; that is, when the relevant activities that significantly affect the investee\u2019s returns require the unanimous consent of the parties sharing
\ncontrol. Joint arrangements are either joint operations or joint ventures.
\nGains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of
\nthe Group\u2019s entire equity holding in the subsidiary.
\nJoint operations
\nA joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities,
\nrelating to the arrangement or that other facts and circumstances indicate that this is the case. The Group\u2019s share of assets, liabilities, revenue,
\nexpenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis.
\nAny goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance with the Group\u2019s accounting policy
\nfor goodwill arising on the acquisition of a subsidiary.
\nJoint ventures
\nA joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities and
\ncontingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 \u2018Discontinued
\noperations and assets held for sale\u2019), are incorporated in the consolidated financial statements using the equity method of accounting. Under the
\nequity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\nchanges in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group\u2019s share of post-tax
\nprofits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group\u2019s interest in that joint venture
\nare recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
\nAssociates
\nAn associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement.
\nSignificant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have
\ncontrol or joint control over those policies.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities
\nand contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of
\naccounting used for joint ventures, described above.
\nJoint operations
\nOn 22 March 2023, the Group completed the disposal of its principal joint operation as part of the transaction with Oak Holdings 1 GmbH. The
\nfinancial and operating activities of the operation were jointly controlled by the participating shareholders and were primarily designed for all but an
\ninsignificant amount of the output to be consumed by the shareholders.
\nCountry of
\nincorporation or
\nregistration
\nPercentage
\nshareholdings
\n1
\nPercentage
\nshareholdings
\n1
\nName of joint operation
Principal activity
2023
2022
\nCornerstone Telecommunications Infrastructure Limited
Network infrastructure
UK
\u2013
50.0
\nNote:
\n1
Effective ownership percentages of Vodafone Group Plc are rounded to the nearest tenth of one percent.
Joint ventures and associates
\n2023
2022
\nRe-presented
\n1
\n\u20acm
\u20acm
\nInvestments in joint ventures
9,578
3,781
\nInvestments in associates
1,501
1,542
\n31 March
11,079
5,323
\nNote:
\n1
The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022,
\ninvestments in associates have increased by \u20ac1,055 million compared to the amount previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\nJoint ventures
\nThe financial and operating activities of the Group\u2019s joint ventures are jointly controlled by the participating shareholders. The participating
\nshareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Company\u2019s principal
\njoint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
\njoint ventures is also their principal place of operation.
\nCountry of
\nincorporation or
\nregistration
\nPercentage
\nshareholdings
\n1
\nPercentage
\nshareholdings
\n1
\nName of joint venture
Principal activity
2023
2022
\nOak Holdings 1 GmbH
Network infrastructure
Germany
64.2
\u2013
\nVodafoneZiggo Group Holding B.V.
Network operator
Netherlands
50.0
50.0
\nOXG Glasfaser GmbH
Fibre infrastructure
Germany
50.0
\u2013
\nVodafone Idea Limited
\n2
\nNetwork operator
India
32.3
47.6
\nTPG Telecom Limited
\n3
\nNetwork operator
Australia
25.1
25.1
\nINWIT S.p.A.
Network infrastructure
Italy
\u2013
33.2
\nNotes:
\n1
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n2
At 31 March 2023 the fair value of the Group\u2019s interest in Vodafone Idea Limited was INR 91 billion (\u20ac1,021 million) (2022: INR 148 billion (\u20ac1,750 million)) based on the quoted share price
\non the National Stock Exchange of India.
\n3
At 31 March 2023 the fair value of the Group\u2019s interest in TPG Telecom Limited was AUD 2,273 million (\u20ac1,401 million) (2022: AUD 2,818 million (\u20ac1,902 million)) based on the quoted share
\nprice on ASX.
\nOak Holdings 1 GmbH
\nOn 22 March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-control partnership of
\nVodafone, GIP and KKR. Vodafone retained an interest of 64.2% in Oak Holdings 1 GmbH, which owns 89.3% of Vantage Towers A.G. On 18 April
\n2023, the Management Board and the Supervisory Board of Vantage Towers A.G. published their joint reasoned statement on the public delisting
\ntender offer of Oak Holdings 1 GmbH to the shareholders of Vantage Towers A.G. Both recommended that all remaining shareholders accept the
\ndelisting tender offer.
\nOXG Glasfaser GmbH
\nIn March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser GmbH (\u2018OXG\u2019), with 50.0%
\nshareholding held by each shareholder. Each shareholder is committed to contribute funding of up to \u20ac950 million to OXG for the deployment of
\nfibre-to-the-home in Germany. The funding is expected to be contributed between 2023 and 2029. The amount and timing of the funding depends
\non the speed and size of the fibre deployment so the funding may be for a lower value or contributed over a longer period of time. The contribution
\ncan be in the form of free capital reserves, shareholder loan, loan notes or similar instruments as agreed by the shareholders.
\nVodafone Idea Limited
\nThe Group\u2019s carrying value in Vodafone Idea Limited (\u2018VIL\u2019) reduced to \u20acnil at 30 September 2019. The Group\u2019s share of VIL\u2019s losses not recognised
\nat 31 March 2023 is \u20ac3,759 million (31 March 2022: \u20ac5,120 million). Significant uncertainties exist in relation to VIL\u2019s ability to generate the cash
\nflow it requires to settle or its ability to refinance its liabilities and guarantees as they fall due (see note 29 \u2018Contingent liabilities and legal
\nproceedings\u2019).
\nThe value of the Group\u2019s 21.0% shareholding in Indus Towers Limited is, in part, dependent on the income generated by Indus Towers Limited from
\ntower rentals to major customers, including VIL. Any inability of these major customers to pay such amounts in the future may impact the carrying
\nvalue (31 March 2023: \u20ac908 million) of the Group\u2019s investment in Indus Towers Limited.
TPG Telecom Limited
\nTPG Telecom Limited is listed on the Australian Securities Exchange (\u2018ASX\u2019). Vodafone and Hutchison Telecommunications (Australia) Limited each
\nown an economic interest of 25.05%, with the remaining 49.9% listed as free float on the ASX. The financial information presented in the tables
\nbelow includes debt held within the structure that holds the Group\u2019s interest in TPG.
\nINWIT S.p.A.
\nOn 22 March 2023, the Group completed the disposal of its 33.2% interest in INWIT S.p.A. as part of the transaction with Oak Holdings 1 GmbH.
\nDividends received from joint ventures
\nDuring the year ended 31 March 2023, the Group received dividends included in the consolidated statement of cash flows from VodafoneZiggo
\nGroup Holding B.V. of \u20ac165 million (2022: \u20ac350 million, 2021: \u20ac209 million), TPG Telecom Limited of \u20ac24 million (2022: \u20ac22 million, 2021: \u20acnil)
\nand INWIT S.p.A. of \u20ac103 million (2022: \u20ac96 million, 2021: \u20ac42 million).
\nAggregated financial information
\nThe table below provides aggregated financial information for the Group\u2019s joint ventures as it relates to the amounts recognised in the income
\nstatement and consolidated statement of financial position.
\nInvestment in joint ventures
\nProfit/(loss) from
\ncontinuing operations
\n1
\n2023
2022
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nOak Holdings 1 GmbH
8,634
\u2013
\u2013
\u2013
\u2013
\nVodafoneZiggo Group Holding B.V.
793
822
137
(19)
(232)
\nTPG Telecom Limited
108
84
48
(5)
98
\nINWIT S.p.A.
\u2013
2,851
30
27
3
\nOther
43
24
(15)
(14)
(15)
\nTotal
9,578
3,781
200
(11)
(146)
\nNotes:
\n1
Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations.
Summarised financial information
\nSummarised financial information for each of the Group\u2019s material joint ventures on a 100% ownership basis is set out below and overleaf.
\nFinancial information is presented for Vodafone Idea Limited (\u2018VIL\u2019) for the six month period to, and as at 30 September 2022 on the basis that full-
\nyear information in relation to VIL has not been released at the date of approval of these financial statements and as such is market sensitive for VIL.
\nAs disclosed above, the Group\u2019s investment in VIL was reduced to \u20acnil in the year ended 31 March 2020 and the Group has not recorded any profit
\nor loss in respect of its share of VIL\u2019s results since that date.
\nFinancial information is presented for TPG Telecom Limited (\u2018TPG\u2019) for the nine month period to, and as at 31 December 2022 on the basis that full-
\nyear information in relation to TPG has not been released at the date of approval of these financial statements and as such is market sensitive for
\nTPG.
\nFinancial information presented for INWIT S.p.A. for the years to 31 March 2023, 31 March 2022 and 31 March 2021 is based on the financial results
\nand financial position as at 31 December 2022, 31 December 2021 and 31 December 2020, respectively, being the latest financial information
\navailable to the Group when completing the financial statements for each year.
\nVodafoneZiggo Group Holding B.V.
Vodafone Idea Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
4,063
4,056
4,010
2,586
4,450
4,847
\nOperating expenses
(2,124)
(2,104)
(2,058)
(1,681)
(2,802)
(3,133)
\nDepreciation and amortisation
(1,527)
(1,592)
(1,658)
(1,220)
(2,390)
(2,442)
\nOther income
\u2013
\u2013
25
\u2013
(34)
(2,135)
\nOperating profit/(loss)
412
360
319
(315)
(776)
(2,863)
\nInterest income
\u2013
\u2013
\u2013
2
14
32
\nInterest expense
11
(276)
(658)
(1,392)
(2,297)
(2,035)
\nProfit/(loss) before tax
423
84
(339)
(1,705)
(3,059)
(4,866)
\nIncome tax (expense)/credit
(150)
(121)
(125)
(1)
2
\u2013
\nProfit/(loss) from continuing operations
\n1
\n273
(37)
(464)
(1,706)
(3,057)
(4,866)
\nTPG Telecom Limited
INWIT S.p.A.
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
3,027
3,375
3,010
853
785
562
\nOperating expenses
(1,870)
(2,292)
(2,096)
(73)
(70)
(46)
\nDepreciation and amortisation
(700)
(914)
(769)
(508)
(513)
(398)
\nOperating profit
457
169
145
272
202
118
\nInterest income
\u2013
\u2013
1
\u2013
\u2013
\u2013
\nInterest expense
(172)
(122)
(201)
(81)
(90)
(101)
\nProfit/(loss) before tax
285
47
(55)
191
112
17
\nIncome tax (expense)/credit
(25)
(27)
495
(1)
(30)
(7)
\nProfit from continuing operations
\n1
\n260
20
440
190
82
10
\nNote:
\n1
Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations.
Oak Holdings 1
\nGmbH
\n1
\nVodafoneZiggo Group Holding B.V.
\n2023
2023
2022
\n\u20acm
\u20acm
\u20acm
\nStatement of financial position
\nNon-current assets
23,878
16,570
16,521
\nCurrent assets
749
719
739
\nTotal assets
24,627
17,289
17,260
\nEquity shareholders\u2019 funds
13,450
1,586
1,643
\nNon-controlling interests
1,262
\u2013
\u2013
\nNon-current liabilities
6,709
13,299
13,187
\nCurrent liabilities
3,206
2,404
2,430
\nCash and cash equivalents within current assets
224
20
190
\nNon-current liabilities excluding trade and other payables and provisions
6,215
13,138
13,007
\nCurrent liabilities excluding trade and other payables and provisions
2,409
1,247
1,282
\nVodafone Idea Limited
\n2
\nTPG Telecom Limited
\n2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\nStatement of financial position
\nNon-current assets
21,316
17,267
9,823
10,638
\nCurrent assets
2,580
2,693
1,009
898
\nTotal assets
23,896
19,960
10,832
11,536
\nEquity shareholders\u2019 (deficit)/funds
(12,486)
(10,214)
3,019
3,129
\nNon-current liabilities
28,902
23,266
6,702
7,227
\nCurrent liabilities
7,480
6,908
1,111
1,180
\nCash and cash equivalents within current assets
109
365
290
435
\nNon-current liabilities excluding trade and other payables and provisions
28,879
23,241
6,595
7,173
\nCurrent liabilities excluding trade and other payables and provisions
3,404
3,334
86
121
\nINWIT S.p.A.
\n2022
\n\u20acm
\nStatement of financial position
\nNon-current assets
14,532
\nCurrent assets
270
\nTotal assets
14,802
\nEquity shareholders\u2019 funds
8,595
\nNon-current liabilities
5,672
\nCurrent liabilities
535
\nCash and cash equivalents within current assets
96
\nNon-current liabilities excluding trade and other payables and provisions
5,420
\nCurrent liabilities excluding trade and other payables and provisions
319
\nNote:
\n1
Includes balances which are provisional based on finalisation of the purchase price allocation.
\n2
Includes certain amounts subject to an adjustment mechanism agreed as part of the formation of Vodafone Idea Limited. See note 29 \u2018Contingent liabilities and legal proceedings\u2019.
The reconciliation of summarised financial information presented to the carrying amount of our interest in joint ventures is set out below.
\nOak Holdings 1
\nGmbH
\nVodafoneZiggo Group Holding B.V.
\n2023
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 funds
13,450
1,586
1,643
\nInterest in joint ventures
\n1
\n8,634
793
822
\nCarrying value
8,634
793
822
\nProfit/(loss) from continuing operations
\u2013
273
(37)
(464)
\nShare of profit/(loss)
\n1
\n\u2013
137
(19)
(232)
\nVodafone Idea Limited
TPG Telecom Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 (deficit)/funds
(12,486)
(10,214)
3,019
3,129
\nInterest in joint ventures
\n1
\n(5,943)
(4,863)
56
27
\nImpairment
(272)
(257)
\u2013
\u2013
\nGoodwill
\u2013
\u2013
52
57
\nInvestment proportion not recognised
6,215
5,120
\u2013
\u2013
\nCarrying value
\u2013
\u2013
108
84
\n(Loss)/profit from continuing operations
(1,706)
(3,057)
(4,866)
260
20
440
\nShare of (loss)/profit
\n1
\n(812)
(1,357)
(2,160)
48
(5)
98
\nShare of loss not recognised
812
1,357
2,160
\u2013
\u2013
\u2013
\nShare of profit/(loss)
\n1
\n\u2013
\u2013
\u2013
48
(5)
98
\nINWIT S.p.A.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 funds
\u2013
8,595
8,801
\nInterest in joint ventures
\u2013
2,851
2,920
\nCarrying value
\u2013
2,851
2,920
\nProfit from continuing operations
190
82
10
\nShare of profit
63
27
3
\nShare of profit not recognised as held for sale
(33)
\u2013
\u2013
\nShare of profit
30
27
3
\nNote:
\n1
The Group\u2019s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V., Vodafone Idea Limited and TPG Telecom Limited are 64.2%, 50.0%, 47.6% and
\n25.1%, respectively, rounded to the nearest tenth of one percent.
Associates
\nUnless otherwise stated, the Company\u2019s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The
\ncountry of incorporation or registration of all associates is also their principal place of operation.
\nCountry of
Percentage
Percentage
\nincorporation or
shareholding
\n1
\nshareholding
\n1
\nName of associate
Principal activity
registration
2023
2022
\nSafaricom PLC
\n2
\nNetwork operator
Kenya
39.9
40.0
\nIndus Towers Limited
\n3
\nNetwork infrastructure
India
21.0
21.0
\nNotes:
\n1
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n2
At 31 March 2023, the fair value of the Group\u2019s interest in Safaricom PLC was KES 290 billion (\u20ac2,012 million) (2022: KES 546 billion (\u20ac4,270 million)) based on the closing quoted share price
\non the Nairobi Stock Exchange. The Group also holds two non-voting shares.
\n3
At 31 March 2023, the fair value of the Group\u2019s interest in Indus Towers Limited was INR 81 billion (\u20ac908 million) (2022: INR 126 billion (\u20ac1,494 million)) based on the closing quoted share
\nprice on the National Stock Exchange of India.
\nAggregated financial information
\nThe table below provides aggregated financial information for the Group\u2019s associates as it relates to the amounts recognised in the income
\nstatement and consolidated statement of financial position.
\nInvestment in associates
Profit/(loss) from continuing operations
\nRe-presented
\n1
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nSafaricom PLC
\n2
\n509
428
195
217
217
\nIndus Towers Limited
908
1,055
50
178
306
\nOther
\n2
\n84
59
(12)
5
(3)
\nTotal
1,501
1,542
233
400
520
\nNote:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, investments in associates has increased by \u20ac1,055 million and profit from continuing operations has increased by \u20ac178 million (2021: \u20ac32 million) compared to the amounts
\npreviously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Other comprehensive income includes profit from continuing operations, together with \u20ac127 million in respect of the application of IAS 29 to Safaricom\u2019s operations in Ethiopia.
\nDividends from associates
\nDuring the year ended 31 March 2023, the Group received dividends included in the consolidated statement of cash flows from Indus Towers
\nLimited of \u20ac75 million (2022: \u20acnil, 2021: \u20ac201 million) and from Safaricom PLC of \u20ac250 million (2022: \u20ac170 million, 2021: \u20ac171 million).
Summarised financial information
\nSummarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set out below.
\nSafaricom PLC
Indus Towers Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
2,468
2,318
2,083
3,343
3,122
2,421
\nOperating expenses
(1,353)
(1,164)
(1,030)
(2,240)
(1,480)
(1,247)
\nDepreciation and amortisation
(432)
(309)
(299)
(588)
(598)
(477)
\nOther income
68
\u2013
\u2013
\u2013
\u2013
412
\nOperating profit
751
845
754
515
1,044
1,109
\nInterest income
13
9
12
26
\u2013
61
\nInterest expense
(69)
(59)
(27)
(200)
(140)
(194)
\nProfit before tax
695
795
739
341
904
976
\nIncome tax expense
(285)
(270)
(197)
(102)
(272)
(168)
\nProfit from continuing operations and total
\ncomprehensive income
410
525
542
239
632
808
\nAttributable to:
\n- Owners of the parent
489
542
542
239
632
808
\n- Non-controlling interests
(79)
(17)
\u2013
\u2013
\u2013
\u2013
\nStatement of financial position
\nNon-current assets
3,007
2,173
5,243
5,359
\nCurrent assets
436
510
1,081
1,685
\nTotal assets
3,443
2,683
6,324
7,044
\nEquity shareholders' funds
1,269
1,066
3,453
3,774
\nNon-controlling interests
532
312
\u2013
\u2013
\nNon-current liabilities
753
558
1,954
2,101
\nCurrent liabilities
889
747
917
1,169
\nCash and cash equivalents within current assets
127
241
3
278
\nNon-current liabilities excluding trade and other
\npayables and provisions
500
465
1,665
1,795
\nCurrent liabilities excluding trade and other
\npayables and provisions
322
241
491
638
\nThe reconciliation of summarised financial information presented to the carrying amount of our interest in the associate is set out below.
\nSafaricom PLC
Indus Towers Limited
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders' funds
1,269
1,066
3,453
3,774
\nInterest in associates
\n2
\n507
425
727
794
\nGoodwill
2
3
181
261
\nCarrying value
509
428
908
1,055
\nProfit from continuing operations
489
542
542
239
632
808
\nShare of profit
195
217
217
50
178
306
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, the carrying value of the Group\u2019s interest in the associate has increased by \u20ac1,055 million and the Group\u2019s share of profit has increased by \u20ac178 million (2021: \u20ac32 million)
\ncompared to the amounts previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
The Group\u2019s effective ownership percentages of Safaricom PLC and Indus Towers Limited are 39.9% and 21.0%, respectively, rounded to the nearest tenth of one percent.
31. Related undertakings
\nA full list of all of our subsidiaries, joint arrangements and associated undertakings is detailed below.
\nA full list of subsidiaries, joint arrangements and associated undertakings (as defined in the Large and Medium-sized Companies and Groups
\n(Accounts and Reports) Regulations 2008) as at 31 March 2023 is detailed below. No subsidiaries are excluded from the Group consolidation.
\nUnless otherwise stated the Company\u2019s subsidiaries all have share capital consisting solely of ordinary shares and are indirectly held. The
\npercentage held by Group companies reflect both the proportion of nominal capital and voting rights unless otherwise stated. Summarised financial
\ninformation is provided in respect of the Group\u2019s most significant joint arrangements and associates in note 12 \u2018Investments in associates and joint
\narrangements\u2019.
\nSubsidiaries
\nA subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the
\ncurrent ability to direct the activities that affect the Company\u2019s returns and exposure or rights to variable returns from the entity. The results of
\nsubsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up
\nto the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their
\naccounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on
\nconsolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity therein.
\nNon-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling
\nshareholder\u2019s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests
\neven if this results in the non-controlling interests having a deficit balance.
\nCompany name
\n% of share
\nclass held
\nby Group
\nCompanies
Share Class
\nAlbania
\nAutostrada Tirane-Durres, Rruga: \u201cPavaresia\u201d, Nr 61, Kashar,
\nTirana,Albania
\nVodafone Albania Sh.A
99.94
Ordinary shares
\nRruga \u201cIbrahim Rugova\u201d, Sky Tower, Kati i 5, Hyrja 2, Tiran\u00eb,
\n1000, Albania
\n_VOIS Albania Shpk.
100.00
Ordinary shares
\nAustralia
\nMills Oakley, Level 7, 151 Clarence Street, Sydney NSW 2000,
\nAustralia
\nVodafone Enterprise Australia Pty
\nLimited
\n100.00
Ordinary shares
\nAustria
\nc/o Stolitzka & Partner Rechtsanw\u00e4lte OG, K\u00e4rntner Ring 12, 3.
\nStock, 1010, Wien, Austria
\nVodafone Enterprise Austria GmbH
100.00
Ordinary shares
\nBahrain
\nRSM Bahrain, 3rd floor Falcon Tower, Diplomatic Area, Manama,
\nPO BOX 11816, Bahrain
\nVodafone Enterprise Bahrain W.L.L.
100.00
Ordinary shares
\nBelgium
\nMalta House, rue Archim\u00e8de 25, 1000 Bruxelles, Belgium
\nVodafone Belgium SA/NV
100.00
Ordinary shares
\nBrazil
\nAv Jos\u00e9 Rocha Bonfim, 214, Cond Pra\u00e7a Capital \u2013 Edif\u00edcio Toronto,
\nsls 228/229 13080-900 Jardim Santa Genebra \u2013 Campinas,
\nS\u00e3o Paulo, Brazil
\nCobra do Brasil Servi\u00e7os de Telem\u00e0tica
\nltda. (in process of dissolution)
\n70.00
Ordinary shares
\nAv. Paulista, 37 \u2013 4\u00ba andar, Sala 427, Bela Vista, CEP, 01311-902,
\nS\u00e3o Paulo, Brazil
\nVodafone Empresa Brasil
\nTelecomunica\u00e7\u00f5es Ltda
\n100.00
Ordinary shares
\nRua Boa Vista, No. 254, room 1304 (parte), Centro, S\u00e3o Paulo,
\n01014907, Brazil
\nVodafone Servi\u00e7os Empresariais
\nBrasil Ltda.
\n100.00
Ordinary shares
\nCompany name
\n% of share
\nclass held
\nby Group
\nCompanies
Share Class
\nBulgaria
\n10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia,
\n1000, Bulgaria
\nVodafone Enterprise Bulgaria EOOD
100.00
Ordinary shares
\nCanada
\nc/o ARC Information Services Inc., 3-84 Castlebury Crescent,
\nToronto ON M2H 1W8, Canada
\nVodafone Canada Inc.
100.00
Common shares
\nCayman Islands
\nOne Nexus Way, Camana Bay, Grand Cayman, KY1-9005,
\nCayman Islands
\nCGP Investments (Holdings) Limited
100.00
Ordinary shares
\nChina
\nBuilding 21, 11, Kangdin5g St., BDA, Beijing, 100176 \u2013 China
\nVodafone Automotive Technologies
\n(Beijing) Co, Ltd
\n100.00
Ordinary shares
\nLevel 9, Tower 2, China Central Place, Room 941, No.79 Jianguo
\nRoad, Chaoyang District, Beijing, 100025, China
\nVodafone Enterprise Communications
\nTechnical Service (Shanghai) Co., Ltd.
\nBeijing Branch
\n2
\n100.00
Branch
\nRoom 1603, 16th Floor, 1200 Pudong Avenue, Free Trade Zone,
\nShanghai, China
\nVodafone Enterprise Communications
\nTechnical Service (Shanghai) Co., Ltd.
\n100.00
Ordinary shares
\nCongo, The Democratic Republic of the
\n292 Avenue de La Justice, Commune de la Gombe, Kinshasa,
\nThe Democratic Republic of the Congo
\nVodacom Congo (RDC) SA
\n5
\n33.20
Ordinary shares
\nBuilding Commimo II Ground Floor Right, 3157 Boulevard
\ndu 30 Juin, Commune de la Gombe, Kinshasa, DRC Congo,
\nThe Democratic Republic of the Congo
\nVodacash S.A
\n5
\n33.20
Ordinary shares
\nCompany name
\n% of share
\nclass held
\nby Group
\nCompanies
Share Class
\nCyprus
\nAli R\u0131za Efendi Caddesi No:33/A Ortak\u00f6y, Lefko\u015fa, Cyprus
\nVodafone Evde Operations Ltd
100.00
Ordinary shares
\nVodafone Mobile Operations Limited
100.00
Ordinary shares
\nCzech Republic
\nn\u00e1m\u011bst\u00ed Junkov\u00fdch 2, Prague 5, 15500, Czech Republic
\nNadace Vodafone \u010cesk\u00e1 Republika
100.00
Trustee
\nOskar Mobil s.r.o.
100.00
Ordinary shares
\nVodafone Czech Republic A.S.
100.00
Ordinary shares
\nVodafone Enterprise Europe (UK)
\nLimited \u2013 Czech Branch
\n2
\n100.00
Branch
\nPraha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
\nVantage Towers 2 s.r.o
100.00
Ordinary shares
\nZ\u00e1vi\u0161ova Real Estate, s.r.o.
100.00
Ordinary shares
\nDenmark
\nTuborg Boulevard 12, 2900, Hellerup, Denmark
\nVodafone Enterprise Denmark A/S
100.00
Ordinary shares
\nEgypt
\n37 Kasr El Nil St, 4th. Floor, Cairo, Egypt
\nStarnet
\n5
\n35.81
Ordinary shares
\n54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt
\nSarmady Communications
\n5
\n35.82
Ordinary shares
\nBuilding no. 2109 \u201cVHUB1\u201d, Smart Village, Cairo Alexandria, Egypt
\nVodafone International Services LLC
\n5
\n100.00
Ordinary shares
\nSite No 15/3C, Central Axis, 6th October City, Egypt
\nVodafone Egypt Telecommunications
\nS.A.E.
\n5
\n35.82
Ordinary shares
\nSmart Village C3 Vodafo5ne Building, Egypt
\nVodafone Data
\n5
\n35.81
Ordinary shares
\nVodafone Building Zahraa EL Maadi, Building A, Service Area D,
\nMaadi, Cairo, Egypt
\nVodafone For Trading
\n5
\n35.78
Ordinary shares
Finland
\nc/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki,
\n00100, Finland
\nVodafone Enterprise Finland Oy
100.00
Ordinary shares
\nFrance
\n1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph,
\nFrance
\nVodafone Automotive Telematics
\nDevelopment S.A.S
\n100.00
Ordinary shares
\nEuroPlaza Tour, 20, Avenue Andre Prothin, La D\u00e9fense Cedex
\n\u2013 France (149153), 92400, Courbevoie, France
\nVodafone Automotive France S.A.S
100.00
Ordinary shares
\nVodafone Enterprise France SAS
100.00
New euro
\nshares
\nRue Champollion, 22300, Lannion, France
\nApollo Submarine Cable System Ltd
\n\u2013 French Branch
\n2
\n100.00
Branch
\nGermany
\nAltes Forsthaus 2, 67661, Kaiserslautern, Germany
\nTKS Telepost Kabel-Service
\nKaiserslautern GmbH
\n3
\n94.01
Ordinary shares
\nBetastra\u00dfe 6-8, 85774 Unterf\u00f6hring, Germany
\nKabel Deutschland Holding AG
94.01
Ordinary shares
\nVodafone Customer Care GmbH
\n3
\n94.01
Ordinary shares
\nVodafone Deutschland GmbH
94.01
Ordinary shares
\nBuschurweg 4, 76870 Kandel, Germany
\nVodafone Automotive Deutschland
\nGmbH
\n100.00
Ordinary shares
\nFerdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
\nVodafone Enterprise Germany GmbH
100.00
Ordinary shares
\nVodafone GmbH
100.00
Ordinary A
\nshares, Ordinary
\nB shares
\nVodafone Group Services GmbH
100.00
Ordinary shares
\nVodafone Institut f\u00fcr Gesellschaft und
\nKommunikation GmbH
\n100.00
Ordinary shares
\nVodafone Stiftung Deutschland
\nGemeinn\u00fctzige GmbH
\n100.00
Ordinary shares
\nVodafone Vierte Verwaltungs AG
100.00
Ordinary shares
\nVodafone West GmbH
100.00
Ordinary shares
\nFriedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany
\nKABELCOM Braunschweig Gesellschaft
\nF\u00fcr Breitbandkabel-Kommunikation
\nMit Beschr\u00e4nkter Haftung
\n3
\n94.01
Ordinary shares
\nHolzmarkt 1, 50676, K\u00f6ln, North Rhine-Westphalia, Germany
\nGrandcentrix GmbH
100.00
Ordinary shares
\nNobelstrasse 55, 18059, Rostock, Germany
\n\u201cUrbana Teleunion\u201d Rostock GmbH &
\nCo.KG
\n3
\n65.80
Ordinary shares
\nSeilerstrasse 18, 38440, Wolfsburg, Germany
\nKABELCOM Wolfsburg Gesellschaft f\u00fcr
\nBreitbandkabel-Kommunikation mit
\nbeschr\u00e4nkter Haftung
\n3
\n94.01
Ordinary shares
\nGreece
\n12,5 km National Road Athens \u2013 Lamia, Metamorfosi / Athens,
\n14452, Greece
\nVodafone Innovus S.A
99.87
Ordinary shares
\n1-3 Tzavella str, 152 31 Halandri, Athens, Greece
\nVodafone-Panafon Hellenic
\nTeleco5mmunications Company S.A.
\n99.87
Ordinary shares
\nPireos 163 & Ehelidon, Athens, 11854, Greece
\n360 Connect S.A.
99.87
Ordinary shares
\nGuernsey
\nMartello Court, Admiral Park, St. Peter Port, GY1 3HB, Guernsey
\nFB Holdings Limited
100.00
Ordinary shares
\nLe Bunt Holdings Limited
100.00
Ordinary shares
\nSilver Stream Investments Limited
100.00
Ordinary shares
\nRoseneath, The Grange, St Peter Port, GY1 2QJ, Guernsey
\nVBA Holdings Limited
\n5
\n65.10
Ordinary shares,
\nNon-voting
\nirredeemable
\nnon-cumulative
\npreference
\nshares
\nVBA International Limited
\n5
\n65.10
Ordinary shares,
\nNon-voting
\nirredeemable
\nnon-cumulative
\npreference
\nshares
\nHong Kong
\nLevel 24, Dorset House, Taikoo Place, 979 King\u2019s Road, Quarry Bay,
\nHong Kong
\nVodafone Enterprise Hong Kong Ltd
100.00
Ordinary shares
\nHungary
\n40-44 Hungaria Krt., Budapest, H-1087, Hungary
\nVSSB Vodafone Szolg\u00e1ltat\u00f3 K\u00f6zpont
\nBudapest Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151
\nR\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
\n100.00
Registered
\nordinary shares
\nIndia
\n10th Floor, Tower A&B, Global Technology Park, (Maple Tree
\nBuilding), Marathahalli Outer Ring Road, Devarabeesanahalli
\nVillage, Varthur Hobli, Bengaluru, Karnataka, 560103, India
\nCable & Wireless Networks India Private
\nLimited
\n100.00
Equity shares
\nCable and Wireless (India) Limited \u2013
\nBranch
\n2
\n100.00
Branch
\nCable and Wireless Global (India)
\nPrivate Limited
\n100.00
Equity shares
\n201-206, Shiv Smriti Chambers, 49/A, Dr. Annie Besant Road,
\nMumbai, Maharashtra, Worli, 400018, India
\nOmega Telecom Holdings Private
\nLimited
\n100.00
Equity shares
\nVodafone India Services Private Limited
100.00
Equity shares
\nBusiness@Mantri, Tower B, Wing no \u2013 B1 & B2, 3rd Floor, S. No.
\n\u2013 197, Near Hotel Four Points, Lohegaon, Pune, Maharashtra,
\n411014, India
\nVodafone Global Services Private
\nLimited
\n100.00
Equity shares
\nE-47, Bankra Super Market, Bankra, Howrah, West Bengal,
\n711403, India
\nUsha Martin Telematics Limited
100.00
Equity shares
\nIreland
\n2nd Floor, Palmerston House, Fenian Street, DUBLIN 2, Ireland
\nVodafone International Financing
\nDesignated Activity Company
\n100.00
Ordinary shares
\n38/39 Fitzwilliam Square West, Dublin 2, D02 NX53, Ireland
\nVodafone Enterprise Global Limited
100.00
Ordinary shares
\nVodafone Global Network Limited
100.00
Ordinary shares
\nMountainview, Leopardstown, Dublin 18, Ireland
\nVF Ireland Property Holdings Limited
100.00
Ordinary euro
\nshares
\nVodafone Group Services Ireland
\nLimited
\n100.00
Ordinary shares
\nVodafone Ireland Limited
100.00
Ordinary shares
\nVodafone Ireland Marketing Limited
100.00
Ordinary shares
\nVodafone Ireland Retail Limited
100.00
Ordinary shares
\nItaly
\nPiazzale Luigi Cadorna, 4, 20123, Milano, Italy
\nVodafone Global Enterprise (Italy) S.R.L.
100.00
Ordinary shares
\nSS 33 del Sempione KM 35, 212, 21052 Busto Arsizio (VA), Italy
\nVodafone Automotive Italia S.p.A
100.00
Ordinary shares
\nVia Astico 41, 21100 Varese, Italy
\nVodafone Automotive Electronic
\nSystems S.r.L
\n100.00
Ordinary shares
\nVodafone Automotive SpA
100.00
Ordinary shares
\nVodafone Automotive Telematics Srl
100.00
Ordinary shares
\nVia Jervis 13, 10015, Ivrea (TO), Italy
\nVEI S.r.l.
100.00
Partnership
\ninterest shares
\nVodafone Italia S.p.A.
100.00
Ordinary shares
\nVia Lorenteggio 240, 20147, Milan, Italy
\nVodafone Enterprise Italy S.r.L
100.00
Euro shares
\nVodafone Gestioni S.p.A.
100.00
Ordinary shares
\nVodafone Servizi E Tecnologie S.R.L.
100.00
Equity shares
\nIVia per Carpi 26/B, 42015, Correggio (RE), Italy
\nVND S.p.A.
100.00
Ordinary shares
\nJapan
\nKAKiYa building, 9F, 2-7-17 Shin-Yokohama, Kohoku-ku,
\nYokoha-City, Kanagawa, 222-0033, Japan
\nVodafone Automotive Japan KK
100.00
Ordinary shares
\nMarunouchi Trust Tower North 15F, 8-1, Marunouchi 1-chome,
\nlevel 15, Chiyoda-ku, Tokyo, Japan
\nVodafone Enterprise U.K. \u2013 Japanese
\nBranch
\n2
\n100.00
Branch
\nVodafone Global Enterprise (Japan) K.K.
100.00
Ordinary shares
Jersey
\n44 Esplanade, St Helier, JE4 9WG, Jersey
\nVodafone International 2 Limited
100.00
Ordinary shares
\nKenya
\n6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi,
\n00100, Kenya
\nM-PESA Holding Co. Limited
100.00
Equity shares
\nVodafone Kenya Limited
\n5
\n69.46
Ordinary voting
\nshares
\nThe Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside
\nDrive, Nairobi, Kenya
\nVodacom Business (Kenya) Limited
\n5
\n52.08
Ordinary shares
\nKorea, Republic of
\nASEM Tower level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul,
\n135-798, Korea, Republic of
\nVodafone Enterprise Korea Limited
100.00
Ordinary shares
\nLesotho
\n585 Mabile Road, Vodacom Park, Maseru, Lesotho, Lesotho
\nVodacom Lesotho (Pty) Limited
\n5
\n52.08
Ordinary shares
\nVCL Financial Services (Pty) Ltd
\n5
\n52.08
Ordinary shares
\nLuxembourg
\n15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
\nTomorrow Street GP S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone Enterprise Global Businesses
\nS.\u00e0 r.l.
\n100.00
Ordinary shares
\nVodafone Enterprise Luxembourg S.A.
100.00
Ordinary euro
\nshares
\nVodafone International 1 S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone International M S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone Investments Luxembourg
\nS.\u00e0 r.l.
\n100.00
Ordinary shares
\nVodafone Luxembourg S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone Procurement Company S.\u00e0
\nr.l.
\n100.00
Ordinary shares
\nVodafone Roaming Services S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone Services Company S.\u00e0 r.l.
100.00
Ordinary shares
\nMalaysia
\nSuite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak,
\n50400 Kuala Lumpur, Malaysia
\nVodafone Global Enterprise (Malaysia)
\nSdn Bhd
\n100.00
Ordinary shares
\nMalta
\nPortomaso Business Tower, Level 15B, St Julians, STJ 4011, Malta
\nVodafone Holdings Limited
100.00
\u2018A\u2019 Ordinary
\nshares, \u2018B\u2019
\nOrdinary shares
\nVodafone Insurance Limited
100.00
\u2018A\u2019 Ordinary
\nshares, \u2018B\u2019
\nOrdinary shares
\nMauritius
\n10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene,
\nMauritius, Mauritius
\nMobile Wallet VM1
\n5
\n65.10
Ordinary shares
\nMobile Wallet VM2
\n5
\n65.10
Ordinary shares
\nVBA (Mauritius) Limited
\n5
\n65.10
Ordinary shares,
\nRedeemable
\npreference
\nshares
\nVodacom International Limited
\n5
\n65.10
Ordinary shares,
\nNon-Cumulative
\npreference
\nshares
\nFifth Floor, Ebene Esplanade, 24 Bank Street, Cybercity,
\nEbene, Mauritius
\nAl-Amin Investments Limited
100.00
Ordinary shares
\nArray Holdings Limited
100.00
Ordinary shares
\nAsian Telecommunication Investments
\n(Mauritius) Limited
\n100.00
Ordinary shares
\nCCII (Mauritius), Inc.
100.00
Ordinary shares
\nCGP India Investments Ltd.
100.00
Ordinary shares
\nEuro Pacific Securities Ltd.
100.00
Ordinary shares
\nMobilvest
100.00
Ordinary shares
\nPrime Metals Ltd.
100.00
Ordinary shares
\nTrans Crystal Ltd.
100.00
Ordinary shares
\nVodafone Mauritius Ltd.
100.00
Ordinary shares
\nVodafone Telecommunications (India)
\nLimited
\n100.00
Ordinary shares
\nVodafone Tele-Services (India)
\nHoldings Limited
\n100.00
Ordinary shares
\nMexico
\nAvenida Insurgentes Sur No. 1647, Piso 12, despacho 1202,
\nColonia San Jos\u00e9 Insurgentes, Alcald\u00eda Benito Ju\u00e1rez, C.P. 03900,
\nCiudad de M\u00e9xico, Mexico
\nVodafone Empresa M\u00e9xico S.de R.L. de
\nC.V.
\n100.00
Corporate
\ncertificate series
\nA shares,
\nCorporate
\ncertificate series
\nB shares
\nMozambique
\nRua dos Desportistas, Numero 649, Cidade de Maputo,
\nMozambique
\nVodacom Mo\u00e7ambique, SA
\n5
\n55.33
Ordinary shares
\nVodafone M-Pesa, S.A
\n5
\n55.33
Ordinary shares
\nNetherlands
\nRivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel,
\nNetherlands
\nVodafone Enterprise Netherlands B.V.
100.00
Ordinary shares
\nVodafone Europe B.V.
100.00
Ordinary shares
\nVodafone International Holdings B.V.
100.00
Ordinary shares
\nVodafone Panafon International
\nHoldings B.V.
\n99.87
Ordinary shares
\nZuid-hollanden 7, Rode Olifant, Spaces, 2596AL, den Haag,
\nNetherlands
\nIoT. nxt USA BV
\n5
\n42.31
Ordinary shares
\nIOT.NXT B.V.
\n5
\n42.31
Ordinary shares
\nIoT.nxt Europe BV
\n5
\n42.31
Ordinary shares
\nNew Zealand
\n74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand
\nVodafone Enterprise Hong Kong
\nLimited \u2013 New Zealand Branch
\n2
\n100.00
Branch
\nNorway
\nc/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway
\nVodafone Enterprise Norway AS
100.00
Ordinary shares
\nVodafone House, The Connection, Newbury, Berkshire, RG14 2FN,
\nUnited Kingdom
\nVodafone Limited \u2013 Norway Branch
\n2
\n100.00
Branch
\nOman
\nKnowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box
\n104 135, Oman
\nVodafone Services LLC
100.00
Shares
\nPoland
\nul. Towarowa 28, 00-839, Warsaw, Poland
\nVodafone Business Poland sp. z o.o.
100.00
Ordinary shares
\nPortugal
\nAv. D. Jo\u00e3o II, n\u00ba 36 \u2013 8\u00ba Piso, 1998 \u2013 017, Parque das Na\u00e7\u00f5es,
\nLisboa, Portugal
\nOni Way \u2013 Infocomunicacoes, S.A
100.00
Ordinary shares
\nVodafone Enterprise Spain, S.L.U. \u2013
\nPortugal Branch
\n2
\n100.00
Branch
\nVodafone Portugal \u2013 Comunicacoes
\nPessoais, S.A.
\n100.00
Ordinary shares
\nVodafone Solutions, Unipessoal LDA
100.00
Ordinary shares
Romania
\n1 A Constantin Ghercu Street, 10th Floor, 6th District, Bucharest,
\nRomania
\nUPC Services S.R.L. (in liquidation)
100.00
Ordinary shares
\n18 Diligen\u021bei Steet, 1st floor, Building C1, Ploiesti, Prahova County,
\nRomania
\nEvotracking SRL
100.00
Ordinary shares
\n201 Barbu Vacarescu Street, 5th floor, 2nd District, Bucharest,
\nRomania
\nVodafone External Services SRL
100.00
Ordinary shares
\nVodafone Foundation
100.00
Sole member
\n201 Barbu Vacarescu, 4th floor, 2nd District, Bucharest, Romania
\nVodafone Romania S.A
100.00
Ordinary shares
\n62 D Nordului Street, District 1, Bucharest, Romania
\nUPC Foundation
100.00
Sole member
\nOltenitei Street no. 2, City Offices Building, 3rd Floor, Bucharest
\n4th District, Romania
\nVodafone Rom\u00e2nia Technologies SRL
100.00
Ordinary shares
\nSectorul 2, Strada Barbu V\u0103c\u0103rescu, Nr. 201, Etaj 1, Bucharest,
\nRomania
\nVodafone Rom\u00e2nia M \u2013 Payments SRL
100.00
Ordinary shares
\nRussian Federation
\nBuild. 2, 14/10, Chayanova str., 125047, Moscow, Russian
\nFederation
\nCable & Wireless CIS Svyaz LLC
100.00
Charter capital
\nshares
\nSerbia
\nVladimira Popovi\u0107a 38-40, New Belgrade, 11070, Serbia
\nVodafone Enterprise Equipment
\nLimited Ogranak u Beogradu \u2013 Serbia
\nBranch
\n2
\n100.00
Branch
\nSingapore
\nAsia Square Tower 2, 12 Marina View, #17-01, 018961, Singapore
\nVodafone Enterprise Singapore Pte.Ltd
100.00
Ordinary shares
\nSlovakia
\nKarad\u017ei\u010dova 2, mestsk\u00e1 \u010das\u0165 Star\u00e9 mesto, Bratislava, 811 09,
\nSlovakia
\nVodafone Global Network Limited \u2013
\nSlovakia Branch
\n2
\n100.00
Branch
\nPrievozsk\u00e1 6, Bratislava, 821 09, Slovakia
\nVodafone Czech Republic A.S. \u2013
\nSlovakia Branch
\n2
\n100.00
Branch
\nSouth Africa
\n9 Kinross Street, Germiston South, 1401, South Africa
\nVodafone Holdings (SA) Proprietary
\nLimited
\n100.00
Ordinary shares
\nVodafone Investments (SA) Proprietary
\nLimited
\n100.00
Ordinary A
\nshares, \u201cB\u201d
\nOrdinary no par
\nvalue shares
\nBylsbridge Office Park, Building 14m Block C, 1st Floor, Alexandra
\nRoad, Centurion, Highveld Ext 73, 0046, South Africa
\nIoT.nxt (Pty) Limited
\n5
\n42.31
Ordinary shares
\nIoT.nxt Development (Pty) Limited
\n5
\n42.31
Ordinary shares
\n10T Holdings Proprietary Limited
\n5
\n42.31
Ordinary shares
\nVodacom Corporate Park, 082 Vodacom Boulevard, Midrand,
\n1685, South Africa
\nJupicol (Proprietary) Limited
\n5
\n45.57
Ordinary shares
\nStorage Technology Services (Pty)
\nLimited
\n5
\n33.20
Ordinary shares
\nInfinity Services Partner Company
\n5
\n65.10
Ordinary shares
\nMezzanine Ware (RF) Proprietary
\nLimited
\n5
\n58.59
Ordinary shares
\nMotifprops 1 (Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nVodacom (Pty) Limited
\n5
\n65.10
Ordinary shares,
\nOrdinary A
\nshares
\nVodacom Business Africa Group (Pty)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Business Africa SA (Pty)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Financial Services
\n(Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nVodacom Group Limited
65.10
Ordinary shares
\nVodacom Insurance Administration
\nCompany (Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nVodacom Insurance Company (RF)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom International Holdings (Pty)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Life Assurance Company
\n(RF) Limited
\n5
\n65.10
Ordinary shares
\nVodacom Payment Services
\n(Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nVodacom Properties No 1 (Proprietary)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Properties No.2 (Pty)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Tower Company Proprietary
\nLimited
\n5
\n65.10
Ordinary shares
\nWheatfields Investments 276
\n(Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nXLink Communications (Proprietary)
\nLimited
\n5
\n65.10
Ordinary A
\nshares
\nSpain
\nAntracita, 7 \u2013 28045, Madrid, Spain
\nVodafone Automotive Iberia S.L.
100.00
Ordinary shares
\nAvenida de Am\u00e9rica 115, 28042, Madrid, Spain
\nVodafone Energ\u00eda, S.L.
100.00
Ordinary shares
\nVodafone Enterprise Spain SLU
100.00
Ordinary euro
\nshares
\nVodafone Espa\u00f1a, S.A.U.
100.00
Ordinary shares
\nVodafone Holdings Europe, S.L.U.
100.00
Ordinary shares
\nVodafone ONO, S.A.U.
100.00
Ordinary shares
\nVodafone Servicios, S.L.U.
100.00
Ordinary shares
\nTorre Norte Adif, Explanada de la Estaci\u00f3n no 7, 29002, M\u00e1laga,
\nSpain
\nVodafone Intelligent Solutions Espa\u00f1a,
\nS.L.U.
\n100.00
Ordinary shares
\nSweden
\nc/o Hellstr\u00f6m advokatbyr\u00e5, Box 7305, 103 90, Stockholm, Sweden
\nVodafone Enterprise Sweden AB
100.00
Ordinary shares,
\nShareholder\u2019s
\ncontribution
\nshares
\nSwitzerland
\nSchiffbaustrasse 2, 8005, Zurich, Switzerland
\nVodafone Enterprise Switzerland AG
100.00
Ordinary shares
\nTaiwan
\n22F., No.100, Songren Road., Xinyi District, Taipei City, 11070,
\nTaiwan
\nVodafone Global Enterprise Taiwan
\nLimited
\n100.00
Ordinary shares
\nTanzania, United Republic of
\n15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo
\nRoad, Dar es Salaam, Tanzania, United Republic of
\nM-Pesa Limited
\n5
\n48.82
Ordinary A
\nshares, Ordinary
\nB shares
\nShared Networks Tanzania Limited
\n5
\n48.82
Ordinary shares
\nVodacom Tanzania Public Limited
\nCompany
\n5
\n48.82
Ordinary shares
\n3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road,
\nDar es Salaam, Tanzania, United Republic of
\nGateway Communications Tanzania
\nLimited
\n5
\n64.45
Ordinary shares
Thailand
\n725 Metropolis Building, 20th floor, Unit 100, Sukhumvit Road,
\nKlongton Nua Sub-district, Watthana District, Bangkok, 10110,
\nThailand
\nVodafone Business Siam Co., Ltd.
100.00
Ordinary shares
\nTurkey
\nB\u00fcy\u00fckdere Caddesi, No:251, Maslak, \u015ei\u015fli / \u0130stanbul, 34398, Turkey
\nVodafone Bilgi Ve Iletisim Hizmetleri
\nAS
\n100.00
Registered
\nshares
\nVodafone Dagitim, Servis ve Icerik
\nHizmetleri A.S.
\n100.00
Ordinary shares
\nVodafone Dijital Yayincilik Hizmetleri
\nA.S.
\n100.00
Ordinary shares
\nVodafone Holding A.S.
100.00
Registered
\nshares
\nVodafone Kule ve Altyapi Hizmetleri
\nA.S.
\n100.00
Ordinary shares
\nVodafone Mall Ve Elektronik Hizmetler
\nTicaret AS
\n100.00
Ordinary shares
\nVodafone Medya Icerik Hizmetleri A.S.
100.00
Ordinary shares
\nVodafone Net \u0130leti\u015fim Hizmetleri A.S.
100.00
Ordinary shares
\nVodafone Telekomunikasyon A.S
100.00
Registered
\nshares
\n\u0130T\u00dc Ayaza\u011fa Kamp\u00fcs\u00fc, Koru Yolu, Ar\u0131 Teknokent Ar\u0131 3 Binas\u0131,
\nMaslak, \u0130stanbul, 586553, Turkey
\nVodafone Teknoloji Hizmetleri A.S.
100.00
Registered
\nshares
\nMaslak Mah. AOS 55 Sk. 42 Maslak Sit. B Blok Apt. No: 4/663,
\nSar\u0131yer Istanbul, Turkey
\nVodafone Sigorta Aracilik Hizmetleri
\nA.S.
\n100.00
Ordinary shares
\nVodafone Elektronik Para Ve \u00d6deme
\nHizmetleri A.S.
\n100.00
Registered
\nshares
\nVodafone Finansman A.S.
100.00
Ordinary shares
\nMaslak Mah. B\u00fcy\u00fckdere Cad. B\u00fcy\u00fckdere No: 251, Sar\u0131yer, Istanbul,
\n34453, Turkey
\nVOIS Turkey Akilli \u00c7\u00f6z\u00fcmler Limited
\n\u015eirket
\n100.00
Ordinary shares
\nUkraine
\nBohdana Khmelnytskogo Str. 19-21, Kyiv, Ukraine
\nLLC Vodafone Enterprise Ukraine
100.00
Ordinary shares
\nUnited Arab Emirates
\n16-SD 129, Ground Floor, Building 16-Co Work, Dubai Internet City,
\nUnited Arab Emirates
\nVodacom Fintech Services FZ-LLC
\n5
\n65.10
Ordinary shares
\nOffice 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai,
\nUnited Arab Emirates
\nVodafone Enterprise Europe (UK)
\nLimited \u2013 Dubai Branch
\n2
\n100.00
Branch
\nUnited Kingdom
\n11 Staple Inn Building, London, WC1V 7QH, United Kingdom
\nVodacom Business Africa Group
\nServices Limited
\n5
\n65.10
Ordinary shares,
\nPreference
\nshares
\nVodacom Investments Company
\nProprietary Limited
\n5
\n65.10
Ordinary shares
\nVodacom UK Limited
\n5
\n65.10
Ordinary shares,
\nOrdinary B
\nshares,
\nNon-
\nredeemable
\nordinary A
\nshares,
\nNon-
\nredeemable
\npreference
\nshares
\n1-2 Berkeley Square, 99 Berkeley Street, Glasgow, G3 7HR,
\nScotland
\nThus Group Holdings Limited
100.00
Ordinary shares
\nThus Group Limited
100.00
Ordinary shares
\nThus Profit Sharing Trustees Limited
100.00
Ordinary shares
\n3 More London, Riverside, London, SE1 2AQ, United Kingdom
\nIoT Nxt UK Limited
42.31
Ordinary shares
\n784 Upper Newtownards Road, Belfast, BT16 1UD, United Kingdom
\nVodafone (NI) Limited
100.00
Ordinary shares
\nEdinburgh House, 4 North St. Andrew Street, Edinburgh, EH2 1HJ,
\nUnited Kingdom
\nPinnacle Cellular Group Limited
100.00
Ordinary shares
\nPinnacle Cellular Limited
100.00
Ordinary shares
\nVodafone (Scotland) Limited
100.00
Ordinary shares
\nOne Kingdom Street, London, W2 6BY, United Kingdom
\nDABCo Limited
100.00
Ordinary shares
\nQuarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland
\nEnergis (Ireland) Limited
100.00
A Ordinary
\nshares, B
\nOrdinary shares,
\nC Ordinary
\nshares, D
\nOrdinary shares
\nVodafone House, The Connection, Newbury, Berkshire, RG14 2FN,
\nUnited Kingdom
\nApollo Submarine Cable System
\nLimited
\n100.00
Ordinary shares
\nBluefish Communications Limited
100.00
Ordinary A
\nshares, Ordinary
\nB shares,
\nOrdinary C
\nshares, Ordinary
\nD shares
\nCable & Wireless Aspac Holdings
\nLimited
\n100.00
Ordinary shares
\nCable & Wireless CIS Services Limited
100.00
Ordinary shares
\nCable & Wireless Communications
\nData Network Services Limited
\n100.00
\u2018A\u2019 Ordinary
\nshares, \u2018B\u2019
\nOrdinary shares
\nCable & Wireless Europe Holdings
\nLimited
\n100.00
Ordinary shares
\nCable & Wireless Global
\nTelecommunication Services Limited
\n100.00
Ordinary shares
\nCable & Wireless UK Holdings Limited
100.00
Ordinary shares
\nCable & Wireless Worldwide Limited
100.00
Ordinary shares
\nCable & Wireless Worldwide Voice
\nMessaging Limited
\n100.00
Ordinary shares
\nCable and Wireless (India) Limited
100.00
Ordinary shares
\nCable and Wireless Nominee Limited
100.00
Ordinary shares
\nCentral Communications Group
\nLimited
\n100.00
Ordinary Shares,
\nOrdinary A
\nshares
\nEnergis Communications Limited
100.00
Ordinary shares
\nEnergis Squared Limited
100.00
Ordinary shares
\nLondon Hydraulic Power Company
\n(The)
\n100.00
Ordinary shares,
\n5%
\nNon-Cumulative
\npreference
\nshares
\nMetroHoldings Limited
100.00
Ordinary shares
\nNavtrak Ltd
100.00
Ordinary shares
\nProject Telecom Holdings Limited
100.00
Ordinary shares
\nRian Mobile Limited
100.00
Ordinary shares
\nTalkmobile Limited
100.00
Ordinary shares
\nThe Eastern Leasing Company Limited
100.00
Ordinary shares
\nThus Limited
100.00
Ordinary shares
\nVizzavi Limited
100.00
Ordinary shares
\nVoda Limited
100.00
Ordinary shares
\nVodafone (New Zealand) Hedging
\nLimited
\n100.00
Ordinary shares
\nVodafone 2.
100.00
Ordinary shares
\nVodafone 4 UK
100.00
Ordinary shares
\nVodafone 5 Limited
100.00
Ordinary shares
\nVodafone 5 UK
100.00
Ordinary shares
\nVodafone 6 UK
100.00
Ordinary shares
\nVodafone Americas 4
100.00
Ordinary shares
\nVodafone Automotive UK Limited
100.00
Ordinary shares
\nVodafone Benelux Limited
100.00
Ordinary shares
\nVodafone Cellular Limited
\n1
\n100.00
Ordinary shares
\nVodafone Consolidated Holdings
\nLimited
\n100.00
Ordinary shares
\nVodafone Corporate Limited
100.00
Ordinary shares
\nVodafone Corporate Secretaries
\nLimited
\n100.00
Ordinary shares
\nVodafone DC Pension Trustee
\nCompany Limited
\n100.00
Ordinary shares
Vodafone Distribution Holdings Limited
100.00
Ordinary shares
\nVodafone Enterprise Corporate
\nSecretaries Limited
\n100.00
Ordinary shares
\nVodafone Enterprise Equipment
\nLimited
\n100.00
Ordinary shares
\nVodafone Enterprise Europe (UK)
\nLimited
\n100.00
Ordinary shares
\nVodafone Enterprise U.K.
100.00
Ordinary shares
\nVodafone Euro Hedging Limited
100.00
Ordinary shares
\nVodafone Euro Hedging Two Limited
100.00
Ordinary shares
\nVodafone Europe UK
100.00
Ordinary shares
\nVodafone European Investments
\n1
\n100.00
Ordinary shares
\nVodafone European Portal Limited
\n1
\n100.00
Ordinary shares
\nVodafone Finance Limited
\n1
\n100.00
Ordinary shares
\nVodafone Finance Luxembourg
\nLimited
\n100.00
Ordinary shares
\nVodafone Finance Management
100.00
Ordinary shares
\nVodafone Finance UK Limited
100.00
Ordinary shares
\nVodafone Financial Operations
100.00
Ordinary shares
\nVodafone Global Content Services
\nLimited
\n100.00
Ordinary shares,
\n5% Fixed rate
\nnon-voting
\npreference
\nshares
\nVodafone Global Enterprise Limited
100.00
Ordinary shares,
\nDeferred shares,
\nB deferred
\nshares
\nVodafone Group (Directors) Trustee
\nLimited
\n1
\n100.00
Ordinary shares
\nVodafone Group Pension Trustee
\nLimited
\n1
\n100.00
Ordinary shares
\nVodafone Group Services Limited
100.00
Ordinary shares,
\ndeferred shares
\nVodafone Group Services No.2 Limited
\n1
\n100.00
Ordinary shares
\nVodafone Group Share Trustee
\nLimited
\n1
\n100.00
Ordinary shares
\nVodafone Holdings Luxembourg
\nLimited
\n100.00
Ordinary shares
\nVodafone Intermediate Enterprises
\nLimited
\n100.00
Ordinary shares
\nVodafone International 2 Limited \u2013 UK
\nBranch
\n2
\n100.00
Branch
\nVodafone International Holdings
\nLimited
\n100.00
Ordinary shares
\nVodafone International Operations
\nLimited
\n100.00
Ordinary shares
\nVodafone Investment UK
100.00
Ordinary shares
\nVodafone Investments Australia
\nLimited
\n100.00
Ordinary shares
\nVodafone Investments Limited
\n1
\n100.00
Ordinary shares,
\nZero coupon
\nredeemable
\npreference
\nshares
\nVodafone IP Licensing Limited
\n1
\n100.00
Ordinary shares
\nVodafone Limited
100.00
Ordinary shares
\nVodafone Marketing UK
100.00
Ordinary shares
\nVodafone Mobile Communications
\nLimited
\n100.00
Ordinary shares
\nVodafone Mobile Enterprises Limited
100.00
Ordinary shares
\nVodafone Mobile Network Limited
100.00
Ordinary shares
\nVodafone Nominees Limited
\n1
\n100.00
Ordinary shares
\nVodafone Oceania Limited
100.00
Ordinary shares
\nVodafone Overseas Finance Limited
100.00
Ordinary shares
\nVodafone Overseas Holdings Limited
100.00
Ordinary shares
\nVodafone Panafon UK
99.87
Ordinary shares
\nVodafone Partner Services Limited
100.00
Ordinary shares,
\nRedeemable
\npreference
\nshares
\nVodafone Retail (Holdings) Limited
100.00
Ordinary shares
\nVodafone Sales & Services Limited
100.00
Ordinary shares
\nVodafone UK Foundation
100.00
Sole member
\nVodafone UK Limited
\n1
\n100.00
Ordinary shares
\nVodafone Ventures Limited
\n1
\n100.00
Ordinary shares
\nVodafone Worldwide Holdings Limited
100.00
Ordinary shares,
\nCumulative
\npreference
\nshares
\nVodafone Yen Finance Limited
100.00
Ordinary shares
\nVodafone-Central Limited
100.00
Ordinary shares
\nVodaphone Limited
100.00
Ordinary shares
\nVodata Limited
100.00
Ordinary shares
\nYour Communications Group Limited
100.00
B Ordinary
\nshares,
\nRedeemable
\npreference
\nshares
\nUnited States
\n1209 Orange Street, Wilmington DE 19801, United States
\nIoT nxt USA Inc
\n5
\n42.31
Common stock
\n1450 Broadway, Fl 11, Suite 104, New York NY 10018, United States
\nCable & Wireless Americas Systems,
\nInc.
\n100.00
Common stock
\nshares
\nVodafone Americas Virginia Inc.
100.00
Common stock
\nshares
\nVodafone US Inc.
100.00
Common stock
\nshares, Ordinary
\nshares
\n1615 Platte Street, Suite 02-115, Denver CO 80202, United States
\nVodafone Americas Foundation
100.00
Trustee
Associated undertakings and joint
\narrangements
\nAustralia
\nLevel 1, 177 Pacific Highway, North Sydney NSW 2060, Australia
\n3.6 GHz Spectrum Pty Ltd
25.05
Ordinary shares
\nAAPT Limited
25.05
Ordinary shares
\nACN 088 889 230 Pty Ltd
25.05
Ordinary shares
\nACN 139 798 404 Pty Ltd
25.05
Ordinary shares
\nAdam Internet Holdings Pty Ltd
25.05
Ordinary shares
\nAdam Internet Pty Ltd
25.05
A shares, B
\nshares, Ordinary
\nshares
\nAgile Pty Ltd
25.05
Ordinary shares
\nAlchemyIT Pty Ltd
25.05
Ordinary shares
\nChariot Pty Ltd
25.05
Ordinary shares
\nChime Communications Pty Ltd
25.05
Ordinary shares
\nConnect West Pty Ltd
25.05
Ordinary shares
\nDestra Communications Pty Ltd
25.05
Ordinary shares
\nDigiplus Contracts Pty Ltd
25.05
Ordinary shares
\nDigiplus Holdings Pty Ltd
25.05
Ordinary shares
\nDigiplus Investments Pty Ltd
25.05
Ordinary shares
\nDigiplus Pty Ltd
25.05
Ordinary shares
\nH3GA Properties (No.3) Pty Limited
25.05
Ordinary shares
\niiNet Labs Pty Ltd
25.05
Ordinary shares
\niiNet Limited
25.05
Ordinary shares
\nInternode Pty Ltd
25.05
Ordinary shares,
\nClass B shares
\nIntraPower Pty Limited
25.05
Ordinary shares
\nIntrapower Terrestrial Pty Ltd
25.05
Ordinary shares
\nIP Group Pty Ltd
25.05
Ordinary shares
\nIP Services Xchange Pty Ltd
25.05
A shares, B
\nshares
\nKooee Communications Pty Ltd
25.05
Ordinary shares
\nKooee Mobile Pty Ltd
25.05
Ordinary shares
\nMercury Connect Pty Ltd
25.05
Ordinary shares,
\nE class shares
\nMobile JV Pty Limited
25.05
Ordinary shares
\nMobileworld Communications Pty Limited
25.05
Ordinary shares
\nMobileworld Operating Pty Ltd
25.05
Ordinary shares
\nNetspace Online Systems Pty Ltd
25.05
Ordinary shares
\nNumillar IPS Pty Ltd
25.05
Ordinary shares
\nPIPE International (Australia) Pty Ltd
25.05
Ordinary shares
\nPIPE Networks Pty Limited
25.05
Ordinary shares
\nPIPE Transmission Pty Limited
25.05
Ordinary shares
\nPowerTel Limited
25.05
Ordinary shares
\nRequest Broadband Pty Ltd
25.05
Ordinary shares
\nSoul Communications Pty Ltd
25.05
Ordinary shares
\nSoul Contracts Pty Ltd
25.05
Ordinary shares
\nSoul Pattinson Telecommunications
\nPty Ltd
\n25.05
Ordinary shares
\nSPT Telecommunications Pty Ltd
25.05
Ordinary shares
\nSPTCom Pty Ltd
25.05
Ordinary shares
\nTelecom Enterprises Australia Pty Limited
25.05
Ordinary shares
\nTelecom New Zealand Australia Pty Ltd
25.05
Ordinary shares,
\nRedeemable
\npreference
\nshares
\nTPG Corporation Limited
25.05
Ordinary shares
\nTPG Energy Pty Ltd
25.05
Ordinary shares
\nTPG Finance Pty Limited
25.05
Ordinary shares
\nTPG Holdings Pty Ltd
25.05
Ordinary shares
\nTPG Internet Pty Ltd
25.05
Ordinary shares
\nTPG JV Company Pty Ltd
25.05
Ordinary shares
\nTPG Network Pty Ltd
25.05
Ordinary shares
\nTPG Telecom Limited
25.05
Ordinary shares
\nTransACT Capital Communications Pty Ltd
25.05
Ordinary shares
\nTransACT Communications Pty Ltd
25.05
Ordinary shares
\nTransACT Victoria Communications
\nPty Ltd
\n25.05
Ordinary shares
\nTransACT Victoria Holdings Pty Ltd
25.05
Ordinary shares
\nTrusted Cloud Pty Ltd
25.05
Ordinary shares
\nTrusted Cloud Solutions Pty Ltd
25.05
Ordinary shares
\nValue Added Network Pty Ltd
25.05
Ordinary shares
\nVision Network Pty Limited
25.05
Ordinary shares
\nVodafone Australia Pty Limited
25.05
Ordinary shares,
\nClass B shares,
\nRedeemable
\npreference
\nshares
\nVodafone Foundation Australia Pty Limited
25.05
Ordinary shares
\nVodafone Hutchison Receivables Pty
\nLimited
\n25.05
Ordinary shares
\nVodafone Hutchison Spectrum Pty
\nLimited
\n25.05
Ordinary shares
\nVodafone Network Pty Limited
25.05
Ordinary shares
\nVodafone Pty Limited
25.05
Ordinary shares
\nVtalkVoip Pty Ltd
25.05
Ordinary shares
\nWestnet Pty Ltd
25.05
Ordinary shares
\nBelgium
\nSpace Court of Justice, Rue aux Laines 70, 1000 Brussels, Belgium
\nUtiq S.A
25.00
Ordinary shares
\nBermuda
\nClarendon House, 2 Church St, Hamilton, HM11, Bermuda
\nPPC 1 Limited
25.05
Ordinary shares
\nCzech Republic
\nPraha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
\nVantage Towers s.r.o.
\n4
\n57.30
Ordinary shares
\nU Rajsk\u00e9 zahrady 1912/3, Praha 3, 130 00, Czech Republic
\nCOOP Mobil s.r.o.
33.33
Ordinary shares
\nEgypt
\n23 Kasr El Nil St, Cairo, 11211, Egypt
\nWataneya Telecommunications S.A.E
50.00
Ordinary shares
\nEthiopia
\nAddis Ababa, Kirkos Sub City, Woreda 01, Addis Ababa, Ethiopia
\nSafaricom Telecommunications Ethiopia
\nPrivate Limited Company
\n5
\n19.48
Ordinary shares
\nGermany
\n38 Berliner Allee, 40212, D\u00fcsseldorf, Germany
\nMNP Deutschland Gesellschaft
\nb\u00fcrgerlichen Rechts
\n33.33
Partnership
\nshare
\nFerdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
\nOak Holdings 1 GmbH
64.20
Ordinary shares
\nOak Holdings 2 GmbH
64.20
Ordinary shares
\nOak Holdings GmbH
64.20
Ordinary shares
\nOXG Glasfaser Beteiligungs-GmbH
50.00
Ordinary shares
\nOXG Glasfaser GmbH
50.00
Ordinary shares
\nNobelstrasse 55, 18059, Rostock, Germany
\nVerwaltung \u201cUrbana Teleunion\u201d Rostock
\nGmbH
\n3
\n47.00
Ordinary shares
\nPrinzenallee 11-13, 40549, D\u00fcsseldorf, Germany
\nVantage Towers AG
57.30
Ordinary shares
\nVantage Towers Erste
\nVerwaltungsgesellschaft mbH
\n4
\n57.30
Ordinary shares
\nVantage Towers Zweite
\nVerwaltungsgesellschaft mbH
\n4
\n57.30
Ordinary shares
\nGreece
\n2 Adrianeiou str, Athens, 11525, Greece
\nVantage Towers Single Member Societe
\nAnonyme
\n4
\n57.30
Ordinary shares
\n43-45 Valtetsiou Str., Athens, Greece
\nSafenet N.P,A.
24.97
Ordinary shares
\n56 Kifisias Avenue & Delfwn, Marousi, 151 25, Greece
\nTilegnous IKE
33.29
Ordinary shares
\nMarathonos Ave 18 km & Pylou, Pallini, Attica, Pallini, Attica,
\n15351, Greece
\nVictus Networks S.A.
49.94
Ordinary shares
\nHungary
\nBoldizs\u00e1r utca 2, Budapest, 1112, Hungary
\nVantage Towers Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151
\nR\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
\n4
\n57.30
Ordinary shares
\nIndia
\n10th Floor, Birla Centurion, Century Mills Compound, Pandurang
\nBudhkar Marg, Worli, Mumbai, Maharashtra, 400030, India
\nVodafone Foundation
\n6
\n31.81
Ordinary shares
\nVodafone Idea Shared Services Limited
\n6
\n32.29
Ordinary shares
\nVodafone Idea Technology Solutions
\nLimited
\n6
\n32.29
Ordinary shares
\nVodafone m-pesa Limited
\n6
\n32.29
Ordinary shares
\nYou Broadband India Limited
\n6
\n32.29
Equity shares
\nA-19, Mohan Co-operative Industrial Estate, Mathura Road, New
\nDelhi, Delhi, 110044, India
\nFireFly Networks Limited
\n6
\n24.16
Ordinary shares
\nBuilding No.10, Tower-A, 4th Floor, DLF Cyber City, Gurugram,
\nHaryana, 122002, India
\nIndus Towers Limited
21.05
Ordinary shares
\nSuman Tower, Plot No. 18, Sector No. 11, Gandhinagar, 382011,
\nGujarat, India
\nVodafone Idea Limited
32.29
Equity shares
\nVodafone Idea Manpower Services
\nLimited
\n6
\n31.91
Ordinary shares
\nVodafone House, Corporate Road, Prahladnagar, Off S. G. Highway,
\nAhmedabad, Gujarat, 380051, India
\nVodafone Idea Business Services Limited
\n6
\n32.29
Ordinary shares
\nVodafone Idea Communication Systems
\nLimited
\n6
\n32.29
Ordinary shares
\nVodafone Idea Telecom Infrastructure
\nLimited
\n6
\n32.29
Ordinary shares
Ireland
\nMountainview, Leopardstown, Dublin 18, Ireland
\nVantage Towers Limited
\n4
\n57.30
Ordinary shares
\nThe Herbert Building, The Park, Carrickmines, Dublin, Ireland
\nSiro DAC
50.00
Ordinary shares
\nSiro JV Holdco Limited
50.00
Ordinary B
\nshares
\nItaly
\nVia Gaetana Negri 1, 20123, Milano, Italy
\nInfrastrutture Wireless Italiana S.p.A.
19.01
Ordinary shares
\nKenya
\nLR No. 13263 Safaricom House, PO Box 66827, 00800,
\nNairobi, Kenya
\nSafaricom PLC
27.74
Ordinary shares
\nSafaricom House, Waiyaki Way Westlands, Nairobi, Kenya
\nM-PESA Africa Limited
\n5
\n46.42
Ordinary shares
\nLuxembourg
\n15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
\nTomorrow Street SCA
50.00
Ordinary B
\nshares, Ordinary
\nC shares
\nNetherlands
\nAvenue Ceramique 300, 6221 Kx, Maastricht, Netherlands
\nVodafone Libertel B.V.
50.00
Ordinary shares
\nBoven Vredenburgpassage 128, 3511 WR, Utrecht, Netherlands
\nAmsterdamse Beheer- en
\nConsultingmaatschappij B.V.
\n50.00
Ordinary shares
\nEsprit Telecom B.V.
50.00
Ordinary shares
\nFinCo Partner 1 B.V.
50.00
Ordinary shares
\nLGE HoldCo V B.V.
50.00
Ordinary shares
\nLGE HoldCo VI B.V.
50.00
Ordinary shares
\nLGE Holdco VII B.V.
50.00
Ordinary shares
\nLGE HoldCo VIII B.V.
50.00
Ordinary shares
\nVodafone Financial Services B.V.
50.00
Ordinary shares
\nVodafone Nederland Holding I B.V.
50.00
Ordinary shares
\nVodafone Nederland Holding II B.V.
50.00
Ordinary shares
\nVodafoneZiggo Employment B.V.
50.00
Ordinary shares
\nVodafoneZiggo Group B.V.
50.00
Ordinary shares
\nVodafoneZiggo Group Holding B.V.
50.00
Ordinary shares
\nVZ Financing I B.V.
50.00
Ordinary shares
\nVZ Financing II B.V.
50.00
Ordinary shares
\nVZ FinCo B.V.
50.00
Ordinary shares
\nVZ PropCo B.V.
50.00
Ordinary shares
\nVZ Secured Financing B.V.
50.00
Ordinary shares
\nXB Facilities B.V.
50.00
Ordinary shares
\nZiggo B.V.
50.00
Ordinary shares
\nZiggo Deelnemingen B.V.
50.00
Ordinary shares
\nZiggo Finance 2 B.V.
50.00
Ordinary shares
\nZiggo Netwerk II B.V.
50.00
Ordinary shares
\nZiggo Real Estate B.V.
50.00
Ordinary shares
\nZiggo Services B.V.
50.00
Ordinary shares
\nZiggo Services Employment B.V.
50.00
Ordinary shares
\nZiggo Services Netwerk 2 B.V.
50.00
Ordinary shares
\nZiggo Zakelijk Services B.V.
50.00
Ordinary shares
\nZoranet Connectivity Services B.V.
50.00
Ordinary shares
\nZUM B.V.
50.00
Ordinary shares
\nMedia Parkboulevard 2, 1217 WE Hilversum, Netherlands
\nLiberty Global Content Netherlands B.V.
50.00
Ordinary shares
\nRivium Quadrant 175, 2909 LC, Capelle aan den IJssel, Netherlands
\nCentral Tower Holding Company B.V.
\n4
\n57.30
Ordinary shares
\nWinschoterdiep 60, 9723 AB Groningen, Netherlands
\nZesko B.V.
50.00
Ordinary shares
\nZiggo Bond Company B.V.
50.00
Ordinary shares
\nZiggo Netwerk B.V.
50.00
Ordinary shares
\nNew Zealand
\nTompkins Wake, Level 11, 41 Shortland Street, Auckland, 1010,
\nNew Zealand
\niiNet (New Zealand) AKL Limited
25.05
Ordinary shares
\nPhilippines
\n22F Robinson Equitable Tower, ADB Ave, Corner Povega St, Ortigas
\nCenter, Pasig City, Philippines
\nOrchid Cybertech Services Inc
25.05
Ordinary shares
\nPortugal
\nEdif. Arquiparque VII, R Dr Ant\u00f3nio Loureiro Borges, 7, 3.\u00ba, 1495-131
\nALG\u00c9S, Alg\u00e9s, Oeiras, Portugal
\nVantage Towers, S.A.
\n4
\n57.30
Ordinary shares
\nEspa\u00e7o Sete Rios, LEAP Rua de Campolide, 351, 0.05, 1070-034,
\nLisboa, Portugal
\nDual Grid \u2013 Gest\u00e3o de Redes Partilhadas,
\nS.A.
\n50.00
Ordinary shares
\nRua Pedro e In\u00eas, Lote 2.08.01, 1990-075, Parque das Na\u00e7\u00f5es,
\nLisboa, Portugal
\nSport TV Portgugal, S.A.
25.00
Nominative
\nshares
\nRomania
\nCalea Floreasca no. 169A, 3rd floor, District 1, Bucharest, Rom\u00e2nia,
\nRomania
\nVantage Towers S.R.L.
\n4
\n57.30
Ordinary shares
\nFloor 3, Module 2, Connected buildings III, Nr. 10A, Dimitrie Pompei
\nBoulevard, Bucharest, Sector 2, Romania
\nNetgrid Telecom SRL
50.00
Ordinary shares
\nRussian Federation
\nBuilding 3, 11, Promyshlennaya Street, Moscow, 115 516, Russian
\nFederation
\nAutoconnex Limited
35.00
Ordinary shares
\nSouth Africa
\n76 Maude Street, Sandton, Johannesberg, 2196, South Africa
\nWaterberg Lodge (Proprietary) Limited
\n5
\n32.55
Ordinary shares
\nBuilding 13, Ground Floor, East Thornhill Office Park, 94 Bekker
\nRoad, Vorna Valley X67 1685, South Africa
\nNumber Portability Company (Pty) Ltd
\n5
\n12.10
Ordinary shares
\nCeltis Plaza North, 1085 Schoeman Street, Hatfield, Pretoria,
\n0028, South Africa
\nAfri G I S (Pty) Ltd
\n5
\n21.16
Ordinary shares
\nRigel Office Park Block A, No 446 Rigel Avenue South,
\nErasmu, South Africa
\nCanard Spatial Technologies Proprietary
\nLimited
\n5
\n21.16
Ordinary shares
\nVodacom Corporate Park, 082 Vodacom Boulevard, Midrand,
\n1685, South Africa
\nM-Pesa S.A (Proprietary) Limited
\n5
\n46.42
Ordinary shares
\nSpain
\nCalle San Severo 22, 28042, Madrid, Spain, Spain
\nVantage Towers, S.L.U.
\n4
\n57.30
Ordinary shares
\nTanzania, United Republic of
\nPlot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam,
\nTanzania, United Republic of
\nVodacom Trust Limited
\n5
\n48.82
Ordinary A
\nshares, Ordinary
\nB shares
\nTurkey
\n\u00c7ifte Havuzlar Mah Eski Londra Asfalt\u0131 Cad No: 151/1E/301,
\nEsenler, Istanbul, Turkey
\nFGS Bilgi Islem Urunler Sanayi ve Ticaret
\nAS
\n50.00
Ordinary shares
\nUnited Kingdom
\n24/25 The Shard, 32 London Bridge Street, London, SE1 9SG,
\nUnited Kingdom
\nDigital Mobile Spectrum Limited
25.00
Ordinary shares
\n3 More London Riverside, London, SE1 2AQ, United Kingdom
\nVodaFamily Ethiopia Holding Company
\nLimited
\n5
\n31.47
Ordinary shares
\nGriffin House, 161 Hammersmith Road, London, W6 8BS,
\nUnited Kingdom
\nCable & Wireless Trade Mark Management
\nLimited
\n50.00
Ordinary B
\nshares
\nHive 2, 1530 Arlington Business Park, Theale, Reading, Berkshire,
\nRG7 4SA, United Kingdom
\nCornerstone Telecommunications
\nInfrastructure Limited
\n5
\n28.65
Ordinary shares
\nVodafone House, The Connection, Newbury, Berkshire, RG14 2FN,
\nUnited Kingdom
\nVodafone Hutchison (Australia) Holdings
\nLimited
\n50.00
Ordinary shares
\nUnited States
\n251 Little Falls Drive, Wilmington DE 19808, United States
\nLG Financing Partnership
50.00
Partnership
\ninterest
\nPPC 1 (US) Inc.
25.05
Ordinary shares
\nZiggo Financing Partnership
50.00
Partnership
\ninterest
\nNotes:
\n1.
Directly held by Vodafone Group Plc.
\n2. Branches.
\n3.
Shareholding is indirect through Vodafone Deutschland GmbH.
\n4.
Shareholding is indirect through Vantage Towers A.G.
\n5.
Shareholding is indirect through Vodacom Group Limited. The
\nindirect shareholding is calculated using the 65.10% ownership
\ninterest in Vodacom Group Limited.
\n6.
Includes the indirect interest held through Vodafone Idea
\nLimited.
Selected financial information
\nThe table below shows selected financial information in respect of subsidiaries that have non-controlling interests that are material to the Group.
\nVodacom Group Limited
\nVodafone Egypt
\nTelecommunications S.A.E
\n1
\n2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\nSummary comprehensive income information
\nRevenue
6,314
5,993
1,762
1,814
\nProfit for the financial year
943
1,002
302
314
\nOther comprehensive expense
193
(2)
\u2013
\u2013
\nTotal comprehensive income
1,136
1,000
302
314
\nOther financial information
\nProfit for the financial year allocated to non-controlling interests
348
353
126
141
\nDividends paid to non-controlling interests
274
294
68
194
\nSummary financial position information
\nNon-current assets
6,761
7,253
1,005
1,630
\nCurrent assets
3,033
3,123
396
440
\nTotal assets
9,794
10,376
1,401
2,070
\nNon-current liabilities
(2,830)
(2,191)
(50)
(83)
\nCurrent liabilities
(3,153)
(3,539)
(752)
(1,197)
\nTotal assets less total liabilities
3,811
4,646
599
790
\nEquity shareholders\u2019 funds
2,907
3,624
420
474
\nNon-controlling interests
904
1,022
179
316
\nTotal equity
3,811
4,646
599
790
\nStatement of cash flows
\nNet cash inflow from operating activities
1,908
1,946
657
755
\nNet cash outflow from investing activities
(840)
(666)
(173)
(284)
\nNet cash outflow from financing activities
(1,124)
(1,177)
(434)
(749)
\nNet cash inflow/(outflow)
(56)
103
50
(278)
\nCash and cash equivalents brought forward
1,025
876
72
348
\nExchange gain/(loss) on cash and cash equivalents
(13)
46
(3)
2
\nCash and cash equivalents
956
1,025
119
72
\nNote:
\n1
From 1 April 2023, the Group will revise its segments by moving Vodafone Egypt from the Other Markets segment to the Vodacom segment to reflect the effective date of changes made to the
Group\u2019s internal reporting structure, following the transfer of Vodafone Egypt to the Vodacom Group in December 2022.32. Subsidiaries exempt from audit
\nThe following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act
\n2006 for the year ended 31 March 2023.
\nName
\nRegistration
\nnumber
Name
\nRegistration
\nnumber
\nBluefish Communications Limited
5142610
Vodafone Enterprise Europe (UK) Limited
3137479
\nCable & Wireless Aspac Holdings Limited
4705342
Vodafone Europe UK
5798451
\nCable & Wireless CIS Services Limited
2964774
Vodafone European Investments
3961908
\nCable & Wireless Europe Holdings Limited
4659719
Vodafone European Portal Limited
3973442
\nCable & Wireless UK Holdings Limited
3840888
Vodafone Finance Management
2139168
\nCable & Wireless Worldwide Limited
7029206
Vodafone Finance UK Limited
3922620
\nCable & Wireless Worldwide Voice Messaging Limited
1981417
Vodafone Global Content Services Limited
4064873
\nCable & Wireless Nominee Limited
3249884
Vodafone Holdings Luxembourg Limited
4200970
\nEnergis (Ireland) Limited
NI035793
Vodafone Intermediate Enterprises Limited
3869137
\nEnergis Communications Limited
2630471
Vodafone International Holdings Limited
2797426
\nEnergis Squared Limited
3037442
Vodafone International Operations Limited
2797438
\nLondon Hydraulic Power Company (The)
ZC000055
Vodafone Investment UK
5798385
\nMetroHoldings Limited
3511122
Vodafone Investments Limited
1530514
\nThe Eastern Leasing Company Limited
1672832
Vodafone IP Licensing Limited
6846238
\nThus Group Holdings Limited
SC192666
Vodafone Marketing UK
6858585
\nThus Group Limited
SC226738
Vodafone Mobile Communications Limited
3942221
\nVoda Limited
1847509
Vodafone Mobile Enterprises Limited
2373469
\nVodafone 2.
4083193
Vodafone Mobile Network Limited
3961482
\nVodafone 5 Limited
6688527
Vodafone Nominees Limited
1172051
\nVodafone 5 UK
2960479
Vodafone Oceania Limited
3973427
\nVodafone 6 UK
8809444
Vodafone Overseas Finance Limited
4171115
\nVodafone Americas 4
6389457
Vodafone Panafon UK
6326918
\nVodafone Benelux Limited
4200960
Vodafone UK Limited
2227940
\nVodafone Consolidated Holdings Limited
5754561
Vodafone Worldwide Holdings Limited
3294074
\nVodafone Corporate Secretaries Limited
2357692
Vodafone Yen Finance Limited
4373166
\nVodafone Enterprise Corporate Secretaries Limited
2303594
Vodaphone Limited
3961390
\nVodafone Enterprise Equipment Limited
1648524
Your Communications Group Limited
4171876
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24143": {
"value": "12. Investments in associates and joint arrangements The Group holds interests in associates in Kenya and in India, where we have significant influence, as well as in a
\nnumber of joint arrangements, notably in the Netherlands, India, Australia and now Oak Holdings 1 GmbH and its
\nmarkets, where we share control with one or more third parties. For further details see \u2018Critical accounting judgements
\nand key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of preparation \u2018to the consolidated financial statements.
\nAccounting policies
\nInterests in joint arrangements
\nA joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint
\ncontrol; that is, when the relevant activities that significantly affect the investee\u2019s returns require the unanimous consent of the parties sharing
\ncontrol. Joint arrangements are either joint operations or joint ventures.
\nGains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of
\nthe Group\u2019s entire equity holding in the subsidiary.
\nJoint operations
\nA joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities,
\nrelating to the arrangement or that other facts and circumstances indicate that this is the case. The Group\u2019s share of assets, liabilities, revenue,
\nexpenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis.
\nAny goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance with the Group\u2019s accounting policy
\nfor goodwill arising on the acquisition of a subsidiary.
\nJoint ventures
\nA joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities and
\ncontingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 \u2018Discontinued
\noperations and assets held for sale\u2019), are incorporated in the consolidated financial statements using the equity method of accounting. Under the
\nequity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\nchanges in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group\u2019s share of post-tax
\nprofits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group\u2019s interest in that joint venture
\nare recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
\nAssociates
\nAn associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement.
\nSignificant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have
\ncontrol or joint control over those policies.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities
\nand contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of
\naccounting used for joint ventures, described above.
\nJoint operations
\nOn 22 March 2023, the Group completed the disposal of its principal joint operation as part of the transaction with Oak Holdings 1 GmbH. The
\nfinancial and operating activities of the operation were jointly controlled by the participating shareholders and were primarily designed for all but an
\ninsignificant amount of the output to be consumed by the shareholders.
\nCountry of
\nincorporation or
\nregistration
\nPercentage
\nshareholdings
\n1
\nPercentage
\nshareholdings
\n1
\nName of joint operation
Principal activity
2023
2022
\nCornerstone Telecommunications Infrastructure Limited
Network infrastructure
UK
\u2013
50.0
\nNote:
\n1
Effective ownership percentages of Vodafone Group Plc are rounded to the nearest tenth of one percent.
\n
\n
\n\nJoint ventures and associates
\n2023
2022
\nRe-presented
\n1
\n\u20acm
\u20acm
\nInvestments in joint ventures
9,578
3,781
\nInvestments in associates
1,501
1,542
\n31 March
11,079
5,323
\nNote:
\n1
The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31 March 2022,
\ninvestments in associates have increased by \u20ac1,055 million compared to the amount previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\nJoint ventures
\nThe financial and operating activities of the Group\u2019s joint ventures are jointly controlled by the participating shareholders. The participating
\nshareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Company\u2019s principal
\njoint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all
\njoint ventures is also their principal place of operation.
\nCountry of
\nincorporation or
\nregistration
\nPercentage
\nshareholdings
\n1
\nPercentage
\nshareholdings
\n1
\nName of joint venture
Principal activity
2023
2022
\nOak Holdings 1 GmbH
Network infrastructure
Germany
64.2
\u2013
\nVodafoneZiggo Group Holding B.V.
Network operator
Netherlands
50.0
50.0
\nOXG Glasfaser GmbH
Fibre infrastructure
Germany
50.0
\u2013
\nVodafone Idea Limited
\n2
\nNetwork operator
India
32.3
47.6
\nTPG Telecom Limited
\n3
\nNetwork operator
Australia
25.1
25.1
\nINWIT S.p.A.
Network infrastructure
Italy
\u2013
33.2
\nNotes:
\n1
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n2
At 31 March 2023 the fair value of the Group\u2019s interest in Vodafone Idea Limited was INR 91 billion (\u20ac1,021 million) (2022: INR 148 billion (\u20ac1,750 million)) based on the quoted share price
\non the National Stock Exchange of India.
\n3
At 31 March 2023 the fair value of the Group\u2019s interest in TPG Telecom Limited was AUD 2,273 million (\u20ac1,401 million) (2022: AUD 2,818 million (\u20ac1,902 million)) based on the quoted share
\nprice on ASX.
\nOak Holdings 1 GmbH
\nOn 22 March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-control partnership of
\nVodafone, GIP and KKR. Vodafone retained an interest of 64.2% in Oak Holdings 1 GmbH, which owns 89.3% of Vantage Towers A.G. On 18 April
\n2023, the Management Board and the Supervisory Board of Vantage Towers A.G. published their joint reasoned statement on the public delisting
\ntender offer of Oak Holdings 1 GmbH to the shareholders of Vantage Towers A.G. Both recommended that all remaining shareholders accept the
\ndelisting tender offer.
\nOXG Glasfaser GmbH
\nIn March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser GmbH (\u2018OXG\u2019), with 50.0%
\nshareholding held by each shareholder. Each shareholder is committed to contribute funding of up to \u20ac950 million to OXG for the deployment of
\nfibre-to-the-home in Germany. The funding is expected to be contributed between 2023 and 2029. The amount and timing of the funding depends
\non the speed and size of the fibre deployment so the funding may be for a lower value or contributed over a longer period of time. The contribution
\ncan be in the form of free capital reserves, shareholder loan, loan notes or similar instruments as agreed by the shareholders.
\nVodafone Idea Limited
\nThe Group\u2019s carrying value in Vodafone Idea Limited (\u2018VIL\u2019) reduced to \u20acnil at 30 September 2019. The Group\u2019s share of VIL\u2019s losses not recognised
\nat 31 March 2023 is \u20ac3,759 million (31 March 2022: \u20ac5,120 million). Significant uncertainties exist in relation to VIL\u2019s ability to generate the cash
\nflow it requires to settle or its ability to refinance its liabilities and guarantees as they fall due (see note 29 \u2018Contingent liabilities and legal
\nproceedings\u2019).
\nThe value of the Group\u2019s 21.0% shareholding in Indus Towers Limited is, in part, dependent on the income generated by Indus Towers Limited from
\ntower rentals to major customers, including VIL. Any inability of these major customers to pay such amounts in the future may impact the carrying
\nvalue (31 March 2023: \u20ac908 million) of the Group\u2019s investment in Indus Towers Limited.
\n
\n\n
TPG Telecom Limited
\nTPG Telecom Limited is listed on the Australian Securities Exchange (\u2018ASX\u2019). Vodafone and Hutchison Telecommunications (Australia) Limited each
\nown an economic interest of 25.05%, with the remaining 49.9% listed as free float on the ASX. The financial information presented in the tables
\nbelow includes debt held within the structure that holds the Group\u2019s interest in TPG.
\nINWIT S.p.A.
\nOn 22 March 2023, the Group completed the disposal of its 33.2% interest in INWIT S.p.A. as part of the transaction with Oak Holdings 1 GmbH.
\nDividends received from joint ventures
\nDuring the year ended 31 March 2023, the Group received dividends included in the consolidated statement of cash flows from VodafoneZiggo
\nGroup Holding B.V. of \u20ac165 million (2022: \u20ac350 million, 2021: \u20ac209 million), TPG Telecom Limited of \u20ac24 million (2022: \u20ac22 million, 2021: \u20acnil)
\nand INWIT S.p.A. of \u20ac103 million (2022: \u20ac96 million, 2021: \u20ac42 million).
\nAggregated financial information
\nThe table below provides aggregated financial information for the Group\u2019s joint ventures as it relates to the amounts recognised in the income
\nstatement and consolidated statement of financial position.
\nInvestment in joint ventures
\nProfit/(loss) from
\ncontinuing operations
\n1
\n2023
2022
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nOak Holdings 1 GmbH
8,634
\u2013
\u2013
\u2013
\u2013
\nVodafoneZiggo Group Holding B.V.
793
822
137
(19)
(232)
\nTPG Telecom Limited
108
84
48
(5)
98
\nINWIT S.p.A.
\u2013
2,851
30
27
3
\nOther
43
24
(15)
(14)
(15)
\nTotal
9,578
3,781
200
(11)
(146)
\nNotes:
\n1
Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations.
\n
\n
\n
\n\nSummarised financial information
\nSummarised financial information for each of the Group\u2019s material joint ventures on a 100% ownership basis is set out below and overleaf.
\nFinancial information is presented for Vodafone Idea Limited (\u2018VIL\u2019) for the six month period to, and as at 30 September 2022 on the basis that full-
\nyear information in relation to VIL has not been released at the date of approval of these financial statements and as such is market sensitive for VIL.
\nAs disclosed above, the Group\u2019s investment in VIL was reduced to \u20acnil in the year ended 31 March 2020 and the Group has not recorded any profit
\nor loss in respect of its share of VIL\u2019s results since that date.
\nFinancial information is presented for TPG Telecom Limited (\u2018TPG\u2019) for the nine month period to, and as at 31 December 2022 on the basis that full-
\nyear information in relation to TPG has not been released at the date of approval of these financial statements and as such is market sensitive for
\nTPG.
\nFinancial information presented for INWIT S.p.A. for the years to 31 March 2023, 31 March 2022 and 31 March 2021 is based on the financial results
\nand financial position as at 31 December 2022, 31 December 2021 and 31 December 2020, respectively, being the latest financial information
\navailable to the Group when completing the financial statements for each year.
\nVodafoneZiggo Group Holding B.V.
Vodafone Idea Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
4,063
4,056
4,010
2,586
4,450
4,847
\nOperating expenses
(2,124)
(2,104)
(2,058)
(1,681)
(2,802)
(3,133)
\nDepreciation and amortisation
(1,527)
(1,592)
(1,658)
(1,220)
(2,390)
(2,442)
\nOther income
\u2013
\u2013
25
\u2013
(34)
(2,135)
\nOperating profit/(loss)
412
360
319
(315)
(776)
(2,863)
\nInterest income
\u2013
\u2013
\u2013
2
14
32
\nInterest expense
11
(276)
(658)
(1,392)
(2,297)
(2,035)
\nProfit/(loss) before tax
423
84
(339)
(1,705)
(3,059)
(4,866)
\nIncome tax (expense)/credit
(150)
(121)
(125)
(1)
2
\u2013
\nProfit/(loss) from continuing operations
\n1
\n273
(37)
(464)
(1,706)
(3,057)
(4,866)
\nTPG Telecom Limited
INWIT S.p.A.
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
3,027
3,375
3,010
853
785
562
\nOperating expenses
(1,870)
(2,292)
(2,096)
(73)
(70)
(46)
\nDepreciation and amortisation
(700)
(914)
(769)
(508)
(513)
(398)
\nOperating profit
457
169
145
272
202
118
\nInterest income
\u2013
\u2013
1
\u2013
\u2013
\u2013
\nInterest expense
(172)
(122)
(201)
(81)
(90)
(101)
\nProfit/(loss) before tax
285
47
(55)
191
112
17
\nIncome tax (expense)/credit
(25)
(27)
495
(1)
(30)
(7)
\nProfit from continuing operations
\n1
\n260
20
440
190
82
10
\nNote:
\n1
Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations.
\n
\n
\n
Oak Holdings 1
\nGmbH
\n1
\nVodafoneZiggo Group Holding B.V.
\n2023
2023
2022
\n\u20acm
\u20acm
\u20acm
\nStatement of financial position
\nNon-current assets
23,878
16,570
16,521
\nCurrent assets
749
719
739
\nTotal assets
24,627
17,289
17,260
\nEquity shareholders\u2019 funds
13,450
1,586
1,643
\nNon-controlling interests
1,262
\u2013
\u2013
\nNon-current liabilities
6,709
13,299
13,187
\nCurrent liabilities
3,206
2,404
2,430
\nCash and cash equivalents within current assets
224
20
190
\nNon-current liabilities excluding trade and other payables and provisions
6,215
13,138
13,007
\nCurrent liabilities excluding trade and other payables and provisions
2,409
1,247
1,282
\nVodafone Idea Limited
\n2
\nTPG Telecom Limited
\n2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\nStatement of financial position
\nNon-current assets
21,316
17,267
9,823
10,638
\nCurrent assets
2,580
2,693
1,009
898
\nTotal assets
23,896
19,960
10,832
11,536
\nEquity shareholders\u2019 (deficit)/funds
(12,486)
(10,214)
3,019
3,129
\nNon-current liabilities
28,902
23,266
6,702
7,227
\nCurrent liabilities
7,480
6,908
1,111
1,180
\nCash and cash equivalents within current assets
109
365
290
435
\nNon-current liabilities excluding trade and other payables and provisions
28,879
23,241
6,595
7,173
\nCurrent liabilities excluding trade and other payables and provisions
3,404
3,334
86
121
\nINWIT S.p.A.
\n2022
\n\u20acm
\nStatement of financial position
\nNon-current assets
14,532
\nCurrent assets
270
\nTotal assets
14,802
\nEquity shareholders\u2019 funds
8,595
\nNon-current liabilities
5,672
\nCurrent liabilities
535
\nCash and cash equivalents within current assets
96
\nNon-current liabilities excluding trade and other payables and provisions
5,420
\nCurrent liabilities excluding trade and other payables and provisions
319
\nNote:
\n1
Includes balances which are provisional based on finalisation of the purchase price allocation.
\n2
Includes certain amounts subject to an adjustment mechanism agreed as part of the formation of Vodafone Idea Limited. See note 29 \u2018Contingent liabilities and legal proceedings\u2019.
\n
\n
\n
\n
\nThe reconciliation of summarised financial information presented to the carrying amount of our interest in joint ventures is set out below.
\nOak Holdings 1
\nGmbH
\nVodafoneZiggo Group Holding B.V.
\n2023
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 funds
13,450
1,586
1,643
\nInterest in joint ventures
\n1
\n8,634
793
822
\nCarrying value
8,634
793
822
\nProfit/(loss) from continuing operations
\u2013
273
(37)
(464)
\nShare of profit/(loss)
\n1
\n\u2013
137
(19)
(232)
\nVodafone Idea Limited
TPG Telecom Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 (deficit)/funds
(12,486)
(10,214)
3,019
3,129
\nInterest in joint ventures
\n1
\n(5,943)
(4,863)
56
27
\nImpairment
(272)
(257)
\u2013
\u2013
\nGoodwill
\u2013
\u2013
52
57
\nInvestment proportion not recognised
6,215
5,120
\u2013
\u2013
\nCarrying value
\u2013
\u2013
108
84
\n(Loss)/profit from continuing operations
(1,706)
(3,057)
(4,866)
260
20
440
\nShare of (loss)/profit
\n1
\n(812)
(1,357)
(2,160)
48
(5)
98
\nShare of loss not recognised
812
1,357
2,160
\u2013
\u2013
\u2013
\nShare of profit/(loss)
\n1
\n\u2013
\u2013
\u2013
48
(5)
98
\nINWIT S.p.A.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nEquity shareholders\u2019 funds
\u2013
8,595
8,801
\nInterest in joint ventures
\u2013
2,851
2,920
\nCarrying value
\u2013
2,851
2,920
\nProfit from continuing operations
190
82
10
\nShare of profit
63
27
3
\nShare of profit not recognised as held for sale
(33)
\u2013
\u2013
\nShare of profit
30
27
3
\nNote:
\n1
The Group\u2019s effective ownership percentages of Oak Holdings 1 GmbH, VodafoneZiggo Group Holding B.V., Vodafone Idea Limited and TPG Telecom Limited are 64.2%, 50.0%, 47.6% and
\n25.1%, respectively, rounded to the nearest tenth of one percent.
\n
\n
\n
Associates
\nUnless otherwise stated, the Company\u2019s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The
\ncountry of incorporation or registration of all associates is also their principal place of operation.
\nCountry of
Percentage
Percentage
\nincorporation or
shareholding
\n1
\nshareholding
\n1
\nName of associate
Principal activity
registration
2023
2022
\nSafaricom PLC
\n2
\nNetwork operator
Kenya
39.9
40.0
\nIndus Towers Limited
\n3
\nNetwork infrastructure
India
21.0
21.0
\nNotes:
\n1
Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
\n2
At 31 March 2023, the fair value of the Group\u2019s interest in Safaricom PLC was KES 290 billion (\u20ac2,012 million) (2022: KES 546 billion (\u20ac4,270 million)) based on the closing quoted share price
\non the Nairobi Stock Exchange. The Group also holds two non-voting shares.
\n3
At 31 March 2023, the fair value of the Group\u2019s interest in Indus Towers Limited was INR 81 billion (\u20ac908 million) (2022: INR 126 billion (\u20ac1,494 million)) based on the closing quoted share
\nprice on the National Stock Exchange of India.
\nAggregated financial information
\nThe table below provides aggregated financial information for the Group\u2019s associates as it relates to the amounts recognised in the income
\nstatement and consolidated statement of financial position.
\nInvestment in associates
Profit/(loss) from continuing operations
\nRe-presented
\n1
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nSafaricom PLC
\n2
\n509
428
195
217
217
\nIndus Towers Limited
908
1,055
50
178
306
\nOther
\n2
\n84
59
(12)
5
(3)
\nTotal
1,501
1,542
233
400
520
\nNote:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, investments in associates has increased by \u20ac1,055 million and profit from continuing operations has increased by \u20ac178 million (2021: \u20ac32 million) compared to the amounts
\npreviously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
Other comprehensive income includes profit from continuing operations, together with \u20ac127 million in respect of the application of IAS 29 to Safaricom\u2019s operations in Ethiopia.
\nDividends from associates
\nDuring the year ended 31 March 2023, the Group received dividends included in the consolidated statement of cash flows from Indus Towers
\nLimited of \u20ac75 million (2022: \u20acnil, 2021: \u20ac201 million) and from Safaricom PLC of \u20ac250 million (2022: \u20ac170 million, 2021: \u20ac171 million).
\n
\n
\n
\n
\nSummarised financial information
\nSummarised financial information for each of the Group\u2019s material associates on a 100% ownership basis is set out below.
\nSafaricom PLC
Indus Towers Limited
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nIncome statement
\nRevenue
2,468
2,318
2,083
3,343
3,122
2,421
\nOperating expenses
(1,353)
(1,164)
(1,030)
(2,240)
(1,480)
(1,247)
\nDepreciation and amortisation
(432)
(309)
(299)
(588)
(598)
(477)
\nOther income
68
\u2013
\u2013
\u2013
\u2013
412
\nOperating profit
751
845
754
515
1,044
1,109
\nInterest income
13
9
12
26
\u2013
61
\nInterest expense
(69)
(59)
(27)
(200)
(140)
(194)
\nProfit before tax
695
795
739
341
904
976
\nIncome tax expense
(285)
(270)
(197)
(102)
(272)
(168)
\nProfit from continuing operations and total
\ncomprehensive income
410
525
542
239
632
808
\nAttributable to:
\n- Owners of the parent
489
542
542
239
632
808
\n- Non-controlling interests
(79)
(17)
\u2013
\u2013
\u2013
\u2013
\nStatement of financial position
\nNon-current assets
3,007
2,173
5,243
5,359
\nCurrent assets
436
510
1,081
1,685
\nTotal assets
3,443
2,683
6,324
7,044
\nEquity shareholders' funds
1,269
1,066
3,453
3,774
\nNon-controlling interests
532
312
\u2013
\u2013
\nNon-current liabilities
753
558
1,954
2,101
\nCurrent liabilities
889
747
917
1,169
\nCash and cash equivalents within current assets
127
241
3
278
\nNon-current liabilities excluding trade and other
\npayables and provisions
500
465
1,665
1,795
\nCurrent liabilities excluding trade and other
\npayables and provisions
322
241
491
638
\nThe reconciliation of summarised financial information presented to the carrying amount of our interest in the associate is set out below.
\nSafaricom PLC
Indus Towers Limited
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nEquity shareholders' funds
1,269
1,066
3,453
3,774
\nInterest in associates
\n2
\n507
425
727
794
\nGoodwill
2
3
181
261
\nCarrying value
509
428
908
1,055
\nProfit from continuing operations
489
542
542
239
632
808
\nShare of profit
195
217
217
50
178
306
\nNotes:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, the carrying value of the Group\u2019s interest in the associate has increased by \u20ac1,055 million and the Group\u2019s share of profit has increased by \u20ac178 million (2021: \u20ac32 million)
\ncompared to the amounts previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\n2
The Group\u2019s effective ownership percentages of Safaricom PLC and Indus Towers Limited are 39.9% and 21.0%, respectively, rounded to the nearest tenth of one percent.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24151": {
"value": "Accounting policies Interests in joint arrangements
\nA joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint
\ncontrol; that is, when the relevant activities that significantly affect the investee\u2019s returns require the unanimous consent of the parties sharing
\ncontrol. Joint arrangements are either joint operations or joint ventures.
\nGains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of
\nthe Group\u2019s entire equity holding in the subsidiary.
\nJoint operations
\nA joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities,
\nrelating to the arrangement or that other facts and circumstances indicate that this is the case. The Group\u2019s share of assets, liabilities, revenue,
\nexpenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis.
\nAny goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance with the Group\u2019s accounting policy
\nfor goodwill arising on the acquisition of a subsidiary.
\nJoint ventures
\nA joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities and
\ncontingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 \u2018Discontinued
\noperations and assets held for sale\u2019), are incorporated in the consolidated financial statements using the equity method of accounting. Under the
\nequity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\nchanges in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group\u2019s share of post-tax
\nprofits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group\u2019s interest in that joint venture
\nare recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.
\nAssociates
\nAn associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement.
\nSignificant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have
\ncontrol or joint control over those policies.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities
\nand contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of
\naccounting used for joint ventures, described above.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24152": {
"value": "Accounting policies Interests in joint arrangements
\nA joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint
\ncontrol; that is, when the relevant activities that significantly affect the investee\u2019s returns require the unanimous consent of the parties sharing
\ncontrol. Joint arrangements are either joint operations or joint ventures.
\nGains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of
\nthe Group\u2019s entire equity holding in the subsidiary.
\nJoint operations
\nA joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities,
\nrelating to the arrangement or that other facts and circumstances indicate that this is the case. The Group\u2019s share of assets, liabilities, revenue,
\nexpenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis.
\nAny goodwill arising on the acquisition of the Group\u2019s interest in a joint operation is accounted for in accordance with the Group\u2019s accounting policy
\nfor goodwill arising on the acquisition of a subsidiary.
\nJoint ventures
\nA joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities and
\ncontingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 \u2018Discontinued
\noperations and assets held for sale\u2019), are incorporated in the consolidated financial statements using the equity method of accounting. Under the
\nequity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition
\nchanges in the Group\u2019s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group\u2019s share of post-tax
\nprofits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group\u2019s interest in that joint venture
\nare recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24179": {
"value": "Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement.
\nSignificant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have
\ncontrol or joint control over those policies.
\nAt the date of acquisition, any excess of the cost of acquisition over the Group\u2019s share of the net fair value of the identifiable assets, liabilities
\nand contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment.
\nThe results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of
accounting used for joint ventures, described above. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25395": {
"value": "13. Other investments The Group holds a number of other listed and unlisted investments, mainly comprising managed funds,
\ndeposits and government bonds.
\nAccounting policies
\nOther investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an
\ninvestment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned,
\nand are initially measured at fair value, including transaction costs.
\nDebt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and
\ninterest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the
\ncriteria for amortised cost are measured at fair value through profit and loss.
\nEquity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of
\nfair value gains and losses to profit or loss following derecognition of the investment.
\n2023
2022
\n\u20acm
\u20acm
\nIncluded within non-current assets
\nEquity securities
\n1
\n94
143
\nDebt securities
\n2
\n999
930
\n1,093
1,073
\nIncluded within current assets
\nShort-term investments:
\nBonds and debt securities
\n3
\n1,338
1,446
\nManaged investment funds
\n1
\n2,967
3,349
\n4,305
4,795
\nCollateral assets
\n4
\n239
698
\nOther investments
\n5
\n2,473
2,438
\n7,017
7,931
\nNotes:
\n1
Items measured at a fair value, \u20ac47 million (2022: \u20ac91 million) of equity securities have a valuation basis of level 1 classification, which comprises financial instruments where fair value is
\ndetermined by unadjusted quoted prices in active markets for identical assets and liabilities. The remaining items are measured at fair value and the basis is level 2 classification, which
\ncomprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
\n2
Items are measured at amortised cost and have a fair value of \u20ac803 million (2022: \u20ac830 million) with a valuation basis of level 1 classification.
\n3
Items are measured at fair value and the valuation basis is level 1 classification.
\n4
Items are measured at amortised cost and the carrying amount approximates fair value.
\n5
Includes investments measured at a fair value of \u20ac1,409 million (2022: \u20ac1,460 million). The valuation basis is level 1. The remaining items are measured at amortised cost and the carrying
\namount approximates fair value.
\nNon-current debt securities within non-current assets include \u20ac885 million (2022: \u20ac885 million) of loan notes issued by VodafoneZiggo
\nHolding B.V.
\nThe Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving
\nsuitable returns. Collateral arrangements on derivative financial instruments result in cash being paid/(held), repayable when the
\nderivatives are settled. These assets do not meet the definition of cash and cash equivalents but are included in the Group\u2019s net debt based
\non their liquidity.
\nBonds and debt securities includes \u20ac899 million (2022: \u20ac681 million) of highly liquid Japanese; \u20ac290 million (2022: \u20acnil) Dutch; \u20ac150
\nmillion (2022: \u20acnil) German; \u20acnil (2022: \u20ac501 million) Belgian; \u20acnil (2022: \u20ac200 million) French government securities and \u20acnil (2022: \u20ac64
\nmillion) of UK government bonds.
\nManaged investment funds of \u20ac2,967 million (2022: \u20ac3,349 million) are in funds with liquidity of up to 90 days.
\nCollateral assets of \u20ac239 million (2022: \u20ac698 million) represents collateral paid on derivative financial instruments.
\nOther investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts
\nheld in qualifying assets by Group insurance companies to meet regulatory requirements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25396": {
"value": "13. Other investments The Group holds a number of other listed and unlisted investments, mainly comprising managed funds,
\ndeposits and government bonds.
\nAccounting policies
\nOther investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an
\ninvestment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned,
\nand are initially measured at fair value, including transaction costs.
\nDebt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and
\ninterest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the
\ncriteria for amortised cost are measured at fair value through profit and loss.
\nEquity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of
\nfair value gains and losses to profit or loss following derecognition of the investment.
\n2023
2022
\n\u20acm
\u20acm
\nIncluded within non-current assets
\nEquity securities
\n1
\n94
143
\nDebt securities
\n2
\n999
930
\n1,093
1,073
\nIncluded within current assets
\nShort-term investments:
\nBonds and debt securities
\n3
\n1,338
1,446
\nManaged investment funds
\n1
\n2,967
3,349
\n4,305
4,795
\nCollateral assets
\n4
\n239
698
\nOther investments
\n5
\n2,473
2,438
\n7,017
7,931
\nNotes:
\n1
Items measured at a fair value, \u20ac47 million (2022: \u20ac91 million) of equity securities have a valuation basis of level 1 classification, which comprises financial instruments where fair value is
\ndetermined by unadjusted quoted prices in active markets for identical assets and liabilities. The remaining items are measured at fair value and the basis is level 2 classification, which
\ncomprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
\n2
Items are measured at amortised cost and have a fair value of \u20ac803 million (2022: \u20ac830 million) with a valuation basis of level 1 classification.
\n3
Items are measured at fair value and the valuation basis is level 1 classification.
\n4
Items are measured at amortised cost and the carrying amount approximates fair value.
\n5
Includes investments measured at a fair value of \u20ac1,409 million (2022: \u20ac1,460 million). The valuation basis is level 1. The remaining items are measured at amortised cost and the carrying
\namount approximates fair value.
\nNon-current debt securities within non-current assets include \u20ac885 million (2022: \u20ac885 million) of loan notes issued by VodafoneZiggo
\nHolding B.V.
\nThe Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving
\nsuitable returns. Collateral arrangements on derivative financial instruments result in cash being paid/(held), repayable when the
\nderivatives are settled. These assets do not meet the definition of cash and cash equivalents but are included in the Group\u2019s net debt based
\non their liquidity.
\nBonds and debt securities includes \u20ac899 million (2022: \u20ac681 million) of highly liquid Japanese; \u20ac290 million (2022: \u20acnil) Dutch; \u20ac150
\nmillion (2022: \u20acnil) German; \u20acnil (2022: \u20ac501 million) Belgian; \u20acnil (2022: \u20ac200 million) French government securities and \u20acnil (2022: \u20ac64
\nmillion) of UK government bonds.
\nManaged investment funds of \u20ac2,967 million (2022: \u20ac3,349 million) are in funds with liquidity of up to 90 days.
\nCollateral assets of \u20ac239 million (2022: \u20ac698 million) represents collateral paid on derivative financial instruments.
\nOther investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts
\nheld in qualifying assets by Group insurance companies to meet regulatory requirements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25397": {
"value": "13. Other investmentsThe Group holds a number of other listed and unlisted investments, mainly comprising managed funds,
\ndeposits and government bonds.
\nAccounting policies
\nOther investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an
\ninvestment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned,
\nand are initially measured at fair value, including transaction costs.
\nDebt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and
\ninterest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the
\ncriteria for amortised cost are measured at fair value through profit and loss.
\nEquity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of
\nfair value gains and losses to profit or loss following derecognition of the investment.
\n2023
2022
\n\u20acm
\u20acm
\nIncluded within non-current assets
\nEquity securities
\n1
\n94
143
\nDebt securities
\n2
\n999
930
\n1,093
1,073
\nIncluded within current assets
\nShort-term investments:
\nBonds and debt securities
\n3
\n1,338
1,446
\nManaged investment funds
\n1
\n2,967
3,349
\n4,305
4,795
\nCollateral assets
\n4
\n239
698
\nOther investments
\n5
\n2,473
2,438
\n7,017
7,931
\nNotes:
\n1
Items measured at a fair value, \u20ac47 million (2022: \u20ac91 million) of equity securities have a valuation basis of level 1 classification, which comprises financial instruments where fair value is
\ndetermined by unadjusted quoted prices in active markets for identical assets and liabilities. The remaining items are measured at fair value and the basis is level 2 classification, which
\ncomprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
\n2
Items are measured at amortised cost and have a fair value of \u20ac803 million (2022: \u20ac830 million) with a valuation basis of level 1 classification.
\n3
Items are measured at fair value and the valuation basis is level 1 classification.
\n4
Items are measured at amortised cost and the carrying amount approximates fair value.
\n5
Includes investments measured at a fair value of \u20ac1,409 million (2022: \u20ac1,460 million). The valuation basis is level 1. The remaining items are measured at amortised cost and the carrying
\namount approximates fair value.
\nNon-current debt securities within non-current assets include \u20ac885 million (2022: \u20ac885 million) of loan notes issued by VodafoneZiggo
\nHolding B.V.
\nThe Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving
\nsuitable returns. Collateral arrangements on derivative financial instruments result in cash being paid/(held), repayable when the
\nderivatives are settled. These assets do not meet the definition of cash and cash equivalents but are included in the Group\u2019s net debt based
\non their liquidity.
\nBonds and debt securities includes \u20ac899 million (2022: \u20ac681 million) of highly liquid Japanese; \u20ac290 million (2022: \u20acnil) Dutch; \u20ac150
\nmillion (2022: \u20acnil) German; \u20acnil (2022: \u20ac501 million) Belgian; \u20acnil (2022: \u20ac200 million) French government securities and \u20acnil (2022: \u20ac64
\nmillion) of UK government bonds.
\nManaged investment funds of \u20ac2,967 million (2022: \u20ac3,349 million) are in funds with liquidity of up to 90 days.
\nCollateral assets of \u20ac239 million (2022: \u20ac698 million) represents collateral paid on derivative financial instruments.
\nOther investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts
\nheld in qualifying assets by Group insurance companies to meet regulatory requirements.
14. Trade and other receivablesTrade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay to our
\nsuppliers in advance. Derivative financial instruments with a positive market value are reported within this note as are
\ncontract assets, which represent an asset for accrued revenue in respect of goods or services delivered to customers for
\nwhich a trade receivable does not yet exist, and finance lease receivables recognised where the Group acts as a lessor.
\nSee note 20 \u2018Leases\u2019 for more information on the Group\u2019s leasing activities.
\nAccounting policies
\nTrade receivables represent amounts owed by customers where the right to receive payment is conditional only on the passage of time. Trade
\nreceivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is
\naccreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the
\nGroup establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other
\ncomprehensive income; all other trade receivables are recorded at amortised cost.
\nThe carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for
\nlifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the
\nageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management
\ndeems them not to be collectible.
\n2023
2022
\n\u20acm
\u20acm
\nIncluded within non-current assets
\nTrade receivables
51
34
\nTrade receivables held at fair value through other comprehensive income
337
606
\nNet investment in leases
267
134
\nContract assets
494
495
\nContract-related costs
690
630
\nOther receivables
66
37
\nPrepayments
296
231
\nDerivative financial instruments
\n1
\n5,642
4,216
\n7,843
6,383
\nIncluded within current assets
\nTrade receivables
3,277
3,300
\nTrade receivables held at fair value through other comprehensive income
566
802
\nNet investment in leases
106
66
\nContract assets
3,063
3,056
\nContract-related costs
1,471
1,403
\nAmounts owed by associates and joint ventures
175
241
\nOther receivables
730
869
\nPrepayments
835
872
\nDerivative financial instruments
\n1
\n482
410
\n10,705
11,019
\nNote:
\n1
Includes \u20ac198 million (2022: \u20ac3 million) of embedded derivative option for which fair value is based on level 3 of the fair value hierarchy (see section on fair value carrying value information
\nwithin note 22 \u2018Capital and Risk Management\u2019). All other items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined
\nfrom inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
\nThe Group\u2019s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are measured after allowances for
\nfuture expected credit losses, see note 22 \u2018Capital and financial risk management\u2019 for more information on credit risk.
\nThe carrying amounts of trade and other receivables, which are measured at amortised cost, approximate their fair value and are predominantly
\nnon-interest bearing.
\nThe Group\u2019s contract-related costs comprise \u20ac2,078 million (2022: \u20ac1,967 million) relating to costs incurred to obtain customer contracts and \u20ac83
\nmillion (2022: \u20ac66 million) relating to costs incurred to fulfil customer contracts; an amortisation and impairment expense of \u20ac1,541 million (2022:
\n\u20ac1,517 million) was recognised in operating profit during the year.
\nOther than for the embedded derivative option described above, the fair values of the derivative financial instruments are calculated by discounting
\nthe future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.
15. Trade and other payablesTrade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued and
\ncontract liabilities relating to consideration received from customers in advance. They also include taxes and social
\nsecurity amounts due in relation to the Group\u2019s role as an employer. Derivative financial instruments with a negative
\nmarket value are reported within this note.
\nAccounting policies
\nTrade payables are not interest-bearing and are stated at their nominal value.
\n2023
2022
\n\u20acm
\u20acm
\nIncluded within non-current liabilities
\nOther payables
520
452
\nAccruals
48
28
\nContract liabilities
500
530
\nDerivative financial instruments
\n1
\n1,116
1,506
\n2,184
2,516
\nIncluded within current liabilities
\nTrade payables
7,662
7,327
\nAmounts owed to associates and joint ventures
329
40
\nOther taxes and social security payable
1,013
1,114
\nOther payables
2,080
2,032
\nAccruals
\n2
\n4,814
6,991
\nContract liabilities
2,043
1,991
\nDerivative financial instruments
\n1
\n306
166
\n18,247
19,661
\nNotes:
\n1
Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are
\nobservable for the asset or liability, either directly or indirectly.
\n2
Includes \u20acnil (2022: \u20ac1,434 million) payable in relation to the irrevocable and non-discretionary share buyback programmes.
\nThe carrying amounts of trade and other payables approximate their fair value.
\nMaterially all of the \u20ac1,991 million recorded as current contract liabilities at 1 April 2022 was recognised as revenue during the year.
\nOther payables included within non-current liabilities include \u20ac257 million (2022: \u20ac351 million) in respect of the re-insurance of a third party
\nannuity policy related to the Vodafone and CWW Sections of the Vodafone UK Group Pension Scheme.
\nThe fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate
\nmarket interest rates and foreign currency rates prevailing at 31 March.
21. BorrowingsThe Group\u2019s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities
\nand through short-term and long-term issuances in the capital markets including bond and commercial paper issues
\nand bank loans. Liabilities arising from the Group\u2019s lease arrangements are also reported in borrowings; see note 20
\n\u2018Leases\u2019. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates
\ndepending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to
\nmitigate the impact of exchange rate movements on certain monetary items.
\nAccounting policies
\nInterest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at
\namortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair
\nvalue adjustments are recognised in accordance with our policy (see note 22 \u2018Capital and financial risk management\u2019). Any difference between the
\nproceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing.
\nWhere bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal
\namounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at
\namortised cost using the effective interest rate method.
\nBorrowings
\n2023
2022
\n\u20acm
\u20acm
\nNon-current borrowings
\nBonds
39,512
46,156
\nBank loans
487
629
\nLease liabilities (note 20)
10,318
9,810
\nOther borrowings
\n1
\n1,352
1,536
\n51,669
58,131
\nCurrent borrowings
\nBonds
4,604
1,875
\nBank loans
308
688
\nLease liabilities (note 20)
3,046
2,729
\nCollateral liabilities
4,886
2,914
\nBank borrowings secured against Indian assets
1,485
1,382
\nOther borrowings
\n1
\n392
2,373
\n14,721
11,961
\nBorrowings
66,390
70,092
\nNote:
\n1
Includes \u20ac1,140 million (2022: \u20ac1,273 million) and \u20ac196 million (2022: \u20ac2,165 million) of licence and spectrum fees payable in non-current and current borrowings respectively.
\nThe fair value of the Group\u2019s financial liabilities held at amortised cost approximate to fair value with the exception of long-term bonds with a
\ncarrying value of \u20ac39,512 million (2022: \u20ac46,156 million) which have a fair value of \u20ac35,044 million (2022: \u20ac46,348 million). Fair value is based on
\nlevel 1 of the fair value hierarchy using quoted market prices.
\nThe Group\u2019s current borrowings also include \u20ac1,485 million (2022: \u20ac1,382 million) of bank borrowings that are secured against the Group\u2019s
\nshareholdings in Indus Towers and Vodafone Idea (see note 12 \u2018Investments in Associates and Joint Ventures\u2019 for further details of these assets) and
\nwill be repaid through the realisation of proceeds from those assets. This arrangement contains an embedded derivative option which has been
\nseparately fair valued and is presented within derivative assets in current assets (see note 14 \u2018Trade and other receivables\u2019).
\nThe Group\u2019s borrowings, which include certain bonds that have been designated in hedge relationships, are carried at \u20ac1,282 million higher (2022:
\n\u20ac1,316 million higher) than their euro equivalent redemption value. In addition, where bonds are issued in currencies other than euros, the Group
\nhas entered into foreign currency swaps to fix the euro cash outflows on redemption. The impact of these swaps is not reflected in borrowings and
\nwould decrease the euro equivalent redemption value of the bonds by \u20ac1,440 million (2022: \u20ac1,456 million).
Commercial paper programmes
\nWe currently have US and euro commercial paper programmes of US$15 billion (\u20ac13.8 billion) and \u20ac10 billion respectively which are available to be
\nused to meet short-term liquidity requirements. At 31 March 2023 both programmes remained undrawn.
\nThe commercial paper facilities were supported by US$4.0 billion (\u20ac3.7 billion) and \u20ac4.0 billion of syndicated committed bank facilities. No amounts
\nhad been drawn under these facilities.
\nBonds
\nWe have two \u20ac30 billion euro medium-term note programmes and a US shelf programme which are used to meet medium to long-term funding
\nrequirements. At 31 March 2023 the total amounts in issue under these programmes split by currency were US$21.3 billion, \u20ac17.6 billion, \u00a33.6
\nbillion, AUD$0.5 billion, HKD$2.1 billion, NOK2.2 billion, CHF0.7 billion and JPY10 billion.
\nAt 31 March 2023 the Group had bonds outstanding with a nominal value equivalent to \u20ac42.8 billion. During the year ended 31 March 2023, bonds
\nwith a nominal value of \u20ac1.8 billion and \u00a30.6 billion were issued utilising the euro medium-term note programme and US$1.2 billion were issued
\nutilising the US Shelf programme. During the year bonds with euro equivalent nominal values of \u20ac1.9 billion and \u20ac3.8 billion matured and were re-
\npurchased respectively.
\nBonds mature between 2023 and 2063 (2022: 2022 and 2059) and have interest rates between 0.375% and 7.875% (2022: 0% and 7.875%).
\nMandatory convertible bonds
\nIn March 2023 the Group concluded the last remaining share buybacks related to the mandatory convertible bonds (\u2018MCBs\u2019) and no further
\ninstruments remain outstanding. On 12 March 2019 the Group issued \u00a33.4 billion of subordinated mandatory convertible bonds (\u2018MCBs\u2019) split into
\ntwo equal tranches of \u00a31.7 billion with coupons of 1.2% and 1.5% respectively. The first tranche matured on 12 March 2021 at a conversion price of
\n\u00a31.2055 per share and the second tranche matured on 12 March 2022 at a conversion price of \u00a31.1326 per share. These were recognised as
\ncompound instruments with nominal values of \u00a33.4 billion (\u20ac3.8 billion) recognised as a component of shareholders\u2019 funds in equity and the fair
\nvalue of future coupons \u00a30.1 billion (\u20ac0.1 billion) recognised as a financial liability in borrowings. The Group\u2019s strategy was to hedge the equity risk
\nassociated with the MCB issuance to any future movement in its share price by an option strategy designed to hedge the economic impact of share
\nprice movements. The Group decided to buy back ordinary shares to mitigate dilution resulting from the conversion and the hedging
\nstrategy provided a hedge for the repurchase price.
\nTreasury shares
\nThe Group held a maximum of 1,825,691,429 (2022: 1,911,661,729) of its own shares during the year which represented 6.3% (2022: 6.6%) of
\nissued share capital at that time.
22. Capital and financial risk managementThis note details the treasury management and financial risk management objectives and policies, as well as
\nthe exposure and sensitivity of the Group to credit, liquidity, interest and foreign exchange risk, and the policies in place
\nto monitor and manage these risks.
\nAccounting policies
\nFinancial instruments
\nFinancial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s consolidated statement of financial
\nposition when the Group becomes a party to the contractual provisions of the instrument.
\nFinancial liabilities and equity instruments
\nFinancial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered
\ninto and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the
\nassets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies
\nadopted for specific financial liabilities and equity instruments are set out below.
\nFinancial liabilities under put option arrangements
\nThe Group has an obligation to pay a fixed rate of return to minority equity shareholders in the Group\u2019s subsidiary Kabel Deutschland AG, under the
\nterms of a court-imposed domination and profit and loss transfer agreement. This agreement also provides the minority shareholders the option to
\nput their shareholding to Vodafone at a fixed price per share. The obligation to purchase the shares has been recognised as a financial liability and no
\nnon-controlling interests are recognised in respect of minority shareholders. Interest costs are accrued at the agreed rate of return and recognised
\nin financing costs.
\nDerivative financial instruments and hedge accounting
\nThe Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative
\nfinancial instruments. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written
\nprinciples on the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial
\ninstruments for speculative purposes.
\nThe Group designates certain derivatives as:
\n\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (\u2018cash flow hedges\u2019); or
\n\u2212
hedges of net investments in foreign operations.
\nDerivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each
\nreporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income
\nstatement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\nportion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge
\nrelationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item
\nand hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk,
\nwith gains and losses recognised in the income statement.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge
\naccounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and
\nis recognised in the income statement when the hedged transaction is ultimately recognised in the income statement.
\nFor cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive
\nincome and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction
\nresults in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\nincome and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
\nnon-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in
\nthe income statement.
\nFor net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign
\noperation is disposed of.
Capital managementThe following table summarises the capital of the Group at 31 March:
\nRe-presented
\n1
\n2023
2022
\n\u20acm
\u20acm
\nBorrowings (note 21)
66,390
70,092
\nCash and cash equivalents (note 19)
(11,705)
(7,496)
\nDerivative financial instruments included in trade and other receivables (note 14)
(6,124)
(4,626)
\nDerivative financial instruments included in trade and other payables (note 15)
1,422
1,672
\nShort-term investments (note 13)
(4,305)
(4,795)
\nCollateral assets (note 13)
(239)
(698)
\nFinancial liabilities under put option arrangements
485
494
\nEquity
64,483
57,073
\nCapital
110,407
111,716
\nNote:
\n1
The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. Capital has increased by \u20ac96 million
\ncompared to the amount previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\nThe Group\u2019s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet
\nanticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity
\nto certain subsidiaries.
\nDividends from joint ventures and associates and to non-controlling shareholders
\nDividend policies within shareholder agreements for certain of the Group\u2019s associates and joint ventures give the Group certain rights to receive
\ndividends but are generally paid at the discretion of the Board of Directors or shareholders. We do not have existing obligations to pay dividends to
\nnon-controlling interest partners of our subsidiaries other than ongoing dividend obligations to the Kabel Deutschland A.G. minority shareholders.
\nThe amount of dividends received and paid in the year are disclosed in the consolidated statement of cash flows.
\nPotential cash outflows from option agreements and similar arrangements
\nAll remaining put options issued as part of the hedging strategy for the mandatory convertible bonds (\u2018MCBs\u2019) matured during the financial year
\n(1,452 million share options outstanding as at 31 March 2022). These permitted the holders to exercise against the Group at maturity of the option
\nif there was a decrease in our share price. Under the terms of the options, settlement was made in cash which equated to the reduced value of
\nshares from the initial conversion price, adjusted for dividends declared.
\nSale of trade receivables
\nDuring the year, the Group sold certain trade receivables to a number of financial institutions. Whilst there are no repurchase obligations in respect
\nof these receivables, the Group provided credit guarantees which would only become payable if default rates were significantly higher than
\nhistorical rates. The credit guarantee is not considered substantive and substantially all risks and rewards associated with the receivables passed to
\nthe purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the guarantees at 31 March 2023 was
\n\u20ac1,927 million (2022: \u20ac1,341 million). No provision has been made in respect of these guarantees as the likelihood of a cash outflow has been
\nassessed as remote.
\nSupplier financing arrangements
\nThe Group offers suppliers the opportunity to use supply chain financing (\u2018SCF\u2019). SCF allows suppliers that decide to use it to receive funding earlier
\nthan the invoice due date. At 31 March 2023, the financial institutions that run the SCF programmes had purchased \u20ac2.4 billion (2022: \u20ac2.4 billion)
\nof outstanding supplier invoices, principally from larger suppliers. The Group does not provide any financial guarantees to the financial institutions
\nunder this programme and continues to cash settle supplier payables in accordance with their contractual terms. As such, the programme does not
\nchange the Group\u2019s net debt, trade payable balances or cash flows.
\nThe Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to hold the characteristics of a trade
\npayable or should be classified as borrowings; these indicators include whether the payment terms exceed the shorter of customary payment terms
\nin the industry or 180 days. At 31 March 2023, none of the payables subject to supplier financing arrangements met the criteria to be reclassified as
\nborrowings.
\nFinancial risk management
\nThe Group\u2019s treasury function centrally manages the Group\u2019s funding requirement, net foreign exchange exposure, interest rate management
\nexposures and counterparty risk arising from investments and derivatives. Treasury operations are conducted within a framework of policies and
\nguidelines authorised and reviewed by the Board, most recently in March 2023. A treasury risk committee comprising of the Group\u2019s Chief Financial
\nOfficer, Group General Counsel and Company Secretary, Group Financial Controller, Group Corporate Finance Director, Group Treasury Director and
\nGroup Director of Financial Controlling and Operations meets three times a year to review treasury activities and its members receive management
\ninformation relating to treasury activities on a quarterly basis. The Group\u2019s Internal Auditor reviews the internal control environment regularly.
No bonds issued by the Group or the Revolving Credit Facilities are subject to financial covenant ratios. Approximately \u20ac35 billion (2022: \u20ac38 billion)
\nof issued bonds have a change of control clause. The Group uses derivative instruments for currency and interest rate risk management purposes that
\nare transacted by specialist treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements.
\nThe Group\u2019s financial risk management policies seek to reduce the Group\u2019s exposure to any future disruption to financial markets, including any
\nfuture impacts from global economic and political uncertainty and other macro economic events.
\nThe Group has combined cash and cash equivalent and short-term investments of \u20ac16.0 billion, providing significant headroom over short-term
\nliquidity requirements. Additionally the Group maintains undrawn revolving credit facilities of \u20ac7.7 billion euro equivalent. As at 31 March 2023 and
\nafter hedging, substantially all the Group\u2019s borrowings are held on a fixed interest basis, mitigating exposure to interest rate risk. The Group has no
\nsignificant currency exposures other than positions in economic hedging relationships. The Group\u2019s credit risk under financing activities is spread
\nacross a portfolio of highly rated institutions to reduce counterparty exposures and derivative balances are substantially all collateralised. The
\nGroup\u2019s operating activities result in customer credit risk, for which provisions for expected credit losses are recognised.
\nCredit risk
\nCredit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a financial loss for the Group. The Group is
\nexposed to credit risk from its operating activities and from its financing activities, the Group considers its maximum exposure to credit risk at 31
\nMarch to be:
\n2023
2022
\n\u20acm
\u20acm
\nCash and bank deposits (note 19)
3,924
2,220
\nMoney market funds (note 19)
7,781
5,276
\nManaged investment funds (note 13)
2,967
3,349
\nBonds and debt securities (note 13)
2,337
2,376
\nCollateral assets (note 13)
239
698
\nOther investments (note 13)
2,473
2,438
\nDerivative financial instruments (note 14)
6,124
4,626
\nTrade receivables (note 14)
\n1
\n6,158
6,083
\nContract assets and other receivables (note 14)
4,353
4,457
\nPerformance bonds and other guarantees (note 29)
3,381
2,866
\n39,737
34,389
\nNote:
\n1
Includes amounts guaranteed under sales of trade receivables \u20ac1,927 million (2022: \u20ac1,341 million)
\nExpected credit loss
\nThe Group has financial assets classified and measured at amortised cost and fair value through other comprehensive income that are subject to the
\nexpected credit loss model requirements of IFRS 9. Cash and bank deposits and certain other investments are both classified and measured at
\namortised cost and subject to impairment requirements. However, the identified expected credit loss is considered to be immaterial.
\nInformation about expected credit losses for trade receivables and contract assets can be found under \u2018operating activities\u2019 on page 179.
\nFinancing activities
\nThe Group invests in government securities on the basis they generate a fixed rate of return and are amongst the most creditworthy of investments
\navailable.
\nInvestments are made in accordance with established internal treasury policies which dictate the scaled maximum exposure permissible in relation
\nto an investment\u2019s long-term credit rating. The Group invests in AAA unsecured money market mutual funds, where the investment is limited to
\n10% of each fund; A to AAA government securities, both directly and through money market mutual funds; and has two managed investment funds
\nthat hold securities with an average credit quality of AA.
\nIn respect of financial instruments used by the Group\u2019s treasury function, the aggregate credit risk the Group may have with one counterparty is
\nlimited by reference to the long-term credit ratings assigned for that counterparty by Moody\u2019s, Fitch Ratings and Standard & Poor\u2019s. Furthermore,
\ncollateral support agreements reduce the Group\u2019s exposure to counterparties who must post collateral when there is value due to the Group under
\noutstanding derivative contracts that exceeds a contractually agreed threshold amount. When value is due to the counterparty the Group is
\nrequired to post collateral on identical terms. Such cash collateral is adjusted daily as necessary.
In the event of any default, ownership of the collateral would revert to the respective holder at that point. Detailed below is the value of the cash
\ncollateral, which is reported within current borrowings, held by the Group at 31 March:
\n2023
2022
\n\u20acm
\u20acm
\nCollateral liabilities
4,886
2,914
\nIn addition, as discussed in note 29 \u2018Contingent liabilities and legal proceedings\u2019, the Group has covenanted to provide security in favour of the
\ntrustee of the Vodafone Group UK Pension Scheme in respect of the funding deficit in the scheme and pledged security in relation to the Indus
\nTowers merger. The Group has also pledged cash as collateral against derivative financial instruments as disclosed in note 13 \u2018Other investments\u2019.
\nOperating activities
\nCustomer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls relating to customer credit risk
\nmanagement. Outstanding trade receivables and contract assets are regularly reviewed to monitor any changes in credit risk with concentrations of
\ncredit risk considered to be limited given that the Group\u2019s customer base is large and unrelated. The Group applies the simplified approach and
\nrecords lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured using historical cash
\ncollection data for periods of at least 24 months wherever possible and grouped into various customer segments based on product or customer
\ntype. The historical loss rates are adjusted where macroeconomic factors, for example changes in interest rates or unemployment rates, or other
\ncommercial factors are expected to have a significant impact when determining future expected credit loss rates. For trade receivables the expected
\ncredit loss provision is calculated using a provision matrix, in which the provision increases as balances age, and for receivables paid in instalments
\nand contract assets a weighted loss rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade
\nreceivables and contract assets are written off when each business unit determines there to be no reasonable expectation of recovery and
\nenforcement activity has ceased.
\nMovements in the allowance for expected credit losses during the year were as follows:
\nTrade receivables held
\nTrade receivables held
at fair value through
\nContract assets
at amortised cost
other comprehensive income
\n2023
2022
2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April
83
101
1,342
1,480
108
57
\nExchange movements
(3)
1
(72)
(70)
1
\u2013
\nAmounts charged to credit losses on financial assets
138
114
449
394
19
53
\nOther
\n1
\n(140)
(133)
(570)
(462)
(57)
(2)
\n31 March
78
83
1,149
1,342
71
108
\nNote:
\n1
Primarily utilisation of the provision by way of write-off.
\nExpected credit losses are presented as net credit losses on financial assets within operating profit and subsequent recoveries of amounts
\npreviously written off are credited against the same line item.
\nThe majority of the Group\u2019s trade receivables are due for maturity within 90 days and largely comprise amounts receivable from consumers and business
\ncustomers.
The table below presents information on trade receivables past due\u00b9 and their associated expected credit losses:
\n31 March 2023
\nTrade receivables at amortised cost past due
\n30 days
31\u201360
61\u2013180
180
\nTotal
Due
or less
days
days
days+
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGross carrying amount
2,465
599
163
329
957
4,513
\nExpected credit loss allowance
(67)
(64)
(50)
(173)
(831)
(1,185)
\nNet carrying amount
2,398
535
113
156
126
3,328
\n31 March 2022
\nTrade receivables at amortised cost past due
\n30 days
31\u201360
61\u2013180
180
\nTotal
Due
or less
days
days
days+
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGross carrying amount
2,411
650
182
390
1,043
4,676
\nExpected credit loss allowance
(123)
(83)
(53)
(190)
(893)
(1,342)
\nNet carrying amount
2,288
567
129
200
150
3,334
\nNote:
\n1
Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they become due. Trade receivables at fair value through other
\ncomprehensive income are not materially past due.
Liquidity riskLiquidity is reviewed daily on at least a 12 month rolling basis and stress tested on the assumption that any commercial paper outstanding matures
\nand is not reissued. The Group maintains substantial cash and cash equivalents which at 31 March 2023 amounted to cash \u20ac11.7
billion (2022: \u20ac7.5
\nbillion) and undrawn committed facilities of \u20ac8.0 billion (2022: \u20ac8.2 billion), principally euro and US dollar revolving credit facilities of \u20ac4.0 billion
\nand US$4.0 billion (\u20ac3.7 billion) which mature in 2025 and 2028 respectively. The Group manages liquidity risk on non-current borrowings by
\nmaintaining a varied maturity profile with a cap on the level of debt maturity in any one calendar year, therefore minimising refinancing risk. Non-
\ncurrent borrowings mature between 1 and 40 years.
\nThe maturity profile
of the anticipated future cash flows including interest in relation to the Group\u2019s non-derivative financial liabilities on an
\nundiscounted basis which, therefore, differs from both the carrying value and fair value, is as follows:
\nMaturity profile
\n1
\nTrade payables and
\nother financial
\nBank loans
Bonds
Lease liabilities
Other
\n2
\nTotal borrowings
liabilities
\n3
\nTotal
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nWithin one year
308
6,234
3,452
6,764
16,758
15,370
32,128
\nIn one to two years
235
3,070
2,574
423
6,302
51
6,353
\nIn two to three years
110
5,725
2,200
259
8,294
\u2013
8,294
\nIn three to four years
18
5,500
1,981
258
7,757
\u2013
7,757
\nIn four to five years
70
2,212
1,810
233
4,325
\u2013
4,325
\nIn more than five years
128
42,325
3,240
599
46,292
\u2013
46,292
\n869
65,066
15,257
8,536
89,728
15,421
105,149
\nEffect of discount/financing rates
(74)
(20,950)
(1,893)
(421)
(23,338)
(3)
(23,341)
\n31 March 2023
795
44,116
13,364
8,115
66,390
15,418
81,808
\nWithin one year
700
3,569
3,130
6,823
14,222
16,884
31,106
\nIn one to two years
33
6,190
2,189
417
8,829
29
8,858
\nIn two to three years
411
3,786
1,759
207
6,163
\u2013
6,163
\nIn three to four years
2
5,746
1,579
199
7,526
\u2013
7,526
\nIn four to five years
205
6,253
1,387
678
8,523
\u2013
8,523
\nIn more than five years
21
43,514
4,242
136
47,913
\u2013
47,913
\n1,372
69,058
14,286
8,460
93,176
16,913
110,089
\nEffect of discount/financing rates
(55)
(21,027)
(1,747)
(255)
(23,084)
(1)
(23,085)
\n31 March 2022
1,317
48,031
12,539
8,205
70,092
16,912
87,004
\nNotes:
\n1
Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders have the right, but not the obligation, to request
\npayment within 30 days. This also applies to undrawn committed facilities. There is no debt that is subject to a material adverse change clause.
\n2
Includes spectrum licence payables with maturity profile \u20ac196 million (2022: \u20ac2,319 million) within one year, \u20ac170 million (2022: \u20ac165 million) in one to two years, \u20ac199 million (2022:
\n\u20ac199 million) in two to three years, \u20ac199 million (2022: \u20ac199 million) in three to four years, \u20ac199 million (2022: \u20ac662 million) in four to five years and \u20ac587million (2022: \u20ac136 million) in
\nmore than five years. Also includes \u20ac4,886 million (2022: \u20ac2,914 million) in relation to cash received under collateral support agreements shown within 1 year.
\n3
Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other payables.
\nThe maturity profile of the Group\u2019s financial derivatives (which include interest rate swaps, cross-currency interest rate swaps and foreign exchange
\nswaps) using undiscounted cash flows, is as follows:
\n2023
2022
\nPayable
\n1
\nReceivable
\n1
\nTotal
Payable
\n1
\nReceivable
\n1
\nTotal
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nWithin one year
(17,845)
18,527
682
(12,671)
13,470
799
\nIn one to two years
(3,534)
4,055
521
(5,897)
6,399
502
\nIn two to three years
(4,028)
4,441
413
(2,584)
3,158
574
\nIn three to four years
(2,186)
2,567
381
(3,373)
3,864
491
\nIn four to five years
(2,265)
2,681
416
(1,699)
2,139
440
\nIn more than five years
(38,494)
44,586
6,092
(34,097)
40,129
6,032
\n(68,352)
76,857
8,505
(60,321)
69,159
8,838
\nEffect of discount/financing rates
(3,803)
(5,884)
\nFinancial derivative net receivable/(payable)
4,702
2,954
\nNote:
\n1
Payables and receivables are stated separately in the table above as cash settlement is on a gross basis.
Market riskInterest rate management
\nUnder the Group\u2019s interest rate management policy, interest rates on long-term monetary assets and liabilities are principally maintained on a fixed
\nrate basis.
\nAt 31 March 2023 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate basis in accordance with treasury
\npolicy. At 31 March 2022 the Group held economic interest rate hedges at fair value through profit and loss.
\nFor each one hundred basis point rise in market interest rates for all currencies in which the Group had borrowings at 31 March 2023 there would be
\nan increase in profit before tax by \u20ac27 million (2022: \u20ac420 million) including mark to market revaluations of interest rate and other derivatives and
\nthe potential interest on cash and short-term investments. There would be no material impact on equity.
\nAt 31 March 2023, the Group had limited exposure through interest rate derivatives and floating rate bonds referencing LIBOR and other interbank
\noffered rates (IBORs).
\nForeign exchange management
\nAs Vodafone\u2019s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the sterling share price represents the
\nvalue of its future multi-currency cash flows, principally in euro, South African rand and sterling, the Group maintains the currency of debt and
\ninterest charges in proportion to its expected future principal cash flows and has a policy to hedge external foreign exchange risks on transactions
\ndenominated in other currencies above a certain de minimis level.
\nAt 31 March 2023 11% of net debt was denominated in currencies other than euro (3% sterling, 6% South African rand and 2% other). This allows
\nsterling, South African rand and other debt to be serviced in proportion to expected future cash flows and therefore provides a partial economic
\nhedge against income statement translation exposure, as interest costs will be denominated in foreign currencies.
\nUnder the Group\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group companies is generally maintained at the
\nlower of \u20ac5 million per currency per month or \u20ac15 million per currency over a six month period.
\nThe Group recognises foreign exchange movements in equity for the translation of net investment hedging instruments and balances treated as
\ninvestments in foreign operations. However, there is no net impact on equity for exchange rate movements on net investment hedging instruments
\nas there would be an offset in the currency translation of the foreign operation. At 31 March 2023 the Group held financial liabilities in a net
\ninvestment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements on the hedging liabilities,
\nanalysed against a strengthening of the South African rand by 12% (2022: 13%) would result in a decrease in equity of \u20ac267 million (2022:
\n\u20ac221million) which would be fully offset by foreign exchange movements on the hedged net assets. In addition, cash flow hedges of principally US
\ndollar borrowings would result in an increase in equity of \u20ac204 million (2022: \u20ac371 million) against a strengthening of US dollar by 5% (2022: 5%).
\nThe Group profit and loss account is exposed to foreign exchange risk within both operating profit and financing income and expense. The principal
\noperations not generating income in euro are Vodacom South Africa (South African rand), and Egypt (Egyptian pound). Financing income and
\nexpense includes foreign currency gains/losses incurred on the translation of balance sheet items not held in functional currency. These are
\nprincipally on certain borrowings, derivatives, and other investments denominated in sterling and Turkish lira.
\nThe following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the
\naverage movements in the previous three annual reporting periods.
\n2023
2022
\n\u20acm
\u20acm
\nIncrease/ (decrease) in Profit before taxation
\nZAR 12% change (2022: 13%)
87
134
\nEGP 27% change (2022: 9%)
116
41
\nTRY 43% change (2022: 39%)
33
83
\nGBP 3% change (2022: 2%)
(46)
(67)
\nEquity risk
\nThere is no material equity risk relating to the Group\u2019s equity investments which are detailed in note 13 \u2018Other investments\u2019.
\nIn the prior financial year, the Group had hedged its exposure under the subordinated mandatory convertible bonds to any future movements in its
\nshare price by an option strategy designed to hedge the economic impact of share price movements. This option strategy ended during the current
\nfinancial year.
As at 31 March 2023, the Group is no longer sensitive (2022: 7% sensitivity) to a movement in its share price that would result in an
\nincrease or decrease in profit before tax (2022: \u20ac36 million).
Risk management strategy of hedge relationships
\nThe risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market risk strategies.
\nThe objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate borrowings in US dollar, pound sterling,
\nAustralian dollar, Swiss franc, Hong Kong dollar, Japanese yen, Norwegian krona and US dollar floating rate borrowings into euro fixed rate
\nborrowings and hedge the foreign exchange spot rate and interest rate risk. There are also cash flow hedges of certain subsidiary expenditure not
\ndenominated in functional currency of the entity, to hedge foreign exchange spot risk. Derivative financial instruments designated in cash flow
\nhedges are cross-currency interest rate swaps and foreign exchange swaps and forwards. The swap maturity dates and liquidity profiles of the
\nnominal cash flows match those of the underlying borrowings and exposures.
\nThe objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative financial instruments designated in
\nnet investment hedges are cross-currency interest rate swaps and foreign exchange swaps. The hedging instruments are rolled on an ongoing basis
\nas determined by the nature of the business.
\nThe objective of the fair value hedges is to hedge a proportion of the Group\u2019s fixed rate euro denominated borrowing to a euro floating rate
\nborrowing. The swap maturity dates match those of the underlying borrowing and the nominal cash flows are converted to quarterly payments.
\nHedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure
\nthat an economic relationship exists between the hedged item and hedging instrument.
\nFor hedges of foreign currency denominated borrowings and investments, the Group uses a combination of cross-currency and foreign exchange
\nswaps to hedge its exposure to foreign exchange risk and interest rate risk and enters into hedge relationships where the critical terms of the
\nhedging instrument match with the terms of the hedged item. Therefore the Group expects a highly effective hedging relationship with the swap
\ncontracts and the value of the corresponding hedged items to change systematically in the opposite direction in response to movements in the
\nunderlying exchange rates and interest rates. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances
\naffect the terms of the hedged item such that the critical terms no longer match with the critical terms of the hedging instrument, the Group uses
\nthe hypothetical derivative method to assess effectiveness.
\nHedge ineffectiveness may occur due to:
\na) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil;
\nb) Changes in the contractual terms or timing of the payments on the hedged item; and
\nc) A change in the credit risk of the Group or the counterparty with the hedging instrument.
\nThe hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item
\nto determine their relative weighting; for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
\nThe fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate
\nmarket rates and foreign currency rates prevailing at 31 March. The valuation basis is level 2 of the fair value hierarchy. This classification comprises
\nitems where fair value is determined from inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly.
\nDerivative financial assets and liabilities are included within trade and other receivables and trade and other payables in the statement of financial
\nposition.
The following table represents the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March.
\nAt 31 March 2023
\nOther comprehensive income
Weighted average
\nOpening
(Gain)/
Gain/(Loss)
Closing
\nCarrying
Carrying
balance
Loss
recycled to
balance
Euro
\nNominal
value
value
1 April
deferred to
financing
31 March
Maturity
interest
\namounts
assets
liabilities
2022
OCI
costs
2023
\n1
\nyear
FX rate
rate
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
\nCash flow hedges - foreign currency risk
\n3
\nCross-currency and foreign exchange
\nswaps
\nUS dollar bonds
17,690
4,456
\u2013
(1,484)
(2,321)
1,096
(2,709)
2038
1.18
3.14
\nAustralian dollar bonds
288
13
\u2013
(5)
31
(47)
(21)
2027
1.56
1.57
\nSwiss franc bonds
624
58
\u2013
20
(43)
20
(3)
2026
1.08
1.26
\nPound sterling bonds
4,195
61
152
109
6
(152)
(37)
2044
0.86
3.15
\nHong Kong dollar bonds
233
22
\u2013
7
(17)
5
(5)
2028
9.08
1.48
\nJapanese yen bonds
78
3
\u2013
2
(9)
(5)
(12)
2037
128.53
2.47
\nNorwegian krona bonds
241
\u2013
34
3
17
(32)
(12)
2026
9.15
1.12
\nForeign exchange forwards
\n2
\n383
\u2013
34
(69)
34
1
(34)
2023
18.92
\u2013
\nCash flow hedges - foreign currency and
\ninterest rate risk
\n3
\nCross currency swaps - US dollar bonds
417
49
\u2013
(1)
(20)
10
(11)
2023
1.17
1.07
\nNet investment hedge - foreign
\nexchange risk
\n5
\nCross-currency and foreign exchange
\nswaps - South African rand investment
2,004
96
\u2013
1,133
(181)
\u2013
952
2025
18.23
1.83
\n26,153
4,758
220
(285)
(2,503)
896
(1,892)
\nAt 31 March 2022
\nOther comprehensive income
Weighted average
\nOpening
(Gain)/
Gain/(Loss)
Closing
\nCarrying
Carrying
balance
Loss
recycled to
balance
Euro
\nNominal
value
value
1 April
deferred to
financing
31 March
Maturity
interest
\namounts
assets
liabilities
2021
OCI
costs
2022
\n1
\nyear
FX rate
rate
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
\nCash flow hedges - foreign currency risk
\n3
\nCross-currency and foreign exchange
\nswaps
\nUS dollar bonds
20,995
2,745
10
501
(3,257)
1,272
(1,484)
2036
1.18
2.76
\nAustralian dollar bonds
736
50
\u2013
(24)
(12)
31
(5)
2024
1.56
0.92
\nSwiss franc bonds
624
16
1
30
(59)
49
20
2026
1.08
1.26
\nPound sterling bonds
3,498
61
145
323
(239)
25
109
2043
0.86
2.97
\nHong Kong dollar bonds
233
8
3
13
(18)
12
7
2028
9.08
1.48
\nJapanese yen bonds
78
\u2013
6
11
(7)
(2)
2
2037
128.53
2.47
\nNorwegian krona bonds
241
\u2013
16
3
(7)
7
3
2026
9.15
1.12
\nForeign exchange forwards
\n2
\n244
\u2013
69
\u2013
(72)
3
(69)
2022
12.34
\u2013
\nCash flow hedges - foreign currency and
\ninterest rate risk
\n3
\nCross currency swaps - US dollar bonds
417
24
\u2013
8
(33)
24
(1)
2023
1.17
1.07
\nCash flow hedges - interest rate risk
\n3
\nInterest rate swaps - Euro loans
\u2013
\u2013
\u2013
(1)
\u2013
1
\u2013
\u2013
\u2013
\u2013
\nNet investment hedge - foreign
\nexchange risk
\n5
\nCross-currency and foreign exchange
\nswaps - South African rand investment
1,555
\u2013
113
959
174
\u2013
1,133
2022
17.29
0.31
\n28,621
2,904
363
1,823
(3,530)
1,422
(285)
\nNotes:
\n1
Fair value movement deferred into other comprehensive income includes \u20ac383 million loss (2022: \u20ac1,318 million loss) and \u20ac17 million gain (2022: \u20ac1 million gain) of foreign currency basis outside the
\ncash flow and net investment hedge relationships respectively.
\n2
Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local markets. Notional amounts of \u20ac259 million (2022: \u20ac146 million) and $134 million
\nor \u20ac124 million equivalent (2022: $109 million or \u20ac98 million equivalent) with weighted average exchange rates of 18.36 (2022: 12.45) and 20.07 (2022: 10.95) respectively to Turkish lira.
\n3
For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the
\nperiod was \u20acnil (2022: \u20acnil).
\n4
The carrying value of bonds includes an additional \u20ac776 million loss (2022: \u20ac760 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.
\n5
Hedge ineffectiveness of swaps designated in a net investment hedge during the period was \u20acnil (2022: \u20acnil).
Changes in assets and liabilities arising from financing activitiesBorrowings
\nDerivative assets and
\nliabilities
\nFinancial liabilities
\nunder put options
Other liabilities
\nAssets and liabilities
\narising from financing
\nactivities
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April 2022
70,092
(2,954)
494
1,498
69,130
\nCash movements
\nProceeds from issuance of long-term borrowings
4,071
\u2013
\u2013
\u2013
4,071
\nRepayment of borrowings
(13,538)
\u2013
\u2013
\u2013
(13,538)
\nNet movement in short-term borrowings
3,172
\u2013
\u2013
\u2013
3,172
\nNet movement in derivatives
\u2013
261
\u2013
\u2013
261
\nInterest paid
(2,444)
590
(18)
(79)
(1,951)
\nPurchase of treasury shares
\u2013
\u2013
\u2013
(1,867)
(1,867)
\nOther
\u2013
\u2013
(12)
\u2013
(12)
\nNon-cash movements
\nFair value movements
\u2013
(1,688)
\u2013
\u2013
(1,688)
\nForeign exchange
(44)
(350)
\u2013
(20)
(414)
\nInterest costs
2,657
(561)
21
(113)
2,004
\nLease additions
7,652
\u2013
\u2013
\u2013
7,652
\nAcquisition and disposal of subsidiaries
(5,243)
\u2013
\u2013
\u2013
(5,243)
\nOther
\n1
\n15
\u2013
\u2013
684
699
\n31 March 2023
66,390
(4,702)
485
103
62,276
\nBorrowings
\nDerivative assets and
\nliabilities
\nFinancial liabilities
\nunder put options
Other liabilities
\nAssets and liabilities
\narising from financing
\nactivities
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April 2021
67,760
859
492
491
69,602
\nCash movements
\nProceeds from issuance of long-term borrowings
2,548
\u2013
\u2013
\u2013
2,548
\nRepayment of borrowings
(8,248)
\u2013
\u2013
\u2013
(8,248)
\nNet movement in short-term borrowings
3,002
\u2013
\u2013
\u2013
3,002
\nNet movement in derivatives
\u2013
(293)
\u2013
\u2013
(293)
\nInterest paid
(2,246)
469
(17)
(10)
(1,804)
\nPurchase of treasury shares
\u2013
\u2013
\u2013
(2,087)
(2,087)
\nNon-cash movements
\nFair value movements
\u2013
(2,631)
\u2013
\u2013
(2,631)
\nForeign exchange
1,386
(930)
\u2013
(15)
441
\nInterest costs
2,356
(428)
19
13
1,960
\nLease additions
3,410
\u2013
\u2013
\u2013
3,410
\nOther
\n1
\n124
\u2013
\u2013
3,106
3,230
\n31 March 2022
70,092
(2,954)
494
1,498
69,130
\nNote:
\n1
Movement in Other liabilities primarily relate to share buyback programmes.
Fair value and carrying value informationThe carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019, 14 \u2018Trade and other receivables\u2019
\nand 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost the carrying values approximate fair value except as disclosed in
\nnote 13 \u2018Other investments\u2019.
\nThe carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other payables\u2019 and 21 \u2018Borrowings\u2019. The
\ncarrying values approximate fair value for the Group\u2019s trade payables and other payables categories. For other financial liabilities a comparison of fair
\nvalue and carrying value is disclosed in note 21 \u2018Borrowings\u2019.
\nLevel 3 financial instruments
\nThe Group\u2019s borrowings include \u20ac1,485 million (2022: \u20ac1,382 million) of bank borrowings that are secured against the Group\u2019s shareholdings in
\nIndus Towers and Vodafone Idea (see note 12 \u2018Investments in Associates and Joint Ventures\u2019 for further details of these assets) and will be repaid
\nthrough the realisation of proceeds from those assets. This arrangement contains an embedded derivative option which has been separately fair
\nvalued. The 31 March 2023 valuation of the embedded derivative asset of \u20ac198 million (2022: \u20ac3 million) is presented within derivative assets in
\ncurrent assets (see note 14 \u2018Trade and other receivables\u2019).
\nA Black Scholes model for European put options has been used as a valuation model and primarily uses market inputs (quoted share prices and
\nvolatilities for Indus Towers and Vodafone Idea) along with a strike price equal to the amount payable under the loan. The valuation includes an
\nunobservable adjustment to reflect the potential timeframe to settle the loan and has been modelled using a range of potential durations up to 30
\nSeptember 2024. As a result of this unobservable adjustment, the option is classified as a level 3 instrument under the fair value hierarchy. An
\nincrease/(decrease) in durations applied of 6 months would increase/(decrease) the derivative asset by \u20ac141 million/(\u20ac115 million).
\nNet financial instruments
\nThe table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet and the impact of enforceable
\nmaster netting or similar agreements.
\nAt 31 March 2023
\nRelated amounts not set off in the balance sheet
\nGross amount
Amount set off
\nAmounts
\npresented in
\nbalance sheet
\nRight of set off
\nwith derivative
\ncounterparties
\nCollateral
\n(liabilities)/assets
\n1
\nNet amount
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nDerivative financial assets
6,124
\u2013
6,124
(910)
(4,886)
328
\nDerivative financial liabilities
(1,422)
\u2013
(1,422)
910
239
(273)
\nTotal
4,702
\u2013
4,702
\u2013
(4,647)
55
\nAt 31 March 2022
\nRelated amounts not set off in the balance sheet
\nGross amount
Amount set off
\nAmounts
\npresented in
\nbalance sheet
\nRight of set off
\nwith derivative
\ncounterparties
\nCollateral
\n(liabilities)/assets
\n1
\nNet amount
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nDerivative financial assets
4,626
\u2013
4,626
(1,365)
(2,914)
347
\nDerivative financial liabilities
(1,672)
\u2013
(1,672)
1,365
368
61
\nTotal
2,954
\u2013
2,954
\u2013
(2,546)
408
\nNote:
\n1
Excludes collateral of \u20acnil (2022: \u20ac330 million) pledged as initial margin, as security against future mark to market movements on certain derivative options, that therefore does not offset
\nagainst existing mark to market balances as at 31 March.
\nFinancial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when there is a legally enforceable right to
\noffset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Derivative
\nfinancial instruments that do not meet the criteria for offset could be settled net in certain circumstances under ISDA (\u2018International Swaps and
\nDerivatives Association\u2019) agreements where each party has the option to settle amounts on a net basis in the event of default from the other.
\nCollateral may be offset and net settled against derivative financial instruments in the event of default by either party. The aforementioned
\ncollateral balances are recorded in Notes 13 \u2018Other investments\u2019 or 21 \u2018Borrowings\u2019 respectively.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25398": {
"value": "13. Other investmentsThe Group holds a number of other listed and unlisted investments, mainly comprising managed funds,
\ndeposits and government bonds.
\nAccounting policies
\nOther investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an
\ninvestment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned,
\nand are initially measured at fair value, including transaction costs.
\nDebt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and
\ninterest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the
\ncriteria for amortised cost are measured at fair value through profit and loss.
\nEquity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of
\nfair value gains and losses to profit or loss following derecognition of the investment.
\n2023
2022
\n\u20acm
\u20acm
\nIncluded within non-current assets
\nEquity securities
\n1
\n94
143
\nDebt securities
\n2
\n999
930
\n1,093
1,073
\nIncluded within current assets
\nShort-term investments:
\nBonds and debt securities
\n3
\n1,338
1,446
\nManaged investment funds
\n1
\n2,967
3,349
\n4,305
4,795
\nCollateral assets
\n4
\n239
698
\nOther investments
\n5
\n2,473
2,438
\n7,017
7,931
\nNotes:
\n1
Items measured at a fair value, \u20ac47 million (2022: \u20ac91 million) of equity securities have a valuation basis of level 1 classification, which comprises financial instruments where fair value is
\ndetermined by unadjusted quoted prices in active markets for identical assets and liabilities. The remaining items are measured at fair value and the basis is level 2 classification, which
\ncomprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
\n2
Items are measured at amortised cost and have a fair value of \u20ac803 million (2022: \u20ac830 million) with a valuation basis of level 1 classification.
\n3
Items are measured at fair value and the valuation basis is level 1 classification.
\n4
Items are measured at amortised cost and the carrying amount approximates fair value.
\n5
Includes investments measured at a fair value of \u20ac1,409 million (2022: \u20ac1,460 million). The valuation basis is level 1. The remaining items are measured at amortised cost and the carrying
\namount approximates fair value.
\nNon-current debt securities within non-current assets include \u20ac885 million (2022: \u20ac885 million) of loan notes issued by VodafoneZiggo
\nHolding B.V.
\nThe Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving
\nsuitable returns. Collateral arrangements on derivative financial instruments result in cash being paid/(held), repayable when the
\nderivatives are settled. These assets do not meet the definition of cash and cash equivalents but are included in the Group\u2019s net debt based
\non their liquidity.
\nBonds and debt securities includes \u20ac899 million (2022: \u20ac681 million) of highly liquid Japanese; \u20ac290 million (2022: \u20acnil) Dutch; \u20ac150
\nmillion (2022: \u20acnil) German; \u20acnil (2022: \u20ac501 million) Belgian; \u20acnil (2022: \u20ac200 million) French government securities and \u20acnil (2022: \u20ac64
\nmillion) of UK government bonds.
\nManaged investment funds of \u20ac2,967 million (2022: \u20ac3,349 million) are in funds with liquidity of up to 90 days.
\nCollateral assets of \u20ac239 million (2022: \u20ac698 million) represents collateral paid on derivative financial instruments.
\nOther investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts
\nheld in qualifying assets by Group insurance companies to meet regulatory requirements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25407": {
"value": "Accounting policies Other investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an
\ninvestment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned,
\nand are initially measured at fair value, including transaction costs.
\nDebt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and
\ninterest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the
\ncriteria for amortised cost are measured at fair value through profit and loss.
\nEquity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of
\nfair value gains and losses to profit or loss following derecognition of the investment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25408": {
"value": "Accounting policies Other investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an
\ninvestment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned,
\nand are initially measured at fair value, including transaction costs.
\nDebt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and
\ninterest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the
\ncriteria for amortised cost are measured at fair value through profit and loss.
\nEquity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of
\nfair value gains and losses to profit or loss following derecognition of the investment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25409": {
"value": "Other investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an
\ninvestment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned,
\nand are initially measured at fair value, including transaction costs.
\nDebt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and
\ninterest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the
\ncriteria for amortised cost are measured at fair value through profit and loss.
\nEquity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of
\nfair value gains and losses to profit or loss following derecognition of the investment.
Trade receivables represent amounts owed by customers where the right to receive payment is conditional only on the passage of time. Trade
\nreceivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is
\naccreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the
\nGroup establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other
\ncomprehensive income; all other trade receivables are recorded at amortised cost.
\nThe carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for
\nlifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the
\nageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management
\ndeems them not to be collectible.
Cash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that are readily convertible to a known
\namount of cash and are subject to an insignificant risk of changes in value. Assets in money market funds, whose contractual cash flows do not
\nrepresent solely payments of interest and principal, are measured at fair value with gains and losses arising from changes in fair value included in net
\nprofit or loss for the period. All other cash and cash equivalents are measured at amortised cost.
Financial instruments
\nFinancial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s consolidated statement of financial
\nposition when the Group becomes a party to the contractual provisions of the instrument.
Derivative financial instruments and hedge accountingThe Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative
\nfinancial instruments. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written
\nprinciples on the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial
\ninstruments for speculative purposes.
\nThe Group designates certain derivatives as:
\n\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (\u2018cash flow hedges\u2019); or
\n\u2212
hedges of net investments in foreign operations.
\nDerivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each
\nreporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income
\nstatement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\nportion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge
\nrelationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item
\nand hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk,
\nwith gains and losses recognised in the income statement.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge
\naccounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and
\nis recognised in the income statement when the hedged transaction is ultimately recognised in the income statement.
\nFor cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive
\nincome and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction
\nresults in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\nincome and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
\nnon-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in
\nthe income statement.
\nFor net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign
\noperation is disposed of.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25515": {
"value": "14. Trade and other receivables Trade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay to our
\nsuppliers in advance. Derivative financial instruments with a positive market value are reported within this note as are
\ncontract assets, which represent an asset for accrued revenue in respect of goods or services delivered to customers for
\nwhich a trade receivable does not yet exist, and finance lease receivables recognised where the Group acts as a lessor.
\nSee note 20 \u2018Leases\u2019 for more information on the Group\u2019s leasing activities.
\nAccounting policies
\nTrade receivables represent amounts owed by customers where the right to receive payment is conditional only on the passage of time. Trade
\nreceivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is
\naccreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the
\nGroup establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other
\ncomprehensive income; all other trade receivables are recorded at amortised cost.
\nThe carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for
\nlifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the
\nageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management
\ndeems them not to be collectible.
\n2023
2022
\n\u20acm
\u20acm
\nIncluded within non-current assets
\nTrade receivables
51
34
\nTrade receivables held at fair value through other comprehensive income
337
606
\nNet investment in leases
267
134
\nContract assets
494
495
\nContract-related costs
690
630
\nOther receivables
66
37
\nPrepayments
296
231
\nDerivative financial instruments
\n1
\n5,642
4,216
\n7,843
6,383
\nIncluded within current assets
\nTrade receivables
3,277
3,300
\nTrade receivables held at fair value through other comprehensive income
566
802
\nNet investment in leases
106
66
\nContract assets
3,063
3,056
\nContract-related costs
1,471
1,403
\nAmounts owed by associates and joint ventures
175
241
\nOther receivables
730
869
\nPrepayments
835
872
\nDerivative financial instruments
\n1
\n482
410
\n10,705
11,019
\nNote:
\n1
Includes \u20ac198 million (2022: \u20ac3 million) of embedded derivative option for which fair value is based on level 3 of the fair value hierarchy (see section on fair value carrying value information
\nwithin note 22 \u2018Capital and Risk Management\u2019). All other items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined
\nfrom inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
\nThe Group\u2019s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are measured after allowances for
\nfuture expected credit losses, see note 22 \u2018Capital and financial risk management\u2019 for more information on credit risk.
\nThe carrying amounts of trade and other receivables, which are measured at amortised cost, approximate their fair value and are predominantly
\nnon-interest bearing.
\nThe Group\u2019s contract-related costs comprise \u20ac2,078 million (2022: \u20ac1,967 million) relating to costs incurred to obtain customer contracts and \u20ac83
\nmillion (2022: \u20ac66 million) relating to costs incurred to fulfil customer contracts; an amortisation and impairment expense of \u20ac1,541 million (2022:
\n\u20ac1,517 million) was recognised in operating profit during the year.
\nOther than for the embedded derivative option described above, the fair values of the derivative financial instruments are calculated by discounting
\nthe future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25526": {
"value": "Accounting policies Trade receivables represent amounts owed by customers where the right to receive payment is conditional only on the passage of time. Trade
\nreceivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is
\naccreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the
\nGroup establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other
\ncomprehensive income; all other trade receivables are recorded at amortised cost.
\nThe carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for
\nlifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the
\nageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management
\ndeems them not to be collectible.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25527": {
"value": "Accounting policies Trade receivables represent amounts owed by customers where the right to receive payment is conditional only on the passage of time. Trade
\nreceivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is
\naccreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the
\nGroup establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other
\ncomprehensive income; all other trade receivables are recorded at amortised cost.
\nThe carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for
\nlifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the
\nageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management
\ndeems them not to be collectible.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25543": {
"value": "2023 2022
\n\u20acm
\u20acm
\nIncluded within non-current assets
\nTrade receivables
51
34
\nTrade receivables held at fair value through other comprehensive income
337
606
\nNet investment in leases
267
134
\nContract assets
494
495
\nContract-related costs
690
630
\nOther receivables
66
37
\nPrepayments
296
231
\nDerivative financial instruments
\n1
\n5,642
4,216
\n7,843
6,383
\nIncluded within current assets
\nTrade receivables
3,277
3,300
\nTrade receivables held at fair value through other comprehensive income
566
802
\nNet investment in leases
106
66
\nContract assets
3,063
3,056
\nContract-related costs
1,471
1,403
\nAmounts owed by associates and joint ventures
175
241
\nOther receivables
730
869
\nPrepayments
835
872
\nDerivative financial instruments
\n1
\n482
410
\n10,705
11,019",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25544": {
"value": "2023 2022
\n\u20acm
\u20acm
\nIncluded within non-current assets
\nTrade receivables
51
34
\nTrade receivables held at fair value through other comprehensive income
337
606
\nNet investment in leases
267
134
\nContract assets
494
495
\nContract-related costs
690
630
\nOther receivables
66
37
\nPrepayments
296
231
\nDerivative financial instruments
\n1
\n5,642
4,216
\n7,843
6,383
\nIncluded within current assets
\nTrade receivables
3,277
3,300
\nTrade receivables held at fair value through other comprehensive income
566
802
\nNet investment in leases
106
66
\nContract assets
3,063
3,056
\nContract-related costs
1,471
1,403
\nAmounts owed by associates and joint ventures
175
241
\nOther receivables
730
869
\nPrepayments
835
872
\nDerivative financial instruments
\n1
\n482
410
\n10,705
11,019",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25545": {
"value": "2023 2022
\n\u20acm
\u20acm
\nIncluded within non-current assets
\nTrade receivables
51
34
\nTrade receivables held at fair value through other comprehensive income
337
606
\nNet investment in leases
267
134
\nContract assets
494
495
\nContract-related costs
690
630
\nOther receivables
66
37
\nPrepayments
296
231
\nDerivative financial instruments
\n1
\n5,642
4,216
\n7,843
6,383
\nIncluded within current assets
\nTrade receivables
3,277
3,300
\nTrade receivables held at fair value through other comprehensive income
566
802
\nNet investment in leases
106
66
\nContract assets
3,063
3,056
\nContract-related costs
1,471
1,403
\nAmounts owed by associates and joint ventures
175
241
\nOther receivables
730
869
\nPrepayments
835
872
\nDerivative financial instruments
\n1
\n482
410
\n10,705
11,019",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25620": {
"value": "The Group\u2019s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are measured after allowances for future expected credit losses, see note 22 \u2018Capital and financial risk management\u2019 for more information on credit risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25655": {
"value": "15. Trade and other payables Trade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued and
\ncontract liabilities relating to consideration received from customers in advance. They also include taxes and social
\nsecurity amounts due in relation to the Group\u2019s role as an employer. Derivative financial instruments with a negative
\nmarket value are reported within this note.
\nAccounting policies
\nTrade payables are not interest-bearing and are stated at their nominal value.
\n2023
2022
\n\u20acm
\u20acm
\nIncluded within non-current liabilities
\nOther payables
520
452
\nAccruals
48
28
\nContract liabilities
500
530
\nDerivative financial instruments
\n1
\n1,116
1,506
\n2,184
2,516
\nIncluded within current liabilities
\nTrade payables
7,662
7,327
\nAmounts owed to associates and joint ventures
329
40
\nOther taxes and social security payable
1,013
1,114
\nOther payables
2,080
2,032
\nAccruals
\n2
\n4,814
6,991
\nContract liabilities
2,043
1,991
\nDerivative financial instruments
\n1
\n306
166
\n18,247
19,661
\nNotes:
\n1
Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are
\nobservable for the asset or liability, either directly or indirectly.
\n2
Includes \u20acnil (2022: \u20ac1,434 million) payable in relation to the irrevocable and non-discretionary share buyback programmes.
\nThe carrying amounts of trade and other payables approximate their fair value.
\nMaterially all of the \u20ac1,991 million recorded as current contract liabilities at 1 April 2022 was recognised as revenue during the year.
\nOther payables included within non-current liabilities include \u20ac257 million (2022: \u20ac351 million) in respect of the re-insurance of a third party
\nannuity policy related to the Vodafone and CWW Sections of the Vodafone UK Group Pension Scheme.
\nThe fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate
\nmarket interest rates and foreign currency rates prevailing at 31 March.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25665": {
"value": "Accounting policies Trade payables are not interest-bearing and are stated at their nominal value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25666": {
"value": "Accounting policiesTrade payables are not interest-bearing and are stated at their nominal value. Accounting policiesInterest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at
\namortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair
\nvalue adjustments are recognised in accordance with our policy (see note 22 \u2018Capital and financial risk management\u2019). Any difference between the
\nproceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing.
\nWhere bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal
\namounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at
\namortised cost using the effective interest rate method.
Accounting policiesFinancial instruments
\nFinancial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s consolidated statement of financial
\nposition when the Group becomes a party to the contractual provisions of the instrument.
\nFinancial liabilities and equity instruments
\nFinancial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered
\ninto and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the
\nassets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies
\nadopted for specific financial liabilities and equity instruments are set out below.
\nFinancial liabilities under put option arrangements
\nThe Group has an obligation to pay a fixed rate of return to minority equity shareholders in the Group\u2019s subsidiary Kabel Deutschland AG, under the
\nterms of a court-imposed domination and profit and loss transfer agreement. This agreement also provides the minority shareholders the option to
\nput their shareholding to Vodafone at a fixed price per share. The obligation to purchase the shares has been recognised as a financial liability and no
\nnon-controlling interests are recognised in respect of minority shareholders. Interest costs are accrued at the agreed rate of return and recognised
\nin financing costs.
\nDerivative financial instruments and hedge accounting
\nThe Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative
\nfinancial instruments. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written
\nprinciples on the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial
\ninstruments for speculative purposes.
\nThe Group designates certain derivatives as:
\n\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (\u2018cash flow hedges\u2019); or
\n\u2212
hedges of net investments in foreign operations.
\nDerivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each
\nreporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income
\nstatement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\nportion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge
\nrelationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item
\nand hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk,
\nwith gains and losses recognised in the income statement.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge
\naccounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and
\nis recognised in the income statement when the hedged transaction is ultimately recognised in the income statement.
\nFor cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive
\nincome and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction
\nresults in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\nincome and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
\nnon-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in
\nthe income statement.
\nFor net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign
\noperation is disposed of.
Capital managementThe following table summarises the capital of the Group at 31 March:
\nRe-presented
\n1
\n2023
2022
\n\u20acm
\u20acm
\nBorrowings (note 21)
66,390
70,092
\nCash and cash equivalents (note 19)
(11,705)
(7,496)
\nDerivative financial instruments included in trade and other receivables (note 14)
(6,124)
(4,626)
\nDerivative financial instruments included in trade and other payables (note 15)
1,422
1,672
\nShort-term investments (note 13)
(4,305)
(4,795)
\nCollateral assets (note 13)
(239)
(698)
\nFinancial liabilities under put option arrangements
485
494
\nEquity
64,483
57,073
\nCapital
110,407
111,716
\nNote:
\n1
The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. Capital has increased by \u20ac96 million
\ncompared to the amount previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\nThe Group\u2019s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet
\nanticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity
\nto certain subsidiaries.
\nDividends from joint ventures and associates and to non-controlling shareholders
\nDividend policies within shareholder agreements for certain of the Group\u2019s associates and joint ventures give the Group certain rights to receive
\ndividends but are generally paid at the discretion of the Board of Directors or shareholders. We do not have existing obligations to pay dividends to
\nnon-controlling interest partners of our subsidiaries other than ongoing dividend obligations to the Kabel Deutschland A.G. minority shareholders.
\nThe amount of dividends received and paid in the year are disclosed in the consolidated statement of cash flows.
\nPotential cash outflows from option agreements and similar arrangements
\nAll remaining put options issued as part of the hedging strategy for the mandatory convertible bonds (\u2018MCBs\u2019) matured during the financial year
\n(1,452 million share options outstanding as at 31 March 2022). These permitted the holders to exercise against the Group at maturity of the option
\nif there was a decrease in our share price. Under the terms of the options, settlement was made in cash which equated to the reduced value of
\nshares from the initial conversion price, adjusted for dividends declared.
\nSale of trade receivables
\nDuring the year, the Group sold certain trade receivables to a number of financial institutions. Whilst there are no repurchase obligations in respect
\nof these receivables, the Group provided credit guarantees which would only become payable if default rates were significantly higher than
\nhistorical rates. The credit guarantee is not considered substantive and substantially all risks and rewards associated with the receivables passed to
\nthe purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the guarantees at 31 March 2023 was
\n\u20ac1,927 million (2022: \u20ac1,341 million). No provision has been made in respect of these guarantees as the likelihood of a cash outflow has been
\nassessed as remote.
\nSupplier financing arrangements
\nThe Group offers suppliers the opportunity to use supply chain financing (\u2018SCF\u2019). SCF allows suppliers that decide to use it to receive funding earlier
\nthan the invoice due date. At 31 March 2023, the financial institutions that run the SCF programmes had purchased \u20ac2.4 billion (2022: \u20ac2.4 billion)
\nof outstanding supplier invoices, principally from larger suppliers. The Group does not provide any financial guarantees to the financial institutions
\nunder this programme and continues to cash settle supplier payables in accordance with their contractual terms. As such, the programme does not
\nchange the Group\u2019s net debt, trade payable balances or cash flows.
\nThe Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to hold the characteristics of a trade
\npayable or should be classified as borrowings; these indicators include whether the payment terms exceed the shorter of customary payment terms
\nin the industry or 180 days. At 31 March 2023, none of the payables subject to supplier financing arrangements met the criteria to be reclassified as
\nborrowings.
\nFinancial risk management
\nThe Group\u2019s treasury function centrally manages the Group\u2019s funding requirement, net foreign exchange exposure, interest rate management
\nexposures and counterparty risk arising from investments and derivatives. Treasury operations are conducted within a framework of policies and
\nguidelines authorised and reviewed by the Board, most recently in March 2023. A treasury risk committee comprising of the Group\u2019s Chief Financial
\nOfficer, Group General Counsel and Company Secretary, Group Financial Controller, Group Corporate Finance Director, Group Treasury Director and
\nGroup Director of Financial Controlling and Operations meets three times a year to review treasury activities and its members receive management
\ninformation relating to treasury activities on a quarterly basis. The Group\u2019s Internal Auditor reviews the internal control environment regularly.
No bonds issued by the Group or the Revolving Credit Facilities are subject to financial covenant ratios. Approximately \u20ac35 billion (2022: \u20ac38 billion)
\nof issued bonds have a change of control clause. The Group uses derivative instruments for currency and interest rate risk management purposes that
\nare transacted by specialist treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements.
\nThe Group\u2019s financial risk management policies seek to reduce the Group\u2019s exposure to any future disruption to financial markets, including any
\nfuture impacts from global economic and political uncertainty and other macro economic events.
\nThe Group has combined cash and cash equivalent and short-term investments of \u20ac16.0 billion, providing significant headroom over short-term
\nliquidity requirements. Additionally the Group maintains undrawn revolving credit facilities of \u20ac7.7 billion euro equivalent. As at 31 March 2023 and
\nafter hedging, substantially all the Group\u2019s borrowings are held on a fixed interest basis, mitigating exposure to interest rate risk. The Group has no
\nsignificant currency exposures other than positions in economic hedging relationships. The Group\u2019s credit risk under financing activities is spread
\nacross a portfolio of highly rated institutions to reduce counterparty exposures and derivative balances are substantially all collateralised. The
\nGroup\u2019s operating activities result in customer credit risk, for which provisions for expected credit losses are recognised.
\nCredit risk
\nCredit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a financial loss for the Group. The Group is
\nexposed to credit risk from its operating activities and from its financing activities, the Group considers its maximum exposure to credit risk at 31
\nMarch to be:
\n2023
2022
\n\u20acm
\u20acm
\nCash and bank deposits (note 19)
3,924
2,220
\nMoney market funds (note 19)
7,781
5,276
\nManaged investment funds (note 13)
2,967
3,349
\nBonds and debt securities (note 13)
2,337
2,376
\nCollateral assets (note 13)
239
698
\nOther investments (note 13)
2,473
2,438
\nDerivative financial instruments (note 14)
6,124
4,626
\nTrade receivables (note 14)
\n1
\n6,158
6,083
\nContract assets and other receivables (note 14)
4,353
4,457
\nPerformance bonds and other guarantees (note 29)
3,381
2,866
\n39,737
34,389
\nNote:
\n1
Includes amounts guaranteed under sales of trade receivables \u20ac1,927 million (2022: \u20ac1,341 million)
\nExpected credit loss
\nThe Group has financial assets classified and measured at amortised cost and fair value through other comprehensive income that are subject to the
\nexpected credit loss model requirements of IFRS 9. Cash and bank deposits and certain other investments are both classified and measured at
\namortised cost and subject to impairment requirements. However, the identified expected credit loss is considered to be immaterial.
\nInformation about expected credit losses for trade receivables and contract assets can be found under \u2018operating activities\u2019 on page 179.
\nFinancing activities
\nThe Group invests in government securities on the basis they generate a fixed rate of return and are amongst the most creditworthy of investments
\navailable.
\nInvestments are made in accordance with established internal treasury policies which dictate the scaled maximum exposure permissible in relation
\nto an investment\u2019s long-term credit rating. The Group invests in AAA unsecured money market mutual funds, where the investment is limited to
\n10% of each fund; A to AAA government securities, both directly and through money market mutual funds; and has two managed investment funds
\nthat hold securities with an average credit quality of AA.
\nIn respect of financial instruments used by the Group\u2019s treasury function, the aggregate credit risk the Group may have with one counterparty is
\nlimited by reference to the long-term credit ratings assigned for that counterparty by Moody\u2019s, Fitch Ratings and Standard & Poor\u2019s. Furthermore,
\ncollateral support agreements reduce the Group\u2019s exposure to counterparties who must post collateral when there is value due to the Group under
\noutstanding derivative contracts that exceeds a contractually agreed threshold amount. When value is due to the counterparty the Group is
\nrequired to post collateral on identical terms. Such cash collateral is adjusted daily as necessary.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25671": {
"value": "2023 2022
\n\u20acm
\u20acm
\nIncluded within non-current liabilities
\nOther payables
520
452
\nAccruals
48
28
\nContract liabilities
500
530
\nDerivative financial instruments
\n1
\n1,116
1,506
\n2,184
2,516
\nIncluded within current liabilities
\nTrade payables
7,662
7,327
\nAmounts owed to associates and joint ventures
329
40
\nOther taxes and social security payable
1,013
1,114
\nOther payables
2,080
2,032
\nAccruals
\n2
\n4,814
6,991
\nContract liabilities
2,043
1,991
\nDerivative financial instruments
\n1
\n306
166
\n18,247
19,661",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25672": {
"value": "2023 2022
\n\u20acm
\u20acm
\nIncluded within non-current liabilities
\nOther payables
520
452
\nAccruals
48
28
\nContract liabilities
500
530
\nDerivative financial instruments
\n1
\n1,116
1,506
\n2,184
2,516
\nIncluded within current liabilities
\nTrade payables
7,662
7,327
\nAmounts owed to associates and joint ventures
329
40
\nOther taxes and social security payable
1,013
1,114
\nOther payables
2,080
2,032
\nAccruals
\n2
\n4,814
6,991
\nContract liabilities
2,043
1,991
\nDerivative financial instruments
\n1
\n306
166
\n18,247
19,661",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25673": {
"value": "2023 2022
\n\u20acm
\u20acm
\nIncluded within non-current liabilities
\nOther payables
520
452
\nAccruals
48
28
\nContract liabilities
500
530
\nDerivative financial instruments
\n1
\n1,116
1,506
\n2,184
2,516
\nIncluded within current liabilities
\nTrade payables
7,662
7,327
\nAmounts owed to associates and joint ventures
329
40
\nOther taxes and social security payable
1,013
1,114
\nOther payables
2,080
2,032
\nAccruals
\n2
\n4,814
6,991
\nContract liabilities
2,043
1,991
\nDerivative financial instruments
\n1
\n306
166
\n18,247
19,661",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25764": {
"value": "16. Provisions A provision is a liability recorded in the statement of financial position, where there is uncertainty over the timing or
\namount that will be paid, and is therefore often estimated. The main provisions we hold are in relation to asset
\nretirement obligations, which include the cost of returning network infrastructure sites to their original condition at the
\nend of the lease and claims for legal and regulatory matters.
\nAccounting policies
\nProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be
\nrequired to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors\u2019 best
\nestimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Where
\nthe timing of settlement is uncertain amounts are classified as non-current where settlement is expected more than 12 months from the reporting date.
\nAsset retirement obligations
\nIn the course of the Group\u2019s activities, a number of sites and other assets are utilised which are expected to have costs associated with decommissioning.
\nThe associated cash outflows are substantially expected to occur at the dates of decommissioning of the assets to which they relate, and are long term in
\nnature.
\nLegal and regulatory
\nThe Group is involved in a number of legal and other disputes, including where the Group has received notifications of possible claims. The
\nDirectors of the Company, after taking legal advice, have established provisions considering the facts of each case. For a discussion of
\ncertain legal issues potentially affecting the Group see note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial
\nstatements.
\nRestructuring
\nThe Group undertakes periodic reviews of its operations and recognises provisions as required based on the outcomes of these
\nreviews. The associated cash outflows for restructuring costs are primarily less than one year.
\nOther provisions
\nOther provisions comprise various items that do not fall within the Group\u2019s other categories of provisions.
\nAsset
\nretirement
Legal and
\nobligations
regulatory
Restructuring
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April 2021
1,222
528
426
463
2,639
\nExchange movements
3
(25)
(4)
5
(21)
\nAmounts capitalised in the year
297
\u2013
\u2013
\u2013
297
\nAmounts charged to the income statement
\u2013
216
216
139
571
\nUtilised in the year - payments
(51)
(128)
(295)
(197)
(671)
\nAmounts released to the income statement
(1)
(142)
(41)
(83)
(267)
\n31 March 2022
1,470
449
302
327
2,548
\nExchange movements
(22)
(28)
\u2013
(2)
(52)
\nDisposal of subsidiaries
(578)
(8)
(2)
(2)
(590)
\nAmounts capitalised in the year
185
\u2013
\u2013
\u2013
185
\nAmounts charged to the income statement
\u2013
138
425
126
689
\nUtilised in the year - payments
(59)
(44)
(181)
(123)
(407)
\nAmounts released to the income statement
(1)
(77)
(36)
(48)
(162)
\nOther
35
\u2013
\u2013
\u2013
35
\n31 March 2023
1,030
430
508
278
2,246
\n
\n
\n
Provisions have been analysed between current and non-current as follows:
\nAsset
\nretirement
Legal and
\nobligations
regulatory
Restructuring
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nCurrent liabilities
61
193
298
122
674
\nNon-current liabilities
969
237
210
156
1,572
\n31 March 2023
1,030
430
508
278
2,246
\nAsset
\nretirement
Legal and
\nobligations
regulatory
Restructuring
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nCurrent liabilities
43
235
241
148
667
\nNon-current liabilities
1,427
214
61
179
1,881
\n31 March 2022
1,470
449
302
327
2,548",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25765": {
"value": "16. ProvisionsA provision is a liability recorded in the statement of financial position, where there is uncertainty over the timing or
\namount that will be paid, and is therefore often estimated. The main provisions we hold are in relation to asset
\nretirement obligations, which include the cost of returning network infrastructure sites to their original condition at the
\nend of the lease and claims for legal and regulatory matters.
\nAccounting policies
\nProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be
\nrequired to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors\u2019 best
\nestimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Where
\nthe timing of settlement is uncertain amounts are classified as non-current where settlement is expected more than 12 months from the reporting date.
\nAsset retirement obligations
\nIn the course of the Group\u2019s activities, a number of sites and other assets are utilised which are expected to have costs associated with decommissioning.
\nThe associated cash outflows are substantially expected to occur at the dates of decommissioning of the assets to which they relate, and are long term in
\nnature.
\nLegal and regulatory
\nThe Group is involved in a number of legal and other disputes, including where the Group has received notifications of possible claims. The
\nDirectors of the Company, after taking legal advice, have established provisions considering the facts of each case. For a discussion of
\ncertain legal issues potentially affecting the Group see note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial
\nstatements.
\nRestructuring
\nThe Group undertakes periodic reviews of its operations and recognises provisions as required based on the outcomes of these
\nreviews. The associated cash outflows for restructuring costs are primarily less than one year.
\nOther provisions
\nOther provisions comprise various items that do not fall within the Group\u2019s other categories of provisions.
\nAsset
\nretirement
Legal and
\nobligations
regulatory
Restructuring
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April 2021
1,222
528
426
463
2,639
\nExchange movements
3
(25)
(4)
5
(21)
\nAmounts capitalised in the year
297
\u2013
\u2013
\u2013
297
\nAmounts charged to the income statement
\u2013
216
216
139
571
\nUtilised in the year - payments
(51)
(128)
(295)
(197)
(671)
\nAmounts released to the income statement
(1)
(142)
(41)
(83)
(267)
\n31 March 2022
1,470
449
302
327
2,548
\nExchange movements
(22)
(28)
\u2013
(2)
(52)
\nDisposal of subsidiaries
(578)
(8)
(2)
(2)
(590)
\nAmounts capitalised in the year
185
\u2013
\u2013
\u2013
185
\nAmounts charged to the income statement
\u2013
138
425
126
689
\nUtilised in the year - payments
(59)
(44)
(181)
(123)
(407)
\nAmounts released to the income statement
(1)
(77)
(36)
(48)
(162)
\nOther
35
\u2013
\u2013
\u2013
35
\n31 March 2023
1,030
430
508
278
2,246
Provisions have been analysed between current and non-current as follows:
\nAsset
\nretirement
Legal and
\nobligations
regulatory
Restructuring
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nCurrent liabilities
61
193
298
122
674
\nNon-current liabilities
969
237
210
156
1,572
\n31 March 2023
1,030
430
508
278
2,246
\nAsset
\nretirement
Legal and
\nobligations
regulatory
Restructuring
Other
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nCurrent liabilities
43
235
241
148
667
\nNon-current liabilities
1,427
214
61
179
1,881
\n31 March 2022
1,470
449
302
327
2,548
29. Contingent liabilities and legal proceedingsContingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but
\nis not considered probable or cannot be measured reliably.
\n2023
2022
\n\u20acm
\u20acm
\nPerformance bonds
\n1
\n504
430
\nOther guarantees
\n2
\n2,877
2,436
\nNotes:
\n1
Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial
\narrangements.
\n2
Other guarantees principally comprise Vodafone Group Plc\u2019s guarantee of the Group\u2019s 50% share of a US$3.5 billion loan facility (2022: US$3.5 billion loan facility), which forms part of the Group\u2019s
\noverall joint venture investment in TPG Telecom Ltd. The Group\u2019s share of these loan balances is included in the net investment in joint venture (see note 12 \u2018Investments in associates and joint
\narrangements\u2019). Other guarantees also include a secondary pledge of INR42.5 billion (2022: INR42.5 billion) over shares owned by Vodafone Group in Indus Towers to the value of \u20ac476 million
\n(2022: \u20ac504 million). See page 197. Certain ongoing tax litigations include guarantee arrangements, principally \u20ac267 million in relation to the Netherlands tax case (refer to legal proceedings
\nsection below).
UK pension schemes
\nThe Group\u2019s main defined benefit plan is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019) which has two segregated sections, the
\nVodafone Section and the CWW Section, as detailed in note 25 \u2018Post employment benefits\u2019.
\nThe Group has covenanted to provide security in favour of both the Vodafone Section and CWW Section when they are in a deficit position. The deficit is
\nmeasured on a prescribed basis agreed between the Group and trustee, which differs from the accounting basis reported in note 25 \u2018Post employment
\nbenefits\u2019. The Group provides surety bonds as the security.
\nThe level of the security has varied since inception in line with the movement in the Vodafone UK plan deficit. Due to the improved funding position of
\nthe Plan the level of security has reduced over the year. As at 31 March 2023 the Vodafone UK plan retains security over \u20ac114 million (notional value) for
\nthe Vodafone Section and no security is currently required for the CWW Section. The security may be substituted either on a voluntary or mandatory
\nbasis. The Company has also provided two guarantees to the Vodafone Section of the Vodafone UK plan for a combined value up to \u20ac1.42 billion to
\nprovide security over the deficit under certain defined circumstances, including insolvency of the employers. The Company has also agreed a similar
\nguarantee of up to \u20ac1.42 billion for the CWW Section.
\nAn additional smaller UK defined benefit plan, the THUS Plc Group Scheme, has a guarantee from the Company for up to \u20ac114 million.
\nVodafone Idea
\nAs part of the agreement to merge Vodafone India and Idea Cellular in 7, the parties agreed a mechanism for payments between the Group and
\nVodafone Idea Limited (\u2018VIL\u2019) pursuant to the difference between the crystallisation of certain identified contingent liabilities in relation to legal,
\nregulatory, tax and other matters, and refunds relating to Vodafone India and Idea Cellular. Cash payments or cash receipts relating to these matters
\nmust have been made or received by VIL before any amount becomes due from or owed to the Group. Any future payments by the Group to VIL as a
\nresult of this agreement would only be made after satisfaction of this and other contractual conditions.
\nThe Group\u2019s potential exposure under this mechanism is capped at INR 64 billion (\u20ac719 million) following payments made under this mechanism from
\nVodafone to VIL, in the year ended 31 March 2021, totalling INR 19 billion (\u20ac235 million).
\nOn 7 February 2023, VIL issued equity to the Government of India equivalent to INR 161 billion (\u20ac1.8 billion), representing the net present value of
\ninterest accrued on both deferred spectrum auction instalments and AGR dues pursuant to a relief package announced in September 2021 which is
\ndesigned to improve the liquidity and financial health of the telecom sector.
Wider reforms announced as part of the relief package include a four-year
\nmoratorium on spectrum and AGR payments and the option to convert payments due on spectrum and AGR payments to equity at the end of the
\nmoratorium period which VIL elected to accept in October 2021.
\nVIL remains in need of additional liquidity support from its lenders and intends to raise additional funding. There are significant uncertainties in relation to
\nVIL\u2019s ability to make payments in relation to any remaining liabilities covered by the mechanism and no further cash payments are considered probable
\nfrom the Group as at 31 March 2023.
The carrying value of the Group\u2019s investment in VIL is \u20acnil and the Group is recording no further share of losses in
\nrespect of VIL. The Group\u2019s potential exposure to liabilities within VIL is capped by the mechanism described above; consequently, contingent liabilities
\narising from litigation in India concerning operations of Vodafone India are not reported.
\nIndus Towers
\nVIL\u2019s ability to satisfy certain payment obligations under its Master Services Agreements with Indus Towers (the \u2018MSAs\u2019) is uncertain and depends on a
\nnumber of factors including its ability to raise additional funding.
Under the terms of the Indus and Bharti Infratel merger in November 2020, a security
\npackage was agreed for the benefit of the newly created merged entity, Indus Towers, which could be invoked in the event that VIL was unable to make
\nMSA payments. The security package included the following elements:
\n-
A cash prepayment of INR 24 billion (\u20ac279 million) by VIL to Indus Towers in respect of its undisputed payment obligations, due under the MSAs
\nafter the merger closing. The prepayment was fully utilised during the year to 31 March 2022;
\n-
A primary pledge over 190.7 million shares owned by Vodafone Group in Indus Towers having a value of INR 47 billion (\u20ac544 million) as at 31 March
\n2021.
These pledged shares were sold by the Group in the year ended 31 March 2022; the Group invested INR 33.7 billion (\u20ac393 million) of the
\nproceeds by subscribing to newly issued VIL equity, which VIL immediately used to partially settle outstanding MSA obligations to Indus Towers
\nresulting in an equivalent partial release of the primary pledge.
On 14 February 2023, a similar transaction was undertaken with INR 4.4 billion (\u20ac49
\nmillion) remaining from the sale of the primary pledge shares, fully releasing the pledge.
\n-
A secondary pledge over shares owned by Vodafone Group in Indus Towers, ranking behind Vodafone\u2019s existing lenders for the outstanding bank
\nborrowings of \u20ac1.5 billion as at 31 March 2023 secured against Indian assets (\u2018the bank borrowings\u2019), with a maximum liability cap of INR 42.5 billion
\n(\u20ac476 million).
In the event of non-payment of relevant MSA obligations by VIL, Indus Towers would have recourse to any secondary pledged
\nshares, after repayment of the bank borrowings in full, up to the value of the liability cap.
Legal Proceedings
\nThe Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with, government authorities that are
\nincidental to its operations.
\nLegal proceedings where the Group considers that the likelihood of material future outflows of cash or other resources is more than remote are
\ndisclosed below. Where the Group assesses that it is probable that the outcome of legal proceedings will result in a financial outflow, and a reliable
\nestimate can be made of the amount of that obligation, a provision is recognised for these amounts.
\nIn all cases, determining the probability of successfully defending a claim against the Group involves the application of judgement as the outcome
\nis inherently uncertain. The determination of the value of any future outflows of cash or other resources, and the timing of such outflows, involves
\nthe use of estimates. The costs incurred in complex legal proceedings, regardless of outcome, can be significant.
\nThe Group is not involved in any material proceedings in which any of the Group\u2019s Directors, members of senior management or affiliates are either a
\nparty adverse to the Group or have a material interest adverse to the Group.
\nIndian tax cases
\nThe Group has been challenging retrospective tax demands raised by the Indian tax authority under the Finance Act 2012 against Vodafone
\nInternational Holdings BV (\u2018VIHBV\u2019) relating to a transaction in 2007 whereby VIHBV acquired assets in India from Hutchison Telecommunications
\nInternational Limited.
Pursuant to a new scheme for resolving tax disputes introduced by legislation in August 2021, Vodafone and the Indian
\nGovernment have reached a final agreement and the demands for outstanding tax (including interest and penalties) have been withdrawn in full.
\nFurther background relating to this matter is provided in the Group\u2019s Annual Report for the financial year ended 31 March 2022.
\nVISPL tax claims
\nVodafone India Services Private Ltd (\u2018VISPL\u2019) is involved in a number of tax cases. The total value of the claims is approximately \u20ac471 million plus
\ninterest, and penalties of up to 300% of the principal.
\nOf the individual tax claims, the most significant is in the amount of approximately \u20ac239 million (plus interest of \u20ac628 million), which VISPL has
\nbeen assessed as owing in respect of (i) a transfer pricing margin charged for the international call centre of HTIL prior to the 2007 transaction with
\nVodafone for HTIL assets in India; (ii) the sale of the international call centre by VISPL to HTIL; and (iii) the acquisition of and/or the alleged transfer
\nof options held by VISPL in Vodafone India. The first two of the three heads of tax are subject to an indemnity by HTIL. The larger part of the potential
\nclaim is not subject to an indemnity. A stay of the tax demand on a deposit of \u00a320 million and a corporate guarantee by VIHBV for the balance of tax
\nassessed are in place. On 8 October 2015, the Bombay High Court ruled in favour of Vodafone in relation to the options and the call centre sale. The
\nIndian Tax Authority has appealed to the Supreme Court of India. The appeal hearing has been adjourned indefinitely.
\nWhile there is some uncertainty as to the outcome of the tax cases involving VISPL, the Group believes it has valid defences and does not consider it
\nprobable that a financial outflow will be required to settle these cases.
\nNetherlands tax case
\nVodafone Europe BV (\u2018VEBV\u2019) has received assessments totalling \u20ac267 million of tax and interest from the Dutch tax authorities, who are challenging
\nthe application of the arm\u2019s length principle in relation to various intra-group financing transactions. VEBV has appealed against these assessments
\nto the District Court of the Hague where a hearing was held in March 2023 and we are awaiting the decision which is currently expected in summer
\n2023. The Group has entered into a guarantee for the full value of the assessments issued.
\nThe Group believes it has robust defences and does not consider it probable that there will be a financial outflow required to resolve the case.
Other cases in the Group
\nGermany: Kabel Deutschland takeover - class actions
\nThe German courts have been determining the adequacy of the mandatory cash offer made to minority shareholders in Vodafone\u2019s takeover of
\nKabel Deutschland in 2013. Hearings took place in May 2019 and a decision was delivered in November 2019 in Vodafone\u2019s favour, rejecting all
\nclaims by minority shareholders. A number of shareholders appealed which was rejected by the court in December 2021. Several minority
\nshareholders have filed a further appeal before the Federal Court of Justice. The appeal process is ongoing.
While the outcome is uncertain, the
\nGroup believes it has valid defences and that the outcome of the appeal will be favourable to Vodafone.
\nItaly: Iliad v Vodafone Italy
\nIn July 2019, Iliad filed a claim for \u20ac500 million against Vodafone Italy in the Civil Court of Milan. The claim alleges anti-competitive behaviour in
\nrelation to portability and certain advertising campaigns by Vodafone Italy. The main hearing on the merits of the claim took place on 8 June 2021.
\nOn 17 April 2023, the Civil Court issued a judgement in Vodafone Italy\u2019s favour and rejected Iliad\u2019s claim for damages in full. Whether Iliad will appeal
\nthe judgement is unknown as of the date of this report.
\nThe Group is currently unable to estimate any possible loss in this claim in the event of an adverse judgement on appeal but while the outcome is
\nuncertain, the Group believes it has valid defences and that it is probable that no present obligation exists.
\nGreece: Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v Vodafone Greece
\nIn October 2019, Mr. and Mrs. Papistas, and companies owned or controlled by them, filed several claims against Vodafone Greece with a total value
\nof approximately \u20ac330 million for purported damage caused by the alleged abuse of dominance and wrongful termination of a franchise
\narrangement with a Papistas company. Lawsuits which the Papistas claimants had previously brought against Vodafone Group Plc and certain
\ndirectors and officers of Vodafone were withdrawn. Vodafone Greece filed a counter claim and all claims were heard in February 2020. All of the
\nPapistas claims were rejected by the Athens Court of First Instance because the stamp duty payments required to have the merits of the case
\nconsidered had not been made.
Vodafone Greece\u2019s counter claim was also rejected. The Papistas claimants and Vodafone Greece have each filed
\nappeals. The appeal hearings took place on 23 February and 11 May 2023 and we are waiting to receive the judgements.
\nThe amount claimed in these lawsuits is substantial and, if the claimants are successful, the total potential liability could be material. However, we
\nare continuing vigorously to defend the claims and based on the progress of the litigation so far the Group believes that it is highly unlikely that
\nthere will be an adverse ruling for the Group. On this basis, the Group does not expect the outcome of these claims to have a material financial
\nimpact.
\nUK: Phones 4U in Administration v Vodafone Limited and Vodafone Group Plc and Others
\nIn December 2018, the administrators of former UK indirect seller, Phones 4U, sued the three main UK mobile network operators (\u2018MNOs\u2019),
\nincluding Vodafone, and their parent companies in the English High Court. The administrators allege collusion between the MNOs to pull their
\nbusiness from Phones 4U, thereby causing its collapse. Vodafone and the other defendants filed their defences in April 2019 and the Administrators
\nfiled their replies in October 2019.
Disclosure has taken place and witness statements were filed in December 2021. The judge has also ordered that
\nthere should be a split trial between liability and damages. The first trial on liability took place from May to July 2022. We are waiting to receive the
\njudgement.
\nTaking into account all available evidence, the Group assesses it to be more likely than not that a present obligation does not exist and that the
\nallegations of collusion are completely without merit; the Group is vigorously defending the claim. The value of the claim is not pleaded but we
\nunderstand it to be the total value of the business, allegedly equivalent to approximately \u00a31 billion with the addition of alleged exemplary damages.
\nVodafone\u2019s alleged share of the liability is also not pleaded.
The Group is not able to estimate any possible loss in the event of an adverse judgment.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25774": {
"value": "Accounting policies Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be
\nrequired to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors\u2019 best
\nestimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Where
\nthe timing of settlement is uncertain amounts are classified as non-current where settlement is expected more than 12 months from the reporting date.
\nAsset retirement obligations
\nIn the course of the Group\u2019s activities, a number of sites and other assets are utilised which are expected to have costs associated with decommissioning.
\nThe associated cash outflows are substantially expected to occur at the dates of decommissioning of the assets to which they relate, and are long term in
\nnature.
\nLegal and regulatory
\nThe Group is involved in a number of legal and other disputes, including where the Group has received notifications of possible claims. The
\nDirectors of the Company, after taking legal advice, have established provisions considering the facts of each case. For a discussion of
\ncertain legal issues potentially affecting the Group see note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial
\nstatements.
\nRestructuring
\nThe Group undertakes periodic reviews of its operations and recognises provisions as required based on the outcomes of these
\nreviews. The associated cash outflows for restructuring costs are primarily less than one year.
\nOther provisions
\nOther provisions comprise various items that do not fall within the Group\u2019s other categories of provisions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25781": {
"value": "Asset retirement obligations In the course of the Group\u2019s activities, a number of sites and other assets are utilised which are expected to have costs associated with decommissioning.
\nThe associated cash outflows are substantially expected to occur at the dates of decommissioning of the assets to which they relate, and are long term in
\nnature.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25992": {
"value": "17. Called up share capital Called up share capital is the number of shares in issue at their par value. A number of shares were allotted during the
\nyear in relation to employee share schemes.
\nAccounting policies
\nEquity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs.
\n2023
2022
\nNumber
\u20acm
Number
\u20acm
\nOrdinary shares of 20
\n20
\n\u2044
21
US cents each allotted,
\nissued and fully paid:
\n1, 2, 3
\n1 April
28,817,627,868
4,797
28,816,835,778
4,797
\nAllotted during the year
628,190
\u2013
792,090
\u2013
\n31 March
28,818,256,058
4,797
28,817,627,868
4,797
\nNotes:
\n1
At 31 March 2023, there were 50,000 (2022: 50,000) 7% cumulative fixed rate shares of \u00a31 each in issue.
\n2
At 31 March 2023, the Group held 1,825,691,429 (2022: 447,576,522) treasury shares with a nominal value of \u20ac304 million (2022: \u20ac75 million). The market value of shares held was \u20ac1,855
\nmillion (2022: \u20ac661 million). During the year, 85,844,124 (2022: 68,306,442) treasury shares were reissued under Group share schemes and 1,463,959,031 (2022: 1,441,870,348) shares
\nwere repurchased under share buy-back arrangements.
\n3
During the year ended 31 March 2022, 1,518,629,693 treasury shares were issued in settlement of a maturing \u00a31.72 billion subordinated mandatory convertible bond. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25993": {
"value": "17. Called up share capital Called up share capital is the number of shares in issue at their par value. A number of shares were allotted during the
\nyear in relation to employee share schemes.
\nAccounting policies
\nEquity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs.
\n2023
2022
\nNumber
\u20acm
Number
\u20acm
\nOrdinary shares of 20
\n20
\n\u2044
21
US cents each allotted,
\nissued and fully paid:
\n1, 2, 3
\n1 April
28,817,627,868
4,797
28,816,835,778
4,797
\nAllotted during the year
628,190
\u2013
792,090
\u2013
\n31 March
28,818,256,058
4,797
28,817,627,868
4,797
\nNotes:
\n1
At 31 March 2023, there were 50,000 (2022: 50,000) 7% cumulative fixed rate shares of \u00a31 each in issue.
\n2
At 31 March 2023, the Group held 1,825,691,429 (2022: 447,576,522) treasury shares with a nominal value of \u20ac304 million (2022: \u20ac75 million). The market value of shares held was \u20ac1,855
\nmillion (2022: \u20ac661 million). During the year, 85,844,124 (2022: 68,306,442) treasury shares were reissued under Group share schemes and 1,463,959,031 (2022: 1,441,870,348) shares
\nwere repurchased under share buy-back arrangements.
\n3
During the year ended 31 March 2022, 1,518,629,693 treasury shares were issued in settlement of a maturing \u00a31.72 billion subordinated mandatory convertible bond.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26000": {
"value": "Accounting policies Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26068": {
"value": "18. Reconciliation of net cash flow from operating activities The table below shows how our profit for the year from continuing operations translates into cash flows generated
\nfrom our operating activities.
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\nNotes
\u20acm
\u20acm
\u20acm
\nProfit for the financial year
12,335
2,773
483
\nInvestment income
5
(248)
(254)
(245)
\nFinancing costs
5
1,728
1,964
1,027
\nIncome tax expense
6
481
1,330
3,864
\nOperating profit
14,296
5,813
5,129
\nAdjustments for:
\nShare-based payments and other non-cash charges
73
173
146
\nDepreciation and amortisation
10, 11
13,618
13,845
14,101
\nLoss on disposal of property, plant and equipment and intangible assets
27
30
17
\nShare of result of equity accounted associates and joint ventures
12
(433)
(389)
(374)
\nImpairment loss
4
64
\u2013
\u2013
\nOther income
3
(9,098)
(50)
(568)
\nIncrease in inventory
(180)
(162)
(68)
\n(Increase)/decrease in trade and other receivables
14
(458)
(638)
582
\nIncrease/(decrease) in trade and other payables
15
1,379
384
(730)
\nCash generated by operations
19,288
19,006
18,235
\nNet tax paid
(1,234)
(925)
(1,020)
\nNet cash flow from operating activities
18,054
18,081
17,215
\nNote:
\n1
The results for the years ended 31 March 2022 and 31 March 2021 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. In the year ended 31
\nMarch 2022, profit for the financial year and operating profit have both increased by \u20ac149 million, other income has decreased by \u20ac29 million and the share of result of equity accounted
\nassociates and joint ventures has increased by \u20ac178 million compared to the amounts previously reported. In the year ended 31 March 2021, profit for the financial year has decreased by
\n\u20ac53 million, investment income has decreased by \u20ac85 million, operating profit has increased by \u20ac32 million and the share of result of equity accounted associates and joint ventures has
\nincreased by \u20ac32 million compared to the amounts previously reported. There is no impact on cash generated by operations and net cash flow from operating activities. See note 7
\n\u2018Discontinued operations and assets held for sale\u2019 for more information. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26171": {
"value": "19. Cash and cash equivalents The majority of the Group\u2019s cash is held in bank deposits or money market funds which have a maturity of three months
\nor less from acquisition to enable us to meet our short-term liquidity requirements.
\nAccounting policies
\nCash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that are readily convertible to a known
\namount of cash and are subject to an insignificant risk of changes in value. Assets in money market funds, whose contractual cash flows do not
\nrepresent solely payments of interest and principal, are measured at fair value with gains and losses arising from changes in fair value included in net
\nprofit or loss for the period. All other cash and cash equivalents are measured at amortised cost.
\n2023
2022
\n\u20acm
\u20acm
\nCash and bank deposits
\n1
\n3,924
2,220
\nMoney market funds
\n2
\n7,781
5,276
\nCash and cash equivalents as presented in the consolidated statement of financial position
11,705
7,496
\nBank overdrafts
(77)
(125)
\nCash and cash equivalents as presented in the consolidated statement of cash flows
11,628
7,371
\nNote:
\n1
Includes bank deposits under repurchase agreements of \u20ac1,750 million (2022: \u20acnil).
\n2
Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active
\nmarkets.
\nThe carrying amount of balances at amortised cost approximates their fair value.
\nCash and cash equivalents of \u20ac1,572 million (2022: \u20ac1,554 million) are held in countries with restrictions on remittances but where the balances
\ncould be used to repay subsidiaries\u2019 third party liabilities. In addition, those balances could also be used to repay \u20ac722 million (2022: \u20ac932 million)
\nof intercompany liabilities as at 31 March 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26177": {
"value": "Accounting policies Cash and cash equivalents comprise cash and bank deposits, and other short-term highly liquid investments that are readily convertible to a known
\namount of cash and are subject to an insignificant risk of changes in value. Assets in money market funds, whose contractual cash flows do not
\nrepresent solely payments of interest and principal, are measured at fair value with gains and losses arising from changes in fair value included in net
\nprofit or loss for the period. All other cash and cash equivalents are measured at amortised cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26214": {
"value": "Cash and cash equivalents of \u20ac1,572 million (2022: \u20ac1,554 million) are held in countries with restrictions on remittances but where the balances could be used to repay subsidiaries\u2019 third party liabilities. In addition, those balances could also be used to repay \u20ac722 million (2022: \u20ac932 million)
of intercompany liabilities as at 31 March 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26244": {
"value": "20. Leases The Group leases assets from other parties (the Group is a lessee) and also leases assets to other parties (the Group is a
\nlessor). This note describes how the Group accounts for leases and provides details about its lease arrangements.
\nAccounting policies
\nAs a lessee
\nWhen the Group leases an asset, a \u2018right-of-use asset\u2019 is recognised for the leased item and a lease liability is recognised for any lease payments to
\nbe paid over the lease term at the lease commencement date. The right-of-use asset is initially measured at cost, being the present value of the
\nlease payments paid or payable, plus any initial direct costs incurred in entering the lease and less any lease incentives received.
\nRight-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the asset\u2019s useful life or the
\nend of the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is \u2018reasonably certain\u2019 to
\nexercise any extension options (see below). The useful life of the asset is determined in a manner consistent to that for owned property, plant and
\nequipment (as described in note 11 \u2018Property, plant and equipment\u2019). If right-of-use assets are considered to be impaired, the carrying value is
\nreduced accordingly.
\nLease liabilities are initially measured at the value of the lease payments over the lease term that are not paid at the commencement date and are
\nusually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily
\ndeterminable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the
\nlease.
\nAfter initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change
\nin future lease payments arising from a change in an index or rate (e.g. an inflation related increase) or if the Group\u2019s assessment of the lease term
\nchanges; any changes in the lease liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset.
\nAs a lessor
\nWhere the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When a lease transfers substantially all
\nthe risks and rewards of ownership of the underlying asset then the lease is a finance lease; otherwise the lease is an operating lease.
\nWhere the Group is an intermediate lessor, the interests in the head lease and the sub-lease are accounted for separately and the lease classification
\nof a sub-lease is determined by reference to the right-of-use asset arising from the head lease.
\nIncome from operating leases is recognised on a straight-line basis over the lease term. Income from finance leases is recognised at lease
\ncommencement with interest income recognised over the lease term.
\nLease income is recognised as revenue for transactions that are part of the Group\u2019s ordinary activities (i.e. primarily leases of handsets or other
\nequipment to customers, leases of wholesale access to the Group\u2019s fibre and cable networks and leases of tower infrastructure assets). The Group
\nuses IFRS 15 principles to allocate the consideration in contracts between any lease and non-lease components.
\nThe Group\u2019s leasing activities as a lessee
\nThe Group leases buildings for its retail stores, offices and data centres, land on which to construct mobile base stations, space on mobile base
\nstations to place active RAN equipment and network space (primarily rack space or duct space). In addition, the Group leases fibre and other fixed
\nconnectivity to provide internal connectivity for the Group\u2019s operations and on a wholesale basis from other operators to provide fixed connectivity
\nservices to the Group\u2019s customers.
\nThe Group\u2019s general approach to determining lease term by class of asset is described in note 1 \u2018Basis of preparation\u2019 under critical accounting
\njudgements and key sources of estimation uncertainty.
\nMost of the Group\u2019s leases include future price increases through fixed percentage increases, indexation to inflation measures on a periodic basis or
\nrent review clauses. Other than fixed percentage increases the lease liability does not reflect the impact of these future increases unless the
\nmeasurement date has passed. The Group\u2019s leases contain no material variable payments clauses other than those related to the number of
\noperators sharing space on third party mobile base stations.
\n
\n\n
\n\nOptional lease periods
\nWhere practicable the Group seeks to include extension or break options in leases to provide operational flexibility, therefore many of the Group\u2019s
\nlease contracts contain optional periods. The Group\u2019s policy on assessing and reassessing whether it is reasonably certain that the optional period
\nwill be included in the lease term is described in note 1 \u2018Basis of preparation\u2019 under \u2018critical accounting judgements and key sources of estimation
\nuncertainty\u2019.
\nAfter initial recognition of a lease, the Group only reassesses the lease term when there is a significant event or a significant change in
\ncircumstances, which was not anticipated at the time of the previous assessment. Significant events or significant changes in circumstances could
\ninclude merger and acquisition or similar activity, significant expenditure on the leased asset not anticipated in the previous assessment, or detailed
\nmanagement plans indicating a different conclusion on optional periods to the previous assessment. Where a significant event or significant change
\nin circumstances does not occur, the lease term and therefore lease liability and right-of-use asset value, will decline over time.
\nThe Group\u2019s cash outflow for leases in the year ended 31 March 2023 was \u20ac4,479 million (2022: \u20ac4,338 million). Following changes to the Group\u2019s
\nstructure during the year, it is expected that future annual cash outflows will increase by circa \u20ac300 million absent significant future changes in the
\nvolume of the Group\u2019s activities or strategic changes to use more or fewer owned assets, subject to contractual price increases. The future cash
\noutflows included within lease liabilities are shown in the maturity analysis below. The maturity analysis only includes the reasonably certain
\npayments to be made; cash outflows in these future periods will likely exceed these amounts as payments will be made on optional periods not
\nconsidered reasonably certain at present and on new leases entered into in future periods.
\nThe Group\u2019s leases for customer connectivity are normally either under regulated access or network sharing or similar preferential access
\narrangements and as a result the Group normally has significant flexibility over the term it can lease such connections for; generally the notice
\nperiod required to cancel the lease is less than the notice period included in the service contract with the end customer.
As a result, the Group does
\nnot have any significant cash exposure to optional periods on customer connectivity as the Group can cancel the lease when the service agreement
\nends. In some circumstances the Group is committed to minimum spend amounts for connectivity leases, which are included within reported lease
\nliabilities.
\nSale and leaseback
\nIn March 2023, the Group disposed of its interest in Vantage Towers A.G. (\u2018Vantage Towers\u2019) into a new joint venture, Oak Holdings 1 GmbH (\u2018Oak\u2019);
\nVodafone retains an interest of 64.2% in Oak, which owns 89.3% of Vantage Towers (see note 27 \u2018Acquisitions and disposals\u2019 for additional details).
\nThe Group has agreements with Vantage Towers to lease back spaces on its towers (see note 30 \u2018Related party transactions\u2019). The Group de-
\nrecognised assets related to the mobile base stations with a net book value of \u20ac4,793 million. A total net gain on disposal of \u20ac9,287 million was
\nrealised as a result of the disposal of Vantage Towers; \u20ac680 million of this gain, reflecting the gain on the proportion of sold towers that has been
\nretained through the leaseback, has been recorded as a reduction in the value of the right-of-use asset recognised for the leaseback of tower space
\nand will be realised as a reduction in depreciation over the term of the leaseback until November 2028. Other sale and leaseback transactions
\nentered into by the Group were not material, individually or in aggregate.
\nAmounts recognised in the primary financial statements in relation to lessee transactions
\nRight-of-use assets
\nThe carrying value of the Group\u2019s right-of-use assets, depreciation charge for the year and additions during the year are disclosed in note 11
\n\u2018Property, plant and equipment\u2019.
\nLease liabilities
\nThe Group\u2019s lease liabilities are disclosed in note 21 \u2018Borrowings\u2019. The maturity profile of the Group\u2019s lease liabilities is as follows:
\n2023
2022
\n\u20acm
\u20acm
\nWithin one year
3,452
3,130
\nIn more than one year but less than two years
2,574
2,189
\nIn more than two years but less than three years
2,200
1,759
\nIn more than three years but less than four years
1,981
1,579
\nIn more than four years but less than five years
1,810
1,387
\nIn more than five years
3,240
4,242
\n15,257
14,286
\nEffect of discounting
(1,893)
(1,747)
\nLease liability - as disclosed in note 21 \u2018Borrowings\u2019
13,364
12,539
\nAt 31 March 2023 the Group has entered into lease contracts with payment obligations with an undiscounted value of \u20ac320 million (2022: \u20ac51
\nmillion) that had not commenced at 31 March 2023.
\nInterest expense on lease liabilities for the year is disclosed in note 5 \u2018Investment income and financing costs\u2019.
\nThe Group has no material liabilities under residual value guarantees and makes no material variable payments not included in the lease liability.
\nThe Group does not apply either the short term or low value expedient options in IFRS 16.
\n
\n
\n
The Group\u2019s leasing activities as a lessor
\nThe Group has a wide range of lessor activities with consumer and enterprise customers, other telecommunication companies and other
\ncompanies. With consumer and enterprise customers, the Group generates lease income from the provision of handsets, routers and other
\ncommunications equipment. The Group provides wholesale access to the Group\u2019s fibre and cable networks, leases out space on the Group\u2019s owned
\nmobile base stations to other telecommunication companies and sub-leases certain retained mobile base station sites to telecommunication tower
\ncompanies. In addition, the Group sub-leases retail stores to franchise partners in certain markets and leases out surplus assets (e.g. vacant offices
\nand retail stores) to other companies.
\nLessor transactions are classified as operating or finance leases based on whether the lease transfers substantially all of the risks and rewards
\nincidental to ownership of the asset. Leases are individually assessed, but generally, the Group\u2019s lessor transactions in the year are classified as:
\n-
Operating leases where the Group provides wholesale access to its fibre and cable networks, provides routers or similar equipment to fixed
\ncustomers or is lessor of space on owned mobile base stations; and
\n-
Finance leases where the Group is sub-lessor of handsets or similar items in back-to-back arrangements or where surplus assets or certain
\nretained mobile base stations sites are sublet out for all or substantially all of the remaining head lease term.
\nThe Group\u2019s income as a lessor in the year is as follows:
\n2023
2022
\n\u20acm
\u20acm
\nOperating leases
\nLease revenue (note 2 \u2018Revenue disaggregation and segmental analysis\u2019)
751
758
\nIncome from leases not recognised as revenue
47
45
\nSubstantially all of the Group\u2019s income as a lessor is operating lease income.
\nThe committed amounts to be received from the Group\u2019s operating leases are as follows:
\nMaturity
\nWithin one
\nyear
\nIn one to two
\nyears
\nIn two to
\nthree years
\nIn three to four
\nyears
\nIn four to five
\nyears
\nIn more than
\nfive years
Total
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nCommitted operating lease payments due to the Group as
\na lessor
\n31 March 2023
304
128
36
16
7
4
495
\n31 March 2022
513
250
161
128
114
343
1,509
\nThe Group\u2019s net investment in leases are disclosed in note 14 \u2018Trade and other receivables\u2019. The maturity profile of the Group\u2019s net investment in
\nleases is as follows:
\n2023
2022
\n\u20acm
\u20acm
\nWithin one year
111
72
\nIn more than one year but less than two years
88
55
\nIn more than two years but less than three years
67
36
\nIn more than three years but less than four years
54
25
\nIn more than four years but less than five years
47
11
\nIn more than five years
39
9
\n406
208
\nUnearned finance income
(33)
(8)
\nNet investment in leases - as disclosed in note 14 \u2018Trade and other receivables\u2019
373
200
\nThe Group has no material lease income arising from variable lease payments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26250": {
"value": "Accounting policies As a lessee
\nWhen the Group leases an asset, a \u2018right-of-use asset\u2019 is recognised for the leased item and a lease liability is recognised for any lease payments to
\nbe paid over the lease term at the lease commencement date. The right-of-use asset is initially measured at cost, being the present value of the
\nlease payments paid or payable, plus any initial direct costs incurred in entering the lease and less any lease incentives received.
\nRight-of-use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the asset\u2019s useful life or the
\nend of the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is \u2018reasonably certain\u2019 to
\nexercise any extension options (see below). The useful life of the asset is determined in a manner consistent to that for owned property, plant and
\nequipment (as described in note 11 \u2018Property, plant and equipment\u2019). If right-of-use assets are considered to be impaired, the carrying value is
\nreduced accordingly.
\nLease liabilities are initially measured at the value of the lease payments over the lease term that are not paid at the commencement date and are
\nusually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily
\ndeterminable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the
\nlease.
\nAfter initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change
\nin future lease payments arising from a change in an index or rate (e.g. an inflation related increase) or if the Group\u2019s assessment of the lease term
\nchanges; any changes in the lease liability as a result of these changes also results in a corresponding change in the recorded right-of-use asset.
\nAs a lessor
\nWhere the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When a lease transfers substantially all
\nthe risks and rewards of ownership of the underlying asset then the lease is a finance lease; otherwise the lease is an operating lease.
\nWhere the Group is an intermediate lessor, the interests in the head lease and the sub-lease are accounted for separately and the lease classification
\nof a sub-lease is determined by reference to the right-of-use asset arising from the head lease.
\nIncome from operating leases is recognised on a straight-line basis over the lease term. Income from finance leases is recognised at lease
\ncommencement with interest income recognised over the lease term.
\nLease income is recognised as revenue for transactions that are part of the Group\u2019s ordinary activities (i.e. primarily leases of handsets or other
\nequipment to customers, leases of wholesale access to the Group\u2019s fibre and cable networks and leases of tower infrastructure assets). The Group
\nuses IFRS 15 principles to allocate the consideration in contracts between any lease and non-lease components.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26545": {
"value": "21. Borrowings The Group\u2019s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities
\nand through short-term and long-term issuances in the capital markets including bond and commercial paper issues
\nand bank loans. Liabilities arising from the Group\u2019s lease arrangements are also reported in borrowings; see note 20
\n\u2018Leases\u2019. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates
\ndepending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to
\nmitigate the impact of exchange rate movements on certain monetary items.
\nAccounting policies
\nInterest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at
\namortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair
\nvalue adjustments are recognised in accordance with our policy (see note 22 \u2018Capital and financial risk management\u2019). Any difference between the
\nproceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing.
\nWhere bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal
\namounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at
\namortised cost using the effective interest rate method.
\nBorrowings
\n2023
2022
\n\u20acm
\u20acm
\nNon-current borrowings
\nBonds
39,512
46,156
\nBank loans
487
629
\nLease liabilities (note 20)
10,318
9,810
\nOther borrowings
\n1
\n1,352
1,536
\n51,669
58,131
\nCurrent borrowings
\nBonds
4,604
1,875
\nBank loans
308
688
\nLease liabilities (note 20)
3,046
2,729
\nCollateral liabilities
4,886
2,914
\nBank borrowings secured against Indian assets
1,485
1,382
\nOther borrowings
\n1
\n392
2,373
\n14,721
11,961
\nBorrowings
66,390
70,092
\nNote:
\n1
Includes \u20ac1,140 million (2022: \u20ac1,273 million) and \u20ac196 million (2022: \u20ac2,165 million) of licence and spectrum fees payable in non-current and current borrowings respectively.
\nThe fair value of the Group\u2019s financial liabilities held at amortised cost approximate to fair value with the exception of long-term bonds with a
\ncarrying value of \u20ac39,512 million (2022: \u20ac46,156 million) which have a fair value of \u20ac35,044 million (2022: \u20ac46,348 million). Fair value is based on
\nlevel 1 of the fair value hierarchy using quoted market prices.
\nThe Group\u2019s current borrowings also include \u20ac1,485 million (2022: \u20ac1,382 million) of bank borrowings that are secured against the Group\u2019s
\nshareholdings in Indus Towers and Vodafone Idea (see note 12 \u2018Investments in Associates and Joint Ventures\u2019 for further details of these assets) and
\nwill be repaid through the realisation of proceeds from those assets. This arrangement contains an embedded derivative option which has been
\nseparately fair valued and is presented within derivative assets in current assets (see note 14 \u2018Trade and other receivables\u2019).
\nThe Group\u2019s borrowings, which include certain bonds that have been designated in hedge relationships, are carried at \u20ac1,282 million higher (2022:
\n\u20ac1,316 million higher) than their euro equivalent redemption value. In addition, where bonds are issued in currencies other than euros, the Group
\nhas entered into foreign currency swaps to fix the euro cash outflows on redemption. The impact of these swaps is not reflected in borrowings and
\nwould decrease the euro equivalent redemption value of the bonds by \u20ac1,440 million (2022: \u20ac1,456 million).
\n
\n
\n
Commercial paper programmes
\nWe currently have US and euro commercial paper programmes of US$15 billion (\u20ac13.8 billion) and \u20ac10 billion respectively which are available to be
\nused to meet short-term liquidity requirements. At 31 March 2023 both programmes remained undrawn.
\nThe commercial paper facilities were supported by US$4.0 billion (\u20ac3.7 billion) and \u20ac4.0 billion of syndicated committed bank facilities. No amounts
\nhad been drawn under these facilities.
\nBonds
\nWe have two \u20ac30 billion euro medium-term note programmes and a US shelf programme which are used to meet medium to long-term funding
\nrequirements. At 31 March 2023 the total amounts in issue under these programmes split by currency were US$21.3 billion, \u20ac17.6 billion, \u00a33.6
\nbillion, AUD$0.5 billion, HKD$2.1 billion, NOK2.2 billion, CHF0.7 billion and JPY10 billion.
\nAt 31 March 2023 the Group had bonds outstanding with a nominal value equivalent to \u20ac42.8 billion. During the year ended 31 March 2023, bonds
\nwith a nominal value of \u20ac1.8 billion and \u00a30.6 billion were issued utilising the euro medium-term note programme and US$1.2 billion were issued
\nutilising the US Shelf programme. During the year bonds with euro equivalent nominal values of \u20ac1.9 billion and \u20ac3.8 billion matured and were re-
\npurchased respectively.
\nBonds mature between 2023 and 2063 (2022: 2022 and 2059) and have interest rates between 0.375% and 7.875% (2022: 0% and 7.875%).
\nMandatory convertible bonds
\nIn March 2023 the Group concluded the last remaining share buybacks related to the mandatory convertible bonds (\u2018MCBs\u2019) and no further
\ninstruments remain outstanding. On 12 March 2019 the Group issued \u00a33.4 billion of subordinated mandatory convertible bonds (\u2018MCBs\u2019) split into
\ntwo equal tranches of \u00a31.7 billion with coupons of 1.2% and 1.5% respectively. The first tranche matured on 12 March 2021 at a conversion price of
\n\u00a31.2055 per share and the second tranche matured on 12 March 2022 at a conversion price of \u00a31.1326 per share. These were recognised as
\ncompound instruments with nominal values of \u00a33.4 billion (\u20ac3.8 billion) recognised as a component of shareholders\u2019 funds in equity and the fair
\nvalue of future coupons \u00a30.1 billion (\u20ac0.1 billion) recognised as a financial liability in borrowings. The Group\u2019s strategy was to hedge the equity risk
\nassociated with the MCB issuance to any future movement in its share price by an option strategy designed to hedge the economic impact of share
\nprice movements. The Group decided to buy back ordinary shares to mitigate dilution resulting from the conversion and the hedging
\nstrategy provided a hedge for the repurchase price.
\nTreasury shares
\nThe Group held a maximum of 1,825,691,429 (2022: 1,911,661,729) of its own shares during the year which represented 6.3% (2022: 6.6%) of
\nissued share capital at that time.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26557": {
"value": "Accounting policies Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at
\namortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair
\nvalue adjustments are recognised in accordance with our policy (see note 22 \u2018Capital and financial risk management\u2019). Any difference between the
\nproceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing.
\nWhere bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal
\namounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at
\namortised cost using the effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26680": {
"value": "Treasury shares The Group held a maximum of 1,825,691,429 (2022: 1,911,661,729) of its own shares during the year which represented 6.3% (2022: 6.6%) of
issued share capital at that time.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26712": {
"value": "22. Capital and financial risk management This note details the treasury management and financial risk management objectives and policies, as well as
\nthe exposure and sensitivity of the Group to credit, liquidity, interest and foreign exchange risk, and the policies in place
\nto monitor and manage these risks.
\nAccounting policies
\nFinancial instruments
\nFinancial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s consolidated statement of financial
\nposition when the Group becomes a party to the contractual provisions of the instrument.
\nFinancial liabilities and equity instruments
\nFinancial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered
\ninto and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the
\nassets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies
\nadopted for specific financial liabilities and equity instruments are set out below.
\nFinancial liabilities under put option arrangements
\nThe Group has an obligation to pay a fixed rate of return to minority equity shareholders in the Group\u2019s subsidiary Kabel Deutschland AG, under the
\nterms of a court-imposed domination and profit and loss transfer agreement. This agreement also provides the minority shareholders the option to
\nput their shareholding to Vodafone at a fixed price per share. The obligation to purchase the shares has been recognised as a financial liability and no
\nnon-controlling interests are recognised in respect of minority shareholders. Interest costs are accrued at the agreed rate of return and recognised
\nin financing costs.
\nDerivative financial instruments and hedge accounting
\nThe Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative
\nfinancial instruments. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written
\nprinciples on the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial
\ninstruments for speculative purposes.
\nThe Group designates certain derivatives as:
\n\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (\u2018cash flow hedges\u2019); or
\n\u2212
hedges of net investments in foreign operations.
\nDerivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each
\nreporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income
\nstatement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\nportion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge
\nrelationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item
\nand hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk,
\nwith gains and losses recognised in the income statement.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge
\naccounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and
\nis recognised in the income statement when the hedged transaction is ultimately recognised in the income statement.
\nFor cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive
\nincome and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction
\nresults in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\nincome and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
\nnon-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in
\nthe income statement.
\nFor net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign
\noperation is disposed of.
\n
\n
\n
Capital management
\nThe following table summarises the capital of the Group at 31 March:
\nRe-presented
\n1
\n2023
2022
\n\u20acm
\u20acm
\nBorrowings (note 21)
66,390
70,092
\nCash and cash equivalents (note 19)
(11,705)
(7,496)
\nDerivative financial instruments included in trade and other receivables (note 14)
(6,124)
(4,626)
\nDerivative financial instruments included in trade and other payables (note 15)
1,422
1,672
\nShort-term investments (note 13)
(4,305)
(4,795)
\nCollateral assets (note 13)
(239)
(698)
\nFinancial liabilities under put option arrangements
485
494
\nEquity
64,483
57,073
\nCapital
110,407
111,716
\nNote:
\n1
The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. Capital has increased by \u20ac96 million
\ncompared to the amount previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\nThe Group\u2019s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet
\nanticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity
\nto certain subsidiaries.
\nDividends from joint ventures and associates and to non-controlling shareholders
\nDividend policies within shareholder agreements for certain of the Group\u2019s associates and joint ventures give the Group certain rights to receive
\ndividends but are generally paid at the discretion of the Board of Directors or shareholders. We do not have existing obligations to pay dividends to
\nnon-controlling interest partners of our subsidiaries other than ongoing dividend obligations to the Kabel Deutschland A.G. minority shareholders.
\nThe amount of dividends received and paid in the year are disclosed in the consolidated statement of cash flows.
\nPotential cash outflows from option agreements and similar arrangements
\nAll remaining put options issued as part of the hedging strategy for the mandatory convertible bonds (\u2018MCBs\u2019) matured during the financial year
\n(1,452 million share options outstanding as at 31 March 2022). These permitted the holders to exercise against the Group at maturity of the option
\nif there was a decrease in our share price. Under the terms of the options, settlement was made in cash which equated to the reduced value of
\nshares from the initial conversion price, adjusted for dividends declared.
\nSale of trade receivables
\nDuring the year, the Group sold certain trade receivables to a number of financial institutions. Whilst there are no repurchase obligations in respect
\nof these receivables, the Group provided credit guarantees which would only become payable if default rates were significantly higher than
\nhistorical rates. The credit guarantee is not considered substantive and substantially all risks and rewards associated with the receivables passed to
\nthe purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the guarantees at 31 March 2023 was
\n\u20ac1,927 million (2022: \u20ac1,341 million). No provision has been made in respect of these guarantees as the likelihood of a cash outflow has been
\nassessed as remote.
\nSupplier financing arrangements
\nThe Group offers suppliers the opportunity to use supply chain financing (\u2018SCF\u2019). SCF allows suppliers that decide to use it to receive funding earlier
\nthan the invoice due date. At 31 March 2023, the financial institutions that run the SCF programmes had purchased \u20ac2.4 billion (2022: \u20ac2.4 billion)
\nof outstanding supplier invoices, principally from larger suppliers. The Group does not provide any financial guarantees to the financial institutions
\nunder this programme and continues to cash settle supplier payables in accordance with their contractual terms. As such, the programme does not
\nchange the Group\u2019s net debt, trade payable balances or cash flows.
\nThe Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to hold the characteristics of a trade
\npayable or should be classified as borrowings; these indicators include whether the payment terms exceed the shorter of customary payment terms
\nin the industry or 180 days. At 31 March 2023, none of the payables subject to supplier financing arrangements met the criteria to be reclassified as
\nborrowings.
\nFinancial risk management
\nThe Group\u2019s treasury function centrally manages the Group\u2019s funding requirement, net foreign exchange exposure, interest rate management
\nexposures and counterparty risk arising from investments and derivatives. Treasury operations are conducted within a framework of policies and
\nguidelines authorised and reviewed by the Board, most recently in March 2023. A treasury risk committee comprising of the Group\u2019s Chief Financial
\nOfficer, Group General Counsel and Company Secretary, Group Financial Controller, Group Corporate Finance Director, Group Treasury Director and
\nGroup Director of Financial Controlling and Operations meets three times a year to review treasury activities and its members receive management
\ninformation relating to treasury activities on a quarterly basis. The Group\u2019s Internal Auditor reviews the internal control environment regularly.
\n
\n\n
\n
\nNo bonds issued by the Group or the Revolving Credit Facilities are subject to financial covenant ratios. Approximately \u20ac35 billion (2022: \u20ac38 billion)
\nof issued bonds have a change of control clause. The Group uses derivative instruments for currency and interest rate risk management purposes that
\nare transacted by specialist treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements.
\nThe Group\u2019s financial risk management policies seek to reduce the Group\u2019s exposure to any future disruption to financial markets, including any
\nfuture impacts from global economic and political uncertainty and other macro economic events.
\nThe Group has combined cash and cash equivalent and short-term investments of \u20ac16.0 billion, providing significant headroom over short-term
\nliquidity requirements. Additionally the Group maintains undrawn revolving credit facilities of \u20ac7.7 billion euro equivalent. As at 31 March 2023 and
\nafter hedging, substantially all the Group\u2019s borrowings are held on a fixed interest basis, mitigating exposure to interest rate risk. The Group has no
\nsignificant currency exposures other than positions in economic hedging relationships. The Group\u2019s credit risk under financing activities is spread
\nacross a portfolio of highly rated institutions to reduce counterparty exposures and derivative balances are substantially all collateralised. The
\nGroup\u2019s operating activities result in customer credit risk, for which provisions for expected credit losses are recognised.
\nCredit risk
\nCredit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a financial loss for the Group. The Group is
\nexposed to credit risk from its operating activities and from its financing activities, the Group considers its maximum exposure to credit risk at 31
\nMarch to be:
\n2023
2022
\n\u20acm
\u20acm
\nCash and bank deposits (note 19)
3,924
2,220
\nMoney market funds (note 19)
7,781
5,276
\nManaged investment funds (note 13)
2,967
3,349
\nBonds and debt securities (note 13)
2,337
2,376
\nCollateral assets (note 13)
239
698
\nOther investments (note 13)
2,473
2,438
\nDerivative financial instruments (note 14)
6,124
4,626
\nTrade receivables (note 14)
\n1
\n6,158
6,083
\nContract assets and other receivables (note 14)
4,353
4,457
\nPerformance bonds and other guarantees (note 29)
3,381
2,866
\n39,737
34,389
\nNote:
\n1
Includes amounts guaranteed under sales of trade receivables \u20ac1,927 million (2022: \u20ac1,341 million)
\nExpected credit loss
\nThe Group has financial assets classified and measured at amortised cost and fair value through other comprehensive income that are subject to the
\nexpected credit loss model requirements of IFRS 9. Cash and bank deposits and certain other investments are both classified and measured at
\namortised cost and subject to impairment requirements. However, the identified expected credit loss is considered to be immaterial.
\nInformation about expected credit losses for trade receivables and contract assets can be found under \u2018operating activities\u2019 on page 179.
\nFinancing activities
\nThe Group invests in government securities on the basis they generate a fixed rate of return and are amongst the most creditworthy of investments
\navailable.
\nInvestments are made in accordance with established internal treasury policies which dictate the scaled maximum exposure permissible in relation
\nto an investment\u2019s long-term credit rating. The Group invests in AAA unsecured money market mutual funds, where the investment is limited to
\n10% of each fund; A to AAA government securities, both directly and through money market mutual funds; and has two managed investment funds
\nthat hold securities with an average credit quality of AA.
\nIn respect of financial instruments used by the Group\u2019s treasury function, the aggregate credit risk the Group may have with one counterparty is
\nlimited by reference to the long-term credit ratings assigned for that counterparty by Moody\u2019s, Fitch Ratings and Standard & Poor\u2019s. Furthermore,
\ncollateral support agreements reduce the Group\u2019s exposure to counterparties who must post collateral when there is value due to the Group under
\noutstanding derivative contracts that exceeds a contractually agreed threshold amount. When value is due to the counterparty the Group is
\nrequired to post collateral on identical terms. Such cash collateral is adjusted daily as necessary.
\n
\n
\n
In the event of any default, ownership of the collateral would revert to the respective holder at that point. Detailed below is the value of the cash
\ncollateral, which is reported within current borrowings, held by the Group at 31 March:
\n2023
2022
\n\u20acm
\u20acm
\nCollateral liabilities
4,886
2,914
\nIn addition, as discussed in note 29 \u2018Contingent liabilities and legal proceedings\u2019, the Group has covenanted to provide security in favour of the
\ntrustee of the Vodafone Group UK Pension Scheme in respect of the funding deficit in the scheme and pledged security in relation to the Indus
\nTowers merger. The Group has also pledged cash as collateral against derivative financial instruments as disclosed in note 13 \u2018Other investments\u2019.
\nOperating activities
\nCustomer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls relating to customer credit risk
\nmanagement. Outstanding trade receivables and contract assets are regularly reviewed to monitor any changes in credit risk with concentrations of
\ncredit risk considered to be limited given that the Group\u2019s customer base is large and unrelated. The Group applies the simplified approach and
\nrecords lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured using historical cash
\ncollection data for periods of at least 24 months wherever possible and grouped into various customer segments based on product or customer
\ntype. The historical loss rates are adjusted where macroeconomic factors, for example changes in interest rates or unemployment rates, or other
\ncommercial factors are expected to have a significant impact when determining future expected credit loss rates. For trade receivables the expected
\ncredit loss provision is calculated using a provision matrix, in which the provision increases as balances age, and for receivables paid in instalments
\nand contract assets a weighted loss rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade
\nreceivables and contract assets are written off when each business unit determines there to be no reasonable expectation of recovery and
\nenforcement activity has ceased.
\nMovements in the allowance for expected credit losses during the year were as follows:
\nTrade receivables held
\nTrade receivables held
at fair value through
\nContract assets
at amortised cost
other comprehensive income
\n2023
2022
2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April
83
101
1,342
1,480
108
57
\nExchange movements
(3)
1
(72)
(70)
1
\u2013
\nAmounts charged to credit losses on financial assets
138
114
449
394
19
53
\nOther
\n1
\n(140)
(133)
(570)
(462)
(57)
(2)
\n31 March
78
83
1,149
1,342
71
108
\nNote:
\n1
Primarily utilisation of the provision by way of write-off.
\nExpected credit losses are presented as net credit losses on financial assets within operating profit and subsequent recoveries of amounts
\npreviously written off are credited against the same line item.
\nThe majority of the Group\u2019s trade receivables are due for maturity within 90 days and largely comprise amounts receivable from consumers and business
\ncustomers.
The table below presents information on trade receivables past due\u00b9 and their associated expected credit losses:
\n31 March 2023
\nTrade receivables at amortised cost past due
\n30 days
31\u201360
61\u2013180
180
\nTotal
Due
or less
days
days
days+
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGross carrying amount
2,465
599
163
329
957
4,513
\nExpected credit loss allowance
(67)
(64)
(50)
(173)
(831)
(1,185)
\nNet carrying amount
2,398
535
113
156
126
3,328
\n31 March 2022
\nTrade receivables at amortised cost past due
\n30 days
31\u201360
61\u2013180
180
\nTotal
Due
or less
days
days
days+
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGross carrying amount
2,411
650
182
390
1,043
4,676
\nExpected credit loss allowance
(123)
(83)
(53)
(190)
(893)
(1,342)
\nNet carrying amount
2,288
567
129
200
150
3,334
\nNote:
\n1
Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they become due. Trade receivables at fair value through other
\ncomprehensive income are not materially past due.
\n
\n
\n
\n
\nLiquidity risk
\nLiquidity is reviewed daily on at least a 12 month rolling basis and stress tested on the assumption that any commercial paper outstanding matures
\nand is not reissued. The Group maintains substantial cash and cash equivalents which at 31 March 2023 amounted to cash \u20ac11.7
billion (2022: \u20ac7.5
\nbillion) and undrawn committed facilities of \u20ac8.0 billion (2022: \u20ac8.2 billion), principally euro and US dollar revolving credit facilities of \u20ac4.0 billion
\nand US$4.0 billion (\u20ac3.7 billion) which mature in 2025 and 2028 respectively. The Group manages liquidity risk on non-current borrowings by
\nmaintaining a varied maturity profile with a cap on the level of debt maturity in any one calendar year, therefore minimising refinancing risk. Non-
\ncurrent borrowings mature between 1 and 40 years.
\nThe maturity profile
of the anticipated future cash flows including interest in relation to the Group\u2019s non-derivative financial liabilities on an
\nundiscounted basis which, therefore, differs from both the carrying value and fair value, is as follows:
\nMaturity profile
\n1
\nTrade payables and
\nother financial
\nBank loans
Bonds
Lease liabilities
Other
\n2
\nTotal borrowings
liabilities
\n3
\nTotal
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nWithin one year
308
6,234
3,452
6,764
16,758
15,370
32,128
\nIn one to two years
235
3,070
2,574
423
6,302
51
6,353
\nIn two to three years
110
5,725
2,200
259
8,294
\u2013
8,294
\nIn three to four years
18
5,500
1,981
258
7,757
\u2013
7,757
\nIn four to five years
70
2,212
1,810
233
4,325
\u2013
4,325
\nIn more than five years
128
42,325
3,240
599
46,292
\u2013
46,292
\n869
65,066
15,257
8,536
89,728
15,421
105,149
\nEffect of discount/financing rates
(74)
(20,950)
(1,893)
(421)
(23,338)
(3)
(23,341)
\n31 March 2023
795
44,116
13,364
8,115
66,390
15,418
81,808
\nWithin one year
700
3,569
3,130
6,823
14,222
16,884
31,106
\nIn one to two years
33
6,190
2,189
417
8,829
29
8,858
\nIn two to three years
411
3,786
1,759
207
6,163
\u2013
6,163
\nIn three to four years
2
5,746
1,579
199
7,526
\u2013
7,526
\nIn four to five years
205
6,253
1,387
678
8,523
\u2013
8,523
\nIn more than five years
21
43,514
4,242
136
47,913
\u2013
47,913
\n1,372
69,058
14,286
8,460
93,176
16,913
110,089
\nEffect of discount/financing rates
(55)
(21,027)
(1,747)
(255)
(23,084)
(1)
(23,085)
\n31 March 2022
1,317
48,031
12,539
8,205
70,092
16,912
87,004
\nNotes:
\n1
Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders have the right, but not the obligation, to request
\npayment within 30 days. This also applies to undrawn committed facilities. There is no debt that is subject to a material adverse change clause.
\n2
Includes spectrum licence payables with maturity profile \u20ac196 million (2022: \u20ac2,319 million) within one year, \u20ac170 million (2022: \u20ac165 million) in one to two years, \u20ac199 million (2022:
\n\u20ac199 million) in two to three years, \u20ac199 million (2022: \u20ac199 million) in three to four years, \u20ac199 million (2022: \u20ac662 million) in four to five years and \u20ac587million (2022: \u20ac136 million) in
\nmore than five years. Also includes \u20ac4,886 million (2022: \u20ac2,914 million) in relation to cash received under collateral support agreements shown within 1 year.
\n3
Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other payables.
\nThe maturity profile of the Group\u2019s financial derivatives (which include interest rate swaps, cross-currency interest rate swaps and foreign exchange
\nswaps) using undiscounted cash flows, is as follows:
\n2023
2022
\nPayable
\n1
\nReceivable
\n1
\nTotal
Payable
\n1
\nReceivable
\n1
\nTotal
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nWithin one year
(17,845)
18,527
682
(12,671)
13,470
799
\nIn one to two years
(3,534)
4,055
521
(5,897)
6,399
502
\nIn two to three years
(4,028)
4,441
413
(2,584)
3,158
574
\nIn three to four years
(2,186)
2,567
381
(3,373)
3,864
491
\nIn four to five years
(2,265)
2,681
416
(1,699)
2,139
440
\nIn more than five years
(38,494)
44,586
6,092
(34,097)
40,129
6,032
\n(68,352)
76,857
8,505
(60,321)
69,159
8,838
\nEffect of discount/financing rates
(3,803)
(5,884)
\nFinancial derivative net receivable/(payable)
4,702
2,954
\nNote:
\n1
Payables and receivables are stated separately in the table above as cash settlement is on a gross basis.
\n
\n
\n
Market risk
\nInterest rate management
\nUnder the Group\u2019s interest rate management policy, interest rates on long-term monetary assets and liabilities are principally maintained on a fixed
\nrate basis.
\nAt 31 March 2023 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate basis in accordance with treasury
\npolicy. At 31 March 2022 the Group held economic interest rate hedges at fair value through profit and loss.
\nFor each one hundred basis point rise in market interest rates for all currencies in which the Group had borrowings at 31 March 2023 there would be
\nan increase in profit before tax by \u20ac27 million (2022: \u20ac420 million) including mark to market revaluations of interest rate and other derivatives and
\nthe potential interest on cash and short-term investments. There would be no material impact on equity.
\nAt 31 March 2023, the Group had limited exposure through interest rate derivatives and floating rate bonds referencing LIBOR and other interbank
\noffered rates (IBORs).
\nForeign exchange management
\nAs Vodafone\u2019s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the sterling share price represents the
\nvalue of its future multi-currency cash flows, principally in euro, South African rand and sterling, the Group maintains the currency of debt and
\ninterest charges in proportion to its expected future principal cash flows and has a policy to hedge external foreign exchange risks on transactions
\ndenominated in other currencies above a certain de minimis level.
\nAt 31 March 2023 11% of net debt was denominated in currencies other than euro (3% sterling, 6% South African rand and 2% other). This allows
\nsterling, South African rand and other debt to be serviced in proportion to expected future cash flows and therefore provides a partial economic
\nhedge against income statement translation exposure, as interest costs will be denominated in foreign currencies.
\nUnder the Group\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group companies is generally maintained at the
\nlower of \u20ac5 million per currency per month or \u20ac15 million per currency over a six month period.
\nThe Group recognises foreign exchange movements in equity for the translation of net investment hedging instruments and balances treated as
\ninvestments in foreign operations. However, there is no net impact on equity for exchange rate movements on net investment hedging instruments
\nas there would be an offset in the currency translation of the foreign operation. At 31 March 2023 the Group held financial liabilities in a net
\ninvestment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements on the hedging liabilities,
\nanalysed against a strengthening of the South African rand by 12% (2022: 13%) would result in a decrease in equity of \u20ac267 million (2022:
\n\u20ac221million) which would be fully offset by foreign exchange movements on the hedged net assets. In addition, cash flow hedges of principally US
\ndollar borrowings would result in an increase in equity of \u20ac204 million (2022: \u20ac371 million) against a strengthening of US dollar by 5% (2022: 5%).
\nThe Group profit and loss account is exposed to foreign exchange risk within both operating profit and financing income and expense. The principal
\noperations not generating income in euro are Vodacom South Africa (South African rand), and Egypt (Egyptian pound). Financing income and
\nexpense includes foreign currency gains/losses incurred on the translation of balance sheet items not held in functional currency. These are
\nprincipally on certain borrowings, derivatives, and other investments denominated in sterling and Turkish lira.
\nThe following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the
\naverage movements in the previous three annual reporting periods.
\n2023
2022
\n\u20acm
\u20acm
\nIncrease/ (decrease) in Profit before taxation
\nZAR 12% change (2022: 13%)
87
134
\nEGP 27% change (2022: 9%)
116
41
\nTRY 43% change (2022: 39%)
33
83
\nGBP 3% change (2022: 2%)
(46)
(67)
\nEquity risk
\nThere is no material equity risk relating to the Group\u2019s equity investments which are detailed in note 13 \u2018Other investments\u2019.
\nIn the prior financial year, the Group had hedged its exposure under the subordinated mandatory convertible bonds to any future movements in its
\nshare price by an option strategy designed to hedge the economic impact of share price movements. This option strategy ended during the current
\nfinancial year.
As at 31 March 2023, the Group is no longer sensitive (2022: 7% sensitivity) to a movement in its share price that would result in an
\nincrease or decrease in profit before tax (2022: \u20ac36 million).
\n
\n
\n
\nRisk management strategy of hedge relationships
\nThe risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market risk strategies.
\nThe objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate borrowings in US dollar, pound sterling,
\nAustralian dollar, Swiss franc, Hong Kong dollar, Japanese yen, Norwegian krona and US dollar floating rate borrowings into euro fixed rate
\nborrowings and hedge the foreign exchange spot rate and interest rate risk. There are also cash flow hedges of certain subsidiary expenditure not
\ndenominated in functional currency of the entity, to hedge foreign exchange spot risk. Derivative financial instruments designated in cash flow
\nhedges are cross-currency interest rate swaps and foreign exchange swaps and forwards. The swap maturity dates and liquidity profiles of the
\nnominal cash flows match those of the underlying borrowings and exposures.
\nThe objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative financial instruments designated in
\nnet investment hedges are cross-currency interest rate swaps and foreign exchange swaps. The hedging instruments are rolled on an ongoing basis
\nas determined by the nature of the business.
\nThe objective of the fair value hedges is to hedge a proportion of the Group\u2019s fixed rate euro denominated borrowing to a euro floating rate
\nborrowing. The swap maturity dates match those of the underlying borrowing and the nominal cash flows are converted to quarterly payments.
\nHedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure
\nthat an economic relationship exists between the hedged item and hedging instrument.
\nFor hedges of foreign currency denominated borrowings and investments, the Group uses a combination of cross-currency and foreign exchange
\nswaps to hedge its exposure to foreign exchange risk and interest rate risk and enters into hedge relationships where the critical terms of the
\nhedging instrument match with the terms of the hedged item. Therefore the Group expects a highly effective hedging relationship with the swap
\ncontracts and the value of the corresponding hedged items to change systematically in the opposite direction in response to movements in the
\nunderlying exchange rates and interest rates. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances
\naffect the terms of the hedged item such that the critical terms no longer match with the critical terms of the hedging instrument, the Group uses
\nthe hypothetical derivative method to assess effectiveness.
\nHedge ineffectiveness may occur due to:
\na) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil;
\nb) Changes in the contractual terms or timing of the payments on the hedged item; and
\nc) A change in the credit risk of the Group or the counterparty with the hedging instrument.
\nThe hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item
\nto determine their relative weighting; for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
\nThe fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate
\nmarket rates and foreign currency rates prevailing at 31 March. The valuation basis is level 2 of the fair value hierarchy. This classification comprises
\nitems where fair value is determined from inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly.
\nDerivative financial assets and liabilities are included within trade and other receivables and trade and other payables in the statement of financial
\nposition.
\n
\n
\n
The following table represents the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March.
\nAt 31 March 2023
\nOther comprehensive income
Weighted average
\nOpening
(Gain)/
Gain/(Loss)
Closing
\nCarrying
Carrying
balance
Loss
recycled to
balance
Euro
\nNominal
value
value
1 April
deferred to
financing
31 March
Maturity
interest
\namounts
assets
liabilities
2022
OCI
costs
2023
\n1
\nyear
FX rate
rate
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
\nCash flow hedges - foreign currency risk
\n3
\nCross-currency and foreign exchange
\nswaps
\nUS dollar bonds
17,690
4,456
\u2013
(1,484)
(2,321)
1,096
(2,709)
2038
1.18
3.14
\nAustralian dollar bonds
288
13
\u2013
(5)
31
(47)
(21)
2027
1.56
1.57
\nSwiss franc bonds
624
58
\u2013
20
(43)
20
(3)
2026
1.08
1.26
\nPound sterling bonds
4,195
61
152
109
6
(152)
(37)
2044
0.86
3.15
\nHong Kong dollar bonds
233
22
\u2013
7
(17)
5
(5)
2028
9.08
1.48
\nJapanese yen bonds
78
3
\u2013
2
(9)
(5)
(12)
2037
128.53
2.47
\nNorwegian krona bonds
241
\u2013
34
3
17
(32)
(12)
2026
9.15
1.12
\nForeign exchange forwards
\n2
\n383
\u2013
34
(69)
34
1
(34)
2023
18.92
\u2013
\nCash flow hedges - foreign currency and
\ninterest rate risk
\n3
\nCross currency swaps - US dollar bonds
417
49
\u2013
(1)
(20)
10
(11)
2023
1.17
1.07
\nNet investment hedge - foreign
\nexchange risk
\n5
\nCross-currency and foreign exchange
\nswaps - South African rand investment
2,004
96
\u2013
1,133
(181)
\u2013
952
2025
18.23
1.83
\n26,153
4,758
220
(285)
(2,503)
896
(1,892)
\nAt 31 March 2022
\nOther comprehensive income
Weighted average
\nOpening
(Gain)/
Gain/(Loss)
Closing
\nCarrying
Carrying
balance
Loss
recycled to
balance
Euro
\nNominal
value
value
1 April
deferred to
financing
31 March
Maturity
interest
\namounts
assets
liabilities
2021
OCI
costs
2022
\n1
\nyear
FX rate
rate
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
\nCash flow hedges - foreign currency risk
\n3
\nCross-currency and foreign exchange
\nswaps
\nUS dollar bonds
20,995
2,745
10
501
(3,257)
1,272
(1,484)
2036
1.18
2.76
\nAustralian dollar bonds
736
50
\u2013
(24)
(12)
31
(5)
2024
1.56
0.92
\nSwiss franc bonds
624
16
1
30
(59)
49
20
2026
1.08
1.26
\nPound sterling bonds
3,498
61
145
323
(239)
25
109
2043
0.86
2.97
\nHong Kong dollar bonds
233
8
3
13
(18)
12
7
2028
9.08
1.48
\nJapanese yen bonds
78
\u2013
6
11
(7)
(2)
2
2037
128.53
2.47
\nNorwegian krona bonds
241
\u2013
16
3
(7)
7
3
2026
9.15
1.12
\nForeign exchange forwards
\n2
\n244
\u2013
69
\u2013
(72)
3
(69)
2022
12.34
\u2013
\nCash flow hedges - foreign currency and
\ninterest rate risk
\n3
\nCross currency swaps - US dollar bonds
417
24
\u2013
8
(33)
24
(1)
2023
1.17
1.07
\nCash flow hedges - interest rate risk
\n3
\nInterest rate swaps - Euro loans
\u2013
\u2013
\u2013
(1)
\u2013
1
\u2013
\u2013
\u2013
\u2013
\nNet investment hedge - foreign
\nexchange risk
\n5
\nCross-currency and foreign exchange
\nswaps - South African rand investment
1,555
\u2013
113
959
174
\u2013
1,133
2022
17.29
0.31
\n28,621
2,904
363
1,823
(3,530)
1,422
(285)
\nNotes:
\n1
Fair value movement deferred into other comprehensive income includes \u20ac383 million loss (2022: \u20ac1,318 million loss) and \u20ac17 million gain (2022: \u20ac1 million gain) of foreign currency basis outside the
\ncash flow and net investment hedge relationships respectively.
\n2
Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local markets. Notional amounts of \u20ac259 million (2022: \u20ac146 million) and $134 million
\nor \u20ac124 million equivalent (2022: $109 million or \u20ac98 million equivalent) with weighted average exchange rates of 18.36 (2022: 12.45) and 20.07 (2022: 10.95) respectively to Turkish lira.
\n3
For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the
\nperiod was \u20acnil (2022: \u20acnil).
\n4
The carrying value of bonds includes an additional \u20ac776 million loss (2022: \u20ac760 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.
\n5
Hedge ineffectiveness of swaps designated in a net investment hedge during the period was \u20acnil (2022: \u20acnil).
\n
\n\n
\n
\nChanges in assets and liabilities arising from financing activities
\nBorrowings
\nDerivative assets and
\nliabilities
\nFinancial liabilities
\nunder put options
Other liabilities
\nAssets and liabilities
\narising from financing
\nactivities
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April 2022
70,092
(2,954)
494
1,498
69,130
\nCash movements
\nProceeds from issuance of long-term borrowings
4,071
\u2013
\u2013
\u2013
4,071
\nRepayment of borrowings
(13,538)
\u2013
\u2013
\u2013
(13,538)
\nNet movement in short-term borrowings
3,172
\u2013
\u2013
\u2013
3,172
\nNet movement in derivatives
\u2013
261
\u2013
\u2013
261
\nInterest paid
(2,444)
590
(18)
(79)
(1,951)
\nPurchase of treasury shares
\u2013
\u2013
\u2013
(1,867)
(1,867)
\nOther
\u2013
\u2013
(12)
\u2013
(12)
\nNon-cash movements
\nFair value movements
\u2013
(1,688)
\u2013
\u2013
(1,688)
\nForeign exchange
(44)
(350)
\u2013
(20)
(414)
\nInterest costs
2,657
(561)
21
(113)
2,004
\nLease additions
7,652
\u2013
\u2013
\u2013
7,652
\nAcquisition and disposal of subsidiaries
(5,243)
\u2013
\u2013
\u2013
(5,243)
\nOther
\n1
\n15
\u2013
\u2013
684
699
\n31 March 2023
66,390
(4,702)
485
103
62,276
\nBorrowings
\nDerivative assets and
\nliabilities
\nFinancial liabilities
\nunder put options
Other liabilities
\nAssets and liabilities
\narising from financing
\nactivities
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April 2021
67,760
859
492
491
69,602
\nCash movements
\nProceeds from issuance of long-term borrowings
2,548
\u2013
\u2013
\u2013
2,548
\nRepayment of borrowings
(8,248)
\u2013
\u2013
\u2013
(8,248)
\nNet movement in short-term borrowings
3,002
\u2013
\u2013
\u2013
3,002
\nNet movement in derivatives
\u2013
(293)
\u2013
\u2013
(293)
\nInterest paid
(2,246)
469
(17)
(10)
(1,804)
\nPurchase of treasury shares
\u2013
\u2013
\u2013
(2,087)
(2,087)
\nNon-cash movements
\nFair value movements
\u2013
(2,631)
\u2013
\u2013
(2,631)
\nForeign exchange
1,386
(930)
\u2013
(15)
441
\nInterest costs
2,356
(428)
19
13
1,960
\nLease additions
3,410
\u2013
\u2013
\u2013
3,410
\nOther
\n1
\n124
\u2013
\u2013
3,106
3,230
\n31 March 2022
70,092
(2,954)
494
1,498
69,130
\nNote:
\n1
Movement in Other liabilities primarily relate to share buyback programmes.
\n
\n
\n
Fair value and carrying value information
\nThe carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019, 14 \u2018Trade and other receivables\u2019
\nand 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost the carrying values approximate fair value except as disclosed in
\nnote 13 \u2018Other investments\u2019.
\nThe carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other payables\u2019 and 21 \u2018Borrowings\u2019. The
\ncarrying values approximate fair value for the Group\u2019s trade payables and other payables categories. For other financial liabilities a comparison of fair
\nvalue and carrying value is disclosed in note 21 \u2018Borrowings\u2019.
\nLevel 3 financial instruments
\nThe Group\u2019s borrowings include \u20ac1,485 million (2022: \u20ac1,382 million) of bank borrowings that are secured against the Group\u2019s shareholdings in
\nIndus Towers and Vodafone Idea (see note 12 \u2018Investments in Associates and Joint Ventures\u2019 for further details of these assets) and will be repaid
\nthrough the realisation of proceeds from those assets. This arrangement contains an embedded derivative option which has been separately fair
\nvalued. The 31 March 2023 valuation of the embedded derivative asset of \u20ac198 million (2022: \u20ac3 million) is presented within derivative assets in
\ncurrent assets (see note 14 \u2018Trade and other receivables\u2019).
\nA Black Scholes model for European put options has been used as a valuation model and primarily uses market inputs (quoted share prices and
\nvolatilities for Indus Towers and Vodafone Idea) along with a strike price equal to the amount payable under the loan. The valuation includes an
\nunobservable adjustment to reflect the potential timeframe to settle the loan and has been modelled using a range of potential durations up to 30
\nSeptember 2024. As a result of this unobservable adjustment, the option is classified as a level 3 instrument under the fair value hierarchy. An
\nincrease/(decrease) in durations applied of 6 months would increase/(decrease) the derivative asset by \u20ac141 million/(\u20ac115 million).
\nNet financial instruments
\nThe table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet and the impact of enforceable
\nmaster netting or similar agreements.
\nAt 31 March 2023
\nRelated amounts not set off in the balance sheet
\nGross amount
Amount set off
\nAmounts
\npresented in
\nbalance sheet
\nRight of set off
\nwith derivative
\ncounterparties
\nCollateral
\n(liabilities)/assets
\n1
\nNet amount
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nDerivative financial assets
6,124
\u2013
6,124
(910)
(4,886)
328
\nDerivative financial liabilities
(1,422)
\u2013
(1,422)
910
239
(273)
\nTotal
4,702
\u2013
4,702
\u2013
(4,647)
55
\nAt 31 March 2022
\nRelated amounts not set off in the balance sheet
\nGross amount
Amount set off
\nAmounts
\npresented in
\nbalance sheet
\nRight of set off
\nwith derivative
\ncounterparties
\nCollateral
\n(liabilities)/assets
\n1
\nNet amount
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nDerivative financial assets
4,626
\u2013
4,626
(1,365)
(2,914)
347
\nDerivative financial liabilities
(1,672)
\u2013
(1,672)
1,365
368
61
\nTotal
2,954
\u2013
2,954
\u2013
(2,546)
408
\nNote:
\n1
Excludes collateral of \u20acnil (2022: \u20ac330 million) pledged as initial margin, as security against future mark to market movements on certain derivative options, that therefore does not offset
\nagainst existing mark to market balances as at 31 March.
\nFinancial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when there is a legally enforceable right to
\noffset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Derivative
\nfinancial instruments that do not meet the criteria for offset could be settled net in certain circumstances under ISDA (\u2018International Swaps and
\nDerivatives Association\u2019) agreements where each party has the option to settle amounts on a net basis in the event of default from the other.
\nCollateral may be offset and net settled against derivative financial instruments in the event of default by either party. The aforementioned
\ncollateral balances are recorded in Notes 13 \u2018Other investments\u2019 or 21 \u2018Borrowings\u2019 respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26721": {
"value": "Accounting policies Financial instruments
\nFinancial assets and financial liabilities, in respect of financial instruments, are recognised on the Group\u2019s consolidated statement of financial
\nposition when the Group becomes a party to the contractual provisions of the instrument.
\nFinancial liabilities and equity instruments
\nFinancial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered
\ninto and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the
\nassets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies
\nadopted for specific financial liabilities and equity instruments are set out below.
\nFinancial liabilities under put option arrangements
\nThe Group has an obligation to pay a fixed rate of return to minority equity shareholders in the Group\u2019s subsidiary Kabel Deutschland AG, under the
\nterms of a court-imposed domination and profit and loss transfer agreement. This agreement also provides the minority shareholders the option to
\nput their shareholding to Vodafone at a fixed price per share. The obligation to purchase the shares has been recognised as a financial liability and no
\nnon-controlling interests are recognised in respect of minority shareholders. Interest costs are accrued at the agreed rate of return and recognised
\nin financing costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26742": {
"value": "Derivative financial instruments and hedge accounting The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative
\nfinancial instruments. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written
\nprinciples on the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial
\ninstruments for speculative purposes.
\nThe Group designates certain derivatives as:
\n\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (\u2018cash flow hedges\u2019); or
\n\u2212
hedges of net investments in foreign operations.
\nDerivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each
\nreporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income
\nstatement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\nportion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge
\nrelationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item
\nand hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk,
\nwith gains and losses recognised in the income statement.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge
\naccounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and
\nis recognised in the income statement when the hedged transaction is ultimately recognised in the income statement.
\nFor cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive
\nincome and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction
\nresults in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\nincome and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
\nnon-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in
\nthe income statement.
\nFor net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign
\noperation is disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26743": {
"value": "Derivative financial instruments and hedge accounting The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative
\nfinancial instruments. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written
\nprinciples on the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial
\ninstruments for speculative purposes.
\nThe Group designates certain derivatives as:
\n\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (\u2018cash flow hedges\u2019); or
\n\u2212
hedges of net investments in foreign operations.
\nDerivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each
\nreporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income
\nstatement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\nportion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge
\nrelationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item
\nand hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk,
\nwith gains and losses recognised in the income statement.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge
\naccounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and
\nis recognised in the income statement when the hedged transaction is ultimately recognised in the income statement.
\nFor cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive
\nincome and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction
\nresults in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\nincome and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
\nnon-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in
\nthe income statement.
\nFor net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign
\noperation is disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26744": {
"value": "Derivative financial instruments and hedge accounting The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative
\nfinancial instruments. The use of financial derivatives is governed by the Group\u2019s policies approved by the Board of Directors, which provide written
\nprinciples on the use of financial derivatives consistent with the Group\u2019s risk management strategy. The Group does not use derivative financial
\ninstruments for speculative purposes.
\nThe Group designates certain derivatives as:
\n\u2212
hedges of the change in fair value of recognised assets and liabilities (\u2018fair value hedges\u2019);
\n\u2212
hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (\u2018cash flow hedges\u2019); or
\n\u2212
hedges of net investments in foreign operations.
\nDerivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each
\nreporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income
\nstatement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective
\nportion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge
\nrelationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item
\nand hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk,
\nwith gains and losses recognised in the income statement.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge
\naccounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and
\nis recognised in the income statement when the hedged transaction is ultimately recognised in the income statement.
\nFor cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive
\nincome and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction
\nresults in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive
\nincome and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or
\nnon-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in
\nthe income statement.
\nFor net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign
\noperation is disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26808": {
"value": "Capital management The following table summarises the capital of the Group at 31 March:
\nRe-presented
\n1
\n2023
2022
\n\u20acm
\u20acm
\nBorrowings (note 21)
66,390
70,092
\nCash and cash equivalents (note 19)
(11,705)
(7,496)
\nDerivative financial instruments included in trade and other receivables (note 14)
(6,124)
(4,626)
\nDerivative financial instruments included in trade and other payables (note 15)
1,422
1,672
\nShort-term investments (note 13)
(4,305)
(4,795)
\nCollateral assets (note 13)
(239)
(698)
\nFinancial liabilities under put option arrangements
485
494
\nEquity
64,483
57,073
\nCapital
110,407
111,716
\nNote:
\n1
The results for the year ended 31 March 2022 have been re-presented to reflect that Indus Towers Limited is no longer reported as held for sale. Capital has increased by \u20ac96 million
\ncompared to the amount previously reported. See note 7 \u2018Discontinued operations and assets held for sale\u2019 for more information.
\nThe Group\u2019s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet
\nanticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity
\nto certain subsidiaries.
\nDividends from joint ventures and associates and to non-controlling shareholders
\nDividend policies within shareholder agreements for certain of the Group\u2019s associates and joint ventures give the Group certain rights to receive
\ndividends but are generally paid at the discretion of the Board of Directors or shareholders. We do not have existing obligations to pay dividends to
\nnon-controlling interest partners of our subsidiaries other than ongoing dividend obligations to the Kabel Deutschland A.G. minority shareholders.
\nThe amount of dividends received and paid in the year are disclosed in the consolidated statement of cash flows.
\nPotential cash outflows from option agreements and similar arrangements
\nAll remaining put options issued as part of the hedging strategy for the mandatory convertible bonds (\u2018MCBs\u2019) matured during the financial year
\n(1,452 million share options outstanding as at 31 March 2022). These permitted the holders to exercise against the Group at maturity of the option
\nif there was a decrease in our share price. Under the terms of the options, settlement was made in cash which equated to the reduced value of
\nshares from the initial conversion price, adjusted for dividends declared.
\nSale of trade receivables
\nDuring the year, the Group sold certain trade receivables to a number of financial institutions. Whilst there are no repurchase obligations in respect
\nof these receivables, the Group provided credit guarantees which would only become payable if default rates were significantly higher than
\nhistorical rates. The credit guarantee is not considered substantive and substantially all risks and rewards associated with the receivables passed to
\nthe purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the guarantees at 31 March 2023 was
\n\u20ac1,927 million (2022: \u20ac1,341 million). No provision has been made in respect of these guarantees as the likelihood of a cash outflow has been
\nassessed as remote.
\nSupplier financing arrangements
\nThe Group offers suppliers the opportunity to use supply chain financing (\u2018SCF\u2019). SCF allows suppliers that decide to use it to receive funding earlier
\nthan the invoice due date. At 31 March 2023, the financial institutions that run the SCF programmes had purchased \u20ac2.4 billion (2022: \u20ac2.4 billion)
\nof outstanding supplier invoices, principally from larger suppliers. The Group does not provide any financial guarantees to the financial institutions
\nunder this programme and continues to cash settle supplier payables in accordance with their contractual terms. As such, the programme does not
\nchange the Group\u2019s net debt, trade payable balances or cash flows.
\nThe Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to hold the characteristics of a trade
\npayable or should be classified as borrowings; these indicators include whether the payment terms exceed the shorter of customary payment terms
\nin the industry or 180 days. At 31 March 2023, none of the payables subject to supplier financing arrangements met the criteria to be reclassified as
\nborrowings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26815": {
"value": "Re-presented
\n1
\n2023
2022
\n\u20acm
\u20acm
\nBorrowings (note 21)
66,390
70,092
\nCash and cash equivalents (note 19)
(11,705)
(7,496)
\nDerivative financial instruments included in trade and other receivables (note 14)
(6,124)
(4,626)
\nDerivative financial instruments included in trade and other payables (note 15)
1,422
1,672
\nShort-term investments (note 13)
(4,305)
(4,795)
\nCollateral assets (note 13)
(239)
(698)
\nFinancial liabilities under put option arrangements
485
494
\nEquity
64,483
57,073
\nCapital
110,407
111,716
2023
2022
\n\u20acm
\u20acm
\nCash and bank deposits (note 19)
3,924
2,220
\nMoney market funds (note 19)
7,781
5,276
\nManaged investment funds (note 13)
2,967
3,349
\nBonds and debt securities (note 13)
2,337
2,376
\nCollateral assets (note 13)
239
698
\nOther investments (note 13)
2,473
2,438
\nDerivative financial instruments (note 14)
6,124
4,626
\nTrade receivables (note 14)
\n1
\n6,158
6,083
\nContract assets and other receivables (note 14)
4,353
4,457
\nPerformance bonds and other guarantees (note 29)
3,381
2,866
\n39,737
34,389
The maturity profile of the Group\u2019s financial derivatives (which include interest rate swaps, cross-currency interest rate swaps and foreign exchange
\nswaps) using undiscounted cash flows, is as follows:
\n2023
2022
\nPayable
\n1
\nReceivable
\n1
\nTotal
Payable
\n1
\nReceivable
\n1
\nTotal
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nWithin one year
(17,845)
18,527
682
(12,671)
13,470
799
\nIn one to two years
(3,534)
4,055
521
(5,897)
6,399
502
\nIn two to three years
(4,028)
4,441
413
(2,584)
3,158
574
\nIn three to four years
(2,186)
2,567
381
(3,373)
3,864
491
\nIn four to five years
(2,265)
2,681
416
(1,699)
2,139
440
\nIn more than five years
(38,494)
44,586
6,092
(34,097)
40,129
6,032
\n(68,352)
76,857
8,505
(60,321)
69,159
8,838
\nEffect of discount/financing rates
(3,803)
(5,884)
\nFinancial derivative net receivable/(payable)
4,702
2,954
\nNote:
\n1
Payables and receivables are stated separately in the table above as cash settlement is on a gross basis.
Market riskInterest rate management
\nUnder the Group\u2019s interest rate management policy, interest rates on long-term monetary assets and liabilities are principally maintained on a fixed
\nrate basis.
\nAt 31 March 2023 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate basis in accordance with treasury
\npolicy. At 31 March 2022 the Group held economic interest rate hedges at fair value through profit and loss.
\nFor each one hundred basis point rise in market interest rates for all currencies in which the Group had borrowings at 31 March 2023 there would be
\nan increase in profit before tax by \u20ac27 million (2022: \u20ac420 million) including mark to market revaluations of interest rate and other derivatives and
\nthe potential interest on cash and short-term investments. There would be no material impact on equity.
\nAt 31 March 2023, the Group had limited exposure through interest rate derivatives and floating rate bonds referencing LIBOR and other interbank
\noffered rates (IBORs).
\nForeign exchange management
\nAs Vodafone\u2019s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the sterling share price represents the
\nvalue of its future multi-currency cash flows, principally in euro, South African rand and sterling, the Group maintains the currency of debt and
\ninterest charges in proportion to its expected future principal cash flows and has a policy to hedge external foreign exchange risks on transactions
\ndenominated in other currencies above a certain de minimis level.
\nAt 31 March 2023 11% of net debt was denominated in currencies other than euro (3% sterling, 6% South African rand and 2% other). This allows
\nsterling, South African rand and other debt to be serviced in proportion to expected future cash flows and therefore provides a partial economic
\nhedge against income statement translation exposure, as interest costs will be denominated in foreign currencies.
\nUnder the Group\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group companies is generally maintained at the
\nlower of \u20ac5 million per currency per month or \u20ac15 million per currency over a six month period.
\nThe Group recognises foreign exchange movements in equity for the translation of net investment hedging instruments and balances treated as
\ninvestments in foreign operations. However, there is no net impact on equity for exchange rate movements on net investment hedging instruments
\nas there would be an offset in the currency translation of the foreign operation. At 31 March 2023 the Group held financial liabilities in a net
\ninvestment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements on the hedging liabilities,
\nanalysed against a strengthening of the South African rand by 12% (2022: 13%) would result in a decrease in equity of \u20ac267 million (2022:
\n\u20ac221million) which would be fully offset by foreign exchange movements on the hedged net assets. In addition, cash flow hedges of principally US
\ndollar borrowings would result in an increase in equity of \u20ac204 million (2022: \u20ac371 million) against a strengthening of US dollar by 5% (2022: 5%).
\nThe Group profit and loss account is exposed to foreign exchange risk within both operating profit and financing income and expense. The principal
\noperations not generating income in euro are Vodacom South Africa (South African rand), and Egypt (Egyptian pound). Financing income and
\nexpense includes foreign currency gains/losses incurred on the translation of balance sheet items not held in functional currency. These are
\nprincipally on certain borrowings, derivatives, and other investments denominated in sterling and Turkish lira.
\nThe following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the
\naverage movements in the previous three annual reporting periods.
\n2023
2022
\n\u20acm
\u20acm
\nIncrease/ (decrease) in Profit before taxation
\nZAR 12% change (2022: 13%)
87
134
\nEGP 27% change (2022: 9%)
116
41
\nTRY 43% change (2022: 39%)
33
83
\nGBP 3% change (2022: 2%)
(46)
(67)
\nEquity risk
\nThere is no material equity risk relating to the Group\u2019s equity investments which are detailed in note 13 \u2018Other investments\u2019.
\nIn the prior financial year, the Group had hedged its exposure under the subordinated mandatory convertible bonds to any future movements in its
\nshare price by an option strategy designed to hedge the economic impact of share price movements. This option strategy ended during the current
\nfinancial year.
As at 31 March 2023, the Group is no longer sensitive (2022: 7% sensitivity) to a movement in its share price that would result in an
\nincrease or decrease in profit before tax (2022: \u20ac36 million).
Risk management strategy of hedge relationships
\nThe risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market risk strategies.
\nThe objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate borrowings in US dollar, pound sterling,
\nAustralian dollar, Swiss franc, Hong Kong dollar, Japanese yen, Norwegian krona and US dollar floating rate borrowings into euro fixed rate
\nborrowings and hedge the foreign exchange spot rate and interest rate risk. There are also cash flow hedges of certain subsidiary expenditure not
\ndenominated in functional currency of the entity, to hedge foreign exchange spot risk. Derivative financial instruments designated in cash flow
\nhedges are cross-currency interest rate swaps and foreign exchange swaps and forwards. The swap maturity dates and liquidity profiles of the
\nnominal cash flows match those of the underlying borrowings and exposures.
\nThe objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative financial instruments designated in
\nnet investment hedges are cross-currency interest rate swaps and foreign exchange swaps. The hedging instruments are rolled on an ongoing basis
\nas determined by the nature of the business.
\nThe objective of the fair value hedges is to hedge a proportion of the Group\u2019s fixed rate euro denominated borrowing to a euro floating rate
\nborrowing. The swap maturity dates match those of the underlying borrowing and the nominal cash flows are converted to quarterly payments.
\nHedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure
\nthat an economic relationship exists between the hedged item and hedging instrument.
\nFor hedges of foreign currency denominated borrowings and investments, the Group uses a combination of cross-currency and foreign exchange
\nswaps to hedge its exposure to foreign exchange risk and interest rate risk and enters into hedge relationships where the critical terms of the
\nhedging instrument match with the terms of the hedged item. Therefore the Group expects a highly effective hedging relationship with the swap
\ncontracts and the value of the corresponding hedged items to change systematically in the opposite direction in response to movements in the
\nunderlying exchange rates and interest rates. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances
\naffect the terms of the hedged item such that the critical terms no longer match with the critical terms of the hedging instrument, the Group uses
\nthe hypothetical derivative method to assess effectiveness.
\nHedge ineffectiveness may occur due to:
\na) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil;
\nb) Changes in the contractual terms or timing of the payments on the hedged item; and
\nc) A change in the credit risk of the Group or the counterparty with the hedging instrument.
\nThe hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item
\nto determine their relative weighting; for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1.
\nThe fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate
\nmarket rates and foreign currency rates prevailing at 31 March. The valuation basis is level 2 of the fair value hierarchy. This classification comprises
\nitems where fair value is determined from inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly.
\nDerivative financial assets and liabilities are included within trade and other receivables and trade and other payables in the statement of financial
\nposition.
The following table represents the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March.
\nAt 31 March 2023
\nOther comprehensive income
Weighted average
\nOpening
(Gain)/
Gain/(Loss)
Closing
\nCarrying
Carrying
balance
Loss
recycled to
balance
Euro
\nNominal
value
value
1 April
deferred to
financing
31 March
Maturity
interest
\namounts
assets
liabilities
2022
OCI
costs
2023
\n1
\nyear
FX rate
rate
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
\nCash flow hedges - foreign currency risk
\n3
\nCross-currency and foreign exchange
\nswaps
\nUS dollar bonds
17,690
4,456
\u2013
(1,484)
(2,321)
1,096
(2,709)
2038
1.18
3.14
\nAustralian dollar bonds
288
13
\u2013
(5)
31
(47)
(21)
2027
1.56
1.57
\nSwiss franc bonds
624
58
\u2013
20
(43)
20
(3)
2026
1.08
1.26
\nPound sterling bonds
4,195
61
152
109
6
(152)
(37)
2044
0.86
3.15
\nHong Kong dollar bonds
233
22
\u2013
7
(17)
5
(5)
2028
9.08
1.48
\nJapanese yen bonds
78
3
\u2013
2
(9)
(5)
(12)
2037
128.53
2.47
\nNorwegian krona bonds
241
\u2013
34
3
17
(32)
(12)
2026
9.15
1.12
\nForeign exchange forwards
\n2
\n383
\u2013
34
(69)
34
1
(34)
2023
18.92
\u2013
\nCash flow hedges - foreign currency and
\ninterest rate risk
\n3
\nCross currency swaps - US dollar bonds
417
49
\u2013
(1)
(20)
10
(11)
2023
1.17
1.07
\nNet investment hedge - foreign
\nexchange risk
\n5
\nCross-currency and foreign exchange
\nswaps - South African rand investment
2,004
96
\u2013
1,133
(181)
\u2013
952
2025
18.23
1.83
\n26,153
4,758
220
(285)
(2,503)
896
(1,892)
\nAt 31 March 2022
\nOther comprehensive income
Weighted average
\nOpening
(Gain)/
Gain/(Loss)
Closing
\nCarrying
Carrying
balance
Loss
recycled to
balance
Euro
\nNominal
value
value
1 April
deferred to
financing
31 March
Maturity
interest
\namounts
assets
liabilities
2021
OCI
costs
2022
\n1
\nyear
FX rate
rate
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
%
\nCash flow hedges - foreign currency risk
\n3
\nCross-currency and foreign exchange
\nswaps
\nUS dollar bonds
20,995
2,745
10
501
(3,257)
1,272
(1,484)
2036
1.18
2.76
\nAustralian dollar bonds
736
50
\u2013
(24)
(12)
31
(5)
2024
1.56
0.92
\nSwiss franc bonds
624
16
1
30
(59)
49
20
2026
1.08
1.26
\nPound sterling bonds
3,498
61
145
323
(239)
25
109
2043
0.86
2.97
\nHong Kong dollar bonds
233
8
3
13
(18)
12
7
2028
9.08
1.48
\nJapanese yen bonds
78
\u2013
6
11
(7)
(2)
2
2037
128.53
2.47
\nNorwegian krona bonds
241
\u2013
16
3
(7)
7
3
2026
9.15
1.12
\nForeign exchange forwards
\n2
\n244
\u2013
69
\u2013
(72)
3
(69)
2022
12.34
\u2013
\nCash flow hedges - foreign currency and
\ninterest rate risk
\n3
\nCross currency swaps - US dollar bonds
417
24
\u2013
8
(33)
24
(1)
2023
1.17
1.07
\nCash flow hedges - interest rate risk
\n3
\nInterest rate swaps - Euro loans
\u2013
\u2013
\u2013
(1)
\u2013
1
\u2013
\u2013
\u2013
\u2013
\nNet investment hedge - foreign
\nexchange risk
\n5
\nCross-currency and foreign exchange
\nswaps - South African rand investment
1,555
\u2013
113
959
174
\u2013
1,133
2022
17.29
0.31
\n28,621
2,904
363
1,823
(3,530)
1,422
(285)
\nNotes:
\n1
Fair value movement deferred into other comprehensive income includes \u20ac383 million loss (2022: \u20ac1,318 million loss) and \u20ac17 million gain (2022: \u20ac1 million gain) of foreign currency basis outside the
\ncash flow and net investment hedge relationships respectively.
\n2
Includes euro and US dollar forward contracts against Turkish lira to hedge foreign currency forecast expenditures in local markets. Notional amounts of \u20ac259 million (2022: \u20ac146 million) and $134 million
\nor \u20ac124 million equivalent (2022: $109 million or \u20ac98 million equivalent) with weighted average exchange rates of 18.36 (2022: 12.45) and 20.07 (2022: 10.95) respectively to Turkish lira.
\n3
For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the
\nperiod was \u20acnil (2022: \u20acnil).
\n4
The carrying value of bonds includes an additional \u20ac776 million loss (2022: \u20ac760 million loss) in relation to fair value of other bonds previously designated in fair value hedge relationships.
\n5
Hedge ineffectiveness of swaps designated in a net investment hedge during the period was \u20acnil (2022: \u20acnil).
Net financial instruments
\nThe table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet and the impact of enforceable
\nmaster netting or similar agreements.
\nAt 31 March 2023
\nRelated amounts not set off in the balance sheet
\nGross amount
Amount set off
\nAmounts
\npresented in
\nbalance sheet
\nRight of set off
\nwith derivative
\ncounterparties
\nCollateral
\n(liabilities)/assets
\n1
\nNet amount
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nDerivative financial assets
6,124
\u2013
6,124
(910)
(4,886)
328
\nDerivative financial liabilities
(1,422)
\u2013
(1,422)
910
239
(273)
\nTotal
4,702
\u2013
4,702
\u2013
(4,647)
55
\nAt 31 March 2022
\nRelated amounts not set off in the balance sheet
\nGross amount
Amount set off
\nAmounts
\npresented in
\nbalance sheet
\nRight of set off
\nwith derivative
\ncounterparties
\nCollateral
\n(liabilities)/assets
\n1
\nNet amount
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nDerivative financial assets
4,626
\u2013
4,626
(1,365)
(2,914)
347
\nDerivative financial liabilities
(1,672)
\u2013
(1,672)
1,365
368
61
\nTotal
2,954
\u2013
2,954
\u2013
(2,546)
408
\nNote:
\n1
Excludes collateral of \u20acnil (2022: \u20ac330 million) pledged as initial margin, as security against future mark to market movements on certain derivative options, that therefore does not offset
\nagainst existing mark to market balances as at 31 March.
\nFinancial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when there is a legally enforceable right to
\noffset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Derivative
\nfinancial instruments that do not meet the criteria for offset could be settled net in certain circumstances under ISDA (\u2018International Swaps and
\nDerivatives Association\u2019) agreements where each party has the option to settle amounts on a net basis in the event of default from the other.
\nCollateral may be offset and net settled against derivative financial instruments in the event of default by either party. The aforementioned
\ncollateral balances are recorded in Notes 13 \u2018Other investments\u2019 or 21 \u2018Borrowings\u2019 respectively.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26934": {
"value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a financial loss for the Group. The Group is
\nexposed to credit risk from its operating activities and from its financing activities, the Group considers its maximum exposure to credit risk at 31
\nMarch to be:
\n2023
2022
\n\u20acm
\u20acm
\nCash and bank deposits (note 19)
3,924
2,220
\nMoney market funds (note 19)
7,781
5,276
\nManaged investment funds (note 13)
2,967
3,349
\nBonds and debt securities (note 13)
2,337
2,376
\nCollateral assets (note 13)
239
698
\nOther investments (note 13)
2,473
2,438
\nDerivative financial instruments (note 14)
6,124
4,626
\nTrade receivables (note 14)
\n1
\n6,158
6,083
\nContract assets and other receivables (note 14)
4,353
4,457
\nPerformance bonds and other guarantees (note 29)
3,381
2,866
\n39,737
34,389
\nNote:
\n1
Includes amounts guaranteed under sales of trade receivables \u20ac1,927 million (2022: \u20ac1,341 million)
\nExpected credit loss
\nThe Group has financial assets classified and measured at amortised cost and fair value through other comprehensive income that are subject to the
\nexpected credit loss model requirements of IFRS 9. Cash and bank deposits and certain other investments are both classified and measured at
\namortised cost and subject to impairment requirements. However, the identified expected credit loss is considered to be immaterial.
\nInformation about expected credit losses for trade receivables and contract assets can be found under \u2018operating activities\u2019 on page 179.
\nFinancing activities
\nThe Group invests in government securities on the basis they generate a fixed rate of return and are amongst the most creditworthy of investments
\navailable.
\nInvestments are made in accordance with established internal treasury policies which dictate the scaled maximum exposure permissible in relation
\nto an investment\u2019s long-term credit rating. The Group invests in AAA unsecured money market mutual funds, where the investment is limited to
\n10% of each fund; A to AAA government securities, both directly and through money market mutual funds; and has two managed investment funds
\nthat hold securities with an average credit quality of AA.
\nIn respect of financial instruments used by the Group\u2019s treasury function, the aggregate credit risk the Group may have with one counterparty is
\nlimited by reference to the long-term credit ratings assigned for that counterparty by Moody\u2019s, Fitch Ratings and Standard & Poor\u2019s. Furthermore,
\ncollateral support agreements reduce the Group\u2019s exposure to counterparties who must post collateral when there is value due to the Group under
\noutstanding derivative contracts that exceeds a contractually agreed threshold amount. When value is due to the counterparty the Group is
\nrequired to post collateral on identical terms. Such cash collateral is adjusted daily as necessary.
\n
\n
In the event of any default, ownership of the collateral would revert to the respective holder at that point. Detailed below is the value of the cash
\ncollateral, which is reported within current borrowings, held by the Group at 31 March:
\n2023
2022
\n\u20acm
\u20acm
\nCollateral liabilities
4,886
2,914
\nIn addition, as discussed in note 29 \u2018Contingent liabilities and legal proceedings\u2019, the Group has covenanted to provide security in favour of the
\ntrustee of the Vodafone Group UK Pension Scheme in respect of the funding deficit in the scheme and pledged security in relation to the Indus
\nTowers merger. The Group has also pledged cash as collateral against derivative financial instruments as disclosed in note 13 \u2018Other investments\u2019.
\nOperating activities
\nCustomer credit risk is managed by the Group\u2019s business units which each have policies, procedures and controls relating to customer credit risk
\nmanagement. Outstanding trade receivables and contract assets are regularly reviewed to monitor any changes in credit risk with concentrations of
\ncredit risk considered to be limited given that the Group\u2019s customer base is large and unrelated. The Group applies the simplified approach and
\nrecords lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured using historical cash
\ncollection data for periods of at least 24 months wherever possible and grouped into various customer segments based on product or customer
\ntype. The historical loss rates are adjusted where macroeconomic factors, for example changes in interest rates or unemployment rates, or other
\ncommercial factors are expected to have a significant impact when determining future expected credit loss rates. For trade receivables the expected
\ncredit loss provision is calculated using a provision matrix, in which the provision increases as balances age, and for receivables paid in instalments
\nand contract assets a weighted loss rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade
\nreceivables and contract assets are written off when each business unit determines there to be no reasonable expectation of recovery and
\nenforcement activity has ceased.
\nMovements in the allowance for expected credit losses during the year were as follows:
\nTrade receivables held
\nTrade receivables held
at fair value through
\nContract assets
at amortised cost
other comprehensive income
\n2023
2022
2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April
83
101
1,342
1,480
108
57
\nExchange movements
(3)
1
(72)
(70)
1
\u2013
\nAmounts charged to credit losses on financial assets
138
114
449
394
19
53
\nOther
\n1
\n(140)
(133)
(570)
(462)
(57)
(2)
\n31 March
78
83
1,149
1,342
71
108
\nNote:
\n1
Primarily utilisation of the provision by way of write-off.
\nExpected credit losses are presented as net credit losses on financial assets within operating profit and subsequent recoveries of amounts
\npreviously written off are credited against the same line item.
\nThe majority of the Group\u2019s trade receivables are due for maturity within 90 days and largely comprise amounts receivable from consumers and business
\ncustomers.
The table below presents information on trade receivables past due\u00b9 and their associated expected credit losses:
\n31 March 2023
\nTrade receivables at amortised cost past due
\n30 days
31\u201360
61\u2013180
180
\nTotal
Due
or less
days
days
days+
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGross carrying amount
2,465
599
163
329
957
4,513
\nExpected credit loss allowance
(67)
(64)
(50)
(173)
(831)
(1,185)
\nNet carrying amount
2,398
535
113
156
126
3,328
\n31 March 2022
\nTrade receivables at amortised cost past due
\n30 days
31\u201360
61\u2013180
180
\nTotal
Due
or less
days
days
days+
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nGross carrying amount
2,411
650
182
390
1,043
4,676
\nExpected credit loss allowance
(123)
(83)
(53)
(190)
(893)
(1,342)
\nNet carrying amount
2,288
567
129
200
150
3,334
\nNote:
\n1
Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they become due. Trade receivables at fair value through other
\ncomprehensive income are not materially past due.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26985": {
"value": "Financing activities
\nThe Group invests in government securities on the basis they generate a fixed rate of return and are amongst the most creditworthy of investments
\navailable.
\nInvestments are made in accordance with established internal treasury policies which dictate the scaled maximum exposure permissible in relation
\nto an investment\u2019s long-term credit rating. The Group invests in AAA unsecured money market mutual funds, where the investment is limited to
\n10% of each fund; A to AAA government securities, both directly and through money market mutual funds; and has two managed investment funds
\nthat hold securities with an average credit quality of AA.
\nIn respect of financial instruments used by the Group\u2019s treasury function, the aggregate credit risk the Group may have with one counterparty is
\nlimited by reference to the long-term credit ratings assigned for that counterparty by Moody\u2019s, Fitch Ratings and Standard & Poor\u2019s. Furthermore,
\ncollateral support agreements reduce the Group\u2019s exposure to counterparties who must post collateral when there is value due to the Group under
\noutstanding derivative contracts that exceeds a contractually agreed threshold amount. When value is due to the counterparty the Group is
\nrequired to post collateral on identical terms. Such cash collateral is adjusted daily as necessary.
In the event of any default, ownership of the collateral would revert to the respective holder at that point. Detailed below is the value of the cash
\ncollateral, which is reported within current borrowings, held by the Group at 31 March:
\n2023
2022
\n\u20acm
\u20acm
\nCollateral liabilities
4,886
2,914
\nIn addition, as discussed in note 29 \u2018Contingent liabilities and legal proceedings\u2019, the Group has covenanted to provide security in favour of the
\ntrustee of the Vodafone Group UK Pension Scheme in respect of the funding deficit in the scheme and pledged security in relation to the Indus
\nTowers merger. The Group has also pledged cash as collateral against derivative financial instruments as disclosed in note 13 \u2018Other investments\u2019.
UK pension schemes
\nThe Group\u2019s main defined benefit plan is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019) which has two segregated sections, the
\nVodafone Section and the CWW Section, as detailed in note 25 \u2018Post employment benefits\u2019.
\nThe Group has covenanted to provide security in favour of both the Vodafone Section and CWW Section when they are in a deficit position. The deficit is
\nmeasured on a prescribed basis agreed between the Group and trustee, which differs from the accounting basis reported in note 25 \u2018Post employment
\nbenefits\u2019. The Group provides surety bonds as the security.
\nThe level of the security has varied since inception in line with the movement in the Vodafone UK plan deficit. Due to the improved funding position of
\nthe Plan the level of security has reduced over the year. As at 31 March 2023 the Vodafone UK plan retains security over \u20ac114 million (notional value) for
\nthe Vodafone Section and no security is currently required for the CWW Section. The security may be substituted either on a voluntary or mandatory
\nbasis. The Company has also provided two guarantees to the Vodafone Section of the Vodafone UK plan for a combined value up to \u20ac1.42 billion to
\nprovide security over the deficit under certain defined circumstances, including insolvency of the employers. The Company has also agreed a similar
\nguarantee of up to \u20ac1.42 billion for the CWW Section.
\nAn additional smaller UK defined benefit plan, the THUS Plc Group Scheme, has a guarantee from the Company for up to \u20ac114 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27228": {
"value": "Liquidity risk Liquidity is reviewed daily on at least a 12 month rolling basis and stress tested on the assumption that any commercial paper outstanding matures
\nand is not reissued. The Group maintains substantial cash and cash equivalents which at 31 March 2023 amounted to cash \u20ac11.7
billion (2022: \u20ac7.5
\nbillion) and undrawn committed facilities of \u20ac8.0 billion (2022: \u20ac8.2 billion), principally euro and US dollar revolving credit facilities of \u20ac4.0 billion
\nand US$4.0 billion (\u20ac3.7 billion) which mature in 2025 and 2028 respectively. The Group manages liquidity risk on non-current borrowings by
\nmaintaining a varied maturity profile with a cap on the level of debt maturity in any one calendar year, therefore minimising refinancing risk. Non-
\ncurrent borrowings mature between 1 and 40 years.
\nThe maturity profile
of the anticipated future cash flows including interest in relation to the Group\u2019s non-derivative financial liabilities on an
\nundiscounted basis which, therefore, differs from both the carrying value and fair value, is as follows:
\nMaturity profile
\n1
\nTrade payables and
\nother financial
\nBank loans
Bonds
Lease liabilities
Other
\n2
\nTotal borrowings
liabilities
\n3
\nTotal
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nWithin one year
308
6,234
3,452
6,764
16,758
15,370
32,128
\nIn one to two years
235
3,070
2,574
423
6,302
51
6,353
\nIn two to three years
110
5,725
2,200
259
8,294
\u2013
8,294
\nIn three to four years
18
5,500
1,981
258
7,757
\u2013
7,757
\nIn four to five years
70
2,212
1,810
233
4,325
\u2013
4,325
\nIn more than five years
128
42,325
3,240
599
46,292
\u2013
46,292
\n869
65,066
15,257
8,536
89,728
15,421
105,149
\nEffect of discount/financing rates
(74)
(20,950)
(1,893)
(421)
(23,338)
(3)
(23,341)
\n31 March 2023
795
44,116
13,364
8,115
66,390
15,418
81,808
\nWithin one year
700
3,569
3,130
6,823
14,222
16,884
31,106
\nIn one to two years
33
6,190
2,189
417
8,829
29
8,858
\nIn two to three years
411
3,786
1,759
207
6,163
\u2013
6,163
\nIn three to four years
2
5,746
1,579
199
7,526
\u2013
7,526
\nIn four to five years
205
6,253
1,387
678
8,523
\u2013
8,523
\nIn more than five years
21
43,514
4,242
136
47,913
\u2013
47,913
\n1,372
69,058
14,286
8,460
93,176
16,913
110,089
\nEffect of discount/financing rates
(55)
(21,027)
(1,747)
(255)
(23,084)
(1)
(23,085)
\n31 March 2022
1,317
48,031
12,539
8,205
70,092
16,912
87,004
\nNotes:
\n1
Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders have the right, but not the obligation, to request
\npayment within 30 days. This also applies to undrawn committed facilities. There is no debt that is subject to a material adverse change clause.
\n2
Includes spectrum licence payables with maturity profile \u20ac196 million (2022: \u20ac2,319 million) within one year, \u20ac170 million (2022: \u20ac165 million) in one to two years, \u20ac199 million (2022:
\n\u20ac199 million) in two to three years, \u20ac199 million (2022: \u20ac199 million) in three to four years, \u20ac199 million (2022: \u20ac662 million) in four to five years and \u20ac587million (2022: \u20ac136 million) in
\nmore than five years. Also includes \u20ac4,886 million (2022: \u20ac2,914 million) in relation to cash received under collateral support agreements shown within 1 year.
\n3
Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other payables.
\nThe maturity profile of the Group\u2019s financial derivatives (which include interest rate swaps, cross-currency interest rate swaps and foreign exchange
\nswaps) using undiscounted cash flows, is as follows:
\n2023
2022
\nPayable
\n1
\nReceivable
\n1
\nTotal
Payable
\n1
\nReceivable
\n1
\nTotal
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nWithin one year
(17,845)
18,527
682
(12,671)
13,470
799
\nIn one to two years
(3,534)
4,055
521
(5,897)
6,399
502
\nIn two to three years
(4,028)
4,441
413
(2,584)
3,158
574
\nIn three to four years
(2,186)
2,567
381
(3,373)
3,864
491
\nIn four to five years
(2,265)
2,681
416
(1,699)
2,139
440
\nIn more than five years
(38,494)
44,586
6,092
(34,097)
40,129
6,032
\n(68,352)
76,857
8,505
(60,321)
69,159
8,838
\nEffect of discount/financing rates
(3,803)
(5,884)
\nFinancial derivative net receivable/(payable)
4,702
2,954
\nNote:
\n1
Payables and receivables are stated separately in the table above as cash settlement is on a gross basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27520": {
"value": "Market risk Interest rate management
\nUnder the Group\u2019s interest rate management policy, interest rates on long-term monetary assets and liabilities are principally maintained on a fixed
\nrate basis.
\nAt 31 March 2023 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate basis in accordance with treasury
\npolicy. At 31 March 2022 the Group held economic interest rate hedges at fair value through profit and loss.
\nFor each one hundred basis point rise in market interest rates for all currencies in which the Group had borrowings at 31 March 2023 there would be
\nan increase in profit before tax by \u20ac27 million (2022: \u20ac420 million) including mark to market revaluations of interest rate and other derivatives and
\nthe potential interest on cash and short-term investments. There would be no material impact on equity.
\nAt 31 March 2023, the Group had limited exposure through interest rate derivatives and floating rate bonds referencing LIBOR and other interbank
\noffered rates (IBORs).
\nForeign exchange management
\nAs Vodafone\u2019s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the sterling share price represents the
\nvalue of its future multi-currency cash flows, principally in euro, South African rand and sterling, the Group maintains the currency of debt and
\ninterest charges in proportion to its expected future principal cash flows and has a policy to hedge external foreign exchange risks on transactions
\ndenominated in other currencies above a certain de minimis level.
\nAt 31 March 2023 11% of net debt was denominated in currencies other than euro (3% sterling, 6% South African rand and 2% other). This allows
\nsterling, South African rand and other debt to be serviced in proportion to expected future cash flows and therefore provides a partial economic
\nhedge against income statement translation exposure, as interest costs will be denominated in foreign currencies.
\nUnder the Group\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group companies is generally maintained at the
\nlower of \u20ac5 million per currency per month or \u20ac15 million per currency over a six month period.
\nThe Group recognises foreign exchange movements in equity for the translation of net investment hedging instruments and balances treated as
\ninvestments in foreign operations. However, there is no net impact on equity for exchange rate movements on net investment hedging instruments
\nas there would be an offset in the currency translation of the foreign operation. At 31 March 2023 the Group held financial liabilities in a net
\ninvestment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements on the hedging liabilities,
\nanalysed against a strengthening of the South African rand by 12% (2022: 13%) would result in a decrease in equity of \u20ac267 million (2022:
\n\u20ac221million) which would be fully offset by foreign exchange movements on the hedged net assets. In addition, cash flow hedges of principally US
\ndollar borrowings would result in an increase in equity of \u20ac204 million (2022: \u20ac371 million) against a strengthening of US dollar by 5% (2022: 5%).
\nThe Group profit and loss account is exposed to foreign exchange risk within both operating profit and financing income and expense. The principal
\noperations not generating income in euro are Vodacom South Africa (South African rand), and Egypt (Egyptian pound). Financing income and
\nexpense includes foreign currency gains/losses incurred on the translation of balance sheet items not held in functional currency. These are
\nprincipally on certain borrowings, derivatives, and other investments denominated in sterling and Turkish lira.
\nThe following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the
\naverage movements in the previous three annual reporting periods.
\n2023
2022
\n\u20acm
\u20acm
\nIncrease/ (decrease) in Profit before taxation
\nZAR 12% change (2022: 13%)
87
134
\nEGP 27% change (2022: 9%)
116
41
\nTRY 43% change (2022: 39%)
33
83
\nGBP 3% change (2022: 2%)
(46)
(67)
\nEquity risk
\nThere is no material equity risk relating to the Group\u2019s equity investments which are detailed in note 13 \u2018Other investments\u2019.
\nIn the prior financial year, the Group had hedged its exposure under the subordinated mandatory convertible bonds to any future movements in its
\nshare price by an option strategy designed to hedge the economic impact of share price movements. This option strategy ended during the current
\nfinancial year.
As at 31 March 2023, the Group is no longer sensitive (2022: 7% sensitivity) to a movement in its share price that would result in an
\nincrease or decrease in profit before tax (2022: \u20ac36 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27537": {
"value": "Foreign exchange management As Vodafone\u2019s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the sterling share price represents the
\nvalue of its future multi-currency cash flows, principally in euro, South African rand and sterling, the Group maintains the currency of debt and
\ninterest charges in proportion to its expected future principal cash flows and has a policy to hedge external foreign exchange risks on transactions
\ndenominated in other currencies above a certain de minimis level.
\nAt 31 March 2023 11% of net debt was denominated in currencies other than euro (3% sterling, 6% South African rand and 2% other). This allows
\nsterling, South African rand and other debt to be serviced in proportion to expected future cash flows and therefore provides a partial economic
\nhedge against income statement translation exposure, as interest costs will be denominated in foreign currencies.
\nUnder the Group\u2019s foreign exchange management policy, foreign exchange transaction exposure in Group companies is generally maintained at the
\nlower of \u20ac5 million per currency per month or \u20ac15 million per currency over a six month period.
\nThe Group recognises foreign exchange movements in equity for the translation of net investment hedging instruments and balances treated as
\ninvestments in foreign operations. However, there is no net impact on equity for exchange rate movements on net investment hedging instruments
\nas there would be an offset in the currency translation of the foreign operation. At 31 March 2023 the Group held financial liabilities in a net
\ninvestment hedge against the Group\u2019s South African rand operations. Sensitivity to foreign exchange movements on the hedging liabilities,
\nanalysed against a strengthening of the South African rand by 12% (2022: 13%) would result in a decrease in equity of \u20ac267 million (2022:
\n\u20ac221million) which would be fully offset by foreign exchange movements on the hedged net assets. In addition, cash flow hedges of principally US
\ndollar borrowings would result in an increase in equity of \u20ac204 million (2022: \u20ac371 million) against a strengthening of US dollar by 5% (2022: 5%).
\nThe Group profit and loss account is exposed to foreign exchange risk within both operating profit and financing income and expense. The principal
\noperations not generating income in euro are Vodacom South Africa (South African rand), and Egypt (Egyptian pound). Financing income and
\nexpense includes foreign currency gains/losses incurred on the translation of balance sheet items not held in functional currency. These are
\nprincipally on certain borrowings, derivatives, and other investments denominated in sterling and Turkish lira.
\nThe following table details the Group\u2019s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the
\naverage movements in the previous three annual reporting periods.
\n2023
2022
\n\u20acm
\u20acm
\nIncrease/ (decrease) in Profit before taxation
\nZAR 12% change (2022: 13%)
87
134
\nEGP 27% change (2022: 9%)
116
41
\nTRY 43% change (2022: 39%)
33
83
\nGBP 3% change (2022: 2%)
(46)
(67)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28076": {
"value": "Changes in assets and liabilities arising from financing activities Borrowings
\nDerivative assets and
\nliabilities
\nFinancial liabilities
\nunder put options
Other liabilities
\nAssets and liabilities
\narising from financing
\nactivities
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April 2022
70,092
(2,954)
494
1,498
69,130
\nCash movements
\nProceeds from issuance of long-term borrowings
4,071
\u2013
\u2013
\u2013
4,071
\nRepayment of borrowings
(13,538)
\u2013
\u2013
\u2013
(13,538)
\nNet movement in short-term borrowings
3,172
\u2013
\u2013
\u2013
3,172
\nNet movement in derivatives
\u2013
261
\u2013
\u2013
261
\nInterest paid
(2,444)
590
(18)
(79)
(1,951)
\nPurchase of treasury shares
\u2013
\u2013
\u2013
(1,867)
(1,867)
\nOther
\u2013
\u2013
(12)
\u2013
(12)
\nNon-cash movements
\nFair value movements
\u2013
(1,688)
\u2013
\u2013
(1,688)
\nForeign exchange
(44)
(350)
\u2013
(20)
(414)
\nInterest costs
2,657
(561)
21
(113)
2,004
\nLease additions
7,652
\u2013
\u2013
\u2013
7,652
\nAcquisition and disposal of subsidiaries
(5,243)
\u2013
\u2013
\u2013
(5,243)
\nOther
\n1
\n15
\u2013
\u2013
684
699
\n31 March 2023
66,390
(4,702)
485
103
62,276
\nBorrowings
\nDerivative assets and
\nliabilities
\nFinancial liabilities
\nunder put options
Other liabilities
\nAssets and liabilities
\narising from financing
\nactivities
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April 2021
67,760
859
492
491
69,602
\nCash movements
\nProceeds from issuance of long-term borrowings
2,548
\u2013
\u2013
\u2013
2,548
\nRepayment of borrowings
(8,248)
\u2013
\u2013
\u2013
(8,248)
\nNet movement in short-term borrowings
3,002
\u2013
\u2013
\u2013
3,002
\nNet movement in derivatives
\u2013
(293)
\u2013
\u2013
(293)
\nInterest paid
(2,246)
469
(17)
(10)
(1,804)
\nPurchase of treasury shares
\u2013
\u2013
\u2013
(2,087)
(2,087)
\nNon-cash movements
\nFair value movements
\u2013
(2,631)
\u2013
\u2013
(2,631)
\nForeign exchange
1,386
(930)
\u2013
(15)
441
\nInterest costs
2,356
(428)
19
13
1,960
\nLease additions
3,410
\u2013
\u2013
\u2013
3,410
\nOther
\n1
\n124
\u2013
\u2013
3,106
3,230
\n31 March 2022
70,092
(2,954)
494
1,498
69,130
\nNote:
\n1
Movement in Other liabilities primarily relate to share buyback programmes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28312": {
"value": "Fair value and carrying value information The carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019, 14 \u2018Trade and other receivables\u2019
\nand 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost the carrying values approximate fair value except as disclosed in
\nnote 13 \u2018Other investments\u2019.
\nThe carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other payables\u2019 and 21 \u2018Borrowings\u2019. The
\ncarrying values approximate fair value for the Group\u2019s trade payables and other payables categories. For other financial liabilities a comparison of fair
\nvalue and carrying value is disclosed in note 21 \u2018Borrowings\u2019.
\nLevel 3 financial instruments
\nThe Group\u2019s borrowings include \u20ac1,485 million (2022: \u20ac1,382 million) of bank borrowings that are secured against the Group\u2019s shareholdings in
\nIndus Towers and Vodafone Idea (see note 12 \u2018Investments in Associates and Joint Ventures\u2019 for further details of these assets) and will be repaid
\nthrough the realisation of proceeds from those assets. This arrangement contains an embedded derivative option which has been separately fair
\nvalued. The 31 March 2023 valuation of the embedded derivative asset of \u20ac198 million (2022: \u20ac3 million) is presented within derivative assets in
\ncurrent assets (see note 14 \u2018Trade and other receivables\u2019).
\nA Black Scholes model for European put options has been used as a valuation model and primarily uses market inputs (quoted share prices and
\nvolatilities for Indus Towers and Vodafone Idea) along with a strike price equal to the amount payable under the loan. The valuation includes an
\nunobservable adjustment to reflect the potential timeframe to settle the loan and has been modelled using a range of potential durations up to 30
\nSeptember 2024. As a result of this unobservable adjustment, the option is classified as a level 3 instrument under the fair value hierarchy. An
\nincrease/(decrease) in durations applied of 6 months would increase/(decrease) the derivative asset by \u20ac141 million/(\u20ac115 million).
\nNet financial instruments
\nThe table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet and the impact of enforceable
\nmaster netting or similar agreements.
\nAt 31 March 2023
\nRelated amounts not set off in the balance sheet
\nGross amount
Amount set off
\nAmounts
\npresented in
\nbalance sheet
\nRight of set off
\nwith derivative
\ncounterparties
\nCollateral
\n(liabilities)/assets
\n1
\nNet amount
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nDerivative financial assets
6,124
\u2013
6,124
(910)
(4,886)
328
\nDerivative financial liabilities
(1,422)
\u2013
(1,422)
910
239
(273)
\nTotal
4,702
\u2013
4,702
\u2013
(4,647)
55
\nAt 31 March 2022
\nRelated amounts not set off in the balance sheet
\nGross amount
Amount set off
\nAmounts
\npresented in
\nbalance sheet
\nRight of set off
\nwith derivative
\ncounterparties
\nCollateral
\n(liabilities)/assets
\n1
\nNet amount
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nDerivative financial assets
4,626
\u2013
4,626
(1,365)
(2,914)
347
\nDerivative financial liabilities
(1,672)
\u2013
(1,672)
1,365
368
61
\nTotal
2,954
\u2013
2,954
\u2013
(2,546)
408
\nNote:
\n1
Excludes collateral of \u20acnil (2022: \u20ac330 million) pledged as initial margin, as security against future mark to market movements on certain derivative options, that therefore does not offset
\nagainst existing mark to market balances as at 31 March.
\nFinancial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when there is a legally enforceable right to
\noffset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Derivative
\nfinancial instruments that do not meet the criteria for offset could be settled net in certain circumstances under ISDA (\u2018International Swaps and
\nDerivatives Association\u2019) agreements where each party has the option to settle amounts on a net basis in the event of default from the other.
\nCollateral may be offset and net settled against derivative financial instruments in the event of default by either party. The aforementioned
\ncollateral balances are recorded in Notes 13 \u2018Other investments\u2019 or 21 \u2018Borrowings\u2019 respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28313": {
"value": "Fair value and carrying value information The carrying value and valuation basis of the Group\u2019s financial assets are set out in notes 13 \u2018Other investments\u2019, 14 \u2018Trade and other receivables\u2019
\nand 19 \u2018Cash and cash equivalents\u2019. For all financial assets held at amortised cost the carrying values approximate fair value except as disclosed in
\nnote 13 \u2018Other investments\u2019.
\nThe carrying value and valuation basis of the Group\u2019s financial liabilities are set out in notes 15 \u2018Trade and other payables\u2019 and 21 \u2018Borrowings\u2019. The
\ncarrying values approximate fair value for the Group\u2019s trade payables and other payables categories. For other financial liabilities a comparison of fair
\nvalue and carrying value is disclosed in note 21 \u2018Borrowings\u2019.
\nLevel 3 financial instruments
\nThe Group\u2019s borrowings include \u20ac1,485 million (2022: \u20ac1,382 million) of bank borrowings that are secured against the Group\u2019s shareholdings in
\nIndus Towers and Vodafone Idea (see note 12 \u2018Investments in Associates and Joint Ventures\u2019 for further details of these assets) and will be repaid
\nthrough the realisation of proceeds from those assets. This arrangement contains an embedded derivative option which has been separately fair
\nvalued. The 31 March 2023 valuation of the embedded derivative asset of \u20ac198 million (2022: \u20ac3 million) is presented within derivative assets in
\ncurrent assets (see note 14 \u2018Trade and other receivables\u2019).
\nA Black Scholes model for European put options has been used as a valuation model and primarily uses market inputs (quoted share prices and
\nvolatilities for Indus Towers and Vodafone Idea) along with a strike price equal to the amount payable under the loan. The valuation includes an
\nunobservable adjustment to reflect the potential timeframe to settle the loan and has been modelled using a range of potential durations up to 30
\nSeptember 2024. As a result of this unobservable adjustment, the option is classified as a level 3 instrument under the fair value hierarchy. An
\nincrease/(decrease) in durations applied of 6 months would increase/(decrease) the derivative asset by \u20ac141 million/(\u20ac115 million).
\nNet financial instruments
\nThe table below shows the Group\u2019s financial assets and liabilities that are subject to offset in the balance sheet and the impact of enforceable
\nmaster netting or similar agreements.
\nAt 31 March 2023
\nRelated amounts not set off in the balance sheet
\nGross amount
Amount set off
\nAmounts
\npresented in
\nbalance sheet
\nRight of set off
\nwith derivative
\ncounterparties
\nCollateral
\n(liabilities)/assets
\n1
\nNet amount
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nDerivative financial assets
6,124
\u2013
6,124
(910)
(4,886)
328
\nDerivative financial liabilities
(1,422)
\u2013
(1,422)
910
239
(273)
\nTotal
4,702
\u2013
4,702
\u2013
(4,647)
55
\nAt 31 March 2022
\nRelated amounts not set off in the balance sheet
\nGross amount
Amount set off
\nAmounts
\npresented in
\nbalance sheet
\nRight of set off
\nwith derivative
\ncounterparties
\nCollateral
\n(liabilities)/assets
\n1
\nNet amount
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nDerivative financial assets
4,626
\u2013
4,626
(1,365)
(2,914)
347
\nDerivative financial liabilities
(1,672)
\u2013
(1,672)
1,365
368
61
\nTotal
2,954
\u2013
2,954
\u2013
(2,546)
408
\nNote:
\n1
Excludes collateral of \u20acnil (2022: \u20ac330 million) pledged as initial margin, as security against future mark to market movements on certain derivative options, that therefore does not offset
\nagainst existing mark to market balances as at 31 March.
\nFinancial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when there is a legally enforceable right to
\noffset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Derivative
\nfinancial instruments that do not meet the criteria for offset could be settled net in certain circumstances under ISDA (\u2018International Swaps and
\nDerivatives Association\u2019) agreements where each party has the option to settle amounts on a net basis in the event of default from the other.
\nCollateral may be offset and net settled against derivative financial instruments in the event of default by either party. The aforementioned
\ncollateral balances are recorded in Notes 13 \u2018Other investments\u2019 or 21 \u2018Borrowings\u2019 respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28430": {
"value": "Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Derivative
\nfinancial instruments that do not meet the criteria for offset could be settled net in certain circumstances under ISDA (\u2018International Swaps and
\nDerivatives Association\u2019) agreements where each party has the option to settle amounts on a net basis in the event of default from the other.
\nCollateral may be offset and net settled against derivative financial instruments in the event of default by either party. The aforementioned
collateral balances are recorded in Notes 13 \u2018Other investments\u2019 or 21 \u2018Borrowings\u2019 respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28467": {
"value": "23. Directors and key management compensation This note details the total amounts earned by the Company\u2019s Directors and members of the Executive Committee.
\nDirectors
\nAggregate emoluments of the Directors of the Company were as follows:
\nRe-presented
\n1
\nRe-presented
\n1
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nShort-term remuneration
6
7
7
\nLong-term incentive schemes
\n2
\n3
2
1
\n9
9
8
\nNotes:
\n1
The prior year comparatives have been re-presented to aggregate previously disclosed salaries and fees and incentive schemes into Short-term remuneration. Additional disclosure is now
\nprovided for long-term incentive schemes, increasing total emoluments by \u20ac2 million and \u20ac1 million for the years ended 31 March 2022 and 31 March 2021, respectively.
\n2
Relates to share-based payments.
\nNo Directors serving during the year exercised share options in the year ended 31 March 2023 (2022: None; 2021: None).
\nKey management compensation
\nAggregate compensation for key management, being the Directors and members of the Executive Committee, was as follows:
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nShort-term employee benefits
25
28
28
\nShare-based payments
12
8
11
\n37
36
39",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28545": {
"value": "24. Employees This note shows the average number of people employed by the Group during the year, in which areas of our business
\nour employees work and where they are based. It also shows total employment costs.
\n2023
2022
2021
\nEmployees
Employees
Employees
\nBy activity
\nOperations
15,808
15,404
14,893
\nSelling and distribution
24,676
25,499
26,874
\nCustomer care and administration
57,619
56,038
54,739
\n98,103
96,941
96,506
\nBy segment
\nGermany
15,242
15,256
15,798
\nItaly
5,733
5,765
5,818
\nSpain
3,992
4,194
4,257
\nUK
9,312
9,198
9,584
\nOther Europe
14,189
15,106
15,460
\nVodacom
7,990
7,973
7,810
\nOther Markets
9,331
9,336
9,498
\nVantage Towers
\n1
\n753
502
\u2013
\nCommon Functions
31,561
29,611
28,281
\nTotal
98,103
96,941
96,506
\nNote:
\n1
Vantage Towers was a new reporting segment in the comparative year ended 31 March 2022.
\nThe cost incurred in respect of these employees (including Directors) was:
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nWages and salaries
4,853
4,469
4,238
\nSocial security costs
604
578
549
\nOther pension costs (note 25 'Post employment benefits')
244
168
235
\nShare-based payments (note 26 'Shared-based payments')
141
119
135
\nTotal
5,842
5,334
5,157",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28670": {
"value": "25. Post employment benefits The Group operates a number of Defined Benefit and Defined Contribution retirement plans for our employees. The
\nGroup\u2019s largest defined benefit plan is in the UK. For further details see \u2018Critical accounting judgements and key sources
\nof estimation uncertainty\u2019 in note 1 \u2018Basis of preparation\u2019.
\nAccounting policies
\nFor defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is
\nrecognised as an asset or a liability on the consolidated statement of financial position. Defined benefit plan liabilities are assessed using the
\nprojected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value.
\nActuarial gains and losses are taken to the consolidated statement of comprehensive income for defined benefit plans or consolidated income
\nstatement for cash leaver plans as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial
\nassumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The
\nreturn on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive
\nincome.
\nOther movements in the net surplus or deficit are recognised in the consolidated income statement, including the current service cost, any past
\nservice cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the consolidated
\nincome statement. The amount charged to the consolidated income statement in respect of these plans is included within operating costs or in the
\nGroup\u2019s share of the results of equity accounted operations, as appropriate.
\nThe Group\u2019s contributions to defined contribution pension plans are charged to the consolidated income statement as they fall due.
\nBackground
\nAt 31 March 2023 the Group operated a number of retirement plans for the benefit of its employees throughout the world, with varying rights and
\nobligations depending on the conditions and practices in the countries concerned. The Group\u2019s philosophy is to provide access to defined
\ncontribution retirement plans where feasible and to manage legacy defined benefit retirement arrangements. Defined benefit plans provide
\nbenefits based on the employees\u2019 length of pensionable service and their final pensionable salary or other criteria. Defined contribution plans offer
\nemployees individual funds that are converted into benefits at the time of retirement.
\nThe Group operates defined benefit plans in Germany, India, Ireland, Italy, the UK, the United States; defined benefit indemnity plans in Greece and
\nTurkey; and a cash leaver plan in India. Defined contribution plans are currently provided in Egypt, Germany, Greece, India, Ireland, Italy, Portugal,
\nSouth Africa, Spain and the UK.
\nIncome statement expense/(income)
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nDefined contribution plans
207
197
204
\nDefined benefit plans
37
(29)
31
\nTotal amount charged to income statement (note 24)
244
168
235
\nDefined benefit plans
\nThe Group\u2019s retirement policy is to provide competitive pension provision, in each operating country, in line with the market median for that
\nlocation. The Group\u2019s preferred retirement provision is focused on Defined Contribution arrangements and/or State provision for future service.
\nThe Group\u2019s main defined benefit funding liability is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019). Since June 2014 the Vodafone
\nUK plan has consisted of two segregated sections: the Vodafone Section and the Cable & Wireless Section (\u2018CWW Section\u2019). Both sections are closed
\nto new entrants and to future accrual. The Group also operates smaller funded and unfunded plans in the UK, funded and unfunded plans in
\nGermany and a funded plan in Ireland. Defined benefit pension provision exposes the Group to actuarial risks such as longer than expected longevity
\nof participants, lower than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value
\nof assets of the plans.
\nThe main defined benefit plans are administered by trustee boards which are legally separate from the Group and consist of representatives who are
\nemployees, former employees or are independent from the Group. The trustee boards of the pension plans are required by legislation to act in the
\nbest interest of the participants, set the investment strategy and contribution rates and are subject to statutory funding regimes.
\nThe Vodafone UK plan is registered as an occupational pension plan with HM Revenue and Customs (\u2018HMRC\u2019) and is subject to UK legislation and
\noperates within the framework outlined by the Pensions Regulator. UK legislation requires that pension plans are funded prudently and that
\nvaluations are undertaken at least every three years. Separate valuations are required for the Vodafone Section and CWW Section.
\nThe trustees obtain regular actuarial valuations to check whether the statutory funding objective is met and whether a recovery plan is required to
\nrestore funding to the level of the agreed technical provisions. The 31 March 2022 triennial actuarial valuation for the Vodafone Section and CWW
\nSection of the Vodafone UK plan showed a net surplus of \u00a3248 million (\u20ac282 million) on the funding basis, comprising of a \u00a397 million (\u20ac110
\nmillion) surplus for the Vodafone Section and a \u00a3151 million (\u20ac172 million) surplus for the CWW Section. No further contributions are due in respect
\nof the Vodafone UK plan at this time.
The next actuarial valuation has an effective date of 31 March 2025.
\n
\n
\n
These plan-specific actuarial valuations differ to the IAS 19 accounting basis, which is used to measure pension assets and liabilities presented in the
\nGroup\u2019s consolidated statement of financial position.
\nFunding plans are individually agreed for each of the Group\u2019s other defined benefit plans with the respective trustees or governing board, taking into
\naccount local regulatory requirements. It is expected that ordinary contributions of \u20ac71 million will be paid into the Group\u2019s defined benefit plans
\nduring the year ending 31 March 2024. The Group has also provided certain guarantees in respect of the Vodafone UK plan; further details are
\nprovided in note 29 \u2018Contingent liabilities and legal proceedings\u2019 to the consolidated financial statements.
\nThe investment strategy for the UK plans is controlled by the trustees in consultation with the Group and the plans have no direct investments in
\nthe Group\u2019s equity securities or in property or other assets currently used by the Group. The allocation of assets between different classes of
\ninvestment is reviewed regularly and is a key factor in the trustee investment policy. The trustees aim to achieve the plan\u2019s investment objectives
\nthrough investing partly in a diversified mix of growth assets which, over the long term, are expected to grow in value by more than the low risk
\nassets. The low risk assets include cash and gilts, inflation and interest rate hedging and in substance insured pensioner annuity policies in both the
\nVodafone Section and CWW Sections of the Vodafone UK plan and an insured pensioner annuity policy in the Vodafone Ireland Pension Plan. A
\nnumber of investment managers are appointed to promote diversification by assets, organisation and investment style and current market
\nconditions and trends are regularly assessed, which may lead to adjustments in the asset allocation.
\nDuring the reporting period, there were significant movements in UK gilt markets \u2013 in particular the \u2018mini budget\u2019 announced by the UK
\ngovernment on 23 September 2022 caused rapid sales of government bonds which further depressed gilt markets. Although a temporary
\nintervention by the Bank of England and subsequent policy changes stabilised the market, gilt yields increased significantly in a short period
\nof time.
This triggered an increase in collateral calls for pension schemes that, like the Vodafone UK plan, used liability driven investment
\n(LDI) strategies to hedge their interest rate risks.
\nIn response to the risk of potential future collateral calls, on 18 October 2022, the Group entered into short term liquidity facilities with both
\nsections of the Vodafone UK plan for an aggregate amount of \u00a3450 million (\u20ac512 million). These facilities were put in place for short-term
\nliquidity purposes, with the intention of reducing the risk should the UK plan be required to dispose of assets at short notice in the event of
\nsignificant increases in gilt yields. Drawings could be made from the facility until 27 January 2023, with all amounts borrowed required to be
\nrepaid by 28 February 2023. No amounts were drawn under these facilities.
\nThere has been reduced volatility in gilt yields since the end of 2022, although, the level of yields are significantly higher than they were at 31
\nMarch 2022. This has resulted in a decrease in the value of the assets, and also liabilities in respect of the Vodafone UK plan as at 31 March
\n2023.
\nActuarial assumptions
\nThe Group\u2019s plan liabilities are measured using the projected unit credit method using the principal actuarial assumptions set out below:
\n2023
2022
2021
\n%
%
%
\nWeighted average actuarial assumptions used at 31 March
\n1
\nRate of inflation
\n2
\n3.0
3.3
2.9
\nRate of increase in salaries
\n3
\n3.0
3.1
2.7
\nDiscount rate
4.5
2.5
1.8
\nNotes:
\n1
Figures shown represent a weighted average assumption of the individual plans.
\n2
The rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation.
\n3
Relates only to schemes open to future accrual primarily in Germany, Ireland and India.
\nMortality assumptions used are based on recommendations from the individual local actuaries which include adjustments for the experience of the
\nGroup where appropriate. The Group\u2019s largest plan is the Vodafone UK plan. Further life expectancies assumed for the UK plans are 22.8/24.7 years
\n(2022: 23.4/25.4 years) for a male/female pensioner currently aged 65 years and 23.7/25.5 years (2022: 25.4/27.5 years) from age 65 for a
\nmale/female non-pensioner member currently aged 40.
\nCharges made to the consolidated income statement and consolidated statement of comprehensive income (\u2018SOCI\u2019) on the basis of the
\nassumptions stated above are:
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nCurrent service cost
44
38
37
\nNet past service (credit)/costs
\n1
\n\u2013
(71)
2
\nNet interest (income)/charge
(7)
4
(8)
\nTotal net cost/(credit) included within staff costs
37
(29)
31
\nActuarial losses/(gains) recognised in the SOCI
213
(627)
686
\nNote:
\n1
No past service credits were recorded in the current financial year.
In the prior year, a change in Germany relating to the provision of death and disability benefits effective from 1 April 2021
\nresulted in a past service credit of \u20ac49 million; further net past service credits were recognised in the year ended 31 March 2022 for the Vodafone UK plan relating to the offer of a pension
\nincrease exchange to all members at retirement and benefit clarifications.
\n
\n
\n
\n
\nDuration of the benefit obligations
\nThe weighted average duration of the defined benefit obligation at 31 March 2023 is 16 years (2022: 21 years).
\nFair value of the assets and present value of the liabilities of the plans
\nThe amount included in the consolidated statement of financial position arising from the Group\u2019s obligations in respect of its defined benefit plans is
\nas follows:
\nAssets
Liabilities
\nNet surplus/
\n(deficit)
\n\u20acm
\u20acm
\u20acm
\n1 April 2021
7,632
(8,085)
(453)
\nService cost
\u2013
(38)
(38)
\nPast service credit
\u2013
71
71
\nInterest income/(cost)
140
(144)
(4)
\nReturn on plan assets excluding interest income
58
\u2013
58
\nActuarial gains arising from changes in demographic assumptions
\u2013
7
7
\nActuarial gains arising from changes in financial assumptions
\u2013
483
483
\nActuarial gains arising from experience adjustments
\u2013
79
79
\nEmployer cash contributions
60
\u2013
60
\nMember cash contributions
17
(17)
\u2013
\nBenefits paid
(241)
241
\u2013
\nExchange rate movements
52
(45)
7
\nOther movements
(3)
7
4
\n31 March 2022
7,715
(7,441)
274
\nService cost
\u2013
(44)
(44)
\nInterest income/(cost)
185
(178)
7
\nReturn on plan assets excluding interest income
(2,475)
\u2013
(2,475)
\nActuarial gains arising from changes in demographic assumptions
\u2013
186
186
\nActuarial gains arising from changes in financial assumptions
\u2013
2,293
2,293
\nActuarial losses arising from experience adjustments
\u2013
(217)
(217)
\nEmployer cash contributions
42
\u2013
42
\nMember cash contributions
15
(15)
\u2013
\nBenefits paid
(216)
216
\u2013
\nExchange rate movements
(211)
224
13
\nOther movements
(8)
\u2013
(8)
\n31 March 2023
5,047
(4,976)
71
\nThe table below provides an analysis of the net surplus for the Group as a whole.
\n2023
2022
\n\u20acm
\u20acm
\nAnalysis of net surplus:
\nTotal fair value of plan assets
5,047
7,715
\nPresent value of funded plan liabilities
(4,875)
(7,337)
\nNet surplus for funded plans
172
378
\nPresent value of unfunded plan liabilities
(101)
(104)
\nNet surplus
71
274
\nNet surplus is analysed as:
\nAssets
\n1
\n329
555
\nLiabilities
(258)
(281)
\nNote:
\n1
Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of
\nfuture refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions.
\n
\n
\n
An analysis of net surplus is provided below for the Vodafone UK plan, which is a funded plan. As part of the merger of the Vodafone UK plan and the
\nCable and Wireless Worldwide Retirement Plan (\u2018CWWRP\u2019) plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the
\nVodafone Section and hence are reported separately below.
\nCWW Section
Vodafone Section
\n2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\nAnalysis of net surplus:
\nTotal fair value of plan assets
1,845
2,850
1,958
3,399
\nPresent value of plan liabilities
(1,657)
(2,565)
(1,900)
(3,166)
\nNet surplus
188
285
58
233
\nNet surpluses are analysed as:
\nAssets
188
285
58
233
\nLiabilities
\u2013
\u2013
\u2013
\u2013
\nFair value of plan assets
\n2023
2022
\n\u20acm
\u20acm
\nCash and cash equivalents
27
55
\nEquity investments:
\nWith quoted prices in an active market
140
849
\nWithout quoted prices in an active market
322
359
\nDebt instruments:
\nWith quoted prices in an active market
588
1,334
\nWithout quoted prices in an active market
288
317
\nProperty:
\nWith quoted prices in an active market
17
29
\nWithout quoted prices in an active market
438
460
\nDerivatives:
\n1
\nWithout quoted prices in an active market
1,791
2,195
\nInvestment fund
782
1,161
\nAnnuity policies
\nWith quoted prices in an active market
25
34
\nWithout quoted prices
629
922
\nTotal
5,047
7,715
\nNote:
\n1
Derivatives include collateral held in the form of cash. Assets are valued using \u2018level 2\u2019 inputs under IFRS 13 \u2018Fair Value Measurement\u2019 principles and classified as unquoted accordingly.
\nThe fair value of plan assets, which have been measured in accordance with IFRS 13 \u2018Fair Value Measurement\u2019, are analysed by asset category above
\nand are subdivided by assets that have a quoted market price in an active market and those that do not, such as investment funds. Where available,
\nthe fair values are quoted prices (e.g. listed equity, sovereign debt and corporate bonds). Unlisted investments without quoted prices in an active
\nmarket (e.g. private equity) are included at values provided by the fund manager in accordance with relevant guidance. Other significant assets are
\nvalued based on observable inputs such as yield curves. The Vodafone UK plan annuity policies fully match the pension obligations of those
\npensioners insured and therefore are set equal to the present value of the related obligations. Investment funds of \u20ac782 million at 31 March 2023
\n(2022: \u20ac1,161 million) include investments in diversified alternative beta funds held in the Vodafone Section of the Vodafone UK plan.
\nThe actual return on plan assets over the year to 31 March 2023 was a loss of \u20ac2,290 million (2022: \u20ac198 million gain).
\nSensitivity analysis
\nMeasurement of the Group\u2019s defined benefit retirement obligation is sensitive to changes in certain key assumptions. The sensitivity analysis below
\nshows how a reasonably possible increase or decrease in a particular assumption would, in isolation, result in an increase or decrease in the present
\nvalue of the defined benefit obligation as at 31 March 2023.
\nRate of inflation
Rate of increase in salaries
Discount rate
Life expectancy
\nDecrease
\nby 0.5%
\nIncrease
\nby 0.5%
\nDecrease
\nby 0.5%
\nIncrease
\nby 0.5%
\nDecrease
\nby 0.5%
\nIncrease
\nby 0.5%
\nDecrease
\nby 1 year
\nIncrease
\nby 1 year
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n(Decrease)/increase in present
\n(222)
260
(1)
1
385
(341)
(129)
128
value of defined benefit obligation
\n1
\nNote:
\n1
The sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another. In
\npresenting this sensitivity analysis, the change in the present value of the defined benefit obligation has been calculated on the same basis as prior years using the projected unit credit
\nmethod at the end of the year, which is the same as that applied in calculating the defined benefit obligation liability recognised in the statement of financial position. The rate of inflation
\nassumption sensitivity factors in the impact of changes to all assumptions relating to inflation including the rate of increase in salaries, pension increases and deferred revaluations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28677": {
"value": "Accounting policies For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is
\nrecognised as an asset or a liability on the consolidated statement of financial position. Defined benefit plan liabilities are assessed using the
\nprojected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value.
\nActuarial gains and losses are taken to the consolidated statement of comprehensive income for defined benefit plans or consolidated income
\nstatement for cash leaver plans as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial
\nassumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The
\nreturn on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive
\nincome.
\nOther movements in the net surplus or deficit are recognised in the consolidated income statement, including the current service cost, any past
\nservice cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the consolidated
\nincome statement. The amount charged to the consolidated income statement in respect of these plans is included within operating costs or in the
\nGroup\u2019s share of the results of equity accounted operations, as appropriate.
\nThe Group\u2019s contributions to defined contribution pension plans are charged to the consolidated income statement as they fall due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28678": {
"value": "Accounting policies For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is
\nrecognised as an asset or a liability on the consolidated statement of financial position. Defined benefit plan liabilities are assessed using the
\nprojected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value.
\nActuarial gains and losses are taken to the consolidated statement of comprehensive income for defined benefit plans or consolidated income
\nstatement for cash leaver plans as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial
\nassumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The
\nreturn on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive
\nincome.
\nOther movements in the net surplus or deficit are recognised in the consolidated income statement, including the current service cost, any past
\nservice cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the consolidated
\nincome statement. The amount charged to the consolidated income statement in respect of these plans is included within operating costs or in the
\nGroup\u2019s share of the results of equity accounted operations, as appropriate.
\nThe Group\u2019s contributions to defined contribution pension plans are charged to the consolidated income statement as they fall due.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29245": {
"value": "26. Share-based payments The Group has a number of share plans used to award shares to Executive Directors and employees as part of their
\nremuneration package. A charge is recognised over the vesting period in the consolidated income statement to record
\nthe cost of these, based on the fair value of the award on the grant date.
\nAccounting policies
\nThe Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are measured at fair value (excluding
\nthe effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-
\nbased award is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest and
\nadjusted for the effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also recognised.
\nSome share awards have an attached market condition, based on total shareholder return (\u2018TSR\u2019), which is taken into account when calculating
\nthe fair value of the share awards. The valuation for the TSR is based on Vodafone\u2019s ranking within the same group of companies, where possible,
\nover the past five years.
\nThe fair value of awards of non-vested shares is a calculation of the closing price of the Company\u2019s shares on the day prior to the grant date, adjusted
\nfor the present value of the delay in receiving dividends where appropriate.
\nThe maximum aggregate number of ordinary shares which may be issued in respect of share options or share plans will not (without shareholder
\napproval) exceed:
\n\u2212
10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of
\nordinary shares which have been allocated in the preceding ten year period under all plans; and
\n\u2212
5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of
\nordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated
\non an all-employee basis.
\nShare options
\nVodafone Sharesave Plan
\nUnder the Vodafone Sharesave Plan UK staff may acquire shares in the Company through monthly savings of up to \u00a3375 over a three and/or five
\nyear period. The savings may then be used to purchase shares at the option price, which is set at the beginning of the invitation period and usually at
\na discount of 20% to the then prevailing market price of the Company\u2019s shares.
\nShare plans
\nVodafone Group executive plans
\nUnder the Vodafone Global Incentive Plan awards of shares are granted to Directors and certain employees. The release of these shares is
\nconditional upon continued employment and for some awards achievement of certain performance targets measured over a three year period.
\nVodafone Share Incentive Plan
\nFollowing a review of the UK all-employee plans it was decided that with effect from 1 April 2017 employees would no longer be able to contribute
\nto the Share Incentive Plan and would therefore no longer receive matching shares. Individuals who continue to hold shares in the plan will receive
\ndividends paid out in cash.
\n
\n
\n
Movements in outstanding ordinary share options
\nOrdinary share options
\n2023
2022
2021
\nMillions
Millions
Millions
\n1 April
61
62
53
\nGranted during the year
50
20
35
\nForfeited during the year
(2)
(2)
(1)
\nExercised during the year
(8)
(1)
\u2013
\nExpired during the year
(39)
(18)
(25)
\n31 March
62
61
62
\nWeighted average exercise price:
\n1 April
\u00a31.02
\u00a31.07
\u00a31.19
\nGranted during the year
\u00a30.83
\u00a30.95
\u00a31.03
\nForfeited during the year
\u00a31.02
\u00a31.06
\u00a31.16
\nExercised during the year
\u00a31.05
\u00a31.17
\u00a31.23
\nExpired during the year
\u00a31.01
\u00a31.10
\u00a31.27
\n31 March
\u00a30.87
\u00a31.02
\u00a31.07
\nSummary of options outstanding
\n31 March 2023
31 March 2022
\nOutstanding
\nshares
\nWeighted
\naverage
\nexercise
\nWeighted
\nremaining
\naverage
\ncontractual
\nlife
\nOutstanding
\nshares
\nWeighted
\naverage
\nexercise
\nWeighted
\nremaining
\naverage
\ncontractual
\nlife
\nMillions
price
Months
Millions
price
Months
\nVodafone Group Sharesave Plan:
\n\u00a30.78 - \u00a31.78
62
\u00a30.87
33
61
\u00a31.02
24
\nShare awards
\nMovements in non-vested shares are as follows:
\n2023
2022
2021
\nWeighted
Weighted
Weighted
\naverage fair
average fair
average fair
\nvalue at
value at
value at
\nMillions
grant date
Millions
grant date
Millions
grant date
\n1 April
270
\u00a31.07
267
\u00a31.20
245
\u00a31.41
\nGranted
120
\u00a31.17
113
\u00a31.17
108
\u00a30.99
\nVested
(70)
\u00a31.15
(68)
\u00a31.44
(56)
\u00a31.56
\nForfeited
(59)
\u00a30.89
(42)
\u00a31.52
(30)
\u00a31.10
\n31 March
261
\u00a31.14
270
\u00a31.07
267
\u00a31.20
\nOther information
\nThe total fair value of shares vested during the year ended 31 March 2023 was \u00a381 million (2022: \u00a398 million; 2021: \u00a3108 million).
\nThe compensation cost included in the consolidated income statement in respect of share options and share plans was \u20ac141 million (2022: \u20ac119
\nmillion; 2021: \u20ac135 million) which is comprised principally of equity-settled transactions.
\nThe average share price for the year ended 31 March 2023 was 108.2 pence (2022: 122.1 pence; 2021: 120.8 pence). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29252": {
"value": "Accounting policies The Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are measured at fair value (excluding
\nthe effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-
\nbased award is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest and
\nadjusted for the effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also recognised.
\nSome share awards have an attached market condition, based on total shareholder return (\u2018TSR\u2019), which is taken into account when calculating
\nthe fair value of the share awards. The valuation for the TSR is based on Vodafone\u2019s ranking within the same group of companies, where possible,
\nover the past five years.
\nThe fair value of awards of non-vested shares is a calculation of the closing price of the Company\u2019s shares on the day prior to the grant date, adjusted
\nfor the present value of the delay in receiving dividends where appropriate.
\nThe maximum aggregate number of ordinary shares which may be issued in respect of share options or share plans will not (without shareholder
\napproval) exceed:
\n\u2212
10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of
\nordinary shares which have been allocated in the preceding ten year period under all plans; and
\n\u2212
5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of
\nordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated
\non an all-employee basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29492": {
"value": "27. Acquisitions and disposals The note below provides details of acquisition and disposal transactions for the current year as well as those completed in the
\nprior year. For further details see \u2018Critical accounting judgements and key sources of estimation uncertainty\u2019 in note 1 \u2018Basis of
\npreparation\u2019 to the consolidated financial statements.
\nAccounting policies
\nBusiness combinations
\nAcquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at
\nthe date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised
\nin the consolidated income statement as incurred. The acquiree\u2019s identifiable assets and liabilities are recognised at their fair values at the acquisition
\ndate, which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the consideration transferred, the
\namount of any non-controlling interests in the acquiree and the fair value of the Group\u2019s previously held equity interest in the acquiree, if any, over the
\nnet amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the
\nacquiree may initially be measured either at fair value or at the non-controlling shareholders\u2019 proportion of the net fair value of the identifiable assets
\nacquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis.
\nAcquisition of interests from non-controlling shareholders
\nIn transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or
\nreceived and the amount by which the non-controlling interest is adjusted is recognised in equity.
\nDisposals
\nThe difference between the carrying value of the net assets disposed of and the fair value of consideration received is recorded as a gain or loss on
\ndisposal. Foreign exchange translation gains or losses relating to subsidiaries, joint arrangements and associates that the Group has disposed of, and that
\nhave previously recorded in other comprehensive income or expense, are also recognised as part of the gain or loss on disposal.
\nOther transactions with non-controlling shareholders in subsidiaries
\nThe aggregate cash consideration in respect of other transactions with non-controlling shareholders in subsidiaries, net of cash acquired, is as follows:
\n2023
2022
\n\u20acm
\u20acm
\nCash consideration (paid)/received
\nVantage Towers
(667)
217
\nOther
(25)
(28)
\n(692)
189
\nVantage Towers
\nOn 13 November 2022, the Group completed the purchase of 4.2% of Vantage Towers A.G. for cash consideration of \u20ac667 million, taking its
\nshareholding to 85.8%. In the comparative period, the Group received \u20ac217 million following completion of the market stabilisation period resulting
\nfrom the IPO of Vantage Towers in March 2020 and as described in the Vantage Towers prospectus.
\nDisposals
\nThe aggregate cash consideration in respect of the disposal of subsidiaries, net of cash disposed, is as follows:
\n2023
2022
\n\u20acm
\u20acm
\nCash consideration received
\nVodafone Hungary
1,606
\u2013
\nVantage Towers
5,592
\u2013
\nOther disposals during the period
2
\u2013
\nNet cash disposed
(224)
\u2013
\n6,976
\u2013
\n
\n
\n
Vodafone Hungary
\nOn 31 January 2023, the Group completed the sale of Vodafone Magyarorsz\u00e1g Zrt (\u2018Vodafone Hungary\u2019) to 4iG Public Limited Company and Corvinus
\nZrt. The table below summarises the net assets disposed and the resulting loss on disposal of
\u20ac
69 million.
\n\u20acm
\nGoodwill
(441)
\nOther intangible assets
(521)
\nProperty, plant and equipment
(516)
\nInventory
(17)
\nTrade and other receivables
(206)
\nCash and cash equivalents
(3)
\nCurrent and deferred taxation
13
\nBorrowings
106
\nTrade and other payables
163
\nProvisions
31
\nNet assets disposed
(1,391)
\nCash proceeds
1,606
\nForeign exchange recycled from Currency reserve on disposal
(284)
\nNet loss on disposal
\n1
\n(69)
\nNotes:
\n1
Included in other income in the consolidated income statement.
\nVantage Towers
\nOn 22 March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-control partnership of
\nVodafone, GIP and KKR. Vodafone retains an interest of 64.2% in Oak Holdings 1 GmbH, which owns 89.3% of Vantage Towers A.G. The table below
\nsummarises the net assets disposed and the net gain on disposal as
\u20ac
8,607 million.
\n\u20acm
\nGoodwill
(3,448)
\nOther intangible assets
(294)
\nProperty, plant and equipment
(4,882)
\nInvestments in associates and joint ventures
(2,778)
\nTrade and other receivables
(292)
\nCash and cash equivalants
(207)
\nCurrent and deferred taxation
61
\nBorrowings
4,916
\nTrade and other payables
658
\nProvisions
556
\nNet assets disposed
(5,710)
\nNon-controlling interests derecognised
807
\nCash proceeds
5,592
\nFair value of Investment in Oak Holdings 1 GmbH
8,634
\nRestriction of gain (note 20)
\n1
\n(680)
\nForeign exchange recycled from Currency reserve on disposal
(36)
\nNet gain on disposal
\n2
\n8,607
\nNotes:
\n1
Related tax of \u20ac154 million is included in Income tax expense in the consolidated income statement.
\n2
Included in other income in the consolidated income statement.
\nVodafone Ghana
\nOn 21 February 2023, the Group completed the sale of its 70% shareholding in Vodafone Telecommunications Company Limited (\u2018Vodafone Ghana\u2019) to
\nTelecel Group for consideration of \u20acNil. A net gain on disposal of \u20ac689 million has been recorded within other income and expense in the consolidated
\nincome statement.
\nOther matters
\nVodafone Egypt
\nIn the comparative period on 10 November 2021, the Group announced that it had agreed to transfer its 55% shareholding in Vodafone Egypt to its
\nsubsidiary, Vodacom Group Limited (\u2018Vodacom\u2019).
\nOn 13 December 2022, the Group announced the completion of the transaction. Vodafone was issued with 242 million shares in Vodacom and received
\ncash proceeds of \u20ac577 million in exchange for its 55% shareholding in Vodafone Egypt. Following completion, Vodafone\u2019s shareholding in Vodacom has
\nincreased from 60.5% to 65.1%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29499": {
"value": "Accounting policies Business combinations
\nAcquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at
\nthe date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised
\nin the consolidated income statement as incurred. The acquiree\u2019s identifiable assets and liabilities are recognised at their fair values at the acquisition
\ndate, which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the consideration transferred, the
\namount of any non-controlling interests in the acquiree and the fair value of the Group\u2019s previously held equity interest in the acquiree, if any, over the
\nnet amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the
\nacquiree may initially be measured either at fair value or at the non-controlling shareholders\u2019 proportion of the net fair value of the identifiable assets
\nacquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29512": {
"value": "Acquisition of interests from non-controlling shareholders In transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or
\nreceived and the amount by which the non-controlling interest is adjusted is recognised in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29521": {
"value": "Other transactions with non-controlling shareholders in subsidiaries
\nThe aggregate cash consideration in respect of other transactions with non-controlling shareholders in subsidiaries, net of cash acquired, is as follows:
\n2023
2022
\n\u20acm
\u20acm
\nCash consideration (paid)/received
\nVantage Towers
(667)
217
\nOther
(25)
(28)
\n(692)
189
\nVantage Towers
\nOn 13 November 2022, the Group completed the purchase of 4.2% of Vantage Towers A.G. for cash consideration of \u20ac667 million, taking its
\nshareholding to 85.8%. In the comparative period, the Group received \u20ac217 million following completion of the market stabilisation period resulting
\nfrom the IPO of Vantage Towers in March 2020 and as described in the Vantage Towers prospectus.
Vodafone Hungary
\nOn 31 January 2023, the Group completed the sale of Vodafone Magyarorsz\u00e1g Zrt (\u2018Vodafone Hungary\u2019) to 4iG Public Limited Company and Corvinus
\nZrt. The table below summarises the net assets disposed and the resulting loss on disposal of
\u20ac
69 million.
\n\u20acm
\nGoodwill
(441)
\nOther intangible assets
(521)
\nProperty, plant and equipment
(516)
\nInventory
(17)
\nTrade and other receivables
(206)
\nCash and cash equivalents
(3)
\nCurrent and deferred taxation
13
\nBorrowings
106
\nTrade and other payables
163
\nProvisions
31
\nNet assets disposed
(1,391)
\nCash proceeds
1,606
\nForeign exchange recycled from Currency reserve on disposal
(284)
\nNet loss on disposal
\n1
\n(69)
\nNotes:
\n1
Included in other income in the consolidated income statement.
\nVantage Towers
\nOn 22 March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-control partnership of
\nVodafone, GIP and KKR. Vodafone retains an interest of 64.2% in Oak Holdings 1 GmbH, which owns 89.3% of Vantage Towers A.G. The table below
\nsummarises the net assets disposed and the net gain on disposal as
\u20ac
8,607 million.
\n\u20acm
\nGoodwill
(3,448)
\nOther intangible assets
(294)
\nProperty, plant and equipment
(4,882)
\nInvestments in associates and joint ventures
(2,778)
\nTrade and other receivables
(292)
\nCash and cash equivalants
(207)
\nCurrent and deferred taxation
61
\nBorrowings
4,916
\nTrade and other payables
658
\nProvisions
556
\nNet assets disposed
(5,710)
\nNon-controlling interests derecognised
807
\nCash proceeds
5,592
\nFair value of Investment in Oak Holdings 1 GmbH
8,634
\nRestriction of gain (note 20)
\n1
\n(680)
\nForeign exchange recycled from Currency reserve on disposal
(36)
\nNet gain on disposal
\n2
\n8,607
\nNotes:
\n1
Related tax of \u20ac154 million is included in Income tax expense in the consolidated income statement.
\n2
Included in other income in the consolidated income statement.
\nVodafone Ghana
\nOn 21 February 2023, the Group completed the sale of its 70% shareholding in Vodafone Telecommunications Company Limited (\u2018Vodafone Ghana\u2019) to
\nTelecel Group for consideration of \u20acNil. A net gain on disposal of \u20ac689 million has been recorded within other income and expense in the consolidated
\nincome statement.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29712": {
"value": "28. Commitments A commitment is a contractual obligation to make a payment in the future, mainly in relation to agreements to buy assets such
\nas mobile devices, network infrastructure and IT systems and leases that have not commenced. These amounts are not
\nrecorded in the consolidated statement of financial position since we have not yet received the goods or services from the
\nsupplier.
\nCapital commitments
\nThe amounts below are the minimum amounts that we are committed to pay.
\nCompany and subsidiaries
Share of joint operations
Group
\n2023
2022
2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nContracts placed for future capital
\nexpenditure not provided in the financial
\nstatements
\n1
\n3,507
4,388
\u2013
140
3,507
4,527
\nNote:
\n1
Commitment includes contracts placed for property, plant and equipment and intangible assets.
\nLeases entered into by the Group but not commenced at 31 March 2023 are disclosed in note 20 \u2018Leases\u2019. Included in capital commitments is an
\namount of \u20ac114 million (2022: \u20ac331 million) relating to spectrum acquisition commitments in Vodacom.
\nIn March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser GmbH \u2018OXG\u2019, with 50.0%
\nshareholding held by each shareholder. Each shareholder is committed to contribute funding of up to \u20ac950 million to OXG for the deployment of
\nfibre-to-the-home in Germany. The funding is expected to be contributed between 2023 and 2029. The amount and timing of the funding depends
\non the speed and size of the fibre deployment so the funding may be for a lower value or contributed over a longer period of time. The contribution
\ncan be in the form of free capital reserves, shareholder loan, loan notes or similar instruments as agreed by the shareholders. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29713": {
"value": "28. Commitments A commitment is a contractual obligation to make a payment in the future, mainly in relation to agreements to buy assets such
\nas mobile devices, network infrastructure and IT systems and leases that have not commenced. These amounts are not
\nrecorded in the consolidated statement of financial position since we have not yet received the goods or services from the
\nsupplier.
\nCapital commitments
\nThe amounts below are the minimum amounts that we are committed to pay.
\nCompany and subsidiaries
Share of joint operations
Group
\n2023
2022
2023
2022
2023
2022
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\nContracts placed for future capital
\nexpenditure not provided in the financial
\nstatements
\n1
\n3,507
4,388
\u2013
140
3,507
4,527
\nNote:
\n1
Commitment includes contracts placed for property, plant and equipment and intangible assets.
\nLeases entered into by the Group but not commenced at 31 March 2023 are disclosed in note 20 \u2018Leases\u2019. Included in capital commitments is an
\namount of \u20ac114 million (2022: \u20ac331 million) relating to spectrum acquisition commitments in Vodacom.
\nIn March 2023, the Group entered into an agreement with Altice Luxembourg S.A. to create a joint venture, OXG Glasfaser GmbH \u2018OXG\u2019, with 50.0%
\nshareholding held by each shareholder. Each shareholder is committed to contribute funding of up to \u20ac950 million to OXG for the deployment of
\nfibre-to-the-home in Germany. The funding is expected to be contributed between 2023 and 2029. The amount and timing of the funding depends
\non the speed and size of the fibre deployment so the funding may be for a lower value or contributed over a longer period of time. The contribution
\ncan be in the form of free capital reserves, shareholder loan, loan notes or similar instruments as agreed by the shareholders.
\n29. Contingent liabilities and legal proceedings
\nContingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but
\nis not considered probable or cannot be measured reliably.
\n2023
2022
\n\u20acm
\u20acm
\nPerformance bonds
\n1
\n504
430
\nOther guarantees
\n2
\n2,877
2,436
\nNotes:
\n1
Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial
\narrangements.
\n2
Other guarantees principally comprise Vodafone Group Plc\u2019s guarantee of the Group\u2019s 50% share of a US$3.5 billion loan facility (2022: US$3.5 billion loan facility), which forms part of the Group\u2019s
\noverall joint venture investment in TPG Telecom Ltd. The Group\u2019s share of these loan balances is included in the net investment in joint venture (see note 12 \u2018Investments in associates and joint
\narrangements\u2019). Other guarantees also include a secondary pledge of INR42.5 billion (2022: INR42.5 billion) over shares owned by Vodafone Group in Indus Towers to the value of \u20ac476 million
\n(2022: \u20ac504 million). See page 197. Certain ongoing tax litigations include guarantee arrangements, principally \u20ac267 million in relation to the Netherlands tax case (refer to legal proceedings
\nsection below).
\n
\n
\n
\nUK pension schemes
\nThe Group\u2019s main defined benefit plan is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019) which has two segregated sections, the
\nVodafone Section and the CWW Section, as detailed in note 25 \u2018Post employment benefits\u2019.
\nThe Group has covenanted to provide security in favour of both the Vodafone Section and CWW Section when they are in a deficit position. The deficit is
\nmeasured on a prescribed basis agreed between the Group and trustee, which differs from the accounting basis reported in note 25 \u2018Post employment
\nbenefits\u2019. The Group provides surety bonds as the security.
\nThe level of the security has varied since inception in line with the movement in the Vodafone UK plan deficit. Due to the improved funding position of
\nthe Plan the level of security has reduced over the year. As at 31 March 2023 the Vodafone UK plan retains security over \u20ac114 million (notional value) for
\nthe Vodafone Section and no security is currently required for the CWW Section. The security may be substituted either on a voluntary or mandatory
\nbasis. The Company has also provided two guarantees to the Vodafone Section of the Vodafone UK plan for a combined value up to \u20ac1.42 billion to
\nprovide security over the deficit under certain defined circumstances, including insolvency of the employers. The Company has also agreed a similar
\nguarantee of up to \u20ac1.42 billion for the CWW Section.
\nAn additional smaller UK defined benefit plan, the THUS Plc Group Scheme, has a guarantee from the Company for up to \u20ac114 million.
\nVodafone Idea
\nAs part of the agreement to merge Vodafone India and Idea Cellular in 7, the parties agreed a mechanism for payments between the Group and
\nVodafone Idea Limited (\u2018VIL\u2019) pursuant to the difference between the crystallisation of certain identified contingent liabilities in relation to legal,
\nregulatory, tax and other matters, and refunds relating to Vodafone India and Idea Cellular. Cash payments or cash receipts relating to these matters
\nmust have been made or received by VIL before any amount becomes due from or owed to the Group. Any future payments by the Group to VIL as a
\nresult of this agreement would only be made after satisfaction of this and other contractual conditions.
\nThe Group\u2019s potential exposure under this mechanism is capped at INR 64 billion (\u20ac719 million) following payments made under this mechanism from
\nVodafone to VIL, in the year ended 31 March 2021, totalling INR 19 billion (\u20ac235 million).
\nOn 7 February 2023, VIL issued equity to the Government of India equivalent to INR 161 billion (\u20ac1.8 billion), representing the net present value of
\ninterest accrued on both deferred spectrum auction instalments and AGR dues pursuant to a relief package announced in September 2021 which is
\ndesigned to improve the liquidity and financial health of the telecom sector.
Wider reforms announced as part of the relief package include a four-year
\nmoratorium on spectrum and AGR payments and the option to convert payments due on spectrum and AGR payments to equity at the end of the
\nmoratorium period which VIL elected to accept in October 2021.
\nVIL remains in need of additional liquidity support from its lenders and intends to raise additional funding. There are significant uncertainties in relation to
\nVIL\u2019s ability to make payments in relation to any remaining liabilities covered by the mechanism and no further cash payments are considered probable
\nfrom the Group as at 31 March 2023.
The carrying value of the Group\u2019s investment in VIL is \u20acnil and the Group is recording no further share of losses in
\nrespect of VIL. The Group\u2019s potential exposure to liabilities within VIL is capped by the mechanism described above; consequently, contingent liabilities
\narising from litigation in India concerning operations of Vodafone India are not reported.
\nIndus Towers
\nVIL\u2019s ability to satisfy certain payment obligations under its Master Services Agreements with Indus Towers (the \u2018MSAs\u2019) is uncertain and depends on a
\nnumber of factors including its ability to raise additional funding.
Under the terms of the Indus and Bharti Infratel merger in November 2020, a security
\npackage was agreed for the benefit of the newly created merged entity, Indus Towers, which could be invoked in the event that VIL was unable to make
\nMSA payments. The security package included the following elements:
\n-
A cash prepayment of INR 24 billion (\u20ac279 million) by VIL to Indus Towers in respect of its undisputed payment obligations, due under the MSAs
\nafter the merger closing. The prepayment was fully utilised during the year to 31 March 2022;
\n-
A primary pledge over 190.7 million shares owned by Vodafone Group in Indus Towers having a value of INR 47 billion (\u20ac544 million) as at 31 March
\n2021.
These pledged shares were sold by the Group in the year ended 31 March 2022; the Group invested INR 33.7 billion (\u20ac393 million) of the
\nproceeds by subscribing to newly issued VIL equity, which VIL immediately used to partially settle outstanding MSA obligations to Indus Towers
\nresulting in an equivalent partial release of the primary pledge.
On 14 February 2023, a similar transaction was undertaken with INR 4.4 billion (\u20ac49
\nmillion) remaining from the sale of the primary pledge shares, fully releasing the pledge.
\n-
A secondary pledge over shares owned by Vodafone Group in Indus Towers, ranking behind Vodafone\u2019s existing lenders for the outstanding bank
\nborrowings of \u20ac1.5 billion as at 31 March 2023 secured against Indian assets (\u2018the bank borrowings\u2019), with a maximum liability cap of INR 42.5 billion
\n(\u20ac476 million).
In the event of non-payment of relevant MSA obligations by VIL, Indus Towers would have recourse to any secondary pledged
\nshares, after repayment of the bank borrowings in full, up to the value of the liability cap.
\n
\n
\n
\n\nLegal Proceedings
\nThe Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with, government authorities that are
\nincidental to its operations.
\nLegal proceedings where the Group considers that the likelihood of material future outflows of cash or other resources is more than remote are
\ndisclosed below. Where the Group assesses that it is probable that the outcome of legal proceedings will result in a financial outflow, and a reliable
\nestimate can be made of the amount of that obligation, a provision is recognised for these amounts.
\nIn all cases, determining the probability of successfully defending a claim against the Group involves the application of judgement as the outcome
\nis inherently uncertain. The determination of the value of any future outflows of cash or other resources, and the timing of such outflows, involves
\nthe use of estimates. The costs incurred in complex legal proceedings, regardless of outcome, can be significant.
\nThe Group is not involved in any material proceedings in which any of the Group\u2019s Directors, members of senior management or affiliates are either a
\nparty adverse to the Group or have a material interest adverse to the Group.
\nIndian tax cases
\nThe Group has been challenging retrospective tax demands raised by the Indian tax authority under the Finance Act 2012 against Vodafone
\nInternational Holdings BV (\u2018VIHBV\u2019) relating to a transaction in 2007 whereby VIHBV acquired assets in India from Hutchison Telecommunications
\nInternational Limited.
Pursuant to a new scheme for resolving tax disputes introduced by legislation in August 2021, Vodafone and the Indian
\nGovernment have reached a final agreement and the demands for outstanding tax (including interest and penalties) have been withdrawn in full.
\nFurther background relating to this matter is provided in the Group\u2019s Annual Report for the financial year ended 31 March 2022.
\nVISPL tax claims
\nVodafone India Services Private Ltd (\u2018VISPL\u2019) is involved in a number of tax cases. The total value of the claims is approximately \u20ac471 million plus
\ninterest, and penalties of up to 300% of the principal.
\nOf the individual tax claims, the most significant is in the amount of approximately \u20ac239 million (plus interest of \u20ac628 million), which VISPL has
\nbeen assessed as owing in respect of (i) a transfer pricing margin charged for the international call centre of HTIL prior to the 2007 transaction with
\nVodafone for HTIL assets in India; (ii) the sale of the international call centre by VISPL to HTIL; and (iii) the acquisition of and/or the alleged transfer
\nof options held by VISPL in Vodafone India. The first two of the three heads of tax are subject to an indemnity by HTIL. The larger part of the potential
\nclaim is not subject to an indemnity. A stay of the tax demand on a deposit of \u00a320 million and a corporate guarantee by VIHBV for the balance of tax
\nassessed are in place. On 8 October 2015, the Bombay High Court ruled in favour of Vodafone in relation to the options and the call centre sale. The
\nIndian Tax Authority has appealed to the Supreme Court of India. The appeal hearing has been adjourned indefinitely.
\nWhile there is some uncertainty as to the outcome of the tax cases involving VISPL, the Group believes it has valid defences and does not consider it
\nprobable that a financial outflow will be required to settle these cases.
\nNetherlands tax case
\nVodafone Europe BV (\u2018VEBV\u2019) has received assessments totalling \u20ac267 million of tax and interest from the Dutch tax authorities, who are challenging
\nthe application of the arm\u2019s length principle in relation to various intra-group financing transactions. VEBV has appealed against these assessments
\nto the District Court of the Hague where a hearing was held in March 2023 and we are awaiting the decision which is currently expected in summer
\n2023. The Group has entered into a guarantee for the full value of the assessments issued.
\nThe Group believes it has robust defences and does not consider it probable that there will be a financial outflow required to resolve the case.
\n
\n\n
Other cases in the Group
\nGermany: Kabel Deutschland takeover - class actions
\nThe German courts have been determining the adequacy of the mandatory cash offer made to minority shareholders in Vodafone\u2019s takeover of
\nKabel Deutschland in 2013. Hearings took place in May 2019 and a decision was delivered in November 2019 in Vodafone\u2019s favour, rejecting all
\nclaims by minority shareholders. A number of shareholders appealed which was rejected by the court in December 2021. Several minority
\nshareholders have filed a further appeal before the Federal Court of Justice. The appeal process is ongoing.
While the outcome is uncertain, the
\nGroup believes it has valid defences and that the outcome of the appeal will be favourable to Vodafone.
\nItaly: Iliad v Vodafone Italy
\nIn July 2019, Iliad filed a claim for \u20ac500 million against Vodafone Italy in the Civil Court of Milan. The claim alleges anti-competitive behaviour in
\nrelation to portability and certain advertising campaigns by Vodafone Italy. The main hearing on the merits of the claim took place on 8 June 2021.
\nOn 17 April 2023, the Civil Court issued a judgement in Vodafone Italy\u2019s favour and rejected Iliad\u2019s claim for damages in full. Whether Iliad will appeal
\nthe judgement is unknown as of the date of this report.
\nThe Group is currently unable to estimate any possible loss in this claim in the event of an adverse judgement on appeal but while the outcome is
\nuncertain, the Group believes it has valid defences and that it is probable that no present obligation exists.
\nGreece: Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v Vodafone Greece
\nIn October 2019, Mr. and Mrs. Papistas, and companies owned or controlled by them, filed several claims against Vodafone Greece with a total value
\nof approximately \u20ac330 million for purported damage caused by the alleged abuse of dominance and wrongful termination of a franchise
\narrangement with a Papistas company. Lawsuits which the Papistas claimants had previously brought against Vodafone Group Plc and certain
\ndirectors and officers of Vodafone were withdrawn. Vodafone Greece filed a counter claim and all claims were heard in February 2020. All of the
\nPapistas claims were rejected by the Athens Court of First Instance because the stamp duty payments required to have the merits of the case
\nconsidered had not been made.
Vodafone Greece\u2019s counter claim was also rejected. The Papistas claimants and Vodafone Greece have each filed
\nappeals. The appeal hearings took place on 23 February and 11 May 2023 and we are waiting to receive the judgements.
\nThe amount claimed in these lawsuits is substantial and, if the claimants are successful, the total potential liability could be material. However, we
\nare continuing vigorously to defend the claims and based on the progress of the litigation so far the Group believes that it is highly unlikely that
\nthere will be an adverse ruling for the Group. On this basis, the Group does not expect the outcome of these claims to have a material financial
\nimpact.
\nUK: Phones 4U in Administration v Vodafone Limited and Vodafone Group Plc and Others
\nIn December 2018, the administrators of former UK indirect seller, Phones 4U, sued the three main UK mobile network operators (\u2018MNOs\u2019),
\nincluding Vodafone, and their parent companies in the English High Court. The administrators allege collusion between the MNOs to pull their
\nbusiness from Phones 4U, thereby causing its collapse. Vodafone and the other defendants filed their defences in April 2019 and the Administrators
\nfiled their replies in October 2019.
Disclosure has taken place and witness statements were filed in December 2021. The judge has also ordered that
\nthere should be a split trial between liability and damages. The first trial on liability took place from May to July 2022. We are waiting to receive the
\njudgement.
\nTaking into account all available evidence, the Group assesses it to be more likely than not that a present obligation does not exist and that the
\nallegations of collusion are completely without merit; the Group is vigorously defending the claim. The value of the claim is not pleaded but we
\nunderstand it to be the total value of the business, allegedly equivalent to approximately \u00a31 billion with the addition of alleged exemplary damages.
\nVodafone\u2019s alleged share of the liability is also not pleaded.
The Group is not able to estimate any possible loss in the event of an adverse judgment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29759": {
"value": "29. Contingent liabilities and legal proceedings Contingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but
\nis not considered probable or cannot be measured reliably.
\n2023
2022
\n\u20acm
\u20acm
\nPerformance bonds
\n1
\n504
430
\nOther guarantees
\n2
\n2,877
2,436
\nNotes:
\n1
Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial
\narrangements.
\n2
Other guarantees principally comprise Vodafone Group Plc\u2019s guarantee of the Group\u2019s 50% share of a US$3.5 billion loan facility (2022: US$3.5 billion loan facility), which forms part of the Group\u2019s
\noverall joint venture investment in TPG Telecom Ltd. The Group\u2019s share of these loan balances is included in the net investment in joint venture (see note 12 \u2018Investments in associates and joint
\narrangements\u2019). Other guarantees also include a secondary pledge of INR42.5 billion (2022: INR42.5 billion) over shares owned by Vodafone Group in Indus Towers to the value of \u20ac476 million
\n(2022: \u20ac504 million). See page 197. Certain ongoing tax litigations include guarantee arrangements, principally \u20ac267 million in relation to the Netherlands tax case (refer to legal proceedings
\nsection below).
\n
\n
\n
\nUK pension schemes
\nThe Group\u2019s main defined benefit plan is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019) which has two segregated sections, the
\nVodafone Section and the CWW Section, as detailed in note 25 \u2018Post employment benefits\u2019.
\nThe Group has covenanted to provide security in favour of both the Vodafone Section and CWW Section when they are in a deficit position. The deficit is
\nmeasured on a prescribed basis agreed between the Group and trustee, which differs from the accounting basis reported in note 25 \u2018Post employment
\nbenefits\u2019. The Group provides surety bonds as the security.
\nThe level of the security has varied since inception in line with the movement in the Vodafone UK plan deficit. Due to the improved funding position of
\nthe Plan the level of security has reduced over the year. As at 31 March 2023 the Vodafone UK plan retains security over \u20ac114 million (notional value) for
\nthe Vodafone Section and no security is currently required for the CWW Section. The security may be substituted either on a voluntary or mandatory
\nbasis. The Company has also provided two guarantees to the Vodafone Section of the Vodafone UK plan for a combined value up to \u20ac1.42 billion to
\nprovide security over the deficit under certain defined circumstances, including insolvency of the employers. The Company has also agreed a similar
\nguarantee of up to \u20ac1.42 billion for the CWW Section.
\nAn additional smaller UK defined benefit plan, the THUS Plc Group Scheme, has a guarantee from the Company for up to \u20ac114 million.
\nVodafone Idea
\nAs part of the agreement to merge Vodafone India and Idea Cellular in 7, the parties agreed a mechanism for payments between the Group and
\nVodafone Idea Limited (\u2018VIL\u2019) pursuant to the difference between the crystallisation of certain identified contingent liabilities in relation to legal,
\nregulatory, tax and other matters, and refunds relating to Vodafone India and Idea Cellular. Cash payments or cash receipts relating to these matters
\nmust have been made or received by VIL before any amount becomes due from or owed to the Group. Any future payments by the Group to VIL as a
\nresult of this agreement would only be made after satisfaction of this and other contractual conditions.
\nThe Group\u2019s potential exposure under this mechanism is capped at INR 64 billion (\u20ac719 million) following payments made under this mechanism from
\nVodafone to VIL, in the year ended 31 March 2021, totalling INR 19 billion (\u20ac235 million).
\nOn 7 February 2023, VIL issued equity to the Government of India equivalent to INR 161 billion (\u20ac1.8 billion), representing the net present value of
\ninterest accrued on both deferred spectrum auction instalments and AGR dues pursuant to a relief package announced in September 2021 which is
\ndesigned to improve the liquidity and financial health of the telecom sector.
Wider reforms announced as part of the relief package include a four-year
\nmoratorium on spectrum and AGR payments and the option to convert payments due on spectrum and AGR payments to equity at the end of the
\nmoratorium period which VIL elected to accept in October 2021.
\nVIL remains in need of additional liquidity support from its lenders and intends to raise additional funding. There are significant uncertainties in relation to
\nVIL\u2019s ability to make payments in relation to any remaining liabilities covered by the mechanism and no further cash payments are considered probable
\nfrom the Group as at 31 March 2023.
The carrying value of the Group\u2019s investment in VIL is \u20acnil and the Group is recording no further share of losses in
\nrespect of VIL. The Group\u2019s potential exposure to liabilities within VIL is capped by the mechanism described above; consequently, contingent liabilities
\narising from litigation in India concerning operations of Vodafone India are not reported.
\nIndus Towers
\nVIL\u2019s ability to satisfy certain payment obligations under its Master Services Agreements with Indus Towers (the \u2018MSAs\u2019) is uncertain and depends on a
\nnumber of factors including its ability to raise additional funding.
Under the terms of the Indus and Bharti Infratel merger in November 2020, a security
\npackage was agreed for the benefit of the newly created merged entity, Indus Towers, which could be invoked in the event that VIL was unable to make
\nMSA payments. The security package included the following elements:
\n-
A cash prepayment of INR 24 billion (\u20ac279 million) by VIL to Indus Towers in respect of its undisputed payment obligations, due under the MSAs
\nafter the merger closing. The prepayment was fully utilised during the year to 31 March 2022;
\n-
A primary pledge over 190.7 million shares owned by Vodafone Group in Indus Towers having a value of INR 47 billion (\u20ac544 million) as at 31 March
\n2021.
These pledged shares were sold by the Group in the year ended 31 March 2022; the Group invested INR 33.7 billion (\u20ac393 million) of the
\nproceeds by subscribing to newly issued VIL equity, which VIL immediately used to partially settle outstanding MSA obligations to Indus Towers
\nresulting in an equivalent partial release of the primary pledge.
On 14 February 2023, a similar transaction was undertaken with INR 4.4 billion (\u20ac49
\nmillion) remaining from the sale of the primary pledge shares, fully releasing the pledge.
\n-
A secondary pledge over shares owned by Vodafone Group in Indus Towers, ranking behind Vodafone\u2019s existing lenders for the outstanding bank
\nborrowings of \u20ac1.5 billion as at 31 March 2023 secured against Indian assets (\u2018the bank borrowings\u2019), with a maximum liability cap of INR 42.5 billion
\n(\u20ac476 million).
In the event of non-payment of relevant MSA obligations by VIL, Indus Towers would have recourse to any secondary pledged
\nshares, after repayment of the bank borrowings in full, up to the value of the liability cap.
\n
\n
\n
\n\nLegal Proceedings
\nThe Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with, government authorities that are
\nincidental to its operations.
\nLegal proceedings where the Group considers that the likelihood of material future outflows of cash or other resources is more than remote are
\ndisclosed below. Where the Group assesses that it is probable that the outcome of legal proceedings will result in a financial outflow, and a reliable
\nestimate can be made of the amount of that obligation, a provision is recognised for these amounts.
\nIn all cases, determining the probability of successfully defending a claim against the Group involves the application of judgement as the outcome
\nis inherently uncertain. The determination of the value of any future outflows of cash or other resources, and the timing of such outflows, involves
\nthe use of estimates. The costs incurred in complex legal proceedings, regardless of outcome, can be significant.
\nThe Group is not involved in any material proceedings in which any of the Group\u2019s Directors, members of senior management or affiliates are either a
\nparty adverse to the Group or have a material interest adverse to the Group.
\nIndian tax cases
\nThe Group has been challenging retrospective tax demands raised by the Indian tax authority under the Finance Act 2012 against Vodafone
\nInternational Holdings BV (\u2018VIHBV\u2019) relating to a transaction in 2007 whereby VIHBV acquired assets in India from Hutchison Telecommunications
\nInternational Limited.
Pursuant to a new scheme for resolving tax disputes introduced by legislation in August 2021, Vodafone and the Indian
\nGovernment have reached a final agreement and the demands for outstanding tax (including interest and penalties) have been withdrawn in full.
\nFurther background relating to this matter is provided in the Group\u2019s Annual Report for the financial year ended 31 March 2022.
\nVISPL tax claims
\nVodafone India Services Private Ltd (\u2018VISPL\u2019) is involved in a number of tax cases. The total value of the claims is approximately \u20ac471 million plus
\ninterest, and penalties of up to 300% of the principal.
\nOf the individual tax claims, the most significant is in the amount of approximately \u20ac239 million (plus interest of \u20ac628 million), which VISPL has
\nbeen assessed as owing in respect of (i) a transfer pricing margin charged for the international call centre of HTIL prior to the 2007 transaction with
\nVodafone for HTIL assets in India; (ii) the sale of the international call centre by VISPL to HTIL; and (iii) the acquisition of and/or the alleged transfer
\nof options held by VISPL in Vodafone India. The first two of the three heads of tax are subject to an indemnity by HTIL. The larger part of the potential
\nclaim is not subject to an indemnity. A stay of the tax demand on a deposit of \u00a320 million and a corporate guarantee by VIHBV for the balance of tax
\nassessed are in place. On 8 October 2015, the Bombay High Court ruled in favour of Vodafone in relation to the options and the call centre sale. The
\nIndian Tax Authority has appealed to the Supreme Court of India. The appeal hearing has been adjourned indefinitely.
\nWhile there is some uncertainty as to the outcome of the tax cases involving VISPL, the Group believes it has valid defences and does not consider it
\nprobable that a financial outflow will be required to settle these cases.
\nNetherlands tax case
\nVodafone Europe BV (\u2018VEBV\u2019) has received assessments totalling \u20ac267 million of tax and interest from the Dutch tax authorities, who are challenging
\nthe application of the arm\u2019s length principle in relation to various intra-group financing transactions. VEBV has appealed against these assessments
\nto the District Court of the Hague where a hearing was held in March 2023 and we are awaiting the decision which is currently expected in summer
\n2023. The Group has entered into a guarantee for the full value of the assessments issued.
\nThe Group believes it has robust defences and does not consider it probable that there will be a financial outflow required to resolve the case.
\n
\n\n
Other cases in the Group
\nGermany: Kabel Deutschland takeover - class actions
\nThe German courts have been determining the adequacy of the mandatory cash offer made to minority shareholders in Vodafone\u2019s takeover of
\nKabel Deutschland in 2013. Hearings took place in May 2019 and a decision was delivered in November 2019 in Vodafone\u2019s favour, rejecting all
\nclaims by minority shareholders. A number of shareholders appealed which was rejected by the court in December 2021. Several minority
\nshareholders have filed a further appeal before the Federal Court of Justice. The appeal process is ongoing.
While the outcome is uncertain, the
\nGroup believes it has valid defences and that the outcome of the appeal will be favourable to Vodafone.
\nItaly: Iliad v Vodafone Italy
\nIn July 2019, Iliad filed a claim for \u20ac500 million against Vodafone Italy in the Civil Court of Milan. The claim alleges anti-competitive behaviour in
\nrelation to portability and certain advertising campaigns by Vodafone Italy. The main hearing on the merits of the claim took place on 8 June 2021.
\nOn 17 April 2023, the Civil Court issued a judgement in Vodafone Italy\u2019s favour and rejected Iliad\u2019s claim for damages in full. Whether Iliad will appeal
\nthe judgement is unknown as of the date of this report.
\nThe Group is currently unable to estimate any possible loss in this claim in the event of an adverse judgement on appeal but while the outcome is
\nuncertain, the Group believes it has valid defences and that it is probable that no present obligation exists.
\nGreece: Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v Vodafone Greece
\nIn October 2019, Mr. and Mrs. Papistas, and companies owned or controlled by them, filed several claims against Vodafone Greece with a total value
\nof approximately \u20ac330 million for purported damage caused by the alleged abuse of dominance and wrongful termination of a franchise
\narrangement with a Papistas company. Lawsuits which the Papistas claimants had previously brought against Vodafone Group Plc and certain
\ndirectors and officers of Vodafone were withdrawn. Vodafone Greece filed a counter claim and all claims were heard in February 2020. All of the
\nPapistas claims were rejected by the Athens Court of First Instance because the stamp duty payments required to have the merits of the case
\nconsidered had not been made.
Vodafone Greece\u2019s counter claim was also rejected. The Papistas claimants and Vodafone Greece have each filed
\nappeals. The appeal hearings took place on 23 February and 11 May 2023 and we are waiting to receive the judgements.
\nThe amount claimed in these lawsuits is substantial and, if the claimants are successful, the total potential liability could be material. However, we
\nare continuing vigorously to defend the claims and based on the progress of the litigation so far the Group believes that it is highly unlikely that
\nthere will be an adverse ruling for the Group. On this basis, the Group does not expect the outcome of these claims to have a material financial
\nimpact.
\nUK: Phones 4U in Administration v Vodafone Limited and Vodafone Group Plc and Others
\nIn December 2018, the administrators of former UK indirect seller, Phones 4U, sued the three main UK mobile network operators (\u2018MNOs\u2019),
\nincluding Vodafone, and their parent companies in the English High Court. The administrators allege collusion between the MNOs to pull their
\nbusiness from Phones 4U, thereby causing its collapse. Vodafone and the other defendants filed their defences in April 2019 and the Administrators
\nfiled their replies in October 2019.
Disclosure has taken place and witness statements were filed in December 2021. The judge has also ordered that
\nthere should be a split trial between liability and damages. The first trial on liability took place from May to July 2022. We are waiting to receive the
\njudgement.
\nTaking into account all available evidence, the Group assesses it to be more likely than not that a present obligation does not exist and that the
\nallegations of collusion are completely without merit; the Group is vigorously defending the claim. The value of the claim is not pleaded but we
\nunderstand it to be the total value of the business, allegedly equivalent to approximately \u00a31 billion with the addition of alleged exemplary damages.
\nVodafone\u2019s alleged share of the liability is also not pleaded.
The Group is not able to estimate any possible loss in the event of an adverse judgment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30040": {
"value": "30. Related party transactions The Group has a number of related parties including joint arrangements and associates, pension schemes and Directors and
\nExecutive Committee members (see note 12 \u2018Investments in associates and joint arrangements\u2019, note 25 \u2018Post employment
\nbenefits\u2019 and note 23 \u2018Directors and key management compensation\u2019).
\nTransactions with joint arrangements and associates
\nRelated party transactions with the Group\u2019s joint arrangements and associates primarily comprise fees for the use of products and services including
\nnetwork airtime and access charges, fees for the provision of network infrastructure and cash pooling arrangements. No related party transactions have
\nbeen entered into during the year which might reasonably affect any decisions made by the users of these consolidated financial statements except as
\ndisclosed below.
\n2023
2022
2021
\n\u20acm
\u20acm
\u20acm
\nSales of goods and services to associates
20
20
14
\nPurchase of goods and services from associates
8
10
5
\nSales of goods and services to joint arrangements
220
221
203
\nPurchase of goods and services from joint arrangements
263
298
109
\nInterest income receivable from joint arrangements
\n1
\n52
48
65
\nInterest expense payable to joint arrangements
\n1
\n33
52
56
\nTrade balances owed:
\nby associates
7
8
\nto associates
1
6
\nby joint arrangements
170
139
\nto joint arrangements
329
34
\nOther balances owed by associates
\u2013
80
\nOther balances owed by joint arrangements
\n1
\n980
1,080
\nOther balances owed to joint arrangements
\n2
\n5,628
1,561
\nNotes:
\n1
Amounts arise primarily through VodafoneZiggo and Oak Holdings 1 GmbH. Interest is paid/received in line with market rates.
\n2
Amounts are primarily in relation to leases of tower space from Oak Holdings 1 GmbH (2022: INWIT S.p.A.).
\nOn 22 March 2023, the Group completed the disposal of its interest in Vantage Towers A.G. to Oak Holdings 1 GmbH, the co-control partnership of
\nVodafone, GIP and KKR. Vodafone retained a non-controlling interest of 64.2% in Oak Holdings 1 GmbH, which owns 89.3% of Vantage Towers A.G. Oak
\nHoldings 1 GmbH is a joint venture of the Group.
\nDividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows.
\nTransactions with Directors other than compensation
\nDuring the three years ended 31 March 2023 and as of 16 May 2023, no Director nor any other executive officer, nor any associate of any Director or any
\nother executive officer, was indebted to the Group. During the three years ended 31 March 2023 and as of 16 May 2023, the Group has not been a party
\nto any other material transaction, or proposed transactions, in which any member of the key management personnel (including Directors, any other
\nexecutive officer, senior manager, any spouse or relative of any of the foregoing or any relative of such spouse) had or was to have a direct or indirect
\nmaterial interest. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30154": {
"value": "Subsidiaries
\nA subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the
\ncurrent ability to direct the activities that affect the Company\u2019s returns and exposure or rights to variable returns from the entity. The results of
\nsubsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up
\nto the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their
\naccounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on
\nconsolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity therein.
\nNon-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling
\nshareholder\u2019s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests
\neven if this results in the non-controlling interests having a deficit balance.
\nCompany name
\n% of share
\nclass held
\nby Group
\nCompanies
Share Class
\nAlbania
\nAutostrada Tirane-Durres, Rruga: \u201cPavaresia\u201d, Nr 61, Kashar,
\nTirana,Albania
\nVodafone Albania Sh.A
99.94
Ordinary shares
\nRruga \u201cIbrahim Rugova\u201d, Sky Tower, Kati i 5, Hyrja 2, Tiran\u00eb,
\n1000, Albania
\n_VOIS Albania Shpk.
100.00
Ordinary shares
\nAustralia
\nMills Oakley, Level 7, 151 Clarence Street, Sydney NSW 2000,
\nAustralia
\nVodafone Enterprise Australia Pty
\nLimited
\n100.00
Ordinary shares
\nAustria
\nc/o Stolitzka & Partner Rechtsanw\u00e4lte OG, K\u00e4rntner Ring 12, 3.
\nStock, 1010, Wien, Austria
\nVodafone Enterprise Austria GmbH
100.00
Ordinary shares
\nBahrain
\nRSM Bahrain, 3rd floor Falcon Tower, Diplomatic Area, Manama,
\nPO BOX 11816, Bahrain
\nVodafone Enterprise Bahrain W.L.L.
100.00
Ordinary shares
\nBelgium
\nMalta House, rue Archim\u00e8de 25, 1000 Bruxelles, Belgium
\nVodafone Belgium SA/NV
100.00
Ordinary shares
\nBrazil
\nAv Jos\u00e9 Rocha Bonfim, 214, Cond Pra\u00e7a Capital \u2013 Edif\u00edcio Toronto,
\nsls 228/229 13080-900 Jardim Santa Genebra \u2013 Campinas,
\nS\u00e3o Paulo, Brazil
\nCobra do Brasil Servi\u00e7os de Telem\u00e0tica
\nltda. (in process of dissolution)
\n70.00
Ordinary shares
\nAv. Paulista, 37 \u2013 4\u00ba andar, Sala 427, Bela Vista, CEP, 01311-902,
\nS\u00e3o Paulo, Brazil
\nVodafone Empresa Brasil
\nTelecomunica\u00e7\u00f5es Ltda
\n100.00
Ordinary shares
\nRua Boa Vista, No. 254, room 1304 (parte), Centro, S\u00e3o Paulo,
\n01014907, Brazil
\nVodafone Servi\u00e7os Empresariais
\nBrasil Ltda.
\n100.00
Ordinary shares
\nCompany name
\n% of share
\nclass held
\nby Group
\nCompanies
Share Class
\nBulgaria
\n10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia,
\n1000, Bulgaria
\nVodafone Enterprise Bulgaria EOOD
100.00
Ordinary shares
\nCanada
\nc/o ARC Information Services Inc., 3-84 Castlebury Crescent,
\nToronto ON M2H 1W8, Canada
\nVodafone Canada Inc.
100.00
Common shares
\nCayman Islands
\nOne Nexus Way, Camana Bay, Grand Cayman, KY1-9005,
\nCayman Islands
\nCGP Investments (Holdings) Limited
100.00
Ordinary shares
\nChina
\nBuilding 21, 11, Kangdin5g St., BDA, Beijing, 100176 \u2013 China
\nVodafone Automotive Technologies
\n(Beijing) Co, Ltd
\n100.00
Ordinary shares
\nLevel 9, Tower 2, China Central Place, Room 941, No.79 Jianguo
\nRoad, Chaoyang District, Beijing, 100025, China
\nVodafone Enterprise Communications
\nTechnical Service (Shanghai) Co., Ltd.
\nBeijing Branch
\n2
\n100.00
Branch
\nRoom 1603, 16th Floor, 1200 Pudong Avenue, Free Trade Zone,
\nShanghai, China
\nVodafone Enterprise Communications
\nTechnical Service (Shanghai) Co., Ltd.
\n100.00
Ordinary shares
\nCongo, The Democratic Republic of the
\n292 Avenue de La Justice, Commune de la Gombe, Kinshasa,
\nThe Democratic Republic of the Congo
\nVodacom Congo (RDC) SA
\n5
\n33.20
Ordinary shares
\nBuilding Commimo II Ground Floor Right, 3157 Boulevard
\ndu 30 Juin, Commune de la Gombe, Kinshasa, DRC Congo,
\nThe Democratic Republic of the Congo
\nVodacash S.A
\n5
\n33.20
Ordinary shares
\nCompany name
\n% of share
\nclass held
\nby Group
\nCompanies
Share Class
\nCyprus
\nAli R\u0131za Efendi Caddesi No:33/A Ortak\u00f6y, Lefko\u015fa, Cyprus
\nVodafone Evde Operations Ltd
100.00
Ordinary shares
\nVodafone Mobile Operations Limited
100.00
Ordinary shares
\nCzech Republic
\nn\u00e1m\u011bst\u00ed Junkov\u00fdch 2, Prague 5, 15500, Czech Republic
\nNadace Vodafone \u010cesk\u00e1 Republika
100.00
Trustee
\nOskar Mobil s.r.o.
100.00
Ordinary shares
\nVodafone Czech Republic A.S.
100.00
Ordinary shares
\nVodafone Enterprise Europe (UK)
\nLimited \u2013 Czech Branch
\n2
\n100.00
Branch
\nPraha 4, Z\u00e1vi\u0161ova 502/5, 14000, Nusle, Czech Republic
\nVantage Towers 2 s.r.o
100.00
Ordinary shares
\nZ\u00e1vi\u0161ova Real Estate, s.r.o.
100.00
Ordinary shares
\nDenmark
\nTuborg Boulevard 12, 2900, Hellerup, Denmark
\nVodafone Enterprise Denmark A/S
100.00
Ordinary shares
\nEgypt
\n37 Kasr El Nil St, 4th. Floor, Cairo, Egypt
\nStarnet
\n5
\n35.81
Ordinary shares
\n54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt
\nSarmady Communications
\n5
\n35.82
Ordinary shares
\nBuilding no. 2109 \u201cVHUB1\u201d, Smart Village, Cairo Alexandria, Egypt
\nVodafone International Services LLC
\n5
\n100.00
Ordinary shares
\nSite No 15/3C, Central Axis, 6th October City, Egypt
\nVodafone Egypt Telecommunications
\nS.A.E.
\n5
\n35.82
Ordinary shares
\nSmart Village C3 Vodafo5ne Building, Egypt
\nVodafone Data
\n5
\n35.81
Ordinary shares
\nVodafone Building Zahraa EL Maadi, Building A, Service Area D,
\nMaadi, Cairo, Egypt
\nVodafone For Trading
\n5
\n35.78
Ordinary shares
Finland
\nc/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki,
\n00100, Finland
\nVodafone Enterprise Finland Oy
100.00
Ordinary shares
\nFrance
\n1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph,
\nFrance
\nVodafone Automotive Telematics
\nDevelopment S.A.S
\n100.00
Ordinary shares
\nEuroPlaza Tour, 20, Avenue Andre Prothin, La D\u00e9fense Cedex
\n\u2013 France (149153), 92400, Courbevoie, France
\nVodafone Automotive France S.A.S
100.00
Ordinary shares
\nVodafone Enterprise France SAS
100.00
New euro
\nshares
\nRue Champollion, 22300, Lannion, France
\nApollo Submarine Cable System Ltd
\n\u2013 French Branch
\n2
\n100.00
Branch
\nGermany
\nAltes Forsthaus 2, 67661, Kaiserslautern, Germany
\nTKS Telepost Kabel-Service
\nKaiserslautern GmbH
\n3
\n94.01
Ordinary shares
\nBetastra\u00dfe 6-8, 85774 Unterf\u00f6hring, Germany
\nKabel Deutschland Holding AG
94.01
Ordinary shares
\nVodafone Customer Care GmbH
\n3
\n94.01
Ordinary shares
\nVodafone Deutschland GmbH
94.01
Ordinary shares
\nBuschurweg 4, 76870 Kandel, Germany
\nVodafone Automotive Deutschland
\nGmbH
\n100.00
Ordinary shares
\nFerdinand-Braun-Platz 1, 40549, D\u00fcsseldorf, Germany
\nVodafone Enterprise Germany GmbH
100.00
Ordinary shares
\nVodafone GmbH
100.00
Ordinary A
\nshares, Ordinary
\nB shares
\nVodafone Group Services GmbH
100.00
Ordinary shares
\nVodafone Institut f\u00fcr Gesellschaft und
\nKommunikation GmbH
\n100.00
Ordinary shares
\nVodafone Stiftung Deutschland
\nGemeinn\u00fctzige GmbH
\n100.00
Ordinary shares
\nVodafone Vierte Verwaltungs AG
100.00
Ordinary shares
\nVodafone West GmbH
100.00
Ordinary shares
\nFriedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany
\nKABELCOM Braunschweig Gesellschaft
\nF\u00fcr Breitbandkabel-Kommunikation
\nMit Beschr\u00e4nkter Haftung
\n3
\n94.01
Ordinary shares
\nHolzmarkt 1, 50676, K\u00f6ln, North Rhine-Westphalia, Germany
\nGrandcentrix GmbH
100.00
Ordinary shares
\nNobelstrasse 55, 18059, Rostock, Germany
\n\u201cUrbana Teleunion\u201d Rostock GmbH &
\nCo.KG
\n3
\n65.80
Ordinary shares
\nSeilerstrasse 18, 38440, Wolfsburg, Germany
\nKABELCOM Wolfsburg Gesellschaft f\u00fcr
\nBreitbandkabel-Kommunikation mit
\nbeschr\u00e4nkter Haftung
\n3
\n94.01
Ordinary shares
\nGreece
\n12,5 km National Road Athens \u2013 Lamia, Metamorfosi / Athens,
\n14452, Greece
\nVodafone Innovus S.A
99.87
Ordinary shares
\n1-3 Tzavella str, 152 31 Halandri, Athens, Greece
\nVodafone-Panafon Hellenic
\nTeleco5mmunications Company S.A.
\n99.87
Ordinary shares
\nPireos 163 & Ehelidon, Athens, 11854, Greece
\n360 Connect S.A.
99.87
Ordinary shares
\nGuernsey
\nMartello Court, Admiral Park, St. Peter Port, GY1 3HB, Guernsey
\nFB Holdings Limited
100.00
Ordinary shares
\nLe Bunt Holdings Limited
100.00
Ordinary shares
\nSilver Stream Investments Limited
100.00
Ordinary shares
\nRoseneath, The Grange, St Peter Port, GY1 2QJ, Guernsey
\nVBA Holdings Limited
\n5
\n65.10
Ordinary shares,
\nNon-voting
\nirredeemable
\nnon-cumulative
\npreference
\nshares
\nVBA International Limited
\n5
\n65.10
Ordinary shares,
\nNon-voting
\nirredeemable
\nnon-cumulative
\npreference
\nshares
\nHong Kong
\nLevel 24, Dorset House, Taikoo Place, 979 King\u2019s Road, Quarry Bay,
\nHong Kong
\nVodafone Enterprise Hong Kong Ltd
100.00
Ordinary shares
\nHungary
\n40-44 Hungaria Krt., Budapest, H-1087, Hungary
\nVSSB Vodafone Szolg\u00e1ltat\u00f3 K\u00f6zpont
\nBudapest Z\u00e1rtk\u00f6r\u0171en M\u0171k\u00f6d\u0151
\nR\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
\n100.00
Registered
\nordinary shares
\nIndia
\n10th Floor, Tower A&B, Global Technology Park, (Maple Tree
\nBuilding), Marathahalli Outer Ring Road, Devarabeesanahalli
\nVillage, Varthur Hobli, Bengaluru, Karnataka, 560103, India
\nCable & Wireless Networks India Private
\nLimited
\n100.00
Equity shares
\nCable and Wireless (India) Limited \u2013
\nBranch
\n2
\n100.00
Branch
\nCable and Wireless Global (India)
\nPrivate Limited
\n100.00
Equity shares
\n201-206, Shiv Smriti Chambers, 49/A, Dr. Annie Besant Road,
\nMumbai, Maharashtra, Worli, 400018, India
\nOmega Telecom Holdings Private
\nLimited
\n100.00
Equity shares
\nVodafone India Services Private Limited
100.00
Equity shares
\nBusiness@Mantri, Tower B, Wing no \u2013 B1 & B2, 3rd Floor, S. No.
\n\u2013 197, Near Hotel Four Points, Lohegaon, Pune, Maharashtra,
\n411014, India
\nVodafone Global Services Private
\nLimited
\n100.00
Equity shares
\nE-47, Bankra Super Market, Bankra, Howrah, West Bengal,
\n711403, India
\nUsha Martin Telematics Limited
100.00
Equity shares
\nIreland
\n2nd Floor, Palmerston House, Fenian Street, DUBLIN 2, Ireland
\nVodafone International Financing
\nDesignated Activity Company
\n100.00
Ordinary shares
\n38/39 Fitzwilliam Square West, Dublin 2, D02 NX53, Ireland
\nVodafone Enterprise Global Limited
100.00
Ordinary shares
\nVodafone Global Network Limited
100.00
Ordinary shares
\nMountainview, Leopardstown, Dublin 18, Ireland
\nVF Ireland Property Holdings Limited
100.00
Ordinary euro
\nshares
\nVodafone Group Services Ireland
\nLimited
\n100.00
Ordinary shares
\nVodafone Ireland Limited
100.00
Ordinary shares
\nVodafone Ireland Marketing Limited
100.00
Ordinary shares
\nVodafone Ireland Retail Limited
100.00
Ordinary shares
\nItaly
\nPiazzale Luigi Cadorna, 4, 20123, Milano, Italy
\nVodafone Global Enterprise (Italy) S.R.L.
100.00
Ordinary shares
\nSS 33 del Sempione KM 35, 212, 21052 Busto Arsizio (VA), Italy
\nVodafone Automotive Italia S.p.A
100.00
Ordinary shares
\nVia Astico 41, 21100 Varese, Italy
\nVodafone Automotive Electronic
\nSystems S.r.L
\n100.00
Ordinary shares
\nVodafone Automotive SpA
100.00
Ordinary shares
\nVodafone Automotive Telematics Srl
100.00
Ordinary shares
\nVia Jervis 13, 10015, Ivrea (TO), Italy
\nVEI S.r.l.
100.00
Partnership
\ninterest shares
\nVodafone Italia S.p.A.
100.00
Ordinary shares
\nVia Lorenteggio 240, 20147, Milan, Italy
\nVodafone Enterprise Italy S.r.L
100.00
Euro shares
\nVodafone Gestioni S.p.A.
100.00
Ordinary shares
\nVodafone Servizi E Tecnologie S.R.L.
100.00
Equity shares
\nIVia per Carpi 26/B, 42015, Correggio (RE), Italy
\nVND S.p.A.
100.00
Ordinary shares
\nJapan
\nKAKiYa building, 9F, 2-7-17 Shin-Yokohama, Kohoku-ku,
\nYokoha-City, Kanagawa, 222-0033, Japan
\nVodafone Automotive Japan KK
100.00
Ordinary shares
\nMarunouchi Trust Tower North 15F, 8-1, Marunouchi 1-chome,
\nlevel 15, Chiyoda-ku, Tokyo, Japan
\nVodafone Enterprise U.K. \u2013 Japanese
\nBranch
\n2
\n100.00
Branch
\nVodafone Global Enterprise (Japan) K.K.
100.00
Ordinary shares
Jersey
\n44 Esplanade, St Helier, JE4 9WG, Jersey
\nVodafone International 2 Limited
100.00
Ordinary shares
\nKenya
\n6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi,
\n00100, Kenya
\nM-PESA Holding Co. Limited
100.00
Equity shares
\nVodafone Kenya Limited
\n5
\n69.46
Ordinary voting
\nshares
\nThe Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside
\nDrive, Nairobi, Kenya
\nVodacom Business (Kenya) Limited
\n5
\n52.08
Ordinary shares
\nKorea, Republic of
\nASEM Tower level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul,
\n135-798, Korea, Republic of
\nVodafone Enterprise Korea Limited
100.00
Ordinary shares
\nLesotho
\n585 Mabile Road, Vodacom Park, Maseru, Lesotho, Lesotho
\nVodacom Lesotho (Pty) Limited
\n5
\n52.08
Ordinary shares
\nVCL Financial Services (Pty) Ltd
\n5
\n52.08
Ordinary shares
\nLuxembourg
\n15 rue Edward Steichen, Luxembourg, 2540, Luxembourg
\nTomorrow Street GP S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone Enterprise Global Businesses
\nS.\u00e0 r.l.
\n100.00
Ordinary shares
\nVodafone Enterprise Luxembourg S.A.
100.00
Ordinary euro
\nshares
\nVodafone International 1 S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone International M S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone Investments Luxembourg
\nS.\u00e0 r.l.
\n100.00
Ordinary shares
\nVodafone Luxembourg S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone Procurement Company S.\u00e0
\nr.l.
\n100.00
Ordinary shares
\nVodafone Roaming Services S.\u00e0 r.l.
100.00
Ordinary shares
\nVodafone Services Company S.\u00e0 r.l.
100.00
Ordinary shares
\nMalaysia
\nSuite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak,
\n50400 Kuala Lumpur, Malaysia
\nVodafone Global Enterprise (Malaysia)
\nSdn Bhd
\n100.00
Ordinary shares
\nMalta
\nPortomaso Business Tower, Level 15B, St Julians, STJ 4011, Malta
\nVodafone Holdings Limited
100.00
\u2018A\u2019 Ordinary
\nshares, \u2018B\u2019
\nOrdinary shares
\nVodafone Insurance Limited
100.00
\u2018A\u2019 Ordinary
\nshares, \u2018B\u2019
\nOrdinary shares
\nMauritius
\n10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene,
\nMauritius, Mauritius
\nMobile Wallet VM1
\n5
\n65.10
Ordinary shares
\nMobile Wallet VM2
\n5
\n65.10
Ordinary shares
\nVBA (Mauritius) Limited
\n5
\n65.10
Ordinary shares,
\nRedeemable
\npreference
\nshares
\nVodacom International Limited
\n5
\n65.10
Ordinary shares,
\nNon-Cumulative
\npreference
\nshares
\nFifth Floor, Ebene Esplanade, 24 Bank Street, Cybercity,
\nEbene, Mauritius
\nAl-Amin Investments Limited
100.00
Ordinary shares
\nArray Holdings Limited
100.00
Ordinary shares
\nAsian Telecommunication Investments
\n(Mauritius) Limited
\n100.00
Ordinary shares
\nCCII (Mauritius), Inc.
100.00
Ordinary shares
\nCGP India Investments Ltd.
100.00
Ordinary shares
\nEuro Pacific Securities Ltd.
100.00
Ordinary shares
\nMobilvest
100.00
Ordinary shares
\nPrime Metals Ltd.
100.00
Ordinary shares
\nTrans Crystal Ltd.
100.00
Ordinary shares
\nVodafone Mauritius Ltd.
100.00
Ordinary shares
\nVodafone Telecommunications (India)
\nLimited
\n100.00
Ordinary shares
\nVodafone Tele-Services (India)
\nHoldings Limited
\n100.00
Ordinary shares
\nMexico
\nAvenida Insurgentes Sur No. 1647, Piso 12, despacho 1202,
\nColonia San Jos\u00e9 Insurgentes, Alcald\u00eda Benito Ju\u00e1rez, C.P. 03900,
\nCiudad de M\u00e9xico, Mexico
\nVodafone Empresa M\u00e9xico S.de R.L. de
\nC.V.
\n100.00
Corporate
\ncertificate series
\nA shares,
\nCorporate
\ncertificate series
\nB shares
\nMozambique
\nRua dos Desportistas, Numero 649, Cidade de Maputo,
\nMozambique
\nVodacom Mo\u00e7ambique, SA
\n5
\n55.33
Ordinary shares
\nVodafone M-Pesa, S.A
\n5
\n55.33
Ordinary shares
\nNetherlands
\nRivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel,
\nNetherlands
\nVodafone Enterprise Netherlands B.V.
100.00
Ordinary shares
\nVodafone Europe B.V.
100.00
Ordinary shares
\nVodafone International Holdings B.V.
100.00
Ordinary shares
\nVodafone Panafon International
\nHoldings B.V.
\n99.87
Ordinary shares
\nZuid-hollanden 7, Rode Olifant, Spaces, 2596AL, den Haag,
\nNetherlands
\nIoT. nxt USA BV
\n5
\n42.31
Ordinary shares
\nIOT.NXT B.V.
\n5
\n42.31
Ordinary shares
\nIoT.nxt Europe BV
\n5
\n42.31
Ordinary shares
\nNew Zealand
\n74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand
\nVodafone Enterprise Hong Kong
\nLimited \u2013 New Zealand Branch
\n2
\n100.00
Branch
\nNorway
\nc/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway
\nVodafone Enterprise Norway AS
100.00
Ordinary shares
\nVodafone House, The Connection, Newbury, Berkshire, RG14 2FN,
\nUnited Kingdom
\nVodafone Limited \u2013 Norway Branch
\n2
\n100.00
Branch
\nOman
\nKnowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box
\n104 135, Oman
\nVodafone Services LLC
100.00
Shares
\nPoland
\nul. Towarowa 28, 00-839, Warsaw, Poland
\nVodafone Business Poland sp. z o.o.
100.00
Ordinary shares
\nPortugal
\nAv. D. Jo\u00e3o II, n\u00ba 36 \u2013 8\u00ba Piso, 1998 \u2013 017, Parque das Na\u00e7\u00f5es,
\nLisboa, Portugal
\nOni Way \u2013 Infocomunicacoes, S.A
100.00
Ordinary shares
\nVodafone Enterprise Spain, S.L.U. \u2013
\nPortugal Branch
\n2
\n100.00
Branch
\nVodafone Portugal \u2013 Comunicacoes
\nPessoais, S.A.
\n100.00
Ordinary shares
\nVodafone Solutions, Unipessoal LDA
100.00
Ordinary shares
Romania
\n1 A Constantin Ghercu Street, 10th Floor, 6th District, Bucharest,
\nRomania
\nUPC Services S.R.L. (in liquidation)
100.00
Ordinary shares
\n18 Diligen\u021bei Steet, 1st floor, Building C1, Ploiesti, Prahova County,
\nRomania
\nEvotracking SRL
100.00
Ordinary shares
\n201 Barbu Vacarescu Street, 5th floor, 2nd District, Bucharest,
\nRomania
\nVodafone External Services SRL
100.00
Ordinary shares
\nVodafone Foundation
100.00
Sole member
\n201 Barbu Vacarescu, 4th floor, 2nd District, Bucharest, Romania
\nVodafone Romania S.A
100.00
Ordinary shares
\n62 D Nordului Street, District 1, Bucharest, Romania
\nUPC Foundation
100.00
Sole member
\nOltenitei Street no. 2, City Offices Building, 3rd Floor, Bucharest
\n4th District, Romania
\nVodafone Rom\u00e2nia Technologies SRL
100.00
Ordinary shares
\nSectorul 2, Strada Barbu V\u0103c\u0103rescu, Nr. 201, Etaj 1, Bucharest,
\nRomania
\nVodafone Rom\u00e2nia M \u2013 Payments SRL
100.00
Ordinary shares
\nRussian Federation
\nBuild. 2, 14/10, Chayanova str., 125047, Moscow, Russian
\nFederation
\nCable & Wireless CIS Svyaz LLC
100.00
Charter capital
\nshares
\nSerbia
\nVladimira Popovi\u0107a 38-40, New Belgrade, 11070, Serbia
\nVodafone Enterprise Equipment
\nLimited Ogranak u Beogradu \u2013 Serbia
\nBranch
\n2
\n100.00
Branch
\nSingapore
\nAsia Square Tower 2, 12 Marina View, #17-01, 018961, Singapore
\nVodafone Enterprise Singapore Pte.Ltd
100.00
Ordinary shares
\nSlovakia
\nKarad\u017ei\u010dova 2, mestsk\u00e1 \u010das\u0165 Star\u00e9 mesto, Bratislava, 811 09,
\nSlovakia
\nVodafone Global Network Limited \u2013
\nSlovakia Branch
\n2
\n100.00
Branch
\nPrievozsk\u00e1 6, Bratislava, 821 09, Slovakia
\nVodafone Czech Republic A.S. \u2013
\nSlovakia Branch
\n2
\n100.00
Branch
\nSouth Africa
\n9 Kinross Street, Germiston South, 1401, South Africa
\nVodafone Holdings (SA) Proprietary
\nLimited
\n100.00
Ordinary shares
\nVodafone Investments (SA) Proprietary
\nLimited
\n100.00
Ordinary A
\nshares, \u201cB\u201d
\nOrdinary no par
\nvalue shares
\nBylsbridge Office Park, Building 14m Block C, 1st Floor, Alexandra
\nRoad, Centurion, Highveld Ext 73, 0046, South Africa
\nIoT.nxt (Pty) Limited
\n5
\n42.31
Ordinary shares
\nIoT.nxt Development (Pty) Limited
\n5
\n42.31
Ordinary shares
\n10T Holdings Proprietary Limited
\n5
\n42.31
Ordinary shares
\nVodacom Corporate Park, 082 Vodacom Boulevard, Midrand,
\n1685, South Africa
\nJupicol (Proprietary) Limited
\n5
\n45.57
Ordinary shares
\nStorage Technology Services (Pty)
\nLimited
\n5
\n33.20
Ordinary shares
\nInfinity Services Partner Company
\n5
\n65.10
Ordinary shares
\nMezzanine Ware (RF) Proprietary
\nLimited
\n5
\n58.59
Ordinary shares
\nMotifprops 1 (Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nVodacom (Pty) Limited
\n5
\n65.10
Ordinary shares,
\nOrdinary A
\nshares
\nVodacom Business Africa Group (Pty)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Business Africa SA (Pty)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Financial Services
\n(Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nVodacom Group Limited
65.10
Ordinary shares
\nVodacom Insurance Administration
\nCompany (Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nVodacom Insurance Company (RF)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom International Holdings (Pty)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Life Assurance Company
\n(RF) Limited
\n5
\n65.10
Ordinary shares
\nVodacom Payment Services
\n(Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nVodacom Properties No 1 (Proprietary)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Properties No.2 (Pty)
\nLimited
\n5
\n65.10
Ordinary shares
\nVodacom Tower Company Proprietary
\nLimited
\n5
\n65.10
Ordinary shares
\nWheatfields Investments 276
\n(Proprietary) Limited
\n5
\n65.10
Ordinary shares
\nXLink Communications (Proprietary)
\nLimited
\n5
\n65.10
Ordinary A
\nshares
\nSpain
\nAntracita, 7 \u2013 28045, Madrid, Spain
\nVodafone Automotive Iberia S.L.
100.00
Ordinary shares
\nAvenida de Am\u00e9rica 115, 28042, Madrid, Spain
\nVodafone Energ\u00eda, S.L.
100.00
Ordinary shares
\nVodafone Enterprise Spain SLU
100.00
Ordinary euro
\nshares
\nVodafone Espa\u00f1a, S.A.U.
100.00
Ordinary shares
\nVodafone Holdings Europe, S.L.U.
100.00
Ordinary shares
\nVodafone ONO, S.A.U.
100.00
Ordinary shares
\nVodafone Servicios, S.L.U.
100.00
Ordinary shares
\nTorre Norte Adif, Explanada de la Estaci\u00f3n no 7, 29002, M\u00e1laga,
\nSpain
\nVodafone Intelligent Solutions Espa\u00f1a,
\nS.L.U.
\n100.00
Ordinary shares
\nSweden
\nc/o Hellstr\u00f6m advokatbyr\u00e5, Box 7305, 103 90, Stockholm, Sweden
\nVodafone Enterprise Sweden AB
100.00
Ordinary shares,
\nShareholder\u2019s
\ncontribution
\nshares
\nSwitzerland
\nSchiffbaustrasse 2, 8005, Zurich, Switzerland
\nVodafone Enterprise Switzerland AG
100.00
Ordinary shares
\nTaiwan
\n22F., No.100, Songren Road., Xinyi District, Taipei City, 11070,
\nTaiwan
\nVodafone Global Enterprise Taiwan
\nLimited
\n100.00
Ordinary shares
\nTanzania, United Republic of
\n15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo
\nRoad, Dar es Salaam, Tanzania, United Republic of
\nM-Pesa Limited
\n5
\n48.82
Ordinary A
\nshares, Ordinary
\nB shares
\nShared Networks Tanzania Limited
\n5
\n48.82
Ordinary shares
\nVodacom Tanzania Public Limited
\nCompany
\n5
\n48.82
Ordinary shares
\n3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road,
\nDar es Salaam, Tanzania, United Republic of
\nGateway Communications Tanzania
\nLimited
\n5
\n64.45
Ordinary shares
Thailand
\n725 Metropolis Building, 20th floor, Unit 100, Sukhumvit Road,
\nKlongton Nua Sub-district, Watthana District, Bangkok, 10110,
\nThailand
\nVodafone Business Siam Co., Ltd.
100.00
Ordinary shares
\nTurkey
\nB\u00fcy\u00fckdere Caddesi, No:251, Maslak, \u015ei\u015fli / \u0130stanbul, 34398, Turkey
\nVodafone Bilgi Ve Iletisim Hizmetleri
\nAS
\n100.00
Registered
\nshares
\nVodafone Dagitim, Servis ve Icerik
\nHizmetleri A.S.
\n100.00
Ordinary shares
\nVodafone Dijital Yayincilik Hizmetleri
\nA.S.
\n100.00
Ordinary shares
\nVodafone Holding A.S.
100.00
Registered
\nshares
\nVodafone Kule ve Altyapi Hizmetleri
\nA.S.
\n100.00
Ordinary shares
\nVodafone Mall Ve Elektronik Hizmetler
\nTicaret AS
\n100.00
Ordinary shares
\nVodafone Medya Icerik Hizmetleri A.S.
100.00
Ordinary shares
\nVodafone Net \u0130leti\u015fim Hizmetleri A.S.
100.00
Ordinary shares
\nVodafone Telekomunikasyon A.S
100.00
Registered
\nshares
\n\u0130T\u00dc Ayaza\u011fa Kamp\u00fcs\u00fc, Koru Yolu, Ar\u0131 Teknokent Ar\u0131 3 Binas\u0131,
\nMaslak, \u0130stanbul, 586553, Turkey
\nVodafone Teknoloji Hizmetleri A.S.
100.00
Registered
\nshares
\nMaslak Mah. AOS 55 Sk. 42 Maslak Sit. B Blok Apt. No: 4/663,
\nSar\u0131yer Istanbul, Turkey
\nVodafone Sigorta Aracilik Hizmetleri
\nA.S.
\n100.00
Ordinary shares
\nVodafone Elektronik Para Ve \u00d6deme
\nHizmetleri A.S.
\n100.00
Registered
\nshares
\nVodafone Finansman A.S.
100.00
Ordinary shares
\nMaslak Mah. B\u00fcy\u00fckdere Cad. B\u00fcy\u00fckdere No: 251, Sar\u0131yer, Istanbul,
\n34453, Turkey
\nVOIS Turkey Akilli \u00c7\u00f6z\u00fcmler Limited
\n\u015eirket
\n100.00
Ordinary shares
\nUkraine
\nBohdana Khmelnytskogo Str. 19-21, Kyiv, Ukraine
\nLLC Vodafone Enterprise Ukraine
100.00
Ordinary shares
\nUnited Arab Emirates
\n16-SD 129, Ground Floor, Building 16-Co Work, Dubai Internet City,
\nUnited Arab Emirates
\nVodacom Fintech Services FZ-LLC
\n5
\n65.10
Ordinary shares
\nOffice 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai,
\nUnited Arab Emirates
\nVodafone Enterprise Europe (UK)
\nLimited \u2013 Dubai Branch
\n2
\n100.00
Branch
\nUnited Kingdom
\n11 Staple Inn Building, London, WC1V 7QH, United Kingdom
\nVodacom Business Africa Group
\nServices Limited
\n5
\n65.10
Ordinary shares,
\nPreference
\nshares
\nVodacom Investments Company
\nProprietary Limited
\n5
\n65.10
Ordinary shares
\nVodacom UK Limited
\n5
\n65.10
Ordinary shares,
\nOrdinary B
\nshares,
\nNon-
\nredeemable
\nordinary A
\nshares,
\nNon-
\nredeemable
\npreference
\nshares
\n1-2 Berkeley Square, 99 Berkeley Street, Glasgow, G3 7HR,
\nScotland
\nThus Group Holdings Limited
100.00
Ordinary shares
\nThus Group Limited
100.00
Ordinary shares
\nThus Profit Sharing Trustees Limited
100.00
Ordinary shares
\n3 More London, Riverside, London, SE1 2AQ, United Kingdom
\nIoT Nxt UK Limited
42.31
Ordinary shares
\n784 Upper Newtownards Road, Belfast, BT16 1UD, United Kingdom
\nVodafone (NI) Limited
100.00
Ordinary shares
\nEdinburgh House, 4 North St. Andrew Street, Edinburgh, EH2 1HJ,
\nUnited Kingdom
\nPinnacle Cellular Group Limited
100.00
Ordinary shares
\nPinnacle Cellular Limited
100.00
Ordinary shares
\nVodafone (Scotland) Limited
100.00
Ordinary shares
\nOne Kingdom Street, London, W2 6BY, United Kingdom
\nDABCo Limited
100.00
Ordinary shares
\nQuarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland
\nEnergis (Ireland) Limited
100.00
A Ordinary
\nshares, B
\nOrdinary shares,
\nC Ordinary
\nshares, D
\nOrdinary shares
\nVodafone House, The Connection, Newbury, Berkshire, RG14 2FN,
\nUnited Kingdom
\nApollo Submarine Cable System
\nLimited
\n100.00
Ordinary shares
\nBluefish Communications Limited
100.00
Ordinary A
\nshares, Ordinary
\nB shares,
\nOrdinary C
\nshares, Ordinary
\nD shares
\nCable & Wireless Aspac Holdings
\nLimited
\n100.00
Ordinary shares
\nCable & Wireless CIS Services Limited
100.00
Ordinary shares
\nCable & Wireless Communications
\nData Network Services Limited
\n100.00
\u2018A\u2019 Ordinary
\nshares, \u2018B\u2019
\nOrdinary shares
\nCable & Wireless Europe Holdings
\nLimited
\n100.00
Ordinary shares
\nCable & Wireless Global
\nTelecommunication Services Limited
\n100.00
Ordinary shares
\nCable & Wireless UK Holdings Limited
100.00
Ordinary shares
\nCable & Wireless Worldwide Limited
100.00
Ordinary shares
\nCable & Wireless Worldwide Voice
\nMessaging Limited
\n100.00
Ordinary shares
\nCable and Wireless (India) Limited
100.00
Ordinary shares
\nCable and Wireless Nominee Limited
100.00
Ordinary shares
\nCentral Communications Group
\nLimited
\n100.00
Ordinary Shares,
\nOrdinary A
\nshares
\nEnergis Communications Limited
100.00
Ordinary shares
\nEnergis Squared Limited
100.00
Ordinary shares
\nLondon Hydraulic Power Company
\n(The)
\n100.00
Ordinary shares,
\n5%
\nNon-Cumulative
\npreference
\nshares
\nMetroHoldings Limited
100.00
Ordinary shares
\nNavtrak Ltd
100.00
Ordinary shares
\nProject Telecom Holdings Limited
100.00
Ordinary shares
\nRian Mobile Limited
100.00
Ordinary shares
\nTalkmobile Limited
100.00
Ordinary shares
\nThe Eastern Leasing Company Limited
100.00
Ordinary shares
\nThus Limited
100.00
Ordinary shares
\nVizzavi Limited
100.00
Ordinary shares
\nVoda Limited
100.00
Ordinary shares
\nVodafone (New Zealand) Hedging
\nLimited
\n100.00
Ordinary shares
\nVodafone 2.
100.00
Ordinary shares
\nVodafone 4 UK
100.00
Ordinary shares
\nVodafone 5 Limited
100.00
Ordinary shares
\nVodafone 5 UK
100.00
Ordinary shares
\nVodafone 6 UK
100.00
Ordinary shares
\nVodafone Americas 4
100.00
Ordinary shares
\nVodafone Automotive UK Limited
100.00
Ordinary shares
\nVodafone Benelux Limited
100.00
Ordinary shares
\nVodafone Cellular Limited
\n1
\n100.00
Ordinary shares
\nVodafone Consolidated Holdings
\nLimited
\n100.00
Ordinary shares
\nVodafone Corporate Limited
100.00
Ordinary shares
\nVodafone Corporate Secretaries
\nLimited
\n100.00
Ordinary shares
\nVodafone DC Pension Trustee
\nCompany Limited
\n100.00
Ordinary shares
Vodafone Distribution Holdings Limited
100.00
Ordinary shares
\nVodafone Enterprise Corporate
\nSecretaries Limited
\n100.00
Ordinary shares
\nVodafone Enterprise Equipment
\nLimited
\n100.00
Ordinary shares
\nVodafone Enterprise Europe (UK)
\nLimited
\n100.00
Ordinary shares
\nVodafone Enterprise U.K.
100.00
Ordinary shares
\nVodafone Euro Hedging Limited
100.00
Ordinary shares
\nVodafone Euro Hedging Two Limited
100.00
Ordinary shares
\nVodafone Europe UK
100.00
Ordinary shares
\nVodafone European Investments
\n1
\n100.00
Ordinary shares
\nVodafone European Portal Limited
\n1
\n100.00
Ordinary shares
\nVodafone Finance Limited
\n1
\n100.00
Ordinary shares
\nVodafone Finance Luxembourg
\nLimited
\n100.00
Ordinary shares
\nVodafone Finance Management
100.00
Ordinary shares
\nVodafone Finance UK Limited
100.00
Ordinary shares
\nVodafone Financial Operations
100.00
Ordinary shares
\nVodafone Global Content Services
\nLimited
\n100.00
Ordinary shares,
\n5% Fixed rate
\nnon-voting
\npreference
\nshares
\nVodafone Global Enterprise Limited
100.00
Ordinary shares,
\nDeferred shares,
\nB deferred
\nshares
\nVodafone Group (Directors) Trustee
\nLimited
\n1
\n100.00
Ordinary shares
\nVodafone Group Pension Trustee
\nLimited
\n1
\n100.00
Ordinary shares
\nVodafone Group Services Limited
100.00
Ordinary shares,
\ndeferred shares
\nVodafone Group Services No.2 Limited
\n1
\n100.00
Ordinary shares
\nVodafone Group Share Trustee
\nLimited
\n1
\n100.00
Ordinary shares
\nVodafone Holdings Luxembourg
\nLimited
\n100.00
Ordinary shares
\nVodafone Intermediate Enterprises
\nLimited
\n100.00
Ordinary shares
\nVodafone International 2 Limited \u2013 UK
\nBranch
\n2
\n100.00
Branch
\nVodafone International Holdings
\nLimited
\n100.00
Ordinary shares
\nVodafone International Operations
\nLimited
\n100.00
Ordinary shares
\nVodafone Investment UK
100.00
Ordinary shares
\nVodafone Investments Australia
\nLimited
\n100.00
Ordinary shares
\nVodafone Investments Limited
\n1
\n100.00
Ordinary shares,
\nZero coupon
\nredeemable
\npreference
\nshares
\nVodafone IP Licensing Limited
\n1
\n100.00
Ordinary shares
\nVodafone Limited
100.00
Ordinary shares
\nVodafone Marketing UK
100.00
Ordinary shares
\nVodafone Mobile Communications
\nLimited
\n100.00
Ordinary shares
\nVodafone Mobile Enterprises Limited
100.00
Ordinary shares
\nVodafone Mobile Network Limited
100.00
Ordinary shares
\nVodafone Nominees Limited
\n1
\n100.00
Ordinary shares
\nVodafone Oceania Limited
100.00
Ordinary shares
\nVodafone Overseas Finance Limited
100.00
Ordinary shares
\nVodafone Overseas Holdings Limited
100.00
Ordinary shares
\nVodafone Panafon UK
99.87
Ordinary shares
\nVodafone Partner Services Limited
100.00
Ordinary shares,
\nRedeemable
\npreference
\nshares
\nVodafone Retail (Holdings) Limited
100.00
Ordinary shares
\nVodafone Sales & Services Limited
100.00
Ordinary shares
\nVodafone UK Foundation
100.00
Sole member
\nVodafone UK Limited
\n1
\n100.00
Ordinary shares
\nVodafone Ventures Limited
\n1
\n100.00
Ordinary shares
\nVodafone Worldwide Holdings Limited
100.00
Ordinary shares,
\nCumulative
\npreference
\nshares
\nVodafone Yen Finance Limited
100.00
Ordinary shares
\nVodafone-Central Limited
100.00
Ordinary shares
\nVodaphone Limited
100.00
Ordinary shares
\nVodata Limited
100.00
Ordinary shares
\nYour Communications Group Limited
100.00
B Ordinary
\nshares,
\nRedeemable
\npreference
\nshares
\nUnited States
\n1209 Orange Street, Wilmington DE 19801, United States
\nIoT nxt USA Inc
\n5
\n42.31
Common stock
\n1450 Broadway, Fl 11, Suite 104, New York NY 10018, United States
\nCable & Wireless Americas Systems,
\nInc.
\n100.00
Common stock
\nshares
\nVodafone Americas Virginia Inc.
100.00
Common stock
\nshares
\nVodafone US Inc.
100.00
Common stock
\nshares, Ordinary
\nshares
\n1615 Platte Street, Suite 02-115, Denver CO 80202, United States
\nVodafone Americas Foundation
100.00
Trustee
32. Subsidiaries exempt from audit
\nThe following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act
\n2006 for the year ended 31 March 2023.
\nName
\nRegistration
\nnumber
Name
\nRegistration
\nnumber
\nBluefish Communications Limited
5142610
Vodafone Enterprise Europe (UK) Limited
3137479
\nCable & Wireless Aspac Holdings Limited
4705342
Vodafone Europe UK
5798451
\nCable & Wireless CIS Services Limited
2964774
Vodafone European Investments
3961908
\nCable & Wireless Europe Holdings Limited
4659719
Vodafone European Portal Limited
3973442
\nCable & Wireless UK Holdings Limited
3840888
Vodafone Finance Management
2139168
\nCable & Wireless Worldwide Limited
7029206
Vodafone Finance UK Limited
3922620
\nCable & Wireless Worldwide Voice Messaging Limited
1981417
Vodafone Global Content Services Limited
4064873
\nCable & Wireless Nominee Limited
3249884
Vodafone Holdings Luxembourg Limited
4200970
\nEnergis (Ireland) Limited
NI035793
Vodafone Intermediate Enterprises Limited
3869137
\nEnergis Communications Limited
2630471
Vodafone International Holdings Limited
2797426
\nEnergis Squared Limited
3037442
Vodafone International Operations Limited
2797438
\nLondon Hydraulic Power Company (The)
ZC000055
Vodafone Investment UK
5798385
\nMetroHoldings Limited
3511122
Vodafone Investments Limited
1530514
\nThe Eastern Leasing Company Limited
1672832
Vodafone IP Licensing Limited
6846238
\nThus Group Holdings Limited
SC192666
Vodafone Marketing UK
6858585
\nThus Group Limited
SC226738
Vodafone Mobile Communications Limited
3942221
\nVoda Limited
1847509
Vodafone Mobile Enterprises Limited
2373469
\nVodafone 2.
4083193
Vodafone Mobile Network Limited
3961482
\nVodafone 5 Limited
6688527
Vodafone Nominees Limited
1172051
\nVodafone 5 UK
2960479
Vodafone Oceania Limited
3973427
\nVodafone 6 UK
8809444
Vodafone Overseas Finance Limited
4171115
\nVodafone Americas 4
6389457
Vodafone Panafon UK
6326918
\nVodafone Benelux Limited
4200960
Vodafone UK Limited
2227940
\nVodafone Consolidated Holdings Limited
5754561
Vodafone Worldwide Holdings Limited
3294074
\nVodafone Corporate Secretaries Limited
2357692
Vodafone Yen Finance Limited
4373166
\nVodafone Enterprise Corporate Secretaries Limited
2303594
Vodaphone Limited
3961390
\nVodafone Enterprise Equipment Limited
1648524
Your Communications Group Limited
4171876
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30158": {
"value": "A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company\u2019s returns and exposure or rights to variable returns from the entity. The results of
\nsubsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up
\nto the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their
\naccounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on
\nconsolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity therein.
\nNon-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling
\nshareholder\u2019s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests
\neven if this results in the non-controlling interests having a deficit balance. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f32919": {
"value": "33. Subsequent events M-Pesa Holding Company Limited
\nOn 17 April 2023, the Group entered into an agreement to sell M-Pesa Holding Company Limited (\u2018MPHCL\u2019) to Safaricom Plc, an associate entity of the Group,
\nfor USD 1. MPHCL holds M-Pesa customer funds on trust for the benefit of M-Pesa customers in Kenya. Balances included in the Group\u2019s consolidated
\nfinancial statements for MPHCL at 31 March 2023 include short term investments of \u20ac1,247 million and \u20ac1,226 million due to M-Pesa customers, recorded
\nwithin Other investments and Other creditors, respectively. These sums are shown in the Group\u2019s consolidated financial statements in accordance with IFRS,
\nbut MPHCL acts as the independent trustee for M-Pesa customers, independently administering the trust and holding all funds from the M-Pesa customers
\non trust for the benefit of M-Pesa customers. Any profit generated by MPHCL, after defraying direct costs, is donated for use for public charitable purposes
\nonly. See note 13 \u2018Other investments\u2019 and note 15 \u2018Trade and other payables\u2019. No material gain or loss is expected to arise on disposal. Completion of this
transaction is subject to various approvals which are expected to be obtained before or during July 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f32947": {
"value": "Company statement of financial position of Vodafone Group Plc at 31 March
\n2023
2022
\nNote
\u20acm
\u20acm
\nFixed assets
\nShares in Group undertakings
2
83,427
83,406
\nCurrent assets
\nDebtors: amounts falling due after more than one year
3
5,651
4,288
\nDebtors: amounts falling due within one year
3
227,993
172,684
\nOther investments
4
260
698
\nCash at bank and in hand
265
362
\n234,169
178,032
\nCreditors: amounts falling due within one year
5
(226,034)
(168,913)
\nNet current assets
8,135
9,119
\nTotal assets less current liabilities
91,562
92,525
\nCreditors: amounts falling due after more than one year
5
(41,408)
(45,818)
\n50,154
46,707
\nCapital and reserves
\nCalled up share capital
6
4,797
4,797
\nShare premium account
20,385
20,384
\nCapital redemption reserve
111
111
\nOther reserves
1,110
1,088
\nOwn shares held
(7,854)
(7,413)
\nProfit and loss account
\n1
\n31,605
27,740
\nTotal equity shareholders\u2019 funds
50,154
46,707
\nNote:
\n1
The profit for the financial year dealt with in the financial statements of the Company is \u20ac5,271 million (2022: \u20ac5,995 million).
\nThe Company financial statements on pages 211 to 218 were approved by the Board of Directors and authorised for issue on 16 May 2023 and were
\nsigned on its behalf by:
\nMargherita Della Valle
\nGroup Chief Executive and Chief Financial Officer
\nThe accompanying notes are an integral part of these financial statements.
\n
\n
\n
Company statement of changes in equity of Vodafone Group Plc
\nfor the years ended 31 March
\nCalled up share
\ncapital
\nShare
\npremium
\naccount
\n1
\nCapital
\nredemption
\nreserve
\n1
\nOther reserves
\n1
\nTreasury
\nshares
\n2
\nProfit and loss
\naccount
\n3
\nTotal equity
\nshareholders\u2019
\nfunds
\n\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\u20acm
\n1 April 2021
4,797
20,383
111
2,970
(6,307)
22,518
44,472
\nIssue or re-issue of shares
\n4
\n\u2013
1
\u2013
(1,903)
2,000
\u2013
98
\nProfit for the financial year
\u2013
\u2013
\u2013
\u2013
\u2013
5,995
5,995
\nDividends
\u2013
\u2013
\u2013
\u2013
\u2013
(2,483)
(2,483)
\nCapital contribution given relating to share-based payments
\u2013
\u2013
\u2013
119
\u2013
\u2013
119
\nContribution received relating to share-based payments
\u2013
\u2013
\u2013
(98)
\u2013
\u2013
(98)
\nRepurchase of treasury shares
\n5
\n\u2013
\u2013
\u2013
\u2013
(3,106)
\u2013
(3,106)
\nOther movements
\n6
\n\u2013
\u2013
\u2013
\u2013
\u2013
1,710
1,710
\n31 March 2022
4,797
20,384
111
1,088
(7,413)
27,740
46,707
\nIssue or re-issue of shares
\u2013
1
\u2013
122
\u2013
123
\nProfit for the financial year
\u2013
\u2013
\u2013
\u2013
\u2013
5,271
5,271
\nDividends
\u2013
\u2013
\u2013
\u2013
\u2013
(2,502)
(2,502)
\nCapital contribution given relating to share-based payments
\u2013
\u2013
\u2013
135
\u2013
\u2013
135
\nContribution received relating to share-based payments
\u2013
\u2013
\u2013
(113)
\u2013
\u2013
(113)
\nRepurchase of treasury shares
\n5
\n\u2013
\u2013
\u2013
\u2013
(563)
\u2013
(563)
\nOther movements
\n6
\n\u2013
\u2013
\u2013
\u2013
\u2013
1,096
1,096
\n31 March 2023
4,797
20,385
111
1,110
(7,854)
31,605
50,154
\nNotes:
\n1
These reserves are not distributable.
\n2
Own shares relate to treasury shares which are purchased out of distributable profits and therefore reduce reserves available for distribution.
\n3
The Company has determined what amounts within this reserve are distributable and non-distributable in accordance with the guidance provided by ICAEW TECH 02/17BL and the requirements of
\nUK law. In accordance with UK Companies Act 2006 s831(2), a public company may make a distribution only if, after giving effect to such distribution, the amount of its net assets is not less than the
\naggregate of its\u2019 called up share capital and non-distributable reserves.
\n4
Movements include the re-issue of 1,519 million shares (\u20ac1,903 million) in March 2022 to satisfy the second tranche of the Mandatory Convertible Bond issued in March 2019.
\n5
Represents the irrevocable and non-discretionary share buyback programmes announced on 16 November 2022 (2022: Announced on 19 May 2021, 23 July 2021, 17 November 2021 and 9
\nMarch 2022).
\n6
Includes the impact of the Company\u2019s cash flow hedges with \u20ac2,356 million net gain deferred to other comprehensive income during the year (2022: \u20ac3,632 million net gain), \u20ac895 million net gain
\n(2022: \u20ac1,419 million net gain) recycled to the income statement, and a tax charge of \u20ac365 million (2022: \u20ac501 million). These hedges primarily relate to foreign exchange exposure on fixed
\nborrowings, with any foreign exchange on nominal balances directly impacting income statement in each period but interest cash flows unwinding to the income statement over the life of the
\nhedges (up to 2063). See note 22 \u2018Capital and financial risk management\u2019 to the consolidated financial statements for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800TB53ELEUKM7Q61",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}