Financial results
|
|
H1 FY24
|
H1 FY23
|
Change
|
|
Page
|
€m
|
€m
|
%
|
||
Group revenue
|
4
|
21,937
|
22,930
|
(4.3)
|
|
Group service revenue
|
4
|
18,618
|
19,207
|
4.2*
|
|
|
|
|
|
|
|
Operating profit1
|
4
|
1,655
|
2,968
|
(44.2)
|
|
Adjusted EBITDAaL2
|
4
|
6,378
|
7,244
|
0.3*
|
|
(Loss)/profit for the financial period1
|
4
|
(155)
|
1,202
|
|
|
|
|
|
|
|
|
Basic (loss)/earnings per share1
|
15
|
(1.28)c
|
3.37c
|
|
|
Adjusted basic earnings per share1,2
|
15
|
3.43c
|
5.90c
|
|
|
|
|
|
|
|
|
Interim dividend per share
|
18
|
4.50c
|
4.50c
|
|
|
|
|
|
|
|
|
Cash inflow from operating activities
|
15
|
5,544
|
6,280
|
(11.7)
|
|
Adjusted free cash flow2
|
16
|
(1,474)
|
(513)
|
|
|
|
|
|
|
|
|
Net debt2
|
17
|
(36,240)
|
(45,523)
|
20.4
|
|
|
|
|
|
|
|
* represents organic growth. See page 2. ǀ 1. H1
FY23 re-presented for the reclassification of Indus Towers. See
page 33. ǀ 2. Non-GAAP measure. See page
40.
|
All amounts marked with an '*' in this document represent organic
growth which presents performance on a comparable basis, excluding
the impact of foreign exchange rates, mergers and acquisitions, the
hyperinflation adjustment in Turkey and other adjustments to
improve the comparability of results between periods. Organic
growth figures are non-GAAP measures. See non-GAAP measures on page
40 for more information.
|
Segmental reporting
|
From 1 April 2023, the Group revised its segmental reporting by
moving Vodafone Egypt from the Other Markets segment to the Vodacom
segment. This is the effective date on which the Group's reporting
structure changed to reflect the transfer of Vodafone Egypt to the
Vodacom Group. All comparatives for these two segments have been
re-presented on the new basis of segmental reporting. There is no
impact on previously reported Group metrics.
|
|
|
FY24 guidance
|
Adjusted
EBITDAaL1,3
|
|
'Broadly
flat' at around €13.3 billion
|
Adjusted
free cash flow1,2,3
|
|
'Around'
€3.3 billion
|
|
|
|
Re-presented2
|
|
|
|
H1 FY241
|
H1 FY23
|
Reported
|
|
€m
|
€m
|
change %
|
|
Revenue
|
21,937
|
22,930
|
(4.3)
|
|
- Service revenue
|
18,618
|
19,207
|
(3.1)
|
|
- Other revenue
|
3,319
|
3,723
|
|
|
Adjusted EBITDAaL3,4
|
6,378
|
7,244
|
(12.0)
|
|
Restructuring costs
|
(212)
|
(142)
|
|
|
Interest on lease liabilities5
|
281
|
204
|
|
|
Loss on disposal of property, plant and equipment and intangible
assets
|
(22)
|
(11)
|
|
|
Depreciation and amortisation of owned assets
|
(4,626)
|
(4,807)
|
|
|
Share of results of equity accounted associates and joint
ventures
|
(51)
|
376
|
|
|
Impairment reversal
|
64
|
-
|
|
|
Other (expense)/income
|
(157)
|
104
|
|
|
Operating profit
|
1,655
|
2,968
|
(44.2)
|
|
Investment income
|
368
|
137
|
|
|
Financing costs
|
(1,473)
|
(1,418)
|
|
|
Profit before taxation
|
550
|
1,687
|
|
|
Income tax expense
|
(705)
|
(485)
|
|
|
(Loss)/profit for the financial period
|
(155)
|
1,202
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
- Owners of the parent
|
(346)
|
945
|
|
|
- Non-controlling interests
|
191
|
257
|
|
|
(Loss)/profit for the financial period
|
(155)
|
1,202
|
|
|
|
|
|
|
|
Basic (loss)/earnings per share
|
(1.28)c
|
3.37c
|
|
|
Adjusted basic earnings per share3
|
3.43c
|
5.90c
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Geographic performance summary
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
Other
|
|
Other
|
Common
|
Elimi-
|
|
|
|||||||||
|
|
Germany
|
Italy
|
UK
|
Spain
|
Europe
|
Vodacom
|
Markets
|
Functions
|
nations
|
Group
|
|
|||||||||
H1 FY24
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
|
||||||||||
Total revenue
|
6,405
|
2,320
|
3,377
|
1,929
|
2,679
|
3,590
|
1,128
|
721
|
(212)
|
21,937
|
|
||||||||||
Service revenue
|
5,722
|
2,098
|
2,822
|
1,731
|
2,366
|
2,924
|
828
|
282
|
(155)
|
18,618
|
|
||||||||||
Adjusted EBITDAaL1
|
2,527
|
645
|
640
|
394
|
766
|
1,241
|
254
|
(89)
|
-
|
6,378
|
|
||||||||||
Adjusted EBITDAaL margin
(%)1
|
39.5%
|
27.8%
|
19.0%
|
20.4%
|
28.6%
|
34.6%
|
22.5%
|
|
|
29.1%
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Downloadable performance information is available
at: investors.vodafone.com/results
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
FY23
|
|
FY24
|
|||||||||||||||||
Organic service revenue growth %*1
|
Q1
|
Q2
|
H1
|
Q3
|
Q4
|
H2
|
Total
|
|
Q1
|
Q2
|
H1
|
||||||||||
Germany
|
(0.5)
|
(1.1)
|
(0.8)
|
(1.8)
|
(2.8)
|
(2.3)
|
(1.6)
|
|
(1.3)
|
1.1
|
(0.1)
|
||||||||||
Italy
|
(2.3)
|
(3.4)
|
(2.8)
|
(3.3)
|
(2.7)
|
(3.0)
|
(2.9)
|
|
(1.6)
|
(1.0)
|
(1.3)
|
||||||||||
UK
|
6.5
|
6.9
|
6.7
|
5.3
|
3.8
|
4.6
|
5.6
|
|
5.7
|
5.5
|
5.6
|
||||||||||
Spain
|
(3.0)
|
(6.0)
|
(4.5)
|
(8.7)
|
(3.7)
|
(6.2)
|
(5.4)
|
|
(3.0)
|
(2.7)
|
(2.8)
|
||||||||||
Other Europe
|
2.5
|
2.9
|
2.7
|
2.1
|
3.6
|
2.8
|
2.8
|
|
4.1
|
3.8
|
3.9
|
||||||||||
Vodacom2
|
6.9
|
8.3
|
7.6
|
8.0
|
7.0
|
7.5
|
7.5
|
|
9.0
|
9.0
|
9.0
|
||||||||||
Other Markets2
|
32.3
|
39.7
|
36.0
|
48.8
|
54.9
|
51.7
|
43.5
|
|
74.1
|
85.0
|
79.3
|
||||||||||
Group
|
2.5
|
2.5
|
2.5
|
1.8
|
1.9
|
1.8
|
2.2
|
|
3.7
|
4.7
|
4.2
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany ⫶ 31%
of Group service revenue
|
|
|
|
|
|
|
|
H1 FY24
|
H1 FY23
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %*
|
|
Total revenue
|
6,405
|
6,592
|
(2.8)
|
|
|
- Service revenue
|
5,722
|
5,730
|
(0.1)
|
(0.1)
|
|
- Other revenue
|
683
|
862
|
|
|
|
Adjusted EBITDAaL
|
2,527
|
2,677
|
(5.6)
|
(5.6)
|
|
Adjusted EBITDAaL margin
|
39.5%
|
40.6%
|
|
|
|
|
|
|
|
|
UK ⫶
15% of Group service
revenue
|
|
|
|
|
|
|
|
H1 FY24
|
H1 FY23
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %*
|
|
Total revenue
|
3,377
|
3,392
|
(0.4)
|
|
|
- Service revenue
|
2,822
|
2,712
|
4.1
|
5.6
|
|
- Other revenue
|
555
|
680
|
|
|
|
Adjusted EBITDAaL
|
640
|
685
|
(6.6)
|
(5.3)
|
|
Adjusted EBITDAaL margin
|
19.0%
|
20.2%
|
|
|
|
|
|
|
|
|
Italy ⫶
11% of Group service
revenue
|
|
|
|
|
|
|
|
H1 FY24
|
H1 FY23
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %*
|
|
Total revenue
|
2,320
|
2,377
|
(2.4)
|
|
|
- Service revenue
|
2,098
|
2,125
|
(1.3)
|
(1.3)
|
|
- Other revenue
|
222
|
252
|
|
|
|
Adjusted EBITDAaL
|
645
|
759
|
(15.0)
|
(15.0)
|
|
Adjusted EBITDAaL margin
|
27.8%
|
31.9%
|
|
|
|
|
|
|
|
|
Spain ⫶
9% of Group service
revenue
|
|
|
|
|
|
|
|
H1 FY24
|
H1 FY23
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %*
|
|
Total revenue
|
1,929
|
1,965
|
(1.8)
|
|
|
- Service revenue
|
1,731
|
1,782
|
(2.9)
|
(2.8)
|
|
- Other revenue
|
198
|
183
|
|
|
|
Adjusted EBITDAaL
|
394
|
445
|
(11.5)
|
(11.6)
|
|
Adjusted EBITDAaL margin
|
20.4%
|
22.6%
|
|
|
|
|
|
|
|
|
Other Europe ⫶
13% of Group service
revenue
|
|
|
|
||
|
|
H1 FY24
|
H1 FY231
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %*
|
|
Total revenue
|
2,679
|
2,894
|
(7.4)
|
|
|
- Service revenue
|
2,366
|
2,552
|
(7.3)
|
3.9
|
|
- Other revenue
|
313
|
342
|
|
|
|
Adjusted EBITDAaL
|
766
|
843
|
(9.1)
|
0.7
|
|
Adjusted EBITDAaL margin
|
28.6%
|
29.1%
|
|
|
|
|
|
|
|
|
Vodacom ⫶
16% of Group service
revenue
|
|
|
|
||
|
|
|
Re-presented1
|
|
|
|
|
H1 FY24
|
H1 FY23
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %*
|
|
Total revenue
|
3,590
|
4,179
|
(14.1)
|
|
|
- Service revenue
|
2,924
|
3,422
|
(14.6)
|
9.0
|
|
- Other revenue
|
666
|
757
|
|
|
|
Adjusted EBITDAaL
|
1,241
|
1,527
|
(18.7)
|
4.9
|
|
Adjusted EBITDAaL margin
|
34.6%
|
36.5%
|
|
|
|
|
|
|
|
|
Other Markets1 ⫶
4% of Group service
revenue
|
|
|
|
||
|
|
|
Re-presented2
|
|
|
|
|
H1 FY24
|
H1 FY23
|
Reported
|
Organic
|
|
€m
|
€m
|
change %
|
change %*
|
|
Total revenue
|
1,128
|
976
|
15.6
|
|
|
- Service revenue
|
828
|
771
|
7.4
|
79.3
|
|
- Other revenue
|
300
|
205
|
|
|
|
Adjusted EBITDAaL
|
254
|
228
|
11.4
|
89.1
|
|
Adjusted EBITDAaL margin
|
22.5%
|
23.4%
|
|
|
|
|
|
|
Associates and joint ventures
|
|
|
|
|
|
|
Re-presented1
|
|
|
H1 FY24
|
H1 FY23
|
|
€m
|
€m
|
|
|
Vantage Towers (Oak Holdings 1 GmbH)
|
(78)
|
-
|
|
VodafoneZiggo Group Holding B.V.
|
(78)
|
162
|
|
Safaricom Limited
|
89
|
110
|
|
Indus Towers Limited
|
62
|
33
|
|
Other2 (including
TPG Telecom Limited)
|
(46)
|
71
|
Share of results of equity accounted associates and joint
ventures
|
(51)
|
376
|
|
|
|
|
|
Net financing costs
|
|
|
|
|
|
|
|
Re-presented1
|
|
|
|
H1 FY24
|
H1 FY23
|
Reported
|
|
|
€m
|
€m
|
change %
|
Investment income
|
368
|
137
|
|
|
Financing costs
|
(1,473)
|
(1,418)
|
|
|
Net financing costs
|
(1,105)
|
(1,281)
|
13.7
|
|
Adjustments for:
|
|
|
|
|
|
Mark-to-market losses
|
141
|
41
|
|
|
Foreign exchange losses
|
90
|
299
|
|
Adjusted net financing costs2
|
(874)
|
(941)
|
7.1
|
|
|
|
|
|
Taxation
|
|
|
|
|
|
|
|
Re-presented1
|
|
|
|
H1 FY24
|
H1 FY23
|
Change
|
|
%
|
%
|
pps
|
|
Effective tax rate
|
128.2%
|
28.7%
|
99.5
|
|
Adjusted effective tax rate2
|
30.3%
|
27.2%
|
3.1
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
Re-presented1
|
Reported
|
|
|
H1 FY24
|
H1 FY23
|
change
|
|
|
eurocents
|
eurocents
|
eurocents
|
Basic (loss)/earnings per share
|
(1.28)c
|
3.37c
|
(4.65)c
|
|
Adjusted basic earnings per share2
|
3.43c
|
5.90c
|
(2.47)c
|
|
|
|
|
Analysis of cash flow
|
|
|
|
|
H1 FY24
|
H1 FY23
|
Reported
|
|
€m
|
€m
|
change %
|
Inflow from operating activities
|
5,544
|
6,280
|
(11.7)
|
Outflow from investing activities
|
(3,808)
|
(4,089)
|
6.9
|
Outflow from financing activities
|
(6,378)
|
(2,993)
|
(113.1)
|
Net cash outflow
|
(4,642)
|
(802)
|
(478.8)
|
Cash and cash equivalents at beginning of the financial
period
|
11,628
|
7,371
|
|
Exchange gain on cash and cash equivalents
|
45
|
282
|
|
Cash and cash equivalents at end of the financial
period
|
7,031
|
6,851
|
|
|
|
|
|
Analysis of cash flow (continued)
|
|
|
|
|
H1 FY24
|
H1 FY23
|
Reported
|
|
€m
|
€m
|
change %
|
Adjusted EBITDAaL1
|
6,378
|
7,244
|
(12.0)
|
Capital additions2
|
(3,365)
|
(3,541)
|
|
Working capital
|
(3,378)
|
(3,405)
|
|
Disposal of property, plant and equipment and intangible
assets
|
12
|
-
|
|
Integration capital additions
|
(66)
|
(101)
|
|
Restructuring costs including working capital
movements3
|
(238)
|
(214)
|
|
Licences and spectrum
|
(173)
|
(2,181)
|
|
Interest received and paid4
|
(560)
|
(688)
|
|
Taxation
|
(472)
|
(672)
|
|
Dividends received from associates and joint ventures
|
75
|
463
|
|
Dividends paid to non-controlling shareholders in
subsidiaries
|
(167)
|
(290)
|
|
Other
|
3
|
140
|
|
Free cash flow1
|
(1,951)
|
(3,245)
|
39.9
|
Acquisitions and disposals
|
266
|
(98)
|
|
Equity dividends paid
|
(1,210)
|
(1,263)
|
|
Share buybacks4
|
-
|
(1,004)
|
|
Foreign exchange gain/(loss)
|
14
|
(65)
|
|
Other movements in net debt5
|
16
|
1,730
|
|
Net debt increase1
|
(2,865)
|
(3,945)
|
|
Opening net debt1
|
(33,375)
|
(41,578)
|
|
Closing net debt1
|
(36,240)
|
(45,523)
|
20.4
|
|
|
|
|
Free cash flow1
|
(1,951)
|
(3,245)
|
|
Adjustments:
|
|
|
|
- Licences and spectrum
|
173
|
2,181
|
|
- Restructuring costs including working capital
movements3
|
238
|
214
|
|
- Integration capital additions
|
66
|
101
|
|
- Vantage Towers growth capital expenditure
|
-
|
236
|
|
Adjusted free cash flow1
|
(1,474)
|
(513)
|
|
|
|
|
|
|
Borrowings and cash position
|
|
|
|
|
|
|
H1 FY24
|
Year-end FY23
|
Reported
|
|
|
€m
|
€m
|
change %
|
Non-current borrowings
|
(52,717)
|
(51,669)
|
|
|
Current borrowings
|
(12,341)
|
(14,721)
|
|
|
Borrowings
|
(65,058)
|
(66,390)
|
|
|
Cash and cash equivalents
|
7,148
|
11,705
|
|
|
Borrowings less cash and cash equivalents
|
(57,910)
|
(54,685)
|
(5.9)
|
|
|
|
|
|
Funding position
|
|
|
|
|
|
H1 FY24
|
Year-end FY23
|
Reported
|
|
|
|
€m
|
€m
|
change %
|
Bonds
|
(43,316)
|
(44,116)
|
|
|
Bank loans
|
(968)
|
(795)
|
|
|
Other borrowings including spectrum
|
(1,707)
|
(1,744)
|
|
|
Gross debt1
|
(45,991)
|
(46,655)
|
1.4
|
|
Cash and cash equivalents
|
7,148
|
11,705
|
|
|
Short-term investments2
|
4,094
|
4,305
|
|
|
Derivative financial instruments3
|
2,291
|
1,917
|
|
|
Net collateral liabilities4
|
(3,782)
|
(4,647)
|
|
|
Net debt1
|
(36,240)
|
(33,375)
|
(8.6)
|
|
H1 FY24
|
Year-end FY23
|
|
|
|
|
€m
|
€m
|
|
Lease liabilities
|
(13,039)
|
(13,364)
|
|
|
Financial liabilities under put options (KDG minority
interests)
|
(493)
|
(485)
|
|
|
Net pension fund liabilities
|
(235)
|
(258)
|
|
|
Guarantees over loan issued by Australia joint venture
|
(1,653)
|
(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)1
|
4,497
|
4,971
|
|
|
|
|
|
|
|
|
|
Re-presented1
|
|
|
H1 FY242
|
H1 FY232
|
Change
|
|
%
|
%
|
pps
|
Pre-tax ROCE
(controlled)3
|
6.4%
|
6.9%
|
(0.5)
|
Post-tax ROCE (controlled and
associates/joint ventures)3
|
4.1%
|
5.2%
|
(1.1)
|
Consolidated income statement
|
|
|
|
|
|
|
|
Six months ended 30 September
|
|
|
|
|
|
Re-presented1
|
|
|
|
2023
|
2022
|
|
Note
|
|
€m
|
€m
|
Revenue
|
2
|
|
21,937
|
22,930
|
Cost of sales
|
|
|
(15,277)
|
(15,580)
|
Gross profit
|
|
|
6,660
|
7,350
|
Selling and distribution expenses
|
|
|
(1,557)
|
(1,711)
|
Administrative expenses
|
|
|
(3,009)
|
(2,819)
|
Net credit losses on financial assets
|
|
|
(295)
|
(332)
|
Share of results of equity accounted associates and joint
ventures
|
|
|
(51)
|
376
|
Impairment reversal
|
|
|
64
|
-
|
Other (expense)/income
|
|
|
(157)
|
104
|
Operating profit
|
2
|
|
1,655
|
2,968
|
Investment income
|
|
|
368
|
137
|
Financing costs
|
|
|
(1,473)
|
(1,418)
|
Profit before taxation
|
|
|
550
|
1,687
|
Income tax expense
|
3
|
|
(705)
|
(485)
|
(Loss)/profit for the financial period
|
|
|
(155)
|
1,202
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
- Owners of the parent
|
|
|
(346)
|
945
|
- Non-controlling interests
|
|
|
191
|
257
|
(Loss)/profit for the financial period
|
|
|
(155)
|
1,202
|
|
|
|
|
|
(Loss)/earnings per share
|
|
|
|
|
Total Group:
|
|
|
|
|
- Basic
|
5
|
|
(1.28)c
|
3.37c
|
- Diluted
|
5
|
|
(1.28)c
|
3.36c
|
|
|
|
|
|
|
|
|
|
|
Consolidated statement of comprehensive income/expense
|
|
|
|
|
|
|
|
Six months ended 30 September
|
|
|
|
|
|
Re-presented1
|
|
|
|
2023
|
2022
|
|
|
|
€m
|
€m
|
(Loss)/profit for the financial period
|
|
|
(155)
|
1,202
|
Other comprehensive (expense)/income:
|
|
|
|
|
Items that may be reclassified to the income statement in
subsequent periods:
|
|
|
|
|
Foreign exchange translation differences, net of tax
|
|
|
(95)
|
(421)
|
Foreign exchange translation differences transferred to the income
statement
|
|
|
23
|
-
|
Other, net of tax2
|
|
|
(1,150)
|
924
|
Total items that may be reclassified to the income statement in
subsequent periods
|
|
|
(1,222)
|
503
|
Items that will not be reclassified to the income statement in
subsequent periods:
|
|
|
|
|
Net actuarial losses on defined benefit pension schemes, net of
tax
|
|
|
(58)
|
(42)
|
Total items that will not be reclassified to the income statement
in subsequent periods
|
|
|
(58)
|
(42)
|
Other comprehensive (expense)/income
|
|
|
(1,280)
|
461
|
Total comprehensive (expense)/income for the financial
period
|
|
|
(1,435)
|
1,663
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
- Owners of the parent
|
|
|
(1,626)
|
1,377
|
- Non-controlling interests
|
|
|
191
|
286
|
|
|
|
(1,435)
|
1,663
|
Consolidated statement of financial position
|
|
|
|
|
|
|
|
30 September
|
31 March
|
|
|
|
2023
|
2023
|
|
Note
|
|
€m
|
€m
|
Non-current assets
|
|
|
|
|
Goodwill
|
|
|
27,544
|
27,615
|
Other intangible assets
|
|
|
18,874
|
19,592
|
Property, plant and equipment
|
|
|
37,363
|
37,992
|
Investments in associates and joint ventures
|
7
|
|
10,457
|
11,079
|
Other investments
|
|
|
1,078
|
1,093
|
Deferred tax assets
|
|
|
19,460
|
19,316
|
Post employment benefits
|
|
|
265
|
329
|
Trade and other receivables
|
|
|
7,226
|
7,843
|
|
|
|
122,267
|
124,859
|
Current assets
|
|
|
|
|
Inventory
|
|
|
1,009
|
956
|
Taxation recoverable
|
|
|
296
|
279
|
Trade and other receivables
|
|
|
11,459
|
10,705
|
Other investments
|
|
|
5,917
|
7,017
|
Cash and cash equivalents
|
|
|
7,148
|
11,705
|
|
|
|
25,829
|
30,662
|
|
|
|
|
|
Total assets
|
|
|
148,096
|
155,521
|
|
|
|
|
|
Equity
|
|
|
|
|
Called up share capital
|
|
|
4,797
|
4,797
|
Additional paid-in capital
|
|
|
149,211
|
149,145
|
Treasury shares
|
|
|
(7,647)
|
(7,719)
|
Accumulated losses
|
|
|
(114,891)
|
(113,086)
|
Accumulated other comprehensive income
|
|
|
28,982
|
30,262
|
Total attributable to owners of the parent
|
|
|
60,452
|
63,399
|
Non-controlling interests
|
|
|
1,110
|
1,084
|
Total equity
|
|
|
61,562
|
64,483
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Borrowings
|
|
|
52,717
|
51,669
|
Deferred tax liabilities
|
|
|
728
|
771
|
Post employment benefits
|
|
|
235
|
258
|
Provisions
|
|
|
1,481
|
1,572
|
Trade and other payables
|
|
|
2,375
|
2,184
|
|
|
|
57,536
|
56,454
|
Current liabilities
|
|
|
|
|
Borrowings
|
|
|
12,341
|
14,721
|
Financial liabilities under put option arrangements
|
|
|
493
|
485
|
Taxation liabilities
|
|
|
453
|
457
|
Provisions
|
|
|
732
|
674
|
Trade and other payables
|
|
|
14,979
|
18,247
|
|
|
|
28,998
|
34,584
|
|
|
|
|
|
Total equity and liabilities
|
|
|
148,096
|
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 Re-presented3
|
4,797
|
149,018
|
(7,278)
|
(91,189)
|
55,348
|
2,290
|
57,638
|
Issue or reissue of shares
|
-
|
1
|
108
|
(100)
|
9
|
-
|
9
|
Share-based payments
|
-
|
66
|
-
|
-
|
66
|
5
|
71
|
Transactions with non-controlling interests in
subsidiaries
|
-
|
-
|
-
|
(24)
|
(24)
|
(12)
|
(36)
|
Comprehensive income
|
-
|
-
|
-
|
1,377
|
1,377
|
286
|
1,663
|
Dividends
|
-
|
-
|
-
|
(1,265)
|
(1,265)
|
(285)
|
(1,550)
|
30 September 2022
Re-presented3
|
4,797
|
149,085
|
(7,170)
|
(91,201)
|
55,511
|
2,284
|
57,795
|
|
|
|
|
|
|
|
|
1 April 2023
|
4,797
|
149,145
|
(7,719)
|
(82,824)
|
63,399
|
1,084
|
64,483
|
Issue or reissue of shares
|
-
|
1
|
72
|
(72)
|
1
|
-
|
1
|
Share-based payments
|
-
|
65
|
-
|
-
|
65
|
4
|
69
|
Transactions with non-controlling interests in
subsidiaries
|
-
|
-
|
-
|
(8)
|
(8)
|
(3)
|
(11)
|
Share of equity-accounted entitiesʼ changes
in equity
|
-
|
-
|
-
|
(164)
|
(164)
|
-
|
(164)
|
Comprehensive (expense)/income
|
-
|
-
|
-
|
(1,626)
|
(1,626)
|
191
|
(1,435)
|
Dividends
|
-
|
-
|
-
|
(1,215)
|
(1,215)
|
(166)
|
(1,381)
|
30 September 2023
|
4,797
|
149,211
|
(7,647)
|
(85,909)
|
60,452
|
1,110
|
61,562
|
Consolidated statement of cash flows
|
|
|
|
|
|
|
|
Six months ended 30 September
|
|
|
|
|
2023
|
2022
|
|
Note
|
|
€m
|
€m
|
Inflow from operating activities
|
8
|
|
5,544
|
6,280
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
Purchase of interests in subsidiaries, net of cash
acquired
|
|
|
-
|
-
|
Purchase of interests in associates and joint ventures
|
|
|
(52)
|
(61)
|
Purchase of intangible assets
|
|
|
(1,536)
|
(1,433)
|
Purchase of property, plant and equipment
|
|
|
(2,888)
|
(3,456)
|
Purchase of investments
|
|
|
(1,704)
|
(871)
|
Disposal of interests in subsidiaries, net of cash
disposed
|
|
|
(67)
|
-
|
Disposal of interests in associates and joint ventures
|
|
|
500
|
-
|
Disposal of property, plant and equipment and intangible
assets
|
|
|
12
|
-
|
Disposal of investments
|
|
|
1,557
|
1,130
|
Dividends received from associates and joint ventures
|
|
|
75
|
463
|
Interest received
|
|
|
295
|
139
|
Outflow from investing activities
|
|
|
(3,808)
|
(4,089)
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
Proceeds from issue of long-term borrowings
|
|
|
1,430
|
187
|
Repayment of borrowings
|
|
|
(5,492)
|
(5,549)
|
Net movement in short-term borrowings
|
|
|
40
|
6,194
|
Net movement in derivatives
|
|
|
138
|
(205)
|
Interest paid1
|
|
|
(1,101)
|
(952)
|
Purchase of treasury shares
|
|
|
-
|
(1,090)
|
Issue of ordinary share capital and reissue of treasury
shares
|
|
|
1
|
9
|
Equity dividends paid
|
|
|
(1,210)
|
(1,263)
|
Dividends paid to non-controlling shareholders in
subsidiaries
|
|
|
(167)
|
(290)
|
Other transactions with non-controlling shareholders in
subsidiaries
|
|
|
(17)
|
(34)
|
Outflow from financing activities
|
|
|
(6,378)
|
(2,993)
|
|
|
|
|
|
Net cash outflow
|
|
|
(4,642)
|
(802)
|
|
|
|
|
|
Cash and cash equivalents at beginning of the financial
period2
|
|
|
11,628
|
7,371
|
Exchange gain on cash and cash equivalents
|
|
|
45
|
282
|
Cash and cash equivalents at end of the financial
period2
|
|
|
7,031
|
6,851
|
|
Increase/(decrease)
|
|
|
|
|
|
Six months ended 30 September
|
|
|
2023
|
2022
|
|
€m
|
€m
|
Revenue
|
35
|
21
|
Operating profit
|
(5)
|
(14)
|
Profit for the financial period
|
(140)
|
(40)
|
|
|
|
|
30 September 2023
|
31 March 2023
|
Non-current assets
|
849
|
814
|
Equity attributable to owners of the parent
|
811
|
777
|
Non-controlling interests
|
54
|
37
|
|
Service revenue
|
Equipment revenue
|
Revenue from contracts with customers
|
Other revenue1
|
Interest revenue
|
Total segment revenue
|
Adjusted EBITDAaL
|
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
Six months ended 30 September 2023
|
|
|
|
|
|
|
|
Germany
|
5,722
|
503
|
6,225
|
173
|
7
|
6,405
|
2,527
|
Italy
|
2,098
|
180
|
2,278
|
37
|
5
|
2,320
|
645
|
UK
|
2,822
|
526
|
3,348
|
17
|
12
|
3,377
|
640
|
Spain
|
1,731
|
167
|
1,898
|
26
|
5
|
1,929
|
394
|
Other Europe
|
2,366
|
285
|
2,651
|
21
|
7
|
2,679
|
766
|
Vodacom
|
2,924
|
473
|
3,397
|
178
|
15
|
3,590
|
1,241
|
Other Markets
|
828
|
297
|
1,125
|
3
|
-
|
1,128
|
254
|
Vantage Towers
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Common Functions2
|
282
|
24
|
306
|
416
|
(1)
|
721
|
(89)
|
Eliminations
|
(155)
|
-
|
(155)
|
(57)
|
-
|
(212)
|
-
|
Group
|
18,618
|
2,455
|
21,073
|
814
|
50
|
21,937
|
6,378
|
|
Service revenue
|
Equipment revenue
|
Revenue from contracts with customers
|
Other revenue1
|
Interest revenue
|
Total segment revenue
|
Adjusted EBITDAaL
|
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
Six months ended 30 September 2022
|
|
|
|
|
|
|
|
Germany
|
5,730
|
675
|
6,405
|
178
|
9
|
6,592
|
2,677
|
Italy
|
2,125
|
198
|
2,323
|
49
|
5
|
2,377
|
759
|
UK
|
2,712
|
630
|
3,342
|
34
|
16
|
3,392
|
685
|
Spain
|
1,782
|
142
|
1,924
|
31
|
10
|
1,965
|
445
|
Other Europe
|
2,552
|
281
|
2,833
|
53
|
8
|
2,894
|
843
|
Vodacom2
|
3,422
|
536
|
3,958
|
207
|
14
|
4,179
|
1,527
|
Other Markets2
|
771
|
203
|
974
|
2
|
-
|
976
|
228
|
Vantage Towers
|
-
|
-
|
-
|
657
|
-
|
657
|
330
|
Common Functions3
|
268
|
23
|
291
|
405
|
-
|
696
|
(250)
|
Eliminations
|
(155)
|
-
|
(155)
|
(643)
|
-
|
(798)
|
-
|
Group
|
19,207
|
2,688
|
21,895
|
973
|
62
|
22,930
|
7,244
|
|
Six months ended 30 September
|
|
|
|
Re-presented1
|
|
2023
|
2022
|
|
€m
|
€m
|
Adjusted EBITDAaL
|
6,378
|
7,244
|
Restructuring costs
|
(212)
|
(142)
|
Interest on lease liabilities
|
281
|
204
|
Loss on disposal of property, plant & equipment and intangible
assets
|
(22)
|
(11)
|
Depreciation and amortisation on owned assets
|
(4,626)
|
(4,807)
|
Share of results of equity accounted associates and joint
ventures
|
(51)
|
376
|
Impairment reversal
|
64
|
-
|
Other (expense)/income
|
(157)
|
104
|
Operating profit
|
1,655
|
2,968
|
Investment income
|
368
|
137
|
Financing costs
|
(1,473)
|
(1,418)
|
Profit before taxation
|
550
|
1,687
|
|
30 September
|
31 March
|
|
2023
|
2023
|
|
€m
|
€m
|
Non-current assets1
|
|
|
Germany
|
43,301
|
43,878
|
Italy
|
9,956
|
10,235
|
UK
|
6,638
|
6,629
|
Spain
|
5,991
|
6,331
|
Other Europe
|
7,586
|
7,815
|
Vodacom2
|
6,789
|
6,796
|
Other Markets2
|
1,534
|
1,502
|
Common Functions3
|
1,986
|
2,013
|
Group
|
83,781
|
85,199
|
|
Six months ended 30 September
|
|
|
2023
|
2022
|
|
€m
|
€m
|
United Kingdom corporation tax (expense)/income
|
|
|
Current period
|
(38)
|
(4)
|
Adjustments in respect of prior
periods
|
(19)
|
9
|
Overseas current tax (expense)/income
|
|
|
Current period
|
(394)
|
(446)
|
Adjustments in respect of prior
periods
|
-
|
12
|
Total current tax expense
|
(451)
|
(429)
|
|
|
|
Deferred tax on origination and reversal of temporary
differences
|
|
|
United Kingdom deferred tax
|
(24)
|
(10)
|
Overseas deferred tax
|
(230)
|
(46)
|
Total deferred tax expense
|
(254)
|
(56)
|
|
|
|
Total income tax expense
|
(705)
|
(485)
|
|
Six months ended 30 September
|
|
|
2023
|
2022
|
|
Millions
|
Millions
|
Weighted average number of shares for basic earnings per
share
|
27,033
|
28,037
|
Effect of dilutive potential shares: restricted shares and share
options
|
-
|
104
|
Weighted average number of shares for diluted earnings per
share
|
27,033
|
28,141
|
|
|
|
Earnings per share attributable to owners of the parent during the
period
|
|
|
|
Six months ended 30 September
|
|
|
|
Re-presented1
|
|
2023
|
2022
|
|
€m
|
€m
|
(Loss)/profit for basic and diluted earnings per share
|
(346)
|
945
|
|
|
|
|
|
Re-presented1
|
|
eurocents
|
eurocents
|
Basic (loss)/earnings per share
|
(1.28)
|
3.37
|
Diluted (loss)/earnings per share
|
(1.28)
|
3.36
|
|
Six months ended 30 September
|
|
|
2023
|
2022
|
|
€m
|
€m
|
Declared during the financial period:
|
|
|
Final dividend for the year ended 31 March 2023: 4.50 eurocents per
share
|
|
|
(2022: 4.50 eurocents per share)
|
1,215
|
1,265
|
Proposed after the end of the reporting period and not recognised
as a liability:
|
|
|
Interim dividend for the year ending 31 March 2024: 4.50 eurocents
per share
|
|
|
(2023: 4.50 eurocents per share)
|
1,218
|
1,237
|
|
30 September
|
31 March
|
|
2023
|
2023
|
|
€m
|
€m
|
Oak Holdings 1 GmbH
|
7,883
|
8,634
|
VodafoneZiggo Group Holding B.V.
|
715
|
793
|
TPG Telecom Limited
|
57
|
108
|
Other
|
77
|
43
|
Investment in joint ventures
|
8,732
|
9,578
|
Safaricom PLC
|
554
|
509
|
Indus Towers Limited
|
1,051
|
908
|
Other
|
120
|
84
|
Investment in associates
|
1,725
|
1,501
|
|
10,457
|
11,079
|
|
Six months ended 30 September
|
|
|
|
Re-presented1
|
|
2023
|
2022
|
|
€m
|
€m
|
(Loss)/profit for the financial period
|
(155)
|
1,202
|
Investment income
|
(368)
|
(137)
|
Financing costs
|
1,473
|
1,418
|
Income tax expense
|
705
|
485
|
Operating profit
|
1,655
|
2,968
|
Adjustments for:
|
|
|
Share-based payments and other non-cash
charges
|
63
|
46
|
Depreciation and amortisation
|
6,802
|
6,853
|
Loss on disposal of property, plant &
equipment and intangible assets
|
20
|
9
|
Share of results of equity accounted associates
and joint ventures
|
51
|
(376)
|
Impairment reversal
|
(64)
|
-
|
Other expense/(income)
|
157
|
(104)
|
Increase in inventory
|
(57)
|
(175)
|
Increase in trade and other
receivables
|
(1,145)
|
(1,381)
|
Decrease in trade and other
payables
|
(1,466)
|
(888)
|
Cash generated by operations
|
6,016
|
6,952
|
Taxation
|
(472)
|
(672)
|
Net cash flow from operating activities
|
5,544
|
6,280
|
|
30 September
|
31 March
|
|
2023
|
2023
|
|
€m
|
€m
|
Financial assets at fair value:
|
|
|
Money market funds (included within Cash and
cash equivalents)1
|
2,780
|
7,781
|
Debt and equity securities (included within
Other investments)2
|
4,671
|
5,808
|
Derivative financial instruments (included
within Trade and other receivables)3,4
|
5,273
|
6,124
|
Trade receivables at fair value through Other
comprehensive income (included within Trade and
|
1,329
|
903
|
other receivables)2
|
|
|
|
14,053
|
20,616
|
|
|
|
Financial liabilities at fair value:
|
|
|
Derivative financial instruments (included
within Trade and other payables)3,4
|
1,792
|
1,422
|
|
1,792
|
1,422
|
|
Six months ended 30 September
|
|
|
2023
|
2022
|
|
€m
|
€m
|
Sales of goods and services to associates
|
15
|
11
|
Purchase of goods and services from associates
|
3
|
65
|
Sales of goods and services to joint arrangements
|
133
|
110
|
Purchase of goods and services from joint arrangements
|
392
|
69
|
Interest expense payable to associates1
|
-
|
25
|
Interest income receivable from joint
arrangements1
|
26
|
22
|
Interest expense payable to joint arrangements2
|
109
|
-
|
|
|
|
|
30 September
|
31 March
|
|
2023
|
2023
|
|
€m
|
€m
|
Trade balances owed:
|
|
|
by associates
|
8
|
7
|
to associates
|
1
|
1
|
by joint arrangements
|
143
|
170
|
to joint arrangements
|
287
|
329
|
Other balances owed by joint arrangements1
|
1,178
|
980
|
Other balances owed to joint arrangements2
|
5,323
|
5,628
|
Non-GAAP measure
|
Defined on page
|
Closest equivalent GAAP measure
|
Reconciled on page
|
Performance metrics
|
|
|
|
Adjusted
EBITDAaL
|
Page
41
|
Operating
profit
|
Page
4
|
Organic
Adjusted EBITDAaL growth
|
Page
41
|
Not
applicable
|
-
|
Organic
revenue growth
|
Page
41
|
Revenue
|
Pages
42 to 44
|
Organic
Group service revenue growth excluding Turkey
|
Page
41
|
Service
revenue
|
Pages
42 to 44
|
Organic
Group Adjusted EBITDAaL growth excluding Turkey
|
Page
41
|
Not
applicable
|
-
|
Organic
service revenue growth
|
Page
41
|
Service
revenue
|
Pages
42 to 44
|
Organic
mobile service revenue growth
|
Page
41
|
Service
revenue
|
Pages
42 to 44
|
Organic
fixed service revenue growth
|
Page
41
|
Service
revenue
|
Pages
42 to 44
|
Organic
Vodafone Business service revenue growth
|
Page
41
|
Service
revenue
|
Pages
42 to 44
|
Organic
financial services revenue growth in South Africa
|
Page
41
|
Service
revenue
|
Pages
42 to 44
|
Other metrics
|
|
|
|
Adjusted
profit attributable to owners of the parent
|
Page
45
|
Profit
attributable to owners of the parent
|
Page
45
|
Adjusted
basic earnings per share
|
Page
45
|
Basic
earnings per share
|
Page
46
|
Cash flow, funding and capital allocation metrics
|
|
|
|
Free
cash flow
|
Page
46
|
Inflow
from operating activities
|
Page
47
|
Adjusted
free cash flow
|
Page
46
|
Inflow
from operating activities
|
Pages
16 and 47
|
Gross
debt
|
Page
46
|
Borrowings
|
Page
47
|
Net
debt
|
Page
46
|
Borrowings
less cash and cash equivalents
|
Page
47
|
Pre-tax
ROCE (controlled)
|
Page
48
|
ROCE
calculated using GAAP measures
|
Pages
48 and 49
|
Post-tax
ROCE (controlled and associates/joint ventures)
|
Page
48
|
ROCE
calculated using GAAP measures
|
Pages
48 and 49
|
Financing and Taxation metrics
|
|
|
|
Adjusted
net financing costs
|
Page
50
|
Net
financing costs
|
Page
14
|
Adjusted
profit before taxation
|
Page
50
|
Profit
before taxation
|
Page
51
|
Adjusted
income tax expense
|
Page
50
|
Income
tax expense
|
Page
51
|
Adjusted
effective tax rate
|
Page
50
|
Income
tax expense
|
Page
51
|
Adjusted
share of results of equity accounted associates and joint
ventures
|
Page
50
|
Share
of results of equity accounted associates and joint
ventures
|
Page
51
|
Adjusted
share of results of equity accounted associates and joint ventures
used in post-tax ROCE
|
Page
50
|
Share
of results of equity accounted associates and joint
ventures
|
Page
51
|
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.
|
|
|
|
Reported
growth
|
M&A
and
Other
|
Foreign
exchange
|
Organic
growth*
|
|
Six months ended 30 September 2023
|
H1 FY24
|
H1 FY23
|
|||||
€m
|
€m
|
%
|
pps
|
pps
|
%
|
||
Service revenue1
|
|
|
|
|
|
|
|
Germany
|
5,722
|
5,730
|
(0.1)
|
-
|
-
|
(0.1)
|
|
|
Mobile service revenue
|
2,530
|
2,546
|
(0.6)
|
-
|
-
|
(0.6)
|
|
Fixed service revenue
|
3,192
|
3,184
|
0.3
|
-
|
-
|
0.3
|
Italy
|
2,098
|
2,125
|
(1.3)
|
-
|
-
|
(1.3)
|
|
|
Mobile service revenue
|
1,431
|
1,507
|
(5.0)
|
(0.1)
|
-
|
(5.1)
|
|
Fixed service revenue
|
667
|
618
|
7.9
|
0.1
|
-
|
8.0
|
UK
|
2,822
|
2,712
|
4.1
|
-
|
1.5
|
5.6
|
|
|
Mobile service revenue
|
2,096
|
2,003
|
4.6
|
-
|
1.6
|
6.2
|
|
Fixed service revenue
|
726
|
709
|
2.4
|
-
|
1.4
|
3.8
|
Spain
|
1,731
|
1,782
|
(2.9)
|
0.1
|
-
|
(2.8)
|
|
Other Europe2
|
2,366
|
2,552
|
(7.3)
|
12.4
|
(1.2)
|
3.9
|
|
Vodacom3
|
2,924
|
3,422
|
(14.6)
|
-
|
23.6
|
9.0
|
|
Other Markets2,3
|
828
|
771
|
7.4
|
18.3
|
53.6
|
79.3
|
|
Common Functions
|
282
|
268
|
-
|
-
|
-
|
-
|
|
Eliminations
|
(155)
|
(155)
|
|
|
|
|
|
Total service revenue
|
18,618
|
19,207
|
(3.1)
|
2.0
|
5.3
|
4.2
|
|
Other revenue
|
3,319
|
3,723
|
|
|
|
|
|
Revenue
|
21,937
|
22,930
|
(4.3)
|
2.2
|
5.3
|
3.2
|
|
|
|
|
|
|
|
|
|
Other growth metrics
|
|
|
|
|
|
|
|
Group service revenue excluding Turkey
|
17,809
|
18,549
|
(4.0)
|
2.1
|
4.2
|
2.3
|
|
Group Adjusted EBITDAaL excluding Turkey
|
6,124
|
7,029
|
(12.9)
|
6.4
|
4.5
|
(2.0)
|
|
Turkey - Service revenue
|
828
|
676
|
22.5
|
(5.4)
|
62.2
|
79.3
|
|
Turkey - Adjusted EBITDAaL
|
254
|
215
|
18.1
|
145.9
|
(74.9)
|
89.1
|
|
Vodafone Business - Service revenue
|
5,124
|
5,149
|
(0.5)
|
1.4
|
3.5
|
4.4
|
|
Germany - Vodafone Business service revenue
|
1,205
|
1,193
|
1.0
|
(0.5)
|
-
|
0.5
|
|
Italy - Vodafone Business service revenue
|
754
|
695
|
8.5
|
(0.1)
|
-
|
8.4
|
|
UK - Vodafone Business service revenue
|
1,059
|
1,036
|
2.2
|
-
|
1.6
|
3.8
|
|
Spain - Vodafone Business service revenue
|
557
|
569
|
(2.1)
|
0.1
|
-
|
(2.0)
|
|
Other Europe - Vodafone Business service revenue
|
728
|
747
|
(2.5)
|
9.4
|
(1.1)
|
5.8
|
|
South Africa - Financial services revenue
|
77
|
82
|
(6.1)
|
-
|
16.9
|
10.8
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAaL
|
|
|
|
|
|
|
|
Germany
|
2,527
|
2,677
|
(5.6)
|
-
|
-
|
(5.6)
|
|
Italy
|
645
|
759
|
(15.0)
|
-
|
-
|
(15.0)
|
|
UK
|
640
|
685
|
(6.6)
|
-
|
1.3
|
(5.3)
|
|
Spain
|
394
|
445
|
(11.5)
|
(0.1)
|
-
|
(11.6)
|
|
Other Europe2
|
766
|
843
|
(9.1)
|
11.1
|
(1.3)
|
0.7
|
|
Vodacom3
|
1,241
|
1,527
|
(18.7)
|
-
|
23.6
|
4.9
|
|
Other Markets2,3
|
254
|
228
|
11.4
|
21.7
|
56.0
|
89.1
|
|
Vantage Towers
|
-
|
330
|
(100.0)
|
100.0
|
-
|
-
|
|
Common Functions
|
(89)
|
(250)
|
|
|
|
|
|
Eliminations
|
-
|
-
|
|
|
|
|
|
Group
|
6,378
|
7,244
|
(12.0)
|
6.9
|
5.4
|
0.3
|
|
|
|
|
|
|
|
|
|
Percentage point change in Adjusted EBITDAaL margin
|
|
|
|
|
|
|
|
Germany
|
39.5%
|
40.6%
|
(1.1)
|
(0.1)
|
-
|
(1.2)
|
|
Italy
|
27.8%
|
31.9%
|
(4.1)
|
-
|
-
|
(4.1)
|
|
UK
|
19.0%
|
20.2%
|
(1.2)
|
-
|
-
|
(1.2)
|
|
Spain
|
20.4%
|
22.6%
|
(2.2)
|
(0.1)
|
-
|
(2.3)
|
|
Other Europe2
|
28.6%
|
29.1%
|
(0.5)
|
(0.4)
|
(0.1)
|
(1.0)
|
|
Vodacom3
|
34.6%
|
36.5%
|
(1.9)
|
-
|
0.7
|
(1.2)
|
|
Other Markets2,3
|
22.5%
|
23.4%
|
(0.9)
|
0.9
|
0.1
|
0.1
|
|
Group
|
29.1%
|
31.6%
|
(2.5)
|
1.5
|
0.2
|
(0.8)
|
|
|
|
|
Reported
growth
|
M&A
and
Other
|
Foreign
exchange
|
Organic
growth*
|
Quarter ended 30 September 2023
|
Q2 FY24
|
Q2 FY23
|
|||||
€m
|
€m
|
%
|
pps
|
pps
|
%
|
||
Service revenue
|
|
|
|
|
|
|
|
Germany
|
2,903
|
2,873
|
1.0
|
0.1
|
-
|
1.1
|
|
|
Mobile service revenue
|
1,290
|
1,282
|
0.6
|
0.1
|
-
|
0.7
|
|
Fixed service revenue
|
1,613
|
1,591
|
1.4
|
-
|
-
|
1.4
|
Italy
|
1,063
|
1,073
|
(0.9)
|
(0.1)
|
-
|
(1.0)
|
|
|
Mobile service revenue
|
729
|
762
|
(4.3)
|
(0.1)
|
-
|
(4.4)
|
|
Fixed service revenue
|
334
|
311
|
7.4
|
(0.1)
|
-
|
7.3
|
UK
|
1,421
|
1,352
|
5.1
|
-
|
0.4
|
5.5
|
|
|
Mobile service revenue
|
1,057
|
1,000
|
5.7
|
-
|
0.4
|
6.1
|
|
Fixed service revenue
|
364
|
352
|
3.4
|
-
|
0.5
|
3.9
|
Spain
|
860
|
884
|
(2.7)
|
-
|
-
|
(2.7)
|
|
Other Europe1
|
1,205
|
1,298
|
(7.2)
|
12.1
|
(1.1)
|
3.8
|
|
Vodacom2
|
1,498
|
1,758
|
(14.8)
|
-
|
23.8
|
9.0
|
|
Other Markets1,2
|
495
|
407
|
21.6
|
(11.3)
|
74.7
|
85.0
|
|
Common Functions
|
151
|
140
|
|
|
|
|
|
Eliminations
|
(88)
|
(92)
|
|
|
|
|
|
Total service revenue
|
9,508
|
9,693
|
(1.9)
|
1.0
|
5.6
|
4.7
|
|
Other revenue
|
1,689
|
1,959
|
|
|
|
|
|
Revenue
|
11,197
|
11,652
|
(3.9)
|
1.2
|
5.5
|
2.8
|
|
|
|
|
|
|
|
|
|
Other growth metrics
|
|
|
|
|
|
|
|
Group service revenue excluding Turkey
|
9,023
|
9,344
|
(3.4)
|
2.1
|
4.1
|
2.8
|
|
Turkey - Service revenue
|
495
|
360
|
37.5
|
(41.8)
|
89.3
|
85.0
|
|
Vodafone Business - Service revenue
|
2,589
|
2,591
|
(0.1)
|
1.0
|
3.4
|
4.3
|
|
Germany - Vodafone Business service revenue
|
609
|
600
|
1.5
|
(0.5)
|
-
|
1.0
|
|
Italy - Vodafone Business service revenue
|
379
|
352
|
7.7
|
(0.2)
|
-
|
7.5
|
|
UK - Vodafone Business service revenue
|
531
|
517
|
2.7
|
-
|
0.5
|
3.2
|
|
Spain - Vodafone Business service revenue
|
276
|
280
|
(1.4)
|
0.2
|
-
|
(1.2)
|
|
Other Europe - Vodafone Business service revenue
|
365
|
376
|
(2.9)
|
9.2
|
(1.1)
|
5.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
growth
|
M&A
and
Other
|
Foreign
exchange
|
Organic
growth*
|
Quarter ended 30 June 2023
|
Q1 FY24
|
Q1 FY23
|
|||||
€m
|
€m
|
%
|
pps
|
pps
|
%
|
||
Service revenue
|
|
|
|
|
|
|
|
Germany
|
2,819
|
2,857
|
(1.3)
|
-
|
-
|
(1.3)
|
|
|
Mobile service revenue
|
1,240
|
1,264
|
(1.9)
|
-
|
-
|
(1.9)
|
|
Fixed service revenue
|
1,579
|
1,593
|
(0.9)
|
-
|
-
|
(0.9)
|
Italy
|
1,035
|
1,052
|
(1.6)
|
-
|
-
|
(1.6)
|
|
|
Mobile service revenue
|
702
|
745
|
(5.8)
|
-
|
-
|
(5.8)
|
|
Fixed service revenue
|
333
|
307
|
8.5
|
0.2
|
-
|
8.7
|
UK
|
1,401
|
1,360
|
3.0
|
-
|
2.7
|
5.7
|
|
|
Mobile service revenue
|
1,039
|
1,003
|
3.6
|
-
|
2.8
|
6.4
|
|
Fixed service revenue
|
362
|
357
|
1.4
|
-
|
2.3
|
3.7
|
Spain
|
871
|
898
|
(3.0)
|
-
|
-
|
(3.0)
|
|
Other Europe1
|
1,161
|
1,254
|
(7.4)
|
12.8
|
(1.3)
|
4.1
|
|
Vodacom2
|
1,426
|
1,664
|
(14.3)
|
-
|
23.3
|
9.0
|
|
Other Markets1,2
|
333
|
364
|
(8.5)
|
48.7
|
33.9
|
74.1
|
|
Common Functions
|
131
|
128
|
|
|
|
|
|
Eliminations
|
(67)
|
(63)
|
|
|
|
|
|
Total service revenue
|
9,110
|
9,514
|
(4.2)
|
3.0
|
4.9
|
3.7
|
|
Other revenue
|
1,630
|
1,764
|
|
|
|
|
|
Revenue
|
10,740
|
11,278
|
(4.8)
|
3.4
|
5.1
|
3.7
|
|
|
|
|
|
|
|
|
|
Other growth metrics
|
|
|
|
|
|
|
|
Group service revenue excluding Turkey
|
8,786
|
9,205
|
(4.6)
|
2.1
|
4.3
|
1.8
|
|
Turkey - Service revenue
|
333
|
316
|
5.4
|
31.4
|
37.3
|
74.1
|
|
Vodafone Business - Service revenue
|
2,535
|
2,558
|
(0.9)
|
1.9
|
3.5
|
4.5
|
|
Germany - Vodafone Business service revenue
|
596
|
593
|
0.5
|
(0.5)
|
-
|
-
|
|
Italy - Vodafone Business service revenue
|
375
|
343
|
9.3
|
0.1
|
-
|
9.4
|
|
UK - Vodafone Business service revenue
|
528
|
519
|
1.7
|
-
|
2.7
|
4.4
|
|
Spain - Vodafone Business service revenue
|
281
|
289
|
(2.8)
|
-
|
-
|
(2.8)
|
|
Other Europe - Vodafone Business service revenue
|
363
|
371
|
(2.2)
|
9.7
|
(1.1)
|
6.4
|
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.
|
|
|
|
|
Re-presented1
|
||
|
H1 FY24
|
H1 FY23
|
||||
|
Reported
|
Adjustments
|
Adjusted
|
Reported
|
Adjustments
|
Adjusted
|
|
€m
|
€m
|
€m
|
€m
|
€m
|
€m
|
Adjusted EBITDAaL
|
6,378
|
-
|
6,378
|
7,244
|
-
|
7,244
|
Restructuring costs
|
(212)
|
212
|
-
|
(142)
|
142
|
-
|
Interest on lease liabilities
|
281
|
-
|
281
|
204
|
-
|
204
|
Loss on disposal of property, plant & equipment and intangible
assets
|
(22)
|
-
|
(22)
|
(11)
|
-
|
(11)
|
Depreciation and amortisation on owned assets2
|
(4,626)
|
303
|
(4,323)
|
(4,807)
|
250
|
(4,557)
|
Share of results of equity accounted associates and joint
ventures3
|
(51)
|
164
|
113
|
376
|
127
|
503
|
Impairment reversal
|
64
|
(64)
|
-
|
-
|
-
|
-
|
Other (expense)/income
|
(157)
|
157
|
-
|
104
|
(104)
|
-
|
Operating profit
|
1,655
|
772
|
2,427
|
2,968
|
415
|
3,383
|
Investment income
|
368
|
-
|
368
|
137
|
-
|
137
|
Financing costs4
|
(1,473)
|
231
|
(1,242)
|
(1,418)
|
340
|
(1,078)
|
Profit before taxation
|
550
|
1,003
|
1,553
|
1,687
|
755
|
2,442
|
Income tax expense5
|
(705)
|
269
|
(436)
|
(485)
|
(42)
|
(527)
|
(Loss)/profit for the financial period
|
(155)
|
1,272
|
1,117
|
1,202
|
713
|
1,915
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
- Owners of the parent
|
(346)
|
1,272
|
926
|
945
|
710
|
1,655
|
- Non-controlling interests
|
191
|
-
|
191
|
257
|
3
|
260
|
(Loss)/profit for the financial period
|
(155)
|
1,272
|
1,117
|
1,202
|
713
|
1,915
|
|
|
Re-presented1
|
|
H1 FY24
|
H1 FY23
|
|
€m
|
€m
|
(Loss)/profit attributable to owners of the parent
|
(346)
|
945
|
Adjusted profit attributable to owners of the parent
|
926
|
1,655
|
|
|
|
|
Million
|
Million
|
Weighted average number of shares outstanding - Basic
|
27,033
|
28,037
|
|
|
|
|
eurocents
|
eurocents
|
Basic (loss)/earnings per share
|
(1.28)c
|
3.37c
|
Adjusted basic earnings per share
|
3.43c
|
5.90c
|
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.
|
|
H1 FY24
|
H1 FY23
|
|
€m
|
€m
|
Inflow from operating activities
|
5,544
|
6,280
|
Net tax paid
|
472
|
672
|
Cash generated by operations
|
6,016
|
6,952
|
Capital additions
|
(3,365)
|
(3,541)
|
Working capital movement in respect of capital
additions
|
(804)
|
(966)
|
Disposal of property, plant and equipment and intangible
assets
|
12
|
-
|
Integration capital additions
|
(66)
|
(101)
|
Working capital movement in respect of integration capital
additions
|
(42)
|
(69)
|
Licences and spectrum
|
(173)
|
(2,181)
|
Interest received and paid1
|
(806)
|
(841)
|
Taxation
|
(472)
|
(672)
|
Dividends received from associates and joint ventures
|
75
|
463
|
Dividends paid to non-controlling shareholders in
subsidiaries
|
(167)
|
(290)
|
Payments in respect of lease liabilities
|
(2,252)
|
(2,003)
|
Other
|
93
|
4
|
Free cash flow
|
(1,951)
|
(3,245)
|
|
|
H1 FY24
|
Year-end FY23
|
|
|
€m
|
€m
|
Borrowings
|
(65,058)
|
(66,390)
|
|
Lease liabilities
|
13,039
|
13,364
|
|
Bank borrowings secured against Indian assets
|
1,597
|
1,485
|
|
Collateral liabilities
|
4,431
|
4,886
|
|
Gross debt
|
(45,991)
|
(46,655)
|
|
Collateral liabilities
|
(4,431)
|
(4,886)
|
|
Cash and cash equivalents
|
7,148
|
11,705
|
|
Short-term investments
|
4,094
|
4,305
|
|
Collateral assets
|
649
|
239
|
|
Derivative financial instruments
|
3,481
|
4,702
|
|
Less mark-to-market gains deferred in hedge reserves
|
(1,190)
|
(2,785)
|
|
Net debt
|
(36,240)
|
(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, 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
|
|
H1 FY24
|
H1 FY23
|
|
€m
|
€m
|
Operating profit2
|
12,983
|
6,078
|
|
|
|
Borrowings
|
65,058
|
75,644
|
Cash and cash equivalents
|
(7,148)
|
(7,077)
|
Derivative financial instruments included in trade and other
receivables
|
(5,273)
|
(8,769)
|
Derivative financial instruments included in trade and other
payables
|
1,792
|
1,786
|
Short-term investments
|
(4,094)
|
(4,402)
|
Collateral assets
|
(649)
|
(754)
|
Financial liabilities under put option arrangements
|
493
|
486
|
Equity
|
61,562
|
57,795
|
Capital employed at end of the year
|
111,741
|
114,709
|
|
|
|
Average capital employed for the year
|
113,225
|
115,322
|
|
|
|
ROCE using GAAP measures
|
11.5%
|
5.3%
|
|
|
Re-presented2
|
|
H1 FY241
|
H1 FY23
|
|
€m
|
€m
|
Operating profit
|
12,983
|
6,078
|
Interest on lease liabilities
|
(513)
|
(403)
|
Restructuring costs
|
657
|
315
|
Other income
|
(8,837)
|
(261)
|
Share of results of equity accounted associates and joint
ventures
|
(6)
|
(571)
|
Other adjustments3
|
283
|
128
|
Adjusted operating profit for calculating pre-tax ROCE
(controlled)
|
4,567
|
5,286
|
Adjusted share of results of equity accounted associates and joint
ventures used in post-tax ROCE4
|
(9)
|
575
|
Notional tax at Adjusted effective tax rate5
|
(1,268)
|
(1,615)
|
Adjusted operating profit for calculating post-tax ROCE (controlled
and associates/joint ventures)
|
3,290
|
4,246
|
|
|
|
Capital employed for calculating ROCE on a GAAP basis
|
111,741
|
114,709
|
Adjustments to exclude:
|
|
|
- Leases
|
(13,039)
|
(12,084)
|
- Deferred tax assets
|
(19,460)
|
(18,699)
|
- Deferred tax liabilities
|
728
|
697
|
- Taxation recoverable
|
(296)
|
(393)
|
- Taxation liabilities
|
453
|
722
|
- Other investments
|
(1,630)
|
(1,783)
|
- Investments in associates and joint ventures
|
(10,457)
|
(5,453)
|
- Pension assets and liabilities
|
(30)
|
(212)
|
- Other adjustments3
|
(914)
|
(854)
|
Adjusted capital employed for calculating pre-tax ROCE
(controlled)
|
67,096
|
76,650
|
Investments in associates and joint ventures
|
10,457
|
5,453
|
Adjusted capital employed for calculating post-tax ROCE (controlled
and associates/joint ventures)
|
77,553
|
82,103
|
|
|
|
Average capital employed for calculating pre-tax ROCE
(controlled)
|
71,873
|
76,865
|
Average capital employed for calculating post-tax ROCE (controlled
and associates/joint ventures)
|
79,828
|
82,436
|
|
|
|
Pre-tax ROCE (controlled)
|
6.4%
|
6.9%
|
Post-tax ROCE (controlled and associates/joint
ventures)
|
4.1%
|
5.2%
|
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, 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,
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
|
|
H1 FY24
|
H1 FY23
|
|
|
€m
|
€m
|
|
Profit before taxation
|
550
|
1,687
|
|
Adjustments to derive Adjusted profit before tax
|
1,003
|
755
|
|
Adjusted profit before taxation
|
1,553
|
2,442
|
|
Adjusted share of results of equity accounted associates and joint
ventures
|
(113)
|
(503)
|
|
Adjusted profit before tax for calculating Adjusted effective tax
rate
|
1,440
|
1,939
|
|
|
|
|
|
Income tax expense
|
(705)
|
(485)
|
|
Tax on adjustments to derive Adjusted profit before
tax
|
(150)
|
(132)
|
|
Adjustments:
|
|
|
|
- UK corporate interest restriction
|
48
|
35
|
|
- Tax relating to hyperinflation accounting
|
121
|
55
|
|
- Deferred tax on use of Luxembourg losses in the
year
|
250
|
-
|
|
Adjusted income tax expense for calculating Adjusted tax
rate
|
(436)
|
(527)
|
|
Adjusted effective tax rate
|
30.3%
|
27.2%
|
|
|
Re-presented1
|
|
H1 FY24
|
H1 FY23
|
|
€m
|
€m
|
Share of results of equity accounted associates and joint
ventures
|
(51)
|
376
|
Restructuring costs
|
7
|
3
|
Other income
|
(16)
|
-
|
Adjusted share of results of equity accounted associates and joint
ventures used in post-tax ROCE
|
(60)
|
379
|
Amortisation of acquired customer base and brand intangible
assets
|
173
|
124
|
Adjusted share of results of equity accounted associates and joint
ventures
|
113
|
503
|
|
|
H1 FY24
|
H1 FY23
|
|
€m
|
€m
|
|
Depreciation on leased assets - included in Adjusted
EBITDAaL
|
2,157
|
2,046
|
|
Depreciation on leased assets - included in Restructuring
costs
|
19
|
-
|
|
Depreciation on leased assets
|
2,176
|
2,046
|
|
|
|
|
|
Depreciation on owned assets
|
2,586
|
2,869
|
|
Amortisation of owned intangible assets
|
2,040
|
1,938
|
|
Depreciation and amortisation on owned assets
|
4,626
|
4,807
|
|
|
|
|
|
Total depreciation and amortisation on owned and leased
assets
|
6,802
|
6,853
|
|
|
|
|
|
Loss on disposal of owned fixed assets
|
22
|
11
|
|
Loss on disposal of leased assets
|
(2)
|
(2)
|
|
Depreciation and amortisation - as recognised in the consolidated
income statement
|
6,822
|
6,862
|
|
|
H1 FY24
|
H1 FY23
|
|
€m
|
€m
|
|
Capital additions
|
3,365
|
3,541
|
|
Integration related capital additions
|
66
|
101
|
|
Licence and spectrum additions
|
250
|
193
|
|
Additions
|
3,681
|
3,835
|
|
|
|
|
|
Intangible assets additions
|
1,396
|
1,316
|
|
Property, plant and equipment owned additions
|
2,285
|
2,519
|
|
Total additions
|
3,681
|
3,835
|
Term
|
Definition
|
Africa
|
Comprises
the Vodacom Group.
|
ARPU
|
Average
revenue per user, defined as customer revenue and incoming revenue
divided by average customers.
|
Capital
additions
|
Comprises
the purchase of property, plant and equipment and intangible
assets, other than licence and spectrum payments and integration
capital expenditure.
|
Churn
|
Total
gross customer disconnections in the period divided by the average
total customers in the period.
|
Common
Functions
|
Comprises
central teams and business functions.
|
Converged
customer
|
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.
|
Depreciation
and amortisation
|
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.
|
Eliminations
|
Refers
to the removal of intercompany transactions to derive the
consolidated financial statements.
|
Europe
|
Comprises
the Group's European businesses and the UK.
|
Financial
services revenue
|
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).
|
Fixed
service revenue
|
Service
revenue (see below) relating to the provision of fixed line and
carrier services.
|
FTTH
|
Fibre
to the home.
|
GAAP
|
Generally
Accepted Accounting Principles.
|
IFRS
|
International
Financial Reporting Standards.
|
Incoming
revenue
|
Comprises
revenue from termination rates for voice and messaging to Vodafone
customers.
|
Integration
capital additions
|
Capital
additions incurred in relation to significant changes in the
operating model, such as the integration of recently acquired
subsidiaries.
|
Internet
of Things ('IoT')
|
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.
|
Mobile
service revenue
|
Service
revenue (see below) relating to the provision of mobile
services.
|
MVNO
|
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.
|
Next
generation networks ('NGN')
|
Fibre
or cable networks typically providing high-speed
broadband.
|
Operating
expenses
|
Comprise
primarily sales and distribution costs, network and IT related
expenditure and business support costs.
|
Other
Europe
|
Other
Europe markets include Portugal, Ireland, Greece, Romania, Czech
Republic and Albania. The prior period comparative results include
Vodafone Hungary which was disposed of in January
2023.
|
Other
Markets
|
Other
Markets comprise Turkey. From 1 April 2023, the Group revised its
segmental reporting by moving Vodafone Egypt from the Other Markets
segment to the Vodacom segment. This is the effective date on which
the Group's reporting structure changed to reflect the transfer of
Vodafone Egypt to the Vodacom Group. The prior period comparative
results include Vodafone Ghana which was disposed of in February
2023.
|
Other
revenue
|
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.
|
Reported
growth
|
Reported
growth is based on amounts reported in euros and determined under
IFRS.
|
Revenue
|
The
total of Service revenue (see below) and Other revenue (see
above).
|
Roaming
|
Roaming
allows customers to make calls, send and receive texts and data on
our and other operators' mobile networks, usually while travelling
abroad.
|
Service
revenue
|
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.
|
SME
|
Small
and medium sized enterprises.
|
Vodafone
Business
|
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.
|
|
VODAFONE
GROUP
|
|
PUBLIC
LIMITED COMPANY
|
|
(Registrant)
|
|
|
|
|
Date:
November 14, 2023
|
By: /s/ M D B
|
|
Name: Maaike de Bie
|
|
Title: Group General Counsel and Company Secretary
|