05/14/2024 | Press release | Distributed by Public on 05/14/2024 10:21
Improving financial performance & transformation gaining momentum
"A year ago, I set out my plans to transform Vodafone, including the need to right-size Europe for growth. Since then, we have announced a series of transactions and we are now delivering growth in all of our markets across Europe and Africa.
We performed slightly ahead of expectations in the financial year, with good organic service revenue growth of 6.3% and organic EBITDAaL growth of 2.2%. Our Business division - a key growth driver - achieved 5.4% revenue growth in the fourth quarter.
Much more still needs to be done in the year ahead. We will step-up investment in our customer experience, improve our underlying performance in Germany and accelerate our momentum in Business, whilst also continuing to simplify our operations throughout the group. We are fundamentally transforming Vodafone for growth."
Margherita Della Valle Group Chief Executive
|
|||||||
Financial summary
|
FY24
|
FY23
|
Reported
|
Organic
|
|||
Page
|
€m
|
€m
|
change %
|
change %1
|
|||
Group revenue
|
3
|
36,717
|
37,672
|
(2.5)
|
|||
Group service revenue
|
3
|
29,912
|
30,318
|
(1.3)
|
6.3
|
||
Operating profit
|
3
|
3,665
|
14,451
|
(74.6)
|
|||
Adjusted EBITDAaL1
|
3
|
11,019
|
12,424
|
(11.3)
|
2.2
|
||
Profit for the financial year (continuing operations)
|
3
|
1,570
|
12,582
|
||||
Basic earnings per share (continuing operations)
|
15
|
4.45c
|
43.66c
|
||||
Adjusted basic earnings per share1
|
15
|
7.47c
|
11.28c
|
||||
Cash inflow from operating activities
|
15
|
16,557
|
18,054
|
(8.3)
|
|||
Adjusted free cash flow1
|
16
|
2,600
|
4,139
|
||||
Net debt (excl. Spain and Italy)1
|
17
|
(33,242)
|
(33,250)
|
-
|
|||
Total dividends per share
|
18
|
9.00c
|
9.00c
|
||||
1. Non-GAAP measure. See page 36.
|
|||||||
For more information, please contact:
Registered Office: Vodafone House, The Connection, Newbury, Berkshire RG14 2FN, England. Registered in England No. 1833679
A webcast Q&A session will be held at 10:00 GMT on 14 May 2024.The webcast and supporting information can be accessed atInvestors.vodafone.com
|
Strategic Review⫶Transformation gaining momentum
|
||||||||||
In May 2023, we set out a new roadmap to transform Vodafone along three strategic priorities: Customers; Simplicity; and Growth. Wemeasure our operational progress in these areas through a consistent scorecard summarised below. During FY24, we have reshaped our European footprint to focus on growing markets, with strong positions and good local scale. Alongside the progress to right-size our portfolio for growth, we have made good early progress with our operational transformation, which aims to improve the experience provided to our customers, remove complexity from our operations and accelerate growth in revenue, profit, cash flow and return on capital.
Customers
−Wide-reaching customer experience transformation underway, supported by reallocated investment of €140 million in FY24, as well as new incentives and talent development plans
−Customer insights processed through real-time AI models, feeding into detailed action plans on a weekly basis in all markets
−Frontline tools and processes enhancements benefitting 70,000 team members
−Significant improvement in Germany fixed network reliability, recognised in four independent network quality tests
−Despite material price inflation, customer detractors have reduced across all segments, and we now have leading or co-leading net promotor scores in5 out of 9European markets
Simplicity
−New organisational structure and executive management team in place
−Completed first phase of commercialising shared operations, enabling greater transparency, productivity and flexibility
−Actioned c.5,000 role reductions and announced a further 2,000 in first year of 3-year 11,000 plan and continued to deliver opex efficiencies
Growth
−Reshaped European footprint focused on growing telco markets, with strong positions and good local scale
−Vodafone now growing in all segments and accelerating throughout the year
−Accelerated organic service revenue growth of Vodafone Business to 5.4% in Q4; B2B focus step-up with new organisation, sales transformation plan, investment in products and capabilities and strategic partnership with Microsoft
|
||||||||||
Customers
|
Simplicity
|
|||||||||
FY24
|
FY24
|
|||||||||
Consumer NPS
|
||||||||||
Germany
|
YoY
|
Stable
|
Europe opex savings (FY23-FY24)
|
€ billion
|
0.4
|
|||||
UK
|
YoY
|
Increased
|
Productivity (role reductions)
|
'000
|
c.5
|
|||||
Other Europe
|
YoY
|
Stable
|
Shared operations NPS (May'24)
|
%
|
85
|
|||||
South Africa
|
YoY
|
Stable
|
Employee engagement index (Oct'23)
|
%
|
77
|
|||||
Detractors
|
||||||||||
Germany
|
YoY
|
Improved
|
||||||||
UK
|
YoY
|
Improved
|
||||||||
Other Europe
|
YoY
|
Improved
|
||||||||
South Africa
|
YoY
|
Improved
|
Growth1
|
|||||||
Revenue market share
|
FY24
|
|||||||||
Germany
|
YoY
|
Stable
|
Organic Service revenue growth
|
%
|
6.3
|
|||||
UK
|
YoY
|
Increased
|
B2B organic service revenue growth
|
%
|
5.0
|
|||||
Other Europe
|
YoY
|
Increased
|
Organic Adjusted EBITDAaL growth
|
%
|
2.2
|
|||||
South Africa
|
YoY
|
Stable
|
Adjusted free cash flow
|
€ billion
|
2.6
|
|||||
Network quality
|
Very good reliability in all European markets
|
Pre-tax return on capital employed
|
%
|
7.5
|
||||||
Financial Review⫶Improved service revenue trends
|
Re-presented2
|
||||
FY241
|
FY23
|
Reported
|
||
€m
|
€m
|
change %
|
||
Revenue
|
36,717
|
37,672
|
(2.5)
|
|
- Service revenue
|
29,912
|
30,318
|
(1.3)
|
|
- Other revenue
|
6,805
|
7,354
|
||
Adjusted EBITDAaL3,4
|
11,019
|
12,424
|
(11.3)
|
|
Restructuring costs
|
(703)
|
(538)
|
||
Interest on lease liabilities5
|
440
|
355
|
||
Loss on disposal of property, plant and equipment and intangible assets
|
(34)
|
(41)
|
||
Depreciation and amortisation of owned assets
|
(7,397)
|
(7,520)
|
||
Share of results of equity accounted associates and joint ventures
|
(96)
|
433
|
||
Impairment reversal/(loss)
|
64
|
(64)
|
||
Other income
|
372
|
9,402
|
||
Operating profit
|
3,665
|
14,451
|
(74.6)
|
|
Investment income
|
581
|
232
|
||
Financing costs
|
(2,626)
|
(1,609)
|
||
Profit before taxation
|
1,620
|
13,074
|
||
Income tax expense
|
(50)
|
(492)
|
||
Profit for the financial year - Continuing operations
|
1,570
|
12,582
|
||
Loss for the financial year - Discontinued operations
|
(65)
|
(247)
|
||
Profit for the financial year
|
1,505
|
12,335
|
||
Attributable to:
|
||||
- Owners of the parent
|
1,140
|
11,838
|
||
- Non-controlling interests
|
365
|
497
|
||
Profit for the financial year
|
1,505
|
12,335
|
||
Basic earnings per share - Continuing operations
|
4.45c
|
43.66c
|
||
Basic earnings per share - Total Group
|
4.21c
|
42.77c
|
||
Adjusted basic earnings per share3
|
7.47c
|
11.28c
|
FY24
|
FY23
|
Reported
|
||
Cash flow and funding
|
€m
|
€m
|
change %
|
|
Inflow from operating activities
|
16,557
|
18,054
|
(8.3)
|
|
Outflow from investing activities
|
(6,122)
|
(379)
|
(1,515.3)
|
|
Outflow from financing activities
|
(15,855)
|
(13,430)
|
(18.1)
|
|
Net cash (outflow)/inflow
|
(5,420)
|
4,245
|
(227.7)
|
|
Cash and cash equivalents at the beginning of the financial year
|
11,628
|
7,371
|
||
Exchange (loss)/gain on cash and cash equivalents
|
(94)
|
12
|
||
Cash and cash equivalents at the end of the financial year
|
6,114
|
11,628
|
||
Closing borrowings less cash and cash equivalents (excl. Spain and Italy)
|
(50,804)
|
(51,165)
|
0.7
|
|
Closing borrowings less cash and cash equivalents (incl. Spain and Italy)
|
(54,168)
|
(54,685)
|
0.9
|
|
Re-presented1
|
||||
FY24
|
FY23
|
Reported
|
||
€m
|
€m
|
change %
|
||
Adjusted free cash flow2,3
|
2,600
|
4,139
|
(37.2)
|
|
Licences and spectrum
|
(454)
|
(773)
|
||
Restructuring costs including working capital movements
|
(254)
|
(249)
|
||
Integration capital additions
|
(81)
|
(200)
|
||
Vantage Towers growth capital expenditure
|
-
|
(497)
|
||
Other adjustments
|
(28)
|
163
|
||
Free cash flow2
|
1,783
|
2,583
|
(31.0)
|
|
Closing net debt (excl. Spain and Italy)2
|
(33,242)
|
(33,250)
|
-
|
|
Closing net debt (incl. Spain and Italy)2
|
(33,349)
|
(33,375)
|
0.1
|
Outlook & capital allocation⫶A year of transition
|
€bn
|
Adjusted EBITDAaL1
|
Adjusted FCF1,2
|
|
FY24 guidance
|
c.13.3
|
c.3.3
|
|
FY24 outcome - guidance basis3,4
|
13.4
|
3.5
|
|
Impact of exchange rates
|
(0.3)
|
(0.2)
|
|
FY24 actual - constant portfolio
|
13.1
|
3.3
|
|
Impact of discontinued operations
|
(2.1)
|
(0.8)
|
|
Impact of exchange rates
|
(0.3)
|
(0.1)
|
|
FY24 re-based4,5,6
|
10.7
|
2.4
|
|
FY25 guidance4,5,7
|
c.11.0
|
at least 2.4
|
Segment performance⫶Growth across all segments
|
Following the announcements that we have entered into binding agreements in relation to the sale of Vodafone Spain and Vodafone Italy, we have updated our financial reporting to recognise that Vodafone Spain and Vodafone Italy are now discontinued operations, in accordance with International Financial Reporting Standards ('IFRS'). Accordingly, Vodafone Spain and Vodafone Italy are excluded from the results of continuing operations and are instead presented as a single amount as a loss after tax from discontinued operations in the Group's consolidated income statement. Discontinued operations are also excluded from the Group's segment reporting. The FY23 comparatives in the tables below have been re-presented to reflect that Vodafone Spain and Vodafone Italy are discontinued operations and should be used as the basis of comparison to our FY24 results.
|
Segment results
|
Total revenue
|
Service revenue
|
Adjusted EBITDAaL1
|
Adjusted EBITDAaL margin1
|
Capital additions
|
|||||||
FY24
|
FY23
|
FY24
|
FY23
|
FY24
|
FY23
|
FY24
|
FY23
|
FY24
|
FY23
|
|||
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
%
|
%
|
€m
|
€m
|
|||
Germany
|
12,957
|
13,113
|
11,453
|
11,433
|
5,017
|
5,323
|
38.7
|
40.6
|
2,515
|
2,558
|
||
UK
|
6,837
|
6,824
|
5,631
|
5,358
|
1,408
|
1,350
|
20.6
|
19.8
|
866
|
882
|
||
Other Europe
|
5,504
|
5,744
|
4,722
|
5,005
|
1,516
|
1,632
|
27.5
|
28.4
|
845
|
880
|
||
Turkey2,3
|
2,362
|
2,072
|
1,746
|
1,593
|
510
|
424
|
21.6
|
20.5
|
319
|
234
|
||
Africa3
|
7,420
|
8,076
|
5,951
|
6,556
|
2,539
|
2,880
|
34.2
|
35.7
|
1,005
|
1,123
|
||
Vantage Towers
|
-
|
1,338
|
-
|
-
|
-
|
795
|
-
|
551
|
||||
Common Functions
|
1,864
|
1,750
|
559
|
530
|
29
|
20
|
781
|
839
|
||||
Eliminations
|
(227)
|
(1,245)
|
(150)
|
(157)
|
-
|
-
|
-
|
-
|
||||
Group4
|
36,717
|
37,672
|
29,912
|
30,318
|
11,019
|
12,424
|
30.0
|
33.0
|
6,331
|
7,067
|
||
Downloadable performance information is available at: investors.vodafone.com/results
|
||||||||||||
Segment service revenue growth
|
FY23
|
FY24
|
||||||||||
Q4
|
H2
|
Total
|
Q1
|
Q2
|
H1
|
Q3
|
Q4
|
H2
|
Total
|
|||
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|||
Germany
|
(2.8)
|
(2.3)
|
(1.6)
|
(1.3)
|
1.0
|
(0.1)
|
0.3
|
0.6
|
0.5
|
0.2
|
||
UK
|
(1.6)
|
0.5
|
4.0
|
3.0
|
5.1
|
4.1
|
5.5
|
6.8
|
6.2
|
5.1
|
||
Other Europe
|
(5.2)
|
(1.8)
|
0.1
|
(7.4)
|
(7.2)
|
(7.3)
|
(7.8)
|
0.3
|
(4.0)
|
(5.7)
|
||
Turkey2,3
|
32.4
|
9.3
|
(4.6)
|
(8.5)
|
21.6
|
7.4
|
6.8
|
15.6
|
11.7
|
9.6
|
||
Africa3
|
(11.2)
|
(4.5)
|
2.7
|
(14.3)
|
(14.8)
|
(14.6)
|
(7.5)
|
1.2
|
(3.4)
|
(9.2)
|
||
Group4
|
(3.2)
|
(1.6)
|
0.4
|
(4.7)
|
(1.9)
|
(3.3)
|
(1.5)
|
2.9
|
0.7
|
(1.3)
|
||
Segment organic service revenue growth1
|
FY23
|
FY24
|
||||||||||
Q4
|
H2
|
Total
|
Q1
|
Q2
|
H1
|
Q3
|
Q4
|
H2
|
Total
|
|||
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
%
|
|||
Germany
|
(2.8)
|
(2.3)
|
(1.6)
|
(1.3)
|
1.1
|
(0.1)
|
0.3
|
0.6
|
0.5
|
0.2
|
||
UK
|
3.8
|
4.6
|
5.6
|
5.7
|
5.5
|
5.6
|
5.2
|
3.6
|
4.4
|
5.0
|
||
Other Europe
|
3.6
|
2.8
|
2.8
|
4.1
|
3.8
|
3.9
|
3.6
|
5.5
|
4.6
|
4.2
|
||
Turkey2,3
|
54.9
|
51.7
|
43.5
|
74.1
|
85.0
|
79.3
|
90.4
|
105.6
|
97.8
|
88.5
|
||
Africa3
|
7.0
|
7.5
|
7.5
|
9.0
|
9.0
|
9.0
|
8.8
|
10.0
|
9.4
|
9.2
|
||
Group4
|
3.4
|
3.6
|
3.9
|
5.4
|
6.6
|
6.0
|
6.3
|
7.1
|
6.7
|
6.3
|
Germany⫶Underlying improvement offset by first MDU impact
|
|||||
38%
|
€13.0bn
|
0.2%
|
|||
of Group service revenue
|
Total revenue
|
Organic service revenue growth
|
|||
46%
|
€5.0bn
|
(5.8%)
|
|||
of Group Adjusted EBITDAaL
|
Adjusted EBITDAaL
|
Organic Adjusted EBITDAaL growth
|
|||
FY24
|
FY23
|
Reported
|
Organic
|
||
€m
|
€m
|
change %
|
change %1
|
||
Total revenue
|
12,957
|
13,113
|
(1.2)
|
||
- Service revenue
|
11,453
|
11,433
|
0.2
|
0.2
|
|
- Other revenue
|
1,504
|
1,680
|
|||
Adjusted EBITDAaL
|
5,017
|
5,323
|
(5.8)
|
(5.8)
|
|
Adjusted EBITDAaL margin
|
38.7%
|
40.6%
|
UK⫶Strong growth in Consumer and Business
|
|||||
19%
|
€6.8bn
|
5.0%
|
|||
of Group service revenue
|
Total revenue
|
Organic service revenue growth
|
|||
13%
|
€1.4bn
|
4.0%
|
|||
of Group Adjusted EBITDAaL
|
Adjusted EBITDAaL
|
Organic Adjusted EBITDAaL growth
|
|||
FY24
|
FY23
|
Reported
|
Organic
|
||
€m
|
€m
|
change %
|
change %1
|
||
Total revenue
|
6,837
|
6,824
|
0.2
|
||
- Service revenue
|
5,631
|
5,358
|
5.1
|
5.0
|
|
- Other revenue
|
1,206
|
1,466
|
|||
Adjusted EBITDAaL
|
1,408
|
1,350
|
4.3
|
4.0
|
|
Adjusted EBITDAaL margin
|
20.6%
|
19.8%
|
Other Europe1⫶Service revenue growth in all markets
|
|||||
16%
|
€5.5bn
|
4.2%
|
|||
of Group service revenue
|
Total revenue
|
Organic service revenue growth
|
|||
14%
|
€1.5bn
|
1.5%
|
|||
of Group Adjusted EBITDAaL
|
Adjusted EBITDAaL
|
Organic Adjusted EBITDAaL growth
|
|||
FY24
|
FY231
|
Reported
|
Organic
|
||
€m
|
€m
|
change %
|
change %2
|
||
Total revenue
|
5,504
|
5,744
|
(4.2)
|
||
- Service revenue
|
4,722
|
5,005
|
(5.7)
|
4.2
|
|
- Other revenue
|
782
|
739
|
|||
Adjusted EBITDAaL
|
1,516
|
1,632
|
(7.1)
|
1.5
|
|
Adjusted EBITDAaL margin
|
27.5%
|
28.4%
|
Turkey⫶Outperforming in an inflationary environment
|
|||||
6%
|
€2.4bn
|
88.5%
|
|||
of Group service revenue
|
Total revenue
|
Organic service revenue growth
|
|||
5%
|
€0.5bn
|
99.9%
|
|||
of Group Adjusted EBITDAaL
|
Adjusted EBITDAaL
|
Organic Adjusted EBITDAaL growth
|
|||
Turkey
|
Turkey and Ghana1
|
||||
FY24
|
FY23
|
Reported
|
Organic
|
||
€m
|
€m
|
change %
|
change %2
|
||
Total revenue
|
2,362
|
2,072
|
14.0
|
||
- Service revenue
|
1,746
|
1,593
|
9.6
|
88.5
|
|
- Other revenue
|
616
|
479
|
|||
Adjusted EBITDAaL
|
510
|
424
|
20.3
|
99.9
|
|
Adjusted EBITDAaL margin
|
21.6%
|
20.5%
|
Africa⫶Resilient performance
|
|||||
20%
|
€7.4bn
|
9.2%
|
|||
of Group service revenue
|
Total revenue
|
Organic service revenue growth
|
|||
23%
|
€2.5bn
|
6.4%
|
|||
of Group Adjusted EBITDAaL
|
Adjusted EBITDAaL
|
Organic Adjusted EBITDAaL growth
|
|||
Re-presented1
|
|||||
FY24
|
FY23
|
Reported
|
Organic
|
||
€m
|
€m
|
change %
|
change %2
|
||
Total revenue
|
7,420
|
8,076
|
(8.1)
|
||
- Service revenue
|
5,951
|
6,556
|
(9.2)
|
9.2
|
|
- Other revenue
|
1,469
|
1,520
|
|||
Adjusted EBITDAaL
|
2,539
|
2,880
|
(11.8)
|
6.4
|
|
Adjusted EBITDAaL margin
|
34.2%
|
35.7%
|
Discontinued operations
|
|||||
Italy
|
FY24
|
FY23
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %1
|
||
Total revenue
|
4,668
|
4,809
|
(2.9)
|
||
- Service revenue
|
4,184
|
4,251
|
(1.6)
|
(1.6)
|
|
- Other revenue
|
484
|
558
|
Spain
|
FY24
|
FY23
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %1
|
||
Total revenue
|
3,846
|
3,907
|
(1.6)
|
||
- Service revenue
|
3,429
|
3,514
|
(2.4)
|
(2.4)
|
|
- Other revenue
|
417
|
393
|
Vodafone Investments
|
|||
Associates and joint ventures
|
FY24
|
FY23
|
|
€m
|
€m
|
||
Vantage Towers (Oak Holdings 1 GmbH)
|
(85)
|
-
|
|
VodafoneZiggo Group Holding B.V.
|
(177)
|
137
|
|
Safaricom Limited
|
159
|
195
|
|
Indus Towers Limited
|
140
|
50
|
|
Other1 (including TPG Telecom Limited)
|
(133)
|
51
|
|
Share of results of equity accounted associates and joint ventures
|
(96)
|
433
|
|
Net financing costs
|
||||
Re-presented1
|
||||
FY24
|
FY23
|
Reported
|
||
€m
|
€m
|
change %
|
||
Investment income
|
581
|
232
|
||
Financing costs
|
(2,626)
|
(1,609)
|
||
Net financing costs
|
(2,045)
|
(1,377)
|
(48.5)
|
|
Adjustments for:
|
||||
Mark-to-market losses
|
97
|
(534)
|
||
Foreign exchange losses
|
173
|
135
|
||
Adjusted net financing costs2
|
(1,775)
|
(1,776)
|
0.1
|
Taxation
|
||||
Re-presented1
|
||||
FY24
|
FY23
|
Change
|
||
%
|
%
|
pps
|
||
Effective tax rate
|
3.1%
|
3.8%
|
(0.7)
|
|
Adjusted effective tax rate2
|
24.5%
|
25.6%
|
(1.1)
|
Earnings per share
|
||||
Re-presented1
|
Reported
|
|||
FY24
|
FY23
|
change
|
||
eurocents
|
eurocents
|
eurocents
|
||
Basic earnings per share - Continuing operations
|
4.45c
|
43.66c
|
(39.21)c
|
|
Basic earnings per share - Total Group
|
4.21c
|
42.77c
|
(38.56)c
|
|
Adjusted basic earnings per share2
|
7.47c
|
11.28c
|
(3.81)c
|
Cash flow & funding
|
||||
Analysis of cash flow
|
||||
FY24
|
FY23
|
Reported
|
||
€m
|
€m
|
change %
|
||
Inflow from operating activities
|
16,557
|
18,054
|
(8.3)
|
|
Outflow from investing activities
|
(6,122)
|
(379)
|
(1,515.3)
|
|
Outflow from financing activities
|
(15,855)
|
(13,430)
|
(18.1)
|
|
Net cash outflow
|
(5,420)
|
4,245
|
(227.7)
|
|
Cash and cash equivalents at beginning of the financial year
|
11,628
|
7,371
|
||
Exchange gain on cash and cash equivalents
|
(94)
|
12
|
||
Cash and cash equivalents at the end of the financial year
|
6,114
|
11,628
|
||
Analysis of cash flow (continued)
|
Re-presented1
|
||
FY24
|
FY23
|
Reported
|
|
€m
|
€m
|
change %
|
|
Adjusted EBITDAaL2
|
11,019
|
12,424
|
(11.3)
|
Capital additions3
|
(6,331)
|
(7,067)
|
|
Working capital
|
(309)
|
377
|
|
Disposal of property, plant and equipment and intangible assets
|
14
|
90
|
|
Integration capital additions
|
(81)
|
(200)
|
|
Restructuring costs including working capital movements4
|
(254)
|
(249)
|
|
Licences and spectrum
|
(454)
|
(773)
|
|
Interest received and paid5
|
(1,279)
|
(1,172)
|
|
Taxation
|
(724)
|
(1,228)
|
|
Dividends received from associates and joint ventures
|
442
|
617
|
|
Dividends paid to non-controlling shareholders in subsidiaries
|
(260)
|
(400)
|
|
Other
|
-
|
164
|
|
Free cash flow2
|
1,783
|
2,583
|
(31.0)
|
Acquisitions and disposals
|
(346)
|
8,727
|
|
Equity dividends paid
|
(2,430)
|
(2,484)
|
|
Share buybacks5
|
-
|
(1,893)
|
|
Foreign exchange gain/(loss)
|
(64)
|
141
|
|
Other movements in net debt6
|
1,065
|
(613)
|
|
Net debt decrease2
|
8
|
6,461
|
|
Opening net debt2
|
(33,250)
|
(39,711)
|
|
Closing net debt2
|
(33,242)
|
(33,250)
|
-
|
Net debt of Vodafone Spain and Vodafone Italy2
|
(107)
|
(125)
|
|
Closing net debt incl. Vodafone Spain and Vodafone Italy2
|
(33,349)
|
(33,375)
|
0.1
|
Free cash flow2
|
1,783
|
2,583
|
|
Adjustments:
|
|||
- Licences and spectrum
|
454
|
773
|
|
- Restructuring costs including working capital movements4
|
254
|
249
|
|
- Integration capital additions
|
81
|
200
|
|
- Vantage Towers growth capital expenditure
|
-
|
497
|
|
- Other adjustments7
|
28
|
(163)
|
|
Adjusted free cash flow2
|
2,600
|
4,139
|
Borrowings and cash position
|
||||
FY24
|
FY23
|
Reported
|
||
€m
|
€m
|
change %
|
||
Non-current borrowings
|
(48,328)
|
(51,669)
|
||
Current borrowings
|
(8,659)
|
(14,721)
|
||
Borrowings
|
(56,987)
|
(66,390)
|
||
Cash and cash equivalents
|
6,183
|
11,705
|
||
Borrowings less cash and cash equivalents
|
(50,804)
|
(54,685)
|
7.1
|
Funding position
|
||||
FY24
|
FY23
|
Reported
|
||
€m
|
€m
|
change %
|
||
Bonds
|
(40,743)
|
(44,116)
|
||
Bank loans
|
(767)
|
(795)
|
||
Other borrowings including spectrum
|
(1,457)
|
(1,744)
|
||
Gross debt1
|
(42,967)
|
(46,655)
|
7.9
|
|
Cash and cash equivalents
|
6,183
|
11,705
|
||
Short-term investments2
|
3,225
|
4,305
|
||
Derivative financial instruments3
|
2,204
|
1,917
|
||
Net collateral liabilities4
|
(1,887)
|
(4,647)
|
||
Net debt1
|
(33,242)
|
(33,375)
|
0.4
|
FY24
|
FY23
|
|||
€m
|
€m
|
|||
Lease liabilities
|
(9,672)
|
(13,364)
|
||
Financial liabilities under put options (KDG minority interests)
|
-
|
(485)
|
||
Net pension fund liabilities
|
(196)
|
(258)
|
||
Guarantees over loan issued by Australia joint venture
|
(1,479)
|
(1,611)
|
||
Equity characteristic of 50% attributed by credit rating agencies to 'Hybrid bonds' included in net debt of €8,993 million (€9,942 million as at 31 March 2023)
|
4,497
|
4,971
|
||
Re-presented1
|
|||
FY242
|
FY232
|
Change
|
|
%
|
%
|
pps
|
|
Pre-tax ROCE (controlled)2,3
|
7.5%
|
8.2%
|
(0.7)
|
Post-tax ROCE (controlled and associates/joint ventures)2,3
|
4.5%
|
6.1%
|
(1.6)
|
Other significant developments
|
Condensed consolidated financial statements
|
|||||
Consolidated income statement
|
|||||
Year ended 31 March
|
|||||
Re-presented1
|
|||||
2024
|
2023
|
||||
€m
|
€m
|
||||
Revenue
|
36,717
|
37,672
|
|||
Cost of sales
|
(24,459)
|
(24,359)
|
|||
Gross profit
|
12,258
|
13,313
|
|||
Selling and distribution expenses
|
(2,674)
|
(2,777)
|
|||
Administrative expenses
|
(5,768)
|
(5,351)
|
|||
Net credit losses on financial assets
|
(491)
|
(505)
|
|||
Share of results of equity accounted associates and joint ventures
|
(96)
|
433
|
|||
Impairment reversal/(loss)
|
64
|
(64)
|
|||
Other income
|
372
|
9,402
|
|||
Operating profit
|
3,665
|
14,451
|
|||
Investment income
|
581
|
232
|
|||
Financing costs
|
(2,626)
|
(1,609)
|
|||
Profit before taxation
|
1,620
|
13,074
|
|||
Income tax expense
|
(50)
|
(492)
|
|||
Profit for the financial year - Continuing operations
|
1,570
|
12,582
|
|||
Loss for the financial year - Discontinued operations
|
(65)
|
(247)
|
|||
Profit for the financial year
|
1,505
|
12,335
|
|||
Attributable to:
|
|||||
- Owners of the parent
|
1,140
|
11,838
|
|||
- Non-controlling interests
|
365
|
497
|
|||
Profit for the financial year
|
1,505
|
12,335
|
|||
Earnings per share
|
|||||
Continuing operations:
|
|||||
- Basic
|
4.45c
|
43.66c
|
|||
- Diluted
|
4.44c
|
43.51c
|
|||
Total Group:
|
|||||
- Basic
|
4.21c
|
42.77c
|
|||
- Diluted
|
4.20c
|
42.62c
|
|||
Consolidated statement of comprehensive income/(expense)
|
||||||
Year ended 31 March
|
||||||
Re-presented1
|
||||||
2024
|
2023
|
|||||
€m
|
€m
|
|||||
Profit for the financial year
|
1,505
|
12,335
|
||||
Other comprehensive income/(expense):
|
||||||
Items that may be reclassified to the income statement in subsequent years:
|
||||||
Foreign exchange translation differences, net of tax
|
(440)
|
(1,236)
|
||||
Foreign exchange translation differences transferred to the income statement
|
23
|
(334)
|
||||
Other, net of tax2
|
(1,748)
|
963
|
||||
Total items that may be reclassified to the income statement in subsequent years
|
(2,165)
|
(607)
|
||||
Items that will not be reclassified to the income statement in subsequent years:
|
||||||
Net actuarial losses on defined benefit pension schemes, net of tax
|
(58)
|
(160)
|
||||
Total items that will not be reclassified to the income statement in subsequent years
|
(58)
|
(160)
|
||||
Other comprehensive expense
|
(2,223)
|
(767)
|
||||
Total comprehensive (expense)/income for the financial year
|
(718)
|
11,568
|
||||
Attributable to:
|
||||||
- Owners of the parent
|
(920)
|
11,267
|
||||
- Non-controlling interests
|
202
|
301
|
||||
(718)
|
11,568
|
Consolidated statement of financial position
|
||||
31 March
|
31 March
|
|||
2024
|
2023
|
|||
€m
|
€m
|
|||
Non-current assets
|
||||
Goodwill
|
24,956
|
27,615
|
||
Other intangible assets
|
13,896
|
19,592
|
||
Property, plant and equipment
|
28,499
|
37,992
|
||
Investments in associates and joint ventures
|
10,032
|
11,079
|
||
Other investments
|
1,006
|
1,093
|
||
Deferred tax assets
|
20,177
|
19,316
|
||
Post employment benefits
|
257
|
329
|
||
Trade and other receivables
|
5,967
|
7,843
|
||
104,790
|
124,859
|
|||
Current assets
|
||||
Inventory
|
568
|
956
|
||
Taxation recoverable
|
76
|
279
|
||
Trade and other receivables
|
8,594
|
10,705
|
||
Other investments
|
5,092
|
7,017
|
||
Cash and cash equivalents
|
6,183
|
11,705
|
||
20,513
|
30,662
|
|||
Assets held for sale
|
19,047
|
-
|
||
Total assets
|
144,350
|
155,521
|
||
Equity
|
||||
Called up share capital
|
4,797
|
4,797
|
||
Additional paid-in capital
|
149,253
|
149,145
|
||
Treasury shares
|
(7,645)
|
(7,719)
|
||
Accumulated losses
|
(114,641)
|
(113,086)
|
||
Accumulated other comprehensive income
|
28,202
|
30,262
|
||
Total attributable to owners of the parent
|
59,966
|
63,399
|
||
Non-controlling interests
|
1,032
|
1,084
|
||
Total equity
|
60,998
|
64,483
|
||
Non-current liabilities
|
||||
Borrowings
|
48,328
|
51,669
|
||
Deferred tax liabilities
|
699
|
771
|
||
Post employment benefits
|
181
|
258
|
||
Provisions
|
1,615
|
1,572
|
||
Trade and other payables
|
2,328
|
2,184
|
||
53,151
|
56,454
|
|||
Current liabilities
|
||||
Borrowings
|
8,659
|
14,721
|
||
Financial liabilities under put option arrangements
|
-
|
485
|
||
Taxation liabilities
|
393
|
457
|
||
Provisions
|
833
|
674
|
||
Trade and other payables
|
13,398
|
18,247
|
||
23,283
|
34,584
|
|||
Liabilities held for sale
|
6,918
|
-
|
||
Total equity and liabilities
|
144,350
|
155,521
|
Consolidated statement of changes in equity
|
|||||||
Share
capital
|
Additional
paid-in
capital1
|
Treasury
shares
|
Accumulated
comprehensive
losses2
|
Equity attributable to the owners
|
Non-
controlling
interests
|
Total equity
|
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
|
1 April 2022
|
4,797
|
149,018
|
(7,278)
|
(91,189)
|
55,348
|
2,290
|
57,638
|
Issue or reissue of shares
|
-
|
1
|
122
|
(113)
|
10
|
-
|
10
|
Share-based payments
|
-
|
126
|
-
|
-
|
126
|
9
|
135
|
Transactions with non-controlling interests in subsidiaries
|
-
|
-
|
-
|
(287)
|
(287)
|
(1,118)
|
(1,405)
|
Comprehensive income
|
-
|
-
|
-
|
11,267
|
11,267
|
301
|
11,568
|
Dividends
|
-
|
-
|
-
|
(2,502)
|
(2,502)
|
(398)
|
(2,900)
|
Purchase of treasury shares
|
-
|
-
|
(563)
|
-
|
(563)
|
-
|
(563)
|
31 March 2023
|
4,797
|
149,145
|
(7,719)
|
(82,824)
|
63,399
|
1,084
|
64,483
|
1 April 2023
|
4,797
|
149,145
|
(7,719)
|
(82,824)
|
63,399
|
1,084
|
64,483
|
Issue or reissue of shares
|
-
|
-
|
74
|
(72)
|
2
|
-
|
2
|
Share-based payments
|
-
|
108
|
-
|
-
|
108
|
7
|
115
|
Transactions with non-controlling interests in subsidiaries
|
-
|
-
|
-
|
(26)
|
(26)
|
(5)
|
(31)
|
Share of equity accounted entities changes in equity
|
-
|
-
|
-
|
(164)
|
(164)
|
-
|
(164)
|
Comprehensive (expense)/income
|
-
|
-
|
-
|
(920)
|
(920)
|
202
|
(718)
|
Dividends
|
-
|
-
|
-
|
(2,433)
|
(2,433)
|
(256)
|
(2,689)
|
31 March 2024
|
4,797
|
149,253
|
(7,645)
|
(86,439)
|
59,966
|
1,032
|
60,998
|
Consolidated statement of cash flows
|
||||
Year ended 31 March
|
||||
Re-presented1
|
||||
2024
|
2023
|
|||
€m
|
€m
|
|||
Inflow from operating activities
|
16,557
|
18,054
|
||
Cash flows from investing activities
|
||||
Purchase of interests in associates and joint ventures
|
(75)
|
(78)
|
||
Purchase of intangible assets
|
(2,641)
|
(2,799)
|
||
Purchase of property, plant and equipment
|
(4,219)
|
(4,957)
|
||
Purchase of investments
|
(1,233)
|
(766)
|
||
Disposal of interests in subsidiaries, net of cash disposed
|
(67)
|
6,976
|
||
Disposal of interests in associates and joint ventures
|
500
|
-
|
||
Disposal of property, plant and equipment and intangible assets
|
15
|
90
|
||
Disposal of investments
|
1,931
|
1,647
|
||
Dividends received from associates and joint ventures
|
442
|
617
|
||
Interest received
|
542
|
321
|
||
Cash outflows from discontinued operations
|
(1,317)
|
(1,430)
|
||
Outflow from investing activities
|
(6,122)
|
(379)
|
||
Cash flows from financing activities
|
||||
Proceeds from issue of long-term borrowings
|
1,533
|
4,071
|
||
Repayment of borrowings
|
(8,970)
|
(10,501)
|
||
Net movement in short-term borrowings
|
(1,636)
|
3,171
|
||
Net movement in derivatives
|
144
|
261
|
||
Interest paid2
|
(2,227)
|
(1,815)
|
||
Payments for settlement of written put options
|
(493)
|
(12)
|
||
Purchase of treasury shares
|
-
|
(1,867)
|
||
Issue of ordinary share capital and reissue of treasury shares
|
3
|
10
|
||
Equity dividends paid
|
(2,430)
|
(2,484)
|
||
Dividends paid to non-controlling shareholders in subsidiaries
|
(260)
|
(400)
|
||
Other transactions with non-controlling shareholders in subsidiaries
|
(16)
|
(692)
|
||
Cash outflows from discontinued operations
|
(1,503)
|
(3,172)
|
||
Outflow from financing activities
|
(15,855)
|
(13,430)
|
||
Net cash (outflow)/inflow
|
(5,420)
|
4,245
|
||
Cash and cash equivalents at beginning of the financial year3
|
11,628
|
7,371
|
||
Exchange (loss)/gain on cash and cash equivalents
|
(94)
|
12
|
||
Cash and cash equivalents at end of the financial year3
|
6,114
|
11,628
|
Increase/(decrease)
|
||
2024
|
2023
|
|
Impact on the consolidated income statement for the years ended 31 March
|
€m
|
€m
|
Revenue
|
111
|
85
|
Operating profit
|
66
|
(87)
|
Profit for the financial year
|
(169)
|
(123)
|
Increase/(decrease)
|
||
31 March 2024
|
31 March 2023
|
|
Impact on the consolidated statement of financial position at 31 March
|
€m
|
€m
|
Net assets
|
981
|
814
|
Equity attributable to owners of the parent
|
913
|
777
|
Non-controlling interests
|
68
|
37
|
2024
|
2023
|
|
€m
|
€m
|
|
Declared and paid during the financial year:
|
||
Final dividend for the year ended 31 March 2023: 4.50 eurocents per share
|
1,215
|
1,265
|
(2022: 4.50 eurocents per share)
|
||
Interim dividend for the year ended 31 March 2024: 4.50 eurocents per share
|
1,218
|
1,237
|
(2023: 4.50 eurocents per share)
|
||
2,433
|
2,502
|
|
Proposed after the end of the year and not recognised as a liability:
|
||
Final dividend for the year ended 31 March 2024: 4.50 eurocents per share
|
1,219
|
1,215
|
(2023: 4.50 eurocents per share)
|
Year ended 31 March
|
||||
2024
|
2023
|
|||
€m
|
€m
|
|||
(Loss)/profit for the financial year - Discontinued operations
|
||||
Vodafone Spain
|
(5)
|
(340)
|
||
Vodafone Italy
|
(60)
|
93
|
||
Total
|
(65)
|
(247)
|
||
Loss per share - Discontinued operations
|
||||
- Basic
|
(0.24)c
|
(0.89)c
|
||
- Diluted
|
(0.24)c
|
(0.89)c
|
Year ended 31 March
|
||||
2024
|
2023
|
|||
€m
|
€m
|
|||
Revenue
|
3,773
|
3,675
|
||
Cost of sales
|
(2,593)
|
(2,959)
|
||
Gross profit
|
1,180
|
716
|
||
Selling and distribution expenses
|
(259)
|
(314)
|
||
Administrative expenses
|
(435)
|
(575)
|
||
Net credit losses on financial assets
|
(120)
|
(35)
|
||
Other expense
|
-
|
(122)
|
||
Operating profit/(loss)
|
366
|
(330)
|
||
Investment income
|
29
|
16
|
||
Financing costs
|
(56)
|
(26)
|
||
Profit/(loss) before taxation
|
339
|
(340)
|
||
Income tax credit
|
1
|
-
|
||
Profit/(loss) after tax of discontinued operations
|
340
|
(340)
|
||
After tax loss on the re-measurement of disposal group
|
(345)
|
-
|
||
Loss for the financial year from discontinued operations
|
(5)
|
(340)
|
||
Total comprehensive expense for the financial year from discontinued operations
|
||||
Attributable to owners of the parent
|
(5)
|
(340)
|
Year ended 31 March
|
||||
2024
|
2023
|
|||
€m
|
€m
|
|||
Revenue
|
4,579
|
4,722
|
||
Cost of sales
|
(3,438)
|
(3,532)
|
||
Gross profit
|
1,141
|
1,190
|
||
Selling and distribution expenses
|
(244)
|
(238)
|
||
Administrative expenses
|
(760)
|
(710)
|
||
Net credit losses on financial assets
|
(51)
|
(66)
|
||
Other expense
|
-
|
(1)
|
||
Operating profit
|
86
|
175
|
||
Investment income
|
-
|
-
|
||
Financing costs
|
(86)
|
(93)
|
||
Profit before taxation
|
-
|
82
|
||
Income tax credit
|
23
|
11
|
||
Profit after tax of discontinued operations
|
23
|
93
|
||
After tax loss on the re-measurement of disposal group
|
(83)
|
-
|
||
(Loss)/profit for the financial year from discontinued operations
|
(60)
|
93
|
||
Total comprehensive (expense)/income for the financial year from discontinued operations
|
||||
Attributable to owners of the parent
|
(71)
|
80
|
Vodafone Spain
|
Vodafone Italy
|
Total
|
|
€m
|
€m
|
€m
|
|
Non-current assets
|
|||
Goodwill
|
-
|
2,398
|
2,398
|
Other intangible assets
|
987
|
3,331
|
4,318
|
Property, plant and equipment
|
4,957
|
4,307
|
9,264
|
Other investments
|
2
|
-
|
2
|
Deferred tax assets
|
-
|
461
|
461
|
Trade and other receivables
|
223
|
167
|
390
|
6,169
|
10,664
|
16,833
|
|
Current assets
|
|||
Inventory
|
39
|
134
|
173
|
Taxation recoverable
|
-
|
77
|
77
|
Trade and other receivables
|
805
|
1,117
|
1,922
|
Cash and cash equivalents
|
13
|
29
|
42
|
857
|
1,357
|
2,214
|
|
Assets held for sale
|
7,026
|
12,021
|
19,047
|
Non-current liabilities
|
|||
Borrowings
|
878
|
1,509
|
2,387
|
Deferred tax liabilities
|
3
|
-
|
3
|
Post employment benefits
|
-
|
45
|
45
|
Provisions
|
158
|
115
|
273
|
Trade and other payables
|
43
|
120
|
163
|
1,082
|
1,789
|
2,871
|
|
Current liabilities
|
|||
Borrowings
|
346
|
673
|
1,019
|
Taxation liabilities
|
-
|
12
|
12
|
Provisions
|
23
|
67
|
90
|
Trade and other payables
|
1,203
|
1,723
|
2,926
|
1,572
|
2,475
|
4,047
|
|
Liabilities held for sale
|
2,654
|
4,264
|
6,918
|
Non-GAAP measures
|
Non-GAAP measure
|
Defined on page
|
Closest equivalent GAAP measure
|
Reconciled on page
|
Performance metrics
|
|||
Adjusted EBITDAaL
|
Page 37
|
Operating profit
|
Page 3
|
Organic Adjusted EBITDAaL growth
|
Page 37
|
Not applicable
|
-
|
Organic revenue growth
|
Page 37
|
Revenue
|
Pages 38 to 41
|
Organic Group service revenue growth excluding Turkey
|
Page 37
|
Service revenue
|
Pages 38 to 41
|
Organic Group Adjusted EBITDAaL growth excluding Turkey
|
Page 37
|
Not applicable
|
-
|
Organic service revenue growth
|
Page 37
|
Service revenue
|
Pages 38 to 41
|
Organic mobile service revenue growth
|
Page 37
|
Service revenue
|
Pages 38 to 41
|
Organic fixed service revenue growth
|
Page 37
|
Service revenue
|
Pages 38 to 41
|
Organic Vodafone Business (B2B) service revenue growth (Group and Operating segments)
|
Page 37
|
Service revenue
|
Pages 38 to 41
|
Organic financial services revenue growth in South Africa
|
Page 37
|
Service revenue
|
Pages 38 to 41
|
Other metrics
|
|||
Adjusted profit attributable to owners of the parent
|
Page 42
|
Profit attributable to owners of the parent
|
Page 42
|
Adjusted basic earnings per share
|
Page 42
|
Basic earnings per share
|
Page 43
|
Cash flow, funding and capital allocation metrics
|
|||
Free cash flow
|
Page 43
|
Inflow from operating activities
|
Page 44
|
Adjusted free cash flow
|
Page 43
|
Inflow from operating activities
|
Pages 16 and 44
|
Gross debt
|
Page 43
|
Borrowings
|
Page 44
|
Net debt
|
Page 43
|
Borrowings less cash and cash equivalents
|
Page 44
|
Pre-tax ROCE (controlled)
|
Page 45
|
ROCE calculated using GAAP measures
|
Pages 45 and 46
|
Post-tax ROCE (controlled and associates/joint ventures)
|
Page 45
|
ROCE calculated using GAAP measures
|
Pages 45 and 46
|
Financing and Taxation metrics
|
|||
Adjusted net financing costs
|
Page 47
|
Net financing costs
|
Page 14
|
Adjusted profit before taxation
|
Page 47
|
Profit before taxation
|
Page 48
|
Adjusted income tax expense
|
Page 47
|
Income tax expense
|
Page 48
|
Adjusted effective tax rate
|
Page 47
|
Income tax expense
|
Page 48
|
Adjusted share of results of equity accounted associates and joint ventures
|
Page 47
|
Share of results of equity accounted associates and joint ventures
|
Page 48
|
Adjusted share of results of equity accounted associates and joint ventures used in post-tax ROCE
|
Page 47
|
Share of results of equity accounted associates and joint ventures
|
Page 48
|
Non-GAAP measure
|
Purpose
|
Definition
|
Adjusted EBITDAaL
|
Adjusted EBITDAaL is used in conjunction with financial measures such as operating profit to assess our operating performance and profitability.
It is a key external metric used by the investor community to assess performance of our operations.
It is our segment performance measure in accordance with IFRS 8 (Operating Segments).
|
Adjusted EBITDAaL is operating profit after depreciation on lease-related right of use assets and interest on lease liabilities but excluding depreciation, amortisation and gains/losses on disposal of owned assets and excluding share of results of equity accounted associates and joint ventures, impairment losses/reversals, restructuring costs arising from discrete restructuring plans, other income and expense and significant items that are not considered by management to be reflective of the underlying performance of the Group.
|
Year ended 31 March 2024
|
|||||||
Re-presented1
|
Reported growth
|
M&A and Other
|
Foreign exchange
|
Organic growth
|
|||
FY24
|
FY23
|
||||||
€m
|
€m
|
%
|
pps
|
pps
|
%
|
||
Service revenue
|
|||||||
Germany
|
11,453
|
11,433
|
0.2
|
-
|
-
|
0.2
|
|
Mobile service revenue
|
5,059
|
5,060
|
-
|
-
|
-
|
-
|
|
Fixed service revenue
|
6,394
|
6,373
|
0.3
|
-
|
-
|
0.3
|
|
UK
|
5,631
|
5,358
|
5.1
|
-
|
(0.1)
|
5.0
|
|
Mobile service revenue
|
4,142
|
3,928
|
5.4
|
-
|
-
|
5.4
|
|
Fixed service revenue
|
1,489
|
1,430
|
4.1
|
-
|
(0.2)
|
3.9
|
|
Other Europe2
|
4,722
|
5,005
|
(5.7)
|
10.6
|
(0.7)
|
4.2
|
|
Turkey3
|
1,746
|
1,593
|
9.6
|
10.7
|
68.2
|
88.5
|
|
Africa4
|
5,951
|
6,556
|
(9.2)
|
-
|
18.4
|
9.2
|
|
Common Functions
|
559
|
530
|
|||||
Eliminations
|
(150)
|
(157)
|
|||||
Total service revenue
|
29,912
|
30,318
|
(1.3)
|
1.9
|
5.7
|
6.3
|
|
Other revenue
|
6,805
|
7,354
|
|||||
Revenue
|
36,717
|
37,672
|
(2.5)
|
2.8
|
5.6
|
5.9
|
|
Other growth metrics
|
|||||||
Group service revenue excluding Turkey
|
28,197
|
28,912
|
(2.5)
|
2.4
|
3.8
|
3.7
|
|
Group Adjusted EBITDAaL excluding Turkey
|
10,509
|
12,023
|
(12.6)
|
8.3
|
3.7
|
(0.6)
|
|
Turkey - Service revenue
|
1,746
|
1,440
|
21.3
|
(14.7)
|
81.9
|
88.5
|
|
Turkey - Adjusted EBITDAaL
|
510
|
401
|
27.2
|
(12.8)
|
85.5
|
99.9
|
|
Vodafone Business - Service revenue
|
7,735
|
7,757
|
(0.3)
|
1.8
|
3.5
|
5.0
|
|
Germany - Vodafone Business service revenue
|
2,422
|
2,421
|
-
|
-
|
-
|
-
|
|
UK - Vodafone Business service revenue
|
2,144
|
2,075
|
3.3
|
-
|
(0.1)
|
3.2
|
|
Other Europe - Vodafone Business service revenue
|
1,502
|
1,496
|
0.4
|
8.1
|
(0.6)
|
7.9
|
|
Turkey - Vodafone Business service revenue
|
233
|
194
|
20.1
|
(14.4)
|
81.7
|
87.4
|
|
South Africa - Financial services revenue
|
157
|
167
|
(6.0)
|
-
|
13.9
|
7.9
|
|
M-Pesa revenue
|
389
|
367
|
6.0
|
-
|
7.4
|
13.4
|
Year ended 31 March 2024
|
|||||||
Re-presented1
|
Reported growth
|
M&A and Other
|
Foreign exchange
|
Organic growth
|
|||
FY24
|
FY23
|
||||||
€m
|
€m
|
%
|
pps
|
pps
|
%
|
||
Adjusted EBITDAaL
|
|||||||
Germany
|
5,017
|
5,323
|
(5.8)
|
-
|
-
|
(5.8)
|
|
UK
|
1,408
|
1,350
|
4.3
|
-
|
(0.3)
|
4.0
|
|
Other Europe2
|
1,516
|
1,632
|
(7.1)
|
9.4
|
(0.8)
|
1.5
|
|
Turkey3
|
510
|
424
|
20.3
|
3.0
|
76.6
|
99.9
|
|
Africa4
|
2,539
|
2,880
|
(11.8)
|
-
|
18.2
|
6.4
|
|
Vantage Towers
|
-
|
795
|
|||||
Common Functions
|
29
|
20
|
|||||
Eliminations
|
-
|
-
|
|||||
Group
|
11,019
|
12,424
|
(11.3)
|
8.6
|
4.9
|
2.2
|
|
Percentage point change in Adjusted EBITDAaL margin
|
|||||||
Germany
|
38.7%
|
40.6%
|
(1.9)
|
-
|
-
|
(1.9)
|
|
UK
|
20.6%
|
19.8%
|
0.8
|
-
|
-
|
0.8
|
|
Other Europe2
|
27.5%
|
28.4%
|
(0.9)
|
(0.5)
|
-
|
(1.4)
|
|
Turkey3
|
21.6%
|
20.5%
|
1.1
|
(0.2)
|
0.1
|
1.0
|
|
Africa4
|
34.2%
|
35.7%
|
(1.5)
|
-
|
0.4
|
(1.1)
|
|
Group
|
30.0%
|
33.0%
|
(3.0)
|
2.0
|
(0.1)
|
(1.1)
|
Quarter ended 31 March 2024
|
|||||||
Re-presented1
|
Reported growth
|
M&A and Other
|
Foreign exchange
|
Organic growth
|
|||
Q4 FY24
|
Q4 FY23
|
||||||
€m
|
€m
|
%
|
pps
|
pps
|
%
|
||
Service revenue
|
|||||||
Germany
|
2,839
|
2,821
|
0.6
|
-
|
-
|
0.6
|
|
Mobile service revenue
|
1,257
|
1,235
|
1.8
|
-
|
-
|
1.8
|
|
Fixed service revenue
|
1,582
|
1,586
|
(0.3)
|
0.1
|
-
|
(0.2)
|
|
UK
|
1,409
|
1,319
|
6.8
|
-
|
(3.2)
|
3.6
|
|
Mobile service revenue
|
1,012
|
948
|
6.8
|
-
|
(3.1)
|
3.7
|
|
Fixed service revenue
|
397
|
371
|
7.0
|
-
|
(3.5)
|
3.5
|
|
Other Europe2
|
1,181
|
1,178
|
0.3
|
4.8
|
0.4
|
5.5
|
|
Turkey3
|
525
|
454
|
15.6
|
1.1
|
88.9
|
105.6
|
|
Africa4
|
1,484
|
1,466
|
1.2
|
-
|
8.8
|
10.0
|
|
Common Functions
|
140
|
128
|
|||||
Eliminations
|
(32)
|
(31)
|
|||||
Total service revenue
|
7,546
|
7,335
|
2.9
|
0.2
|
4.0
|
7.1
|
|
Other revenue
|
1,842
|
1,793
|
|||||
Revenue
|
9,388
|
9,128
|
2.8
|
1.2
|
4.3
|
8.3
|
|
Other growth metrics
|
|||||||
Group service revenue excluding Turkey
|
7,027
|
6,913
|
1.6
|
1.1
|
1.3
|
4.0
|
|
Turkey - Service revenue
|
525
|
430
|
22.1
|
(18.2)
|
101.7
|
105.6
|
|
Vodafone Business - Service revenue
|
1,979
|
1,918
|
3.2
|
0.4
|
1.8
|
5.4
|
|
Germany - Vodafone Business service revenue
|
605
|
599
|
1.0
|
-
|
-
|
1.0
|
|
UK - Vodafone Business service revenue
|
545
|
531
|
2.6
|
-
|
(3.1)
|
(0.5)
|
|
Other Europe - Vodafone Business service revenue
|
399
|
369
|
8.1
|
3.5
|
0.6
|
12.2
|
|
Turkey - Vodafone Business service revenue
|
71
|
59
|
20.3
|
(17.9)
|
99.8
|
102.2
|
Quarter ended 31 December 2023
|
|||||||
Re-presented1
|
Reported growth
|
M&A and Other
|
Foreign exchange
|
Organic growth
|
|||
Q3 FY24
|
Q3 FY23
|
||||||
€m
|
€m
|
%
|
pps
|
pps
|
%
|
||
Service revenue
|
|||||||
Germany
|
2,892
|
2,882
|
0.3
|
-
|
-
|
0.3
|
|
Mobile service revenue
|
1,272
|
1,279
|
(0.5)
|
-
|
-
|
(0.5)
|
|
Fixed service revenue
|
1,620
|
1,603
|
1.1
|
(0.1)
|
-
|
1.0
|
|
UK
|
1,400
|
1,327
|
5.5
|
-
|
(0.3)
|
5.2
|
|
Mobile service revenue
|
1,034
|
977
|
5.8
|
-
|
(0.4)
|
5.4
|
|
Fixed service revenue
|
366
|
350
|
4.6
|
-
|
-
|
4.6
|
|
Other Europe2
|
1,175
|
1,275
|
(7.8)
|
12.4
|
(1.0)
|
3.6
|
|
Turkey3
|
393
|
368
|
6.8
|
19.5
|
64.1
|
90.4
|
|
Africa4
|
1,543
|
1,668
|
(7.5)
|
-
|
16.3
|
8.8
|
|
Common Functions
|
137
|
134
|
|||||
Eliminations
|
(35)
|
(37)
|
|||||
Total service revenue
|
7,505
|
7,617
|
(1.5)
|
2.5
|
5.3
|
6.3
|
|
Other revenue
|
1,841
|
1,978
|
|||||
Revenue
|
9,346
|
9,595
|
(2.6)
|
3.3
|
5.2
|
5.9
|
|
Other growth metrics
|
|||||||
Group service revenue excluding Turkey
|
7,119
|
7,290
|
(2.3)
|
2.7
|
3.2
|
3.6
|
|
Turkey - Service revenue
|
393
|
334
|
17.7
|
(10.7)
|
83.4
|
90.4
|
|
Vodafone Business - Service revenue
|
1,943
|
1,954
|
(0.6)
|
2.5
|
3.1
|
5.0
|
|
Germany - Vodafone Business service revenue
|
612
|
629
|
(2.7)
|
0.8
|
-
|
(1.9)
|
|
UK - Vodafone Business service revenue
|
540
|
508
|
6.3
|
-
|
(0.5)
|
5.8
|
|
Other Europe - Vodafone Business service revenue
|
375
|
380
|
(1.3)
|
9.7
|
(0.6)
|
7.8
|
|
Turkey - Vodafone Business service revenue
|
53
|
44
|
20.5
|
(34.4)
|
108.6
|
94.7
|
Non-GAAP measure
|
Purpose
|
Definition
|
Adjusted profit attributable to owners of the parent
|
This metric is used in the calculation of Adjusted basic earnings per share.
|
Adjusted profit attributable to owners of the parent excludes restructuring costs arising from discrete restructuring plans, amortisation of customer bases and brand intangible assets, impairment losses/reversals, other income and expense and mark-to-market and foreign exchange movements, together with related tax effects.
|
Adjusted basic earnings per share
|
This performance measure is used in discussions with the investor community.
|
Adjusted basic earnings per share is Adjusted profit attributable to owners of the parent divided by the weighted average number of shares outstanding. This is the same denominator used when calculating basic earnings per share.
|
FY24
|
FY23Re-presented1
|
|||||
Reported
|
Adjustments
|
Adjusted
|
Reported
|
Adjustments
|
Adjusted
|
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
|
Adjusted EBITDAaL
|
11,019
|
-
|
11,019
|
12,424
|
-
|
12,424
|
Restructuring costs
|
(703)
|
703
|
-
|
(538)
|
538
|
-
|
Interest on lease liabilities
|
440
|
-
|
440
|
355
|
-
|
355
|
Loss on disposal of property, plant & equipment and intangible assets
|
(34)
|
-
|
(34)
|
(41)
|
-
|
(41)
|
Depreciation and amortisation on owned assets2
|
(7,397)
|
606
|
(6,791)
|
(7,520)
|
555
|
(6,965)
|
Share of results of equity accounted associates and joint ventures3
|
(96)
|
323
|
227
|
433
|
220
|
653
|
Impairment reversal/(loss)
|
64
|
(64)
|
-
|
(64)
|
64
|
-
|
Other income
|
372
|
(372)
|
-
|
9,402
|
(9,402)
|
-
|
Operating profit
|
3,665
|
1,196
|
4,861
|
14,451
|
(8,025)
|
6,426
|
Investment income
|
581
|
-
|
581
|
232
|
-
|
232
|
Financing costs4
|
(2,626)
|
270
|
(2,356)
|
(1,609)
|
(399)
|
(2,008)
|
Profit before taxation
|
1,620
|
1,466
|
3,086
|
13,074
|
(8,424)
|
4,650
|
Income tax expense5
|
(50)
|
(650)
|
(700)
|
(492)
|
(532)
|
(1,024)
|
Profit for the financial year from continuing operations
|
1,570
|
816
|
2,386
|
12,582
|
(8,956)
|
3,626
|
Loss for the financial year from discontinued operations
|
(65)
|
65
|
-
|
(247)
|
247
|
-
|
Profit for the financial year
|
1,505
|
881
|
2,386
|
12,335
|
(8,709)
|
3,626
|
Profit attributable to:
|
||||||
- Owners of the parent (Continuing)
|
1,205
|
816
|
2,021
|
12,085
|
(8,962)
|
3,123
|
- Owners of the parent (Total Group)
|
1,140
|
881
|
2,021
|
11,838
|
(8,715)
|
3,123
|
- Non-controlling interests
|
365
|
-
|
365
|
497
|
6
|
503
|
Profit for the financial year
|
1,505
|
881
|
2,386
|
12,335
|
(8,709)
|
3,626
|
Re-presented1
|
||
FY24
|
FY23
|
|
€m
|
€m
|
|
Profit attributable to owners of the parent
|
1,140
|
11,838
|
Adjusted profit attributable to owners of the parent
|
2,021
|
3,123
|
Million
|
Million
|
|
Weighted average number of shares outstanding - Basic
|
27,056
|
27,680
|
eurocents
|
eurocents
|
|
Basic earnings per share
|
4.21c
|
42.77c
|
Adjusted basic earnings per share
|
7.47c
|
11.28c
|
Non-GAAP measure
|
Purpose
|
Definition
|
Free cash flow
|
Internal performance reporting.
External metric used by investor community.
Assists comparability with other companies, although our metric may not be directly comparable to similarly titled measures used by other companies.
|
Free cash flow is Adjusted EBITDAaL after cash flows in relation to capital additions, working capital movements including in respect of capital additions, disposal of property, plant and equipment and intangible assets, integration capital additions and restructuring costs, together with related working capital, licences and spectrum, interest received and paid, taxation, dividends received from associates and joint ventures, dividends paid to non-controlling shareholders in subsidiaries, payments in respect of lease liabilities and other.
|
Adjusted free cash flow
|
Internal performance reporting.
External metric used by investor community.
Setting director and management remuneration.
Key external metric used to evaluate liquidity and the cash generated by our operations.
|
Adjusted free cash flow is Free cash flow before licences and spectrum, restructuring costs arising from discrete restructuring plans, integration capital additions and working capital related items, M&A and (prior to disposal) Vantage Towers growth capital expenditure.
Growth capital expenditure is total capital expenditure excluding maintenance-type expenditure.
|
Gross debt
|
Prominent metric used by debt rating agencies and the investor community.
|
Non-current borrowings and current borrowings, excluding lease liabilities, collateral liabilities and borrowings specifically secured against Indian assets.
|
Net debt
|
Prominent metric used by debt rating agencies and the investor community.
|
Gross debt less cash and cash equivalents, short-term investments, derivative financial instruments excluding mark-to-market adjustments and net collateral assets.
|
Re-presented1
|
||
FY24
|
FY23
|
|
€m
|
€m
|
|
Inflow from operating activities
|
16,557
|
18,054
|
Net tax paid
|
724
|
1,228
|
Cashflows from discontinued operations
|
(3,296)
|
(3,464)
|
Cash generated by operations
|
13,985
|
15,818
|
Capital additions
|
(6,331)
|
(7,067)
|
Working capital movement in respect of capital additions
|
(141)
|
(120)
|
Disposal of property, plant and equipment and intangible assets
|
14
|
90
|
Integration capital additions
|
(81)
|
(200)
|
Working capital movement in respect of integration capital additions
|
(37)
|
(5)
|
Licences and spectrum
|
(454)
|
(773)
|
Interest received and paid2
|
(1,685)
|
(1,468)
|
Taxation
|
(724)
|
(1,228)
|
Dividends received from associates and joint ventures
|
442
|
617
|
Dividends paid to non-controlling shareholders in subsidiaries
|
(260)
|
(400)
|
Payments in respect of lease liabilities
|
(3,135)
|
(2,747)
|
Other
|
190
|
66
|
Free cash flow
|
1,783
|
2,583
|
Year-end FY24
|
Year-end FY23
|
||
€m
|
€m
|
||
Borrowings
|
(56,987)
|
(66,390)
|
|
Lease liabilities
|
9,672
|
13,364
|
|
Bank borrowings secured against Indian assets
|
1,720
|
1,485
|
|
Collateral liabilities
|
2,628
|
4,886
|
|
Gross debt
|
(42,967)
|
(46,655)
|
|
Collateral liabilities
|
(2,628)
|
(4,886)
|
|
Cash and cash equivalents
|
6,183
|
11,705
|
|
Short-term investments
|
3,225
|
4,305
|
|
Collateral assets
|
741
|
239
|
|
Derivative financial instruments
|
2,702
|
4,702
|
|
Less mark-to-market gains deferred in hedge reserves
|
(498)
|
(2,785)
|
|
Net debt
|
(33,242)
|
(33,375)
|
Non-GAAP measure
|
Purpose
|
Definition
|
Return on Capital Employed ('ROCE')
|
ROCE is a metric used by the investor community and reflects how efficiently we are generating profit with the capital we deploy.
|
We calculate ROCE by dividing Operating profit by the average of capital employed as reported in the consolidated statement of financial position. Capital employed includes borrowings, cash and cash equivalents, derivative financial instruments included in trade and other receivables/payables, short-term investments, collateral assets, financial liabilities under put option arrangements and equity.
|
Pre-tax ROCE (controlled)
Post-tax ROCE (controlled and associates/joint ventures)
|
As above
|
We calculate pre-tax ROCE (controlled) by using Operating profit excluding interest on lease liabilities, restructuring costs arising from discrete restructuring plans, impairment losses/reversals, other income and expense, the impact of hyper-inflationary adjustments in Turkey and the share of results of equity accounted associates and joint ventures. On a post-tax basis, the measure includes our Adjusted share of results from associates and joint ventures and a notional tax charge. Capital is equivalent to net operating assets and is calculated as the average of opening and closing balances of: property, plant and equipment (including leased assets and lease liabilities), intangible assets (including goodwill), operating working capital (including held for sale assets and excluding derivative balances) and provisions, excluding the impact of hyper-inflationary adjustments in Turkey. Other assets that do not directly contribute to returns are excluded from this measure and include other investments, current and deferred tax balances and post employment benefits.On a post-tax basis, ROCE also includes our investments in associates and joint ventures.
|
Re-presented1
|
||
FY24
|
FY23
|
|
€m
|
€m
|
|
Operating profit2
|
3,665
|
14,451
|
Borrowings
|
56,987
|
66,390
|
Cash and cash equivalents
|
(6,183)
|
(11,705)
|
Derivative financial instruments included in trade and other receivables
|
(4,226)
|
(6,124)
|
Derivative financial instruments included in trade and other payables
|
1,524
|
1,422
|
Short-term investments
|
(3,225)
|
(4,305)
|
Collateral assets
|
(741)
|
(239)
|
Financial liabilities under put option arrangements
|
-
|
485
|
Equity
|
60,998
|
64,483
|
Capital employed at end of the year
|
105,134
|
110,407
|
Average capital employed for the year
|
107,771
|
111,062
|
ROCE using GAAP measures
|
3.4%
|
13.0%
|
Re-presented1
|
||
FY242
|
FY232
|
|
€m
|
€m
|
|
Operating profit
|
3,665
|
14,451
|
Interest on lease liabilities
|
(440)
|
(355)
|
Restructuring costs
|
703
|
538
|
Other income
|
(372)
|
(9,402)
|
Share of results of equity accounted associates and joint ventures
|
96
|
(433)
|
Impairment (reversal)/loss
|
(64)
|
64
|
Other adjustments3
|
296
|
(413)
|
Adjusted operating profit for calculating pre-tax ROCE (controlled)
|
3,884
|
4,450
|
Adjusted share of results of equity accounted associates and joint ventures used in post-tax ROCE4
|
(116)
|
430
|
Notional tax at Adjusted effective tax rate5
|
(923)
|
(1,249)
|
Adjusted operating profit for calculating post-tax ROCE (controlled and associates/joint ventures)
|
2,845
|
3,631
|
Capital employed for calculating ROCE on a GAAP basis
|
105,134
|
110,407
|
Adjustments to exclude:
|
||
- Leases
|
(9,672)
|
(13,364)
|
- Deferred tax assets
|
(20,177)
|
(19,316)
|
- Deferred tax liabilities
|
699
|
771
|
- Taxation recoverable
|
(76)
|
(279)
|
- Taxation liabilities
|
393
|
457
|
- Other investments
|
(1,543)
|
(1,781)
|
- Investments in associates and joint ventures
|
(10,032)
|
(11,079)
|
- Pension assets and liabilities
|
(76)
|
(71)
|
- Removal of capital employed related to discontinued operations
|
(12,129)
|
(12,180)
|
- Other adjustments3
|
(1,009)
|
(877)
|
Adjusted capital employed for calculating pre-tax ROCE (controlled)
|
51,512
|
52,688
|
Investments in associates and joint ventures2
|
10,032
|
11,079
|
Adjusted capital employed for calculating post-tax ROCE (controlled and associates/joint ventures)
|
61,544
|
63,767
|
Average capital employed for calculating pre-tax ROCE (controlled)2
|
52,100
|
54,440
|
Average capital employed for calculating post-tax ROCE (controlled and associates/joint ventures)2
|
62,656
|
59,713
|
Pre-tax ROCE (controlled)
|
7.5%
|
8.2%
|
Post-tax ROCE (controlled and associates/joint ventures)
|
4.5%
|
6.1%
|
Non-GAAP measure
|
Purpose
|
Definition
|
Adjusted net financing costs
|
This metric is used by both management and the investor community.
This metric is used in the calculation of Adjusted basic earnings per share.
|
Adjusted net financing costs exclude mark-to-market and foreign exchange gains/losses.
|
Adjusted profit before taxation
|
This metric is used in the calculation of the Adjusted effective tax rate (see below).
|
Adjusted profit before taxation excludes the tax effects of items excluded from Adjusted basic earnings per share, including: impairment losses/reversals, amortisation of customer bases and brand intangible assets, restructuring costs arising from discrete restructuring plans, other income and expense and mark-to-market and foreign exchange movements.
|
Adjusted income tax expense
|
This metric is used in the calculation of the Adjusted effective tax rate (see below).
|
Adjusted income tax expense excludes the tax effects of items excluded from Adjusted basic earnings per share, including: impairment losses/reversals, amortisation of customer bases and brand intangible assets, restructuring costs arising from discrete restructuring plans, other income and expense and mark-to-market and foreign exchange movements. It also excludes deferred tax movements relating to tax losses in Luxembourg as well as other significant one-off items.
|
Adjusted effective tax rate
|
This metric is used by both management and the investor community.
|
Adjusted income tax expense (see above) divided by Adjusted profit before taxation (see above).
|
Adjusted share of results of equity accounted associates and joint ventures
|
This metric is used in the calculation of Adjusted effective tax rate.
|
Share of results of equity accounted associates and joint ventures excluding restructuring costs, amortisation of acquired customer base and brand intangible assets and other income and expense.
|
Adjusted share of results of equity accounted associates and joint ventures used in post-tax ROCE
|
This metric is used in the calculation of post-tax ROCE (controlled and associates/joint ventures).
|
Share of results of equity accounted associates and joint ventures excluding restructuring costs and other income and expense.
|
Re-presented1
|
|||
FY24
|
FY23
|
||
€m
|
€m
|
||
Profit before taxation
|
1,620
|
13,074
|
|
Adjustments to derive Adjusted profit before tax
|
1,466
|
(8,424)
|
|
Adjusted profit before taxation
|
3,086
|
4,650
|
|
Adjusted share of results of equity accounted associates and joint ventures
|
(227)
|
(653)
|
|
Adjusted profit before tax for calculating Adjusted effective tax rate
|
2,859
|
3,997
|
|
Income tax expense
|
(50)
|
(492)
|
|
Tax on adjustments to derive Adjusted profit before tax
|
(342)
|
(205)
|
|
Adjustments:
|
|||
- Deferred tax on recognition of Luxembourg losses in the year
|
(1,019)
|
-
|
|
- Deferred tax on use of Luxembourg losses in the year
|
598
|
33
|
|
- UK corporate interest restriction
|
78
|
15
|
|
- Tax relating to hyperinflation accounting
|
35
|
(309)
|
|
- Tax relating to Vantage Towers disposal
|
-
|
(66)
|
|
Adjusted income tax expense for calculating Adjusted tax rate
|
(700)
|
(1,024)
|
|
Adjusted effective tax rate
|
24.5%
|
25.6%
|
FY24
|
FY23
|
|||
€m
|
€m
|
|||
Share of results of equity accounted associates and joint ventures
|
(96)
|
433
|
||
Restructuring costs
|
7
|
6
|
||
Other income
|
(27)
|
(9)
|
||
Adjusted share of results of equity accounted associates and joint ventures used in post-tax ROCE
|
(116)
|
430
|
||
Amortisation of acquired customer base and brand intangible assets
|
343
|
223
|
||
Adjusted share of results of equity accounted associates and joint ventures
|
227
|
653
|
||
Additional information
|
||||
Re-presented1
|
|||
FY24
|
FY23
|
||
€m
|
€m
|
||
Depreciation on leased assets - included in Adjusted EBITDAaL
|
3,003
|
2,682
|
|
Depreciation on leased assets - included in Restructuring costs
|
14
|
51
|
|
Depreciation on leased assets
|
3,017
|
2,733
|
|
Depreciation on owned assets
|
3,882
|
4,140
|
|
Amortisation of owned intangible assets
|
3,515
|
3,380
|
|
Depreciation and amortisation on owned assets included in Restructuring costs
|
-
|
2
|
|
Depreciation and amortisation on owned assets
|
7,397
|
7,522
|
|
Total depreciation and amortisation on owned and leased assets
|
10,414
|
10,255
|
|
Loss on disposal of owned fixed assets
|
34
|
41
|
|
Loss on disposal of leased assets
|
-
|
(8)
|
|
Depreciation and amortisation - as recognised in the consolidated income statement
|
10,448
|
10,288
|
FY24
|
FY23
|
|||
€m
|
€m
|
|||
Capital additions
|
6,331
|
8,378
|
||
Integration related capital additions
|
81
|
287
|
||
Licence and spectrum additions
|
283
|
439
|
||
Additions
|
6,695
|
9,104
|
||
Intangible asset additions
|
2,622
|
3,250
|
||
Property, plant and equipment owned additions
|
4,073
|
5,854
|
||
Total additions
|
6,695
|
9,104
|
||
Definitions
|
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Term
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Definition
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Africa
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Comprises the Vodacom Group.
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ARPU
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Average revenue per user, defined as customer revenue and incoming revenue divided by average customers.
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Capital additions
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Comprises the purchase of property, plant and equipment and intangible assets, other than licence and spectrum payments and integration capital expenditure.
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Common Functions
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Comprises central teams and business functions.
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Converged customer
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A customer who receives fixed and mobile services (also known as unified communications) on a single bill or who receives a discount across both bills.
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Depreciation and amortisation
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The accounting charge that allocates the cost of tangible or intangible assets, whether owned or leased, to the income statement over its useful life. The measure includes the profit or loss on disposal of property, plant and equipment, software and leased assets.
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Eliminations
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Refers to the removal of intercompany transactions to derive the consolidated financial statements.
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Europe
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Comprises the Group's European businesses and the UK.
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Financial services revenue
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Financial services revenue includes fees generated from the provision of advanced airtime, overdraft, financing and lending facilities, as well as merchant payments and the sale of insurance products (e.g. device insurance, life insurance and funeral cover).
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Fixed service revenue
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Service revenue (see below) relating to the provision of fixed line and carrier services.
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FTTH
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Fibre to the home.
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GAAP
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Generally Accepted Accounting Principles.
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IFRS
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International Financial Reporting Standards.
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Incoming revenue
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Comprises revenue from termination rates for voice and messaging to Vodafone customers.
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Integration capital additions
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Capital additions incurred in relation to significant changes in the operating model, such as the integration of recently acquired subsidiaries.
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Internet of Things ('IoT')
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The network of physical objects embedded with electronics, software, sensors, and network connectivity, including built-in mobile SIM cards, that enable these objects to collect data and exchange communications with one another or a database.
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Mobile service revenue
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Service revenue (see below) relating to the provision of mobile services.
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MVNO
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Companies that provide mobile phone services under wholesale contracts with a mobile network operator, but do not have their own licence or spectrum or the infrastructure required to operate a network.
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Operating expenses
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Comprise primarily sales and distribution costs, network and IT related expenditure and business support costs.
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Other Europe
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Other Europe markets comprise Portugal, Ireland, Greece, Romania, Czech Republic and Albania. The prior period comparative results include Vodafone Hungary which was disposed of in January 2023.
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Other revenue
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Other revenue principally includes equipment revenue, interest income, income from partner market arrangements and lease revenue, including in respect of the lease out of passive tower infrastructure.
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Reported growth
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Reported growth is based on amounts reported in euros and determined under IFRS.
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Revenue
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The total of Service revenue (see below) and Other revenue (see above).
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Roaming
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Roaming allows customers to make calls, send and receive texts and data on our and other operators' mobile networks, usually while travelling abroad.
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Service revenue
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Service revenue is all revenue related to the provision of ongoing services to the Group's consumer and enterprise customers, together with roaming revenue, revenue from incoming and outgoing network usage by non-Vodafone customers and interconnect charges for incoming calls.
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SME
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Small and medium sized enterprises.
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Vodafone Business
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Vodafone Business supports organisations in a digital world. With Vodafone's expertise in connectivity, our leading IoT platform and our global scale, we deliver the results that organisations need to progress and thrive. We support businesses of all sizes and sectors.
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Notes
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Forward-looking statements and other matters
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VODAFONE GROUP
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PUBLIC LIMITED COMPANY
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(Registrant)
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Date: May 14, 2024
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By: /s/ M D B
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Name: Maaike de Bie
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Title: Group General Counsel and Company Secretary
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