Vodafone Group Public Limited (VOD) 20-F 8 Jun 18 2018 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information - shares	12 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	VODAFONE GROUP PUBLIC LTD CO
Entity Central Index Key	839,923
Document Type	20-F
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	26,676,624,411	0
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY

Consolidated income statement

Consolidated income statement € in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2018EUR (€)€ / shares	Mar. 31, 2017EUR (€)€ / shares	Mar. 31, 2016EUR (€)€ / shares
Consolidated income statement
Revenue	€ 46,571	€ 47,631	€ 49,810
Cost of sales	(32,771)	(34,576)	(36,713)
Gross profit	13,800	13,055	13,097
Selling and distribution expenses	(4,011)	(4,349)	(4,603)
Administrative expenses	(5,644)	(6,080)	(6,379)
Share of results of equity accounted associates and joint ventures	(59)	47	60
Impairment losses			(569)
Other income /(expenses)	213	1,052	(286)
Operating profit	4,299	3,725	1,320
Non-operating expenses	(32)	(1)	(3)
Investment income	685	474	539
Finance costs	(1,074)	(1,406)	(2,046)
Profit/(loss) before taxation	3,878	2,792	(190)
Income tax credit/(expense)	879	(4,764)	(4,937)
Profit/(loss) for the financial year from continuing operations	4,757	(1,972)	(5,127)
(Loss)/profit for the financial year from discontinued operations	(1,969)	(4,107)	5
Profit/(loss) for the financial year	2,788	(6,079)	(5,122)
Attributable to:
Owners of the parent	2,439	(6,297)	(5,405)
Non-controlling interests	349	218	283
Profit/(loss) for the financial year	€ 2,788	€ (6,079)	€ (5,122)
Earnings/(loss) per share
Basic - From continuing operations (in euros per share) | € / shares	€ 0.1587	€ (0.0783)	€ (0.2027)
Diluted - From continuing operations (in euros per share) | € / shares	0.1582	(0.0783)	(0.2027)
Basic - Total Group (in eurocents per share) | € / shares	0.0878	(0.2251)	(0.2025)
Diluted - Total Group (in eurocents per share) | € / shares	€ 0.0876	€ (0.2251)	€ (0.2025)

Consolidated statement of compr

Consolidated statement of comprehensive income € in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2018EUR (€)	Mar. 31, 2017EUR (€)	Mar. 31, 2016EUR (€)
Consolidated statement of comprehensive income
Profit/(loss) for the financial year:	€ 2,788	€ (6,079)	€ (5,122)
Items that may be reclassified to the income statement in subsequent years:
Gains/(losses) on revaluation of available-for-sale investments, net of tax	9	2	(3)
Foreign exchange translation differences, net of tax	(1,909)	(1,201)	(3,030)
Foreign exchange (gains)/losses transferred to the income statement	(80)		282
Fair value (gains)/losses transferred to the income statement		4
Other, net of tax	(339)	110	56
Total items that may be reclassified to the income statement in subsequent years	(2,319)	(1,085)	(2,695)
Items that will not be reclassified to the income statement in subsequent years:
Net actuarial (losses)/gains on defined benefit pension schemes, net of tax	(70)	(272)	174
Total items that will not be reclassified to the income statement in subsequent years	(70)	(272)	174
Other comprehensive expense	(2,389)	(1,357)	(2,521)
Total comprehensive income/(expense) for the year	399	(7,436)	(7,643)
Attributable to:
Owners of the parent	187	(7,535)	(7,579)
Non-controlling interests	212	99	(64)
Total comprehensive income/(expense) for the year	€ 399	€ (7,436)	€ (7,643)

Consolidated statement of finan

Consolidated statement of financial position - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017
Non-current assets
Goodwill	€ 26,734	€ 26,808
Other intangible assets	16,523	19,412
Plant, property and equipment	28,325	30,204
Investments in associates and joint ventures	2,538	3,138
Other investments	3,204	3,459
Deferred tax assets	26,200	24,300
Post employment benefits	110	57
Trade and other receivables	4,026	4,569
Total non-current assets	107,660	111,947
Current assets
Inventory	581	576
Taxation recoverable	106	150
Trade and other receivables	9,975	9,861
Other investments	8,795	6,120
Cash and cash equivalents	4,674	8,835
Total current assets	24,131	25,542
Assets held for sale	13,820	17,195
Total assets	145,611	154,684
Equity
Called up share capital	4,796	4,796
Additional paid-in capital	150,197	151,808
Treasury shares	(8,463)	(8,610)
Accumulated losses	(106,695)	(105,851)
Accumulated other comprehensive income	27,805	30,057
Total attributable to owners of the parent	67,640	72,200
Non-controlling interests	967	1,525
Put options over non-controlling interests		(6)
Total non-controlling interests	967	1,519
Total equity	68,607	73,719
Non-current liabilities
Long-term borrowings	32,908	34,523
Deferred tax liabilities	644	535
Post employment benefits	520	651
Provisions	1,065	1,130
Trade and other payables	2,843	1,737
Total non current liabilities	37,980	38,576
Current liabilities
Short-term borrowings	10,351	12,051
Taxation liabilities	541	661
Provisions	891	1,049
Trade and other payables	16,242	16,834
Total current liabilities	28,025	30,595
Liabilities held for sale	10,999	11,794
Total equity and liabilities	€ 145,611	€ 154,684

Consolidated statement of chang

Consolidated statement of changes in equity € in Millions, $ in Millions	Equity share-holder's fundsEUR (€)	Share capitalEUR (€)	Additional paid-in capital.EUR (€)	Treasury shares.EUR (€)	Retained lossesEUR (€)	Currency reserveEUR (€)	Pensions reserveEUR (€)	Investment reserveEUR (€)	Revaluation surplusEUR (€)	Other reserveEUR (€)	Non-controlling Interests.EUR (€)	USD ($)	EUR (€)
Beginning balance at Mar. 31, 2015	€ 91,510	€ 5,246	€ 161,801	€ (9,747)	€ (85,882)	€ 19,765	€ (1,004)	€ 53	€ 1,227	€ 51	€ 2,198		€ 93,708
Issue or reissue of shares	18		2	147	(131)								18
Share-based payments	161		161										161
Issue of mandatory convertible bonds	3,480		3,480										3,480
Transactions with non-controlling interests in subsidiaries	(44)				(44)						(19)		(63)
Dividends	(4,233)				(4,233)						(332)		(4,565)
Comprehensive income	(7,579)				(5,405)	(2,401)	174	(3)		56	(64)		(7,643)
(Loss)/profit from continuing operations	(5,405)				(5,405)						283	$ (5,405)	(5,122)
OCI - before tax	(2,248)					(2,535)	216	(4)		75	(343)		(2,591)
OCI - taxes	(208)					(148)	(42)	1		(19)	(4)		(212)
Transfer to the income statement	282					282							282
Other	12	(450)	(13,750)	823	12	13,377					28		40
Ending balance at Mar. 31, 2016	83,325	4,796	151,694	(8,777)	(95,683)	30,741	(830)	50	1,227	107	1,811		85,136
Issue or reissue of shares	19		2	167	(150)								19
Share-based payments	112		112										112
Transactions with non-controlling interests in subsidiaries	(12)				(12)						17		5
Dividends	(3,709)				(3,709)						(410)		(4,119)
Comprehensive income	(7,535)				(6,297)	(1,082)	(272)	6		110	99		(7,436)
(Loss)/profit from continuing operations	(6,297)				(6,297)						218	(6,297)	(6,079)
OCI - before tax	(1,212)					(1,096)	(274)	2		156	(121)		(1,333)
OCI - taxes	(30)					14	2			(46)	2		(28)
Transfer to the income statement	4							4					4
Other											2		2
Ending balance at Mar. 31, 2017	72,200	4,796	151,808	(8,610)	(105,851)	29,659	(1,102)	56	1,227	217	1,519		73,719
Issue or reissue of shares	14		(1,741)	1,882	(127)								14
Share-based payments	130		130										130
Transactions with non-controlling interests in subsidiaries	805				805						311		1,116
Disposal of subsidiaries											(769)		(769)
Dividends	(3,961)				(3,961)						(306)		(4,267)
Comprehensive income	187				2,439	(1,852)	(70)	9		(339)	212		399
(Loss)/profit from continuing operations	2,439				2,439						349	$ 2,439	2,788
OCI - before tax	(2,077)					(1,641)	(94)	9		(351)	(140)		(2,217)
OCI - taxes	(95)					(131)	24			12	3		(92)
Transfer to the income statement	(80)					(80)							(80)
Repurchase of treasury	(1,735)			(1,735)									(1,735)
Ending balance at Mar. 31, 2018	€ 67,640	€ 4,796	€ 150,197	€ (8,463)	€ (106,695)	€ 27,807	€ (1,172)	€ 65	€ 1,227	€ (122)	€ 967		€ 68,607

Consolidated statement of chan6

Consolidated statement of changes in equity (Parenthetical) - EUR (€) € in Millions, shares in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Consolidated statement of changes in equity
Impact of the Group's cash flow hedges, net gain deferred to other comprehensive income		€ 1,811	€ 787	€ 337
Net gain recycled to the income statement		1,460	654	294
Tax credit related to issue of mandatory convertible bonds		€ 8	€ 9	€ 5
Reissue of treasury shares	729.1
Reissue of treasury shares, value	€ 1,742

Consolidated statement of cash

Consolidated statement of cash flows - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Consolidated statement of cash flows
Inflow from operating activities	€ 13,600	€ 14,223	€ 14,336
Cash flows from investing activities
Purchase of interests in subsidiaries, net of cash acquired	(9)	(28)	(57)
Purchase of interests in associates and joint ventures	(33)	499	(3)
Purchase of intangible assets	(3,246)	(2,576)	(5,618)
Purchase of property, plant and equipment	(4,917)	(6,285)	(8,265)
Purchase of investments	(3,901)	(2,219)	(106)
Disposal of interests in subsidiaries, net of cash disposed	239	2
Disposal of interests in associates and joint ventures	115	4
Disposal of property, plant and equipment	41	43	164
Disposal of investments	1,250	3,597	1,888
Dividends received from associates and joint ventures	489	433	92
Interest received	378	434	342
Cash flows from discontinued operations	(247)	(2,327)	(2,308)
Outflow from investing activities	(9,841)	(8,423)	(13,871)
Cash flows from financing activities
Issue of ordinary share capital and reissue of treasury shares	20	25	25
Net movement in short-term borrowings	(534)	1,293	(11)
Proceeds from issue of long-term borrowings	4,440	7,326	9,157
Repayment of borrowings	(4,664)	(9,267)	(3,784)
Purchase of treasury shares	(1,766)
Issue of subordinated mandatory convertible bonds			3,480
Equity dividends paid	(3,920)	(3,714)	(4,188)
Dividends paid to non-controlling shareholders in subsidiaries	(310)	(413)	(309)
Other transactions with non-controlling shareholders in subsidiaries	1,097	5	(67)
Other movements in loans with associates and joint ventures	(194)	70	(31)
Interest paid	(991)	(1,264)	(1,324)
Tax on financing activities	(110)
Cash flows from discontinued operations	(302)	(3,157)	1,134
(Outflow)/inflow from financing activities	(7,234)	(9,096)	4,082
Net cash (outflow)/inflow	(3,475)	(3,296)	4,547
Cash and cash equivalents at beginning of the financial year	9,302	12,911	9,492
Exchange loss on cash and cash equivalents	(433)	(313)	(1,128)
Cash and cash equivalents at end of the financial year	€ 5,394	€ 9,302	€ 12,911

Consolidated statement of cash8

Consolidated statement of cash flows (Parenthetical) € in Millions	12 Months Ended
	Mar. 31, 2018EUR (€)
Consolidated statement of cash flows
Cash inflow on derivative financial instruments	€ 140

Basis of preparation

Basis of preparation	12 Months Ended
	Mar. 31, 2018
Basis of preparation
Basis of preparation	1. Basis of preparation This section describes the critical accounting judgements and estimates that management has identified as having a potentially material impact on the Group’s consolidated financial statements and sets out our significant accounting policies that relate to the financial statements as a whole. Where an accounting policy is generally applicable to a specific note to the financial statements, the policy is described within that note. We have also detailed below the new accounting pronouncements that we will adopt in future years and our current view of the impact they will have on our financial reporting. The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (‘IFRS’) as issued by the International Accounting Standards Board (‘IASB’) and are also prepared in accordance with IFRS adopted by the European Union (‘EU’), the Companies Act 2006 and Article 4 of the EU IAS Regulations. The consolidated financial statements are prepared on a going concern basis. The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. A discussion on the Group’s critical accounting judgements and key sources of estimation uncertainty is detailed below. Actual results could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period; they are recognised in the period of the revision and future periods if the revision affects both current and future periods. On 1 April 2016, the Group’s presentation currency changed from sterling to the euro to better align with the geographic split of the Group’s operations. The results of Vodafone India are presented in results from discontinued operations in the current and prior periods and its assets and liabilities reported in assets and liabilities held for sale, respectively, at 31 March 2018. Vodafone Group Plc is incorporated and domiciled in England and Wales (registration number 1833679). The registered address of the Company is Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England. IFRS requires the Directors to adopt accounting policies that are the most appropriate to the Group’s circumstances. These have been applied consistently to all the years presented, unless otherwise stated. In determining and applying accounting policies, Directors and management are required to make judgements in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the Group’s reported financial position, results or cash flows; it may later be determined that a different choice may have been more appropriate. Management regularly reviews, and revises as necessary, the accounting judgements that significantly impact the amounts recognised in the financial statements and the estimates that are considered to be “critical estimates” due to their potential to give rise to material adjustments in the Group’s financial statements in the year to 31 March 2019. As at 31 March 2018, management has identified critical judgements in respect of revenue recognition (gross versus net), classification of joint arrangements and whether to recognise a provision or disclose a contingent liability. In addition, management has identified critical accounting estimates in relation to the recovery of deferred tax assets, post employment benefits, and impairments and estimates that are not considered to be critical in respect of the useful economic lives of finite lived intangibles and property, plant and equipment. During the year to 31 March 2018, the Group had no significant acquisitions and no disposals of subsidiaries via contribution into joint arrangements, consequently there are no critical estimates disclosed in respect of such transactions. The majority of the Group’s provisions are either long term in nature (such as asset retirement obligations) or relate to shorter term liabilities (such as those relating to restructuring and property) where there is not considered to be a significant risk of material adjustment in the next financial year. Provisions for uncertain tax positions are no longer considered a critical estimate as the provision predominantly relates to a large number of immaterial issues across the Group’s markets and the risk of a material change in estimate in the next financial year is not considered to be significant. Critical judgements are exercised in respect of tax disputes in India, including the cases relating to our acquisition of Vodafone India. These critical accounting judgements, estimates and related disclosures have been discussed with the Company’s Audit and Risk Committee. Critical accounting judgements and key sources of estimation uncertainty Revenue recognition Gross versus net presentation When the Group sells goods or services as a principal, income and payments to suppliers are reported on a gross basis in revenue and operating costs. If the Group sells goods or services as an agent, revenue and payments to suppliers are recorded in revenue on a net basis, representing the margin earned. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by management of both the legal form and substance of the agreement between the Group and its business partners; such judgements impact the amount of reported revenue and operating expenses but do not impact reported assets, liabilities or cash flows. Taxation The Group’s tax charge on ordinary activities is the sum of the total current and deferred tax charges. The calculation of the Group’s total tax charge involves estimation and judgement in respect of certain matters principally: Recognition of deferred tax assets Significant items on which the Group has exercised accounting estimation and judgement include the recognition of deferred tax assets in respect of losses in Luxembourg, Germany, Spain and India as well as capital allowances in the United Kingdom. The recognition of deferred tax assets, particularly in respect of tax losses, is based upon whether management judge that it is probable that there will be sufficient and suitable taxable profits in the relevant legal entity or tax group against which to utilise the assets in the future. The Group assesses the availability of future taxable profits using the same undiscounted five year forecasts for the Group’s operations as are used in the Group’s value in use calculations (see “Impairment reviews” on page 108). Where tax losses are forecast to be recovered beyond the five year period, the availability of taxable profits is assessed using the cash flows and long-term growth rates used for the value in use calculations. The estimated cash flows inherent in these forecasts include the unsystematic risks of operating in the telecommunications business including the potential impacts of changes in the market structure, trends in customer pricing, the costs associated with the acquisition and retention of customers, future technological evolutions and potential regulatory changes, such as our ability to acquire and/or renew spectrum licences. Changes in the estimates which underpin the Group’s forecasts could have an impact on the amount of future taxable profits and could have a significant impact on the period over which the deferred tax asset would be recovered. The Group only considers substantively enacted tax laws when assessing the amount and availability of tax losses to offset against the future taxable profits. See note 6 “Taxation” to the consolidated financial statements. Uncertain tax positions The tax impact of a transaction or item can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The Group uses in-house tax experts when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate. The most significant judgement in this area relates to the Group’s tax disputes in India, including the cases relating to the Group’s acquisition of Vodafone India. Further details of these are included in note 29 “Contingent liabilities and legal proceedings” to the consolidated financial statements. Joint arrangements The Group participates in a number of joint arrangements where control of the arrangement is shared with one or more other parties. Judgement is required to classify joint arrangements in a separate legal entity as either a joint operation or as a joint venture which depends on management’s assessment of the legal form and substance of the arrangement taking into account relevant facts and circumstances such as whether the owners have rights to substantially all the economic outputs and, in substance, settle the liabilities of the entity. The classification can have a material impact on the consolidated financial statements. The Group’s share of assets, liabilities, revenue, expenses and cash flows of joint operations are included in the consolidated financial statements on a line-by-line basis, whereas the Group’s investment and share of results of joint ventures are shown within single line items in the consolidated statement of financial position and consolidated income statement respectively. See note 12 “Investments in associates and joint arrangements” to the consolidated financial statements. Finite lived intangible assets Other intangible assets include amounts spent by the Group acquiring licences and spectrum, customer bases and the costs of purchasing and developing computer software. Where intangible assets are acquired through business combinations and no active market for the assets exists, the fair value of these assets is determined by discounting estimated future net cash flows generated by the asset. Estimates relating to the future cash flows and discount rates used may have a material effect on the reported amounts of finite lived intangible assets. Estimation of useful life The useful life over which intangible assets are amortised depends on management’s estimate of the period over which economic benefit will be derived from the asset. Useful lives are periodically reviewed to ensure that they remain appropriate. Management’s estimates of useful life have a material impact on the amount of amortisation recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying values of intangible assets in the year to 31 March 2019 if these estimates were revised. The basis for determining the useful life for the most significant categories of intangible assets is discussed below. Customer bases The estimated useful life principally reflects management’s view of the average economic life of the customer base and is assessed by reference to customer churn rates. An increase in churn rates may lead to a reduction in the estimated useful life and an increase in the amortisation charge. Capitalised software For computer software, the estimated useful life is based on management’s view, considering historical experience with similar products as well as anticipation of future events which may impact their life such as changes in technology. The useful life will not exceed the duration of a licence. Property, plant and equipment Property, plant and equipment represents 19.5% (2017: 19.5%) of the Group’s total assets; estimates and assumptions made may have a material impact on their carrying value and related depreciation charge. See note 11 “Property, plant and equipment” to the consolidated financial statements for further details. Estimation of useful life The depreciation charge for an asset is derived using estimates of its expected useful life and expected residual value, which are reviewed annually. Management’s estimates of useful life have a material impact on the amount of depreciation recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying values of property, plant and equipment in the year to 31 March 2019 if these estimates were revised. Management determines the useful lives and residual values for assets when they are acquired, based on experience with similar assets and taking into account other relevant factors such as any expected changes in technology. Post employment benefits Management uses estimates when determining the Group’s liabilities and expenses arising for defined benefit pension schemes. Management is required to estimate the future rates of inflation, salary increases, discount rates and longevity of members, each of which may have a material impact on the defined benefit obligations that are recorded. Further details, including a sensitivity analysis, are included in note 25 “Post employment benefits” to the consolidated financial statements. Contingent liabilities The Group exercises judgement to determine whether to recognise provisions and the exposures to contingent liabilities related to pending litigation or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities (see note 29 “Contingent liabilities and legal proceedings” to the consolidated financial statements). Judgement is necessary to assess the likelihood that a pending claim will succeed, or a liability will arise. Impairment reviews IFRS requires management to perform impairment tests annually for indefinite lived assets and, for finite lived assets, if events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment testing requires management to judge whether the carrying value of assets can be supported by the net present value of future cash flows that they generate. Calculating the net present value of the future cash flows requires estimates to be made in respect of highly uncertain matters including management’s expectations of: – growth in adjusted EBITDA, calculated as adjusted operating profit before depreciation and amortisation; – timing and amount of future capital expenditure, licence and spectrum payments; – long-term growth rates; and – appropriate discount rates to reflect the risks involved. Management prepares formal five year forecasts for the Group’s operations, which are used to estimate their value in use; a long-term growth rate into perpetuity has been determined as the lower of: – the nominal GDP growth rates for the country of operation; and – the long-term compound annual growth rate in adjusted EBITDA in years six to ten estimated by management. Changing the assumptions selected by management, in particular the discount rate and growth rate assumptions used in the cash flow projections, could significantly affect the Group’s impairment evaluation and hence reported assets and profits or losses. Further details, including a sensitivity analysis, are included in note 4 “Impairment losses” to the consolidated financial statements. For discontinued operations, impairment testing requires management to determine whether the carrying value of the discontinued operation can be supported by the fair value less costs to sell. Where not observable in a quoted market, management have determined fair value less costs to sell by reference to the outcomes from the application of a number of potential valuation techniques, determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Significant accounting policies applied in the current reporting period that relate to the financial statements as a whole Accounting convention The consolidated financial statements are prepared on a historical cost basis except for certain financial and equity instruments that have been measured at fair value. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 32 “Related undertakings” to the consolidated financial statements) and joint operations that are subject to joint control (see note 12 “Investments in associates and joint arrangements” to the consolidated financial statements). Foreign currencies The consolidated financial statements are presented in euro, which is also the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. Changes in the fair value of monetary securities denominated in foreign currency classified as available-for-sale are analysed between translation differences and other changes in the carrying amount of the security. Translation differences are recognised in the income statement and other changes in carrying amount are recognised in the consolidated statement of comprehensive income. Translation differences on non-monetary financial assets, such as investments in equity securities classified as available-for-sale, are reported as part of the fair value gain or loss and are included in the consolidated statement of comprehensive income. Share capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction and are not retranslated. For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period date. Income and expense items and cash flows are translated at the average exchange rates for each month and exchange differences arising are recognised directly in other comprehensive income. On disposal of a foreign entity, the cumulative amount previously recognised in the consolidated statement of comprehensive income relating to that particular foreign operation is recognised in profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated accordingly. The net foreign exchange gain recognised in the consolidated income statement for the year ended 31 March 2018 is €295 million (31 March 2017: €637 million loss; 2016: €1,141 million loss). The net gains and net losses are recorded within operating profit (2018: €65 million credit; 2017: €133 million charge; 2016: €24 million credit), non-operating income and expense (2018: €nil; 2017: €nil; 2016: €282 million charge), investment and financing income (2018: €141 million credit; 2017: €505 million charge; 2016: €872 million charge) and income tax expense (2018: €9 million credit; 2017: €1 million credit; 2016: €11 million charge). The foreign exchange gains and losses included within other income and expense and non-operating income and expense arise on the disposal of interests in joint ventures, associates and investments from the recycling of foreign exchange gains previously recognised in the consolidated statement of comprehensive income. Inventory Inventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. New accounting pronouncements adopted on 1 April 2017 On 1 April 2017 the Group adopted the following new accounting policies to comply with amendments to IFRS. The accounting pronouncements, none of which is considered by the Group as significant on adoption, are: -- -- -- While the amendments to IAS 7 will have no impact on the Group’s accounting, additional disclosures are included to reconcile the movements in assets and liabilities during the year resulting from financing activities. New accounting pronouncements to be adopted on 1 April 2018 On 1 April 2018 the Group will adopt the following standards, which have been issued by the IASB and endorsed by the EU; these standards will have a significant impact on the Group’s financial reporting: – IFRS 15 “Revenue from Contracts with Customers”; and – IFRS 9 “Financial Instruments”. Additional information on the impact of these significant standards is discussed below. The following pronouncements, which have also been issued by the IASB and endorsed by the EU, will be adopted by the Group on 1 April 2018; these standards are not expected to have a material impact on the consolidated results, financial position or cash flows of the Group: – – – – New accounting pronouncements to be adopted on or after 1 April 2019 On 1 April 2019 the Group will adopt IFRS 16 “ Leases”, which has been issued by the IASB and endorsed by the EU. This is a significant new standard for the Group and the expected impacts are discussed below. The following pronouncements, which are potentially relevant to the Group, have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2019; except where otherwise noted, they have not yet been endorsed by the EU. The Group’s financial reporting will be presented in accordance with these new standards, which are not expected to have a material impact on the consolidated results, financial position or cash flows of the Group, from 1 April 2019. – Amendments to IAS 28 “Long-term Interests in Associates and Joint Ventures”; – IFRIC 23 “Uncertainty over Income Tax Treatments”; –“ Improvements to IFRS 2015-2017 Cycle”; – Amendment to IAS 19 “Plan Amendment, Curtailment or Settlement”; and – Amendments to IFRS 9 “Prepayment Features with Negative Compensation”, which has been endorsed by the EU. In addition, the Group will adopt the following standard, which has been issued by the IASB and has not yet been endorsed by the EU: – IFRS 17 “Insurance Contracts”, which is effective for accounting periods beginning on or after 1 January 2021. The Group is currently assessing the impact of the accounting changes that will arise under IFRS 17; however, the changes are not expected to have a material impact on the consolidated income statement and consolidated statement of financial position. IFRS 9 “Financial Instruments” IFRS 9 “Financial Instruments” was issued in July 2014 to replace IAS 39 “Financial Instruments: Recognition and Measurement” and has been endorsed by the EU. The standard is effective for accounting periods beginning on or after 1 January 2018 and will be adopted by the Group on 1 April 2018. IFRS 9 will impact the classification and measurement of the Group’s financial instruments, revises the requirements for when hedge accounting can be applied and requires certain additional disclosures. The primary changes resulting from IFRS 9 on the Group’s accounting for financial instruments are as follows : – – Whilst hedge accounting requirements are revised under IFRS 9, no material changes to the Group’s hedge accounting have been identified. The Group will adopt IFRS 9 with the cumulative retrospective impact on the classification and measurement of financial instruments reflected as an adjustment to equity on the date of adoption. In order to comply with the transition requirements of IFRS 15 the Group will report financial information both under IFRS 15 and also under the pre-existing revenue standard (IAS 18, Revenue) for the year commencing 1 April 2018. The Group’s current estimate of the primary financial impact of adoption of IFRS 9 on an IAS 18 accounting basis on the consolidated statement of financial position on adoption is a reduction in cumulative retained earnings at 1 April 2018 of between €200 million and €300 million, inclusive of the impact of deferred tax movements but excluding the impact on equity accounted joint ventures and associates. No material impact is expected from implementing IFRS 9 on an IAS 18 basis on the consolidated income statement or on the consolidated statement of cash flows. IFRS 15 “Revenue from Contracts with Customers” IFRS 15 “Revenue from Contracts with Customers”, was issued in May 2014 and subsequent amendments, “Clarifications to IFRS 15” were issued in April 2016; both have been endorsed by the EU. IFRS 15, as amended, is effective for accounting periods beginning on or after 1 January 2018. IFRS 15 sets out the requirements for recognising revenue and costs from contracts with customers and includes extensive disclosure requirements; it will have a material impact on the Group’s reporting of revenue and costs as follows: – Deliverables in contracts with customers that qualify as separate “performance obligations” will be identified and the contractual transaction price receivable from customers must then be allocated to the performance obligations on a relative standalone selling price basis. The performance obligations identified will depend on the nature of individual customer contracts, but might typically be identified for mobile handsets, other equipment provided to customers and for services provided to customers such as mobile and fixed line. Stand-alone selling prices will be based on observable sales prices; however, where stand-alone selling prices are not directly observable, estimates will be made maximising the use of observable inputs. Revenue will be recognised either at a point in time or over time when the respective performance obligations in a contract are delivered to the customer. – – – – Certain incremental costs incurred in acquiring a contract with a customer will be deferred on the consolidated statement of financial position and amortised as revenue is recognised under the related contract; this will generally lead to the later recognition of charges for some commissions payable to third party dealers and employees. In addition, certain types of contract acquisition costs will be deducted from revenue as they are considered to relate to the funding of customer discounts. – In addition certain costs incurred in fulfilling customer contracts will be deferred on the consolidated statement of financial position and recognised as related revenue is recognised under the contract. Such deferred costs are likely to relate to the provision of deliverables to customers that do not qualify as performance obligations and for which revenue is not recognised; currently such costs are generally expensed as incurred. The impact of the changes above on the Group’s reportable segments will depend largely on the extent to which customers receive discounted goods or services, such as mobile handsets, when they enter into airtime service agreements with the Group in the relevant markets. The combined impact of the changes is expected to increase the gross profit, or reduce the gross loss, recorded at inception on many customer contracts; in such cases, this will typically reduce the gross profit reported during the remainder of the contract; however, these timing differences will not impact the total gross profit reported for a customer contract over the contract term. In applying IFRS 15, and in determining the accounting impacts described above, the Group will be required to make material judgements. The most significant judgements are expected to be: – – The Group will adopt IFRS 15 with the cumulative retrospective impact reflected as an adjustment to equity on the date of adoption; and with disclosure of the impact of IFRS 15 on each line item in the financial statements in the reporting period. The transactions impacted by IFRS 15 are high in volume, value and complexity which has necessitated a phased approach to the development of new software solutions and changes to processes and related controls across the Group. The items discussed above are the main accounting changes for the Group under IFRS 15. The Group’s current estimate of the primary financial impact of these changes on the consolidated statement of financial position on adoption is a cumulative increase in: – On the assumption that there are no significant changes to business models or products offered, the Group expects the primary financial impacts of these changes on the consolidated income statement will be: – – The implementation of IFRS 15 is not expected to have any financial impact on the consolidated statement of cash flows. These impacts are based on the assessments undertaken to date. The exact financial impacts of the accounting changes of adopting IFRS 15 at 1 April 2018 may be revised as further analysis is completed prior to presentation of financial information for periods including the date of initial application. The Group expects to be in a position to issue further guidance on the impact of adopting IFRS 15 in conjunction with the first quarter trading update for the financial year commencing 1 April 2018. IFRS 16 “Leases” IFRS 16 “Leases” was issued in January 2016 to replace IAS 17 “Leases” and has been endorsed by the EU. The standard is effective for accounting periods beginning on or after 1 January 2019 and will be adopted by the Group on 1 April 2019. IFRS 16 will primarily change lease accounting for lessees; lease agreements will give rise to the recognition of an asset representing the right to use the leased item and a loan obligation for future lease payables. Lease costs will be recognised in the form of depreciation of the right to use asset and interest on the lease liability. Lessee accounting under IFRS 16 will be similar in many respects to existing IAS 17 accounting for finance leases, but will be substantively different to existing accounting for operating leases where rental charges are currently recognised on a straight-line basis and no lease asset or related lease creditor is recognised. Lessor accounting under IFRS 16 is similar to existing IAS 17 accounting and is not expected to have a material impact for the Group. The Group is assessing the impact of the accounting changes that will arise under IFRS 16; however, the following changes to lessee accounting will have a material impact as follows: – Right-of-use assets will be recorded for assets that are leased by the Group; currently no lease assets are included on the Group’s consolidated statement of financial position for operating leases. – Liabilities will be recorded for future lease payments in the Group’s consolidated statement of financial position for the “reasonably certain” period of the lease, which may include future lease periods for which the Group has extension options. Currently liabilities are generally not recorded for future operating lease payments, which are disclosed as commitments. The amount of lease liabilities will not equal the lease commitments reported on 31 March 2019, as they will be discounted to present value and the treatment of termination and extension options may differ, but may not be dissimilar. – Lease expenses will be for depreciation of right-of-use assets and interest on lease liabilities; interest will typically be higher in the early stages of a lease and reduce over the term. Currently operating lease rentals are expensed on a straight-line basis over the lease term within operating expenses. – Operating lease cash flows are currently included within operating cash flows in the consolidated statement of cash flows; under IFRS 16 these will be recorded as cash flows from financing activities reflecting the repayment of lease liabilities (borrowings) and related interest. A high volume of transactions will be impacted by IFRS 16 and material judgements are required in identifying and accounting for leases. The most significant judgement is expected to be determination of the lease term; under IFRS 16 the lease term includes extension periods where it is rea

Segmental analysis

Segmental analysis	12 Months Ended
	Mar. 31, 2018
Segment analysis
Segment analysis	2. Segmental analysis The Group’s businesses are managed on a geographical basis. Selected financial data is presented on this basis below. The Group’s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Group has a single group of related services and products, being the supply of communications services and products. Revenue is attributed to a country or region based on the location of the Group company reporting the revenue. Transactions between operating segments are charged at arm’s-length prices. Segment information is provided on the basis of geographic areas, being the basis on which the Group manages its worldwide interests, with each country in which the Group operates treated as an operating segment. The aggregation of operating segments into the Europe and AMAP regions reflects, in the opinion of management, the similar economic characteristics within each of those regions as well the similar products and services offered and supplied, classes of customers and the regulatory environment. In the case of the Europe region this largely reflects membership of the European Union, while for the AMAP region this largely includes emerging and developing economies that are in the process of rapid growth and industrialisation. Certain financial information is provided separately within the Europe region for Germany, Italy, the UK and Spain, and within the AMAP region for India and Vodacom, as these operating segments are individually material for the Group. The segmental revenue and profit of India are included in discontinued operations for all years reported and segmental assets and cash flows are included in assets and liabilities held for sale at 31 March 2018 and 31 March 2017. See note 7 “Discontinued operations and assets and liabilities held for resale” for details. Accounting policies Revenue Revenue is recognised to the extent the Group has delivered goods or rendered services under an agreement, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Group. Revenue is measured at the fair value of the consideration receivable, exclusive of sales taxes and discounts. The Group principally obtains revenue from providing mobile and fixed telecommunication services including: access charges, voice and video calls, messaging, interconnect fees, fixed and mobile broadband and related services such as providing televisual and music content, connection fees and equipment sales. Products and services may be sold separately or in bundled packages. Revenue for access charges, voice and video calls, messaging and fixed and mobile broadband provided to contract customers is recognised as services are performed, with unbilled revenue resulting from services already provided accrued at the end of each period and unearned revenue from services to be provided in future periods deferred. Revenue from the sale of prepaid credit is deferred until such time as the customer uses the airtime, or the credit expires. Revenue from interconnect fees is recognised at the time the services are performed. Revenue for the provision of televisual and music content is recognised when or as the Group performs the related service and, depending on the nature of the service, is recognised either at the gross amount billed to the customer or the amount receivable by the Group as commission for facilitating the service. Customer connection revenue is recognised together with the related equipment revenue to the extent that the aggregate equipment and connection revenue does not exceed the fair value of the equipment delivered to the customer. Any customer connection revenue not recognised, together with any related excess equipment revenue, is deferred and recognised over the period in which services are expected to be provided to the customer. Revenue for device sales is recognised when the device is delivered to the end customer and the significant risks and rewards of ownership have transferred. For device sales made to intermediaries, revenue is recognised if the significant risks associated with the device are transferred to the intermediary and the intermediary has no general right to return the device to receive a refund. If the significant risks are not transferred, revenue recognition is deferred until sale of the device to an end customer by the intermediary or the expiry of any right of return. In revenue arrangements including more than one deliverable, the arrangements are divided into separate units of accounting. Deliverables are considered separate units of accounting if the following two conditions are met: (i) the deliverable has value to the customer on a stand-alone basis and (ii) there is evidence of the fair value of the item. The arrangement consideration is allocated to each separate unit of accounting based on its relative fair value. The Group generally determines the fair value of individual elements based on prices at which the deliverable is regularly sold on a stand-alone basis after considering any appropriate volume discounts. Revenue allocated to deliverables is restricted to the amount that is receivable without the delivery of additional goods or services. This restriction typically applies to revenue recognised for devices provided to customers, including handsets. Commissions Intermediaries are given cash incentives by the Group to connect new customers and upgrade existing customers. For intermediaries who do not purchase products and services from the Group, such cash incentives are accounted for as an expense. Such cash incentives to other intermediaries are also accounted for as an expense if: – the Group receives an identifiable benefit in exchange for the cash incentive that is separable from sales transactions to that intermediary; and – the Group can reliably estimate the fair value of that benefit. Cash incentives that do not meet these criteria are recognised as a reduction of the related revenue. Segmental revenue and profit Segment Intra-region Regional Inter-region Group Adjusted revenue revenue revenue revenue revenue EBITDA €m €m €m €m €m €m 31 March 2018 Germany 10,847 (29) 10,818 (18) 10,800 4,010 Italy 6,204 (30) 6,174 (3) 6,171 2,329 UK 7,078 (21) 7,057 (7) 7,050 1,762 Spain 4,978 (35) 4,943 (2) 4,941 1,420 Other Europe 4,941 (45) 4,896 (10) 4,886 1,515 Europe 34,048 (160) 33,888 (40) 33,848 11,036 Vodacom 5,692 — 5,692 (7) 5,685 2,203 Other AMAP 5,770 — 5,770 (25) 5,745 1,554 AMAP 11,462 — 11,462 (32) 11,430 3,757 Common Functions 1,408 — 1,408 (115) 1,293 (56) Group 46,918 (160) 46,758 (187) 46,571 14,737 31 March 2017 Germany 10,600 (32) 10,568 (21) 10,547 3,617 Italy 6,101 (30) 6,071 (1) 6,070 2,229 UK 6,925 (23) 6,902 (6) 6,896 1,212 Spain 4,973 (37) 4,936 (1) 4,935 1,360 Other Europe 6,128 (55) 6,073 (5) 6,068 1,865 Europe 34,727 (177) 34,550 (34) 34,516 10,283 Vodacom 5,294 — 5,294 — 5,294 2,063 Other AMAP 6,479 — 6,479 (14) 6,465 1,791 AMAP 11,773 — 11,773 (14) 11,759 3,854 Common Functions 1,390 — 1,390 (34) 1,356 12 Group 47,890 (177) 47,713 (82) 47,631 14,149 31 March 2016 Germany 10,626 (36) 10,590 (9) 10,581 3,462 Italy 6,008 (22) 5,986 (1) 5,985 2,015 UK 8,428 (18) 8,410 (9) 8,401 1,756 Spain 4,959 (27) 4,932 (2) 4,930 1,250 Other Europe 6,599 (55) 6,544 (4) 6,540 2,002 Europe 36,620 (158) 36,462 (25) 36,437 10,485 Vodacom 5,325 — 5,325 — 5,325 2,028 Other AMAP 6,566 — 6,566 (20) 6,546 1,678 AMAP 11,891 — 11,891 (20) 11,871 3,706 Common Functions 1,567 — 1,567 (65) 1,502 (36) Group 50,078 (158) 49,920 (110) 49,810 14,155 Total revenue recorded in respect of the sale of goods for the year ended 31 March 2018 was €4,718 million (2017: €4,029 million, 2016: €4,472 million). The Group’s measure of segment profit, adjusted EBITDA, excludes depreciation, amortisation, impairment loss, restructuring costs, loss on disposal of fixed assets, the Group’s share of results in associates and joint ventures and other income and expense. A reconciliation of adjusted EBITDA to operating profit is shown overleaf. For a reconciliation of operating profit to profit for the financial year, see the Consolidated income statement on page 102. €m €m €m Adjusted EBITDA 14,737 14,149 14,155 Depreciation, amortisation and loss on disposal of fixed assets (9,910) (10,179) (10,386) Share of adjusted results in equity accounted associates and joint ventures 1 389 164 60 Adjusted operating profit 5,216 4,134 3,829 Impairment losses — — (569) Restructuring costs (156) (415) (316) Amortisation of acquired customer based and brand intangible assets (974) (1,046) (1,338) Other income/(expense) 213 1,052 (286) Operating profit 4,299 3,725 1,320 Note: 1 Excludes amortisation of acquired customer bases and brand intangible assets of €0.4 billion (2017: €0.1 billion, 2016: €nil). Segmental assets and cash flow Other Depreciation Non-current Capital expenditure on and Operating assets 1 expenditure 2 intangible assets amortisation Impairment loss free cash flow 3 €m €m €m €m €m €m 31 March 2018 Germany 25,444 1,673 24 3,095 — 2,147 Italy 9,232 797 629 1,479 — 1,607 UK 7,465 889 — 1,600 — 408 Spain 10,576 863 — 1,371 — 628 Other Europe 7,441 710 93 1,092 — 788 Europe 60,158 4,932 746 8,637 — 5,578 Vodacom 5,841 763 1 776 — 1,453 Other AMAP 3,607 729 — 923 — 725 AMAP 9,448 1,492 1 1,699 — 2,178 Common Functions 1,976 897 — 73 — (755) Group 71,582 7,321 747 10,409 — 7,001 31 March 2017 Germany 26,694 1,671 — 3,320 — 1,749 Italy 9,157 793 2 1,603 — 1,161 UK 8,210 950 — 1,768 — 57 Spain 11,035 746 — 1,378 — 344 Other Europe 7,574 878 38 1,088 — 619 Europe 62,670 5,038 40 9,157 — 3,930 Vodacom 6,039 736 2 738 — 1,347 Other AMAP 5,778 795 317 1,153 — 947 AMAP 11,817 1,531 319 1,891 — 2,294 Common Functions 1,937 915 — 38 — (597) Group 76,424 7,484 359 11,086 — 5,627 31 March 2016 Germany 28,210 2,362 2,081 3,330 — 866 Italy 9,799 1,516 232 1,668 — 496 UK 9,496 1,210 141 1,902 — 334 Spain 11,569 1,178 491 1,446 — (149) Other Europe 7,568 1,372 8 1,371 (569) 546 Europe 66,642 7,638 2,953 9,717 (569) 2,093 India 13,474 1,102 3,751 — — — Vodacom 5,290 847 23 725 — 1,071 Other AMAP 6,806 1,173 814 1,170 — 503 AMAP 25,570 3,122 4,588 1,895 — 1,574 Common Functions 1,867 901 — 85 — (459) Group 94,079 11,661 7,541 11,697 (569) 3,208 Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to property, plant and equipment and computer software, reported within intangibles. Excludes licences and spectrum additions. 3 The Group’s measure of segment cash flow is reconciled to the closest equivalent GAAP measure cash generated by operations, on pages 207 and 208.

Operating profit

Operating profit	12 Months Ended
	Mar. 31, 2018
Operating profit
Operating profit	3. Operating profit Detailed below are the key amounts recognised in arriving at our operating profit €m €m €m Net foreign exchange (gains)/losses 1 (65) 133 (24) Depreciation of property, plant and equipment (note 11): Owned assets 5,963 6,253 6,333 Leased assets 47 12 45 Amortisation of intangible assets (note 10) 4,399 4,821 5,319 Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) — — 569 Staff costs (note 24) 5,295 5,519 5,804 Amounts related to inventory included in cost of sales 6,045 6,464 7,739 Operating lease rentals payable 3,788 3,976 2,464 Loss on disposal of property, plant and equipment and intangible assets 36 22 27 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (829) (800) (764) Net gain on formation of VodafoneZiggo (note 27) 2 — (1,275) — Notes: 1 The year ended 31 March 2018 included €80 million credit (2017: €127 million charge) reported in other income and expense in the consolidated income statement. 2 Reported in other income and expense in the consolidated income statement. The total remuneration of the Group’s auditors, PricewaterhouseCoopers LLP and other member firms of PricewaterhouseCoopers International Limited, for services provided to the Group during the year ended 31 March 2018 is analysed below. €m €m €m Parent company 2 2 2 Subsidiaries 14 13 13 Subsidiaries - new accounting standards 1 5 1 — Audit fees: 21 16 15 Audit-related fees 2 5 4 2 Non-audit fees: 5 4 2 Total fees 26 20 17 Notes: 1 Includes fees in respect of audit procedures in relation to the forthcoming implementation of IFRS 15 “Revenue from Contracts with Customers” and IFRS 16 “Leases”. 2 Relates to fees for statutory and regulatory filings. The amount for the year ended 31 March 2018 includes non-recurring fees that were incurred during the preparations for a potential IPO of Vodafone New Zealand and the merger of Vodafone India and Idea Cellular. The amount for the year ended 31 March 2017 primarily arose from work on regulatory filings prepared in anticipation of a potential IPO of Vodafone India that was under consideration prior to the agreement for the merger of Vodafone India and Idea Cellular. A description of the work performed by the Audit and Risk Committee in order to safeguard auditor independence when non-audit services are provided is set out in the Audit and Risk Committee report on pages 64 to 69.

Impairment losses

Impairment losses	12 Months Ended
	Mar. 31, 2018
Impairment losses
Impairment losses	4. Impairment losses Impairment occurs when the carrying value of assets is greater than the present value of the net cash flows they are expected to generate. We review the carrying value of assets for each country in which we operate at least annually. For further details of our impairment review process see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies Goodwill Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication that the asset may be impaired. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash- generating units. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognised for goodwill are not reversible in subsequent periods. The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The Group prepares and approves formal five year management plans for its operations, which are the basis for the value in use calculations. Property, plant and equipment and finite lived intangible assets At each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment and finite lived intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss reversal is recognised immediately in the income statement. Impairment losses Following our annual impairment review, the impairment charges recognised in the consolidated income statement within operating profit in respect of goodwill are stated below. The impairment losses were based on value in use calculations. Cash-generating unit Reportable segment €m €m €m Romania Other Europe — — 569 — — 569 For the year ended 31 March 2018, the Group recorded a non-cash charge of €3,170 million (€2,245 million net of tax), included in discontinued operations, as a result of the re-measurement of Vodafone India's fair value less costs of disposal. See note 7 “Discontinued operations and assets and liabilities held for sale” for further details. For the year ended 31 March 2017, the Group recorded a non-cash impairment charge of €4,515 million in respect of the Group’s investment in India which, together with the recognition of an associated €840 million deferred tax asset, led to an overall €3,675 million reduction in the carrying value of Vodafone India, the results of which are included in discontinued operations (see note 7 “Discontinued operations and assets and liabilities held for sale”) for further details. Goodwill The remaining carrying value of goodwill at 31 March was as follows: €m €m Germany 12,479 12,479 Italy 3,654 3,654 Spain 3,814 3,814 19,947 19,947 Other 6,787 6,861 26,734 26,808 Key assumptions used in the value in use calculations The key assumptions used in determining the value in use are: Assumption How determined Projected adjusted EBITDA Projected adjusted EBITDA has been based on past experience adjusted for the following: – voice and messaging revenue is expected to benefit from increased usage from new customers, especially in emerging markets, the introduction of new services and traffic moving from fixed networks to mobile networks, though these factors will be offset by increased competitor activity, which may result in price declines, and the trend of falling termination and other regulated rates; – non-messaging data revenue is expected to continue to grow as the penetration of 3G (plus 4G where available) enabled devices and smartphones rise along with higher data bundle attachment rates, and new products and services are introduced; and – margins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers in increasingly competitive markets and the expectation of further termination rate cuts by regulators and by positive factors such as the efficiencies expected from the implementation of Group initiatives. Projected capital expenditure The cash flow forecasts for capital expenditure are based on past experience and include the ongoing capital expenditure required to roll out networks in emerging markets, to provide voice and data products and services and to meet the population coverage requirements of certain of the Group’s licences. Capital expenditure includes cash outflows for the purchase of property, plant and equipment and computer software. Projected licence and spectrum payments The cash flow forecasts for licence and spectrum payments for each operating company for the initial five years include amounts for expected renewals and newly available spectrum. Beyond that period, a long-run cost of spectrum is assumed. Long-term growth rate For businesses where the five year management plans are used for the Group’s value in use calculations, a long-term growth rate into perpetuity has been determined as the lower of: – the nominal GDP rates for the country of operation; and – the long-term compound annual growth rate in adjusted EBITDA in years six to ten estimated by management. Pre-tax risk adjusted discount rate The discount rate applied to the cash flows of each of the Group’s operations is generally based on the risk free rate for ten year bonds issued by the government in the respective market. Where government bond rates contain a material component of credit risk, high-quality local corporate bond rates may be used. These rates are adjusted for a risk premium to reflect both the increased risk of investing in equities and the systematic risk of the specific Group operating company. In making this adjustment, inputs required are the equity market risk premium (that is the required increased return required over and above a risk free rate by an investor who is investing in the market as a whole) and the risk adjustment, beta, applied to reflect the risk of the specific Group operating company relative to the market as a whole. In determining the risk adjusted discount rate, management has applied an adjustment for the systematic risk to each of the Group’s operations determined using an average of the betas of comparable listed mobile telecommunications companies and, where available and appropriate, across a specific territory. Management has used a forward-looking equity market risk premium that takes into consideration both studies by independent economists, the average equity market risk premium over the past ten years and the market risk premiums typically used by investment banks in evaluating acquisition proposals. Year ended 31 March 2018 The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany Spain Italy Romania % % % % Pre-tax adjusted discount rate 8.3 9.7 10.4 9.8 Long-term growth rate 0.5 1.5 1.0 1.5 Projected adjusted EBITDA 1 3.7 5.9 (2.6) 2.6 Projected capital expenditure 2 16.6-18.8 16.8-17.4 12.1-13.3 11.9-14.6 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis Other than as disclosed below, management believes that no reasonably possible change in any of the above key assumptions would cause the carrying value of any cash-generating unit to materially exceed its recoverable amount. The estimated recoverable amount of the Group’s operations in Germany, Spain and Romania exceed their carrying values by €7.7 billion, €0.3 billion and €nil respectively. The changes in the following table to assumptions used in the impairment review would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2018. Change required for carrying value to equal recoverable amount Germany Spain Romania pps pps pps Pre-tax risk adjusted discount rate 2.0 0.2 0.1 Long-term growth rate (2.3) (0.2) (0.1) Projected adjusted EBITDA 1 (3.3) (0.3) (0.1) Projected capital expenditure 2 16.3 1.4 0.4 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. The carrying values for Vodafone UK, Portugal, Ireland and Czech Republic include goodwill arising from their acquisition by the Group and/ or the purchase of operating licences or spectrum rights. While the recoverable amounts for these operating companies are not materially greater than their carrying value, each has a lower risk of giving rise to impairment that would be material to the Group given their relative size or the composition of their carrying value. The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an impairment loss being recognised in the year ended 31 March 2018. Change required for carrying value to equal recoverable amount UK Ireland Portugal Czech Republic pps pps pps pps Pre-tax risk adjusted discount rate 0.5 0.6 1.0 3.1 Long-term growth rate (0.6) (0.7) (1.1) (4.0) Projected adjusted EBITDA 1 (0.8) (1.0) (1.5) (4.0) Projected capital expenditure 2 3.2 4.2 6.4 16.9 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Following the recent merger, the recoverable amount for VodafoneZiggo is not materially greater than its carrying value. If adverse impacts of economic, competitive, regulatory or other factors were to cause significant deterioration in the operations of VodafoneZiggo and the entity’s expected future cash flows, this may lead to an impairment loss being recognised. Year ended 31 March 2017 During the year ended 31 March 2017, Vodafone India was classified as a discontinued operation and was consequently valued at fair value less costs of disposal. Vodafone India’s fair value less costs of disposal was not observable in a quoted market and accordingly was determined with reference to the outcomes from the application of a number of potential valuation techniques, which were considered to result in a “level 2” valuation 1 . As such significant judgement was required and involved the use of estimates. The two bases of valuation which were given the strongest weighting in the overall assessment of fair value are set out below. – – Note: 1 Level 2 classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany Spain Italy Romania % % % % Pre-tax adjusted discount rate 8.4 9.7 10.3 9.0 Long-term growth rate 0.5 1.5 1.0 1.0 Projected adjusted EBITDA 1 3.0 7.9 (0.8) 0.1 Projected capital expenditure 2 14.9–16.5 14.3–15.8 12.7–14.2 12.6–15.9 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis Other than as disclosed below, management believed that no reasonably possible change in any of the above key assumptions would cause the carrying value of any cash-generating unit to materially exceed its recoverable amount. The estimated recoverable amount of the Group’s operations in Germany, Spain and Romania exceed their carrying values by €3.5 billion, €1.0 billion and €0.2 billion respectively. The changes in the following table to assumptions used in the impairment review would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2017: Change required for carrying value to equal recoverable amount Germany Spain Romania pps pps pps Pre-tax risk adjusted discount rate 0.9 0.6 1.5 Long-term growth rate (1.0) (0.7) (1.7) Projected adjusted EBITDA 1 (1.6) (1.1) (1.9) Projected capital expenditure 2 7.6 4.4 7.1 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. The carrying values for Vodafone UK, Portugal, Ireland and Czech Republic include goodwill arising from their acquisition by the Group and/ or the purchase of operating licences or spectrum rights. While the recoverable amounts for these operating companies were not materially greater than their carrying value, each had a lower risk of giving rise to impairment that would be material to the Group given their relative size or the composition of their carrying value. The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an impairment loss being recognised in the year ended 31 March 2017: Change required for carrying value to equal recoverable amount UK Ireland Portugal Czech Republic pps pps pps pps Pre-tax risk adjusted discount rate 0.5 0.8 0.6 2.1 Long-term growth rate (0.6) (0.9) (0.6) (2.4) Projected adjusted EBITDA 1 (0.8) (1.2) (0.9) (2.8) Projected capital expenditure 2 3.2 4.3 3.9 12.0 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as of capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Year ended 31 March 2016 During the year ended 31 March 2016 impairment charges of €569 million were recorded in respect of the Group’s investments in Romania. The impairment charge related solely to goodwill. The recoverable amount of Romania was €0.9 billion. The impairment charges were driven by lower projected cash flows within the business plans resulting in our reassessment of expected future business performance in the light of the current trading environment. The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Romania Germany Spain % % % Pre-tax risk adjusted discount rate 9.7 8.2 9.7 Long-term growth rate 1.0 0.5 1.5 Projected adjusted EBITDA 1 (0.3) 3.1 8.8 Projected capital expenditure 2 11.5–18.8 14.5-15.6 11.2-19.7 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis Other than as disclosed below, management believed that no reasonably possible change in any of the above key assumptions would cause the carrying value of any cash-generating unit to materially exceed its recoverable amount. The estimated recoverable amounts of the Group’s operations in Romania, Germany and Spain were equal to, or not materially greater than, their carrying values; consequently, any adverse change in key assumptions would, in isolation, cause a further impairment loss to be recognised. The estimated recoverable amounts of the Group’s operations in Germany and Spain exceeded their carrying values by €2.0 billion and €1.0 billion respectively. Change required for carrying value to equal the recoverable amount Germany Spain pps pps Pre-tax risk adjusted discount rate 0.5 0.6 Long-term growth rate (0.5) (0.8) Projected adjusted EBITDA 1 (0.9) (1.2) Projected capital expenditure 2 4.4 4.8 The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an (increase)/decrease to the aggregate impairment loss recognised in the year ended 31 March 2016. Romania Increase by 2pps Decrease by 2pps €bn €bn Pre-tax adjusted discount rate (0.2) 0.3 Long-term growth rate 0.3 (0.2) Projected adjusted EBITDA 1 0.2 (0.2) Projected capital expenditure 2 (0.1) 0.1 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing.

Investment income and financing

Investment income and financing costs	12 Months Ended
	Mar. 31, 2018
Investment income and financing costs
Investment income and financing costs	5. Investment income and financing costs Investment income comprises interest received from short-term investments and other receivables as well as certain foreign exchange movements. Financing costs mainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to manage foreign exchange and interest rate movements €m €m €m Investment income: Available-for-sale investments: Dividends received — — 1 Loans and receivables at amortised cost 339 426 529 Fair value through the income statement (held for trading) 24 20 9 Other 1 322 28 — 685 474 539 Financing costs: Items in hedge relationships: Other loans 74 170 224 Interest rate and cross-currency interest rate swaps (128) (235) (127) Fair value hedging instrument 48 22 (140) Fair value of hedged item (36) (16) 166 Other financial liabilities held at amortised cost: Bank loans and overdrafts 317 419 284 Bonds and other loans 2 885 1,243 926 Interest (credit)/charge on settlement of tax issues 3 (11) 47 19 Fair value through the income statement (held for trading): Derivatives – forward starting swaps and futures (75) (244) 121 Other 1,4 — — 573 1,074 1,406 2,046 Net financing costs 389 932 1,507 Notes: 1 Primarily comprises foreign exchange rate differences reflected in the income statement in relation to certain sterling and US dollar balances. 2 Amounts for 2018 include net foreign exchange losses of €181 million (2017: €533 million; 2016: €299 million). 3 Amounts for 2018 include a decrease (2017: increase, 2016: increase) in provision for potential interest on tax issues. 4 Interest capitalised for the year ended 31 March 2018 was €nil (2017: €nil, 2016: €n il).

Taxation

Taxation	12 Months Ended
	Mar. 31, 2018
Taxation
Taxation	6. Taxation This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets held across the Group together with our view on whether or not we expect to be able to make use of these in the future. Accounting policies Income tax expense represents the sum of the current and deferred taxes. Current tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The Group’s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date. The Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result of a past event and management judge that it is probable that there will be a future outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate using management’s estimate of the most likely outcome. The Group recognises interest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of non-tax deductible goodwill. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group’s assessment that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date. Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. Tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income or in equity. Income tax expense €m €m €m United Kingdom corporation tax expense/(credit): Current year 1 70 27 (129) Adjustments in respect of prior years (5) (3) 53 65 24 (76) Overseas current tax expense/(credit): Current year 1,055 961 812 Adjustments in respect of prior years (102) (35) 21 953 926 833 Total current tax expense 1,018 950 757 Deferred tax on origination and reversal of temporary differences: United Kingdom deferred tax 39 (16) (32) Overseas deferred tax (1,936) 3,830 4,212 Total deferred tax (credit)/expense (1,897) 3,814 4,180 Total income tax (credit)/expense 2 (879) 4,764 4,937 Notes: 1 The 2016 credit relates to a claim under international conventions for the avoidance of double taxation. 2 The income statement tax charge includes tax relief on capitalised interest. UK operating profits are more than offset by statutory allowances for capital investment in the UK network and systems plus ongoing interest costs including those arising from the €10.3 billion of spectrum payments to the UK Government in 2000 and 2013. Tax on discontinued operations €m €m €m Tax credit on profit from ordinary activities of discontinued operations 1 (617) (973) (514) Tax charge relating to the gain on discontinuance 15 95 — Total tax credit on discontinued operations (602) (878) (514) Note: 1 2018 includes a €925m credit (2017: €840m credit) relating to the impairment of Vodafone India. Tax charged/(credited) directly to other comprehensive income €m €m €m Current tax 22 (16) (81) Deferred tax 70 44 293 Total tax charged directly to other comprehensive income 92 28 212 Tax charged/(credited) directly to equity €m €m €m Current tax — — (8) Deferred tax 9 (9) 3 Total tax charged/(credited) directly to equity 9 (9) (5) Factors affecting the tax expense for the year The table below explains the differences between the expected tax expense, being the aggregate of the Group’s geographical split of profits multiplied by the relevant local tax rates and the Group’s total tax expense for each year. €m €m €m Continuing profit/(loss) before tax as shown in the consolidated income statement 3,878 2,792 (190) Aggregated expected income tax expense 985 795 85 Impairment losses with no tax effect — — 168 Disposal of Group investments 55 (271) 83 Effect of taxation of associates and joint ventures, reported within profit before tax 90 23 (18) (Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain 1 (1,583) 1,603 1,288 Deferred tax following revaluation of investments in Luxembourg 1 (330) (329) 3,037 Previously unrecognised temporary differences we expect to use in the future — (15) — Previously unrecognised temporary differences utilised in the year (29) (11) (8) Current year temporary differences (including losses) that we currently do not expect to use 20 139 50 Adjustments in respect of prior year tax liabilities 2 (244) (107) (48) Revaluation of assets for tax purposes — (39) — Impact of tax credits and irrecoverable taxes 93 98 (38) Deferred tax on overseas earnings 24 26 17 Effect of current year changes in statutory tax rates on deferred tax balances (44) 2,755 95 Expenses not deductible (income not taxable) for tax purposes 84 97 226 Income tax (credit)/expense (879) 4,764 4,937 Note: 1 2 Deferred tax Analysis of movements in the net deferred tax balance during the year: €m 1 April 2017 23,765 Foreign exchange movements (25) Charged to the income statement (continuing operations) 1,897 Charged directly to OCI (70) Credited directly to equity (9) Reclassifications (4) Arising on acquisition and disposals 2 31 March 2018 25,556 Deferred tax assets and liabilities, before offset of balances within countries, are as follows: Amount Net credited/ recognised (expensed) in Gross Gross Less deferred income deferred tax deferred tax amounts tax statement asset liability unrecognised (liability)/ asset €m €m €m €m €m Accelerated tax depreciation 103 1,289 (1,342) (33) (86) Intangible assets 225 193 (571) 16 (362) Tax losses 1,666 30,953 — (5,904) 25,049 Deferred tax on overseas earnings (24) — (108) — (108) Other temporary differences (73) 1,218 (132) (23) 1,063 31 March 2018 1,897 33,653 (2,153) (5,944) 25,556 Deferred tax assets and liabilities are analysed in the statement of financial position, after offset of balances within countries, as follows: €m Deferred tax asset 26,200 Deferred tax liability (644) 31 March 2018 25,556 At 31 March 2017, deferred tax assets and liabilities, before offset of balances within countries, were as follows: Amount Net credited/ recognised (expensed) Gross Gross Less deferred in income deferred tax deferred tax amounts tax statement asset liability unrecognised 1 (liability)/ asset €m €m €m €m €m Accelerated tax depreciation 160 1,368 (1,535) (55) (222) Intangible assets 353 127 (715) 16 (572) Tax losses (4,064) 30,590 — (7,138) 23,452 Deferred tax on overseas earnings (95) — (95) — (95) Other temporary differences (168) 1,347 (126) (19) 1,202 31 March 2017 (3,814) 33,432 (2,471) (7,196) 23,765 At 31 March 2017 deferred tax assets and liabilities were analysed in the statement of financial position, after offset of balances within countries, as follows: €m Deferred tax asset 24,300 Deferred tax liability (535) 31 March 2017 23,765 Factors affecting the tax charge in future years The Group’s future tax charge, and effective tax rate, could be affected by several factors including; tax reform in countries around the world, including any arising from the OECD’s or European Commission’s work on the taxation of the digital economy and European Commission initiatives such as the anti tax avoidance directive, proposed tax and financial reporting directive or as a consequence of state aid investigations, future corporate acquisitions and disposals, any restructuring of our businesses and the resolution of open tax issues (see below). On 26 October 2017, the European Commission published a preliminary decision to open a formal investigation in relation to the ‘group financing exemption’ (GFE) in the UK’s controlled foreign company rules and whether the GFE constitutes unlawful State Aid. Their investigation remains ongoing. The Group has made claims under the GFE for practical reasons, however given that the Group’s Luxembourg financing activities are properly established and operate in accordance with EU and local law as well as the OECD’s transfer pricing guidelines, we do not anticipate any significant impact should a finding of unlawful State Aid be ultimately upheld. We do not anticipate any significant impact on our future tax charge, liabilities or assets, as a result of the triggering of Article 50(2) of the Treaty on European Union but cannot rule out the possibility that, for example, a failure to reach satisfactory arrangements for the UK’s future relationship with the European Union, could have an impact on such matters. We continue to monitor developments in this area. The Group is routinely subject to audit by tax authorities in the territories in which it operates and, specifically, in India these are usually resolved through the Indian legal system. The Group considers each issue on its merits and, where appropriate, holds provisions in respect of the potential tax liability that may arise. As at 31 March 2018, the Group holds provisions for such potential liabilities of €521 million (2017: €711 million). These provisions relate to multiple issues, across the jurisdictions in which the Group operates. The reduction relates to the closure of tax audits across the Group during the year, including in Germany and Romania. As the tax impact of a transaction can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process, the amount ultimately paid may differ materially from the amount accrued and could therefore affect the Group’s overall profitability and cash flows in future periods. See note 29 “Contingent liabilities and legal proceedings” to the consolidated financial statements. At 31 March 2018, the gross amount and expiry dates of losses available for carry forward are as follows: Expiring Expiring within beyond 5 years 6 years Unlimited Total €m €m €m €m Losses for which a deferred tax asset is recognised 266 — 103,452 103,718 Losses for which no deferred tax is recognised 621 3,074 21,994 25,689 887 3,074 125,446 129,407 At 31 March 2017, the gross amount and expiry dates of losses available for carry forward were as follows: Expiring Expiring within beyond 5 years 6 years Unlimited Total €m €m €m €m Losses for which a deferred tax asset is recognised 292 65 97,335 97,692 Losses for which no deferred tax is recognised 352 1,503 28,556 30,411 644 1,568 125,891 128,103 Deferred tax assets on losses in Luxembourg Included in the table above are losses of €81,740 million (2017: €82,634 million) that have arisen in Luxembourg companies, principally as a result of revaluations of those companies’ investments for local GAAP purposes. A deferred tax asset of €21,261 million (2017: €19,632 million) has been recognised in respect of these losses, as we conclude it is probable that the Luxembourg entities will continue to generate taxable profits in the future against which we can utilise these losses. The Luxembourg companies’ income is derived from the Group’s internal financing and procurement and roaming activities. The Group has reviewed the latest forecasts for the Luxembourg companies, including their ability to continue to generate income beyond the forecast period under the tax laws substantively enacted at the balance sheet date. The assessment also considered whether the structure of the Group would continue to allow the generation of taxable income. Based on this the Group conclude that it is probable that the Luxembourg companies will continue to generate taxable income in the future. Any future changes in tax law or the structure of the Group could have a significant effect on the use of losses, including the period over which the losses can be utilised. Based on the current forecasts the losses will be fully utilised over the next 55 to 60 years. A 5%–10% change in the forecast income in Luxembourg would change the period over which the losses will be fully utilised by three to five years. During the current year the Group recognised an additional €330 million (2017: €329 million) of our In addition to the above, €2,587 million (2017; €993 million) of the Group’s Luxembourg losses expire and no deferred tax asset is recognised as they will expire before we can use these losses. The remaining losses do not expire. We also have €9,132 million (2017: €9,132 million) of Luxembourg losses in a former Cable & Wireless Worldwide Group company, for which no deferred tax asset has been recognised as it is uncertain whether these losses will be utilised. Deferred tax assets on losses in Germany The Group has tax losses of €18,034 million (2017: €18,139 million) in Germany arising on the write down of investments in Germany in 2000. The losses are available to use against both German federal and trade tax liabilities and they do not expire. A deferred tax asset of €2,796 million (2017: €2,799 million) has been recognised in respect of these losses as we conclude it is probable that the German business will continue to generate taxable profits in the future against which we can utilise these losses. The Group has reviewed the latest forecasts for the German business which incorporate the unsystematic risks of operating in the telecommunications business (see pages 38 to 45). In the period beyond the 5 year forecast we have reviewed the profits inherent in the terminal period and based on these and our expectations for the German business we believe it is probable the German losses will be fully utilised. Based on the current forecasts the losses will be fully utilised over the next 10 to 12 years. A 5%-10% change in the forecast profits of the German business would not significantly alter the utilisation period. Deferred tax assets on losses in Spain The Group has tax losses of €3,521 million (2017: €3,646 million) in Spain and which are available to offset against the future profits of the Grupo Corporativo ONO business. The losses do not expire. A deferred tax asset of €880 million (2017: €914 million) has been recognised in respect of these losses as we conclude it is probable that the Spanish business will continue to generate taxable profits in the future against which we can utilise these losses. During the year, the Group also derecognised a deferred tax asset of €20 million related to losses in Spain which we do not expect to utilise in the future. The Group has reviewed the latest forecasts for the Spanish business which incorporate the unsystematic risks of operating in the telecommunications business (see pages 38 to 45). In the period beyond the five year forecast we have reviewed the profits inherent in the value in use calculations and based on these and our expectations for the Spanish business we believe it is probable the losses will be fully utilised. Based on the current forecasts the losses will be fully utilised over the next 22 to 25 years. A 5%-10% change in the forecast profits of the Spanish business would change the period over which the losses are utilised by one to two years. Other tax losses The Group has losses amounting to €7,544 million (2017: €7,880 million) in respect of UK subsidiaries which are only available for offset against future capital gains and since it is uncertain whether these losses will be utilised, no deferred tax asset has been recognised, in line with the prior year. The remaining losses relate to a number of other jurisdictions across the Group. There are also €12 million (2017: €108 million) of unrecognised other temporary differences. The Group holds a deferred tax liability of €108 million (2017: €95 million) in respect of deferred taxation that would arise if temporary differences on investments in subsidiaries, associates and interests in joint ventures were to be realised after the balance sheet date (see table on page 126). No deferred tax liability has been recognised in respect of a further €16,049 million (2017: €20,237 million) of unremitted earnings of subsidiaries, associates and joint ventures because the Group is in a position to control the timing of the reversal of the temporary difference and it is probable that such differences will not reverse in the foreseeable future. It is not practicable to estimate the amount of unrecognised deferred tax liabilities in respect of these unremitted earnings.

Discontinued operations and ass

Discontinued operations and assets and liabilities held for sale	12 Months Ended
	Mar. 31, 2018
Discontinued operations and assets and liabilities held for sale
Discontinued operations and assets held for sale	7. Discontinued operations and assets and liabilities held for sale Following the agreement to combine our Indian operations with Idea Cellular into a jointly controlled company, in accordance with IFRS accounting standards, the results of Vodafone India are included in discontinued operations. The Group will continue to actively manage these operations until the transaction completes. Discontinued operations On 20 March 2017, Vodafone announced the agreement to combine its subsidiary, Vodafone India (excluding its 42% stake in Indus Towers), with Idea Cellular, which is listed on the Indian Stock Exchanges, with the combined company to be jointly controlled by Vodafone and the Aditya Birla Group. Consequently, Vodafone India is now accounted for as a discontinued operation, the results of which are detailed below. Income statement and segment analysis of discontinued operations €m €m €m Revenue 4,648 5,827 6,120 Cost of sales (2,995) (4,504) (4,799) Gross profit 1,653 1,323 1,321 Selling and distribution expenses (237) (276) (264) Administrative expenses (533) (703) (634) Impairment losses (note 4) — (4,515) — Other income and expense 1 416 — — Operating profit/(loss) 1,299 (4,171) 423 Financing costs (715) (909) (932) Profit/(loss) before taxation 584 (5,080) (509) Income tax (expense)/credit (308) 973 514 Profit/(loss) after tax of discontinued operations 276 (4,107) 5 Pre-tax loss on the re-measurement of disposal group (3,170) — — Income tax credit 925 — — After tax loss on the re-measurement of disposal group (2,245) — — (Loss)/profit for the financial year from discontinued operations (1,969) (4,107) 5 (Loss)/earnings per share from discontinued operations eurocents eurocents eurocents – Basic (7.09) c (14.68) c 0.02 c – Diluted (7.06) c (14.68) c 0.02 c Total comprehensive (expense)/income for the financial year from discontinued operations €m €m €m Attributable to owners of the parent (1,969) (4,107) 5 For the year ended 31 March 2018, as a discontinued operation, Vodafone India has been valued at fair value less costs of disposal. Vodafone India’s fair value less costs of disposal is not observable in a quoted market. As the completion of the Vodafone India and Idea Cellular Limited merger is expected to complete in June 2018, the fair value of Vodafone India has been assessed to be primarily determined by reference to the Idea Cellular Limited quoted share price as at 31 March 2018 of INR 75.9 per share. This technique is considered to result in a “level 2” valuation 2 under IFRS 13, as while the quoted price for Idea is observable, further adjustments, such as the assumption regarding the disposal of Vodafone India with a certain level of debt, are required to estimate fair value less costs of disposal. For the year ended 31 March 2018, the Group has recorded a non-cash charge of €3,170 million (€2,245 million net of tax), included in discontinued operations, as a result of the re-measurement of Vodafone India’s fair value less costs of disposal. Fair value at the equity level has been assessed to be INR 223 billion (2017: INR 370 billion), equivalent to €2.8 billion (2017: €5.3 billion) at the foreign exchange rates prevailing at those dates. Should the competitive environment in India become more intense, there could be a further significant deterioration in the operations of Vodafone India Limited and Idea Cellular Limited impacting the entities’ expected future cash flows. This may lead to a further impairment loss being recognised. The initial investment in the joint venture expected to be formed by the merger of Vodafone India Limited and Idea Cellular Limited in the financial year ending 31 March 2019 will also be measured in part by reference to the share price of Idea Cellular Limited at the date of completion. Accordingly the accounting gain or loss on the disposal of Vodafone India Limited to be recognised at that point, will in part be dependent on the share price of Idea Cellular Limited at that date. A change in the share price of Idea Cellular Limited from INR 75.9 per share as at 31 March 2018,to INR 85.9 per share or to INR 65.9 per share would give rise to a potential gain or loss of approximately €0.5 billion respectively. Based on Idea Cellular Limited’s share price of INR 51.75 per share as at 14 May 2018, the accounting loss on the disposal of Vodafone India would be approximately €1.2 billion based on the 31 March 2018 foreign exchange rate. Notes: 1 2 The Group will also realise as part of the disposal of Vodafone India Limited a loss comprising the cumulative foreign exchange losses arising from the retranslation of the consolidated net assets of Vodafone India Limited (which has a functional currency of Indian Rupee) to the Group’s presentation currency in the period from acquisition of the Group’s interest to the date of disposal. This foreign exchange is required to be recycled to the income statement from the translation reserve. Based on the 31 March 2018 exchange rate of €:INR: 80.48, a loss of approximately €1.9 billion would arise. The actual loss from the recycling of foreign exchange previously recognised in equity that would be recognised in the year ending 31 March 2019, will depend on the INR:€ exchange rate at the date of completion. A change in the exchange rate from €:INR 80.48 to €:INR 85.5 or to €:INR 75.5 would give rise to a foreign exchange loss of approximately €2.1 billion and €1.8 billion respectively. Assets and liabilities held for sale Assets and liabilities relating to our operations in India have been classed as held for sale on the consolidated statement of financial position at 31 March 2018 and 31 March 2017. The relevant assets and liabilities are detailed in the table below. Assets and liabilities held for sale 1 €m €m Non-current assets Goodwill — — Other intangible assets 5,937 9,214 Property, plant and equipment 2,823 3,462 Deferred tax assets 1,641 1,202 Trade and other receivables 526 694 10,927 14,572 Current assets Inventory — 1 Taxation recoverable 1,219 1,311 Trade and other receivables 936 831 Other investments 11 13 Cash and cash equivalents 727 467 2,893 2,623 Total assets held for sale 13,820 17,195 Non-current liabilities Long-term borrowings (6,687) (8,024) Post employment benefits (14) (15) Provisions (665) (784) Trade and other payables (32) (39) (7,398) (8,862) Current liabilities Short-term borrowings (1,756) (1,139) Provisions (18) (25) Trade and other payables (1,827) (1,768) (3,601) (2,932) Total liabilities held for sale (10,999) (11,794) Note: 1 Total net debt in India at 31 March 2018 was €7,714 million (2017: €8,674 million). This comprised cash of €727 million (2017: €467 million), licence payables classified as debt of €6,418 million (2017: €7,143 million) and €2,025 million (2017: €2,020 million) of other borrowings, together with €2 million (2017: €22 million) of derivative financial instruments reported within Trade and other receivables and Trade and other payables. €345 million (2017: €499 million) of the licence payables classified as debt have been paid in cash. The cash payment is reported in the consolidated statement of cash flows as cash flows from financing activities. Each of the eight legal entities within the Vodafone India Group provide cross guarantees to the lenders in respect of debt contracted by the other entities. Deferred tax assets on losses in India The Group recognises a deferred tax asset of €1,641 million (2017: €1,202 million) relating to its Indian business. This includes a deferred tax asset of €1,290 million (2017: €816 million) relating to losses , which do not expire. The deferred tax asset has been recognised as we conclude it is probable that we will generate taxable profits in the future, against which we can utilise these losses. The Group has reviewed the latest forecasts for the Indian business which incorporate the unsystematic risks of operating in the telecommunications business (see pages 38 to 45). In the period beyond the five year forecast, we have reviewed the profits inherent in the valuation of Indian business, and based on these and our expectations for the Indian business we believe it is probable the losses will be fully utilised. Based on the current forecasts the losses will be fully utilised over the next 11 to 13 years. We do not recognise a deferred tax asset of €399 million (2017: €352 million) in relation to losses where we currently believe that is not probable these losses will be utilised in the future.

Earnings per share

Earnings per share	12 Months Ended
	Mar. 31, 2018
Earning per share
Earning per share	8. Earnings per share Basic earnings per share is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average number of shares in issue during the year. 2018 2017 2016 Weighted average number of shares for basic earnings per share 27,770 27,971 26,692 Effect of dilutive potential shares: restricted shares and share options 87 — — Weighted average number of shares for diluted earnings per share 27,857 27,971 26,692 €m €m €m Earnings/(loss) for earnings per share from continuing operations 4,408 (2,190) (5,410) (Loss)/earnings for earnings per share from discontinued operations (1,969) (4,107) 5 Earnings/(loss) for basic and diluted earnings per share 2,439 (6,297) (5,405) eurocents eurocents eurocents Basic earnings/(loss) per share from continuing operations 15.87 c (7.83) c (20.27) c Basic (loss)/earnings per share from discontinued operations (7.09) c (14.68) c 0.02 c Basic earnings/(loss) per share 8.78 c (22.51) c (20.25) c eurocents eurocents eurocents Diluted earnings/(loss) per share from continuing operations 15.82 c (7.83) c (20.27) c Diluted (loss)/earnings per share from discontinued operations (7.06) c (14.68) c 0.02 c Diluted earnings/(loss) per share 8.76 c (22.51) c (20.25) c

Equity dividends

Equity dividends	12 Months Ended
	Mar. 31, 2018
Equity dividends
Equity dividends	9. Equity dividends Dividends are one type of shareholder return, historically paid to our shareholders in February and August. €m €m €m Declared during the financial year: Final dividend for the year ended 31 March 2017: 10.03 eurocents per share (2016: 7.77 pence per share, 2015: 7.62 pence per share) 2,670 2,447 2,852 Interim dividend for the year ended 31 March 2018: 4.84 eurocents per share 1,291 1,262 1,381 3,961 3,709 4,233 Proposed after the end of the year and not recognised as a liability: Final dividend for the year ended 31 March 2018: 10.23 eurocents per share 2,729 2,670 2,447

Intangible assets

Intangible assets	12 Months Ended
	Mar. 31, 2018
Intangible assets
Intangible assets	10. Intangible assets The statement of financial position contains significant intangible assets, mainly in relation to goodwill and licences and spectrum. Goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net assets primarily due to the synergies we expect to create, is not amortised but is subject to annual impairment reviews. Licences and spectrum are amortised over the life of the licence. For further details see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. Identifiable intangible assets are recognised at fair value when the Group completes a business combination. The determination of the fair values of the separately identified intangibles, is based, to a considerable extent, on management’s judgement. Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be required. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting period date. Negative goodwill arising on an acquisition is recognised directly in the income statement. On disposal of a subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss recognised in the income statement on disposal. Finite lived intangible assets Intangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation. The amortisation period and method is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. Licence and spectrum fees Amortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired licence period, the conditions for licence renewal and whether licences are dependent on specific technologies. Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives from the commencement of related network services. Computer software Computer software comprises software purchased from third parties as well as the cost of internally developed software. Computer software licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group, and are probable of producing future economic benefits, are recognised as intangible assets. Direct costs of software development include employee costs and directly attributable overheads. Software integral to an item of hardware equipment is classified as property, plant and equipment. Costs associated with maintaining software programs are recognised as an expense when they are incurred. Internally developed software is recognised only if all of the following conditions are met: – an asset is created that can be separately identified; – it is probable that the asset created will generate future economic benefits; and – the development cost of the asset can be measured reliably Amortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for use. Other intangible assets Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the income statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis, with the exception of customer relationships which are amortised on a sum of digits basis. The amortisation basis adopted for each class of intangible asset reflects the Group’s consumption of the economic benefit from that asset. Estimated useful lives The estimated useful lives of finite lived intangible assets are as follows: – Licence and spectrum fees 3–25 years – Computer software 3–5 years – Brands 1–10 years – Customer bases 2–15 years Licences and Computer Goodwill spectrum software Other Total €m €m €m €m €m Cost: 31 March 2016 93,990 40,973 15,729 7,446 158,138 Transfer of assets held for sale (3,680) (9,472) (201) (152) (13,505) 90,310 31,501 15,528 7,294 144,633 Exchange movements (90) (1,023) (174) 158 (1,129) Arising on acquisition 1 10 11 5 27 Additions — 359 2,193 3 2,555 Disposals 1 — (72) (499) (30) (601) Other — — (97) — (97) 31 March 2017 90,221 30,775 16,962 7,430 145,388 Exchange movements (313) (855) (233) (72) (1,473) Arising on acquisition 5 — — — 5 Disposal of subsidiaries — (1,712) (222) — (1,934) Additions — 747 2,261 3 3,011 Disposals — (158) (1,381) (6) (1,545) Other — — 26 (10) 16 31 March 2018 89,913 28,797 17,413 7,345 143,468 Accumulated impairment losses and amortisation: 31 March 2016 65,752 17,128 10,927 5,767 99,574 Transfer of assets held for sale (2,086) (1,334) (160) (152) (3,732) 63,666 15,794 10,767 5,615 95,842 Exchange movements (253) (548) (152) 133 (820) Amortisation charge for the year — 1,780 2,106 935 4,821 Disposals 1 — (72) (486) (30) (588) Other — — (87) — (87) 31 March 2017 63,413 16,954 12,148 6,653 99,168 Exchange movements (234) (398) (183) (65) (880) Disposal of subsidiaries — (779) (173) — (952) Amortisation charge for the year — 1,758 2,105 536 4,399 Disposals — (158) (1,357) (6) (1,521) Other — — 1 (4) (3) 31 March 2018 63,179 17,377 12,541 7,114 100,211 Net book value: 31 March 2017 26,808 13,821 4,814 777 46,220 31 March 2018 26,734 11,420 4,872 231 43,257 Note: 1 Disposals of licences and spectrum comprise the removal of fully amortised assets that have expired. For licences and spectrum and other intangible assets, amortisation is included within the cost of sales line within the consolidated income statement. The net book value and expiry dates of the most significant licences are as follows: Expiry date €m €m Germany 2020/2021/2025/2033 4,053 4,726 Italy 2018/2021/2029 1,896 1,442 UK 2023/2033/2038 2,316 2,818 Qatar 2028/2029 — 1,164 The remaining amortisation period for each of the licences in the table above corresponds to the expiry date of the respective licence. A summary of the Group’s most significant spectrum licences can be found on pages 204 and 205.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Mar. 31, 2018
Property, plant and equipment
Property, plant and equipment	11. Property, plant and equipment The Group makes significant investments in network equipment and infrastructure – the base stations and technology required to operate our networks – that form the majority of our tangible assets. All assets are depreciated over their useful economic lives. For further details on the estimation of useful economic lives, see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies Land and buildings held for use are stated in the statement of financial position at their cost, less any subsequent accumulated depreciation and any accumulated impairment losses. Amounts for equipment, fixtures and fittings, which includes network infrastructure assets and which together comprise an all but insignificant amount of the Group’s property, plant and equipment, are stated at cost less accumulated depreciation and any accumulated impairment losses. Assets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the assets are ready for their intended use. The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over their estimated useful lives, as follows: Land and buildings – Freehold buildings 25–50 years – Leasehold premises the term of the lease Equipment, fixtures and fittings – Network infrastructure and other 1–35 years Depreciation is not provided on freehold land. Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, the term of the relevant lease. The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between any sale proceeds and the carrying amount of the asset and is recognised in the income statement. Equipment, Land and fixtures buildings and fittings Total €m €m €m Cost: 31 March 2016 2,393 74,486 76,879 Reclassification as held for sale (103) (7,445) (7,548) 2,290 67,041 69,331 Exchange movements (42) (1,779) (1,821) Arising on acquisition — 7 7 Additions 104 5,184 5,288 Disposals (94) (2,522) (2,616) Other 8 273 281 31 March 2017 2,266 68,204 70,470 Exchange movements (38) (1,415) (1,453) Additions 88 4,969 5,057 Disposals (94) (2,720) (2,814) Disposal of subsidiaries — (552) (552) Other 3 46 49 31 March 2018 2,225 68,532 70,757 Accumulated depreciation and impairment: 31 March 2016 1,141 40,223 41,364 Reclassification as held for sale (36) (3,812) (3,848) 1,105 36,411 37,516 Exchange movements (15) (1,087) (1,102) Charge for the year 139 6,126 6,265 Disposals (89) (2,454) (2,543) Other 1 129 130 31 March 2017 1,141 39,125 40,266 Exchange movements (17) (816) (833) Charge for the year 123 5,887 6,010 Disposals (83) (2,675) (2,758) Disposal of subsidiaries — (287) (287) Other 1 33 34 31 March 2018 1,165 41,267 42,432 Net book value: 31 March 2017 1,125 29,079 30,204 31 March 2018 1,060 27,265 28,325 The net book value of land and buildings and equipment, fixtures and fittings includes €3 million and €681 million respectively (2017: €3 million and €608 million) in relation to assets held under finance leases. Included in the net book value of land and buildings and equipment, fixtures and fittings are assets in the course of construction, which are not depreciated, with a cost of €15 million and €1,224 million respectively (2017: €10 million and €1,234 million).

Investments in associates and j

Investments in associates and joint arrangements	12 Months Ended
	Mar. 31, 2018
Investments in associates and joint arrangements
Investments in associates and joint arrangements	12. Investments in associates and joint arrangements The Group holds interests in an associate in Kenya, where we have significant influence, as well as in a number of joint arrangements in the UK, the Netherlands, India and Australia, where we share control with one or more third parties. For further details see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies Interests in joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee’s returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint operations or joint ventures. Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of the Group’s entire equity holding in the subsidiary. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that this is the case. The Group’s share of assets, liabilities, revenue, expenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis. Any goodwill arising on the acquisition of the Group’s interest in a jointly controlled entity is accounted for in accordance with the Group’s accounting policy for goodwill arising on the acquisition of a subsidiary. Joint ventures A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of joint ventures are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in joint ventures are carried in the consolidated statement of financial position at cost as adjusted for post-acquisition changes in the Group’s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group’s share of post-tax profits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group’s interest in that joint venture are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have control or joint control over those policies. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in associates are carried in the consolidated statement of financial position at cost as adjusted for post- acquisition changes in the Group’s share of the net assets of the associate, less any impairment in the value of the investment. The Group’s share of post-tax profits or losses are recognised in the consolidated income statement. Losses of an associate in excess of the Group’s interest in that associate are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. Joint operations The Company’s principal joint operation has share capital consisting solely of ordinary shares and is indirectly held, and principally operates in the UK. The financial and operating activities of the operation are jointly controlled by the participating shareholders and are primarily designed for all but an insignificant amount of the output to be consumed by the shareholders. Country of incorporation or Percentage 1 Name of joint operation Principal activity registration shareholdings Cornerstone Telecommunications Infrastructure Limited Network infrastructure UK 50.0 Note: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2018 rounded to the nearest tenth of one percent. Joint ventures and associates €m €m Investment in joint ventures 2,097 2,689 Investment in associates 441 449 31 March 2,538 3,138 Joint ventures The financial and operating activities of the Group’s joint ventures are jointly controlled by the participating shareholders. The participating shareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Company’s principal joint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all joint ventures is also their principal place of operation. Country of incorporation or Percentage 1 Name of joint venture Principal activity registration shareholdings VodafoneZiggo Group Holding B.V. 3 Network operator Netherlands 50.0 Indus Towers Limited 2 Network infrastructure India 42.0 Vodafone Hutchison Australia Pty Limited 3 Network operator Australia 50.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2018 rounded to the nearest tenth of one percent. 2 42% of Indus Towers Limited is held by Vodafone India Limited (‘VIL’). 3 Vodafone Hutchison Australia Pty Limited and VodafoneZiggo Group Holding B.V. have a year end of 31 December. The following table provides aggregated financial information for the Group’s joint ventures as it relates to the amounts recognised in the income statement, statement of comprehensive income and statement of financial position. (Loss)/profit from Other comprehensive Total comprehensive Investment in joint ventures continuing operations income (expense)/income €m €m €m €m €m €m €m €m €m €m €m €m VodafoneZiggo Group Holding B.V. 2,119 2,736 — (398) (160) — 1 2 — (397) (158) — Indus Towers Limited 893 1,032 982 135 98 101 — — — 135 98 101 Vodafone Hutchison Australia Pty Limited (979) (1,156) (1,032) 32 (59) (153) — — (1) 32 (59) (154) Other 64 77 79 (15) (14) (39) — — — (15) (14) (39) Total 2,097 2,689 29 (246) (135) (91) 1 2 (1) (245) (133) (92) The summarised financial information for each of the Group’s material equity accounted joint ventures on a 100% ownership basis is set out below. VodafoneZiggo Group Vodafone Hutchison Holding B.V. Indus Towers Limited Australia Pty Limited €m €m €m €m €m €m €m €m €m Income statement and statement of comprehensive income Revenue 3,972 1,014 — 2,477 2,379 2,277 2,518 2,287 2,354 Depreciation and amortisation (2,232) (764) — (303) (407) (489) (483) (473) (517) Interest income 6 23 — 16 22 10 3 3 2 Interest expense (543) (117) — (74) (91) (86) (230) (240) (268) Income tax income/(expense) 287 105 — (316) (267) (186) 1 — — (Loss)/profit from continuing operations (795) (320) — 322 234 240 64 (117) (306) Other comprehensive income/(expense) 3 3 — — — — — — (2) Total comprehensive (expense)/income (792) (317) — 322 234 240 64 (117) (308) Statement of financial position Non-current assets 18,721 20,303 1,598 1,995 3,241 2,317 Current assets 773 721 520 326 194 892 Non-current liabilities (13,303) (14,015) (476) (545) (4,478) (1,460) Current liabilities (1,953) (1,538) (814) (825) (1,125) (4,301) Equity shareholders’ funds (4,238) (5,471) (828) (951) 2,168 2,552 Cash and cash equivalents within current assets 355 273 15 29 104 68 Non-current liabilities excluding trade and other payables and provisions (12,510) (13,668) (136) (188) (4,453) (1,435) Current liabilities excluding trade and other payables and provisions (1) — (396) (375) (464) (3,563) The Group received a dividend from Indus Towers Limited of €138 million in the year to 31 March 2018 (2017: €126 million; 2016: €nil) and a dividend of €220 million from VodafoneZiggo Group Holding B.V. (2017: €76 million; 2016: €nil). Reconciliation of summarised financial information The reconciliation of summarised financial information presented to the carrying amount of our interest in joint ventures is set out below: VodafoneZiggo Group Holding B.V. Indus Towers Limited Vodafone Hutchison Australia Pty Limited €m €m €m €m €m €m Equity shareholders’ funds 4,238 5,471 828 951 (2,168) (2,552) Interest in joint ventures (50%/42%/50%) 2,119 2,736 348 399 (1,084) (1,276) Goodwill — — 545 633 105 120 Carrying value 2,119 2,736 893 1,032 (979) (1,156) Associates Unless otherwise stated, the Company’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all associates is also their principal place of operation. Country of incorporation or Percentage 1 Name of associate Principal activity registration shareholdings Safaricom Limited 2,3 Network operator Kenya 40.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2018 rounded to the nearest tenth of one percent. 2 The Group also holds two non-voting shares. 3 At 31 March 2018 the fair value of Safaricom Limited was KES 496 billion (€3,996 million) based on the closing quoted share price on the Nairobi Stock Exchange. The following table provides aggregated financial information for the Group’s associates as it relates to the amounts recognised in the income statement, statement of comprehensive income and consolidated statement of financial position. Profit from Other comprehensive Total comprehensive Investment in associates continuing operations expense income €m €m €m €m €m €m €m €m €m €m €m €m Total 441 449 450 187 182 151 — — — 187 182 Vodacom and Safaricom On 15 May 2017, the Group announced that its wholly-owned subsidiary, Vodafone International Holdings B.V. ('VIHBV'), had agreed to transfer part of its indirect shareholding in Safaricom Limited ('Safaricom') to Vodacom Group Limited ('Vodacom'), its sub-Saharan African subsidiary. On 18 July 2017, Vodacom shareholders voted in favour of the transaction. The transaction completed on 7 August 2017, with the Group being issued with 233.5 million new shares in Vodacom, increasing Vodafone Group's shareholding in Vodacom from 65.0% to 69.7%. Vodafone retains an indirect stake of 5% in Safaricom. On 5 September 2017, the Group announced that VIHBV intended to sell approximately 90 million ordinary shares in Vodacom (the 'Placing Shares') to institutional investors by way of an accelerated bookbuild process (the 'Placing'). The Placing Shares represented 5.2% of Vodacom's ordinary share capital. The objective of the Placing was to ensure that Vodacom meets the free float requirement and to restore Vodafone's shareholding in Vodacom to a percentage that is broadly similar to that which it held prior to implementation of the Safaricom Transaction. It was further announced on 6 September 2017 that VIHBV had sold an aggregate of 90 million ordinary shares in Vodacom raising gross proceeds of approximately €955 million. Following the completion of the Placing, Vodafone Group indirectly owns 64.5% of Vodacom's ordinary share capital. Vodafone remains committed to Vodacom and intends to retain a controlling majority shareholding in Vodacom for the long-term.

Other investments

Other investments	12 Months Ended
	Mar. 31, 2018
Other investments
Other investments	13. Other investments The Group holds a number of other listed and unlisted investments, mainly comprising managed funds, loan notes, deposits and government bonds. Accounting policies Other investments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, including transaction costs. Other investments classified as held for trading and available-for-sale are stated at fair value. Where securities are held for trading purposes, gains and losses arising from changes in fair value are included in net profit or loss for the period. For available-for-sale investments, gains and losses arising from changes in fair value are recognised directly in other comprehensive income, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in other comprehensive income, determined using the weighted average cost method, is included in the net profit or loss for the period. Other investments classified as loans and receivables are stated at amortised cost using the effective interest method, less any impairment. €m €m Included within non-current assets: Equity securities: Listed 1 3 3 Unlisted 2 44 82 Debt securities: Other debt and bonds 2 3,157 3,374 3,204 3,459 The listed and unlisted equity securities are classified as available-for-sale. Other debt and bonds which are not quoted in an active market, are classified as loans and receivables. Other debt and bonds includes loan notes of US$2.5 billion (€2.0 billion), (2017: US$2.5 billion (€2.3 billion)) issued by Verizon Communications Inc. as part of the Group’s disposal of its interest in Verizon Wireless all of which is recorded within non-current assets and €0.9 billion (2017:€1.0 billion) issued by VodafoneZiggo Holding B.V. The carrying amount of these loan notes approximates fair value. Current other investments comprise the following: €m €m Included within current assets: Debt securities: Public debt and bonds 1 2,517 2,284 Other debt and bonds 2 4,896 2,727 Cash and other investments held in restricted deposits 1,382 1,109 8,795 6,120 Public debt and bonds are classified as held for trading and stated at fair value. Cash held in restricted deposits is classified as loans and receivables and includes amounts held in qualifying assets by Group insurance companies to meet regulatory requirements. Other debt and bonds includes €3,087 million (2017: €2,039 million) of assets held for trading in managed investment funds with liquidity of up to 90 days; €830 million (2017: €506 million) of assets held at amortised cost on an effective interest method paid as collateral on derivative financial instruments and €976 million (2017: €182 million) short-term investments, also classified as loans and receivables at amortised cost, where the underlying assets are supply chain and handset receivables. Current public debt and bonds include highly liquid German and UK government bonds held for trading of €1,974 million (2017: €1,638 million) of which UK gilts of €1,112 million (2017: €1,172 million) is paid as collateral primarily on derivative financial instruments. For public debt and bonds, other debt and bonds and cash held in restricted deposits, the carrying amount approximates fair value. Notes: 1 For items measured at fair value, the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets or liabilities. 2 For items measured at fair value, the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Trade and other receivables

Trade and other receivables	12 Months Ended
	Mar. 31, 2018
Trade and other receivables
Trade and other receivables	14. Trade and other receivables Trade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay to our suppliers in advance. Trade receivables are shown net of an allowance for bad or doubtful debts. Derivative financial instruments with a positive market value are reported within this note. Accounting policies Trade receivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest is accreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. The carrying value of all trade receivables is reduced by appropriate allowances for estimated irrecoverable amounts. Estimated irrecoverable amounts are based on the ageing of the receivable balances and historical experience. Individual trade receivables are written off when management deems them not to be collectible. €m €m Included within non-current assets: Trade receivables 435 362 Amounts owed by associates and joint ventures 1 27 Other receivables 194 130 Prepayments 597 378 Accrued income 350 — Derivative financial instruments 2,449 3,672 4,026 4,569 Included within current assets: Trade receivables 4,967 4,973 Amounts owed by associates and joint ventures 524 325 Other receivables 895 918 Prepayments 1,152 1,197 Accrued income 2,257 1,838 Derivative financial instruments 180 610 9,975 9,861 The Group’s trade receivables are stated after allowances for bad and doubtful debts based on management’s assessment of creditworthiness, an analysis of which is as follows: €m €m 1 April 1,418 1,385 Reclassification as held for sale — (66) Exchange movements (78) (94) Amounts charged to administrative expenses 528 589 Other (619) (396) 31 March 1,249 1,418 The carrying amounts of trade and other receivables approximate their fair value and are predominantly non-interest bearing. The fair values 1 of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March. €m €m Included within derivative financial instruments: Fair value through the income statement (held for trading): Interest rate swaps 1,610 2,248 Cross-currency interest rate swaps 445 126 Options 25 12 Foreign exchange contracts 44 103 2,124 2,489 Designated hedge relationships: Interest rate swaps 191 212 Cross-currency interest rate swaps 314 1,581 2,629 4,282 Note 1 The valuation basis is level 2. This classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Trade and other payables

Trade and other payables	12 Months Ended
	Mar. 31, 2018
Trade and other payables
Trade and other payables	15. Trade and other payables Trade and other payables mainly consist of amounts we owe to our suppliers that have been invoiced or are accrued. They also include taxes and social security amounts due in relation to our role as an employer. Derivative financial instruments with a negative market value are reported within this note. Accounting policies Trade payables are not interest-bearing and are stated at their nominal value. €m €m Included within non-current liabilities: Other payables 314 30 Accruals 159 154 Deferred income 237 204 Derivative financial instruments 2,133 1,349 2,843 1,737 Included within current liabilities: Trade payables 6,185 6,212 Amounts owed to associates and joint ventures 27 14 Other taxes and social security payable 1,177 1,261 Other payables 1,346 1,220 Accruals 5,579 5,683 Deferred income 1,678 1,716 Derivative financial instruments 250 728 16,242 16,834 The carrying amounts of trade and other payables approximate their fair value. The fair values 1 of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest and foreign currency rates prevailing at 31 March. €m €m Included within derivative financial instruments: Fair value through the income statement (held for trading): Interest rate swaps 412 553 Cross-currency interest rate swaps 812 944 Options 76 63 Foreign exchange contracts 51 76 1,351 1,636 Designated hedge relationships Interest rate swaps 103 61 Cross-currency interest rate swaps 929 380 2,383 2,077 Note: 1 The valuation basis is level 2 classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Other payables included within non-current liabilities include €271 million (2017: €nil) in respect of the re-insurance of a third-party annuity policy related to the Vodafone and CWW Sections of the Vodafone UK Group Pension Scheme.

Provisions

Provisions	12 Months Ended
	Mar. 31, 2018
Provisions
Provisions	16. Provisions A provision is a liability recorded in the statement of financial position, where there is uncertainty over the timing or amount that will be paid, and is therefore often estimated. The main provisions we hold are in relation to asset retirement obligations, which include the cost of returning network infrastructure sites to their original condition at the end of the lease, and claims for legal and regulatory matters. For further details see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Where the timing of settlement is uncertain amounts are classified as non-current where settlement is expected more than 12 months from the reporting date. Asset retirement obligations In the course of the Group’s activities, a number of sites and other assets are utilised which are expected to have costs associated with decommissioning. The associated cash outflows are substantially expected to occur at the dates of exit of the assets to which they relate, which are long term in nature. Legal and regulatory The Group is involved in a number of legal and other disputes, including notifications of possible claims. The Directors of the Company, after taking legal advice, have established provisions after taking into account the facts of each case. For a discussion of certain legal issues potentially affecting the Group see note 29 “Contingent liabilities and legal proceedings” to the consolidated financial statements. Other provisions Other provisions comprises various provisions including those for restructuring costs and property. The associated cash outflows for restructuring costs are primarily less than one year. The timing of the cash flows associated with property is dependent upon the remaining term of the associated lease. Asset retirement Legal and obligations regulatory Other Total €m €m €m €m 31 March 2016 571 1,215 791 2,577 Transfer of liabilities held for sale (10) (642) — (652) Exchange movements (17) (32) (1) (50) Amounts capitalised in the year 157 — — 157 Amounts charged to the income statement — 148 643 791 Utilised in the year − payments (51) (40) (376) (467) Amounts released to the income statement (44) (56) (117) (217) Other — 41 (1) 40 31 March 2017 606 634 939 2,179 Disposal of subsidiaries (14) (3) — (17) Exchange movements (13) (21) (4) (38) Amounts capitalised in the year 59 — — 59 Amounts charged to the income statement — 140 325 465 Utilised in the year − payments (33) (57) (324) (414) Amounts released to the income statement (22) (171) (85) (278) 31 March 2018 583 522 851 1,956 Provisions have been analysed between current and non-current as follows: 31 March 2018 Asset retirement Legal and obligations regulatory Other Total €m €m €m €m Current liabilities 17 280 594 891 Non-current liabilities 566 242 257 1,065 583 522 851 1,956 31 March 2017 Asset retirement Legal and obligations regulatory Other Total €m €m €m €m Current liabilities 10 300 739 1,049 Non-current liabilities 596 334 200 1,130 606 634 939 2,179

Called up share capital

Called up share capital	12 Months Ended
	Mar. 31, 2018
Called up share capital
Called up share capital	17. Called up share capital Called up share capital is the number of shares in issue at their par value. A number of shares were allotted during the year in relation to employee share schemes. Accounting policies Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs. Number €m Number €m Ordinary shares of 20 20⁄ 21 US cents each allotted, issued and fully paid: 1 1 April 28,814,142,848 4,796 28,813,396,008 4,796 Allotted during the year 2 660,460 — 746,840 — 31 March 28,814,803,308 4,796 28,814,142,848 4,796 Note: 1 At 31 March 2018 the Group held 2,139,038,029 (2017: 2,192,064,339) treasury shares with a nominal value of €356 million (2017: €365 million). The market value of shares held was €4,738 million (2017: €5,348 million). During the year, 53,026,317 (2017: 62,761,357) treasury shares were reissued under Group share schemes. On 25 August 2017, 729,077,001 treasury shares were issued in settlement of a maturing subordinated mandatory convertible bond issued on 19 February 2016. For further details see note 21 “Liquidity and capital resources”. 2 Represents US share awards and option scheme awards.

Reconciliation of net cash flow

Reconciliation of net cash flow from operating activities	12 Months Ended
	Mar. 31, 2018
Reconciliation of net cash flow from operating activities
Reconciliation of net cash flow from operating activities	18. Reconciliation of net cash flow from operating activities The table below shows how our profit for the year from continuing operations translates into cash flows generated from our operating activities. Notes €m €m €m Profit/(loss) for the financial year 2,788 (6,079) (5,122) Loss/(profit) from discontinued operations 1,969 4,107 (5) Profit/(loss) for the financial year from continuing operations 4,757 (1,972) (5,127) Non-operating expense 32 1 3 Investment income (685) (474) (539) Financing costs 1,074 1,406 2,046 Income tax (credit)/expense (879) 4,764 4,937 Operating profit 4,299 3,725 1,320 Adjustments for: Share-based payments 128 95 154 Depreciation and amortisation 10,409 11,086 11,697 Loss on disposal of property, plant and equipment and intangible assets 36 22 27 Share of result of equity accounted associates and joint ventures 59 (47) (60) Impairment losses — — 569 Other (income)/expense (213) (1,052) 286 (Increase)/decrease in inventory (26) 117 (144) (Increase)/decrease in trade and other receivables (1,118) 308 (684) Increase/(decrease) in trade and other payables 286 (473) 332 Cash generated by operations 13,860 13,781 13,497 Net tax paid (1,118) (761) (807) Cash flows from discontinued operations 858 1,203 1,646 Net cash flow from operating activities 13,600 14,223 14,336

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Mar. 31, 2018
Cash and cash equivalents
Cash and cash equivalents	19. Cash and cash equivalents The majority of the Group’s cash is held in bank deposits or money market funds which have a maturity of three months or less to enable us to meet our short-term liquidity requirements. Accounting policies Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. €m €m Cash at bank and in hand 2,197 1,856 Money market funds and bank deposits 2,477 6,979 Cash and cash equivalents as presented in the statement of financial position 4,674 8,835 Bank overdrafts (7) — Cash and cash equivalents of discontinued operations 727 467 Cash and cash equivalents as presented in the statement of cash flows 5,394 9,302 Cash and cash equivalents are held by the Group on a short-term basis with all having an original maturity of three months or less. The carrying amount approximates their fair value. Cash and cash equivalents of €1,449 million (2017: €1,132 million) are held in countries with restrictions on remittances but where the balances could be used to repay subsidiaries’ third party liabilities.

Borrowings

Borrowings	12 Months Ended
	Mar. 31, 2018
Borrowings
Borrowings	20. Borrowings The Group’s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities and through short-term and long-term issuances in the capital markets including bond and commercial paper issues and bank loans. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates depending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to mitigate the impact of exchange rate movements on certain monetary items. Accounting policies Capital market and bank borrowings Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with policy (see note 22). Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing. Where bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal amounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at amortised cost using the effective interest rate method. Carrying value and fair value information The carrying value and fair value of the Group’s borrowings are as follows: Carrying value Fair value €m €m €m €m Financial liabilities measured at amortised cost Bank loans 1,159 867 1,180 898 Commercial paper 2,712 3,648 2,715 3,650 Bonds 1 3,062 660 3,057 667 Other liabilities 2,3 3,003 4,632 3,003 4,632 Bonds in designated hedge relationships 415 2,244 409 2,241 Short-term borrowings 10,351 12,051 10,364 12,088 Financial liabilities measured at amortised cost: — — Bank loans 2,157 2,741 2,176 2,769 Bonds 1 18,804 19,345 18,714 19,286 Other liabilities 278 305 278 305 Bonds in designated hedge relationships 11,669 12,132 11,010 11,349 Long-term borrowings 32,908 34,523 32,178 33,709 Notes: 1 Bonds mature between 2018 and 2056 (2017: 2017 and 2056) and have interest rates of 0.0% to 8.125% (2017: 0.0% to 8.125%). 2 Includes a €1.8 billion (2017: €1.8 billion) liability for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement. 3 Amount includes €1,070 million (2017: €2,654 million) in relation to collateral support agreements. Fair values of bonds and financial liabilities measured at amortised cost are based on Level 1 and 2 of the fair value hierarchy respectively, using quoted market prices or discounted cash flows with a discount rate based upon forward interest rates available to the Group at the reporting date. The Group’s gross and net debt includes certain bonds which have been designated in hedge relationships, which are carried at €1.7 billion higher than their euro equivalent redemption value. In addition, where bonds are issued in currencies other than euros, the Group has entered into foreign currency swaps to fix the euro cash outflows on redemption. The impact of these swaps are not reflected in gross debt and would increase the euro equivalent redemption value of the bonds by €0.6 billion. Cash flows Non-cash changes Net proceeds/(repayment) Interest Net movements Net Financing 2017 of borrowings paid in short-term borrowings costs 2 Reclassification 2018 €m €m €m €m €m €m €m Assets and liabilities from financing activities 1 44,369 (224) (991) (534) 486 (93) 43,013 Notes: 1 This balance comprises gross borrowings of €43,259 million (2017: € 46,574 million) and net derivative financial assets of €246 million (€2,205 million). Net debt disclosed in note 21 additionally includes cash and certain short term investments. 2 This amount includes interest, fair value and foreign exchange items which impact the income statement. Financing costs of €1,074 million as disclosed in note 5 primarily additionally include foreign exchange and other movements on items classified as net debt but not borrowings . Maturity of borrowings and other financial liabilities The maturity profile of the anticipated future cash flows including interest in relation to the Group’s non-derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and fair value, is as follows: Bonds in Bank Commercial Other designated hedge loans paper Bonds liabilities relationships Total €m €m €m €m €m €m Within one year 1,251 2,715 3,498 3,002 850 11,316 In one to two years 748 — 393 34 1,423 2,598 In two to three years 507 — 2,893 25 1,518 4,943 In three to four years 569 — 3,869 22 359 4,819 In four to five years — — 791 26 2,901 3,718 In more than five years 350 — 14,702 172 9,933 25,157 3,425 2,715 26,146 3,281 16,984 52,551 Effect of discount/financing rates (109) (3) (4,280) — (4,900) (9,292) 31 March 2018 3,316 2,712 21,866 3,281 12,084 43,259 Within one year 909 3,660 1,810 4,606 3,142 14,127 In one to two years 1,168 — 2,650 21 1,527 5,366 In two to three years 721 — 2,080 56 366 3,223 In three to four years 569 — 2,369 22 1,522 4,482 In four to five years — — 3,010 24 1,253 4,287 In more than five years 350 — 12,029 203 11,548 24,130 3,717 3,660 23,948 4,932 19,358 55,615 Effect of discount/financing rates (109) (12) (3,943) 5 (4,982) (9,041) 31 March 2017 3,608 3,648 20,005 4,937 14,376 46,574 The maturity profile of the Group’s financial derivatives (which include interest rate swaps, cross-currency interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows: Payable Receivable Payable Receivable €m €m €m €m Within one year 18,055 18,363 16,541 16,462 In one to two years 3,925 3,875 4,788 5,201 In two to three years 4,904 4,911 3,000 3,141 In three to four years 2,223 2,324 1,913 2,038 In four to five years 3,834 3,687 1,567 1,706 In more than five years 20,702 23,021 18,743 22,491 53,643 56,181 46,552 51,039 Payables and receivables are stated separately in the table above as settlement is on a gross basis. The net effect of discount/financing rates is €2,292 million (2017: €2,282 million), leaving a €246 million (2017: €2,205 million) net receivable in relation to financial derivatives. This is split €2,383 million (2017: €2,077 million) within trade and other payables and €2,629 million (2017: €4,282 million) within trade and other receivables. Gains and losses recognised in the hedging reserve in equity on cross-currency interest rate swaps as at 31 March 2018 will be continuously released to the income statement within financing costs until the repayment of certain bonds classified as loans designated in hedge relationships in the table of maturities of non-derivative financial liabilities above. The currency split of the Group’s foreign exchange derivatives (which includes cross-currency interest rate swaps and foreign exchange swaps) is as follows: Payable Receivable Payable Receivable €m €m €m €m Sterling 4,459 7,280 1,176 6,576 Euro 27,655 9,609 23,167 5,556 US dollar 6,862 20,615 4,246 19,482 Other 5,568 7,972 5,420 4,813 44,544 45,476 34,009 36,427 Payables and receivables are stated separately in the table above as settlement is on a gross basis. The net effect of discount/financing rates is €1,972 million (2017: €2,008 million), leaving a €1,040 million (2017: €410 million) net payable in relation to financial derivatives. This is split €1,868 million (2017: €1,400 million) within trade and other payables and €828 million (2017: €1,810 million) within trade and other receivables. The present value of minimum lease payments under finance lease arrangements under which the Group has leased certain of its equipment is included within other liabilities and is analysed as follows: €m €m Within one year 46 68 In two to five years 94 78 In more than five years 172 160 312 306 Interest rate and currency of borrowings is as follows: Total Floating rate Fixed rate Other borrowings borrowings borrowings 1 borrowings 2 Currency €m €m €m €m Sterling 3,339 — 3,339 — Euro 36,411 5,766 28,779 1,866 US dollar 2,930 2,899 31 — Other 579 13 566 — 31 March 2018 43,259 8,678 32,715 1,866 Sterling 4,552 5 4,547 — Euro 37,420 7,517 28,009 1,894 US dollar 4,449 4,172 277 — Other 153 13 140 — 31 March 2017 46,574 11,707 32,973 1,894 Notes: 1 The weighted average interest rate for the Group’s sterling denominated fixed rate borrowings is 2.5% (2017: 2.5%). The weighted average time for which these rates are fixed is 20.8 years (2017: 16.6 years). The weighted average interest rate for the Group’s euro denominated fixed rate borrowings is 2.1% (2017: 2.1%). The weighted average time for which the rates are fixed is 8.0 years (2017: 8.4 years). The weighted average interest rate for the Group’s US dollar denominated fixed rate borrowings is 0.0% (2017: 0.2%). The weighted average time for which the rates are fixed is 0.0 years (2017: 0.1 years). The weighted average interest rate for the Group’s other currency fixed rate borrowings is 12.3% (2017: 8.5%). The weighted average time for which the rates are fixed is 4.4 years (2017: 12.0 years). 2 At 31 March 2018 other borrowings of €1.9 billion (2017: €1.9 billion) include a €1.8 billion (2017: €1.8 billion) liability for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement. The figures shown in the tables above take into account cross-currency and interest rate swaps used to manage the currency and interest rate profile of financial liabilities. Interest on floating rate borrowings is generally based on national LIBOR equivalents or government bond rates in the relevant currencies.

Liquidity and capital resources

Liquidity and capital resources	12 Months Ended
	Mar. 31, 2018
Liquidity and capital resources
Liquidity and capital resources	21. Liquidity and capital resources This section includes an analysis of net debt, which is used to manage capital, and committed borrowing facilities. Net debt Net debt represented 49% of our market capitalisation at 31 March 2018 compared to 44% at 31 March 2017. Average net debt at month end accounting dates over the 12-month period ended 31 March 2018 was €31.9 billion and ranged between net debt of €30.0 billion and €32.9 billion. Our consolidated net debt position at 31 March was as follows: €m €m Cash and cash equivalents 4,674 8,835 Short-term borrowings Bonds (3,477) (2,904) Commercial paper 1 (2,712) (3,648) Put options over non-controlling interests 2 (1,838) (1,837) Bank loans (1,159) (867) Other short-term borrowings 3 (1,165) (2,795) (10,351) (12,051) Long-term borrowings Bonds, loans and other long-term borrowings (32,908) (34,523) (32,908) (34,523) Other financial instruments Derivative financial instruments included in trade and other receivables (note 14) 2,629 4,282 Derivative financial instruments included in trade and other payables (note 15) (2,383) (2,077) Short-term investments (note 13) 4 6,152 3,981 Cash collateral 718 384 7,116 6,570 Net debt (31,469) (31,169) Notes: 1 At 31 March 2018 US$570 million (2017: US$1,484 million) was drawn under the US commercial paper programme and €2,249 million (2017:€2,262 million) were drawn under the euro commercial paper programme. 2 Includes a €1.8 billion (2017: €1.8 billion) liability for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement. 3 At 31 March 2018 the amount includes €1,070 million (2017: €2,654 million) in relation to cash received under collateral support agreements. 4 At 31 March 2018 the amount primarily includes €3,087 million (31 March 2017: €2,039 million) in managed investment funds, €1,974 million (2017: €1,638 million) in government bonds of which UK gilts of €1,112 million (2017: €1,172 million) are used primarily as collateral in relation derivative financial instruments, and €976 million (31 March 2017: €182 million) short-term investments where the underlying assets are supply chain and handset receivables. At 31 March 2018 we had €4,674 million of cash and cash equivalents which are held in accordance with the counterparty and settlement risk limits of the Board approved treasury policy. The main forms of liquid investment at 31 March 2018 were managed investment funds, money market funds, government bonds and bank deposits. The cash received from collateral support agreements mainly reflects the value of our interest rate swap and cross-currency interest rate swap portfolios which are substantially net present value positive. See note 22 “Capital and financial risk management” for further details on these agreements. Commercial paper programmes We currently have US and euro commercial paper programmes of US$15 billion and €8 billion respectively which are available to be used to meet short-term liquidity requirements. At 31 March 2018 amounts external to the Group of €2,249 million were drawn under the euro commercial paper programme and US$570 million (€464 million) were drawn down under the US commercial paper programme, with such funds being provided by counterparties external to the Group. The commercial paper facilities were supported by US$4.1 billion (€3.3 billion) and €3.8 billion of syndicated committed bank facilities (see “Committed facilities” below). No amounts had been drawn under either bank facility. Bonds We have a €30 billion euro medium-term note programme and a US shelf programme which are used to meet medium to long-term funding requirements. At 31 March 2018 the total amounts in issue under these programmes split by currency were US$9.9 billion, €18.4 billion, £3.6 billion, AUD 1.2 billion, HKD 2.1 billion, NOK 2.2 billion, CHF 0.7 billion, JPY 10 billion. At 31 March 2018 the Group had bonds outstanding with a nominal value of €32.3 billion. During the year ended 31 March 2018 bonds with a nominal value equivalent of €4.2 billion were issued under the euro medium-term note programme. On 25 February 2016 the Group issued £2.9 billion (€3.5 billion) of subordinated mandatory convertible bonds (‘MCB’) issued in two tranches, with the first £1.4 billion (€1.7 billion) maturing during the year on 25 August 2017 and a further £1.4 billion (€1.7 billion) maturing on 25 February 2019 with coupons of 1.5% and 2.0% respectively. These were recognised as compound instruments with nominal values of £2.8 billion (€3.5 billion) recognised as a component of shareholders’ funds in equity and the fair value of future coupons of £0.1 billion (€0.1 billion) recognised as a financial liability in borrowings. The first tranche of the MCB converted to 729.1 million shares on 25 August 2017, reissued from treasury shares, at a conversion price of £1.9751. This reflected the conversion price at issue (£2.1730) adjusted for the pound sterling equivalent of aggregate dividends paid in August 2016, February 2017, and August 2017. At March 2018 conversion price of €1.9387, additionally reflecting dividends paid in February 2018, the remaining tranche would convert to 743 million Vodafone Group Plc shares representing approximately 3% of Vodafone’s share capital. The Group has hedged its exposure under the MCB to any future movements in its share price by an option strategy designed to hedge the economic impact of share price movements during the term of the bonds. Should the Group decide to buy back ordinary shares to mitigate the dilution resulting from the conversion of the remaining tranche, the hedging strategy will provide a hedge for the repurchase price. Own shares The Group held a maximum of 2,192,064,339 of its own shares during the year which represented 8.0% of issued share capital at that time. Committed facilities In aggregate we have committed facilities of approximately €9,568 million, of which €7,168 million was undrawn and €2,400 million was drawn at 31 March 2018. The following table summarises the committed bank facilities available to us at 31 March 2018. Facility Amount €m Drawn Maturity 1 Syndicated revolving credit facilities EUR facility 3,840 — 11 January 2023 2 USD facility 3,328 — 27 February 2022 2 Loan facilities, capped at 50% of operating company capital expenditure in: Canada 651 651 02 June 2018 UK and Ireland 568 568 12 December 2021 Germany (VDSL spend) 350 350 16 March 2023 Italy 400 400 05 June 2020 Turkey and Romania 300 300 18 September 2019 Turkey 100 100 04 December 2020 Other 31 31 19 September 2018 9,568 2,400 Notes: 1 2 Furthermore, certain of our subsidiaries are funded by external facilities which are non-recourse to any member of the Group other than the borrower. These facilities may only be used to fund their operations. At 31 March 2018 Vodafone Egypt had undrawn revolving credit facilities of EGP3 billion (€138 million). Vodacom had fully drawn facilities of US$75 million (€61 million) and facilities of ZAR0.48 billion (€33 million) of which ZAR0.46 billion (€32 million) was drawn. Vodafone Ghana had fully drawn facilities of US$143 million (€116 million) and GHS60 million (€11 million). Dividends from associates and to non-controlling shareholders Dividends from our associates are generally paid at the discretion of the Board of Directors or shareholders of the individual operating and holding companies, and we have no rights to receive dividends except where specified within certain of the Group’s shareholders’ agreements. Similarly, other than ongoing dividend obligations to the KDG minority shareholders, should they continue to hold their minority stake, we do not have existing obligations under shareholders’ agreements to pay dividends to non-controlling interest partners of our subsidiaries or joint ventures. The amount of dividends received and paid in the year are disclosed in the consolidated statement of cash flows. Potential cash outflows from option agreements and similar arrangements Under the terms of the sale and purchase agreement governing the disposal of the US Group, including the 45% interest in Verizon Wireless, the Group retains the responsibility for any tax liabilities of the US Group, excluding those relating to the Verizon Wireless partnership, for periods up to the completion of the transaction on 21 February 2014. Put options issued as part of the hedging strategy for the mandatory convertible bonds permit the holders to exercise against the Group if there is a decrease in our share price. Under the terms of the options, settlement must be made in cash which will equate to the reduced value of shares from the initial conversion price, adjusted for dividends declared during the year, on 743 million shares. Sale of trade receivables During the year the Group sold certain trade receivables to a financial institution. Whilst there are no repurchase obligations in respect of these receivables, the Group provided a credit guarantee which would only become payable if default rates were significantly higher than historical rates. The credit guarantee is not considered substantive and substantially all risks and rewards associated with the receivables passed to the purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the guarantees at 31 March 2018 was €506 million. No provision has been made in respect of these guarantees as the likelihood of a cash outflow has been assessed as remote. Supplier Financing arrangements The Group offers certain suppliers the opportunity to use a supply chain financing scheme (‘SCF’) which allows them to be paid earlier than the invoice due date. The Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to hold the characteristics of a trade payable or should be classified as borrowings; these indicators include whether the payment terms exceed customary payment terms in the industry or 180 days. At 31 March 2018 none of the payables subject to supplier financing arrangements met the criteria to be reclassified as borrowings.

Capital and financial risk mana

Capital and financial risk management	12 Months Ended
	Mar. 31, 2018
Capital and financial risk management
Capital and financial risk management	22. Capital and financial risk management This note details the treasury management and financial risk management objectives and policies, as well as the exposure and sensitivity of the Group to credit, liquidity, interest and foreign exchange risk, and the policies in place to monitor and manage these risks. Accounting policies Financial instruments Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group’s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Put option arrangements over non-controlling interest The potential cash payments related to put options issued by the Group over the equity of subsidiary companies are accounted for as financial liabilities when such options may only be settled by exchange of a fixed amount of cash or another financial asset for a fixed number of shares in the subsidiary. The amount that may become payable under the option on exercise is initially recognised at present value within borrowings with a corresponding charge directly to equity. The charge to equity is recognised separately as written put options over non-controlling interests, adjacent to non- controlling interests in the net assets of consolidated subsidiaries. The Group recognises the cost of writing such put options, determined as the excess of the present value of the option over any consideration received, as a financing cost. Such options are subsequently measured at amortised cost, using the effective interest rate method, in order to accrete the liability up to the amount payable under the option at the date at which it first becomes exercisable; the charge arising is recorded as a financing cost. In the event that the option expires unexercised, the liability is derecognised with a corresponding adjustment to equity. Derivative financial instruments and hedge accounting The Group’s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative financial instruments. The use of financial derivatives is governed by the Group’s policies approved by the Board of Directors, which provide written principles on the use of financial derivatives consistent with the Group’s risk management strategy. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income statement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when changes in value are deferred to other comprehensive income or equity respectively. The Group does not use derivative financial instruments for speculative purposes. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently remeasured to fair value at each reporting date. The Group designates certain derivatives as: – hedges of the change of fair value of recognised assets and liabilities (‘fair value hedges’); or – hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (‘cash flow hedges’); or – hedges of net investments in foreign operations. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting, or if the Company chooses to end the hedging relationship. Fair value hedges The Group’s policy is to use derivative instruments (primarily interest rate swaps) to convert a proportion of its fixed rate debt to floating rates in order to hedge the interest rate risk arising, principally, from capital market borrowings. The Group designates these as fair value hedges of interest rate risk with changes in fair value of the hedging instrument recognised in the income statement for the period together with the changes in the fair value of the hedged item arising from the hedged risk, to the extent the hedge is effective. Gains or losses relating to any ineffective portion are recognised immediately in the income statement. Cash flow hedges Cash flow hedging is used by the Group to hedge certain exposures to variability in future cash flows. The portion of gains or losses relating to changes in the fair value of derivatives that are designated and qualify as effective cash flow hedges is recognised in other comprehensive income; gains or losses relating to any ineffective portion are recognised immediately in the income statement. When the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and is recognised in the income statement when the hedged transaction is ultimately recognised in the income statement. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the income statement. Net investment hedges Exchange differences arising from the translation of the net investment in foreign operations are recognised directly in other comprehensive income. Gains and losses on those hedging instruments (which include bonds, commercial paper, cross-currency swaps and foreign exchange contracts) designated as hedges of the net investments in foreign operations are recognised in other comprehensive income to the extent that the hedging relationship is effective; these amounts are included in exchange differences on translation of foreign operations as stated in the statement of comprehensive income. Gains and losses relating to hedge ineffectiveness are recognised immediately in the income statement for the period. Gains and losses accumulated in the translation reserve are included in the income statement when the foreign operation is disposed of. Capital management The following table summarises the capital of the Group at 31 March: €m €m Net debt 31,469 31,169 Equity 68,607 73,719 Capital 100,076 104,888 The Group’s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity to certain subsidiaries. The Board has approved three internal debt protection ratios being: net interest to operating cash flow (plus dividends from associates); retained cash flow (operating cash flow plus dividends from associates less interest, tax, dividends to non-controlling shareholders and equity dividends) to net debt; and operating cash flow (plus dividends from associates) to net debt. These internal ratios establish levels of debt that the Group should not exceed other than for relatively short periods of time and are shared with the Group’s debt rating agencies being Moody’s, Fitch Ratings and Standard & Poor’s. Financial risk management The Group’s treasury function manages centrally the Group’s funding requirement, net foreign exchange exposure, interest rate management exposures and counterpart risk arising from investments and derivatives. Treasury operations are conducted within a framework of policies and guidelines authorised and reviewed by the Board, most recently on 22 July 2017. A treasury risk committee comprising of the Group’s Chief Financial Officer, Group General Counsel and Company Secretary, Group Deputy Chief Financial Officer, Group Treasury Director and Group Director of Financial Controlling and Operations meets three times a year to review treasury activities and its members receive management information relating to treasury activities on a quarterly basis. The Group’s accounting function, which does not report to the Group Treasury Director, provides regular update reports of treasury activity to the Board. The Group’s internal auditor reviews the internal control environment regularly. The Group uses a number of derivative instruments for currency and interest rate risk management purposes only that are transacted by specialist treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements. Credit risk The Group considers its maximum exposure to credit risk at 31 March to be as follows: €m €m Bank deposit 2,197 1,856 Cash held in restricted deposits 1,382 1,109 German government bonds 862 — UK government bonds 1,112 1,638 Money market investments funds 2,477 6,979 Derivative financial instruments 2,629 4,282 Other investments – debt and bonds 8,596 6,747 Trade receivables 5,402 5,335 Other receivables and accrued income 3,410 2,886 28,067 30,832 The Group invested in UK and German government bonds on the basis they generate a fixed rate return and, are amongst the most creditworthy of investments available. The Group has three managed investment funds. These funds hold fixed income euro and sterling securities and the average credit quality is high double A. Money market investments are in accordance with established internal treasury policies which dictate that an investment’s long-term credit rating is no lower than mid BBB. Additionally, the Group invests in AAA unsecured money market mutual funds where the investment is limited to 10% of each fund. The Group also invests in a fund where the underlying assets are supply chain receivables, the creditworthiness of which are enhanced by an insurance wrapper as provided by established insurance companies with a long-term credit rating of at least A-. In respect of financial instruments used by the Group’s treasury function, the aggregate credit risk the Group may have with one counterparty is limited by (i) reference to the long-term credit ratings assigned for that counterparty by Moody’s, Fitch Ratings and Standard & Poor’s; (ii) that counterparty’s five year credit default swap (‘CDS’) spread; and (iii) the sovereign credit rating of that counterparty’s principal operating jurisdiction. Furthermore, collateral support agreements were introduced from the fourth quarter of 2008. Under collateral support agreements the Group’s exposure to a counterparty with whom a collateral support agreement is in place is reduced to the extent that the counterparty must post cash collateral when there is value due to the Group under outstanding derivative contracts that exceeds a contractually agreed threshold amount. When value is due to the counterparty the Group is required to post collateral on identical terms. Such cash collateral is adjusted daily as necessary. In the event of any default, ownership of the cash collateral would revert to the respective holder at that point. Detailed below is the value of the cash collateral, which is reported within short-term borrowings, held by the Group at 31 March: €m €m Cash collateral 1,070 2,654 The majority of the Group’s trade receivables are due for maturity within 90 days and largely comprise amounts receivable from consumers and business customers. At 31 March 2018 €3,389 million (2017: €3,322 million) of trade receivables were not yet due for payment. Overdue trade receivables consisted of €942 million (2017: €789 million) relating to the Europe region, and € 306 million (2017: €423 million) relating to the AMAP region. Financial statements are monitored by management and provisions for bad and doubtful debts raised where it is deemed appropriate. The following table presents ageing of receivables that are past due and provisions for doubtful receivables that have been established: Gross Less Net Gross Less Net receivables provisions receivables receivables provisions receivables €m €m €m €m €m €m 30 days or less 810 (32) 778 730 (27) 703 Between 31 and 60 days 226 (35) 191 125 (23) 102 Between 61 and 180 days 530 (206) 324 648 (258) 390 Greater than 180 days 1,250 (925) 325 1,423 (1,077) 346 2,816 (1,198) 1,618 2,926 (1,385) 1,541 Concentrations of credit risk with respect to trade receivables are limited given that the Group’s customer base is large and unrelated. Due to this, management believes there is no further credit risk provision required in excess of the normal provision for bad and doubtful receivables. Amounts charged to administrative expenses during the year ended 31 March 2018 were €528 million (2017: €589 million) (see note 14 “Trade and other receivables”). As discussed in note 29 “Contingent liabilities and legal proceedings”, the Group has covenanted to provide security in favour of the trustee of the Vodafone Group UK Pension Scheme in respect of the funding deficit in the scheme. The security takes the form of an English law pledge over UK index-linked government bonds. Liquidity risk At 31 March 2018 the Group had €3.8 billion and US$4.1 billion syndicated committed undrawn bank facilities which support the US$15 billion and €8 billion commercial paper programme available to the Group. The Group uses commercial paper and bank facilities to manage short-term liquidity and manages long-term liquidity by raising funds in the capital markets. The euro syndicated committed facility has a maturity date of 11 January 2023. The US$ syndicated committed facility has a maturity date of 27 February 2022. Both facilities have remained undrawn throughout the financial year and since year end and provide liquidity support. The Group manages liquidity risk on long-term borrowings by maintaining a varied maturity profile with a cap on the level of debt maturity in any one calendar year, therefore minimising refinancing risk. Long-term borrowings mature between one and 38 years. Liquidity is reviewed daily on at least a 12 month rolling basis and stress tested on the assumption that all commercial paper outstanding matures and is not reissued. The Group maintains substantial cash and cash equivalents which at 31 March 2018 amounted to €4,674 million (2017: €8,835 million). Market risk Interest rate management Under the Group’s interest rate management policy, interest rates on monetary assets and liabilities denominated in euros, US dollars and sterling are maintained on a floating rate basis except for periods up to six years where interest rate fixing has to be undertaken in accordance with treasury policy. The policy also allows euros, US dollars and sterling to be moved to a fixed rate basis if interest rates are statistically low. Where assets and liabilities are denominated in other currencies interest rates may also be fixed. In addition, fixing is undertaken for longer periods when interest rates are statistically low. For each one hundred basis point rise in market interest rates for all currencies in which the Group had borrowings at 31 March 2018 there would be an increase in profit before tax by approximately €372 million (2017: approximately €470 million) including mark-to-market revaluations of interest rate and other derivatives and the potential interest on outstanding tax issues. There would be no material impact on equity. At 31 March 2018 other than USD denominated liabilities, which are retained in order to hedge foreign exchange movements arising from our investment in VZ Communication loan notes, substantially all of our outstanding liabilities are held on a fixed interest rate basis in accordance with treasury policy. Foreign exchange management As Vodafone’s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the sterling share price represents the value of its future multi-currency cash flows, principally in euro, South African rand and sterling, the Group maintains the currency of debt and interest charges in proportion to its expected future principal cash flows and has a policy to hedge external foreign exchange risks on transactions denominated in other currencies above a certain de minimis level. At 31 March 2018 27% of net debt was denominated in currencies other than euro (9% sterling, 8% US dollar, 7% South African rand and 3% other). This allows US dollar, South African rand and other debt to be serviced in proportion to expected future cash flows and therefore provides a partial hedge against income statement translation exposure, as interest costs will be denominated in foreign currencies. Under the Group’s foreign exchange management policy, foreign exchange transaction exposure in Group companies is generally maintained at the lower of €5 million per currency per month or €15 million per currency over a six month period. The Group recognises foreign exchange movements in equity for the translation of net investment hedging instruments and balances treated as investments in foreign operations. However, there is no net impact on equity for exchange rate movements on net investment hedging instruments as there would be an offset in the currency translation of the foreign operation. At 31 March 2018 the Group held financial liabilities in a net investment hedge against the Group’s South African rand. Sensitivity to foreign exchange movements on the hedging liabilities, analysed against a strengthening of the South African rand by 15% (2017:18%) would result in a decrease in equity of €348 million (2017: €493 million) which would be fully offset by foreign exchange movements on the hedged net assets. The following table details the Group’s sensitivity of the Group’s adjusted operating profit to a strengthening of the Group’s major currency in which it transacts. The percentage movement applied to the currency is based on the average movements in the previous three annual reporting periods. Amounts are calculated by retranslating the operating profit of each entity whose functional currency is South African rand. €m €m ZAR 15% change (2017: 18%) – Operating profit 1 239 249 Notes: 1 Operating profit before impairment losses and other income and expense. At 31 March 2018 the Group’s sensitivity to foreign exchange movements, analysed against a strengthening of the US dollar by 9% (2017: 11%) on its external US dollar exposure, would decrease the profit before tax by €65 million (2017: €100 million). Foreign exchange on certain sterling balances analysed against a 7% (2017:10%) strengthening of sterling would increase the profit before tax by €208 million (2017: decrease by €262 million). Equity risk There is no material equity risk relating to the Group’s equity investments which are detailed in note 13 “Other investments”. The Group has hedged its exposure under the subordinated mandatory convertible bonds to any future movements in its share price by an option strategy designed to hedge the economic impact of share price movements during the term of the bonds. As at 31 March 2018 the Group’s sensitivity to a movement of 10% (2017: 7%) in its share price would result in an increase or decrease in profit before tax of approximately €164 million (2017: €236 million). Fair value and carrying value information The carrying value and valuation basis of the Group’s financial assets are set out in notes 13, 14 and 19. For all financial assets held at amortised cost the carrying values approximate fair value. The carrying value and valuation basis of the Group’s financial liabilities are set out in notes 15 and 20. The carrying values approximate fair value for the Group’s trade payables and other payables categories. For other financial liabilities a comparison of fair value and carrying value is disclosed in note 20. Net financial instruments The table below shows the Group’s financial assets and liabilities that are subject to offset in the balance sheet and the impact of enforceable master netting or similar agreements. At 31 March 2018 Related amounts not set off in the balance sheet Amounts Right of set off presented in with derivative Gross amount Amount set off balance sheet counterparties Cash collateral Net amount €m €m €m €m €m €m Derivative financial assets 2,629 — 2,629 (1,467) (1,070) 92 Derivative financial liabilities (2,383) — (2,383) 1,467 718 (198) Total 246 — 246 — (352) (106) At 31 March 2017 Related amounts not set off in the balance sheet Amounts Right of set off presented in with derivative Gross amount Amount set off balance sheet counterparties Cash collateral Net amount €m €m €m €m €m €m Derivative financial assets 4,282 — 4,282 (1,505) (2,654) 123 Derivative financial liabilities (2,077) — (2,077) 1,505 384 (188) Total 2,205 — 2,205 — (2,270) (65) Financial assets and liabilities are offset and the amount reported in the consolidated balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Derivative financial instruments that do not meet the criteria for offset could be settled net in certain circumstances under ISDA (International Swaps and Derivatives Association) agreements where each party has the option to settle amounts on a net basis in the event of default from the other. Collateral may be offset and net settled against derivative financial instruments in the event of default by either party. The aforementioned collateral balances are recorded in “other short-term investments” or “short-term debt” respectively.

Directors and key management co

Directors and key management compensation	12 Months Ended
	Mar. 31, 2018
Directors and key management compensation
Directors and key management compensation	23. Directors and key management compensation This note details the total amounts earned by the Company’s Directors and members of the Executive Committee. Directors Aggregate emoluments of the Directors of the Company were as follows: €m €m €m Salaries and fees 4 4 5 Incentive schemes 1 3 2 4 Other benefits 2 1 1 1 8 7 10 Notes: 1 Excludes gains from long-term incentive plans. 2 Includes the value of the cash allowance taken by some individuals in lieu of pension contributions. The aggregate gross pre-tax gain made on the exercise of share options in the year ended 31 March 2018 by one Director who served during the year was <€0.1 million (2017: one Director, €0.7 million; 2016: one Director, €0.2 million). Key management compensation Aggregate compensation for key management, being the Directors and members of the Executive Committee, was as follows: €m €m €m Short-term employee benefits 27 24 30 Share-based payments 30 25 26 57 49 56

Employees

Employees	12 Months Ended
	Mar. 31, 2018
Employees
Employees	24. Employees This note shows the average number of people employed by the Group during the year, in which areas of our business our employees work and where they are based. It also shows total employment costs. Employees Employees Employees By activity: Operations 17,094 18,207 18,869 Selling and distribution 35,025 38,252 38,325 Customer care and administration 54,016 55,097 54,490 106,135 111,556 111,684 By segment: Germany 13,718 14,478 14,862 Italy 6,606 6,601 6,676 Spain 5,015 5,118 5,935 UK 12,379 13,238 13,323 Other Europe 11,760 15,801 16,058 Europe 49,478 55,236 56,854 India (Discontinued operations) 11,086 13,187 13,346 Vodacom 7,524 7,590 7,515 Other Africa, Middle East and Asia-Pacific 13,606 14,183 14,262 Africa, Middle East and Asia-Pacific 32,216 34,960 35,123 Common Functions 24,441 21,360 19,707 Total 106,135 111,556 111,684 The cost incurred in respect of these employees (including Directors) was: €m €m €m Wages and salaries 4,179 4,630 4,759 Social security costs 547 582 621 Other pension costs (note 25) 222 212 270 Share-based payments (note 26) 128 95 154 5,076 5,519 5,804 India (Discontinued operations) 219 217 212 Total 5,295 5,736 6,016 The Group has dialogue with recognised labour unions if required. In particular, there are regular meetings with the Vodafone European Employee Consultative Council (the ‘EECC’). The delegates of this body are locally elected Vodafone employee representatives, most of them union and works council members. There has been no material disruption to operations as a result of union activity during the financial year.”

Post employment benefits

Post employment benefits	12 Months Ended
	Mar. 31, 2018
Post employment benefits
Post employment benefits	25. Post employment benefits The Group operates a number of defined benefit and defined contribution pension plans for our employees. The Group’s largest defined benefit scheme is in the UK. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognised as an asset or liability on the statement of financial position. Scheme liabilities are assessed using the projected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value. Actuarial gains and losses are taken to the statement of comprehensive income as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The return on plan assets, in excess of interest income, is also taken to other comprehensive income. Other movements in the net surplus or deficit are recognised in the income statement, including the current service cost, any past service cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the income statement. The amount charged to the income statement in respect of these plans is included within operating costs or in the Group’s share of the results of equity accounted operations, as appropriate. The Group’s contributions to defined contribution pension plans are charged to the income statement as they fall due. Background At 31 March 2018 the Group operated a number of pension plans for the benefit of its employees throughout the world, with varying rights and obligations depending on the conditions and practices in the countries concerned. The Group’s pension plans are provided through both defined benefit and defined contribution arrangements. Defined benefit schemes provide benefits based on the employees’ length of pensionable service and their final pensionable salary or other criteria. Defined contribution schemes offer employees individual funds that are converted into benefits at the time of retirement. The Group operates defined benefit schemes in Germany, Ghana, India, Ireland, Italy, the UK and the United States. Defined contribution pension schemes are currently provided in Australia, Egypt, Germany, Greece, Hungary, India, Ireland, Italy, the Netherlands, New Zealand, Portugal, South Africa, Spain and the UK. Income statement expense €m €m €m Defined contribution schemes 178 192 214 Defined benefit schemes 44 20 56 Total amount charged to income statement (note 24) 222 212 270 Defined benefit schemes The Group’s retirement policy is to provide competitive pension provision, in each operating country, in line with the market median for that location. The Group’s preferred retirement provision is focused on Defined Contribution (‘DC’) arrangements and/or State provision for future service. The Group’s main defined benefit funding liability is the Vodafone UK Group Pension Scheme (‘Vodafone UK plan’). Since June 2014 the plan has consisted of two segregated sections: the Vodafone Section and the Cable & Wireless Section (‘CWW Section’). Both sections are closed to new entrants and to future accrual. The Group also operates funded and unfunded plans in Germany and funded plans in Ireland. Defined benefit pension provision exposes the Group to actuarial risks such as longer than expected longevity of participants, lower than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value of assets of the schemes. The defined benefit schemes are administered by Trustee Boards who are legally separate from the Group and consist of representatives who are employees, former employees or are independent from the Company. The Boards of the pension schemes are required by legislation to act in the best interest of the participants, set the investment strategy and contribution rates and are subject to statutory funding objectives. The Vodafone UK plan is registered as an occupational pension plan with HMRC and is subject to UK legislation and operates within the framework outlined by the Pensions Regulator. UK legislation requires that pension schemes are funded prudently and that valuations are undertaken at least every three years. Separate valuations are required for the Vodafone Section and CWW Section. The trustees obtain regular actuarial valuations to check whether the statutory funding objective is met and whether a recovery plan is required to restore funding to the level of the agreed technical provisions. On 19 October 2017, the 31 March 2016 triennial actuarial valuation for the Vodafone Section and CWW Section of the Vodafone UK plan, which is used to judge the funding the Group needs to put into the scheme, was concluded. This valuation showed a net deficit of £279 million (€317 million) on the scheme’s funding basis, comprising of a £339 million (€385 million) deficit for the Vodafone Section offset by a £60 million (€68 million) surplus for the CWW Section. These scheme specific actuarial valuations will always be different to the IAS 19 accounting deficit, which is an accounting rule concerning employee benefits and shown on the Group’s consolidated statement of financial position. The Group and Trustees of the scheme agreed a funding plan to address the valuation deficit in the Vodafone Section over the period to 31 March 2025 and made a cash contribution on 19 October 2017 of £185 million (€209 million) into the Vodafone Section and a further cash payment in accordance with the arrangements set under the previous valuation of £58 million (€66 million) into the CWW Section. These cash payments were invested into annuity policies issued by a third party insurance company which in turn entered into a reinsurance policy covering these risks with the Group's captive insurance company. No further contributions are due in respect of the deficit revealed at the 2016 valuation. Funding plans are individually agreed for each of the Group’s defined benefit pension schemes with the respective trustees, taking into account local regulatory requirements. It is expected that ordinary contributions relating to future service of €61 million will be paid into the Group’s defined benefit pension schemes during the year ending 31 March 2019. The Group has also provided certain guarantees in respect of the Vodafone UK plan; further details are provided in note 29 “Contingent liabilities and legal proceedings” to the consolidated financial statements. The investment strategy for the UK schemes is controlled by the trustees in consultation with the Company and the schemes have no direct investments in the Group’s equity securities or in property or other assets currently used by the Group. The allocation of assets between different classes of investment is reviewed regularly and is a key factor in the trustee’s investment policy. The trustees aim to achieve the scheme’s investment objectives through investing partly in a diversified mix of growth assets which, over the long term are expected to grow in value by more than the low risk assets. The low risk assets include cash and gilts, inflation and interest rate hedging and in substantial insured pensioner annuity policies in both the Vodafone Section and CWW Sections of the Vodafone UK plan. A number of investment managers are appointed to promote diversification by assets, organisation and investment style and current market conditions and trends are regularly assessed, which may lead to adjustments in the asset allocation. Actuarial assumptions The Group’s scheme liabilities are measured using the projected unit credit method using the principal actuarial assumptions set out below: % % % Weighted average actuarial assumptions used at 31 March 1 : Rate of inflation 2 2.9 3.0 2.8 Rate of increase in salaries 2.7 2.6 2.6 Discount rate 2.5 2.6 3.2 Notes: 1 Figures shown represent a weighted average assumption of the individual schemes. 2 The rate of increases in pensions in payment and deferred revaluation are dependent on the rate of inflation. Mortality assumptions used are based on recommendations from the individual scheme actuaries which include adjustments for the experience of the Group where appropriate. The Group’s largest scheme is the Vodafone UK plan. Further life expectancies assumed for the UK schemes are 23.2/26.5 years (2017: 24.1/25.4 years; 2016: 24.0/25.3 years) for a male/female pensioner currently aged 65 years and 26.1/29.3 (2017: 26.7/28.3 years; 2016: 26.6/ 28.1 years) from age 65 for a male/female non-pensioner member currently aged 40. Charges made to the consolidated income statement and consolidated statement of comprehensive income (‘SOCI’) on the basis of the assumptions stated above are: €m €m €m Current service cost 34 43 45 Past service costs 2 (27) — Net interest charge 8 4 11 Total included within staff costs 44 20 56 Actuarial losses/(gains) recognised in the SOCI 94 274 (216) Duration of the benefit obligations The weighted average duration of the defined benefit obligation at 31 March 2018 is 22.8 years (2017: 22.9 years; 2016: 22.3 years). Fair value of the assets and present value of the liabilities of the schemes The amount included in the statement of financial position arising from the Group’s obligations in respect of its defined benefit schemes is as follows: Assets Liabilities Net deficit €m €m €m 1 April 2016 6,229 (6,570) (341) Reclassification as held for sale — 12 12 6,229 (6,558) (329) Service cost — 16 16 Interest income/(cost) 190 (194) (4) Return on plan assets excluding interest income 818 — 818 Actuarial losses arising from changes in financial assumptions — (1,204) (1,204) Actuarial gains arising from experience adjustments — 112 112 Employer cash contributions 24 — 24 Member cash contributions 8 (8) — Benefits paid (180) 180 — Exchange rate movements (403) 403 — Other movements 23 (50) (27) 31 March 2017 6,709 (7,303) (594) Service cost — (36) (36) Interest income/(cost) 167 (175) (8) Return on plan assets excluding interest income (37) — (37) Actuarial losses arising from changes in demographic assumptions — (46) (46) Actuarial losses arising from changes in financial assumptions — (12) (12) Actuarial gains arising from experience adjustments — 1 1 Employer cash contributions 301 — 301 Member cash contributions 8 (8) — Benefits paid (289) 289 — Exchange rate movements (156) 166 10 Other movements (6) 17 11 31 March 2018 6,697 (7,107) (410) An analysis of net (deficit)/assets is provided below for the Group as a whole €m €m €m €m €m Analysis of net (deficit)/assets: Total fair value of scheme assets 6,697 6,709 6,229 6,857 4,652 Present value of funded scheme liabilities (7,028) (7,222) (6,487) (7,316) (5,237) Net deficit for funded schemes (331) (513) (258) (459) (585) Present value of unfunded scheme liabilities (79) (81) (83) (91) (80) Net deficit (410) (594) (341) (550) (665) Net deficit is analysed as: Assets 1 110 57 224 234 42 Liabilities (520) (651) (565) (784) (707) Note: 1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Company either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. The International Accounting Standards Board (IASB) published an Exposure Draft in June 2015 that would amend IFRIC14 IAS19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their Interaction. However, in 2017 the IASB stated that they are carrying out “further work to assess whether it can establish a more principles-based approach in IFRIC14 for an entity to assess and measure its right to a refund of a surplus”. As such, it is not clear at this stage how and when IFRIC14 may be revised, and we will assess the impact of any changes when the revised version is published. An analysis of net assets/(deficit) is provided below for the Group’s largest defined benefit pension scheme in the UK, which is a funded scheme. As part of the merger of the Vodafone UK plan and the CWWRP plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are reported separately below. CWW Section Vodafone Section €m €m €m €m €m €m €m €m €m €m Analysis of net assets/(deficit): Total fair value of scheme assets 2,760 2,894 2,762 3,114 2,155 2,773 2,654 2,408 2,645 1,626 Present value of scheme liabilities (2,655) (2,842) (2,543) (2,884) (2,097) (2,945) (2,962) (2,548) (2,951) (2,030) Net assets/(deficit) 105 52 219 230 58 (172) (308) (140) (306) (404) Net assets/(deficit) are analysed as: Assets 105 52 219 230 58 — — — — — Liabilities — — — — — (172) (308) (140) (306) (404) F air value of scheme assets €m €m Cash and cash equivalents 95 104 Equity investments: With quoted prices in an active market 1,407 1,938 Without quoted prices in an active market 360 413 Debt instruments: With quoted prices in an active market 4,149 3,982 Without quoted prices in an active market 590 461 Property: With quoted prices in an active market 27 30 Without quoted prices in an active market 78 78 Derivatives: 1 With quoted prices in an active market (1,146) (1,218) Without quoted prices in an active market 44 (1) Investment fund 275 299 Annuity policies – Without quoted prices in an active market 818 623 Total 6,697 6,709 Note: 1 The fair value of scheme assets, which have been measured at fair value in accordance with IFRS 13 “Fair Value Measurement”, are analysed by asset category above and are subdivided by assets that have a quoted market price in an active market and those that do not, such as investment funds. Where available, the fair values are quoted prices (e.g. listed equity, sovereign debt and corporate bonds). Unlisted investments without quoted prices in an active market (e.g. private equity) are included at values provided by the fund manager in accordance with relevant guidance. Other significant assets are valued based on observable inputs such as yield curves. The Vodafone UK Plan annuity policies include two new buy-in arrangements with Legal & General Assurance Society Limited entered into during the year ended 31 March 2018 following the cash contributions made by the Group. These policies fully match the pension obligations of those pensioners insured and therefore are set equal to the present value of the related obligations. Investment funds of €275 million at 31 March 2018 include €259 million of investments in diversified alternate beta funds held in the Vodafone Section of the Vodafone UK plan. The actual return on plan assets over the year to 31 March 2018 was a gain of €130 million (2017: €1,008 million). Sensitivity analysis Measurement of the Group’s defined benefit retirement obligation is sensitive to changes in certain key assumptions. The sensitivity analysis below shows how a reasonably possible increase or decrease in a particular assumption would, in isolation, result in an increase or decrease in the present value of the defined benefit obligation as at 31 March 2018. Rate of inflation Rate of increase in salaries Discount rate Life expectancy Decrease by 0.5% Increase by 0.5% Decrease by 0.5% Increase by 0.5% Decrease by 0.5% Increase by 0.5% Increase by 1 year Decrease by 1 year €m €m €m €m €m €m €m €m (Decrease)/increase in present value of defined obligation 1 (556) 633 (4) 5 833 (713) 223 (220) Note: 1 The sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another. In presenting this sensitivity analysis, the change in the present value of the defined benefit obligation has been calculated on the same basis as prior years using the projected unit credit method at the end of the year, which is the same as that applied in calculating the defined benefit obligation liability recognised in the statement of financial position. The rate of inflation assumption sensitivity factors in the impact of changes to all assumptions relating to inflation including the rate of increase in salaries, pension increases and deferred revaluations.

Share-based payments

Share-based payments	12 Months Ended
	Mar. 31, 2018
Share-based payments
Share-based payments	26. Share-based payments The Group has a number of share plans used to award shares to Directors and employees as part of their remuneration package. A charge is recognised over the vesting period in the consolidated income statement to record the cost of these, based on the fair value of the award on the grant date. Accounting policies The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. A corresponding increase in retained earnings is also recognised. Some share awards have an attached market condition, based on total shareholder return (‘TSR’), which is taken into account when calculating the fair value of the share awards. The valuation for the TSR is based on Vodafone’s ranking within the same group of companies, where possible, over the past five years. The fair value of awards of non-vested shares is an average calculation of the closing price of the Group’s shares on the days prior to the grant date, adjusted for the present value of the delay in receiving dividends where appropriate. The maximum aggregate number of ordinary shares which may be issued in respect of share options or share plans will not (without shareholder approval) exceed: – 10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans; and – 5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated on an all-employee basis. Share options Vodafone Group executive plans No share options have been granted to any Directors or employees under the Company’s discretionary share option plans in the year ended 31 March 2018. There were no options outstanding under the Vodafone Global Incentive Plan at the year-end. Vodafone Group Sharesave Plan The Vodafone Group 2008 Sharesave Plan enables UK staff to acquire shares in the Company through monthly savings of up to £375 over a three and/or five year period, at the end of which they may also receive a tax-free bonus. The savings and bonus may then be used to purchase shares at the option price, which is set at the beginning of the invitation period and usually at a discount of 20% to the then prevailing market price of the Company’s shares. Share plans Vodafone Group executive plans Under the Vodafone Global Incentive Plan awards of shares are granted to Directors and certain employees. The release of these shares is conditional upon continued employment and for some awards achievement of certain performance targets measured over a three year period. Vodafone Share Incentive Plan Following a review of the UK all-employee plans it was decided that with effect from 1 April 2017 employees would no longer be able to contribute to the Share Incentive Plan and would therefore no longer receive matching shares. Individuals who hold shares in the plan will continue to receive dividend shares. Movements in outstanding ordinary share options Ordinary share options Millions Millions Millions 1 April 41 24 25 Granted during the year 11 31 7 Forfeited during the year (2) (1) (1) Exercised during the year (5) (7) (5) Expired during the year (5) (6) (2) 31 March 40 41 24 Weighted average exercise price: 1 April £1.61 £1.62 £1.49 Granted during the year £1.72 £1.61 £1.89 Forfeited during the year £1.65 £1.66 £1.54 Exercised during the year £1.57 £1.50 £1.42 Expired during the year £1.65 £1.75 £1.59 31 March £1.64 £1.61 £1.62 Summary of options outstanding and exercisable at 31 March 2018 Outstanding Exercisable Weighted Weighted average average Weighted remaining Weighted remaining Outstanding average contractual Exercisable average contractual shares exercise life shares exercise life Millions price Months Millions price Months Vodafone Group savings related and Sharesave Plan: £1.01 – £2.00 £1.64 21 — — — Share awards Movements in non-vested shares are as follows: Weighted Weighted Weighted average fair average fair average fair value at value at value at Millions grant date Millions grant date Millions grant date 1 April 178 £1.91 198 £1.77 217 £1.56 Granted 74 £1.95 74 £1.97 63 £2.22 Vested (42) £1.76 (47) £1.77 (32) £1.80 Forfeited (28) £1.58 (47) £1.57 (50) £1.40 31 March 182 £2.04 178 £1.91 198 £1.77 Other information The total fair value of shares vested during the year ended 31 March 2018 was £74 million (2017: £83 million; 2016: £58 million). The compensation cost included in the consolidated income statement in respect of share options and share plans was €128 million (2017: €95 million; 2016: €154 million) which is comprised principally of equity-settled transactions. The average share price for the year ended 31 March 2018 was 216.2 pence (2017: 216.2 pence; 2016: 224.2 pence).

Acquisitions and disposals

Acquisitions and disposals	12 Months Ended
	Mar. 31, 2018
Acquisitions and disposals
Acquisitions and disposals	27. Acquisitions and disposals We completed a number of acquisitions and disposals during the year. The note below provides details of these transactions as well as those in the prior year including, most significantly, the combination of our operations in the Netherlands with those of Liberty Global plc to form VodafoneZiggo, a 50:50 joint venture. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies Business combinations Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the income statement as incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. Acquisition of interests from non-controlling shareholders In transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or received and the amount by which the non-controlling interest is adjusted is recognised in equity. Disposals Vodafone And Qatar Foundation L.L.C (‘Vodafone Qatar’) On 29 March 2018, the Group sold its 51% interest in Vodafone And Qatar Foundation L.L.C for consideration of QAR1,350 million (€299 million). The Group recognised a net gain on disposal of €113 million reported in other income and expense. VodafoneZiggo Group Holding B.V. (‘VodafoneZiggo’) On 31 December 2016, we combined our operations in the Netherlands with those of Liberty Global plc to create VodafoneZiggo Group Holding B.V., a 50:50 joint venture providing national unified communications. As a result of the transaction, we no longer consolidate our previous interest in the Netherlands and account for our 50% interest in VodafoneZiggo as a Joint Venture using the equity method. The Group recognised a net gain on the formation of VodafoneZiggo of €1,275 million. €m Goodwill (855) Other intangible assets (1,415) Property, plant and equipment (1,164) Inventory (24) Trade and other receivables (302) Cash and cash equivalents 1 (56) Current and deferred taxation 87 Short and long-term borrowings 1,000 Trade and other payables 387 Provisions 28 Net assets contributed into VodafoneZiggo (2,314) Fair value of investment in VodafoneZiggo 2 2,970 Net cash proceeds arising from the transaction 1,3 619 Net gain on formation of VodafoneZiggo 4 1,275 Notes: 1 Included in purchase of interests in associates and joint ventures in the consolidated statement of cash flows. 2 1 Includes our 50% share of cash paid to both shareholders on creation of VodafoneZiggo ( €1,422 million), together with an equalisation payment of €802 million made to Liberty Global plc. 2 Reported in other income and expense in the consolidated income statement. Includes €637 million related to the re-measurement of our retained interest in Vodafone Libertel B.V. Transaction costs of €35 million were charged in the consolidated income statement in the year.

Commitments

Commitments	12 Months Ended
	Mar. 31, 2018
Commitments
Commitments	28. Commitments A commitment is a contractual obligation to make a payment in the future, mainly in relation to leases and agreements to buy assets such as network infrastructure and IT systems. These amounts are not recorded in the consolidated statement of financial position since we have not yet received the goods or services from the supplier. The amounts below are the minimum amounts that we are committed to pay. Accounting policies Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the asset to the lessee. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets of the Group at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments as determined at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised in the income statement. Rentals payable under operating leases are charged to the income statement on a straight-line basis over the term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease are also spread on a straight-line basis over the lease term. Operating lease commitments The Group has entered into commercial leases on certain properties, network infrastructure, motor vehicles and items of equipment. The leases have various terms, escalation clauses, purchase options and renewal rights, none of which are individually significant to the Group. Future minimum lease payments under non-cancellable operating leases comprise: €m €m Within one year 2,686 2,522 In more than one year but less than two years 1,633 1,487 In more than two years but less than three years 1,155 1,136 In more than three years but less than four years 903 882 In more than four years but less than five years 717 709 In more than five years 2,600 2,693 9,694 9,429 The total of future minimum sublease payments expected to be received under non-cancellable subleases is €859 million (2017: €584 million). Capital commitments Company and subsidiaries Share of joint operations Group €m €m €m €m €m €m Contracts placed for future capital expenditure not provided in the financial statements 1 2,630 2,052 76 88 2,706 2,140 Note: 1 Commitment includes contracts placed for property, plant and equipment and intangible assets. Acquisition commitments Vodafone India On 20 March 2017, Vodafone announced the agreement to combine its subsidiary, Vodafone India (excluding its 42% stake in Indus Towers), with Idea Cellular Limited ('Idea'), which is listed on the Indian Stock Exchanges, with the combined company to be jointly controlled by Vodafone and the Aditya Birla Group (‘ABG’). Vodafone will own 45.1% of the combined company after transferring a stake of 4.9% to the Aditya Birla Group for approximately INR39 billion (approximately US$579 million) in cash concurrent with completion of the merger. ABG will then own 26.0% and has the right to acquire more shares from Vodafone under an agreed mechanism with a view to equalising the shareholdings over time. If Vodafone and ABG’s shareholdings in the combined company are not equal after four years, Vodafone will sell down shares in the combined company to equalise its shareholding to that of the ABG over the following five-year period. Until equalisation is achieved, the voting rights of the additional shares held by Vodafone will be restricted and votes will be exercised jointly under the terms of the shareholders’ agreement. The transaction has a break-fee of INR33 billion (US$500 million) that would become payable under certain circumstances. On 4 January 2018 Idea announced its intention to raise up to INR67.5 billion (€882 million) of equity, which was achieved through a INR32.5 billion (€425 million) preferential allotment to the ABG entities and an additional INR35.0 billion (€457 million) of equity raised through a qualified institutions placement. The proceeds from this capital raise, in addition to the INR78.5 billion (€1.0 billion) of proceeds from the announced disposals of Vodafone India’s and Idea’s standalone tower businesses, would be used to strengthen the balance sheet of the merged entity (Vodafone India and Idea). As a consequence of the change in shareholding in Idea following the capital raise, ABG and Vodafone have agreed that ABG will buy a minimum of 2.5% of the merged entity from Vodafone, or such higher stake required in order for ABG to ultimately own at least 26% of the merged entity. Consequently, Vodafone will receive minimum proceeds of INR19.6 billion (€256 million) from such sale and Vodafone’s ownership in the combined entity is expected to be not more than 47.5% at completion. Vodafone’s stake in the combined entity in excess of 45.1% will not be subject to any lock-up after closing and Vodafone will be free to sell the relevant shares without restrictions. Based on ABG’s shareholding in Idea as at 31 March 2018, ABG will need to acquire approximately 4.8% of the merged entity from Vodafone at completion in order to own at least 26% of the merged entity. This would result in Vodafone having an approximate 45.2% shareholding. The aforementioned changes to the capital structure were already contemplated in the scheme of arrangement for the merger, which has been approved by the Competition Commission of India, the shareholders and creditors of both Idea and Vodafone India, and the relevant National Company Law Tribunals. Foreign investment and Department of Telecommunications approvals are currently pending. As such, Vodafone now expects the merger to be completed in June 2018. As per the agreement entered into on 20 March 2017, Vodafone India’s contribution of net debt to the merged entity and Vodafone Group’s funding requirement will be dependent on Idea’s net debt at completion of the merger, as well as customary closing adjustments, but is not affected by proceeds received in relation to the announced disposals of Vodafone India’s and Idea’s standalone towers and a potential monetisation of Idea’s 11.15% stake in Indus Towers. Vodafone will contribute INR24.8 billion (€323 million) more net debt than Idea at completion. On 31 March 2018, Vodafone India completed the sale of its standalone tower business in India to ATC Telecom Infrastructure Private Limited ('ATC') for an enterprise value of INR38.5 billion (€478 million). The receipt of these proceeds prior to completion of the proposed merger of Vodafone India and Idea was anticipated and provided for in the merger agreement and hence does not affect the agreed terms of the merger, including the amount of debt which Vodafone will contribute to the combined company at completion. Completion of Idea’s sale of its standalone tower business to ATC for INR40.0 billion is expected in the first half of this calendar year. Following the completion of Idea's equity raise in February 2018, under the terms of the merger agreement with Idea the Group intends to inject up to €1 billion of incremental equity into India, net of the proceeds of the sale of a stake in the JV to the Aditya Birla Group, prior to completion. Vodafone Greece On 23 January 2018, Vodafone announced that Vodafone Greece had agreed to acquire CYTA Telecommunications Hellas S.A., a provider of fixed and mobile telecommunication services in Greece, for a total enterprise value of €118 million. The acquisition is subject to a number of conditions, including antitrust clearance by the relevant competent authorities. Vodafone to acquire Liberty Global’s operations in Germany, the Czech Republic, Hungary and Romania On 9 May 2018, Vodafone announced that it had agreed to acquire Liberty Global’s operations in Germany, the Czech Republic, Hungary and Romania for an enterprise value of €18.4 billion. See note 31 “Subsequent events” for further details.

Contingent liabilities and lega

Contingent liabilities and legal proceedings	12 Months Ended
	Mar. 31, 2018
Contingent liabilities and legal proceedings
Contingent liabilities and legal proceedings	29. Contingent liabilities and legal proceedings Contingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably. €m €m Performance bonds 1 993 2,413 Other guarantees and contingent liabilities 2 4,036 3,576 Notes: 1 Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial arrangements. 2 Other guarantees principally comprise Vodafone Group Plc’s guarantee of the Group’s 50% share of an AUD1.7 billion loan facility and a US$3.5 billion loan facility of its joint venture, Vodafone Hutchison Australia Pty Limited. The Group's share of these loan balances is included in the net investment in joint venture (see note 12 "Investments in joint ventures"). UK pension schemes The Group’s main defined benefit scheme is the Vodafone UK Group Pension Scheme (the ‘Scheme’) which has two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25. The Group has covenanted to provide security in favour of both the Vodafone Sections and CWW Section of the Scheme whilst a deficit remains. The deficit is measured on a prescribed basis agreed between the Group and Trustee. The Group provides a combination of surety bonds and a charge over UK indexed gilts as the security. The level of the security has varied since inception in line with the movement in the Scheme deficit. At 31 March 2018 the Scheme retains security over €536 million (notional value) for the Vodafone Section and €57 million (notional value) for the CWW Section. The security may be substituted either on a voluntary or mandatory basis. The Company has also provided two guarantees to the Vodafone Section of the Scheme for a combined value up to €1.7 billion to provide security over the deficit under certain defined circumstances, including insolvency of the employers. The Company has also agreed a similar guarantee of up to €1.7 billion for the CWW Section. An additional smaller UK defined benefit scheme, the THUS Plc Group Scheme, has a guarantee from the Company for up to €114 million. Legal proceedings The Company and its subsidiaries are currently, and may from time to time become, involved in a number of legal proceedings, including inquiries from, or discussions with, governmental authorities that are incidental to their operations. However, save as disclosed below, the Company does not believe that it or its subsidiaries are currently involved in (i) any legal or arbitration proceedings (including any governmental proceedings which are pending or known to be contemplated) which may have, or have had in the 12 months preceding the date of this report, a material adverse effect on the financial position or profitability of the Group; or (ii) any material proceedings in which any of the Company’s Directors, members of senior management or affiliates are either a party adverse to the Company or its subsidiaries or have a material interest adverse to the Company or its subsidiaries. Due to inherent uncertainties, the Company cannot make any accurate quantification of any cost, or timing of such cost, which may arise from any of the legal proceedings referred to in this Annual Report, however costs in complex litigation can be substantial. Indian tax cases In August 2007 and September 2007, Vodafone India Limited (‘VIL’) and Vodafone International Holdings BV (‘VIHBV’) respectively received notices from the Indian tax authority alleging potential liability in connection with an alleged failure by VIHBV to deduct withholding tax from consideration paid to the Hutchison Telecommunications International Limited group (‘HTIL’) in respect of HTIL’s gain on its disposal to VIHBV of its interests in a wholly-owned Cayman Island incorporated subsidiary that indirectly holds interests in VIL. Following approximately five years of litigation in the Indian courts in which VIHBV sought to set aside the tax demand issued by the Indian tax authority, in January 2012 the Supreme Court of India handed down its judgement, holding that VIHBV’s interpretation of the Income Tax Act 1961 was correct, that the HTIL transaction in 2007 was not taxable in India, and that consequently, VIHBV had no obligation to withhold tax from consideration paid to HTIL in respect of the transaction. The Supreme Court of India quashed the relevant notices and demands issued to VIHBV in respect of withholding tax and interest. On 28 May 2012 the Finance Act 2012 became law. The Finance Act 2012, which amended various provisions of the Income Tax Act 1961 with retrospective effect, contained provisions intended to tax any gain on transfer of shares in a non-Indian company, which derives substantial value from underlying Indian assets, such as VIHBV’s transaction with HTIL in 2007. Further, it seeks to subject a purchaser, such as VIHBV, to a retrospective obligation to withhold tax. VIHBV received a letter on 3 January 2013 from the Indian tax authority reminding it of the tax demand raised prior to the Supreme Court of India’s judgement and purporting to update the interest element of that demand to a total amount of INR142 billion, which includes principal and interest as calculated by the Indian tax authority but does not include penalties. On 10 January 2014, VIHBV served an amended trigger notice on the Indian Government under the Netherlands-India Bilateral Investment Treaty (‘Dutch BIT’), supplementing a trigger notice filed on 17 April 2012, immediately prior to the Finance Act 2012 becoming effective, to add claims relating to an attempt by the Indian Government to tax aspects of the transaction with HTIL under transfer pricing rules. A trigger notice announces a party’s intention to submit a claim to arbitration and triggers a cooling off period during which both parties may seek to resolve the dispute amicably. Notwithstanding their attempts, the parties were unable to amicably resolve the dispute within the cooling off period stipulated in the Dutch BIT. On 17 April 2014, VIHBV served its notice of arbitration under the Dutch BIT, formally commencing the Dutch BIT arbitration proceedings. In June 2016, the tribunal was fully constituted with Sir Franklin Berman KCMG QC appointed as presiding arbitrator. The Indian Government has raised objections to the application of the treaty to VIHBV’s claims and to the jurisdiction of the tribunal under the Dutch BIT. On 19 June 2017, the tribunal decided to try both these jurisdictional objections along with the merits of VIHBV’s claim in a hearing now scheduled for February 2019. More recent attempts by the Indian Government to have the jurisdiction arguments heard separately have also failed. VIHBV will file its response to India’s defence in July 2018 and India will respond in December 2018. Separately, on 15 June 2015, Vodafone Group Plc and Vodafone Consolidated Holdings Limited served a trigger notice on the Indian Government under the United Kingdom-India Bilateral Investment Treaty (‘UK BIT’) in respect of retrospective tax claims under the Income Tax Act 1961 (as amended by the Finance Act 2012). Although relating to the same underlying facts as the claim under the Dutch BIT, the claim brought by Vodafone Group Plc and Vodafone Consolidated Holdings Limited is a separate and distinct claim under a different treaty. On 24 January 2017, Vodafone Group Plc and Vodafone Consolidated Holdings Limited served a Notice of Arbitration on the Indian Government formally commencing the arbitration. The Indian Government has appointed a second arbitrator as required under the UK BIT under protest. The Indian Government has indicated that it considers the arbitration under the UK BIT to be an abuse of process but this is strongly denied by Vodafone. On 22 August 2017, the Indian Government obtained an injunction from the Delhi High Court preventing Vodafone from progressing the UK BIT arbitration. Vodafone was not present when India obtained this injunction and applied to dismiss it. On 26 October 2017, the Delhi High Court varied its order to permit Vodafone to participate in the formation of the UK BIT tribunal. It now consists of Marcelo Kohen, an Argentinian national and professor of international law in Geneva (appointed by India), Neil Kaplan, a British national (appointed by Vodafone Group Plc) and Professor Campbell Mclachlan QC, a New Zealand national (appointed by the parties as presiding arbitrator). No further steps in the arbitration were permitted pending a decision on India’s injunction. On 7 May 2018, the Delhi High Court dismissed the injunction. The Indian Government has appealed the decision. On 12 February 2016, VIHBV received a notice dated 4 February 2016 of an outstanding tax demand of INR221 billion (which included interest accruing since the date of the original demand) along with a statement that enforcement action, including against VIHBV’s indirectly held assets in India, would be taken if the demand was not satisfied. On 29 September 2017, VIHBV received an electronically generated demand in respect of alleged principal, interest and penalties in the amount of INR190.7 billion. This demand does not appear to have included any element for alleged accrued interest liability. Separate proceedings in the Bombay High Court taken against VIHBV to seek to treat it as an agent of HTIL in respect of its alleged tax on the same transaction, as well as penalties of up to 100% of the assessed withholding tax for the alleged failure to have withheld such taxes, were listed for hearing at the request of the Indian Government on 21 April 2016 despite the issue having been ruled upon by the Supreme Court of India. The hearing has since been periodically listed and then adjourned or not reached hearing. VIHBV and Vodafone Group Plc will continue to defend vigorously any allegation that VIHBV or VIL is liable to pay tax in connection with the transaction with HTIL and will continue to exercise all rights to seek redress including pursuant to the Dutch BIT and the UK BIT. We have not recorded a provision in respect of the retrospective provisions of the Income Tax Act 1961 (as amended by the Finance Act 2012) and any tax demands based upon such provisions. Other Indian tax cases VIL and Vodafone India Services Private Limited (‘VISPL’) (formerly 3GSPL) are involved in a number of tax cases with total claims exceeding €2.4 billion plus interest, and penalties of up to 300% of the principal. VISPL tax claims VISPL has been assessed as owing tax of approximately €264 million (plus interest of €422 million) in respect of (i) a transfer pricing margin charged for the international call centre of HTIL prior to the 2007 transaction with Vodafone for HTIL assets in India; (ii) the sale of the international call centre by VISPL to HTIL; and (iii) the acquisition of and/or the alleged transfer of options held by VISPL for VIL. The first two of the three heads of tax are subject to an indemnity by HTIL. The larger part of the potential claim is not subject to any indemnity. VISPL unsuccessfully challenged the merits of the tax demand in the statutory tax tribunal and the jurisdiction of the tax office to make the demand in the High Court. The Tax Appeal Tribunal heard the appeal and ruled in the Tax Office’s favour. VISPL lodged an appeal (and stay application) in the Bombay High Court which was concluded in early May 2015. On 13 July 2015 the tax authorities issued a revised tax assessment reducing the tax VISPL had previously been assessed as owing in respect of (i) and (ii) above. In the meantime, (i) a stay of the tax demand on a deposit of £20 million and (ii) a corporate guarantee by VIHBV for the balance of tax assessed remain in place. On 8 October 2015, the Bombay High Court ruled in favour of Vodafone in relation to the options and the call centre sale. The Tax Office has appealed to the Supreme Court of India. A hearing has been adjourned with no specified date. Indian regulatory cases Litigation remains pending in the Telecommunications Dispute Settlement Appellate Tribunal (‘TDSAT’), High Courts and the Supreme Court of India in relation to a number of significant regulatory issues including mobile termination rates (‘MTRs’), spectrum and licence fees, licence extension and 3G intra-circle roaming (‘ICR’). 3G inter-circle roaming: Vodafone India and others v Union of India In April 2013, the Indian Department of Telecommunications (‘DoT’) issued a stoppage notice to VIL’s operating subsidiaries and other mobile operators requiring the immediate stoppage of the provision of 3G services on other operators’ mobile networks in an alleged breach of licence claim. The DoT also imposed a fine of approximately €5.5 million. VIL applied to the Delhi High Court for an order quashing the DoT’s notice. Interim relief from the notice has been granted (but limited to existing customers at the time with the effect that VIL was not able to provide 3G services to new customers on other operators’ 3G networks pending a decision on the issue). The dispute was referred to the TDSAT for decision, which ruled on 28 April 2014 that VIL and the other operators were permitted to provide 3G services to their customers (current and future) on other operators’ networks. The DoT has appealed the judgement and sought a stay of the tribunal’s judgement. The DoT’s stay application was rejected by the Supreme Court of India. The matter is pending before the Supreme Court of India. One time spectrum charges: VIL v Union of India The Indian Government has sought to impose one time spectrum charges of approximately €525 million on certain operating subsidiaries of VIL. VIL filed a petition before the TDSAT challenging the one time spectrum charges on the basis that they are illegal, violate VIL’s licence terms and are arbitrary, unreasonable and discriminatory. The tribunal stayed enforcement of the Government’s spectrum demand pending resolution of the dispute. The matter is due to go for final hearing before the Supreme Court of India, and will be listed in due course. Other public interest litigation Three public interest litigations have been initiated in the Supreme Court of India against the Indian Government and private operators on the grounds that the grant of additional spectrum beyond 4.4/6.2 MHz has been illegal. The cases seek appropriate investigation and compensation for the loss to the exchequer. Adjusted Gross Revenue (‘AGR’) dispute before the Supreme Court of India: VIL and others v Union of India VIL has challenged the tribunal’s judgement dated 23 April 2015 to the extent that it dealt with the calculation of AGR, upon which licence fees and spectrum usage charges are based. The cumulative impact of the inclusion of these components is approximately €1.67 billion. The Department of Telecommunications ('DoT') also moved cross appeals challenging the tribunal’s judgement. In the hearing before the Supreme Court of India, the Court orally directed the DoT not to take any coercive steps in the matter, which was adjourned. On 29 February 2016, the Supreme Court of India ordered that the DoT may continue to raise demands for fees and charges, but may not enforce them until a final decision on the matter. Other cases in the Group Patent litigation Germany The telecoms industry is currently involved in significant levels of patent litigation brought by non-practising entities (‘NPEs’) which have acquired patent portfolios from current and former industry companies. Vodafone is currently a party to patent litigation cases in Germany brought against Vodafone Germany by Marthon, IPCom and Intellectual Ventures. Vodafone has contractual indemnities from suppliers which have been invoked in relation to the alleged patent infringement liability. Spain Vodafone Group Plc has been sued in Spain by TOT Power Control (‘TOT’), an affiliate of Top Optimized Technologies. The claim makes a number of allegations including patent infringement, with TOT seeking over €500 million from Vodafone Group Plc as well as an injunction against using the technology in question. Vodafone’s initial challenge of the appropriateness of Spain as a venue for this dispute was denied. Vodafone Group Plc appealed the denial and was partially successful. In a decision dated 30 October 2017, the court ruled that while it did have jurisdiction to hear the infringement case relating to the Spanish patent, it was not competent to hear TOT’s contractual and competition law claims. This decision is subject to appeal. TOT’s application for an injunction was unsuccessful and TOT is appealing. A trial has now been set to commence on 10 September 2018. Germany: Mannesmann and Kabel Deutschland takeover – class actions Since 2001, the German courts have been determining the adequacy of the mandatory cash offer made to minority shareholders in Vodafone’s takeover of Mannesmann. The German courts were also asked to consider whether “squeeze out” compensation was payable to affected Mannesmann shareholders in a similar proceeding. In September 2014, the German courts awarded compensation to minority shareholders of Mannesmann in the amount of €229.58 per share, which would have resulted in a pay-out of €19 million. The German courts also ruled that the “squeeze out” compensation should amount to €251.31 per share, which would have resulted in a pay-out of €43.8 million. Vodafone appealed these decisions and in March 2018 the Court ruled in Vodafone’s favour that the original compensation had been adequate. There is no right of appeal. Similar proceedings were initiated by 80 Kabel Deutschland shareholders. These proceedings are in their early stages, and, accordingly, Vodafone believes that it is too early to assess the likely quantum of any claim. In a hearing on 6 October 2016, the Court examined the Kabel Deutschland business plan which formed the main basis for the calculation of the offer per share. The next hearings are scheduled for June 2018. Italy: British Telecom (Italy) v Vodafone Italy The Italian Competition Authority concluded an investigation in 2007 when Vodafone Italy gave certain undertakings in relation to allegations that it had abused its dominant position in the wholesale market for mobile termination. In 2010, British Telecom (Italy) brought a civil damages claim against Vodafone Italy on the basis of the Competition Authority’s investigation and Vodafone Italy’s undertakings. British Telecom (Italy) sought damages in the amount of €280 million for abuse of dominant position by Vodafone Italy in the wholesale fixed to mobile termination market for the period from 1999 to 2007. A court appointed expert delivered an opinion to the Court that the range of damages in the case should be in the region of €10 million to €25 million which was reduced in a further supplementary report published in September 2014 to a range of €8 million to €11 million. Judgement was handed down by the court in August 2015, awarding €12 million (including interest) to British Telecom (Italy). British Telecom (Italy) appealed the amount of the damages to the Court of Appeal of Milan. In addition, British Telecom (Italy) has asked again for a reference to the European Court of Justice for an interpretation of the European community law on antitrust damages. Vodafone Italy also filed an appeal which was successful. British Telecom (Italy) were ordered to repay to Vodafone Italy the €12 million with interest and legal costs. An appeal to the Supreme Court is still possible. Italy: FASTWEB v Vodafone Italy The Italian Competition Authority concluded an investigation in 2007 when Vodafone Italy gave certain undertakings in relation to allegations it had abused its dominant position in the wholesale market for mobile termination. In 2010, FASTWEB brought a civil damages claim against Vodafone Italy on the basis of the Competition Authority’s investigation and Vodafone Italy’s undertakings. FASTWEB sought damages in the amount of €360 million for abuse of dominant position by Vodafone Italy in the wholesale fixed to mobile termination market. A court appointed expert delivered an opinion to the Court that the range of damages in the case should be in the region of €0.5 million to €2.3 million. On 15 October 2014, the Court decided to reject FASTWEB’s damages claim in its entirety. FASTWEB appealed the decision and the first appeal hearing took place in September 2015. The final hearing took place in September 2016, and on 1 March 2017 the Court rejected FASTWEB’s appeal and confirmed the first instance ruling. FASTWEB appealed this decision to the Supreme Court and a decision is not expected for two to three years. Italy: Telecom Italia v Vodafone Italy (‘TeleTu’) Telecom Italia brought civil claims against Vodafone Italy in relation to TeleTu’s alleged anti-competitive retention of customers. Telecom Italia seeks damages in the amount of €101 million. The Court decided on 9 June 2015 to appoint an expert to verify whether TeleTu has put in place anticompetitive retention activities. The expert has prepared a draft report with a range of damages from €nil–9 million. Greece: Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v Vodafone Greece, Vodafone Group Plc and certain Directors and Officers of Vodafone In December 2013, Mr. and Mrs. Papistas, and companies owned or controlled by them, brought three claims in the Greek court in Athens against Vodafone Greece, Vodafone Group Plc and certain Directors and officers of Vodafone Greece and Vodafone Group Plc for purported damage caused by the alleged abuse of dominance and wrongful termination of a franchise arrangement with a Papistas company. Approximately €1.0 billion of the claim is directed exclusively at one former and one current Director of Vodafone Greece. The balance of the claim (approximately €285.5 million) is sought from Vodafone Greece and Vodafone Group Plc on a joint and several basis. Both cases have been adjourned until September 2018. Netherlands: Consumer credit/handset case In February 2016, the Dutch Supreme Court ruled on the Dutch implementation of the EU Consumer Credit Directive and “instalment sales agreements” (a Dutch law concept), holding that bundled “all-in” mobile subscription agreements (i.e. device along with mobile services) are considered consumer credit agreements. As a result, Vodafone Netherlands, together with the industry, has been working with the Ministry of Finance and the Competition Authority on compliance requirements going forward for such offers. The ruling also has retrospective effect. A number of small claims have been submitted by individual customers in the small claims courts. On 15 February 2018, Consumentenbond (a claims agency) issued a press release stating that Consumentenbond has initiated collective claim proceedings against VodafoneZiggo, Tele2, T-Mobile and now KPN. South Africa: GH Investments (‘GHI’) v Vodacom Congo Vodacom Congo contracted with GHI to install ultra-low cost base stations on a revenue share basis. After rolling out three sites, GHI stopped and sought to renegotiate the terms. Vodacom Congo refused. GHI accused it of bad faith and infringement of intellectual property rights. In April 2015, GHI issued a formal notice for a claim of US$1.16 billion, although there does not seem to be a proper basis nor any substantiation for the compensation claimed. The dispute was submitted to mediation under the International Chamber of Commerce. A mediator was appointed in September 2015 who convened a first meeting which took place in early November 2015. A follow-up mediation meeting was scheduled for December 2015 but was postponed without a new date having been fixed. In July 2016, Vodacom filed a request for arbitration with the International Chamber of Commerce’s International Court of Arbitration. In their response GHI revised their claim down to US$256 million. Each party has appointed an arbitrator and the arbitrators have appointed a third arbitrator to act as chairman of the tribunal. A trial was scheduled for March 2018 but GHI failed to pay its share of the arbitration fees resulting in a decision by the Court in February 2018 that GHI’s claims were considered withdrawn. South Africa: Makate v Vodacom (Proprietary) Limited (‘Vodacom’) Negotiations in accordance with the Constitutional Court order to determine a reasonable compensation for Mr. Makate for a business idea that led to a product known as “Please Call Me” have deadlocked and the matter has been referred to the Group’s Chief Executive Officer to determine reasonable compensation in accordance with the Constitutional Court order.

Related party transactions

Related party transactions	12 Months Ended
	Mar. 31, 2018
Related party transactions
Related party transactions	30. Related party transactions The Group has a number of related parties including joint arrangements and associates, pension schemes and Directors and Executive Committee members (see note 12 “Investments in associates and joint arrangements”, note 25 “Post employment benefits” and note 23 “Directors and key management compensation”). Transactions with joint arrangements and associates Related party transactions with the Group’s joint arrangements and associates primarily comprise fees for the use of products and services including network airtime and access charges, fees for the provision of network infrastructure and cash pooling arrangements. No related party transactions have been entered into during the year which might reasonably affect any decisions made by the users of these consolidated financial statements except as disclosed below. €m €m €m Sales of goods and services to associates 19 37 39 Purchase of goods and services from associates 1 90 118 Sales of goods and services to joint arrangements 194 19 21 Purchase of goods and services from joint arrangements 199 183 92 Net interest income receivable from joint arrangements 1 120 87 92 Trade balances owed: by associates 4 — 1 to associates 2 1 4 by joint arrangements 107 158 232 to joint arrangements 28 15 71 Other balances owed by joint arrangements 1 1,328 1,209 108 Other balances owed to joint arrangements 1 150 127 106 Note: 1 Amounts arise primarily through VodafoneZiggo, Vodafone Hutchison Australia and Cornerstone Telecommunications Infrastructure Limited. Interest is paid in line with market rates. Dividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows. Transactions with Directors other than compensation During the three years ended 31 March 2018, and as of 8 June 2018, no Director nor any other executive officer, nor any associate of any Director or any other executive officer, was indebted to the Company. During the three years ended 31 March 2018 and as of 8 June 2018, the Company has not been a party to any other material transaction, or proposed transactions, in which any member of the key management personnel (including Directors, any other executive officer, senior manager, any spouse or relative of any of the foregoing or any relative of such spouse) had or was to have a direct or indirect material interest.

Subsequent events

Subsequent events	12 Months Ended
	Mar. 31, 2018
Subsequent events
Subsequent events	31. Subsequent events Vodafone UK On 5 April 2018, Vodafone announced that Vodafone UK had acquired 50 MHz of spectrum in the 3400 MHz band for mobile data services in Ofcom’s auction for a total cost of £378.2 million (€433.4 million). The spectrum acquired has a 20 year term and is convertible to perpetual licences thereafter. Indus Towers On 25 April 2018, Vodafone, Bharti Airtel Limited (‘Bharti Airtel’) and Idea announced the merger of Indus Towers Limited (‘Indus Towers’) into Bharti Infratel Limited (‘Bharti Infratel’), creating a combined company that will own the respective businesses of Bharti Infratel and Indus Towers. Indus Towers is currently jointly owned by Bharti Infratel (42%), Vodafone (42%), Idea Group (11.15%) and Providence (4.85%). Bharti Airtel and Vodafone will jointly control the combined company, in accordance with the terms of a new shareholders’ agreement. Idea Group has the option to either sell its 11.15% shareholding in Indus Towers for cash or receive new shares in the combined company. Providence has the option to elect to receive cash or shares for 3.35% of its 4.85% shareholding in Indus Towers, with the balance exchanged for shares. Vodafone will be issued with 783.1 million new shares in the combined company, in exchange for its 42% shareholding in Indus Towers. On the basis that (a) Providence decides to sell 3.35% of its 4.85% shareholding in Indus Towers for cash and (b) Idea Group decides to sell its full 11.15% shareholding in Indus Towers for cash, these shares would be equivalent to a 29.4% shareholding in the combined company. On the basis that (a) Providence decides to sell 3.35% of its 4.85% shareholding in Indus Towers for cash, and (b) Idea Group decides to sell its full 11.15% shareholding in Indus Towers for cash, Bharti Airtel’s shareholding will be diluted from 53.5% in Bharti Infratel today to 37.2% in the combined company. The final number of shares issued to Vodafone and the cash paid or shares issued to Idea Group and Providence, will be subject to closing adjustments, including but not limited to movements in net debt and working capital for Bharti Infratel and Indus Towers. The transaction is conditional on regulatory and other approvals and is expected to close before the end of the financial year ending 31 March 2019. Vodafone to acquire Liberty Global’s operations in Germany, the Czech Republic, Hungary and Romania On 9 May 2018, Vodafone announced that it had agreed to acquire Unitymedia GmbH (‘Unitymedia’) in Germany and Liberty Global's operations (excluding its ‘Direct Home’ business) in the Czech Republic (‘UPC Czech’), Hungary (‘UPC Hungary’), and Romania (‘UPC Romania’), for a total enterprise value of €18.4 billion (the ‘Transaction’). This is expected to comprise approximately €10.8 billion of cash consideration paid to Liberty Global and €7.6 billion of existing Liberty debt, subject to completion adjustments. UPC Czech, UPC Hungary and UPC Romania will be acquired on a cash-free, debt-free basis, while it is expected that Unitymedia's existing bond structure ( €4.5 billion outstanding as of 9 May 2018) will be retained and refinanced over time, with €2.2 billion of Unitymedia's term loans to be refinanced shortly after completion. The €10.8 billion of cash consideration payable to Liberty Global and the refinancing of Unitymedia’s term loans will be financed using Vodafone’s existing cash, around €10 billion of new debt facilities (including hybrid debt securities) and around €3 billion of mandatory convertible bonds, which will be issued prior to completion. The cash consideration payable to Liberty Global will be subject to adjustments for net debt and other items at completion. A break fee of €250 million will be payable by Vodafone, in certain circumstances, if the Transaction does not complete. The Transaction is subject to review by and approval from the European Commission. It is anticipated that completion will take place around the middle of calendar 2019. Bond issuance On 23 May 2018, the Group raised US$11.5billion (€9.8 billion) of bond debt to support the acquisition, announced on 9 May 2018, of Unitymedia GmbH (“Unitymedia”) in Germany and Liberty Global’s operations (excluding its “Direct Home” business) in the Czech Republic (“UPC Czech”), Hungary (“UPC Hungary”), and Romania (“UPC Romania”). The bond issuance completed and the cash was received on 30 May 2018. Repurchase of Floating Rate Notes by Verizon On 24 May 2018 Verizon Communications Inc. ("Verizon") repurchased the outstanding US$2.5 billion aggregate principal amount of Floating Rate Notes due 2025 (the "Notes") issued by Verizon and held by an indirect subsidiary of Vodafone. Pursuant to the terms of a Noteholders Agreement, dated 21 February 2014, the repurchase price for the Notes was the US$2.5 billion principal outstanding plus accrued and unpaid interest on the Notes up to, but excluding, the repurchase date.

Related undertakings

Related undertakings	12 Months Ended
	Mar. 31, 2018
Related undertakings
Related undertakings	32. Related undertakings A full list of all of our subsidiaries, joint arrangements and associated undertakings is detailed below. A full list of subsidiaries, joint arrangements and associated undertakings (as defined in the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008) as at 31 March 2018 is detailed below. No subsidiaries are excluded from the Group consolidation. Unless otherwise stated the Company’s subsidiaries all have share capital consisting solely of ordinary shares and are indirectly held. The percentage held by Group companies reflect both the proportion of nominal capital and voting rights unless otherwise stated. Subsidiaries Accounting policies A subsidiary is an entity controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Company name % of share class held Share class Albania Autostrada Tirane‐Durres, Rruga: “Pavaresia”, Nr 61, Kashar, Tirana, Albania Vodafone Albania Sh.A 100.00 Ordinary shares Vodafone M‐PESA SH.P.K. 100.00 Ordinary shares Angola Rua Fernao de Sousa, Condominio do Benga, 10A, Vila Alice, Luanda, Angola Vodacom Business (Angola) Limitada 2 63.87 Ordinary shares Argentina Cerrito 348, 5to B, C1010AAH, Buenos Aires, Argentina CWGNL S.A. 100.00 Ordinary shares Australia C/-KPMG Level 38 Tower Three, International Towers Sydney, 300 Barangaroo Avenue, Sydney NSW 2000, Australia Quickcomm Pty Limited 100.00 Ordinary shares, Redeemable convertible preference shares Level 1, 177 Pacific Highway, North Sydney NSW 2060, Australia PPL Pty Limited 100.00 Ordinary shares Talkland Australia Pty Limited 100.00 Ordinary shares VAPL No. 2 Pty Limited 100.00 Ordinary shares Mills Oakley, Level 12, 400 George Street, Sydney NSW 2000, Australia Vodafone Enterprise Australia Pty Limited 100.00 Ordinary shares Austria c/o Stolitzka & Partner Rechtsanwälte OG, Kärntner Ring 12, 3. Stock, 1010, Wien, Austria Vodafone Enterprise Austria GmbH 100.00 Ordinary shares Bahrain RSM Bahrain, 3rd floor Falcon Tower, Diplomatic Area, Manama, PO BOX 11816, Bahrain Vodafone Enterprise Bahrain W.L.L. 100.00 Ordinary shares Belgium Malta House, rue Archimède 25, 1000 Bruxelles, Belgium Vodafone Belgium SA/NV 100.00 Ordinary shares Brazil Avenida Cidade Jardim, 400, 7th and 20th Floors, Jardim Paulistano, Sao Paul, Brazil, 01454-000 Vodafone Serviços Empresariais Brasil Ltda. 100.00 Ordinary shares Av José Rocha Bonfim, 214, Cond Praça Capital - Edifício Toronto, sls 228/229 13080-900 Jardim Santa Genebra - Campinas, São Paulo, Brazil Cobra do Brasil Serviços de Telemàtica ltda. 70.00 Ordinary shares Rua Boa Vista, 01014-907, 254, 13th Floor, Suite 38, Centro, City of São Paulo, State of São Paulo, Brazil Vodafone Empresa Brasil Telecomunicações Ltda 100.00 Ordinary shares Bulgaria 10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia, 1000, Bulgaria Vodafone Enterprise Bulgaria EOOD 100.00 Ordinary shares Cameroon Porte 201A 3eme Etage Entree C, immeuble SOCAR, Boulevard de la liberte, Akwa, Douala, Cameroon Vodacom Business Cameroon SA 2 64.52 Ordinary shares Canada 2 Bloor Street West, Suite 700, Toronto ON M4W3E2, Canada Vodafone Canada Inc. 100.00 Common shares Cayman Islands 190 Elgin Avenue, George Town, Grand Cayman, KY1-9005, Cayman Islands CGP Investments (Holdings) Limited 100.00 Ordinary shares Chile 222 Miraflores, P.28, Santiago, Metrop, 97-763, Chile Vodafone Enterprise Chile S.A. 100.00 Ordinary shares China Building 21, 11, Kangding St., BDA, Beijing, 100176 - China, China Vodafone Automotive Technologies (Beijing) Co, Ltd 100.00 Ordinary shares Floor 36, Unit 23-25, China World Tower 1 No. 1, Jianguomenwai Avenue, Chaoyang District, Beijing, 100004, China Vodafone China Limited (China) 100.00 Equity interest shares Unit 1708, Full Tower, No. 9 Dong San Huan Zhong Road, Chaoyang District, Beijing, 100020, China Cable & Wireless Communications Technical Service (Shanghai) Co. Ltd (Beijing Branch) 100.00 Branch Unit 558-560, 5/F Standard Chartered Bank Tower, No.201 Century Avenue, Pudong District, Shanghai, 200120, China Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. 100.00 Ordinary shares Congo, The Democratic Republic of the 292 Avenue de la Justice, Commune de la Gombe, Kinshasa, Congo Vodacash S.A. 2 32.90 Ordinary shares Vodacom Congo (RDC) SA 2,3 32.90 Ordinary shares Cote d’Ivoire No 62, Rue du Docteur Blanchard, Zone 4C, Abidjan, Cote d'Ivoire Vodacom Business Cote D’Ivoire S.A.R.L. 2 64.52 Ordinary shares Cyprus Ali Rıza Efendi Caddesi No:33/A Ortaköy, Lefkoşa, Cyprus Vodafone Mobile Operations Limited 100.00 Ordinary shares Czech Republic náměstí Junkových 2, Prague 5, Czech Republic, 155 00, Czech Republic Oskar Mobil S.R.O. 100.00 Basic capital shares Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - CZECH BRANCH 100.00 Branch Denmark Tuborg Boulevard 12, 2900, Hellerup, Denmark Vodafone Enterprise Denmark A/S 100.00 Ordinary (DKK) shares Egypt 17 Port Said Street, Maadi El Sarayat, Cairo, Egypt Vodafone International Services LLC 54.93 Ordinary shares 37 Kaser El Nil St, 4th. Floor,Cairo,Egypt Starnet 54.90 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt Sarmady Communications 54.91 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt Vodafone Egypt 54.93 Ordinary shares Telecommunications S.A.E Vodafone For Trading 54.87 Ordinary shares Smart Village C3 Vodafone Building, Egypt Vodafone Data 54.93 Ordinary shares Finland c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki, 00100, Finland Vodafone Enterprise Finland OY 100.00 Ordinary shares France 1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph, France Vodafone Automotive Telematics Development S.A.S 100.00 Ordinary shares 144, Avenue Roger Salengro, 92372 - Chaville Cedex, France Vodafone Automotive France S.A.S 50.94 Ordinary shares Tour Egée, 9/11 Allée de l'Arche, 92671 Courbevoie La Défense Cedex - France Vodafone Enterprise France SAS 100.00 New Euro shares Germany Altes Forsthaus 2, 67661, Kaiserslautern, Germany TKS Telepost Kabel-Service Kaiserslautern Beteiligungs GmbH 4 76.70 Ordinary shares TKS Telepost Kabel-Service Kaiserslautern GmbH & Co. KG 4 76.70 Ordinary shares Betastraße 6‐8, 85774 Unterföhring, Germany Kabel Deutschland Holding AG 4 76.70 Ordinary shares Kabel Deutschland Holding Erste Beteiligungs GmbH 4 76.70 Ordinary shares Kabel Deutschland Holding Zweite Beteilgungs GmbH 4 76.70 Ordinary shares Kabel Deutschland Neunte Beteiligungs GmbH 100.00 Ordinary shares Kabel Deutschland Siebte Beteiligungs GmbH 4 76.70 Ordinary shares Company name % of share class held Share class Vodafone Kabel Deutschland GmbH 4 76.70 Ordinary shares Vodafone Kabel Deutschland Kundenbetreuung GmbH 4 76.70 Ordinary shares Buschurweg 4, 76870, Kandel, Germany Vodafone Automotive Deutschland GmbH 100.00 Ordinary shares Ferdinand‐Braun‐Platz 1, 40549, Duesseldorf, Germany CRVSH GmbH 100.00 Ordinary shares Vodafone Enterprise Germany GmbH 100.00 Ordinary shares, Ordinary #2 shares Vodafone GmbH 100.00 Ordinary A shares, Ordinary B shares Vodafone Group Services GmbH 100.00 Ordinary shares Vodafone Institut für Gesellschaft und Kommunikation GmbH 100.00 Ordinary shares Vodafone Stiftung Deutschland Gemeinnutzige GmbH 100.00 Ordinary shares Vodafone Vierte Verwaltungs AG 100.00 Ordinary shares Friedrich‐Wilhelm‐Strasse 2, 38100, Braunschweig, Germany KABELCOM Braunschweig Gesellschaft Fur Breitbandkabel‐Kommunikation Mit Beschrankter Haftung 4 76.70 Ordinary shares Nobelstrasse 55, 18059, Rostock, Germany Urbana Teleunion Rostock GmbH & Co.KG 4 53.69 Ordinary shares Verwaltung “Urbana Teleunion” Rostock GmbH 4 38.35 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel‐ Kommunikation Mit Beschrankter Haftung 4 76.70 Ordinary shares Ghana 3rd Floor, The Elizabeth Building, 68 Senchi Link, Airport Residential Area, Accra, Ghana Vodacom Business (Ghana) Limited 2 64.52 Ordinary shares Telecom House, Nsawam Road, Accra-North, Greater Accra Region, PMB 221, Ghana Ghana Telecommunications Company Limited 70.81 Ordinary shares Company Limited 100.00 Preference shares National Communications Backbone Company Limited 70.81 Ordinary shares Vodafone Ghana Mobile Financial Services Limited 70.81 Ordinary shares Greece 1‐3 Tzavella str, 152 31 Halandri, Athens, Greece Vodafone-Panafon Hellenic Telecommunications Company S.A. 99.87 Ordinary shares Vodafone Global Enterprise Telecommunications (Hellas) A.E. 100.00 Ordinary shares 12,5 km National Road Athens - Lamia, Metamorfosi / Athens, 14452, Greece Vodafone Innovus S.A. 6 99.87 Ordinary shares Pireos 163 & Ehelidon, Athens, 11854, Greece 360 Connect S.A. 99.87 Ordinary shares Guernsey Martello Court, Admiral Park, St. Peter Port, GY1 3HB, Guernsey FB Holdings Limited 100.00 Ordinary shares Le Bunt Holdings Limited 100.00 Ordinary shares Silver Stream Investments Limited 100.00 Ordinary shares Roseneath, The Grange, St Peter Port, GY1 2QJ, Guernsey VBA Holdings Limited 64.52 Ordinary shares VBA International Limited 64.52 Ordinary shares, Hong Kong Level 24, Dorset House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong Vodafone Enterprise Global Network HK Ltd 100.00 Ordinary shares Vodafone Enterprise Hong Kong Ltd 100.00 Ordinary shares Hungary 6 Lechner Ödön fasor, Budapest, 1096, Hungary Vodafone Magyarorszag Mobile Tavkozlesi Zartkoruen Mukodo Reszvenytarsasag 100.00 Series A registered common shares HU‐1087 Budapest, Hungária körút 40‐44., Hungary VSSB Vodafone Shared Services Budapest Private Limited Company 100.00 Registered ordinary shares India 10th Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Bengaluru, Karnataka, 560103, India Cable and Wireless Global (India) Private Limited 100.00 Ordinary shares Cable & Wireless Networks India Private Limited 100.00 Equity shares Cable and Wireless (India) Limited (India branch) 100.00 Branch 127, Maker Chamber III, Nariman Point, Mumbai, Maharashtra, 400021, India AG Mercantile Company Private Limited 100.00 Equity shares Jaykay Finholding (India) Private Limited 100.00 Equity shares MV Healthcare Services Private Limited 100.00 Equity shares, Preference shares Nadal Trading Company Private Limited 100.00 Equity shares ND Callus Info Services Private Limited 100.00 Equity shares Omega Telecom Holdings Private Limited 100.00 Equity shares Plustech Mercantile Company Private Limited 100.00 Equity shares, Preference shares SMMS Investments Pvt Limited 100.00 Equity shares, Non-convertible cumulative redeemable preference shares Telecom Investments India Private Limited 100.00 Equity shares, Preference shares UMT Investments Limited 100.00 Equity shares 8th Floor, RDB Boulevard, Plot K-1, Block- EP & GP, Sector – V, Saltlake City, Kolkata, West Bengal, 700091, India Usha Martin Telematics Limited 100.00 Equity shares Business Mantri, Tower A, 3rd Floor, S No.197, Wing A1 & A2, Near Hotel Four Points, Lohegaon, Pune, Maharashtra, 411014, India Vodafone Global Services Private Limited 100.00 Equity shares C‑48, Okhla Industrial Estate, Phase - II, New Delhi, 110 020, India Vodafone Towers Limited 100.00 Equity shares Indiabulls Finance Center, 1201, 12 Floor, Tower 1, Senapati Bapat Road, Elphinstone (West), Maharashtra, 400013, India Scorpios Beverages Pvt. Ltd 100.00 Equity shares Vodafone India Services Private Limited 100.00 Ordinary shares Peninsula Corporate Park, Ganpatro Kadam Marg, Lower Parel, Mumbai, Maharashtra, 400013, India Mobile Commerce Solutions Limited 100.00 Equity shares Vodafone Foundation 100.00 Equity shares Vodafone India Digital Limited 100.00 Equity shares Vodafone India Limited 100.00 Equity shares Vodafone India Ventures Limited 100.00 Ordinary shares Vodafone Mobile Services Limited 100.00 Equity shares Vodafone m-pesa Limited 100.00 Equity shares Vodafone Technology Solutions Limited 100.00 Equity shares Plot No 54, Marol Co-op Industrial Area, Makwana, Off Andheri Kurla Road, Andheri East, Mumbai, Mumbai, Maharashtra, 400059, India You Broadband India Limited 100.00 Equity shares You System Integration Private Limited 100.00 Equity shares Skyline Ikon, 1st Floor, 86/92, Andheri Kurla Road, Marol Naka, Andheri East, Mumbai, Maharashtra, 400059, India Connect (India) Mobile Technologies Private Limited 100.00 Equity shares Vodafone House, Corporate Road, Prahladnag Off S. G. Highway, Ahmedabad, Gujarat, 38005 ar, 1, India Vodafone Business Services Limited 100.00 Equity shares Ireland 2nd Floor, The Iveagh Building, The Park, Carrickmines, Dublin 18, Ireland Eudokia Limited 100.00 Ordinary shares Mountainview, Leopardstown, Dublin 18, Ireland Cable & Wireless GN Limited 100.00 Ordinary shares Stentor Limited 100.00 Ordinary shares VF Ireland Property Holdings Limited 100.00 Ordinary shares Vodafone Enterprise Global Limited 100.00 Ordinary shares Vodafone Global Network Limited 100.00 Ordinary shares Vodafone Group Services Ireland Limited 100.00 Ordinary shares Vodafone Ireland Distribution Limited 100.00 Ordinary shares Vodafone Ireland Limited 100.00 Ordinary shares Vodafone Ireland Marketing Limited 100.00 Ordinary shares Vodafone Ireland Retail Limited 100.00 Ordinary shares Italy Piazzale Luigi Cadorna, 4, 20123, Milano, Italy Vodafone Global Enterprise (Italy) S.R.L 100.00 Ordinary shares SS 33 del Sempione KM 35, 212, 21052 Busto Arsizio (VA), Italy Vodafone Automotive Italia S.p.A 100.00 Ordinary shares Via Astico 41, 21100 Varese, Italy Vodafone Automotive Electronic Systems S.r.L 100.00 Ordinary shares Vodafone Automotive SpA 100.00 Ordinary shares Via Jervis 13, 10015, Ivrea, Tourin, Italy VEI S.r.l. 100.00 Partnership Interest shares Vodafone Italia S.p.A. 100.00 Ordinary shares Via Lorenteggio 240, 20147, Milan, Italy Vodafone Enterprise Italy S.r.L 100.00 Euro shares Vodafone Gestioni S.p.A. 100.00 Ordinary shares Vodafone Servizi E Tecnologie S.R.L. 100.00 Equity shares Company name % of share class held Share class Japan 15th Floor, The Imperial Hotel Tower, 1-1, Uchisaiwaicho 1-chome, Chiyoda-ku, Tokyo, 100-0005, Japan Vodafone Enterprise U.K. (Japanese Branch) 100.00 Branch KAKiYa building, 9F, 2‑7‑17 Shin-Yokohama, Kohoku-ku, Yokoha- City, Kanagawa, 222‑0033, Japan Vodafone Automotive Japan K.K 100.00 Ordinary shares The Imperial Hotel Tower, 15F, 1-1-1 Uchisaiwai-cho, Chiyoda, Tokyo, 100-0011, Japan Vodafone Global Enterprise (Japan) K.K. 100.00 Ordinary shares Jersey 44 Esplanade, St Helier, JE4 9WG, Jersey 100.00 Ordinary shares Globe Limited 100.00 Ordinary shares Plex Limited 100.00 Ordinary shares Vizzavi Finance Limited 100.00 Ordinary shares Vodafone Holdings (Jersey) Limited 100.00 Ordinary shares Vodafone International 2 Limited 100.00 Ordinary shares Vodafone Jersey Dollar Holdings Limited 100.00 Limited liability shares Vodafone Jersey Finance 100.00 Ordinary shares, B shares, C shares, D shares, F shares, G shares Vodafone Jersey Yen Holdings Unlimited 100.00 Limited Liability shares Kenya 6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya Vodafone Kenya Limited 2 68.95 Ordinary shares M-PESA Holding Co. Limited 100.00 Equity shares The Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside Drive, Nairobi, Kenya Vodacom Business (Kenya) Limited 2 51.62 Ordinary shares, Ordinary B shares Korea, Republic of 3rd Floor, 54 Gongse-ro, Gieheung-gu, Yongin-si, Vodafone Automotive Korea Limited 100.00 Ordinary shares ASEM Tower level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul, 135-798, Korea, Republic of Vodafone Enterprise Korea Limited 100.00 Ordinary shares Lesotho Vodacom Park, 585 Mabile Road, 3rd Floor; Maseru, Lesotho Vodacom Lesotho (Pty) Limited 2 51.62 Ordinary shares Luxembourg 13 rue Edward Steichen, Luxembourg, 2540, Luxembourg Tomorrow Street GP S.à r.l. 100.00 Ordinary shares 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg Vodafone Asset Management ServicesS.àr.l. 100.00 Ordinary shares Vodafone Enterprise Global BusinessesS.àr.l. 100.00 Ordinary shares Vodafone Enterprise Luxembourg S.A. 100.00 Ordinary shares Vodafone International 1 S.à r.l. 100.00 Ordinary shares Vodafone International M S.à r.l. 100.00 Ordinary shares Vodafone Investments Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg 5 S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Procurement Company S.à r.l. 100.00 Ordinary shares Vodafone Real Estate S.à.r.l. 100.00 Ordinary shares Vodafone Roaming Services S.à r.l. 100.00 Ordinary shares Vodafone Services Company S.à.r.l. 100.00 Ordinary shares Malaysia Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia Vodafone Global Enterprise (Malaysia) Sdn Bhd 100.00 Ordinary shares Malta SkyParks Business Centre, Malta International Airport, Luqa, LQA 4000, Malta Multi Risk Indemnity Company Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Multi Risk Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Vodafone Malta Limited 100.00 Ordinary shares Mauritius DTOS Ltd, 10th Floor, Standard Chartered Tower, 19 Cybercity, Ebene, Mauritius Mobile Wallet VM1 2 64.52 Ordinary shares Mobile Wallet VM2 2 64.52 Ordinary shares Fifth Floor, Ebene Esplanade, 24 Cybercity, Ebene, Mauritius Al-Amin Investments Limited 100.00 Ordinary shares Array Holdings Limited 100.00 Ordinary shares Asian Telecommunication Investments (Mauritius) Limited 100.00 Ordinary shares CCII (Mauritius), Inc. 100.00 Ordinary shares CGP India Investments Ltd. 100.00 Ordinary shares Euro Pacific Securities Ltd. 100.00 Ordinary shares Mobilvest 100.00 Ordinary shares Prime Metals Ltd. 100.00 Ordinary shares Trans Crystal Ltd. 100.00 Ordinary shares Vodafone Mauritius Ltd. 100.00 Ordinary shares Vodafone Telecommunications (India) Limited 100.00 Ordinary shares Vodafone Tele-Services (India) Holdings Limited 100.00 Ordinary shares Suite 214, 2nd Floor, Grand Bay Business Park, Grand Bay, Mauritius VBA (Mauritius) Limited 2 64.52 Ordinary shares, Redeemable preference shares Vodacom International Limited 2 64.52 Ordinary shares, Non-cumulative Mexico Insurgentes Sur #1377 8th Floor, Colonia Insurgentes Mixcoac, Mexico City, Mexico 03920 Vodafone Empresa México S.de R.L. de C.V. 100.00 Corporate certificate series A shares, Corporate certificate series B shares Morocco 129 Rue du Prince Moulay, Abdellah, Casablanca, Morocco Vodafone Maroc SARL 79.75 Ordinary shares Mozambique Rua dos Desportistas, Numero 649, Cidade de Maputo, Mozambique VM, SA 2 54.84 Ordinary shares 64.52 Redeemable preference shares Vodafone M-Pesa, S.A 2 54.84 Ordinary shares Netherlands Rivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel, Netherlands Vodafone Enterprise Netherlands B.V. 100.00 Ordinary shares Vodafone Europe B.V. 100.00 Ordinary shares Vodafone International Holdings B.V. 100.00 Ordinary shares Vodafone Panafon International Holdings B.V. 100.00 Ordinary shares New Zealand 74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand Vodafone Mobile NZ Limited 100.00 Ordinary shares Vodafone New Zealand Foundation Limited 100.00 Ordinary shares Vodafone New Zealand Holdings Limited 100.00 Ordinary shares Vodafone New Zealand Limited 100.00 Ordinary shares Vodafone Next Generation Services Limited 100.00 Ordinary shares 8 Butler Street, Timaru, 7910, New Zealand Farmside Limited 70.00 Ordinary shares Farmside Technologies Limited 70.00 Ordinary shares MyFarmside Limited 70.00 Ordinary shares Nigeria 3A Aja Nwachukwu Close, Ikoyi, Lagos, Nigeria Spar Aerospace (Nigeria) Limited 2 64.52 Ordinary shares Vodacom Business Africa (Nigeria) Limited 2 64.52 Ordinary shares, Preference shares Ict Lawyers & Consultants, 2nd Floor, Oakland Center, C&W Worldwide Nigeria Limited 100.00 Ordinary shares Norway c/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway Vodafone Enterprise Norway AS 100.00 Ordinary shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom Vodafone Limited (Norway Branch) 100.00 Branch % of share class held by Group Company name Companies Share class Portugal Av. D. João II, nº 36 – 8º Piso, 1998 – 017, Parque das Nações, Lisboa, Portugal Oni Way – Infocomunicacoes, S.A. 100.00 Ordinary shares Vodafone Portugal – Comunicacoes Pessoais, S.A. 1 100.00 Ordinary shares Av. da República, 50 - 10º, 1069‑211, Lisboa, Portugal Vodafone Enterprise Spain, S.L.U. – PORTUGAL BRANCH 100.00 Branch Romania 201 Barbu Vacarescu, 8th Floor, 1st District, Bucharest, Romania, 020276, Romania Vodafone Romania S.A 100.00 Ordinary shares Sectorul 2, Strada Barbu Văcărescu, Nr. 201, Etaj 1, Bucureşti, Romania Vodafone România M - Payments SRL 100.00 Ordinary shares Vodafone România Technologies SRL 100.00 Ordinary shares Sectorul 4, Strada Oltenitei, Nr. 2, Etaj 3, Bucureşti, Romania Vodafone Shared Services Romania SRL 100.00 Ordinary shares Russian Federation 4A, Atarbekova Street, Moscow, 107076, Russian Federation Vodafone Global Enterprise Russia LLC 100.00 Equity shares Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation Cable & Wireless CIS Svyaz LLC 100.00 Charter capital shares Seychelles F20, 1st Floor, Eden Plaza, Eden Island, Seychelles Cavalry Holdings Ltd 2 31.61 Ordinary A shares East Africa Investments (Mauritius) Limited 2 31.61 Ordinary A shares Sierra Leone 12 White Street, Brookfield, Off Railway Line, Freetown, Sierra Leone VBA International (SL) Limited 2 64.52 Ordinary shares Singapore Asia Square Tower 2, 12 Marina View, #17‑01, Singapore, 018961, Singapore Vodafone Enterprise Singapore Pte.Ltd 100.00 Ordinary shares Slovakia Zochova 6-8, Bratislava, 811 03, Slovakia Vodafone Global Network Limited – Slovakia Branch 100.00 Branch South Africa 15 Burnside Island, 410 Jan Smuts Avenue, Craighall, 2024, South Africa XLink Communications (Proprietary) Limited 2 60.49 Ordinary A Shares 319 Frere Road, Glenwood, 4001, South Africa Cable and Wireless Worldwide South Africa (Pty) Ltd 100.00 Ordinary shares 76 Maude Street, Sandton, Johannesberg, 2196, South Africa Waterberg Lodge (Proprietary) Limited 2 30.25 Ordinary shares 9 Kinross Street, Germiston South, 1401, South Africa Vodafone Holdings (SA) Proprietary Limited 100.00 Ordinary A shares, “B” Ordinary shares Vodafone Investments (SA) Proprietary Limited 100.00 Ordinary A shares, “B” Ordinary shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa GS Telecom (Pty) Limited 2 64.52 Ordinary shares Jupicol (Proprietary) Limited 2 42.34 Ordinary shares Mezzanine Ware Proprietary Limited (RF) 2 54.44 Ordinary shares Motifpros 1 (Proprietary) Limited 2 60.49 Ordinary shares Scarlet Ibis Investments 23 (Pty) Limited 2 60.49 Ordinary shares Storage Technology Services (Pty) Limited 2 30.85 Ordinary shares Vodacom (Pty) Limited 2 60.49 Ordinary shares Vodacom Business Africa Group (Pty) Limited 2 64.52 Ordinary shares Vodacom Financial Services (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Group Limited 2 64.52 Ordinary shares Vodacom Insurance Administration Company (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Insurance Company (RF) Limited 2 60.49 Ordinary shares Vodacom International Holdings (Pty) Limited 2 64.52 Ordinary shares Vodacom Life Assurance Company (RF) Limited 2 60.49 Ordinary shares Vodacom Payment Services (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Properties No 1 (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Properties No.2 (Pty) Limited 2 60.49 Ordinary shares Wheatfields Investments 276 (Proprietary) Limited 2 64.52 Ordinary shares Spain Antracita, 7 – 28045, Madrid CIF B‑91204453, Spain Vodafone Automotive Iberia S.L. 100.00 Ordinary shares Avenida de América 115, 28042, Madrid, Spain Vodafone Enabler España, S.L. 100.00 Ordinary shares Vodafone Enterprise Spain SLU 100.00 Ordinary shares Vodafone Espana S.A.U. 100.00 Ordinary shares Vodafone Holdings Europe S.L.U. 100.00 Ordinary shares Vodafone ONO, S.A.U. 100.00 Ordinary shares Vodafone Servicios S.L.U. 100.00 Ordinary shares Sweden c/o Hellström advokatbyrå, Box 7305, 103 90, Stockholm, Sweden Vodafone Enterprise Sweden AB 100.00 Ordinary shares Switzerland Schiffbaustrasse 2, 8005, Zurich, Switzerland Vodafone Enterprise Switzerland AG 100.00 Ordinary shares Schoenburgstrasse 41, 3013, Bern, Switzerland Vodafone International 1 S.a.r.l. Luxembourg, Zweigniederlassung Bern 100.00 Branch Vodafone Investments Luxembourg S.à r.l., Luxembourg, Zweigniederlassung Bern 100.00 Branch Vodafone Luxembourg 5 S.à r.l., Luxembourg, Zweigniederlassung Bern 100.00 Branch Vodafone Luxembourg S.à r.l., Luxembourg, Zweigniederlassung Bern 100.00 Branch Via Franscini 10, 6850 Mendrisio, Switzerland Vodafone Automotive Telematics S.A 100.00 Ordinary shares World Trade Center, Lia Lugano 13, 6982, Agno, Ticino, Switzerland Vodafone Enterprise Switzerland AG - AGNO BRANCH 100.00 Branch Taiwan 13F, No. 156, Sec. 3, Minsheng E. Rd., Songshan District, Taipei City, 10596, Taiwan Vodafone Global Enterprise Taiwan Limited 100.00 Ordinary shares Tanzania, United Republic of 3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road, Dar es Salaam, Tanzania, United Republic of Gateway Communications Tanzania Limited 2 63.87 Ordinary shares 15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of M-Pesa Limited 2 39.74 Ordinary shares Shared Networks Tanzania Limited 2 39.75 Ordinary shares Vodacom Tanzania Limited Zanzibar 3 39.75 Ordinary shares Vodacom Tanzania Public Limited Company 2 39.75 Ordinary shares Plot no. 77, Kipawa, Nyerere Road, PO Box 40954, Dar es Sala, Tanzania, United Republic of Mirambo Limited 2 31.61 Ordinary shares Turkey Büyükdere Caddesi, No: 251, Maslak, Şişli / İstanbul, Turkey, 34398, Turkey Vodafone Bilgi Ve Iletisim Hizmetleri AS 100.00 Registered shares Vodafone Dagitim Hizmetleri A.S. 100.00 Registered shares Vodafone Elektronik Para Ve Ödeme Hizmetleri A.Ş. 100.00 Registered shares Vodafone Holding A.S. 100.00 Registered shares Vodafone Net İletişim Hizmetleri A.Ş. 100.00 Ordinary shares Vodafone Telekomunikasyon A.S 100.00 Registered shares İTÜ Ayazağa Kampüsü, Koru Yolu, Arı Teknokent Arı 3 Binası, Maslak, İstanbul, 586553, Turkey Vodafone Teknoloji Hizmetleri A.S. 100.00 Registered shares Ukraine Bohdana Khmelnytskogo Str. 19‑21, Kyiv, Ukraine LLC Vodafone Enterprise Ukraine 100.00 Ordinary shares % of share class held by Group Company name Companies Share class United Arab Emirates Dubai, United Arab Emirates Vodafone Enterprise Europe (UK) Limited – DUBAI BRANCH 100.00 Branch United Kingdom 1-2 Berkeley Square, 99 Berkeley Street, Glasgow, G3 7HR, Scotland Thus Group Holdings Limited 100.00 Ordinary shares Thus Group Limited 100.00 Ordinary shares Thus Profit Sharing Trustees Limited 100.00 Ordinary shares Imperial House, 4–10 Donegall Square East, Belfast, BT1 5HD Vodafone (NI) Limited 100.00 Ordinary shares Leven House, 10 Lochside Place, Edinburgh Park, Edinburgh, Scotland, EH12 9RG, United Kingdom Pinnacle Cellular Group Limited 100.00 Ordinary shares Pinnacle Cellular Limited 100.00 Ordinary shares Vodafone (Scotland) Limited 100.00 Ordinary shares Woodend Cellular Limited 100.00 Ordinary shares Woodend Communications Limited 100.00 Ordinary shares Woodend Group Limited 100.00 Ordinary shares Woodend Holdings Limited 100.00 Ordinary shares, Quarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland Energis (Ireland) Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares Shuttleworh House, 21 Bridgewater Close, Network 65 Business Park, Hapton, Burnley, Lancashire, Navtrak Ltd 100.00 Ordinary shares Vodafone Automotive UK Limited 100.00 Ordinary shares Staple Court, 11 Staple Inn Building, London, WC1V 7QH, United Kingdom Gateway Communications Africa (UK) Limited 2 64.52 Ordinary shares Vodacom Business Africa Group 64.52 Ordinary shares Services Limited2 preference shares Vodacom UK Limited 2 64.52 Ordinary shares, Ordinary A shares, Ordinary B shares, Irredeemable preference shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom AAA (Euro) Limited 100.00 Ordinary shares Acorn Communications Limited 100.00 Ordinary shares Apollo Submarine Cable System Limited 100.00 Ordinary shares Aspective Limited 100.00 Ordinary shares, A Preference shares, B Preference shares and C Preference shares Astec Communications Limited 100.00 Ordinary shares Bluefish Communications Limited 100.00 Ordinary shares, A Preference shares, B Preference shares and C Preference shares Ordinary D shares C.S.P. Solutions Limited 100.00 Ordinary shares Cable & Wireless Aspac Holdings Limited 100.00 Ordinary shares Cable & Wireless CIS Services Limited 100.00 Ordinary shares Cable & Wireless Communications Data Network Services Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Cable & Wireless Europe Holdings Limited 100.00 Ordinary shares Cable & Wireless Global Business Services Limited 100.00 Ordinary shares Cable & Wireless Global Holding Limited 100.00 Ordinary shares Cable & Wireless Global Telecommunication Services 100.00 Ordinary shares Cable & Wireless UK Holdings Limited 100.00 Ordinary shares Cable & Wireless UK Services Limited 100.00 Ordinary shares Cable & Wireless Worldwide Limited 100.00 Ordinary shares Cable & Wireless Worldwide Voice Messaging Limited 100.00 Ordinary shares Cable and Wireless (India) Limited 100.00 Ordinary shares Cable and Wireless Nominee Limited 100.00 Ordinary shares Cellops Limited 100.00 Ordinary shares Cellular Operations Limited 100.00 Ordinary shares Central Communications Group Limited 100.00 Ordinary shares, Ordinary A shares CWW Operations Limited 100.00 Ordinary shares Dataroam Limited 100.00 Ordinary shares, Ordinary A shares Emtel Europe Limited 100.00 Ordinary shares Energis Communications Limited 100.00 Ordinary shares Energis Squared Limited 100.00 Ordinary shares Flexphone Limited 100.00 Ordinary shares FM Associates (UK) Limited 100.00 Ordinary shares General Mobile Corporation Limited 100.00 Ordinary shares Global Cellular Rental Limited 50.00 Ordinary shares Internet Network Services Limited 100.00 Ordinary shares Isis Telecommunications Management Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares Legend Communications Limited 100.00 Ordinary shares London Hydraulic Power Company 100.00 Ordinary shares, MetroHoldings Limited 100.00 Ordinary shares ML Integration Group Limited 100.00 Ordinary shares ML Integration Services Limited 100.00 Ordinary shares Mobile Phone Centre Limited 100.00 Ordinary shares Nat Comm Air Limited 100.00 Ordinary shares P.C.P. (North West) Limited 100.00 Ordinary shares Peoples Phone Limited 100.00 Ordinary shares Project Telecom Holdings Limited 1 100.00 Ordinary shares PT Network Services Limited 100.00 Ordinary shares PTI Telecom Limited 100.00 Ordinary shares Rian Mobile Limited 100.00 Ordinary shares Singlepoint (4U) Limited 100.00 Ordinary shares Singlepoint Payment Services Limited 100.00 Ordinary shares Stentor Communications Limited 100.00 Ordinary shares (Dissolved1May2018) Talkland Airtime Services Limited 100.00 Ordinary shares Talkland Communications Limited 100.00 Ordinary shares Talkland International Limited 100.00 Ordinary shares Talkland Midlands Limited 100.00 Ordinary shares Talkmobile Limited 100.00 Ordinary shares Ternhill Communications Limited 100.00 Ordinary shares, Non-convertible Redeemable Prefere

Subsidiaries exempt from audit

Subsidiaries exempt from audit	12 Months Ended
	Mar. 31, 2018
Subsidiaries exempt from audit
Subsidiaries exempt from audit	33. Subsidiaries exempt from audit The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year ended 31 March 2018. – Name Registration number Cable & Wireless Aspac Holdings Limited Cable & Wireless CIS Services Limited Cable & Wireless Europe Holdings Limited Cable & Wireless Global Business Services Limited Cable & Wireless Global Holding Limited Cable & Wireless UK Holdings Limited Cable & Wireless Worldwide Limited Cable & Wireless Worldwide Voice Messaging Limited Cable and Wireless Nominee Limited Central Communications Group Limited Energis (Ireland) Limited NI035793 Energis Communications Limited Energis Squared Limited Internet Network Services Limited Legend Communications Limited MetroHoldings Limited ML Integration Group Limited ML Integration Services Limited Singlepoint (4U) Limited The Eastern Leasing Company Limited Thus Group Holdings Limited SC192666 Thus Group Limited SC226738 Vizzavi Finance Limited Voda Limited Vodafone (New Zealand) Hedging Limited Vodafone 2 Vodafone 4 UK Vodafone 5 Limited Vodafone 5 UK Vodafone Americas 4 Vodafone Benelux Limited Vodafone Business Solutions Limited Vodafone Cellular Limited Vodafone Connect Limited Vodafone Consolidated Holdings Limited Vodafone Distribution Holdings Limited Vodafone Enterprise Equipment Limited Vodafone Enterprise Europe (UK) Limited Vodafone Euro Hedging Limited Vodafone Euro Hedging Two Vodafone Europe UK Vodafone European Investments Vodafone European Portal Limited Vodafone Finance Luxembourg Limited Vodafone Finance Sweden Vodafone Finance UK Limited Vodafone Financial Operations Vodafone Global Content Services Limited Vodafone Holdings Luxembourg Limited Vodafone Intermediate Enterprises Limited Vodafone International 2 Limited BR009978 Vodafone International Holdings Limited Vodafone International Operations Limited Vodafone Investment UK Vodafone Investments Limited Vodafone IP Licensing Limited Vodafone Marketing UK Vodafone Mobile Communications Limited Vodafone Mobile Enterprises Limited Vodafone Mobile Network Limited Vodafone Nominees Limited Vodafone Oceania Limited Vodafone Overseas Finance Limited Vodafone Overseas Holdings Limited Vodafone Panafon UK Vodafone Property Investments Limited Vodafone Retail (Holdings) Limited Vodafone Retail Limited Vodafone UK Limited Vodafone Worldwide Holdings Limited Vodafone Yen Finance Limited Vodafone ‐ Central Limited Vodaphone Limited Vodata Limited Woodend Holdings Limited SC128335 Your Communications Group Limited London Hydraulic Power Company (The) ZC000055 Vodafone Enterprise Corporate Secretaries Ltd (formerly Intercell Limited) Vodafone Corporate Secretaries Limited

Basis of preparation (Policies)

Basis of preparation (Policies)	12 Months Ended
	Mar. 31, 2018
Basis of preparation
Accounting convention	Accounting convention The consolidated financial statements are prepared on a historical cost basis except for certain financial and equity instruments that have been measured at fair value.
Basis of consolidation	Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 32 “Related undertakings” to the consolidated financial statements) and joint operations that are subject to joint control (see note 12 “Investments in associates and joint arrangements” to the consolidated financial statements).
Foreign currencies	Foreign currencies The consolidated financial statements are presented in euro, which is also the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. Changes in the fair value of monetary securities denominated in foreign currency classified as available-for-sale are analysed between translation differences and other changes in the carrying amount of the security. Translation differences are recognised in the income statement and other changes in carrying amount are recognised in the consolidated statement of comprehensive income. Translation differences on non-monetary financial assets, such as investments in equity securities classified as available-for-sale, are reported as part of the fair value gain or loss and are included in the consolidated statement of comprehensive income. Share capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction and are not retranslated. For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period date. Income and expense items and cash flows are translated at the average exchange rates for each month and exchange differences arising are recognised directly in other comprehensive income. On disposal of a foreign entity, the cumulative amount previously recognised in the consolidated statement of comprehensive income relating to that particular foreign operation is recognised in profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated accordingly. The net foreign exchange gain recognised in the consolidated income statement for the year ended 31 March 2018 is €295 million (31 March 2017: €637 million loss; 2016: €1,141 million loss). The net gains and net losses are recorded within operating profit (2018: €65 million credit; 2017: €133 million charge; 2016: €24 million credit), non-operating income and expense (2018: €nil; 2017: €nil; 2016: €282 million charge), investment and financing income (2018: €141 million credit; 2017: €505 million charge; 2016: €872 million charge) and income tax expense (2018: €9 million credit; 2017: €1 million credit; 2016: €11 million charge). The foreign exchange gains and losses included within other income and expense and non-operating income and expense arise on the disposal of interests in joint ventures, associates and investments from the recycling of foreign exchange gains previously recognised in the consolidated statement of comprehensive income.
Inventory	Inventory Inventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition
New accounting pronouncements	New accounting pronouncements adopted on 1 April 2017 On 1 April 2017 the Group adopted the following new accounting policies to comply with amendments to IFRS. The accounting pronouncements, none of which is considered by the Group as significant on adoption, are: -- -- -- While the amendments to IAS 7 will have no impact on the Group’s accounting, additional disclosures are included to reconcile the movements in assets and liabilities during the year resulting from financing activities. New accounting pronouncements to be adopted on 1 April 2018 On 1 April 2018 the Group will adopt the following standards, which have been issued by the IASB and endorsed by the EU; these standards will have a significant impact on the Group’s financial reporting: – IFRS 15 “Revenue from Contracts with Customers”; and – IFRS 9 “Financial Instruments”. Additional information on the impact of these significant standards is discussed below. The following pronouncements, which have also been issued by the IASB and endorsed by the EU, will be adopted by the Group on 1 April 2018; these standards are not expected to have a material impact on the consolidated results, financial position or cash flows of the Group: – – – – New accounting pronouncements to be adopted on or after 1 April 2019 On 1 April 2019 the Group will adopt IFRS 16 “ Leases”, which has been issued by the IASB and endorsed by the EU. This is a significant new standard for the Group and the expected impacts are discussed below. The following pronouncements, which are potentially relevant to the Group, have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2019; except where otherwise noted, they have not yet been endorsed by the EU. The Group’s financial reporting will be presented in accordance with these new standards, which are not expected to have a material impact on the consolidated results, financial position or cash flows of the Group, from 1 April 2019. – Amendments to IAS 28 “Long-term Interests in Associates and Joint Ventures”; – IFRIC 23 “Uncertainty over Income Tax Treatments”; –“ Improvements to IFRS 2015-2017 Cycle”; – Amendment to IAS 19 “Plan Amendment, Curtailment or Settlement”; and – Amendments to IFRS 9 “Prepayment Features with Negative Compensation”, which has been endorsed by the EU. In addition, the Group will adopt the following standard, which has been issued by the IASB and has not yet been endorsed by the EU: – IFRS 17 “Insurance Contracts”, which is effective for accounting periods beginning on or after 1 January 2021. The Group is currently assessing the impact of the accounting changes that will arise under IFRS 17; however, the changes are not expected to have a material impact on the consolidated income statement and consolidated statement of financial position. IFRS 9 “Financial Instruments” IFRS 9 “Financial Instruments” was issued in July 2014 to replace IAS 39 “Financial Instruments: Recognition and Measurement” and has been endorsed by the EU. The standard is effective for accounting periods beginning on or after 1 January 2018 and will be adopted by the Group on 1 April 2018. IFRS 9 will impact the classification and measurement of the Group’s financial instruments, revises the requirements for when hedge accounting can be applied and requires certain additional disclosures. The primary changes resulting from IFRS 9 on the Group’s accounting for financial instruments are as follows : – – Whilst hedge accounting requirements are revised under IFRS 9, no material changes to the Group’s hedge accounting have been identified. The Group will adopt IFRS 9 with the cumulative retrospective impact on the classification and measurement of financial instruments reflected as an adjustment to equity on the date of adoption. In order to comply with the transition requirements of IFRS 15 the Group will report financial information both under IFRS 15 and also under the pre-existing revenue standard (IAS 18, Revenue) for the year commencing 1 April 2018. The Group’s current estimate of the primary financial impact of adoption of IFRS 9 on an IAS 18 accounting basis on the consolidated statement of financial position on adoption is a reduction in cumulative retained earnings at 1 April 2018 of between €200 million and €300 million, inclusive of the impact of deferred tax movements but excluding the impact on equity accounted joint ventures and associates. No material impact is expected from implementing IFRS 9 on an IAS 18 basis on the consolidated income statement or on the consolidated statement of cash flows. IFRS 15 “Revenue from Contracts with Customers” IFRS 15 “Revenue from Contracts with Customers”, was issued in May 2014 and subsequent amendments, “Clarifications to IFRS 15” were issued in April 2016; both have been endorsed by the EU. IFRS 15, as amended, is effective for accounting periods beginning on or after 1 January 2018. IFRS 15 sets out the requirements for recognising revenue and costs from contracts with customers and includes extensive disclosure requirements; it will have a material impact on the Group’s reporting of revenue and costs as follows: – Deliverables in contracts with customers that qualify as separate “performance obligations” will be identified and the contractual transaction price receivable from customers must then be allocated to the performance obligations on a relative standalone selling price basis. The performance obligations identified will depend on the nature of individual customer contracts, but might typically be identified for mobile handsets, other equipment provided to customers and for services provided to customers such as mobile and fixed line. Stand-alone selling prices will be based on observable sales prices; however, where stand-alone selling prices are not directly observable, estimates will be made maximising the use of observable inputs. Revenue will be recognised either at a point in time or over time when the respective performance obligations in a contract are delivered to the customer. – – – – Certain incremental costs incurred in acquiring a contract with a customer will be deferred on the consolidated statement of financial position and amortised as revenue is recognised under the related contract; this will generally lead to the later recognition of charges for some commissions payable to third party dealers and employees. In addition, certain types of contract acquisition costs will be deducted from revenue as they are considered to relate to the funding of customer discounts. – In addition certain costs incurred in fulfilling customer contracts will be deferred on the consolidated statement of financial position and recognised as related revenue is recognised under the contract. Such deferred costs are likely to relate to the provision of deliverables to customers that do not qualify as performance obligations and for which revenue is not recognised; currently such costs are generally expensed as incurred. The impact of the changes above on the Group’s reportable segments will depend largely on the extent to which customers receive discounted goods or services, such as mobile handsets, when they enter into airtime service agreements with the Group in the relevant markets. The combined impact of the changes is expected to increase the gross profit, or reduce the gross loss, recorded at inception on many customer contracts; in such cases, this will typically reduce the gross profit reported during the remainder of the contract; however, these timing differences will not impact the total gross profit reported for a customer contract over the contract term. In applying IFRS 15, and in determining the accounting impacts described above, the Group will be required to make material judgements. The most significant judgements are expected to be: – – The Group will adopt IFRS 15 with the cumulative retrospective impact reflected as an adjustment to equity on the date of adoption; and with disclosure of the impact of IFRS 15 on each line item in the financial statements in the reporting period. The transactions impacted by IFRS 15 are high in volume, value and complexity which has necessitated a phased approach to the development of new software solutions and changes to processes and related controls across the Group. The items discussed above are the main accounting changes for the Group under IFRS 15. The Group’s current estimate of the primary financial impact of these changes on the consolidated statement of financial position on adoption is a cumulative increase in: – On the assumption that there are no significant changes to business models or products offered, the Group expects the primary financial impacts of these changes on the consolidated income statement will be: – – The implementation of IFRS 15 is not expected to have any financial impact on the consolidated statement of cash flows. These impacts are based on the assessments undertaken to date. The exact financial impacts of the accounting changes of adopting IFRS 15 at 1 April 2018 may be revised as further analysis is completed prior to presentation of financial information for periods including the date of initial application. The Group expects to be in a position to issue further guidance on the impact of adopting IFRS 15 in conjunction with the first quarter trading update for the financial year commencing 1 April 2018. IFRS 16 “Leases” IFRS 16 “Leases” was issued in January 2016 to replace IAS 17 “Leases” and has been endorsed by the EU. The standard is effective for accounting periods beginning on or after 1 January 2019 and will be adopted by the Group on 1 April 2019. IFRS 16 will primarily change lease accounting for lessees; lease agreements will give rise to the recognition of an asset representing the right to use the leased item and a loan obligation for future lease payables. Lease costs will be recognised in the form of depreciation of the right to use asset and interest on the lease liability. Lessee accounting under IFRS 16 will be similar in many respects to existing IAS 17 accounting for finance leases, but will be substantively different to existing accounting for operating leases where rental charges are currently recognised on a straight-line basis and no lease asset or related lease creditor is recognised. Lessor accounting under IFRS 16 is similar to existing IAS 17 accounting and is not expected to have a material impact for the Group. The Group is assessing the impact of the accounting changes that will arise under IFRS 16; however, the following changes to lessee accounting will have a material impact as follows: – Right-of-use assets will be recorded for assets that are leased by the Group; currently no lease assets are included on the Group’s consolidated statement of financial position for operating leases. – Liabilities will be recorded for future lease payments in the Group’s consolidated statement of financial position for the “reasonably certain” period of the lease, which may include future lease periods for which the Group has extension options. Currently liabilities are generally not recorded for future operating lease payments, which are disclosed as commitments. The amount of lease liabilities will not equal the lease commitments reported on 31 March 2019, as they will be discounted to present value and the treatment of termination and extension options may differ, but may not be dissimilar. – Lease expenses will be for depreciation of right-of-use assets and interest on lease liabilities; interest will typically be higher in the early stages of a lease and reduce over the term. Currently operating lease rentals are expensed on a straight-line basis over the lease term within operating expenses. – Operating lease cash flows are currently included within operating cash flows in the consolidated statement of cash flows; under IFRS 16 these will be recorded as cash flows from financing activities reflecting the repayment of lease liabilities (borrowings) and related interest. A high volume of transactions will be impacted by IFRS 16 and material judgements are required in identifying and accounting for leases. The most significant judgement is expected to be determination of the lease term; under IFRS 16 the lease term includes extension periods where it is reasonably certain that a lease extension option will be exercised or that a lease termination option will not be exercised. Significant judgement will be required when determining the lease term of leases with extension or termination options. The Group is continuing to assess the impact of the accounting changes that will arise under IFRS 16 and cannot yet reasonably quantify the impact; however, the changes highlighted above will have a material impact on the consolidated income statement, consolidated statement of financial position and consolidated statement of cash flows after the Group’s adoption on 1 April 2019. The Group intends to adopt IFRS 16 with the cumulative retrospective impact as an adjustment to equity on the date of adoption. The Group currently intends to apply the following practical expedients allowed under IFRS 16: – – –
Segmental analysis	2. Segmental analysis The Group’s businesses are managed on a geographical basis. Selected financial data is presented on this basis below.
Impairment losses	. Impairment losses Impairment occurs when the carrying value of assets is greater than the present value of the net cash flows they are expected to generate. We review the carrying value of assets for each country in which we operate at least annually. For further details of our impairment review process see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements.
Investment income and financing costs	Investment income and financing costs Investment income comprises interest received from short-term investments and other receivables as well as certain foreign exchange movements. Financing costs mainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to manage foreign exchange and interest rate movements
Taxation	Taxation This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets held across the Group together with our view on whether or not we expect to be able to make use of these in the future.
Earnings per share	Earnings per share Basic earnings per share is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average number of shares in issue during the year.
Intangible assets	Intangible assets The statement of financial position contains significant intangible assets, mainly in relation to goodwill and licences and spectrum. Goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net assets primarily due to the synergies we expect to create, is not amortised but is subject to annual impairment reviews. Licences and spectrum are amortised over the life of the licence. For further details see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements.
Property, plant and equipment	Property, plant and equipment The Group makes significant investments in network equipment and infrastructure – the base stations and technology required to operate our networks – that form the majority of our tangible assets. All assets are depreciated over their useful economic lives. For further details on the estimation of useful economic lives, see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements.
Investments in associates and joint arrangements	Investments in associates and joint arrangements The Group holds interests in an associate in Kenya, where we have significant influence, as well as in a number of joint arrangements in the UK, the Netherlands, India and Australia, where we share control with one or more third parties. For further details see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements.
Other investments	13. Other investments The Group holds a number of other listed and unlisted investments, mainly comprising managed funds, loan notes, deposits and government bonds.
Trade and other receivables	14. Trade and other receivables Trade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay to our suppliers in advance. Trade receivables are shown net of an allowance for bad or doubtful debts. Derivative financial instruments with a positive market value are reported within this note.
Trade and other payables	Trade and other payables Trade and other payables mainly consist of amounts we owe to our suppliers that have been invoiced or are accrued. They also include taxes and social security amounts due in relation to our role as an employer. Derivative financial instruments with a negative market value are reported within this note.
Provisions	Provisions A provision is a liability recorded in the statement of financial position, where there is uncertainty over the timing or amount that will be paid, and is therefore often estimated. The main provisions we hold are in relation to asset retirement obligations, which include the cost of returning network infrastructure sites to their original condition at the end of the lease, and claims for legal and regulatory matters. For further details see “Critical accounting judgements” in note 1 “Basis of preparation” to the consolidated financial statements.
Called up share capital	Called up share capital Called up share capital is the number of shares in issue at their par value. A number of shares were allotted during the year in relation to employee share schemes.
Cash and cash equivalents	. Cash and cash equivalents The majority of the Group’s cash is held in bank deposits or money market funds which have a maturity of three months or less to enable us to meet our short-term liquidity requirements.
Borrowings	Borrowings The Group’s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities and through short-term and long-term issuances in the capital markets including bond and commercial paper issues and bank loans. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates depending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to mitigate the impact of exchange rate movements on certain monetary items.
Capital and financial risk management	Capital and financial risk management This note details the treasury management and financial risk management objectives and policies, as well as the exposure and sensitivity of the Group to credit, liquidity, interest and foreign exchange risk, and the policies in place to monitor and manage these risks.
Post employment benefits	Post employment benefits The Group operates a number of defined benefit and defined contribution pension plans for our employees. The Group’s largest defined benefit scheme is in the UK. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements.
Share-based payments	Share-based payments The Group has a number of share plans used to award shares to Directors and employees as part of their remuneration package. A charge is recognised over the vesting period in the consolidated income statement to record the cost of these, based on the fair value of the award on the grant date.
Business combinations	Accounting policies Business combinations Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the income statement as incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. Acquisition of interests from non-controlling shareholders In transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or received and the amount by which the non-controlling interest is adjusted is recognised in equity
Commitments	Commitments A commitment is a contractual obligation to make a payment in the future, mainly in relation to leases and agreements to buy assets such as network infrastructure and IT systems. These amounts are not recorded in the consolidated statement of financial position since we have not yet received the goods or services from the supplier. The amounts below are the minimum amounts that we are committed to pay.
Contingent liabilities and legal proceedings	Contingent liabilities and legal proceedings Contingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably
Subsidiaries	Subsidiaries Accounting policies A subsidiary is an entity controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Company name % of share class held Share class Albania Autostrada Tirane‐Durres, Rruga: “Pavaresia”, Nr 61, Kashar, Tirana, Albania Vodafone Albania Sh.A 100.00 Ordinary shares Vodafone M‐PESA SH.P.K. 100.00 Ordinary shares Angola Rua Fernao de Sousa, Condominio do Benga, 10A, Vila Alice, Luanda, Angola Vodacom Business (Angola) Limitada 2 63.87 Ordinary shares Argentina Cerrito 348, 5to B, C1010AAH, Buenos Aires, Argentina CWGNL S.A. 100.00 Ordinary shares Australia C/-KPMG Level 38 Tower Three, International Towers Sydney, 300 Barangaroo Avenue, Sydney NSW 2000, Australia Quickcomm Pty Limited 100.00 Ordinary shares, Redeemable convertible preference shares Level 1, 177 Pacific Highway, North Sydney NSW 2060, Australia PPL Pty Limited 100.00 Ordinary shares Talkland Australia Pty Limited 100.00 Ordinary shares VAPL No. 2 Pty Limited 100.00 Ordinary shares Mills Oakley, Level 12, 400 George Street, Sydney NSW 2000, Australia Vodafone Enterprise Australia Pty Limited 100.00 Ordinary shares Austria c/o Stolitzka & Partner Rechtsanwälte OG, Kärntner Ring 12, 3. Stock, 1010, Wien, Austria Vodafone Enterprise Austria GmbH 100.00 Ordinary shares Bahrain RSM Bahrain, 3rd floor Falcon Tower, Diplomatic Area, Manama, PO BOX 11816, Bahrain Vodafone Enterprise Bahrain W.L.L. 100.00 Ordinary shares Belgium Malta House, rue Archimède 25, 1000 Bruxelles, Belgium Vodafone Belgium SA/NV 100.00 Ordinary shares Brazil Avenida Cidade Jardim, 400, 7th and 20th Floors, Jardim Paulistano, Sao Paul, Brazil, 01454-000 Vodafone Serviços Empresariais Brasil Ltda. 100.00 Ordinary shares Av José Rocha Bonfim, 214, Cond Praça Capital - Edifício Toronto, sls 228/229 13080-900 Jardim Santa Genebra - Campinas, São Paulo, Brazil Cobra do Brasil Serviços de Telemàtica ltda. 70.00 Ordinary shares Rua Boa Vista, 01014-907, 254, 13th Floor, Suite 38, Centro, City of São Paulo, State of São Paulo, Brazil Vodafone Empresa Brasil Telecomunicações Ltda 100.00 Ordinary shares Bulgaria 10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia, 1000, Bulgaria Vodafone Enterprise Bulgaria EOOD 100.00 Ordinary shares Cameroon Porte 201A 3eme Etage Entree C, immeuble SOCAR, Boulevard de la liberte, Akwa, Douala, Cameroon Vodacom Business Cameroon SA 2 64.52 Ordinary shares Canada 2 Bloor Street West, Suite 700, Toronto ON M4W3E2, Canada Vodafone Canada Inc. 100.00 Common shares Cayman Islands 190 Elgin Avenue, George Town, Grand Cayman, KY1-9005, Cayman Islands CGP Investments (Holdings) Limited 100.00 Ordinary shares Chile 222 Miraflores, P.28, Santiago, Metrop, 97-763, Chile Vodafone Enterprise Chile S.A. 100.00 Ordinary shares China Building 21, 11, Kangding St., BDA, Beijing, 100176 - China, China Vodafone Automotive Technologies (Beijing) Co, Ltd 100.00 Ordinary shares Floor 36, Unit 23-25, China World Tower 1 No. 1, Jianguomenwai Avenue, Chaoyang District, Beijing, 100004, China Vodafone China Limited (China) 100.00 Equity interest shares Unit 1708, Full Tower, No. 9 Dong San Huan Zhong Road, Chaoyang District, Beijing, 100020, China Cable & Wireless Communications Technical Service (Shanghai) Co. Ltd (Beijing Branch) 100.00 Branch Unit 558-560, 5/F Standard Chartered Bank Tower, No.201 Century Avenue, Pudong District, Shanghai, 200120, China Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. 100.00 Ordinary shares Congo, The Democratic Republic of the 292 Avenue de la Justice, Commune de la Gombe, Kinshasa, Congo Vodacash S.A. 2 32.90 Ordinary shares Vodacom Congo (RDC) SA 2,3 32.90 Ordinary shares Cote d’Ivoire No 62, Rue du Docteur Blanchard, Zone 4C, Abidjan, Cote d'Ivoire Vodacom Business Cote D’Ivoire S.A.R.L. 2 64.52 Ordinary shares Cyprus Ali Rıza Efendi Caddesi No:33/A Ortaköy, Lefkoşa, Cyprus Vodafone Mobile Operations Limited 100.00 Ordinary shares Czech Republic náměstí Junkových 2, Prague 5, Czech Republic, 155 00, Czech Republic Oskar Mobil S.R.O. 100.00 Basic capital shares Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - CZECH BRANCH 100.00 Branch Denmark Tuborg Boulevard 12, 2900, Hellerup, Denmark Vodafone Enterprise Denmark A/S 100.00 Ordinary (DKK) shares Egypt 17 Port Said Street, Maadi El Sarayat, Cairo, Egypt Vodafone International Services LLC 54.93 Ordinary shares 37 Kaser El Nil St, 4th. Floor,Cairo,Egypt Starnet 54.90 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt Sarmady Communications 54.91 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt Vodafone Egypt 54.93 Ordinary shares Telecommunications S.A.E Vodafone For Trading 54.87 Ordinary shares Smart Village C3 Vodafone Building, Egypt Vodafone Data 54.93 Ordinary shares Finland c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki, 00100, Finland Vodafone Enterprise Finland OY 100.00 Ordinary shares France 1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph, France Vodafone Automotive Telematics Development S.A.S 100.00 Ordinary shares 144, Avenue Roger Salengro, 92372 - Chaville Cedex, France Vodafone Automotive France S.A.S 50.94 Ordinary shares Tour Egée, 9/11 Allée de l'Arche, 92671 Courbevoie La Défense Cedex - France Vodafone Enterprise France SAS 100.00 New Euro shares Germany Altes Forsthaus 2, 67661, Kaiserslautern, Germany TKS Telepost Kabel-Service Kaiserslautern Beteiligungs GmbH 4 76.70 Ordinary shares TKS Telepost Kabel-Service Kaiserslautern GmbH & Co. KG 4 76.70 Ordinary shares Betastraße 6‐8, 85774 Unterföhring, Germany Kabel Deutschland Holding AG 4 76.70 Ordinary shares Kabel Deutschland Holding Erste Beteiligungs GmbH 4 76.70 Ordinary shares Kabel Deutschland Holding Zweite Beteilgungs GmbH 4 76.70 Ordinary shares Kabel Deutschland Neunte Beteiligungs GmbH 100.00 Ordinary shares Kabel Deutschland Siebte Beteiligungs GmbH 4 76.70 Ordinary shares

Segmental analysis (Tables)

Segmental analysis (Tables)	12 Months Ended
	Mar. 31, 2018
Segment analysis
Schedule of segmental revenue and profit	Segment Intra-region Regional Inter-region Group Adjusted revenue revenue revenue revenue revenue EBITDA €m €m €m €m €m €m 31 March 2018 Germany 10,847 (29) 10,818 (18) 10,800 4,010 Italy 6,204 (30) 6,174 (3) 6,171 2,329 UK 7,078 (21) 7,057 (7) 7,050 1,762 Spain 4,978 (35) 4,943 (2) 4,941 1,420 Other Europe 4,941 (45) 4,896 (10) 4,886 1,515 Europe 34,048 (160) 33,888 (40) 33,848 11,036 Vodacom 5,692 — 5,692 (7) 5,685 2,203 Other AMAP 5,770 — 5,770 (25) 5,745 1,554 AMAP 11,462 — 11,462 (32) 11,430 3,757 Common Functions 1,408 — 1,408 (115) 1,293 (56) Group 46,918 (160) 46,758 (187) 46,571 14,737 31 March 2017 Germany 10,600 (32) 10,568 (21) 10,547 3,617 Italy 6,101 (30) 6,071 (1) 6,070 2,229 UK 6,925 (23) 6,902 (6) 6,896 1,212 Spain 4,973 (37) 4,936 (1) 4,935 1,360 Other Europe 6,128 (55) 6,073 (5) 6,068 1,865 Europe 34,727 (177) 34,550 (34) 34,516 10,283 Vodacom 5,294 — 5,294 — 5,294 2,063 Other AMAP 6,479 — 6,479 (14) 6,465 1,791 AMAP 11,773 — 11,773 (14) 11,759 3,854 Common Functions 1,390 — 1,390 (34) 1,356 12 Group 47,890 (177) 47,713 (82) 47,631 14,149 31 March 2016 Germany 10,626 (36) 10,590 (9) 10,581 3,462 Italy 6,008 (22) 5,986 (1) 5,985 2,015 UK 8,428 (18) 8,410 (9) 8,401 1,756 Spain 4,959 (27) 4,932 (2) 4,930 1,250 Other Europe 6,599 (55) 6,544 (4) 6,540 2,002 Europe 36,620 (158) 36,462 (25) 36,437 10,485 Vodacom 5,325 — 5,325 — 5,325 2,028 Other AMAP 6,566 — 6,566 (20) 6,546 1,678 AMAP 11,891 — 11,891 (20) 11,871 3,706 Common Functions 1,567 — 1,567 (65) 1,502 (36) Group 50,078 (158) 49,920 (110) 49,810 14,155
Schedule of reconciliation of adjusted EBITDA to operating profit	€m €m €m Adjusted EBITDA 14,737 14,149 14,155 Depreciation, amortisation and loss on disposal of fixed assets (9,910) (10,179) (10,386) Share of adjusted results in equity accounted associates and joint ventures 1 389 164 60 Adjusted operating profit 5,216 4,134 3,829 Impairment losses — — (569) Restructuring costs (156) (415) (316) Amortisation of acquired customer based and brand intangible assets (974) (1,046) (1,338) Other income/(expense) 213 1,052 (286) Operating profit 4,299 3,725 1,320 Note: 1 Excludes amortisation of acquired customer bases and brand intangible assets of €0.4 billion (2017: €0.1 billion, 2016: €nil).
Schedule of segmental assets and cash flow	Other Depreciation Non-current Capital expenditure on and Operating assets 1 expenditure 2 intangible assets amortisation Impairment loss free cash flow 3 €m €m €m €m €m €m 31 March 2018 Germany 25,444 1,673 24 3,095 — 2,147 Italy 9,232 797 629 1,479 — 1,607 UK 7,465 889 — 1,600 — 408 Spain 10,576 863 — 1,371 — 628 Other Europe 7,441 710 93 1,092 — 788 Europe 60,158 4,932 746 8,637 — 5,578 Vodacom 5,841 763 1 776 — 1,453 Other AMAP 3,607 729 — 923 — 725 AMAP 9,448 1,492 1 1,699 — 2,178 Common Functions 1,976 897 — 73 — (755) Group 71,582 7,321 747 10,409 — 7,001 31 March 2017 Germany 26,694 1,671 — 3,320 — 1,749 Italy 9,157 793 2 1,603 — 1,161 UK 8,210 950 — 1,768 — 57 Spain 11,035 746 — 1,378 — 344 Other Europe 7,574 878 38 1,088 — 619 Europe 62,670 5,038 40 9,157 — 3,930 Vodacom 6,039 736 2 738 — 1,347 Other AMAP 5,778 795 317 1,153 — 947 AMAP 11,817 1,531 319 1,891 — 2,294 Common Functions 1,937 915 — 38 — (597) Group 76,424 7,484 359 11,086 — 5,627 31 March 2016 Germany 28,210 2,362 2,081 3,330 — 866 Italy 9,799 1,516 232 1,668 — 496 UK 9,496 1,210 141 1,902 — 334 Spain 11,569 1,178 491 1,446 — (149) Other Europe 7,568 1,372 8 1,371 (569) 546 Europe 66,642 7,638 2,953 9,717 (569) 2,093 India 13,474 1,102 3,751 — — — Vodacom 5,290 847 23 725 — 1,071 Other AMAP 6,806 1,173 814 1,170 — 503 AMAP 25,570 3,122 4,588 1,895 — 1,574 Common Functions 1,867 901 — 85 — (459) Group 94,079 11,661 7,541 11,697 (569) 3,208 Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to property, plant and equipment and computer software, reported within intangibles. Excludes licences and spectrum additions. 3 The Group’s measure of segment cash flow is reconciled to the closest equivalent GAAP measure cash generated by operations, on pages 207 and 208.

Operating profit (Tables)

Operating profit (Tables)	12 Months Ended
	Mar. 31, 2018
Operating profit
Schedule of operating profit	€m €m €m Net foreign exchange (gains)/losses 1 (65) 133 (24) Depreciation of property, plant and equipment (note 11): Owned assets 5,963 6,253 6,333 Leased assets 47 12 45 Amortisation of intangible assets (note 10) 4,399 4,821 5,319 Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) — — 569 Staff costs (note 24) 5,295 5,519 5,804 Amounts related to inventory included in cost of sales 6,045 6,464 7,739 Operating lease rentals payable 3,788 3,976 2,464 Loss on disposal of property, plant and equipment and intangible assets 36 22 27 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (829) (800) (764) Net gain on formation of VodafoneZiggo (note 27) 2 — (1,275) — Notes: 1 The year ended 31 March 2018 included €80 million credit (2017: €127 million charge) reported in other income and expense in the consolidated income statement. 2 Reported in other income and expense in the consolidated income statement.
Schedule of auditors remuneration	€m €m €m Parent company 2 2 2 Subsidiaries 14 13 13 Subsidiaries - new accounting standards 1 5 1 — Audit fees: 21 16 15 Audit-related fees 2 5 4 2 Non-audit fees: 5 4 2 Total fees 26 20 17 Notes: 1 Includes fees in respect of audit procedures in relation to the forthcoming implementation of IFRS 15 “Revenue from Contracts with Customers” and IFRS 16 “Leases”. 2 Relates to fees for statutory and regulatory filings. The amount for the year ended 31 March 2018 includes non-recurring fees that were incurred during the preparations for a potential IPO of Vodafone New Zealand and the merger of Vodafone India and Idea Cellular. The amount for the year ended 31 March 2017 primarily arose from work on regulatory filings prepared in anticipation of a potential IPO of Vodafone India that was under consideration prior to the agreement for the merger of Vodafone India and Idea Cellular.

Impairment losses (Tables)

Impairment losses (Tables)	12 Months Ended
	Mar. 31, 2018
Impairment losses
Schedule of impairment charges recognised	Cash-generating unit Reportable segment €m €m €m Romania Other Europe — — 569 — — 569
Schedule of carrying value of goodwill	€m €m Germany 12,479 12,479 Italy 3,654 3,654 Spain 3,814 3,814 19,947 19,947 Other 6,787 6,861 26,734 26,808
Schedule of key assumptions used in the value in use calculations	Key assumptions used in the value in use calculations The key assumptions used in determining the value in use are: Assumption How determined Projected adjusted EBITDA Projected adjusted EBITDA has been based on past experience adjusted for the following: – voice and messaging revenue is expected to benefit from increased usage from new customers, especially in emerging markets, the introduction of new services and traffic moving from fixed networks to mobile networks, though these factors will be offset by increased competitor activity, which may result in price declines, and the trend of falling termination and other regulated rates; – non-messaging data revenue is expected to continue to grow as the penetration of 3G (plus 4G where available) enabled devices and smartphones rise along with higher data bundle attachment rates, and new products and services are introduced; and – margins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers in increasingly competitive markets and the expectation of further termination rate cuts by regulators and by positive factors such as the efficiencies expected from the implementation of Group initiatives. Projected capital expenditure The cash flow forecasts for capital expenditure are based on past experience and include the ongoing capital expenditure required to roll out networks in emerging markets, to provide voice and data products and services and to meet the population coverage requirements of certain of the Group’s licences. Capital expenditure includes cash outflows for the purchase of property, plant and equipment and computer software. Projected licence and spectrum payments The cash flow forecasts for licence and spectrum payments for each operating company for the initial five years include amounts for expected renewals and newly available spectrum. Beyond that period, a long-run cost of spectrum is assumed. Long-term growth rate For businesses where the five year management plans are used for the Group’s value in use calculations, a long-term growth rate into perpetuity has been determined as the lower of: – the nominal GDP rates for the country of operation; and – the long-term compound annual growth rate in adjusted EBITDA in years six to ten estimated by management. Pre-tax risk adjusted discount rate The discount rate applied to the cash flows of each of the Group’s operations is generally based on the risk free rate for ten year bonds issued by the government in the respective market. Where government bond rates contain a material component of credit risk, high-quality local corporate bond rates may be used. These rates are adjusted for a risk premium to reflect both the increased risk of investing in equities and the systematic risk of the specific Group operating company. In making this adjustment, inputs required are the equity market risk premium (that is the required increased return required over and above a risk free rate by an investor who is investing in the market as a whole) and the risk adjustment, beta, applied to reflect the risk of the specific Group operating company relative to the market as a whole. In determining the risk adjusted discount rate, management has applied an adjustment for the systematic risk to each of the Group’s operations determined using an average of the betas of comparable listed mobile telecommunications companies and, where available and appropriate, across a specific territory. Management has used a forward-looking equity market risk premium that takes into consideration both studies by independent economists, the average equity market risk premium over the past ten years and the market risk premiums typically used by investment banks in evaluating acquisition proposals.
Schedule of assumptions used in valuation of impairment loss	Year ended 31 March 2018 The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany % Spain % Italy % Romania % Pre-tax adjusted discount rate 8.3 10.4 9.8 Long-term growth rate 0.5 1.0 1.5 Projected adjusted EBITDA 1 3.7 (2.6) 2.6 Projected capital expenditure 2 16.6–18.8 16.8–17.4 12.1–13.3 11.9–14.6 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis The changes in the following table to assumptions used in the impairment review would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2018. Change required for carrying value to equal recoverable amount Germany pps Spain pps Romania pps Pre-tax risk adjusted discount rate 2.0 0.2 0.1 Long-term growth rate (2.3) (0.2) (0.1) Projected adjusted EBITDA 1 (3.3) (0.3) (0.1) Projected capital expenditure 2 16.3 1.4 0.4 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an impairment loss being recognised in the year ended 31 March 2018. Change required for carrying value to equal recoverable amount UK pps Ireland pps Portugal pps Czech Republic pps Pre-tax risk adjusted discount rate 0.5 0.6 1.0 Long-term growth rate (0.6) (0.7) (1.1) (4.0) Projected adjusted EBITDA 1 (0.8) (1.0) (1.5) (4.0) Projected capital expenditure 2 3.2 4.2 6.4 16.9 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Year ended 31 March 2017 The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany Spain Italy Romania % % % % Pre-tax adjusted discount rate 8.4 9.7 10.3 9.0 Long-term growth rate 0.5 1.5 1.0 1.0 Projected adjusted EBITDA 1 3.0 7.9 (0.8) 0.1 Projected capital expenditure 2 14.9–16.5 14.3–15.8 12.7–14.2 12.6–15.9 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis The changes in the following table to assumptions used in the impairment review would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2017: Change required for carrying value to equal recoverable amount Germany pps Spain pps Romania pps Pre-tax risk adjusted discount rate 0.9 0.6 1.5 Long-term growth rate (1.0) (0.7) (1.7) Projected adjusted EBITDA 1 (1.6) (1.1) (1.9) Projected capital expenditure 2 7.6 4.4 7.1 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an impairment loss being recognised in the year ended 31 March 2017: Change required for carrying value to equal recoverable amount UK pps Ireland pps Portugal pps Czech Republic pps Pre-tax risk adjusted discount rate 0.5 0.8 0.6 Long-term growth rate (0.6) (0.9) (0.6) (2.4) Projected adjusted EBITDA 1 (0.8) (1.2) (0.9) (2.8) Projected capital expenditure 2 3.2 4.3 3.9 12.0 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure , which excludes licences and spectrum, is expressed as of capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Year ended 31 March 2017 The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany Spain Italy Romania % % % % Pre-tax adjusted discount rate 8.4 9.7 10.3 9.0 Long-term growth rate 0.5 1.5 1.0 1.0 Projected adjusted EBITDA 1 3.0 7.9 (0.8) 0.1 Projected capital expenditure 2 14.9–16.5 14.3–15.8 12.7–14.2 12.6–15.9 Notes: 3 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 4 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis The changes in the following table to assumptions used in the impairment review would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2017: Change required for carrying value to equal recoverable amount Germany pps Spain pps Romania pps Pre-tax risk adjusted discount rate 0.9 0.6 1.5 Long-term growth rate (1.0) (0.7) (1.7) Projected adjusted EBITDA 1 (1.6) (1.1) (1.9) Projected capital expenditure 2 7.6 4.4 7.1 Notes: 3 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 4 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an impairment loss being recognised in the year ended 31 March 2017: Change required for carrying value to equal recoverable amount UK pps Ireland pps Portugal pps Czech Republic pps Pre-tax risk adjusted discount rate 0.5 0.8 0.6 Long-term growth rate (0.6) (0.9) (0.6) (2.4) Projected adjusted EBITDA 1 (0.8) (1.2) (0.9) (2.8) Projected capital expenditure 2 3.2 4.3 3.9 12.0 Notes: 3 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 4 Projected capital expenditure , which excludes licences and spectrum, is expressed as of capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Year ended 31 March 2016 The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Romania % Germany % Spain % Pre-tax risk adjusted discount rate 9.7 8.2 Long-term growth rate 1.0 0.5 Projected adjusted EBITDA 1 (0.3) 3.1 Projected capital expenditure 2 11.5–18.8 14.5–15.6 11.2–19.7 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis Change required for carrying value to equal the recoverable amount Germany pps Spain pps Pre-tax risk adjusted discount rate 0.5 0.6 Long-term growth rate (0.5) (0.8) Projected adjusted EBITDA 1 (0.9) (1.2) Projected capital expenditure 2 4.4 4.8 The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an (increase)/decrease to the aggregate impairment loss recognised in the year ended 31 March 2016. Romania Increase by 2pps Decrease by 2pps €bn €bn Pre-tax adjusted discount rate (0.2) Long-term growth rate Projected adjusted EBITDA 1 Projected capital expenditure 2 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing.

Investment income and financi46

Investment income and financing costs (Tables)	12 Months Ended
	Mar. 31, 2018
Investment income and financing costs
Schedule of investment income and financing costs	€m €m €m Investment income: Available-for-sale investments: Dividends received — — 1 Loans and receivables at amortised cost 339 426 529 Fair value through the income statement (held for trading) 24 20 9 Other 1 322 28 — 685 474 539 Financing costs: Items in hedge relationships: Other loans 74 170 224 Interest rate and cross-currency interest rate swaps (128) (235) (127) Fair value hedging instrument 48 22 (140) Fair value of hedged item (36) (16) 166 Other financial liabilities held at amortised cost: Bank loans and overdrafts 317 419 284 Bonds and other loans 2 885 1,243 926 Interest (credit)/charge on settlement of tax issues 3 (11) 47 19 Fair value through the income statement (held for trading): Derivatives – forward starting swaps and futures (75) (244) 121 Other 1,4 — — 573 1,074 1,406 2,046 Net financing costs 389 932 1,507 Notes: 1 Primarily comprises foreign exchange rate differences reflected in the income statement in relation to certain sterling and US dollar balances. 2 Amounts for 2018 include net foreign exchange losses of €181 million (2017: €533 million; 2016: €299 million). 3 Amounts for 2018 include a decrease (2017: increase, 2016: increase) in provision for potential interest on tax issues. 4 Interest capitalised for the year ended 31 March 2018 was €nil (2017: €nil, 2016: €n il).

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Mar. 31, 2018
Taxation
Schedule of income tax expense (income)	€m €m €m United Kingdom corporation tax expense/(credit): Current year 1 70 27 (129) Adjustments in respect of prior years (5) (3) 53 65 24 (76) Overseas current tax expense/(credit): Current year 1,055 961 812 Adjustments in respect of prior years (102) (35) 21 953 926 833 Total current tax expense 1,018 950 757 Deferred tax on origination and reversal of temporary differences: United Kingdom deferred tax 39 (16) (32) Overseas deferred tax (1,936) 3,830 4,212 Total deferred tax (credit)/expense (1,897) 3,814 4,180 Total income tax (credit)/expense 2 (879) 4,764 4,937 Notes: 1 The 2016 credit relates to a claim under international conventions for the avoidance of double taxation. 2 The income statement tax charge includes tax relief on capitalised interest.
Schedule tax (credit)/charge on discontinued operations	€m €m €m Tax credit on profit from ordinary activities of discontinued operations 1 (617) (973) (514) Tax charge relating to the gain on discontinuance 15 95 — Total tax credit on discontinued operations (602) (878) (514) Note: 1 2018 includes a €925m credit (2017: €840m credit) relating to the impairment of Vodafone India.
Schedule of tax charged/(credited) directly to other comprehensive income	€m €m €m Current tax 22 (16) (81) Deferred tax 70 44 293 Total tax charged directly to other comprehensive income 92 28 212
Schedule of tax credited directly to equity	€m €m €m Current tax — — (8) Deferred tax 9 (9) 3 Total tax charged/(credited) directly to equity 9 (9) (5)
Schedule of factors affecting the tax expense for the year	€m €m €m Continuing profit/(loss) before tax as shown in the consolidated income statement 3,878 2,792 (190) Aggregated expected income tax expense 985 795 85 Impairment losses with no tax effect — — 168 Disposal of Group investments 55 (271) 83 Effect of taxation of associates and joint ventures, reported within profit before tax 90 23 (18) (Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain 1 (1,583) 1,603 1,288 Deferred tax following revaluation of investments in Luxembourg 1 (330) (329) 3,037 Previously unrecognised temporary differences we expect to use in the future — (15) — Previously unrecognised temporary differences utilised in the year (29) (11) (8) Current year temporary differences (including losses) that we currently do not expect to use 20 139 50 Adjustments in respect of prior year tax liabilities 2 (244) (107) (48) Revaluation of assets for tax purposes — (39) — Impact of tax credits and irrecoverable taxes 93 98 (38) Deferred tax on overseas earnings 24 26 17 Effect of current year changes in statutory tax rates on deferred tax balances (44) 2,755 95 Expenses not deductible (income not taxable) for tax purposes 84 97 226 Income tax (credit)/expense (879) 4,764 4,937 Note: 1 2
Schedule of analysis of movements in net deferred tax	€m 1 April 2017 23,765 Foreign exchange movements (25) Charged to the income statement (continuing operations) 1,897 Charged directly to OCI (70) Credited directly to equity (9) Reclassifications (4) Arising on acquisition and disposals 2 31 March 2018 25,556
Schedule of other information related to deferred taxes	Amount Net credited/ recognised (expensed) in Gross Gross Less deferred income deferred tax deferred tax amounts tax statement asset liability unrecognised (liability)/ asset €m €m €m €m €m Accelerated tax depreciation 103 1,289 (1,342) (33) (86) Intangible assets 225 193 (571) 16 (362) Tax losses 1,666 30,953 — (5,904) 25,049 Deferred tax on overseas earnings (24) — (108) — (108) Other temporary differences (73) 1,218 (132) (23) 1,063 31 March 2018 1,897 33,653 (2,153) (5,944) 25,556 Deferred tax assets and liabilities are analysed in the statement of financial position, after offset of balances within countries, as follows: €m Deferred tax asset 26,200 Deferred tax liability (644) 31 March 2018 25,556 At 31 March 2017, deferred tax assets and liabilities, before offset of balances within countries, were as follows: Amount Net credited/ recognised (expensed) Gross Gross Less deferred in income deferred tax deferred tax amounts tax statement asset liability unrecognised 1 (liability)/ asset €m €m €m €m €m Accelerated tax depreciation 160 1,368 (1,535) (55) (222) Intangible assets 353 127 (715) 16 (572) Tax losses (4,064) 30,590 — (7,138) 23,452 Deferred tax on overseas earnings (95) — (95) — (95) Other temporary differences (168) 1,347 (126) (19) 1,202 31 March 2017 (3,814) 33,432 (2,471) (7,196) 23,765 At 31 March 2017 deferred tax assets and liabilities were analysed in the statement of financial position, after offset of balances within countries, as follows: €m Deferred tax asset 24,300 Deferred tax liability (535) 31 March 2017 23,765
Schedule of carryforward of losses and expiration period	At 31 March 2018, the gross amount and expiry dates of losses available for carry forward are as follows: Expiring Expiring within beyond 5 years 6 years Unlimited Total €m €m €m €m Losses for which a deferred tax asset is recognised 266 — 103,452 103,718 Losses for which no deferred tax is recognised 621 3,074 21,994 25,689 887 3,074 125,446 129,407 At 31 March 2017, the gross amount and expiry dates of losses available for carry forward were as follows: Expiring Expiring within beyond 5 years 6 years Unlimited Total €m €m €m €m Losses for which a deferred tax asset is recognised 292 65 97,335 97,692 Losses for which no deferred tax is recognised 352 1,503 28,556 30,411 644 1,568 125,891 128,103

Discontinued operations and a48

Discontinued operations and assets held for sale (Tables)	12 Months Ended
	Mar. 31, 2018
Discontinued operations and assets and liabilities held for sale
Schedule of income statement and segment analysis of discontinued operations	€m €m €m Revenue 4,648 5,827 6,120 Cost of sales (2,995) (4,504) (4,799) Gross profit 1,653 1,323 1,321 Selling and distribution expenses (237) (276) (264) Administrative expenses (533) (703) (634) Impairment losses (note 4) — (4,515) — Other income and expense 1 416 — — Operating profit/(loss) 1,299 (4,171) 423 Financing costs (715) (909) (932) Profit/(loss) before taxation 584 (5,080) (509) Income tax (expense)/credit (308) 973 514 Profit/(loss) after tax of discontinued operations 276 (4,107) 5 Pre-tax loss on the re-measurement of disposal group (3,170) — — Income tax credit 925 — — After tax loss on the re-measurement of disposal group (2,245) — — (Loss)/profit for the financial year from discontinued operations (1,969) (4,107) 5
Schedule of (Loss)/earnings per share from discontinued operations	eurocents eurocents eurocents – Basic (7.09) c (14.68) c 0.02 c – Diluted (7.06) c (14.68) c 0.02 c
Schedule of Total comprehensive (expense)/income for the financial year from discontinued operations	€m €m €m Attributable to owners of the parent (1,969) (4,107) 5
Schedule of assets and liabilities held for sale	€m €m Non-current assets Goodwill — — Other intangible assets 5,937 9,214 Property, plant and equipment 2,823 3,462 Deferred tax assets 1,641 1,202 Trade and other receivables 526 694 10,927 14,572 Current assets Inventory — 1 Taxation recoverable 1,219 1,311 Trade and other receivables 936 831 Other investments 11 13 Cash and cash equivalents 727 467 2,893 2,623 Total assets held for sale 13,820 17,195 Non-current liabilities Long-term borrowings (6,687) (8,024) Post employment benefits (14) (15) Provisions (665) (784) Trade and other payables (32) (39) (7,398) (8,862) Current liabilities Short-term borrowings (1,756) (1,139) Provisions (18) (25) Trade and other payables (1,827) (1,768) (3,601) (2,932) Total liabilities held for sale (10,999) (11,794) Note: 1 Total net debt in India at 31 March 2018 was €7,714 million (2017: €8,674 million). This comprised cash of €727 million (2017: €467 million), licence payables classified as debt of €6,418 million (2017: €7,143 million) and €2,025 million (2017: €2,020 million) of other borrowings, together with €2 million (2017: €22 million) of derivative financial instruments reported within Trade and other receivables and Trade and other payables. €345 million (2017: €499 million) of the licence payables classified as debt have been paid in cash. The cash payment is reported in the consolidated statement of cash flows as cash flows from financing activities. Each of the eight legal entities within the Vodafone India Group provide cross guarantees to the lenders in respect of debt contracted by the other entities.

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Mar. 31, 2018
Earning per share
Schedule of basic and diluted earnings per share	2018 2017 2016 Weighted average number of shares for basic earnings per share 27,770 27,971 26,692 Effect of dilutive potential shares: restricted shares and share options 87 — — Weighted average number of shares for diluted earnings per share 27,857 27,971 26,692 €m €m €m Earnings/(loss) for earnings per share from continuing operations 4,408 (2,190) (5,410) (Loss)/earnings for earnings per share from discontinued operations (1,969) (4,107) 5 Earnings/(loss) for basic and diluted earnings per share 2,439 (6,297) (5,405) eurocents eurocents eurocents Basic earnings/(loss) per share from continuing operations 15.87 c (7.83) c (20.27) c Basic (loss)/earnings per share from discontinued operations (7.09) c (14.68) c 0.02 c Basic earnings/(loss) per share 8.78 c (22.51) c (20.25) c eurocents eurocents eurocents Diluted earnings/(loss) per share from continuing operations 15.82 c (7.83) c (20.27) c Diluted (loss)/earnings per share from discontinued operations (7.06) c (14.68) c 0.02 c Diluted earnings/(loss) per share 8.76 c (22.51) c (20.25) c

Equity dividends (Tables)

Equity dividends (Tables)	12 Months Ended
	Mar. 31, 2018
Equity dividends
Schedule of equity dividends declared and proposed	€m €m €m Declared during the financial year: Final dividend for the year ended 31 March 2017: 10.03 eurocents per share (2016: 7.77 pence per share, 2015: 7.62 pence per share) 2,670 2,447 2,852 Interim dividend for the year ended 31 March 2018: 4.84 eurocents per share 1,291 1,262 1,381 3,961 3,709 4,233 Proposed after the end of the year and not recognised as a liability: Final dividend for the year ended 31 March 2018: 10.23 eurocents per share 2,729 2,670 2,447

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Mar. 31, 2018
Intangible assets
Schedule of estimated useful lives of finite lived intangible assets	– Licence and spectrum fees 3–25 years – Computer software 3–5 years – Brands 1–10 years – Customer bases 2–15 years
Schedule of reconciliation of changes in goodwill and intangible assets	Licences and Computer Goodwill spectrum software Other Total €m €m €m €m €m Cost: 31 March 2016 93,990 40,973 15,729 7,446 158,138 Transfer of assets held for sale (3,680) (9,472) (201) (152) (13,505) 90,310 31,501 15,528 7,294 144,633 Exchange movements (90) (1,023) (174) 158 (1,129) Arising on acquisition 1 10 11 5 27 Additions — 359 2,193 3 2,555 Disposals 1 — (72) (499) (30) (601) Other — — (97) — (97) 31 March 2017 90,221 30,775 16,962 7,430 145,388 Exchange movements (313) (855) (233) (72) (1,473) Arising on acquisition 5 — — — 5 Disposal of subsidiaries — (1,712) (222) — (1,934) Additions — 747 2,261 3 3,011 Disposals — (158) (1,381) (6) (1,545) Other — — 26 (10) 16 31 March 2018 89,913 28,797 17,413 7,345 143,468 Accumulated impairment losses and amortisation: 31 March 2016 65,752 17,128 10,927 5,767 99,574 Transfer of assets held for sale (2,086) (1,334) (160) (152) (3,732) 63,666 15,794 10,767 5,615 95,842 Exchange movements (253) (548) (152) 133 (820) Amortisation charge for the year — 1,780 2,106 935 4,821 Disposals 1 — (72) (486) (30) (588) Other — — (87) — (87) 31 March 2017 63,413 16,954 12,148 6,653 99,168 Exchange movements (234) (398) (183) (65) (880) Disposal of subsidiaries — (779) (173) — (952) Amortisation charge for the year — 1,758 2,105 536 4,399 Disposals — (158) (1,357) (6) (1,521) Other — — 1 (4) (3) 31 March 2018 63,179 17,377 12,541 7,114 100,211 Net book value: 31 March 2017 26,808 13,821 4,814 777 46,220 31 March 2018 26,734 11,420 4,872 231 43,257 Note: 1 Disposals of licences and spectrum comprise the removal of fully amortised assets that have expired.
Schedule of net book value of significant licenses	Expiry date €m €m Germany 2020/2021/2025/2033 4,053 4,726 Italy 2018/2021/2029 1,896 1,442 UK 2023/2033/2038 2,316 2,818 Qatar 2028/2029 — 1,164

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Mar. 31, 2018
Property, plant and equipment
Schedule of details of property, plant and equipment, estimated useful lives	Land and buildings – Freehold buildings 25–50 years – Leasehold premises the term of the lease Equipment, fixtures and fittings – Network infrastructure and other 1–35 years
Schedule of details of property, plant and equipment	Equipment, Land and fixtures buildings and fittings Total €m €m €m Cost: 31 March 2016 2,393 74,486 76,879 Reclassification as held for sale (103) (7,445) (7,548) 2,290 67,041 69,331 Exchange movements (42) (1,779) (1,821) Arising on acquisition — 7 7 Additions 104 5,184 5,288 Disposals (94) (2,522) (2,616) Other 8 273 281 31 March 2017 2,266 68,204 70,470 Exchange movements (38) (1,415) (1,453) Additions 88 4,969 5,057 Disposals (94) (2,720) (2,814) Disposal of subsidiaries — (552) (552) Other 3 46 49 31 March 2018 2,225 68,532 70,757 Accumulated depreciation and impairment: 31 March 2016 1,141 40,223 41,364 Reclassification as held for sale (36) (3,812) (3,848) 1,105 36,411 37,516 Exchange movements (15) (1,087) (1,102) Charge for the year 139 6,126 6,265 Disposals (89) (2,454) (2,543) Other 1 129 130 31 March 2017 1,141 39,125 40,266 Exchange movements (17) (816) (833) Charge for the year 123 5,887 6,010 Disposals (83) (2,675) (2,758) Disposal of subsidiaries — (287) (287) Other 1 33 34 31 March 2018 1,165 41,267 42,432 Net book value: 31 March 2017 1,125 29,079 30,204 31 March 2018 1,060 27,265 28,325

Investments in associates and53

Investments in associates and joint arrangements (Tables)	12 Months Ended
	Mar. 31, 2018
Investments in associates and joint arrangements
Schedule of joint operations	Country of incorporation or Percentage 1 Name of joint operation Principal activity registration shareholdings Cornerstone Telecommunications Infrastructure Limited Network infrastructure UK 50.0 Note: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2018 rounded to the nearest tenth of one percent.
Schedule of joint ventures and associates	€m €m Investment in joint ventures 2,097 2,689 Investment in associates 441 449 31 March 2,538 3,138
Schedule of joint ventures	Country of incorporation or Percentage 1 Name of joint venture Principal activity registration shareholdings VodafoneZiggo Group Holding B.V. 3 Network operator Netherlands 50.0 Indus Towers Limited 2 Network infrastructure India 42.0 Vodafone Hutchison Australia Pty Limited 3 Network operator Australia 50.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2018 rounded to the nearest tenth of one percent. 2 42% of Indus Towers Limited is held by Vodafone India Limited (‘VIL’). 3 Vodafone Hutchison Australia Pty Limited and VodafoneZiggo Group Holding B.V. have a year end of 31 December.
Schedule of aggregated financial information for group's joint ventures	(Loss)/profit from Other comprehensive Total comprehensive Investment in joint ventures continuing operations income (expense)/income €m €m €m €m €m €m €m €m €m €m €m €m VodafoneZiggo Group Holding B.V. 2,119 2,736 — (398) (160) — 1 2 — (397) (158) — Indus Towers Limited 893 1,032 982 135 98 101 — — — 135 98 101 Vodafone Hutchison Australia Pty Limited (979) (1,156) (1,032) 32 (59) (153) — — (1) 32 (59) (154) Other 64 77 79 (15) (14) (39) — — — (15) (14) (39) Total 2,097 2,689 29 (246) (135) (91) 1 2 (1) (245) (133) (92)
Schedule of financial information of each of Group's material equity accounted joint ventures	VodafoneZiggo Group Vodafone Hutchison Holding B.V. Indus Towers Limited Australia Pty Limited €m €m €m €m €m €m €m €m €m Income statement and statement of comprehensive income Revenue 3,972 1,014 — 2,477 2,379 2,277 2,518 2,287 2,354 Depreciation and amortisation (2,232) (764) — (303) (407) (489) (483) (473) (517) Interest income 6 23 — 16 22 10 3 3 2 Interest expense (543) (117) — (74) (91) (86) (230) (240) (268) Income tax income/(expense) 287 105 — (316) (267) (186) 1 — — (Loss)/profit from continuing operations (795) (320) — 322 234 240 64 (117) (306) Other comprehensive income/(expense) 3 3 — — — — — — (2) Total comprehensive (expense)/income (792) (317) — 322 234 240 64 (117) (308) Statement of financial position Non-current assets 18,721 20,303 1,598 1,995 3,241 2,317 Current assets 773 721 520 326 194 892 Non-current liabilities (13,303) (14,015) (476) (545) (4,478) (1,460) Current liabilities (1,953) (1,538) (814) (825) (1,125) (4,301) Equity shareholders’ funds (4,238) (5,471) (828) (951) 2,168 2,552 Cash and cash equivalents within current assets 355 273 15 29 104 68 Non-current liabilities excluding trade and other payables and provisions (12,510) (13,668) (136) (188) (4,453) (1,435) Current liabilities excluding trade and other payables and provisions (1) — (396) (375) (464) (3,563)
Reconciliation of summarised financial information present to the carrying amount of our interest in joint ventures	VodafoneZiggo Group Holding B.V. Indus Towers Limited Vodafone Hutchison Australia Pty Limited €m €m €m €m €m €m Equity shareholders’ funds 4,238 5,471 828 951 (2,168) (2,552) Interest in joint ventures (50%/42%/50%) 2,119 2,736 348 399 (1,084) (1,276) Goodwill — — 545 633 105 120 Carrying value 2,119 2,736 893 1,032 (979) (1,156)
Schedule of associates	Country of incorporation or Percentage 1 Name of associate Principal activity registration shareholdings Safaricom Limited 2,3 Network operator Kenya 40.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2018 rounded to the nearest tenth of one percent. 2 The Group also holds two non-voting shares. 3 At 31 March 2018 the fair value of Safaricom Limited was KES 496 billion (€3,996 million) based on the closing quoted share price on the Nairobi Stock Exchange.
Schedule of aggregated financial information for group's associates	Profit from Other comprehensive Total comprehensive Investment in associates continuing operations expense income €m €m €m €m €m €m €m €m €m €m €m €m Total 441 449 450 187 182 151 — — — 187 182

Other investments (Tables)

Other investments (Tables)	12 Months Ended
	Mar. 31, 2018
Other investments
Schedule of other investments Included within non-current assets	€m €m Included within non-current assets: Equity securities: Listed 1 3 3 Unlisted 2 44 82 Debt securities: Other debt and bonds 2 3,157 3,374 3,204 3,459
Schedule of current other investments Included within current assets	€m €m Included within current assets: Debt securities: Public debt and bonds 1 2,517 2,284 Other debt and bonds 2 4,896 2,727 Cash and other investments held in restricted deposits 1,382 1,109 8,795 6,120

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Mar. 31, 2018
Trade and other receivables
Schedule of trade and other receivables	€m €m Included within non-current assets: Trade receivables 435 362 Amounts owed by associates and joint ventures 1 27 Other receivables 194 130 Prepayments 597 378 Accrued income 350 — Derivative financial instruments 2,449 3,672 4,026 4,569 Included within current assets: Trade receivables 4,967 4,973 Amounts owed by associates and joint ventures 524 325 Other receivables 895 918 Prepayments 1,152 1,197 Accrued income 2,257 1,838 Derivative financial instruments 180 610 9,975 9,861
Schedule of allowances for bad and doubtful debts	€m €m 1 April 1,418 1,385 Reclassification as held for sale — (66) Exchange movements (78) (94) Amounts charged to administrative expenses 528 589 Other (619) (396) 31 March 1,249 1,418
Schedule of fair values of derivative instruments	€m €m Included within derivative financial instruments: Fair value through the income statement (held for trading): Interest rate swaps 1,610 2,248 Cross-currency interest rate swaps 445 126 Options 25 12 Foreign exchange contracts 44 103 2,124 2,489 Designated hedge relationships: Interest rate swaps 191 212 Cross-currency interest rate swaps 314 1,581 2,629 4,282 Note 1 The valuation basis is level 2. This classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Mar. 31, 2018
Trade and other payables
Schedule of trade and other payables	€m €m Included within non-current liabilities: Other payables 314 30 Accruals 159 154 Deferred income 237 204 Derivative financial instruments 2,133 1,349 2,843 1,737 Included within current liabilities: Trade payables 6,185 6,212 Amounts owed to associates and joint ventures 27 14 Other taxes and social security payable 1,177 1,261 Other payables 1,346 1,220 Accruals 5,579 5,683 Deferred income 1,678 1,716 Derivative financial instruments 250 728 16,242 16,834
Schedule of fair value of financial instruments	€m €m Included within derivative financial instruments: Fair value through the income statement (held for trading): Interest rate swaps 412 553 Cross-currency interest rate swaps 812 944 Options 76 63 Foreign exchange contracts 51 76 1,351 1,636 Designated hedge relationships Interest rate swaps 103 61 Cross-currency interest rate swaps 929 380 2,383 2,077 Note: 1 The valuation basis is level 2 classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Mar. 31, 2018
Provisions
Schedule of Provisions	Asset retirement Legal and obligations regulatory Other Total €m €m €m €m 31 March 2016 571 1,215 791 2,577 Transfer of liabilities held for sale (10) (642) — (652) Exchange movements (17) (32) (1) (50) Amounts capitalised in the year 157 — — 157 Amounts charged to the income statement — 148 643 791 Utilised in the year − payments (51) (40) (376) (467) Amounts released to the income statement (44) (56) (117) (217) Other — 41 (1) 40 31 March 2017 606 634 939 2,179 Disposal of subsidiaries (14) (3) — (17) Exchange movements (13) (21) (4) (38) Amounts capitalised in the year 59 — — 59 Amounts charged to the income statement — 140 325 465 Utilised in the year − payments (33) (57) (324) (414) Amounts released to the income statement (22) (171) (85) (278) 31 March 2018 583 522 851 1,956
Schedule of Provisions analysed between current and non-current	31 March 2018 Asset retirement Legal and obligations regulatory Other Total €m €m €m €m Current liabilities 17 280 594 891 Non-current liabilities 566 242 257 1,065 583 522 851 1,956 31 March 2017 Asset retirement Legal and obligations regulatory Other Total €m €m €m €m Current liabilities 10 300 739 1,049 Non-current liabilities 596 334 200 1,130 606 634 939 2,179

Called up share capital (Tables

Called up share capital (Tables)	12 Months Ended
	Mar. 31, 2018
Called up share capital
Schedule of share awards and option scheme awards allotted	Number €m Number €m Ordinary shares of 20 20⁄ 21 US cents each allotted, issued and fully paid: 1 1 April 28,814,142,848 4,796 28,813,396,008 4,796 Allotted during the year 2 660,460 — 746,840 — 31 March 28,814,803,308 4,796 28,814,142,848 4,796 Note: 1 At 31 March 2018 the Group held 2,139,038,029 (2017: 2,192,064,339) treasury shares with a nominal value of €356 million (2017: €365 million). The market value of shares held was €4,738 million (2017: €5,348 million). During the year, 53,026,317 (2017: 62,761,357) treasury shares were reissued under Group share schemes. On 25 August 2017, 729,077,001 treasury shares were issued in settlement of a maturing subordinated mandatory convertible bond issued on 19 February 2016. For further details see note 21 “Liquidity and capital resources”. 2 Represents US share awards and option scheme awards.

Reconciliation of net cash fl59

Reconciliation of net cash flow from operating activities (Tables)	12 Months Ended
	Mar. 31, 2018
Reconciliation of net cash flow from operating activities
Schedule of profit for the year from continuing operations translates into cash flows generated from our operating activities	Notes €m €m €m Profit/(loss) for the financial year 2,788 (6,079) (5,122) Loss/(profit) from discontinued operations 1,969 4,107 (5) Profit/(loss) for the financial year from continuing operations 4,757 (1,972) (5,127) Non-operating expense 32 1 3 Investment income (685) (474) (539) Financing costs 1,074 1,406 2,046 Income tax (credit)/expense (879) 4,764 4,937 Operating profit 4,299 3,725 1,320 Adjustments for: Share-based payments 128 95 154 Depreciation and amortisation 10,409 11,086 11,697 Loss on disposal of property, plant and equipment and intangible assets 36 22 27 Share of result of equity accounted associates and joint ventures 59 (47) (60) Impairment losses — — 569 Other (income)/expense (213) (1,052) 286 (Increase)/decrease in inventory (26) 117 (144) (Increase)/decrease in trade and other receivables (1,118) 308 (684) Increase/(decrease) in trade and other payables 286 (473) 332 Cash generated by operations 13,860 13,781 13,497 Net tax paid (1,118) (761) (807) Cash flows from discontinued operations 858 1,203 1,646 Net cash flow from operating activities 13,600 14,223 14,336

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Mar. 31, 2018
Cash and cash equivalents
Schedule of cash and cash equivalents	€m €m Cash at bank and in hand 2,197 1,856 Money market funds and bank deposits 2,477 6,979 Cash and cash equivalents as presented in the statement of financial position 4,674 8,835 Bank overdrafts (7) — Cash and cash equivalents of discontinued operations 727 467 Cash and cash equivalents as presented in the statement of cash flows 5,394 9,302

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Mar. 31, 2018
Borrowings
Schedule of carrying value and fair value information about borrowings	Carrying value Fair value €m €m €m €m Financial liabilities measured at amortised cost Bank loans 1,159 867 1,180 898 Commercial paper 2,712 3,648 2,715 3,650 Bonds 1 3,062 660 3,057 667 Other liabilities 2,3 3,003 4,632 3,003 4,632 Bonds in designated hedge relationships 415 2,244 409 2,241 Short-term borrowings 10,351 12,051 10,364 12,088 Financial liabilities measured at amortised cost: — — Bank loans 2,157 2,741 2,176 2,769 Bonds 1 18,804 19,345 18,714 19,286 Other liabilities 278 305 278 305 Bonds in designated hedge relationships 11,669 12,132 11,010 11,349 Long-term borrowings 32,908 34,523 32,178 33,709 Notes: 1 Bonds mature between 2018 and 2056 (2017: 2017 and 2056) and have interest rates of 0.0% to 8.125% (2017: 0.0% to 8.125%). 2 Includes a €1.8 billion (2017: €1.8 billion) liability for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement. 3 Amount includes €1,070 million (2017: €2,654 million) in relation to collateral support agreements.
Schedule of reconciliation of liabilities arising from financing activities	Cash flows Non-cash changes Net proceeds/(repayment) Interest Net movements Net Financing 2017 of borrowings paid in short-term borrowings costs 2 Reclassification 2018 €m €m €m €m €m €m €m Assets and liabilities from financing activities 1 44,369 (224) (991) (534) 486 (93) 43,013 Notes: 1 This balance comprises gross borrowings of €43,259 million (2017: € 46,574 million) and net derivative financial assets of €246 million (€2,205 million). Net debt disclosed in note 21 additionally includes cash and certain short term investments. This amount includes interest, fair value and foreign exchange items which impact the income statement. Financing costs of €1,074 million as disclosed in note 5 primarily additionally include foreign exchange and other movements on items classified as net debt but not borrowings
Schedule of maturity analysis for non-derivative financial liabilities on an undiscounted basis	Bonds in Bank Commercial Other designated hedge loans paper Bonds liabilities relationships Total €m €m €m €m €m €m Within one year 1,251 2,715 3,498 3,002 850 11,316 In one to two years 748 — 393 34 1,423 2,598 In two to three years 507 — 2,893 25 1,518 4,943 In three to four years 569 — 3,869 22 359 4,819 In four to five years — — 791 26 2,901 3,718 In more than five years 350 — 14,702 172 9,933 25,157 3,425 2,715 26,146 3,281 16,984 52,551 Effect of discount/financing rates (109) (3) (4,280) — (4,900) (9,292) 31 March 2018 3,316 2,712 21,866 3,281 12,084 43,259 Within one year 909 3,660 1,810 4,606 3,142 14,127 In one to two years 1,168 — 2,650 21 1,527 5,366 In two to three years 721 — 2,080 56 366 3,223 In three to four years 569 — 2,369 22 1,522 4,482 In four to five years — — 3,010 24 1,253 4,287 In more than five years 350 — 12,029 203 11,548 24,130 3,717 3,660 23,948 4,932 19,358 55,615 Effect of discount/financing rates (109) (12) (3,943) 5 (4,982) (9,041) 31 March 2017 3,608 3,648 20,005 4,937 14,376 46,574
Schedule of maturity analysis for derivative financial liabilities on an undiscounted basis	Payable Receivable Payable Receivable €m €m €m €m Within one year 18,055 18,363 16,541 16,462 In one to two years 3,925 3,875 4,788 5,201 In two to three years 4,904 4,911 3,000 3,141 In three to four years 2,223 2,324 1,913 2,038 In four to five years 3,834 3,687 1,567 1,706 In more than five years 20,702 23,021 18,743 22,491 53,643 56,181 46,552 51,039
Schedule of currency split of the Group's foreign exchange derivatives	Payable Receivable Payable Receivable €m €m €m €m Sterling 4,459 7,280 1,176 6,576 Euro 27,655 9,609 23,167 5,556 US dollar 6,862 20,615 4,246 19,482 Other 5,568 7,972 5,420 4,813 44,544 45,476 34,009 36,427
Schedule of minimum lease payments under finance lease arrangements	€m €m Within one year 46 68 In two to five years 94 78 In more than five years 172 160 312 306
Schedule of interest rate and currency of borrowings	Total Floating rate Fixed rate Other borrowings borrowings borrowings 1 borrowings 2 Currency €m €m €m €m Sterling 3,339 — 3,339 — Euro 36,411 5,766 28,779 1,866 US dollar 2,930 2,899 31 — Other 579 13 566 — 31 March 2018 43,259 8,678 32,715 1,866 Sterling 4,552 5 4,547 — Euro 37,420 7,517 28,009 1,894 US dollar 4,449 4,172 277 — Other 153 13 140 — 31 March 2017 46,574 11,707 32,973 1,894 Notes: 1 The weighted average interest rate for the Group’s sterling denominated fixed rate borrowings is 2.5% (2017: 2.5%). The weighted average time for which these rates are fixed is 20.8 years (2017: 16.6 years). The weighted average interest rate for the Group’s euro denominated fixed rate borrowings is 2.1% (2017: 2.1%). The weighted average time for which the rates are fixed is 8.0 years (2017: 8.4 years). The weighted average interest rate for the Group’s US dollar denominated fixed rate borrowings is 0.0% (2017: 0.2%). The weighted average time for which the rates are fixed is 0.0 years (2017: 0.1 years). The weighted average interest rate for the Group’s other currency fixed rate borrowings is 12.3% (2017: 8.5%). The weighted average time for which the rates are fixed is 4.4 years (2017: 12.0 years). 2 At 31 March 2018 other borrowings of €1.9 billion (2017: €1.9 billion) include a €1.8 billion (2017: €1.8 billion) liability for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement.

Liquidity and capital resourc62

Liquidity and capital resources (Tables)	12 Months Ended
	Mar. 31, 2018
Liquidity and capital resources
Schedule of consolidated net debt position	€m €m Cash and cash equivalents 4,674 8,835 Short-term borrowings Bonds (3,477) (2,904) Commercial paper 1 (2,712) (3,648) Put options over non-controlling interests 2 (1,838) (1,837) Bank loans (1,159) (867) Other short-term borrowings 3 (1,165) (2,795) (10,351) (12,051) Long-term borrowings Bonds, loans and other long-term borrowings (32,908) (34,523) (32,908) (34,523) Other financial instruments Derivative financial instruments included in trade and other receivables (note 14) 2,629 4,282 Derivative financial instruments included in trade and other payables (note 15) (2,383) (2,077) Short-term investments (note 13) 4 6,152 3,981 Cash collateral 718 384 7,116 6,570 Net debt (31,469) (31,169) Notes: 1 At 31 March 2018 US$570 million (2017: US$1,484 million) was drawn under the US commercial paper programme and €2,249 million (2017:€2,262 million) were drawn under the euro commercial paper programme. 2 Includes a €1.8 billion (2017: €1.8 billion) liability for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement. 3 At 31 March 2018 the amount includes €1,070 million (2017: €2,654 million) in relation to cash received under collateral support agreements. 4 At 31 March 2018 the amount primarily includes €3,087 million (31 March 2017: €2,039 million) in managed investment funds, €1,974 million (2017: €1,638 million) in government bonds of which UK gilts of €1,112 million (2017: €1,172 million) are used primarily as collateral in relation derivative financial instruments, and €976 million (31 March 2017: €182 million) short-term investments where the underlying assets are supply chain and handset receivables.
Summary of committed bank facilities available at end of the period	Facility Amount €m Drawn Maturity 1 Syndicated revolving credit facilities EUR facility 3,840 — 11 January 2023 2 USD facility 3,328 — 27 February 2022 2 Loan facilities, capped at 50% of operating company capital expenditure in: Canada 651 651 02 June 2018 UK and Ireland 568 568 12 December 2021 Germany (VDSL spend) 350 350 16 March 2023 Italy 400 400 05 June 2020 Turkey and Romania 300 300 18 September 2019 Turkey 100 100 04 December 2020 Other 31 31 19 September 2018 9,568 2,400 Notes: 1 2

Capital and financial risk ma63

Capital and financial risk management (Tables)	12 Months Ended
	Mar. 31, 2018
Capital and financial risk management
Schedule of capital management	€m €m Net debt 31,469 31,169 Equity 68,607 73,719 Capital 100,076 104,888
Schedule of financial instruments exposure to credit risk	€m €m Bank deposit 2,197 1,856 Cash held in restricted deposits 1,382 1,109 German government bonds 862 — UK government bonds 1,112 1,638 Money market investments funds 2,477 6,979 Derivative financial instruments 2,629 4,282 Other investments – debt and bonds 8,596 6,747 Trade receivables 5,402 5,335 Other receivables and accrued income 3,410 2,886 28,067 30,832
Schedule of cash collateral, which is reported within short-term borrowings, held by Group	€m €m Cash collateral 1,070 2,654
Schedule of ageing of receivables that are past due	Gross Less Net Gross Less Net receivables provisions receivables receivables provisions receivables €m €m €m €m €m €m 30 days or less 810 (32) 778 730 (27) 703 Between 31 and 60 days 226 (35) 191 125 (23) 102 Between 61 and 180 days 530 (206) 324 648 (258) 390 Greater than 180 days 1,250 (925) 325 1,423 (1,077) 346 2,816 (1,198) 1,618 2,926 (1,385) 1,541
Schedule of sensitivity of Group's adjusted operating profit to strengthening major currency	€m €m ZAR 15% change (2017: 18%) – Operating profit 1 239 249 Notes: 1 Operating profit before impairment losses and other income and expense.
Schedule of Group's financial assets and liabilities that are subject to offset in the balance sheet and the impact of enforceable master netting or similar agreements	At 31 March 2018 Related amounts not set off in the balance sheet Amounts Right of set off presented in with derivative Gross amount Amount set off balance sheet counterparties Cash collateral Net amount €m €m €m €m €m €m Derivative financial assets 2,629 — 2,629 (1,467) (1,070) 92 Derivative financial liabilities (2,383) — (2,383) 1,467 718 (198) Total 246 — 246 — (352) (106) At 31 March 2017 Related amounts not set off in the balance sheet Amounts Right of set off presented in with derivative Gross amount Amount set off balance sheet counterparties Cash collateral Net amount €m €m €m €m €m €m Derivative financial assets 4,282 — 4,282 (1,505) (2,654) 123 Derivative financial liabilities (2,077) — (2,077) 1,505 384 (188) Total 2,205 — 2,205 — (2,270) (65)

Directors and key management 64

Directors and key management compensation (Tables)	12 Months Ended
	Mar. 31, 2018
Directors and key management compensation
Schedule of aggregate emolument of directors	€m €m €m Salaries and fees 4 4 5 Incentive schemes 1 3 2 4 Other benefits 2 1 1 1 8 7 10 Notes: 1 Excludes gains from long-term incentive plans. 2 Includes the value of the cash allowance taken by some individuals in lieu of pension contributions.
Schedule of aggregate compensation for key management	€m €m €m Short-term employee benefits 27 24 30 Share-based payments 30 25 26 57 49 56

Employees (Tables)

Employees (Tables)	12 Months Ended
	Mar. 31, 2018
Employees
Schedule of number of employees by activity and segment	Employees Employees Employees By activity: Operations 17,094 18,207 18,869 Selling and distribution 35,025 38,252 38,325 Customer care and administration 54,016 55,097 54,490 106,135 111,556 111,684 By segment: Germany 13,718 14,478 14,862 Italy 6,606 6,601 6,676 Spain 5,015 5,118 5,935 UK 12,379 13,238 13,323 Other Europe 11,760 15,801 16,058 Europe 49,478 55,236 56,854 India (Discontinued operations) 11,086 13,187 13,346 Vodacom 7,524 7,590 7,515 Other Africa, Middle East and Asia-Pacific 13,606 14,183 14,262 Africa, Middle East and Asia-Pacific 32,216 34,960 35,123 Common Functions 24,441 21,360 19,707 Total 106,135 111,556 111,684
Schedule of cost incurred in respect of employees (including Directors)	€m €m €m Wages and salaries 4,179 4,630 4,759 Social security costs 547 582 621 Other pension costs (note 25) 222 212 270 Share-based payments (note 26) 128 95 154 5,076 5,519 5,804 India (Discontinued operations) 219 217 212 Total 5,295 5,736 6,016

Post employment benefits (Table

Post employment benefits (Tables)	12 Months Ended
	Mar. 31, 2018
Post employment benefits
Schedule of income statement expense for defined benefit plans	€m €m €m Defined contribution schemes 178 192 214 Defined benefit schemes 44 20 56 Total amount charged to income statement (note 24) 222 212 270
Schedule of actuarial assumptions for defined benefit plans	% % % Weighted average actuarial assumptions used at 31 March 1 : Rate of inflation 2 2.9 3.0 2.8 Rate of increase in salaries 2.7 2.6 2.6 Discount rate 2.5 2.6 3.2 Notes: 1 Figures shown represent a weighted average assumption of the individual schemes. 2 The rate of increases in pensions in payment and deferred revaluation are dependent on the rate of inflation.
Schedule of charges made to consolidated income statement and consolidated statement of comprehensive income on basis of actuarial assumptions	€m €m €m Current service cost 34 43 45 Past service costs 2 (27) — Net interest charge 8 4 11 Total included within staff costs 44 20 56 Actuarial losses/(gains) recognised in the SOCI 94 274 (216)
Schedule of fair value of assets and present value of liabilities under defined benefit plans	Assets Liabilities Net deficit €m €m €m 1 April 2016 6,229 (6,570) (341) Reclassification as held for sale — 12 12 6,229 (6,558) (329) Service cost — 16 16 Interest income/(cost) 190 (194) (4) Return on plan assets excluding interest income 818 — 818 Actuarial losses arising from changes in financial assumptions — (1,204) (1,204) Actuarial gains arising from experience adjustments — 112 112 Employer cash contributions 24 — 24 Member cash contributions 8 (8) — Benefits paid (180) 180 — Exchange rate movements (403) 403 — Other movements 23 (50) (27) 31 March 2017 6,709 (7,303) (594) Service cost — (36) (36) Interest income/(cost) 167 (175) (8) Return on plan assets excluding interest income (37) — (37) Actuarial losses arising from changes in demographic assumptions — (46) (46) Actuarial losses arising from changes in financial assumptions — (12) (12) Actuarial gains arising from experience adjustments — 1 1 Employer cash contributions 301 — 301 Member cash contributions 8 (8) — Benefits paid (289) 289 — Exchange rate movements (156) 166 10 Other movements (6) 17 11 31 March 2018 6,697 (7,107) (410) An analysis of net (deficit)/assets is provided below for the Group as a whole €m €m €m €m €m Analysis of net (deficit)/assets: Total fair value of scheme assets 6,697 6,709 6,229 6,857 4,652 Present value of funded scheme liabilities (7,028) (7,222) (6,487) (7,316) (5,237) Net deficit for funded schemes (331) (513) (258) (459) (585) Present value of unfunded scheme liabilities (79) (81) (83) (91) (80) Net deficit (410) (594) (341) (550) (665) Net deficit is analysed as: Assets 1 110 57 224 234 42 Liabilities (520) (651) (565) (784) (707) Note: 1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Company either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. The International Accounting Standards Board (IASB) published an Exposure Draft in June 2015 that would amend IFRIC14 IAS19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their Interaction. However, in 2017 the IASB stated that they are carrying out “further work to assess whether it can establish a more principles-based approach in IFRIC14 for an entity to assess and measure its right to a refund of a surplus”. As such, it is not clear at this stage how and when IFRIC14 may be revised, and we will assess the impact of any changes when the revised version is published. An analysis of net assets/(deficit) is provided below for the Group’s largest defined benefit pension scheme in the UK, which is a funded scheme. As part of the merger of the Vodafone UK plan and the CWWRP plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are reported separately below. CWW Section Vodafone Section €m €m €m €m €m €m €m €m €m €m Analysis of net assets/(deficit): Total fair value of scheme assets 2,760 2,894 2,762 3,114 2,155 2,773 2,654 2,408 2,645 1,626 Present value of scheme liabilities (2,655) (2,842) (2,543) (2,884) (2,097) (2,945) (2,962) (2,548) (2,951) (2,030) Net assets/(deficit) 105 52 219 230 58 (172) (308) (140) (306) (404) Net assets/(deficit) are analysed as: Assets 105 52 219 230 58 — — — — — Liabilities — — — — — (172) (308) (140) (306) (404)
Schedule of fair value of pension assets	€m €m Cash and cash equivalents 95 104 Equity investments: With quoted prices in an active market 1,407 1,938 Without quoted prices in an active market 360 413 Debt instruments: With quoted prices in an active market 4,149 3,982 Without quoted prices in an active market 590 461 Property: With quoted prices in an active market 27 30 Without quoted prices in an active market 78 78 Derivatives: 1 With quoted prices in an active market (1,146) (1,218) Without quoted prices in an active market 44 (1) Investment fund 275 299 Annuity policies – Without quoted prices in an active market 818 623 Total 6,697 6,709 Note: 1
Schedule of sensitivity analysis under defined benefit plans	Rate of inflation Rate of increase in salaries Discount rate Life expectancy Decrease by 0.5% Increase by 0.5% Decrease by 0.5% Increase by 0.5% Decrease by 0.5% Increase by 0.5% Increase by 1 year Decrease by 1 year €m €m €m €m €m €m €m €m (Decrease)/increase in present value of defined obligation 1 (556) 633 (4) 5 833 (713) 223 (220) Note: 1 The sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another. In presenting this sensitivity analysis, the change in the present value of the defined benefit obligation has been calculated on the same basis as prior years using the projected unit credit method at the end of the year, which is the same as that applied in calculating the defined benefit obligation liability recognised in the statement of financial position. The rate of inflation assumption sensitivity factors in the impact of changes to all assumptions relating to inflation including the rate of increase in salaries, pension increases and deferred revaluations.

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
	Mar. 31, 2018
Share-based payments
Schedule of movements in outstanding ordinary share options	Ordinary share options Millions Millions Millions 1 April 41 24 25 Granted during the year 11 31 7 Forfeited during the year (2) (1) (1) Exercised during the year (5) (7) (5) Expired during the year (5) (6) (2) 31 March 40 41 24 Weighted average exercise price: 1 April £1.61 £1.62 £1.49 Granted during the year £1.72 £1.61 £1.89 Forfeited during the year £1.65 £1.66 £1.54 Exercised during the year £1.57 £1.50 £1.42 Expired during the year £1.65 £1.75 £1.59 31 March £1.64 £1.61 £1.62
Summary of options outstanding and exercisable	Outstanding Exercisable Weighted Weighted average average Weighted remaining Weighted remaining Outstanding average contractual Exercisable average contractual shares exercise life shares exercise life Millions price Months Millions price Months Vodafone Group savings related and Sharesave Plan: £1.01 – £2.00 £1.64 21 — — —
Schedule of movements in non-vested shares	Weighted Weighted Weighted average fair average fair average fair value at value at value at Millions grant date Millions grant date Millions grant date 1 April 178 £1.91 198 £1.77 217 £1.56 Granted 74 £1.95 74 £1.97 63 £2.22 Vested (42) £1.76 (47) £1.77 (32) £1.80 Forfeited (28) £1.58 (47) £1.57 (50) £1.40 31 March 182 £2.04 178 £1.91 198 £1.77

Acquisitions and disposals (Tab

Acquisitions and disposals (Tables)	12 Months Ended
	Mar. 31, 2018
Acquisitions and disposals
Schedule of details of disposal	€m Goodwill (855) Other intangible assets (1,415) Property, plant and equipment (1,164) Inventory (24) Trade and other receivables (302) Cash and cash equivalents 1 (56) Current and deferred taxation 87 Short and long-term borrowings 1,000 Trade and other payables 387 Provisions 28 Net assets contributed into VodafoneZiggo (2,314) Fair value of investment in VodafoneZiggo 2 2,970 Net cash proceeds arising from the transaction 1,3 619 Net gain on formation of VodafoneZiggo 4 1,275 Notes: 1 Included in purchase of interests in associates and joint ventures in the consolidated statement of cash flows. 2 1 Includes our 50% share of cash paid to both shareholders on creation of VodafoneZiggo ( €1,422 million), together with an equalisation payment of €802 million made to Liberty Global plc. 2 Reported in other income and expense in the consolidated income statement. Includes €637 million related to the re-measurement of our retained interest in Vodafone Libertel B.V. Transaction costs of €35 million were charged in the consolidated income statement in the year.

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Mar. 31, 2018
Commitments
Schedule of future minimum lease payments under non-cancellable operating lease	€m €m Within one year 2,686 2,522 In more than one year but less than two years 1,633 1,487 In more than two years but less than three years 1,155 1,136 In more than three years but less than four years 903 882 In more than four years but less than five years 717 709 In more than five years 2,600 2,693 9,694 9,429
Schedule of capital commitments	Company and subsidiaries Share of joint operations Group €m €m €m €m €m €m Contracts placed for future capital expenditure not provided in the financial statements 1 2,630 2,052 76 88 2,706 2,140 Note: 1 Commitment includes contracts placed for property, plant and equipment and intangible assets.

Contingent liabilities and le70

Contingent liabilities and legal proceedings (Tables)	12 Months Ended
	Mar. 31, 2018
Contingent liabilities and legal proceedings
Schedule of contingent liabilities	€m €m Performance bonds 1 993 2,413 Other guarantees and contingent liabilities 2 4,036 3,576 Notes: 1 Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial arrangements. 2 Other guarantees principally comprise Vodafone Group Plc’s guarantee of the Group’s 50% share of an AUD1.7 billion loan facility and a US$3.5 billion loan facility of its joint venture, Vodafone Hutchison Australia Pty Limited. The Group's share of these loan balances is included in the net investment in joint venture (see note 12 "Investments in joint ventures").

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Mar. 31, 2018
Related party transactions
Schedule of transactions with joint arrangements and associates	€m €m €m Sales of goods and services to associates 19 37 39 Purchase of goods and services from associates 1 90 118 Sales of goods and services to joint arrangements 194 19 21 Purchase of goods and services from joint arrangements 199 183 92 Net interest income receivable from joint arrangements 1 120 87 92 Trade balances owed: by associates 4 — 1 to associates 2 1 4 by joint arrangements 107 158 232 to joint arrangements 28 15 71 Other balances owed by joint arrangements 1 1,328 1,209 108 Other balances owed to joint arrangements 1 150 127 106 Note: 1 Amounts arise primarily through VodafoneZiggo, Vodafone Hutchison Australia and Cornerstone Telecommunications Infrastructure Limited. Interest is paid in line with market rates.

Related undertakings (Tables)

Related undertakings (Tables)	12 Months Ended
	Mar. 31, 2018
Related undertakings
Schedule of investment in subsidiaries, joint arrangements and associated undertakings	Company name % of share class held Share class Albania Autostrada Tirane‐Durres, Rruga: “Pavaresia”, Nr 61, Kashar, Tirana, Albania Vodafone Albania Sh.A 100.00 Ordinary shares Vodafone M‐PESA SH.P.K. 100.00 Ordinary shares Angola Rua Fernao de Sousa, Condominio do Benga, 10A, Vila Alice, Luanda, Angola Vodacom Business (Angola) Limitada 2 63.87 Ordinary shares Argentina Cerrito 348, 5to B, C1010AAH, Buenos Aires, Argentina CWGNL S.A. 100.00 Ordinary shares Australia C/-KPMG Level 38 Tower Three, International Towers Sydney, 300 Barangaroo Avenue, Sydney NSW 2000, Australia Quickcomm Pty Limited 100.00 Ordinary shares, Redeemable convertible preference shares Level 1, 177 Pacific Highway, North Sydney NSW 2060, Australia PPL Pty Limited 100.00 Ordinary shares Talkland Australia Pty Limited 100.00 Ordinary shares VAPL No. 2 Pty Limited 100.00 Ordinary shares Mills Oakley, Level 12, 400 George Street, Sydney NSW 2000, Australia Vodafone Enterprise Australia Pty Limited 100.00 Ordinary shares Austria c/o Stolitzka & Partner Rechtsanwälte OG, Kärntner Ring 12, 3. Stock, 1010, Wien, Austria Vodafone Enterprise Austria GmbH 100.00 Ordinary shares Bahrain RSM Bahrain, 3rd floor Falcon Tower, Diplomatic Area, Manama, PO BOX 11816, Bahrain Vodafone Enterprise Bahrain W.L.L. 100.00 Ordinary shares Belgium Malta House, rue Archimède 25, 1000 Bruxelles, Belgium Vodafone Belgium SA/NV 100.00 Ordinary shares Brazil Avenida Cidade Jardim, 400, 7th and 20th Floors, Jardim Paulistano, Sao Paul, Brazil, 01454-000 Vodafone Serviços Empresariais Brasil Ltda. 100.00 Ordinary shares Av José Rocha Bonfim, 214, Cond Praça Capital - Edifício Toronto, sls 228/229 13080-900 Jardim Santa Genebra - Campinas, São Paulo, Brazil Cobra do Brasil Serviços de Telemàtica ltda. 70.00 Ordinary shares Rua Boa Vista, 01014-907, 254, 13th Floor, Suite 38, Centro, City of São Paulo, State of São Paulo, Brazil Vodafone Empresa Brasil Telecomunicações Ltda 100.00 Ordinary shares Bulgaria 10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia, 1000, Bulgaria Vodafone Enterprise Bulgaria EOOD 100.00 Ordinary shares Cameroon Porte 201A 3eme Etage Entree C, immeuble SOCAR, Boulevard de la liberte, Akwa, Douala, Cameroon Vodacom Business Cameroon SA 2 64.52 Ordinary shares Canada 2 Bloor Street West, Suite 700, Toronto ON M4W3E2, Canada Vodafone Canada Inc. 100.00 Common shares Cayman Islands 190 Elgin Avenue, George Town, Grand Cayman, KY1-9005, Cayman Islands CGP Investments (Holdings) Limited 100.00 Ordinary shares Chile 222 Miraflores, P.28, Santiago, Metrop, 97-763, Chile Vodafone Enterprise Chile S.A. 100.00 Ordinary shares China Building 21, 11, Kangding St., BDA, Beijing, 100176 - China, China Vodafone Automotive Technologies (Beijing) Co, Ltd 100.00 Ordinary shares Floor 36, Unit 23-25, China World Tower 1 No. 1, Jianguomenwai Avenue, Chaoyang District, Beijing, 100004, China Vodafone China Limited (China) 100.00 Equity interest shares Unit 1708, Full Tower, No. 9 Dong San Huan Zhong Road, Chaoyang District, Beijing, 100020, China Cable & Wireless Communications Technical Service (Shanghai) Co. Ltd (Beijing Branch) 100.00 Branch Unit 558-560, 5/F Standard Chartered Bank Tower, No.201 Century Avenue, Pudong District, Shanghai, 200120, China Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. 100.00 Ordinary shares Congo, The Democratic Republic of the 292 Avenue de la Justice, Commune de la Gombe, Kinshasa, Congo Vodacash S.A. 2 32.90 Ordinary shares Vodacom Congo (RDC) SA 2,3 32.90 Ordinary shares Cote d’Ivoire No 62, Rue du Docteur Blanchard, Zone 4C, Abidjan, Cote d'Ivoire Vodacom Business Cote D’Ivoire S.A.R.L. 2 64.52 Ordinary shares Cyprus Ali Rıza Efendi Caddesi No:33/A Ortaköy, Lefkoşa, Cyprus Vodafone Mobile Operations Limited 100.00 Ordinary shares Czech Republic náměstí Junkových 2, Prague 5, Czech Republic, 155 00, Czech Republic Oskar Mobil S.R.O. 100.00 Basic capital shares Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - CZECH BRANCH 100.00 Branch Denmark Tuborg Boulevard 12, 2900, Hellerup, Denmark Vodafone Enterprise Denmark A/S 100.00 Ordinary (DKK) shares Egypt 17 Port Said Street, Maadi El Sarayat, Cairo, Egypt Vodafone International Services LLC 54.93 Ordinary shares 37 Kaser El Nil St, 4th. Floor,Cairo,Egypt Starnet 54.90 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt Sarmady Communications 54.91 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt Vodafone Egypt 54.93 Ordinary shares Telecommunications S.A.E Vodafone For Trading 54.87 Ordinary shares Smart Village C3 Vodafone Building, Egypt Vodafone Data 54.93 Ordinary shares Finland c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki, 00100, Finland Vodafone Enterprise Finland OY 100.00 Ordinary shares France 1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph, France Vodafone Automotive Telematics Development S.A.S 100.00 Ordinary shares 144, Avenue Roger Salengro, 92372 - Chaville Cedex, France Vodafone Automotive France S.A.S 50.94 Ordinary shares Tour Egée, 9/11 Allée de l'Arche, 92671 Courbevoie La Défense Cedex - France Vodafone Enterprise France SAS 100.00 New Euro shares Germany Altes Forsthaus 2, 67661, Kaiserslautern, Germany TKS Telepost Kabel-Service Kaiserslautern Beteiligungs GmbH 4 76.70 Ordinary shares TKS Telepost Kabel-Service Kaiserslautern GmbH & Co. KG 4 76.70 Ordinary shares Betastraße 6‐8, 85774 Unterföhring, Germany Kabel Deutschland Holding AG 4 76.70 Ordinary shares Kabel Deutschland Holding Erste Beteiligungs GmbH 4 76.70 Ordinary shares Kabel Deutschland Holding Zweite Beteilgungs GmbH 4 76.70 Ordinary shares Kabel Deutschland Neunte Beteiligungs GmbH 100.00 Ordinary shares Kabel Deutschland Siebte Beteiligungs GmbH 4 76.70 Ordinary shares Company name % of share class held Share class Vodafone Kabel Deutschland GmbH 4 76.70 Ordinary shares Vodafone Kabel Deutschland Kundenbetreuung GmbH 4 76.70 Ordinary shares Buschurweg 4, 76870, Kandel, Germany Vodafone Automotive Deutschland GmbH 100.00 Ordinary shares Ferdinand‐Braun‐Platz 1, 40549, Duesseldorf, Germany CRVSH GmbH 100.00 Ordinary shares Vodafone Enterprise Germany GmbH 100.00 Ordinary shares, Ordinary #2 shares Vodafone GmbH 100.00 Ordinary A shares, Ordinary B shares Vodafone Group Services GmbH 100.00 Ordinary shares Vodafone Institut für Gesellschaft und Kommunikation GmbH 100.00 Ordinary shares Vodafone Stiftung Deutschland Gemeinnutzige GmbH 100.00 Ordinary shares Vodafone Vierte Verwaltungs AG 100.00 Ordinary shares Friedrich‐Wilhelm‐Strasse 2, 38100, Braunschweig, Germany KABELCOM Braunschweig Gesellschaft Fur Breitbandkabel‐Kommunikation Mit Beschrankter Haftung 4 76.70 Ordinary shares Nobelstrasse 55, 18059, Rostock, Germany Urbana Teleunion Rostock GmbH & Co.KG 4 53.69 Ordinary shares Verwaltung “Urbana Teleunion” Rostock GmbH 4 38.35 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel‐ Kommunikation Mit Beschrankter Haftung 4 76.70 Ordinary shares Ghana 3rd Floor, The Elizabeth Building, 68 Senchi Link, Airport Residential Area, Accra, Ghana Vodacom Business (Ghana) Limited 2 64.52 Ordinary shares Telecom House, Nsawam Road, Accra-North, Greater Accra Region, PMB 221, Ghana Ghana Telecommunications Company Limited 70.81 Ordinary shares Company Limited 100.00 Preference shares National Communications Backbone Company Limited 70.81 Ordinary shares Vodafone Ghana Mobile Financial Services Limited 70.81 Ordinary shares Greece 1‐3 Tzavella str, 152 31 Halandri, Athens, Greece Vodafone-Panafon Hellenic Telecommunications Company S.A. 99.87 Ordinary shares Vodafone Global Enterprise Telecommunications (Hellas) A.E. 100.00 Ordinary shares 12,5 km National Road Athens - Lamia, Metamorfosi / Athens, 14452, Greece Vodafone Innovus S.A. 6 99.87 Ordinary shares Pireos 163 & Ehelidon, Athens, 11854, Greece 360 Connect S.A. 99.87 Ordinary shares Guernsey Martello Court, Admiral Park, St. Peter Port, GY1 3HB, Guernsey FB Holdings Limited 100.00 Ordinary shares Le Bunt Holdings Limited 100.00 Ordinary shares Silver Stream Investments Limited 100.00 Ordinary shares Roseneath, The Grange, St Peter Port, GY1 2QJ, Guernsey VBA Holdings Limited 64.52 Ordinary shares VBA International Limited 64.52 Ordinary shares, Hong Kong Level 24, Dorset House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong Vodafone Enterprise Global Network HK Ltd 100.00 Ordinary shares Vodafone Enterprise Hong Kong Ltd 100.00 Ordinary shares Hungary 6 Lechner Ödön fasor, Budapest, 1096, Hungary Vodafone Magyarorszag Mobile Tavkozlesi Zartkoruen Mukodo Reszvenytarsasag 100.00 Series A registered common shares HU‐1087 Budapest, Hungária körút 40‐44., Hungary VSSB Vodafone Shared Services Budapest Private Limited Company 100.00 Registered ordinary shares India 10th Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Bengaluru, Karnataka, 560103, India Cable and Wireless Global (India) Private Limited 100.00 Ordinary shares Cable & Wireless Networks India Private Limited 100.00 Equity shares Cable and Wireless (India) Limited (India branch) 100.00 Branch 127, Maker Chamber III, Nariman Point, Mumbai, Maharashtra, 400021, India AG Mercantile Company Private Limited 100.00 Equity shares Jaykay Finholding (India) Private Limited 100.00 Equity shares MV Healthcare Services Private Limited 100.00 Equity shares, Preference shares Nadal Trading Company Private Limited 100.00 Equity shares ND Callus Info Services Private Limited 100.00 Equity shares Omega Telecom Holdings Private Limited 100.00 Equity shares Plustech Mercantile Company Private Limited 100.00 Equity shares, Preference shares SMMS Investments Pvt Limited 100.00 Equity shares, Non-convertible cumulative redeemable preference shares Telecom Investments India Private Limited 100.00 Equity shares, Preference shares UMT Investments Limited 100.00 Equity shares 8th Floor, RDB Boulevard, Plot K-1, Block- EP & GP, Sector – V, Saltlake City, Kolkata, West Bengal, 700091, India Usha Martin Telematics Limited 100.00 Equity shares Business Mantri, Tower A, 3rd Floor, S No.197, Wing A1 & A2, Near Hotel Four Points, Lohegaon, Pune, Maharashtra, 411014, India Vodafone Global Services Private Limited 100.00 Equity shares C‑48, Okhla Industrial Estate, Phase - II, New Delhi, 110 020, India Vodafone Towers Limited 100.00 Equity shares Indiabulls Finance Center, 1201, 12 Floor, Tower 1, Senapati Bapat Road, Elphinstone (West), Maharashtra, 400013, India Scorpios Beverages Pvt. Ltd 100.00 Equity shares Vodafone India Services Private Limited 100.00 Ordinary shares Peninsula Corporate Park, Ganpatro Kadam Marg, Lower Parel, Mumbai, Maharashtra, 400013, India Mobile Commerce Solutions Limited 100.00 Equity shares Vodafone Foundation 100.00 Equity shares Vodafone India Digital Limited 100.00 Equity shares Vodafone India Limited 100.00 Equity shares Vodafone India Ventures Limited 100.00 Ordinary shares Vodafone Mobile Services Limited 100.00 Equity shares Vodafone m-pesa Limited 100.00 Equity shares Vodafone Technology Solutions Limited 100.00 Equity shares Plot No 54, Marol Co-op Industrial Area, Makwana, Off Andheri Kurla Road, Andheri East, Mumbai, Mumbai, Maharashtra, 400059, India You Broadband India Limited 100.00 Equity shares You System Integration Private Limited 100.00 Equity shares Skyline Ikon, 1st Floor, 86/92, Andheri Kurla Road, Marol Naka, Andheri East, Mumbai, Maharashtra, 400059, India Connect (India) Mobile Technologies Private Limited 100.00 Equity shares Vodafone House, Corporate Road, Prahladnag Off S. G. Highway, Ahmedabad, Gujarat, 38005 ar, 1, India Vodafone Business Services Limited 100.00 Equity shares Ireland 2nd Floor, The Iveagh Building, The Park, Carrickmines, Dublin 18, Ireland Eudokia Limited 100.00 Ordinary shares Mountainview, Leopardstown, Dublin 18, Ireland Cable & Wireless GN Limited 100.00 Ordinary shares Stentor Limited 100.00 Ordinary shares VF Ireland Property Holdings Limited 100.00 Ordinary shares Vodafone Enterprise Global Limited 100.00 Ordinary shares Vodafone Global Network Limited 100.00 Ordinary shares Vodafone Group Services Ireland Limited 100.00 Ordinary shares Vodafone Ireland Distribution Limited 100.00 Ordinary shares Vodafone Ireland Limited 100.00 Ordinary shares Vodafone Ireland Marketing Limited 100.00 Ordinary shares Vodafone Ireland Retail Limited 100.00 Ordinary shares Italy Piazzale Luigi Cadorna, 4, 20123, Milano, Italy Vodafone Global Enterprise (Italy) S.R.L 100.00 Ordinary shares SS 33 del Sempione KM 35, 212, 21052 Busto Arsizio (VA), Italy Vodafone Automotive Italia S.p.A 100.00 Ordinary shares Via Astico 41, 21100 Varese, Italy Vodafone Automotive Electronic Systems S.r.L 100.00 Ordinary shares Vodafone Automotive SpA 100.00 Ordinary shares Via Jervis 13, 10015, Ivrea, Tourin, Italy VEI S.r.l. 100.00 Partnership Interest shares Vodafone Italia S.p.A. 100.00 Ordinary shares Via Lorenteggio 240, 20147, Milan, Italy Vodafone Enterprise Italy S.r.L 100.00 Euro shares Vodafone Gestioni S.p.A. 100.00 Ordinary shares Vodafone Servizi E Tecnologie S.R.L. 100.00 Equity shares Company name % of share class held Share class Japan 15th Floor, The Imperial Hotel Tower, 1-1, Uchisaiwaicho 1-chome, Chiyoda-ku, Tokyo, 100-0005, Japan Vodafone Enterprise U.K. (Japanese Branch) 100.00 Branch KAKiYa building, 9F, 2‑7‑17 Shin-Yokohama, Kohoku-ku, Yokoha- City, Kanagawa, 222‑0033, Japan Vodafone Automotive Japan K.K 100.00 Ordinary shares The Imperial Hotel Tower, 15F, 1-1-1 Uchisaiwai-cho, Chiyoda, Tokyo, 100-0011, Japan Vodafone Global Enterprise (Japan) K.K. 100.00 Ordinary shares Jersey 44 Esplanade, St Helier, JE4 9WG, Jersey 100.00 Ordinary shares Globe Limited 100.00 Ordinary shares Plex Limited 100.00 Ordinary shares Vizzavi Finance Limited 100.00 Ordinary shares Vodafone Holdings (Jersey) Limited 100.00 Ordinary shares Vodafone International 2 Limited 100.00 Ordinary shares Vodafone Jersey Dollar Holdings Limited 100.00 Limited liability shares Vodafone Jersey Finance 100.00 Ordinary shares, B shares, C shares, D shares, F shares, G shares Vodafone Jersey Yen Holdings Unlimited 100.00 Limited Liability shares Kenya 6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya Vodafone Kenya Limited 2 68.95 Ordinary shares M-PESA Holding Co. Limited 100.00 Equity shares The Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside Drive, Nairobi, Kenya Vodacom Business (Kenya) Limited 2 51.62 Ordinary shares, Ordinary B shares Korea, Republic of 3rd Floor, 54 Gongse-ro, Gieheung-gu, Yongin-si, Vodafone Automotive Korea Limited 100.00 Ordinary shares ASEM Tower level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul, 135-798, Korea, Republic of Vodafone Enterprise Korea Limited 100.00 Ordinary shares Lesotho Vodacom Park, 585 Mabile Road, 3rd Floor; Maseru, Lesotho Vodacom Lesotho (Pty) Limited 2 51.62 Ordinary shares Luxembourg 13 rue Edward Steichen, Luxembourg, 2540, Luxembourg Tomorrow Street GP S.à r.l. 100.00 Ordinary shares 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg Vodafone Asset Management ServicesS.àr.l. 100.00 Ordinary shares Vodafone Enterprise Global BusinessesS.àr.l. 100.00 Ordinary shares Vodafone Enterprise Luxembourg S.A. 100.00 Ordinary shares Vodafone International 1 S.à r.l. 100.00 Ordinary shares Vodafone International M S.à r.l. 100.00 Ordinary shares Vodafone Investments Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg 5 S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Procurement Company S.à r.l. 100.00 Ordinary shares Vodafone Real Estate S.à.r.l. 100.00 Ordinary shares Vodafone Roaming Services S.à r.l. 100.00 Ordinary shares Vodafone Services Company S.à.r.l. 100.00 Ordinary shares Malaysia Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia Vodafone Global Enterprise (Malaysia) Sdn Bhd 100.00 Ordinary shares Malta SkyParks Business Centre, Malta International Airport, Luqa, LQA 4000, Malta Multi Risk Indemnity Company Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Multi Risk Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Vodafone Malta Limited 100.00 Ordinary shares Mauritius DTOS Ltd, 10th Floor, Standard Chartered Tower, 19 Cybercity, Ebene, Mauritius Mobile Wallet VM1 2 64.52 Ordinary shares Mobile Wallet VM2 2 64.52 Ordinary shares Fifth Floor, Ebene Esplanade, 24 Cybercity, Ebene, Mauritius Al-Amin Investments Limited 100.00 Ordinary shares Array Holdings Limited 100.00 Ordinary shares Asian Telecommunication Investments (Mauritius) Limited 100.00 Ordinary shares CCII (Mauritius), Inc. 100.00 Ordinary shares CGP India Investments Ltd. 100.00 Ordinary shares Euro Pacific Securities Ltd. 100.00 Ordinary shares Mobilvest 100.00 Ordinary shares Prime Metals Ltd. 100.00 Ordinary shares Trans Crystal Ltd. 100.00 Ordinary shares Vodafone Mauritius Ltd. 100.00 Ordinary shares Vodafone Telecommunications (India) Limited 100.00 Ordinary shares Vodafone Tele-Services (India) Holdings Limited 100.00 Ordinary shares Suite 214, 2nd Floor, Grand Bay Business Park, Grand Bay, Mauritius VBA (Mauritius) Limited 2 64.52 Ordinary shares, Redeemable preference shares Vodacom International Limited 2 64.52 Ordinary shares, Non-cumulative Mexico Insurgentes Sur #1377 8th Floor, Colonia Insurgentes Mixcoac, Mexico City, Mexico 03920 Vodafone Empresa México S.de R.L. de C.V. 100.00 Corporate certificate series A shares, Corporate certificate series B shares Morocco 129 Rue du Prince Moulay, Abdellah, Casablanca, Morocco Vodafone Maroc SARL 79.75 Ordinary shares Mozambique Rua dos Desportistas, Numero 649, Cidade de Maputo, Mozambique VM, SA 2 54.84 Ordinary shares 64.52 Redeemable preference shares Vodafone M-Pesa, S.A 2 54.84 Ordinary shares Netherlands Rivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel, Netherlands Vodafone Enterprise Netherlands B.V. 100.00 Ordinary shares Vodafone Europe B.V. 100.00 Ordinary shares Vodafone International Holdings B.V. 100.00 Ordinary shares Vodafone Panafon International Holdings B.V. 100.00 Ordinary shares New Zealand 74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand Vodafone Mobile NZ Limited 100.00 Ordinary shares Vodafone New Zealand Foundation Limited 100.00 Ordinary shares Vodafone New Zealand Holdings Limited 100.00 Ordinary shares Vodafone New Zealand Limited 100.00 Ordinary shares Vodafone Next Generation Services Limited 100.00 Ordinary shares 8 Butler Street, Timaru, 7910, New Zealand Farmside Limited 70.00 Ordinary shares Farmside Technologies Limited 70.00 Ordinary shares MyFarmside Limited 70.00 Ordinary shares Nigeria 3A Aja Nwachukwu Close, Ikoyi, Lagos, Nigeria Spar Aerospace (Nigeria) Limited 2 64.52 Ordinary shares Vodacom Business Africa (Nigeria) Limited 2 64.52 Ordinary shares, Preference shares Ict Lawyers & Consultants, 2nd Floor, Oakland Center, C&W Worldwide Nigeria Limited 100.00 Ordinary shares Norway c/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway Vodafone Enterprise Norway AS 100.00 Ordinary shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom Vodafone Limited (Norway Branch) 100.00 Branch % of share class held by Group Company name Companies Share class Portugal Av. D. João II, nº 36 – 8º Piso, 1998 – 017, Parque das Nações, Lisboa, Portugal Oni Way – Infocomunicacoes, S.A. 100.00 Ordinary shares Vodafone Portugal – Comunicacoes Pessoais, S.A. 1 100.00 Ordinary shares Av. da República, 50 - 10º, 1069‑211, Lisboa, Portugal Vodafone Enterprise Spain, S.L.U. – PORTUGAL BRANCH 100.00 Branch Romania 201 Barbu Vacarescu, 8th Floor, 1st District, Bucharest, Romania, 020276, Romania Vodafone Romania S.A 100.00 Ordinary shares Sectorul 2, Strada Barbu Văcărescu, Nr. 201, Etaj 1, Bucureşti, Romania Vodafone România M - Payments SRL 100.00 Ordinary shares Vodafone România Technologies SRL 100.00 Ordinary shares Sectorul 4, Strada Oltenitei, Nr. 2, Etaj 3, Bucureşti, Romania Vodafone Shared Services Romania SRL 100.00 Ordinary shares Russian Federation 4A, Atarbekova Street, Moscow, 107076, Russian Federation Vodafone Global Enterprise Russia LLC 100.00 Equity shares Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation Cable & Wireless CIS Svyaz LLC 100.00 Charter capital shares Seychelles F20, 1st Floor, Eden Plaza, Eden Island, Seychelles Cavalry Holdings Ltd 2 31.61 Ordinary A shares East Africa Investments (Mauritius) Limited 2 31.61 Ordinary A shares Sierra Leone 12 White Street, Brookfield, Off Railway Line, Freetown, Sierra Leone VBA International (SL) Limited 2 64.52 Ordinary shares Singapore Asia Square Tower 2, 12 Marina View, #17‑01, Singapore, 018961, Singapore Vodafone Enterprise Singapore Pte.Ltd 100.00 Ordinary shares Slovakia Zochova 6-8, Bratislava, 811 03, Slovakia Vodafone Global Network Limited – Slovakia Branch 100.00 Branch South Africa 15 Burnside Island, 410 Jan Smuts Avenue, Craighall, 2024, South Africa XLink Communications (Proprietary) Limited 2 60.49 Ordinary A Shares 319 Frere Road, Glenwood, 4001, South Africa Cable and Wireless Worldwide South Africa (Pty) Ltd 100.00 Ordinary shares 76 Maude Street, Sandton, Johannesberg, 2196, South Africa Waterberg Lodge (Proprietary) Limited 2 30.25 Ordinary shares 9 Kinross Street, Germiston South, 1401, South Africa Vodafone Holdings (SA) Proprietary Limited 100.00 Ordinary A shares, “B” Ordinary shares Vodafone Investments (SA) Proprietary Limited 100.00 Ordinary A shares, “B” Ordinary shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa GS Telecom (Pty) Limited 2 64.52 Ordinary shares Jupicol (Proprietary) Limited 2 42.34 Ordinary shares Mezzanine Ware Proprietary Limited (RF) 2 54.44 Ordinary shares Motifpros 1 (Proprietary) Limited 2 60.49 Ordinary shares Scarlet Ibis Investments 23 (Pty) Limited 2 60.49 Ordinary shares Storage Technology Services (Pty) Limited 2 30.85 Ordinary shares Vodacom (Pty) Limited 2 60.49 Ordinary shares Vodacom Business Africa Group (Pty) Limited 2 64.52 Ordinary shares Vodacom Financial Services (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Group Limited 2 64.52 Ordinary shares Vodacom Insurance Administration Company (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Insurance Company (RF) Limited 2 60.49 Ordinary shares Vodacom International Holdings (Pty) Limited 2 64.52 Ordinary shares Vodacom Life Assurance Company (RF) Limited 2 60.49 Ordinary shares Vodacom Payment Services (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Properties No 1 (Proprietary) Limited 2 60.49 Ordinary shares Vodacom Properties No.2 (Pty) Limited 2 60.49 Ordinary shares Wheatfields Investments 276 (Proprietary) Limited 2 64.52 Ordinary shares Spain Antracita, 7 – 28045, Madrid CIF B‑91204453, Spain Vodafone Automotive Iberia S.L. 100.00 Ordinary shares Avenida de América 115, 28042, Madrid, Spain Vodafone Enabler España, S.L. 100.00 Ordinary shares Vodafone Enterprise Spain SLU 100.00 Ordinary shares Vodafone Espana S.A.U. 100.00 Ordinary shares Vodafone Holdings Europe S.L.U. 100.00 Ordinary shares Vodafone ONO, S.A.U. 100.00 Ordinary shares Vodafone Servicios S.L.U. 100.00 Ordinary shares Sweden c/o Hellström advokatbyrå, Box 7305, 103 90, Stockholm, Sweden Vodafone Enterprise Sweden AB 100.00 Ordinary shares Switzerland Schiffbaustrasse 2, 8005, Zurich, Switzerland Vodafone Enterprise Switzerland AG 100.00 Ordinary shares Schoenburgstrasse 41, 3013, Bern, Switzerland Vodafone International 1 S.a.r.l. Luxembourg, Zweigniederlassung Bern 100.00 Branch Vodafone Investments Luxembourg S.à r.l., Luxembourg, Zweigniederlassung Bern 100.00 Branch Vodafone Luxembourg 5 S.à r.l., Luxembourg, Zweigniederlassung Bern 100.00 Branch Vodafone Luxembourg S.à r.l., Luxembourg, Zweigniederlassung Bern 100.00 Branch Via Franscini 10, 6850 Mendrisio, Switzerland Vodafone Automotive Telematics S.A 100.00 Ordinary shares World Trade Center, Lia Lugano 13, 6982, Agno, Ticino, Switzerland Vodafone Enterprise Switzerland AG - AGNO BRANCH 100.00 Branch Taiwan 13F, No. 156, Sec. 3, Minsheng E. Rd., Songshan District, Taipei City, 10596, Taiwan Vodafone Global Enterprise Taiwan Limited 100.00 Ordinary shares Tanzania, United Republic of 3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road, Dar es Salaam, Tanzania, United Republic of Gateway Communications Tanzania Limited 2 63.87 Ordinary shares 15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of M-Pesa Limited 2 39.74 Ordinary shares Shared Networks Tanzania Limited 2 39.75 Ordinary shares Vodacom Tanzania Limited Zanzibar 3 39.75 Ordinary shares Vodacom Tanzania Public Limited Company 2 39.75 Ordinary shares Plot no. 77, Kipawa, Nyerere Road, PO Box 40954, Dar es Sala, Tanzania, United Republic of Mirambo Limited 2 31.61 Ordinary shares Turkey Büyükdere Caddesi, No: 251, Maslak, Şişli / İstanbul, Turkey, 34398, Turkey Vodafone Bilgi Ve Iletisim Hizmetleri AS 100.00 Registered shares Vodafone Dagitim Hizmetleri A.S. 100.00 Registered shares Vodafone Elektronik Para Ve Ödeme Hizmetleri A.Ş. 100.00 Registered shares Vodafone Holding A.S. 100.00 Registered shares Vodafone Net İletişim Hizmetleri A.Ş. 100.00 Ordinary shares Vodafone Telekomunikasyon A.S 100.00 Registered shares İTÜ Ayazağa Kampüsü, Koru Yolu, Arı Teknokent Arı 3 Binası, Maslak, İstanbul, 586553, Turkey Vodafone Teknoloji Hizmetleri A.S. 100.00 Registered shares Ukraine Bohdana Khmelnytskogo Str. 19‑21, Kyiv, Ukraine LLC Vodafone Enterprise Ukraine 100.00 Ordinary shares % of share class held by Group Company name Companies Share class United Arab Emirates Dubai, United Arab Emirates Vodafone Enterprise Europe (UK) Limited – DUBAI BRANCH 100.00 Branch United Kingdom 1-2 Berkeley Square, 99 Berkeley Street, Glasgow, G3 7HR, Scotland Thus Group Holdings Limited 100.00 Ordinary shares Thus Group Limited 100.00 Ordinary shares Thus Profit Sharing Trustees Limited 100.00 Ordinary shares Imperial House, 4–10 Donegall Square East, Belfast, BT1 5HD Vodafone (NI) Limited 100.00 Ordinary shares Leven House, 10 Lochside Place, Edinburgh Park, Edinburgh, Scotland, EH12 9RG, United Kingdom Pinnacle Cellular Group Limited 100.00 Ordinary shares Pinnacle Cellular Limited 100.00 Ordinary shares Vodafone (Scotland) Limited 100.00 Ordinary shares Woodend Cellular Limited 100.00 Ordinary shares Woodend Communications Limited 100.00 Ordinary shares Woodend Group Limited 100.00 Ordinary shares Woodend Holdings Limited 100.00 Ordinary shares, Quarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland Energis (Ireland) Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares Shuttleworh House, 21 Bridgewater Close, Network 65 Business Park, Hapton, Burnley, Lancashire, Navtrak Ltd 100.00 Ordinary shares Vodafone Automotive UK Limited 100.00 Ordinary shares Staple Court, 11 Staple Inn Building, London, WC1V 7QH, United Kingdom Gateway Communications Africa (UK) Limited 2 64.52 Ordinary shares Vodacom Business Africa Group 64.52 Ordinary shares Services Limited2 preference shares Vodacom UK Limited 2 64.52 Ordinary shares, Ordinary A shares, Ordinary B shares, Irredeemable preference shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom AAA (Euro) Limited 100.00 Ordinary shares Acorn Communications Limited 100.00 Ordinary shares Apollo Submarine Cable System Limited 100.00 Ordinary shares Aspective Limited 100.00 Ordinary shares, A Preference shares, B Preference shares and C Preference shares Astec Communications Limited 100.00 Ordinary shares Bluefish Communications Limited 100.00 Ordinary shares, A Preference shares, B Preference shares and C Preference shares Ordinary D shares C.S.P. Solutions Limited 100.00 Ordinary shares Cable & Wireless Aspac Holdings Limited 100.00 Ordinary shares Cable & Wireless CIS Services Limited 100.00 Ordinary shares Cable & Wireless Communications Data Network Services Limited 100.00 ‘A’ Ordinary shares, ‘B’ Ordinary shares Cable & Wireless Europe Holdings Limited 100.00 Ordinary shares Cable & Wireless Global Business Services Limited 100.00 Ordinary shares Cable & Wireless Global Holding Limited 100.00 Ordinary shares Cable & Wireless Global Telecommunication Services 100.00 Ordinary shares Cable & Wireless UK Holdings Limited 100.00 Ordinary shares Cable & Wireless UK Services Limited 100.00 Ordinary shares Cable & Wireless Worldwide Limited 100.00 Ordinary shares Cable & Wireless Worldwide Voice Messaging Limited 100.00 Ordinary shares Cable and Wireless (India) Limited 100.00 Ordinary shares Cable and Wireless Nominee Limited 100.00 Ordinary shares Cellops Limited 100.00 Ordinary shares Cellular Operations Limited 100.00 Ordinary shares Central Communications Group Limited 100.00 Ordinary shares, Ordinary A shares CWW Operations Limited 100.00 Ordinary shares Dataroam Limited 100.00 Ordinary shares, Ordinary A shares Emtel Europe Limited 100.00 Ordinary shares Energis Communications Limited 100.00 Ordinary shares Energis Squared Limited 100.00 Ordinary shares Flexphone Limited 100.00 Ordinary shares FM Associates (UK) Limited 100.00 Ordinary shares General Mobile Corporation Limited 100.00 Ordinary shares Global Cellular Rental Limited 50.00 Ordinary shares Internet Network Services Limited 100.00 Ordinary shares Isis Telecommunications Management Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares Legend Communications Limited 100.00 Ordinary shares London Hydraulic Power Company 100.00 Ordinary shares, MetroHoldings Limited 100.00 Ordinary shares ML Integration Group Limited 100.00 Ordinary shares ML Integration Services Limited 100.00 Ordinary shares Mobile Phone Centre Limited 100.00 Ordinary shares Nat Comm Air Limited 100.00 Ordinary shares P.C.P. (North West) Limited 100.00 Ordinary shares Peoples Phone Limited 100.00 Ordinary shares Project Telecom Holdings Limited 1 100.00 Ordinary shares PT Network Services Limited 100.00 Ordinary shares PTI Telecom Limited 100.00 Ordinary shares Rian Mobile Limited 100.00 Ordinary shares Singlepoint (4U) Limited 100.00 Ordinary shares Singlepoint Payment Services Limited 100.00 Ordinary shares Stentor Communications Limited 100.00 Ordinary shares (Dissolved1May2018) Talkland Airtime Services Limited 100.00 Ordinary shares Talkland Communications Limited 100.00 Ordinary shares Talkland International Limited 100.00 Ordinary shares Talkland Midlands Limited 100.00 Ordinary shares Talkmobile Limited 100.00 Ordinary shares Ternhill Communications Limited 100.00 Ordinary shares, Non-convertible Redeemable Preference shares The Eastern Leasing Company Limited 100.00 Ordinary shares Thus Limited 100.00 Ordinary shares Townley Communications Limited 100.00 Ordinary shares Uniqueair Limited 100.00 Ordinary shares Vizzavi Limited 100.00 Ordinary shares Voda Limited Ordinary shares; Zero coupon redeemable preference Vodacall Limited 1 100.00 Ordinary shares Vodafone (New Zealand) Hedging Limited 100.00 Ordinary shares Vodafone 4 UK 100.00 Ordinary shares Vodafone 5 Limited 100.00 Ordinary shares Vodafone 5 UK 100.00 Ordinary shares Vodafone 6 UK 100.00 Ordinary shares Vodafone Americas 4 100.00 Ordinary shares Vodafone Benelux Limited 100.00 Preference shares, Ordinary shares Vodafone Business Solutions Limited 100.00 Ordinary shares Vodafone Cellular Limited 1 100.00 Ordinary shares % of share class held by Group Company name Companies Share class Vodafone Central Services Limited 100.00 Ordinary shares Vodafone Connect 2 Limited 100.00 Ordinary shares Vodafone Connect Limited 100.00 Ordinary shares Vodafone Consolidated Holdings Limited 100.00 Ordinary shares Vodafone Corporate Limited 100.00 Ordinary shares Vodafone Corporate Secretaries Limited 1 100.00 Ordinary shares Vodafone DC Pension Trustee Company Limited 1 100.00 Ordinary shares Vodafone Distribution Holdings Limited 100.00 Ordinary shares Vodafone Enterprise Corporate Secretaries Limited 100.00 Ordinary shares Vodafone Enterprise Equipment Limited 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited 100.00 Ordinary shares Vodafone Enterprise U.K. 100.00 Ordinary shares Vodafone Euro Hedging Limited 100.00 Ordinary shares Vodafone Euro Hedging Two 100.00 Ordinary shares Vodafone Europe UK 100.00 Ordinary shares Vodafone European Investments 1 100.00 Ordinary shares Vodafone European Portal Limited 1 100.00 Ordinary shares Vodafone Finance Limited 1 100.00 Ordinary shares Vodafone Finance Luxembourg Limited 100.00 Ordinary shares Vodafone Fin
Schedule of selected financial data	Vodafone Egypt Vodacom Group Limited Telecommunications S.A.E. Vodafone Qatar Q.S.C. €m €m €m €m €m €m Summary comprehensive income information Revenue 5,692 5,294 962 1,333 468 510 Profit/(loss) for the financial year 934 768 206 194 (40) (67) Other comprehensive (expense)/income (8) (10) — — — — Total comprehensive income/(expense) 926 758 206 194 (40) (67) Other financial information Profit/(loss) for the financial year allocated to non-controlling interests 342 257 93 82 (31) (52) Dividends paid to non-controlling interests 309 258 1 153 — — Summary financial position information Non-current assets 6,433 6,213 985 1,038 — 1,550 Current assets 2,389 2,023 407 352 — 137 Total assets 8,822 8,236 1,392 1,390 — 1,687 Non-current liabilities (2,151) (2,368) (46) (25) — (266) Current liabilities (2,104) (1,825) (522) (656) — (226) Total assets less total liabilities 4,567 4,043 824 709 — 1,195 Equity shareholders' funds 3,595 3,379 491 433 — 275 Non-controlling interests 972 664 333 276 — 920 Total equity 4,567 4,043 824 709 — 1,195 Statement of cash flows Net cash flow from operating activities 1,727 1,702 307 520 115 134 Net cash flow from investing activities (541) (788) (145) (609) (119) (93) Net cash flow from financing activities (879) (777) (55) (328) (33) (32) Net cash flow 307 137 107 (417) (37) 9 Cash and cash equivalents brought forward 619 464 57 619 43 31 Exchange gain/(loss) on cash and cash equivalents (39) 18 (5) (145) (6) 3 Cash and Cash Equivalents 887 619 159 57 — 43

Subsidiaries exempt from audit

Subsidiaries exempt from audit (Tables)	12 Months Ended
	Mar. 31, 2018
Subsidiaries exempt from audit
Schedule of subsidiaries exempt from audit	– Name Registration number Cable & Wireless Aspac Holdings Limited Cable & Wireless CIS Services Limited Cable & Wireless Europe Holdings Limited Cable & Wireless Global Business Services Limited Cable & Wireless Global Holding Limited Cable & Wireless UK Holdings Limited Cable & Wireless Worldwide Limited Cable & Wireless Worldwide Voice Messaging Limited Cable and Wireless Nominee Limited Central Communications Group Limited Energis (Ireland) Limited NI035793 Energis Communications Limited Energis Squared Limited Internet Network Services Limited Legend Communications Limited MetroHoldings Limited ML Integration Group Limited ML Integration Services Limited Singlepoint (4U) Limited The Eastern Leasing Company Limited Thus Group Holdings Limited SC192666 Thus Group Limited SC226738 Vizzavi Finance Limited Voda Limited Vodafone (New Zealand) Hedging Limited Vodafone 2 Vodafone 4 UK Vodafone 5 Limited Vodafone 5 UK Vodafone Americas 4 Vodafone Benelux Limited Vodafone Business Solutions Limited Vodafone Cellular Limited Vodafone Connect Limited Vodafone Consolidated Holdings Limited Vodafone Distribution Holdings Limited Vodafone Enterprise Equipment Limited Vodafone Enterprise Europe (UK) Limited Vodafone Euro Hedging Limited Vodafone Euro Hedging Two Vodafone Europe UK Vodafone European Investments Vodafone European Portal Limited Vodafone Finance Luxembourg Limited Vodafone Finance Sweden Vodafone Finance UK Limited Vodafone Financial Operations Vodafone Global Content Services Limited Vodafone Holdings Luxembourg Limited Vodafone Intermediate Enterprises Limited Vodafone International 2 Limited BR009978 Vodafone International Holdings Limited Vodafone International Operations Limited Vodafone Investment UK Vodafone Investments Limited Vodafone IP Licensing Limited Vodafone Marketing UK Vodafone Mobile Communications Limited Vodafone Mobile Enterprises Limited Vodafone Mobile Network Limited Vodafone Nominees Limited Vodafone Oceania Limited Vodafone Overseas Finance Limited Vodafone Overseas Holdings Limited Vodafone Panafon UK Vodafone Property Investments Limited Vodafone Retail (Holdings) Limited Vodafone Retail Limited Vodafone UK Limited Vodafone Worldwide Holdings Limited Vodafone Yen Finance Limited Vodafone ‐ Central Limited Vodaphone Limited Vodata Limited Woodend Holdings Limited SC128335 Your Communications Group Limited London Hydraulic Power Company (The) ZC000055 Vodafone Enterprise Corporate Secretaries Ltd (formerly Intercell Limited) Vodafone Corporate Secretaries Limited

Basis of preparation (Details)

Basis of preparation (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Basis of Preparation
Minimum undiscounted forecast period for assessing future taxable profits	5 years
Threshold forecast period of recovery of tax losses	5 years
Portion of property, plant and equipment in total assets (as a percent)	19.50%	19.50%
Minimum compound annual growth rate in adjusted EBITDA for five years forecast (in years)	6 years
Maximum compound annual growth rate in adjusted EBITDA for five years forecast (in years)	10 years
Net foreign exchange gain (loss)	€ 295	€ (637)	€ (1,141)
Net foreign exchange loss	181	533	299
Operating profit
Basis of Preparation
Net foreign exchange loss		133
Net foreign exchange gain	65		24
Non-operating income and expense
Basis of Preparation
Net foreign exchange loss	0	0	282
Investment and financing income
Basis of Preparation
Net foreign exchange loss		505	872
Net foreign exchange gain	141
Income tax expense
Basis of Preparation
Net foreign exchange loss			€ 11
Net foreign exchange gain	€ 9	€ 1

Basis of preparation - New acco

Basis of preparation - New accounting pronouncements to be adopted (Details) € in Millions	12 Months Ended
	Mar. 31, 2018EUR (€)	Apr. 01, 2018EUR (€)	Mar. 31, 2017EUR (€)
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Retained earnings	€ (106,695)		€ (105,851)
Maximum
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Retained earnings		€ 2,100
Estimated percentage of reduction in revenue	3
Minimum
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Retained earnings		2,800
Estimated percentage of reduction in revenue	2
IFRS 9 - Financial Instruments | Maximum
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Retained earnings		300
IFRS 9 - Financial Instruments | Minimum
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Retained earnings		€ 200
IFRS - 15 Revenue from Contracts with Customers | Maximum
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Percentage of Points Reduced in Service Revenue Due to Increased Allocation of Customer Receipts	4.50%
IFRS - 15 Revenue from Contracts with Customers | Minimum
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Percentage of Points Reduced in Service Revenue Due to Increased Allocation of Customer Receipts	2.50%

Segmental analysis - Segmental

Segmental analysis - Segmental revenue and profit (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Segmental revenue and profit
Revenue	€ 46,571	€ 47,631	€ 49,810
Adjusted EBITDA	14,737	14,149	14,155
Revenue from sale of goods	4,718	4,029	4,472
Segment revenue
Segmental revenue and profit
Revenue	46,918	47,890	50,078
Intra-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(160)	(177)	(158)
Regional revenue
Segmental revenue and profit
Revenue	46,758	47,713	49,920
Inter-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(187)	(82)	(110)
Europe
Segmental revenue and profit
Revenue	33,848	34,516	36,437
Adjusted EBITDA	11,036	10,283	10,485
Europe | Segment revenue
Segmental revenue and profit
Revenue	34,048	34,727	36,620
Europe | Intra-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(160)	(177)	(158)
Europe | Regional revenue
Segmental revenue and profit
Revenue	33,888	34,550	36,462
Europe | Inter-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(40)	(34)	(25)
Germany
Segmental revenue and profit
Revenue	10,800	10,547	10,581
Adjusted EBITDA	4,010	3,617	3,462
Germany | Segment revenue
Segmental revenue and profit
Revenue	10,847	10,600	10,626
Germany | Intra-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(29)	(32)	(36)
Germany | Regional revenue
Segmental revenue and profit
Revenue	10,818	10,568	10,590
Germany | Inter-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(18)	(21)	(9)
Italy
Segmental revenue and profit
Revenue	6,171	6,070	5,985
Adjusted EBITDA	2,329	2,229	2,015
Italy | Segment revenue
Segmental revenue and profit
Revenue	6,204	6,101	6,008
Italy | Intra-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(30)	(30)	(22)
Italy | Regional revenue
Segmental revenue and profit
Revenue	6,174	6,071	5,986
Italy | Inter-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(3)	(1)	(1)
UK
Segmental revenue and profit
Revenue	7,050	6,896	8,401
Adjusted EBITDA	1,762	1,212	1,756
UK | Segment revenue
Segmental revenue and profit
Revenue	7,078	6,925	8,428
UK | Intra-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(21)	(23)	(18)
UK | Regional revenue
Segmental revenue and profit
Revenue	7,057	6,902	8,410
UK | Inter-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(7)	(6)	(9)
Spain
Segmental revenue and profit
Revenue	4,941	4,935	4,930
Adjusted EBITDA	1,420	1,360	1,250
Spain | Segment revenue
Segmental revenue and profit
Revenue	4,978	4,973	4,959
Spain | Intra-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(35)	(37)	(27)
Spain | Regional revenue
Segmental revenue and profit
Revenue	4,943	4,936	4,932
Spain | Inter-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(2)	(1)	(2)
Other Europe
Segmental revenue and profit
Revenue	4,886	6,068	6,540
Adjusted EBITDA	1,515	1,865	2,002
Other Europe | Segment revenue
Segmental revenue and profit
Revenue	4,941	6,128	6,599
Other Europe | Intra-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(45)	(55)	(55)
Other Europe | Regional revenue
Segmental revenue and profit
Revenue	4,896	6,073	6,544
Other Europe | Inter-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(10)	(5)	(4)
AMAP
Segmental revenue and profit
Revenue	11,430	11,759	11,871
Adjusted EBITDA	3,757	3,854	3,706
AMAP | Segment revenue
Segmental revenue and profit
Revenue	11,462	11,773	11,891
AMAP | Regional revenue
Segmental revenue and profit
Revenue	11,462	11,773	11,891
AMAP | Inter-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(32)	(14)	(20)
Vodacom
Segmental revenue and profit
Revenue	5,685	5,294	5,325
Adjusted EBITDA	2,203	2,063	2,028
Vodacom | Segment revenue
Segmental revenue and profit
Revenue	5,692	5,294	5,325
Vodacom | Regional revenue
Segmental revenue and profit
Revenue	5,692	5,294	5,325
Vodacom | Inter-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(7)
Other AMAP
Segmental revenue and profit
Revenue	5,745	6,465	6,546
Adjusted EBITDA	1,554	1,791	1,678
Other AMAP | Segment revenue
Segmental revenue and profit
Revenue	5,770	6,479	6,566
Other AMAP | Regional revenue
Segmental revenue and profit
Revenue	5,770	6,479	6,566
Other AMAP | Inter-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	(25)	(14)	(20)
Common Functions
Segmental revenue and profit
Revenue	1,293	1,356	1,502
Adjusted EBITDA	(56)	12	(36)
Common Functions | Segment revenue
Segmental revenue and profit
Revenue	1,408	1,390	1,567
Common Functions | Regional revenue
Segmental revenue and profit
Revenue	1,408	1,390	1,567
Common Functions | Inter-region revenue
Segmental revenue and profit
Inter/Intra regional revenue	€ (115)	€ (34)	€ (65)

Segmental analysis - Reconcilia

Segmental analysis - Reconciliation of adjusted EBITDA to operating profit (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Segment analysis
Adjusted EBITDA	€ 14,737	€ 14,149	€ 14,155
Depreciation, amortisation and loss on disposal of fixed assets	(9,910)	(10,179)	(10,386)
Share of results of equity accounted associates and joint ventures, net amortisation	389	164	60
Adjusted operating profit	5,216	4,134	3,829
Impairment losses			(569)
Restructuring costs	(156)	(415)	(316)
Amortisation of acquired customer based and brand intangible assets	(974)	(1,046)	(1,338)
Other income /(expenses)	213	1,052	(286)
Operating profit	4,299	3,725	1,320
Amortisation of acquired customer based and brand intangible assets not adjusted in share of results of equity accounted associates and joint ventures	€ 400	€ 100	€ 0

Segmental analysis - Segmenta78

Segmental analysis - Segmental assets and cash flow (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Segmental assets and cash flow
Non-current assets	€ 71,582	€ 76,424	€ 94,079
Capital expenditure	7,321	7,484	11,661
Other expenditure on intangible assets	747	359	7,541
Depreciation and amortisation	10,409	11,086	11,697
Impairment losses			(569)
Operating free cash flow	7,001	5,627	3,208
Europe
Segmental assets and cash flow
Non-current assets	60,158	62,670	66,642
Capital expenditure	4,932	5,038	7,638
Other expenditure on intangible assets	746	40	2,953
Depreciation and amortisation	8,637	9,157	9,717
Impairment losses			(569)
Operating free cash flow	5,578	3,930	2,093
Germany
Segmental assets and cash flow
Non-current assets	25,444	26,694	28,210
Capital expenditure	1,673	1,671	2,362
Other expenditure on intangible assets	24		2,081
Depreciation and amortisation	3,095	3,320	3,330
Operating free cash flow	2,147	1,749	866
Italy
Segmental assets and cash flow
Non-current assets	9,232	9,157	9,799
Capital expenditure	797	793	1,516
Other expenditure on intangible assets	629	2	232
Depreciation and amortisation	1,479	1,603	1,668
Operating free cash flow	1,607	1,161	496
UK
Segmental assets and cash flow
Non-current assets	7,465	8,210	9,496
Capital expenditure	889	950	1,210
Other expenditure on intangible assets			141
Depreciation and amortisation	1,600	1,768	1,902
Operating free cash flow	408	57	334
Spain
Segmental assets and cash flow
Non-current assets	10,576	11,035	11,569
Capital expenditure	863	746	1,178
Other expenditure on intangible assets			491
Depreciation and amortisation	1,371	1,378	1,446
Operating free cash flow	628	344	(149)
Other Europe
Segmental assets and cash flow
Non-current assets	7,441	7,574	7,568
Capital expenditure	710	878	1,372
Other expenditure on intangible assets	93	38	8
Depreciation and amortisation	1,092	1,088	1,371
Impairment losses			(569)
Operating free cash flow	788	619	546
AMAP
Segmental assets and cash flow
Non-current assets	9,448	11,817	25,570
Capital expenditure	1,492	1,531	3,122
Other expenditure on intangible assets	1	319	4,588
Depreciation and amortisation	1,699	1,891	1,895
Operating free cash flow	2,178	2,294	1,574
India
Segmental assets and cash flow
Non-current assets			13,474
Capital expenditure			1,102
Other expenditure on intangible assets			3,751
Vodacom
Segmental assets and cash flow
Non-current assets	5,841	6,039	5,290
Capital expenditure	763	736	847
Other expenditure on intangible assets	1	2	23
Depreciation and amortisation	776	738	725
Operating free cash flow	1,453	1,347	1,071
Other AMAP
Segmental assets and cash flow
Non-current assets	3,607	5,778	6,806
Capital expenditure	729	795	1,173
Other expenditure on intangible assets		317	814
Depreciation and amortisation	923	1,153	1,170
Operating free cash flow	725	947	503
Common Functions
Segmental assets and cash flow
Non-current assets	1,976	1,937	1,867
Capital expenditure	897	915	901
Depreciation and amortisation	73	38	85
Operating free cash flow	€ (755)	€ (597)	€ (459)

Operating profit (Details)

Operating profit (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Operating Profit
Net foreign exchange (gains)/losses	€ (295)	€ 637	€ 1,141
Depreciation of property, plant and equipment (note 11):
Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4)			569
Staff costs (note 25)	5,076	5,519	5,804
VodafoneZiggo Group Holding B.V.
Operating Profit
Net foreign exchange (gains)/losses	(65)	133	(24)
Depreciation of property, plant and equipment (note 11):
Owned assets	5,963	6,253	6,333
Leased assets	47	12	45
Amortisation of intangible assets (note 10)	4,399	4,821	5,319
Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4)			569
Staff costs (note 25)	5,295	5,519	5,804
Cost of inventories recognised as expense during period	6,045	6,464	7,739
Operating lease rentals payable	3,788	3,976	2,464
Loss on disposal of property, plant and equipment and intangible assets	36	22	27
Own costs capitalised attributable to the construction or acquisition of property, plant and equipment	(829)	(800)	€ (764)
Net gain on formation of VodafoneZiggo (note 28)		(1,275)
Net foreign exchange losses/(gains) reported in other income and expense	€ 80	€ (127)

Operating profit - Remuneration

Operating profit - Remuneration of Group's auditor (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Remuneration of Group's auditor
Audit fees:	€ 21	€ 16	€ 15
Audit-related fees	5	4	2
Non-audit fees:	5	4	2
Total fees	26	20	17
Parent company
Remuneration of Group's auditor
Audit fees:	2	2	2
Subsidiaries
Remuneration of Group's auditor
Audit fees:	14	13	€ 13
Subsidiaries | New accounting standards
Remuneration of Group's auditor
Audit fees:	€ 5	€ 1

Impairment losses (Details)

Impairment losses (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Impairment losses
Impairment losses			€ 569
Tax credit relating to impairment	€ 925	€ 840
Vodafone India (excluding interest in Indus Towers)
Impairment losses
Non-cash charges before tax	3,170	4,515
Non-cash charges net of tax	€ 2,245	3,675
Tax credit relating to impairment		€ 840
Goodwill.
Impairment losses
Management plans period (in years)	5 years
Impairment losses			569
Romania | Goodwill.
Impairment losses
Impairment losses			€ 569

Impairment losses - Goodwill (D

Impairment losses - Goodwill (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017
Impairment losses
Goodwill	€ 26,734	€ 26,808
Europe
Impairment losses
Goodwill	19,947	19,947
Germany
Impairment losses
Goodwill	12,479	12,479
Italy
Impairment losses
Goodwill	3,654	3,654
Spain
Impairment losses
Goodwill	3,814	3,814
AMAP
Impairment losses
Goodwill	€ 6,787	€ 6,861

Impairment losses - Key assumpt

Impairment losses - Key assumptions used in value in use calculations (Details) € in Millions, ₨ in Billions	12 Months Ended
	Mar. 31, 2018EUR (€)	Mar. 31, 2017EUR (€)	Mar. 31, 2016EUR (€)	Mar. 31, 2017INR (₨)	Mar. 31, 2017EUR (€)
Impairment losses
Key assumptions cash flow forecast period for licence and spectrum payments initial period for renewals and newly available spectrum	5 years
Key assumptions period for management plan used in long term growth rate.	5 years
Key assumption long term compound annual growth rate minimum period for estimates made by management	6 years
Key assumption long term compound annual growth rate maximum period for estimates made by management	10 years
Key assumption period management used forward looking equity market risk premium	10 years
Impairment losses			€ 569
Germany (VDSL spend)
Impairment losses
Recoverable amount that exceeds carrying value	€ 7,700		€ 2,000		€ 3,500
Assumptions used in value in use calculation
Pre-tax adjusted discount rate (as a percent)	8.30%		8.20%	8.40%	8.40%
Long-term growth rate (as a percent)	0.50%		0.50%	0.50%	0.50%
Projected adjusted EBITDA (as a percent)	3.70%		3.10%	3.00%	3.00%
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	2.00%	0.90%	0.50%
Long-term growth rate (as a percent)	(2.30%)	(1.00%)	(0.50%)
Projected adjusted EBITDA (as a percent)	(3.30%)	(1.60%)	(0.90%)
Projected capital expenditure (as a percent)	16.30%	7.60%	4.40%
Spain
Impairment losses
Recoverable amount that exceeds carrying value	€ 300		€ 1,000		€ 1,000
Assumptions used in value in use calculation
Pre-tax adjusted discount rate (as a percent)	9.70%		9.70%	9.70%	9.70%
Long-term growth rate (as a percent)	1.50%		1.50%	1.50%	1.50%
Projected adjusted EBITDA (as a percent)	5.90%		8.80%	7.90%	7.90%
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.20%	0.60%	0.60%
Long-term growth rate (as a percent)	(0.20%)	(0.70%)	(0.80%)
Projected adjusted EBITDA (as a percent)	(0.30%)	(1.10%)	(1.20%)
Projected capital expenditure (as a percent)	1.40%	4.40%	4.80%
Italy
Assumptions used in value in use calculation
Pre-tax adjusted discount rate (as a percent)	10.40%			10.30%	10.30%
Long-term growth rate (as a percent)	1.00%			1.00%	1.00%
Projected adjusted EBITDA (as a percent)	(2.60%)			(0.80%)	(0.80%)
Romania
Impairment losses
Impairment losses			€ 569
Recoverable amount that exceeds carrying value	€ 0				€ 200
Recoverable amount			€ 900
Assumptions used in value in use calculation
Pre-tax adjusted discount rate (as a percent)	9.80%		9.70%	9.00%	9.00%
Long-term growth rate (as a percent)	1.50%		1.00%	1.00%	1.00%
Projected adjusted EBITDA (as a percent)	2.60%		(0.30%)	0.10%	0.10%
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.10%	1.50%
Long-term growth rate (as a percent)	(0.10%)	(1.70%)
Projected adjusted EBITDA (as a percent)	(0.10%)	(1.90%)
Projected capital expenditure (as a percent)	0.40%	7.10%
Assumptions used in impairment review led to increase in impairment loss
Impairment loss adjustment for pre-tax adjusted discount rate for increase in rate			€ (0.2)
Impairment loss adjustment for long-term growth rate for increase in rate			0.3
Impairment loss adjustment for projected adjusted EBITDA for increase in rate			0.2
Impairment loss adjustment for projected capital expenditures for increase in rate			(0.1)
Assumptions used in impairment review led to decrease in impairment loss
Impairment loss adjustment for pre-tax adjusted discount rate decrease in rate			0.3
Impairment loss adjustment for long-term growth rate decrease in rate			(0.2)
Impairment loss adjustment for projected adjusted EBITDA decrease in rate			(0.2)
Impairment loss adjustment for projected capital expenditure decrease in rate			€ 0.1
UK
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.50%	0.50%
Long-term growth rate (as a percent)	(0.60%)	(0.60%)
Projected adjusted EBITDA (as a percent)	(0.80%)	(0.80%)
Projected capital expenditure (as a percent)	3.20%	3.20%
Ireland
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.60%	0.80%
Long-term growth rate (as a percent)	(0.70%)	(0.90%)
Projected adjusted EBITDA (as a percent)	(1.00%)	(1.20%)
Projected capital expenditure (as a percent)	4.20%	4.30%
Portugal
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	1.00%	0.60%
Long-term growth rate (as a percent)	(1.10%)	(0.60%)
Projected adjusted EBITDA (as a percent)	(1.50%)	(0.90%)
Projected capital expenditure (as a percent)	6.40%	3.90%
Czech Republic
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	3.10%	2.10%
Long-term growth rate (as a percent)	(4.00%)	(2.40%)
Projected adjusted EBITDA (as a percent)	(4.00%)	(2.80%)
Projected capital expenditure (as a percent)	16.90%	12.00%
Vodafone India (excluding interest in Indus Towers)
Impairment losses
Estimated cost synergy (as a percent)		50.00%
Increase in expected cost synergy (as a percent)		10.00%
Decrease in expected cost synergy (as a percent)		10.00%
Increase in asset fair value		€ 220
Decrease in asset fair value		€ 220
Change required for carrying value to equal recoverable amount
Fair value less costs of disposal excluding net debt				₨ 971	€ 14,000
Minimum | Germany (VDSL spend)
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	16.60%		14.50%	14.90%	14.90%
Minimum | Spain
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	16.80%		11.20%	14.30%	14.30%
Minimum | Italy
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	12.10%			12.70%	12.70%
Minimum | Romania
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	11.90%		11.50%
Change required for carrying value to equal recoverable amount
Projected capital expenditure (as a percent)		12.60%
Maximum | Germany (VDSL spend)
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	(18.80%)		15.60%	16.50%	16.50%
Maximum | Spain
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	(17.40%)		19.70%	15.80%	15.80%
Maximum | Italy
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	(13.30%)			14.20%	14.20%
Maximum | Romania
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	(14.60%)		18.80%	15.90%	15.90%

Investment income and financi84

Investment income and financing costs (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Available-for-sale investments:
Dividend received			€ 1
Loans and receivables at amortised cost	€ 339	€ 426	529
Fair value through the income statement (held for trading)	24	20	9
Other	322	28
Investment income	685	474	539
Items in hedge relationships:
Other loans	74	170	224
Interest rate and cross-currency interest rate swaps	(128)	(235)	(127)
Fair value hedging instrument	48	22	(140)
Fair value of hedged item	(36)	(16)	166
Other financial liabilities held at amortised cost:
Bank loans and overdrafts	317	419	284
Bonds and other loans	885	1,243	926
Interest (credit) /charge on settlement of tax issues	(11)	47	19
Fair value through the income statement (held for trading):
Derivatives - forward starting swaps and futures	(75)	(244)	121
Other			573
Financing costs	1,074	1,406	2,046
Net financing costs	389	932	1,507
Net foreign exchange loss	181	533	299
Interest capitalised	€ 0	€ 0	€ 0

Taxation - Income tax expense (

Taxation - Income tax expense (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Current tax expense/(credit)
Total current tax expense (income) and adjustments for current tax of prior periods	€ 1,018	€ 950	€ 757
Total deferred tax (credit)/expense	(1,897)	3,814	4,180
Total income tax (credit)/expense	(879)	4,764	4,937
Tax on discontinued operations
Tax credit on profit from ordinary activities of discontinued operations	(617)	(973)	(514)
Tax charge relating to the gain on discontinuance	15	95
Total tax credit on discontinued operations	(602)	(878)	(514)
Tax credit relating to impairment	925	840
Tax charged/(credited) directly to other comprehensive income
Current tax	22	(16)	(81)
Deferred tax	70	44	293
Total tax charged directly to other comprehensive income	92	28	212
Tax charged/(credited) directly to equity
Current tax			(8)
Deferred tax	9	(9)	3
Total tax (charged)/credited directly to equity	9	(9)	(5)
United Kingdom
Current tax expense/(credit)
Current year	70	27	(129)
Adjustments in respect of prior years	(5)	(3)	53
Total current tax expense (income) and adjustments for current tax of prior periods	65	24	(76)
Total deferred tax (credit)/expense	39	(16)	(32)
Spectrum Payments	10,300
Overseas
Current tax expense/(credit)
Current year	1,055	961	812
Adjustments in respect of prior years	(102)	(35)	21
Total current tax expense (income) and adjustments for current tax of prior periods	953	926	833
Total deferred tax (credit)/expense	€ (1,936)	€ 3,830	€ 4,212

Taxation - Factors affecting ta

Taxation - Factors affecting tax expense (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Differences between expected tax expense and total tax expense
Continuing profit/(loss) before tax as shown in the consolidated income statement	€ 3,878	€ 2,792	€ (190)
Aggregated expected income tax expense	985	795	85
Impairment losses with no tax effect			168
Disposal of Group investments	55	(271)	83
Effect of taxation of associates and joint ventures, reported within profit before tax	90	23	(18)
(Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain	(1,583)	1,603	1,288
Deferred tax following revaluation of investments in Luxembourg	(330)	(329)	3,037
Previously unrecognised temporary differences we expect to use in the future		(15)
Previously unrecognised temporary differences utilised in the year	(29)	(11)	(8)
Current year temporary differences (including losses) that we currently do not expect to use	20	139	50
Adjustments in respect of prior year tax liabilities	(244)	(107)	(48)
Revaluation of assets for tax purposes		(39)
Impact of tax credits and irrecoverable taxes	93	98	(38)
Deferred tax on overseas earnings	24	26	17
Effect of current year changes in statutory tax rates on deferred tax balances	(44)	2,755	95
Expenses not deductible (income not taxable) for tax purposes	84	97	226
Total income tax (credit)/expense	€ (879)	€ 4,764	€ 4,937

Taxation - Analysis of movement

Taxation - Analysis of movements in net deferred tax (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Analysis of movements in net deferred tax balance
Beginning balance	€ 23,765
Foreign exchange movements	(25)
Charged to the income statement (continuing operations)	1,897	€ (3,814)	€ (4,180)
Charged directly to OCI	(70)
Credited directly to equity	(9)	9	€ (3)
Reclassifications	(4)
Arising on acquisition and disposals	2
Ending balance	€ 25,556	€ 23,765

Taxation - Deferred tax assets

Taxation - Deferred tax assets and liabilities (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Taxation
Amount credited/(expensed) in income statement	€ 1,897	€ (3,814)	€ (4,180)
Gross deferred tax asset	33,653	33,432
Gross deferred tax liability	(2,153)	(2,471)
Less amounts unrecognised	(5,944)	(7,196)
Net recognised deferred tax (liability)/asset	25,556	23,765
Deferred tax assets and liabilities
Deferred tax assets	26,200	24,300
Deferred tax liabilities	(644)	(535)
Net deferred tax assets	25,556	23,765
Accelerated tax depreciation
Taxation
Amount credited/(expensed) in income statement	103	160
Gross deferred tax asset	1,289	1,368
Gross deferred tax liability	(1,342)	(1,535)
Less amounts unrecognised	(33)	(55)
Net recognised deferred tax (liability)/asset	(86)	(222)
Deferred tax assets and liabilities
Net deferred tax assets	(86)	(222)
Intangible assets
Taxation
Amount credited/(expensed) in income statement	225	353
Gross deferred tax asset	193	127
Gross deferred tax liability	(571)	(715)
Less amounts unrecognised	16	16
Net recognised deferred tax (liability)/asset	(362)	(572)
Deferred tax assets and liabilities
Net deferred tax assets	(362)	(572)
Tax losses
Taxation
Amount credited/(expensed) in income statement	1,666	(4,064)
Gross deferred tax asset	30,953	30,590
Less amounts unrecognised	(5,904)	(7,138)
Net recognised deferred tax (liability)/asset	25,049	23,452
Deferred tax assets and liabilities
Net deferred tax assets	25,049	23,452
Deferred tax on overseas earnings
Taxation
Amount credited/(expensed) in income statement	(24)	(95)
Gross deferred tax liability	(108)	(95)
Net recognised deferred tax (liability)/asset	(108)	(95)
Deferred tax assets and liabilities
Net deferred tax assets	(108)	(95)
Other temporary differences
Taxation
Amount credited/(expensed) in income statement	(73)	(168)
Gross deferred tax asset	1,218	1,347
Gross deferred tax liability	(132)	(126)
Less amounts unrecognised	(23)	(19)
Net recognised deferred tax (liability)/asset	1,063	1,202
Deferred tax assets and liabilities
Net deferred tax assets	€ 1,063	€ 1,202

Taxation - Unused tax losses an

Taxation - Unused tax losses and tax credits (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Line Items]
Provision for potential tax liability	€ 521	€ 711
Losses for which a deferred tax asset is recognised	103,718	97,692
Losses for which no deferred tax is recognised	25,689	30,411
Total unused tax losses or tax credits	129,407	128,103
Within 0 to 5 years
Income Tax Disclosure [Line Items]
Losses for which a deferred tax asset is recognised	266	292
Losses for which no deferred tax is recognised	621	352
Total unused tax losses or tax credits	887	644
Beyond 6 years
Income Tax Disclosure [Line Items]
Losses for which a deferred tax asset is recognised		65
Losses for which no deferred tax is recognised	3,074	1,503
Total unused tax losses or tax credits	3,074	1,568
Unlimited
Income Tax Disclosure [Line Items]
Losses for which a deferred tax asset is recognised	103,452	97,335
Losses for which no deferred tax is recognised	21,994	28,556
Total unused tax losses or tax credits	€ 125,446	€ 125,891

Taxation - Deferred tax asset90

Taxation - Deferred tax assets on losses (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income tax expense
Deferred tax assets	€ 26,200	€ 24,300
Tax losses for which no deferred tax asset recognised	25,689	30,411
Tax losses arising from subsidiaries for offset against future capital gains	7,544	7,880
Unrecognised other temporary differences	12	108
Deferred tax liabilities due to taxation arise if temporary differences on investments realised	108	95
Unremitted earnings of subsidiaries, associates and interests in joint ventures for which no deferred tax liability recognised	16,049	20,237
Luxemberg
Income tax expense
Losses arising from revaluation of investments	81,740	82,634
Deferred tax assets	21,261	19,632
Additional deferred tax assets recognised on revaluation of investments	330	329
Deferred tax assets, higher interest rates	1,603
Unused tax losses expired for which no deferred tax asset recognized	2,587	993
Tax losses for which no deferred tax asset recognised	9,132	9,132
Germany (VDSL spend)
Income tax expense
Losses arising from revaluation of investments	18,034	18,139
Deferred tax assets	2,796	2,799
Spain
Income tax expense
Deferred tax assets	880	914
Deferred tax assets derecognised	20
Tax losses arising from acquisitions	€ 3,521	€ 3,646
Minimum | Luxemberg
Income tax expense
Utilisation period of tax losses (in years)	55 years
Percentage of change in forecast income (as a percent)	5.00%
Change in tax losses utilisation period (in years)	3 years
Minimum | Germany (VDSL spend)
Income tax expense
Utilisation period of tax losses (in years)	10 years
Percentage of change in forecast income (as a percent)	5.00%
Minimum | Spain
Income tax expense
Utilisation period of tax losses (in years)	22 years
Percentage of change in forecast income (as a percent)	5.00%
Change in tax losses utilisation period (in years)	1 year
Maximum | Luxemberg
Income tax expense
Utilisation period of tax losses (in years)	60 years
Percentage of change in forecast income (as a percent)	10.00%
Change in tax losses utilisation period (in years)	5 years
Maximum | Germany (VDSL spend)
Income tax expense
Utilisation period of tax losses (in years)	12 years
Percentage of change in forecast income (as a percent)	10.00%
Maximum | Spain
Income tax expense
Utilisation period of tax losses (in years)	25 years
Change in tax losses utilisation period (in years)	2 years

Discontinued operations and a91

Discontinued operations and assets held for sale - Discontinued operations (Details) € / shares in Units, ₨ / shares in Units, € in Millions, $ in Millions, ₨ in Billions	May 14, 2018EUR (€)	Mar. 20, 2017	Mar. 31, 2019EUR (€)	Mar. 31, 2018USD ($)	Mar. 31, 2018EUR (€)€ / shares	Mar. 31, 2017USD ($)	Mar. 31, 2017EUR (€)€ / shares	Mar. 31, 2016USD ($)	Mar. 31, 2016EUR (€)€ / shares	Mar. 31, 2019₨ / shares	Mar. 31, 2019EUR (€)₨ / €	May 14, 2018₨ / shares	Mar. 31, 2018INR (₨)₨ / €₨ / shares	Mar. 31, 2018EUR (€)₨ / €	Mar. 31, 2017INR (₨)	Mar. 31, 2017EUR (€)	Mar. 31, 2015EUR (€)
Income statement and segment analysis of discontinued operations
Income tax credit/(expense)					€ 617		€ 973		€ 514
Attributable to owners of the parent				$ (1,969)	€ (1,969)	$ (4,107)	€ (4,107)	$ 5	€ 5
(Loss)/earnings per share from discontinued operations
Basic | € / shares					€ (0.0709)		€ (0.1468)		€ 0.0002
Diluted | € / shares					€ (0.0706)		€ (0.1468)		€ 0.0002
Total comprehensive (expense)/income for the financial year from discontinued operations
(Loss)/profit for the financial year from discontinued operations				$ (1,969)	€ (1,969)	$ (4,107)	€ (4,107)	$ 5	€ 5
Fair value at equity level									85,136					€ 68,607		€ 73,719	€ 93,708
Foreign exchange loss					€ 181		533		299
Verizon Wireless
Total comprehensive (expense)/income for the financial year from discontinued operations
Ownership interest (as a percentage)				45.00%	45.00%
Vodafone India (excluding interest in Indus Towers)
Discontinued operations and assets held for sale
Proportion of stake (as a percentage)		42.00%
Income statement and segment analysis of discontinued operations
Revenue					€ 4,648		5,827		6,120
Cost of sales					(2,995)		(4,504)		(4,799)
Gross profit					1,653		1,323		1,321
Selling and distribution expenses					(237)		(276)		(264)
Administrative expenses					(533)		(703)		(634)
Impairment losses							(4,515)
Other income and expense					416
Operating profit/(loss)					1,299		(4,171)		423
Financing costs					(715)		(909)		(932)
Profit/(loss) before taxation					584		(5,080)		(509)
Income tax credit/(expense)					(308)		973		514
Profit/(loss) after tax of discontinued operations					276		(4,107)		5
Pre-tax loss on the re-measurement of disposal group					(3,170)
Income tax credit					925
After tax loss on the re-measurement of disposal group					(2,245)
Attributable to owners of the parent					€ (1,969)		€ (4,107)		€ 5
(Loss)/earnings per share from discontinued operations
Basic | € / shares					€ (7.09)		€ (14.68)		€ 0.02
Diluted | € / shares					€ (7.06)		€ (14.68)		€ 0.02
Total comprehensive (expense)/income for the financial year from discontinued operations
(Loss)/profit for the financial year from discontinued operations					€ (1,969)		€ (4,107)		€ 5
Non-cash charges before tax					3,170		4,515
Non-cash charges net of tax					2,245		€ 3,675
Fair value per share | ₨ / shares												₨ 51.75	₨ 75.9
Fair value at equity level													₨ 223	€ 2,800	₨ 370	€ 5,300
Increased fair value per share | ₨ / shares										₨ 85.9			₨ 75.9
Decreased fair value per share | ₨ / shares										₨ 65.9
Gain on increase in fair value per share											€ 500
Loss on decrease in fair value per share			€ 200
Foreign exchange rate | ₨ / €													80.48	80.48
Foreign exchange loss	€ 1,200				€ 1,900
Vodafone India (excluding interest in Indus Towers) | Maximum
Total comprehensive (expense)/income for the financial year from discontinued operations
Foreign exchange rate | ₨ / €											85.5
Foreign exchange loss			2,100
Vodafone India (excluding interest in Indus Towers) | Minimum
Total comprehensive (expense)/income for the financial year from discontinued operations
Foreign exchange rate | ₨ / €											75.5
Foreign exchange loss			€ 1,800

Discontinued operations and a92

Discontinued operations and assets held for sale - Assets held for sale (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Non-current assets
Goodwill	€ 26,734	€ 26,808
Other intangible assets	16,523	19,412
Plant, property and equipment	28,325	30,204
Trade and other receivables	4,026	4,569
Deferred tax assets	26,200	24,300
Current assets
Inventory	581	576
Taxation recoverable	106	150
Trade and other receivables	9,975	9,861
Other investments	8,795	6,120
Cash and cash equivalents	4,674	8,835
Total current assets	24,131	25,542
Total assets held for sale	13,820	17,195
Non-current liabilities
Long-term borrowings	(32,908)	(34,523)
Deferred tax liabilities	(644)	(535)
Post employment benefits	(520)	(651)
Provisions	(1,065)	(1,130)
Trade and other payables	(2,843)	(1,737)
Total non current liabilities	(37,980)	(38,576)
Current liabilities
Short-term borrowings	(10,351)	(12,051)
Provisions	(891)	(1,049)
Trade and other payables	(16,242)	(16,834)
Total current liabilities	(28,025)	(30,595)
Total liabilities held for sale	(10,999)	(11,794)
Net debt	31,469	31,169
Derivative financial instruments	44,544	34,009
Deferred tax assets on losses in India
Deferred tax assets	26,200	24,300
Losses for which no deferred tax is recognised	25,689	30,411
Vodafone India (excluding interest in Indus Towers)
Deferred tax assets on losses in India
Deferred tax assets recognized	€ 1,290	816
Minimum forecast period reviewing the future profits	5 years
Losses for which no deferred tax is recognised	€ 399	352
Assets and liabilities classified as held for sale | Vodafone India (excluding interest in Indus Towers)
Non-current assets
Other intangible assets	5,937	9,214
Plant, property and equipment	2,823	3,462
Trade and other receivables	1,641	1,202
Deferred tax assets	526	694
Total Non current assets	10,927	14,572
Current assets
Inventory		1
Taxation recoverable	1,219	1,311
Trade and other receivables	936	831
Other investments	11	13
Cash and cash equivalents	727	467
Total current assets	2,893	2,623
Total assets held for sale	13,820	17,195
Non-current liabilities
Long-term borrowings	(6,687)	(8,024)
Post employment benefits	(14)	(15)
Provisions	(665)	(784)
Trade and other payables	(32)	(39)
Total non current liabilities	(7,398)	(8,862)
Current liabilities
Short-term borrowings	(1,756)	(1,139)
Provisions	(18)	(25)
Trade and other payables	(1,827)	(1,768)
Total current liabilities	(3,601)	(2,932)
Total liabilities held for sale	(10,999)	(11,794)
Net debt	7,714	8,674
Licence payables classified as debt	6,418	7,143
Other borrowings	2,025	2,020
Derivative financial instruments	2	22
Licence payables paid in cash	345	499
Deferred tax assets on losses in India
Deferred tax assets	526	€ 694
Maximum
Current liabilities
Net debt	€ 32,900
Maximum | Vodafone India (excluding interest in Indus Towers)
Deferred tax assets on losses in India
Utilization period of deferred tax	13 years
Minimum
Current liabilities
Net debt	€ 30,000
Minimum | Vodafone India (excluding interest in Indus Towers)
Deferred tax assets on losses in India
Utilization period of deferred tax	11 years

Earnings per share (Details)

Earnings per share (Details) € / shares in Units, € in Millions, shares in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2018USD ($)shares	Mar. 31, 2018EUR (€)€ / sharesshares	Mar. 31, 2017USD ($)shares	Mar. 31, 2017EUR (€)€ / sharesshares	Mar. 31, 2016USD ($)shares	Mar. 31, 2016EUR (€)€ / sharesshares
Weighted average number of shares for diluted earnings per share
Weighted average number of shares for basic earnings per share (in shares) | shares	27,770	27,770	27,971	27,971	26,692	26,692
Effect of dilutive potential shares: restricted shares and share options (in shares) | shares	87	87
Weighted average number of shares for diluted earnings per share (in shares) | shares	27,857	27,857	27,971	27,971	26,692	26,692
Earnings/(loss) for basic and diluted earnings per share
Earnings/(loss) for earnings per share from continuing operations	$ 4,408	€ 4,757	$ (2,190)	€ (1,972)	$ (5,410)	€ (5,127)
(Loss)/earnings for earnings per share from discontinued operations	(1,969)	(1,969)	(4,107)	(4,107)	5	5
Profit/(loss) for the financial year	$ 2,439	€ 2,788	$ (6,297)	€ (6,079)	$ (5,405)	€ (5,122)
Basic earnings/(loss) per share
Basic earnings/(loss) per share from continuing operations		€ 0.1587		€ (0.0783)		€ (0.2027)
Basic (loss)/earnings per share from discontinued operations		(0.0709)		(0.1468)		0.0002
Basic earnings/(loss) per share (in eurocents per share)		0.0878		(0.2251)		(0.2025)
Diluted earnings/(loss) per share
Diluted earnings/(loss) per share from continuing operations		0.1582		(0.0783)		(0.2027)
Diluted (loss)/earnings per share from discontinued operations		(0.0706)		(0.1468)		0.0002
Diluted earnings/(loss) per share (in eurocents per share)		€ 0.0876		€ (0.2251)		€ (0.2025)

Equity dividends (Details)

Equity dividends (Details) € / shares in Units, € in Millions	12 Months Ended
	Mar. 31, 2018EUR (€)€ / shares	Mar. 31, 2017EUR (€)€ / shares	Mar. 31, 2016£ / shares	Mar. 31, 2016EUR (€)	Mar. 31, 2015£ / shares
Declared during the financial year:
Final dividend for the year ended 31 March 2017: 10.03 eurocents per share (2016: 7.77 pence per share, 2015: 7.62 pence per share)	€ 2,670	€ 2,447		€ 2,852
Interim dividend for the year ended 31 March 2018: 4.84 eurocents per share (2017: 4.74 eurocents per share, 2016: 3.68 pence per share)	1,291	1,262		1,381
Total dividends declared	3,961	3,709		4,233
Proposed after the end of the year and not recognised as a liability:
Final dividend for the year ended 31 March 2018: 10.23 eurocents per share (2017: 10.03 eurocents per share, 2016: 7.77 pence per share)	€ 2,729	€ 2,670		€ 2,447
Declared during the financial year (per share)
Final dividend (per share) | (per share)		€ 10.03	£ 7.77		£ 7.62
Interim dividend (per share) | (per share)	€ 4.84	4.74	3.68
Proposed after the end of the reporting period and not recognised as a liability (per share)
Final dividend (per share) | (per share)	€ 10.23	€ 10.03	£ 7.77

Intangible assets (Details)

Intangible assets (Details) - EUR (€) € in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Changes in Intangible Assets and Goodwill
Net book value	€ 43,257,000	€ 46,220,000
Cost
Changes in Intangible Assets and Goodwill
Intangible assets, including assets held for sale			€ 158,138,000
Transfer of assets held for sale			(13,505,000)
Balance at the beginning of the period	145,388,000	144,633,000
Exchange movements	(1,473,000)	(1,129,000)
Decrease through loss of control of subsidiary, intangible assets and goodwill	(1,934,000)
Arising on acquisition	5,000	27,000
Additions	3,011,000	2,555,000
Disposals	(1,545,000)	(601,000)
Other	16,000	(97,000)
Balance at the end of the period	143,468,000	145,388,000
Accumulated impairment losses and amortisation
Changes in Intangible Assets and Goodwill
Intangible assets, including assets held for sale			99,574
Transfer of assets held for sale			(3,732,000)
Balance at the beginning of the period	99,168,000	95,842,000
Exchange movements	(880,000)	(820,000)
Decrease through loss of control of subsidiary, intangible assets and goodwill	(952,000)
Amortisation charge for the year	4,399,000	4,821,000
Disposals	(1,521,000)	(588,000)
Other	(3,000)	(87,000)
Balance at the end of the period	100,211,000	99,168,000
Goodwill.
Changes in Intangible Assets and Goodwill
Net book value	26,734,000	26,808,000
Goodwill. | Cost
Changes in Intangible Assets and Goodwill
Intangible assets, including assets held for sale			93,990
Transfer of assets held for sale			(3,680)
Balance at the beginning of the period	90,221,000	90,310
Exchange movements	(313,000)	(90,000)
Arising on acquisition	5,000	1,000
Balance at the end of the period	89,913,000	90,221,000
Goodwill. | Accumulated impairment losses and amortisation
Changes in Intangible Assets and Goodwill
Intangible assets, including assets held for sale			65,752
Transfer of assets held for sale			(2,086)
Balance at the beginning of the period	63,413,000	63,666
Exchange movements	(234,000)	(253,000)
Balance at the end of the period	63,179,000	63,413,000
Licence and spectrum fees
Changes in Intangible Assets and Goodwill
Net book value	11,420,000	13,821,000
Licence and spectrum fees | Cost
Changes in Intangible Assets and Goodwill
Intangible assets, including assets held for sale			40,973
Transfer of assets held for sale			(9,472)
Balance at the beginning of the period	30,775,000	31,501
Exchange movements	(855,000)	(1,023,000)
Decrease through loss of control of subsidiary, intangible assets and goodwill	(1,712,000)
Arising on acquisition		10,000
Additions	747,000	359,000
Disposals	(158,000)	(72,000)
Balance at the end of the period	28,797,000	30,775,000
Licence and spectrum fees | Accumulated impairment losses and amortisation
Changes in Intangible Assets and Goodwill
Intangible assets, including assets held for sale			17,128
Transfer of assets held for sale			(1,334)
Balance at the beginning of the period	16,954,000	15,794
Exchange movements	(398,000)	(548,000)
Decrease through loss of control of subsidiary, intangible assets and goodwill	(779,000)
Amortisation charge for the year	1,758,000	1,780,000
Disposals	(158,000)	(72,000)
Balance at the end of the period	€ 17,377,000	16,954,000
Licence and spectrum fees | Minimum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	3 years
Licence and spectrum fees | Maximum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	25 years
Computer software
Changes in Intangible Assets and Goodwill
Net book value	€ 4,872,000	4,814,000
Computer software | Cost
Changes in Intangible Assets and Goodwill
Intangible assets, including assets held for sale			15,729
Transfer of assets held for sale			(201)
Balance at the beginning of the period	16,962,000	15,528
Exchange movements	(233,000)	(174,000)
Decrease through loss of control of subsidiary, intangible assets and goodwill	(222,000)
Arising on acquisition		11,000
Additions	2,261,000	2,193,000
Disposals	(1,381,000)	(499,000)
Other	26,000	(97,000)
Balance at the end of the period	17,413,000	16,962,000
Computer software | Accumulated impairment losses and amortisation
Changes in Intangible Assets and Goodwill
Intangible assets, including assets held for sale			10,927
Transfer of assets held for sale			(160)
Balance at the beginning of the period	12,148,000	10,767
Exchange movements	(183,000)	(152,000)
Decrease through loss of control of subsidiary, intangible assets and goodwill	(173,000)
Amortisation charge for the year	2,105,000	2,106,000
Disposals	(1,357,000)	(486,000)
Other	1,000	(87,000)
Balance at the end of the period	€ 12,541,000	12,148,000
Computer software | Minimum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	3 years
Computer software | Maximum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	5 years
Brands | Minimum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	1 year
Brands | Maximum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	10 years
Customer bases | Minimum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	2 years
Customer bases | Maximum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	15 years
Others
Changes in Intangible Assets and Goodwill
Net book value	€ 231,000	777,000
Others | Cost
Changes in Intangible Assets and Goodwill
Intangible assets, including assets held for sale			7,446
Transfer of assets held for sale			(152)
Balance at the beginning of the period	7,430,000	7,294
Exchange movements	(72,000)	158,000
Arising on acquisition		5,000
Additions	3,000	3,000
Disposals	(6,000)	(30,000)
Other	(10,000)
Balance at the end of the period	7,345,000	7,430,000
Others | Accumulated impairment losses and amortisation
Changes in Intangible Assets and Goodwill
Intangible assets, including assets held for sale			5,767
Transfer of assets held for sale			€ (152)
Balance at the beginning of the period	6,653,000	5,615
Exchange movements	(65,000)	133,000
Amortisation charge for the year	536,000	935,000
Disposals	(6,000)	(30,000)
Other	(4,000)
Balance at the end of the period	€ 7,114,000	€ 6,653,000

Intangible assets - Net book va

Intangible assets - Net book value of significant Licences (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017
Intangible assets
Net book value	€ 43,257	€ 46,220
Significant licences | Germany (VDSL spend)
Intangible assets
Net book value	4,053	4,726
Significant licences | Italy
Intangible assets
Net book value	1,896	1,442
Significant licences | UK
Intangible assets
Net book value	€ 2,316	2,818
Significant licences | Qatar
Intangible assets
Net book value		€ 1,164

Property, plant and equipment97

Property, plant and equipment (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of period	€ 30,204
Balance, before reclassification as held for sale		€ 30,204
Property, plant and equipment at end of period	28,325	30,204
Land and buildings
Reconciliation of property, plant and equipment
Balance, before reclassification as held for sale		1,125
Property, plant and equipment at end of period	1,060
Assets held under finance leases	3	3
Net book value of assets recognised in the course of construction	€ 15	10
Freehold buildings | Minimum
Property, plant and equipment
Useful life	25 years
Freehold buildings | Maximum
Property, plant and equipment
Useful life	50 years
Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Balance, before reclassification as held for sale		29,079
Property, plant and equipment at end of period	€ 27,265
Assets held under finance leases	681	608
Net book value of assets recognised in the course of construction	€ 1,224	1,234
Network infrastructure and other | Minimum
Property, plant and equipment
Useful life	1 year
Network infrastructure and other | Maximum
Property, plant and equipment
Useful life	35 years
Cost
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of period	€ 70,470	69,331
Exchange movements	(1,453)	(1,821)
Arising on acquisition		7
Additions	5,057	5,288
Disposals	(2,814)	(2,616)
Decrease through loss of control of subsidiary, property, plant and equipment	(552)
Other	49	281
Balance, before reclassification as held for sale			€ 76,879
Reclassification as held for sale		(7,548)
Property, plant and equipment at end of period	70,757	70,470
Cost | Land and buildings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of period	2,266	2,290
Exchange movements	(38)	(42)
Additions	88	104
Disposals	(94)	(94)
Other	3	8
Balance, before reclassification as held for sale			2,393
Reclassification as held for sale		(103)
Property, plant and equipment at end of period	2,225	2,266
Cost | Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of period	68,204	67,041
Exchange movements	(1,415)	(1,779)
Arising on acquisition		7
Additions	4,969	5,184
Disposals	(2,720)	(2,522)
Decrease through loss of control of subsidiary, property, plant and equipment	(552)
Other	46	273
Balance, before reclassification as held for sale			74,486
Reclassification as held for sale		(7,445)
Property, plant and equipment at end of period	68,532	68,204
Accumulated impairment losses and amortisation
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of period	40,266	37,516
Exchange movements	(833)	(1,102)
Charge for the year	6,010	6,265
Disposals	(2,758)	(2,543)
Decrease through loss of control of subsidiary, property, plant and equipment	(287)
Other	34	130
Balance, before reclassification as held for sale			41,364
Reclassification as held for sale			(3,848)
Property, plant and equipment at end of period	42,432	40,266
Accumulated impairment losses and amortisation | Land and buildings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of period	1,141	1,105
Exchange movements	(17)	(15)
Charge for the year	123	139
Disposals	(83)	(89)
Other	1	1
Balance, before reclassification as held for sale			1,141
Reclassification as held for sale			(36)
Property, plant and equipment at end of period	1,165	1,141
Accumulated impairment losses and amortisation | Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of period	39,125	36,411
Exchange movements	(816)	(1,087)
Charge for the year	5,887	6,126
Disposals	(2,675)	(2,454)
Decrease through loss of control of subsidiary, property, plant and equipment	(287)
Other	33	129
Balance, before reclassification as held for sale			40,223
Reclassification as held for sale			€ (3,812)
Property, plant and equipment at end of period	€ 41,267	€ 39,125

Investments in associates and98

Investments in associates and joint arrangements - Joint ventures (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Disclosure of joint ventures [line items]
Investment in joint ventures	€ 2,097	€ 2,689	€ 29
Investment in associates	441	449
Total investments in subsidiaries, joint ventures and associates	2,538	3,138
(Loss)/profit from continuing operations	(246)	(135)	(91)
Other comprehensive income	1	2	(1)
Total comprehensive (expense)/income	(245)	(133)	(92)
VodafoneZiggo Group Holding B.V.
Disclosure of joint ventures [line items]
Investment in joint ventures	€ 2,119	2,736
Proportion of stake (as a percentage)	50.00%
(Loss)/profit from continuing operations	€ (398)	(160)
Other comprehensive income	1	2
Total comprehensive (expense)/income	(397)	(158)
Indus Towers Limited
Disclosure of joint ventures [line items]
Investment in joint ventures	€ 893	1,032	982
Proportion of stake (as a percentage)	42.00%
(Loss)/profit from continuing operations	€ 135	98	101
Total comprehensive (expense)/income	135	98	101
Vodafone Hutchison Australia Pty Limited
Disclosure of joint ventures [line items]
Divestment in joint ventures	€ (979)	(1,156)	(1,032)
Proportion of stake (as a percentage)	50.00%
(Loss)/profit from continuing operations	€ 32	(59)	(153)
Other comprehensive income			(1)
Total comprehensive (expense)/income	32	(59)	(154)
Other
Disclosure of joint ventures [line items]
Investment in joint ventures	64	77	79
(Loss)/profit from continuing operations	(15)	(14)	(39)
Total comprehensive (expense)/income	€ (15)	€ (14)	€ (39)
Cornerstone Telecommunications Infrastructure Limited
Disclosure of joint ventures [line items]
% held by Group companies (as a percent)	50.00%

Investments in associates and99

Investments in associates and joint arrangements - Financial information about joint ventures (Details) € in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2018EUR (€)	Mar. 31, 2017USD ($)	Mar. 31, 2017EUR (€)	Mar. 31, 2016USD ($)	Mar. 31, 2016EUR (€)	Mar. 31, 2015EUR (€)
Income statement and statement of comprehensive income
Revenue		€ 46,571		€ 47,631		€ 49,810
Depreciation and amortisation expense		(10,409)		(11,086)		(11,697)
(Loss)/profit from continuing operations	$ 2,439	2,788	$ (6,297)	(6,079)	$ (5,405)	(5,122)
Other comprehensive income/(expense)		(2,389)		(1,357)		(2,521)
Total comprehensive income/(expense) for the year		399		(7,436)		(7,643)
Statement of financial position
Non-current assets		107,660		111,947
Current assets		24,131		25,542
Non-current liabilities		(37,980)		(38,576)
Current liabilities		(28,025)		(30,595)
Equity shareholders' funds		(68,607)		(73,719)		(85,136)	€ (93,708)
Cash and cash equivalents within current assets		4,674		8,835
Goodwill		26,734		26,808
Carrying value		2,097		2,689		29
VodafoneZiggo Group Holding B.V.
Income statement and statement of comprehensive income
Revenue		3,972		1,014
Depreciation and amortisation expense		(2,232)		(764)
Interest income		6		23
Interest expense		(543)		(117)
Income tax income/(expense)		287		105
(Loss)/profit from continuing operations		(795)		(320)
Other comprehensive income/(expense)		3		3
Total comprehensive income/(expense) for the year		(792)		(317)
Statement of financial position
Non-current assets		18,721		20,303
Current assets		773		721
Non-current liabilities		(13,303)		(14,015)
Current liabilities		(1,953)		(1,538)
Equity shareholders' funds		(4,238)		(5,471)
Cash and cash equivalents within current assets		355		273
Non-current liabilities excluding trade and other payables and provisions		(12,510)		(13,668)
Current liabilities excluding trade and other payables and provisions		(1)
Dividend received		220		76		0
Equity shareholders' funds		4,238		5,471
Interest in joint ventures		2,119		2,736
Carrying value		€ 2,119		2,736
Proportion of ownership interest	50.00%	50.00%
Indus Towers Limited
Income statement and statement of comprehensive income
Revenue		€ 2,477		2,379		2,277
Depreciation and amortisation expense		(303)		(407)		(489)
Interest income		16		22		10
Interest expense		(74)		(91)		(86)
Income tax income/(expense)		(316)		(267)		(186)
(Loss)/profit from continuing operations		322		234		240
Total comprehensive income/(expense) for the year		322		234		240
Statement of financial position
Non-current assets		1,598		1,995
Current assets		520		326
Non-current liabilities		(476)		(545)
Current liabilities		(814)		(825)
Equity shareholders' funds		(828)		(951)
Cash and cash equivalents within current assets		15		29
Non-current liabilities excluding trade and other payables and provisions		(136)		(188)
Current liabilities excluding trade and other payables and provisions		(396)		(375)
Dividend received		138		126		0
Equity shareholders' funds		828		951
Interest in joint ventures		348		399
Goodwill		545		633
Carrying value		€ 893		1,032		982
Proportion of ownership interest	42.00%	42.00%
Vodafone Hutchison Australia Pty Limited
Income statement and statement of comprehensive income
Revenue		€ 2,518		2,287		2,354
Depreciation and amortisation expense		(483)		(473)		(517)
Interest income		3		3		2
Interest expense		(230)		(240)		(268)
Income tax income/(expense)		1
(Loss)/profit from continuing operations		64		(117)		(306)
Other comprehensive income/(expense)						(2)
Total comprehensive income/(expense) for the year		64		(117)		(308)
Statement of financial position
Non-current assets		3,241		2,317
Current assets		194		892
Non-current liabilities		(4,478)		(1,460)
Current liabilities		(1,125)		(4,301)
Equity shareholders' funds		2,168		2,552
Cash and cash equivalents within current assets		104		68
Non-current liabilities excluding trade and other payables and provisions		(4,453)		(1,435)
Current liabilities excluding trade and other payables and provisions		(464)		(3,563)
Equity shareholders' funds		(2,168)		(2,552)
Interest in joint ventures		(1,084)		(1,276)
Goodwill		105		120
Carrying value		€ (979)		€ (1,156)		€ (1,032)
Proportion of ownership interest	50.00%	50.00%

Investments in associates an100

Investments in associates and joint arrangements - Associates (Details) € in Millions, Ksh in Billions	12 Months Ended
	Mar. 31, 2018EUR (€)shares	Mar. 31, 2017EUR (€)	Mar. 31, 2016EUR (€)	Mar. 31, 2018KES (Ksh)	Mar. 31, 2018EUR (€)
Disclosure of associates [line items]
Investment in associates		€ 449			€ 441
Profit from continuing operations	€ (246)	(135)	€ (91)
Other comprehensive expense	1	2	(1)
Total comprehensive (expense)/income	€ (245)	(133)	(92)
Safaricom Limited
Disclosure of associates [line items]
Percentage of shareholding in associate	40.00%
Number of non-voting shares | shares	2
Fair value of investment in associate		3,996		Ksh 496
Investment in associates		449	450		€ 441
Profit from continuing operations	€ 187	182	151
Total comprehensive (expense)/income	€ 187	€ 182	€ 151

Investments in associates an101

Investments in associates and joint arrangements - Vodacom and Safaicom (Details) - EUR (€) € in Millions, shares in Millions	Sep. 06, 2017	Sep. 05, 2017	Aug. 07, 2017	Aug. 06, 2017	Mar. 31, 2018
Safaricom Limited
Disclosure of associates [line items]
Proportion of placing shares in ordinary shares			5.00%
Vodacom Group Limited
Disclosure of associates [line items]
Ownership interest (as a percent)					64.52%
Proportion of placing shares in ordinary shares		5.20%
Vodacom Group Limited | Vodafone
Disclosure of associates [line items]
Number of shares issued			233.5
Vodafone International Holdings B.V.
Disclosure of associates [line items]
Ownership interest (as a percent)			69.70%	65.00%	100.00%
Proportion of placing shares in ordinary shares	64.50%
Number of shares sold under Placing	90	90
Proceeds from issue of ordinary shares	€ 955

Other investments (Details)

Other investments (Details) € in Millions, $ in Billions	12 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2018EUR (€)	Mar. 31, 2017USD ($)	Mar. 31, 2017EUR (€)
Disclosure of financial assets [line items]
Total non-current other investments		€ 3,204		€ 3,459
Cash and other investments held in restricted deposits		1,382		1,109
Total current other investments		8,795		6,120
Listed
Disclosure of financial assets [line items]
Non-current financial assets available-for-sale		3		3
Unlisted
Disclosure of financial assets [line items]
Non-current financial assets available-for-sale		44		82
Public Debt and Bonds
Disclosure of financial assets [line items]
Current debt instruments held		2,517		2,284
Current financial assets at fair value through profit or loss, classified as held for trading		1,974		1,638
Gilts		1,112		1,172
Other Debt and Bonds
Disclosure of financial assets [line items]
Loan notes		3,157		3,374
Current loans and receivables		4,896		2,727
Liquid days	90 days
Current financial assets at fair value through profit or loss, classified as held for trading		3,087		2,039
Current financial assets at amortised cost		830		506
Other debt and bonds current, short-term investment		976		182
Other Debt and Bonds | Verizon Communications Inc
Disclosure of financial assets [line items]
Loan notes	$ 2.5	2,000	$ 2.5	2,300
Other Debt and Bonds | VodafoneZiggo Group Holding B.V.
Disclosure of financial assets [line items]
Loan notes		€ 900		€ 1,000

Trade and other receivables (De

Trade and other receivables (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017
Included within non-current assets:
Trade receivables	€ 435	€ 362
Amounts owed by associates and joint ventures	1	27
Other receivables	194	130
Prepayments	597	378
Accrued income	350
Derivative financial instruments	2,449	3,672
Total trade and other non-current receivables	4,026	4,569
Included within current assets:
Trade receivables	4,967	4,973
Amounts owed by associates and joint ventures	524	325
Other receivables	895	918
Prepayments	1,152	1,197
Accrued income	2,257	1,838
Derivative financial instruments	180	610
Total trade and other current receivables	€ 9,975	€ 9,861

Trade and other receivables - A

Trade and other receivables - Allowances for bad and doubtful debts (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Trade and other receivables
Beginning balance	€ 1,418	€ 1,385
Reclassification as held for sale		(66)
Exchange movements	(78)	(94)
Amounts charged to administrative expenses	528	589
Other	(619)	(396)
Ending balance	€ 1,249	€ 1,418

Trade and other receivables - F

Trade and other receivables - Fair values of derivative financial instruments (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017
Fair value through the income statement (held for trading)
Derivative financial instruments
Cross-currency interest rate swaps	€ 2,124	€ 2,489
Derivative instruments in designated hedge relationships
Derivative financial instruments
Cross-currency interest rate swaps	2,629	4,282
Interest rate swaps | Fair value through the income statement (held for trading)
Derivative financial instruments
Cross-currency interest rate swaps	1,610	2,248
Interest rate swaps | Derivative instruments in designated hedge relationships
Derivative financial instruments
Cross-currency interest rate swaps	191	212
Cross-currency interest rate swaps | Fair value through the income statement (held for trading)
Derivative financial instruments
Cross-currency interest rate swaps	445	126
Cross-currency interest rate swaps | Derivative instruments in designated hedge relationships
Derivative financial instruments
Cross-currency interest rate swaps	314	1,581
Options | Fair value through the income statement (held for trading)
Derivative financial instruments
Cross-currency interest rate swaps	25	12
Foreign exchange contracts | Fair value through the income statement (held for trading)
Derivative financial instruments
Cross-currency interest rate swaps	€ 44	€ 103

Trade and other payables (Detai

Trade and other payables (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017
Included within non-current liabilities:
Other payables	€ 314	€ 30
Accruals	159	154
Deferred income	237	204
Derivative financial instruments	2,133	1,349
Total trade and other non-current payables	2,843	1,737
Included within current liabilities:
Trade payables	6,185	6,212
Amounts owed to associates and joint ventures	27	14
Other taxes and social security payable	1,177	1,261
Other payables	1,346	1,220
Accruals	5,579	5,683
Deferred income	1,678	1,716
Derivative financial instruments	250	728
Total trade and other current payables	€ 16,242	€ 16,834

Trade and other payables - Fair

Trade and other payables - Fair value of derivative financial instruments (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017
Derivative financial instruments
Other payables	€ 314	€ 30
Fair value through the income statement (held for trading).
Derivative financial instruments
Fair value of derivative financial instruments	1,351	1,636
Derivative instruments in designated hedge relationships
Derivative financial instruments
Fair value of derivative financial instruments	2,383	2,077
Interest rate swaps | Fair value through the income statement (held for trading).
Derivative financial instruments
Fair value of derivative financial instruments	412	553
Interest rate swaps | Derivative instruments in designated hedge relationships
Derivative financial instruments
Fair value of derivative financial instruments	103	61
Cross-currency interest rate swaps | Fair value through the income statement (held for trading).
Derivative financial instruments
Fair value of derivative financial instruments	812	944
Cross-currency interest rate swaps | Derivative instruments in designated hedge relationships
Derivative financial instruments
Fair value of derivative financial instruments	929	380
Options | Fair value through the income statement (held for trading).
Derivative financial instruments
Fair value of derivative financial instruments	76	63
Foreign exchange contracts | Fair value through the income statement (held for trading).
Derivative financial instruments
Fair value of derivative financial instruments	51	76
Vodafone UK plan
Derivative financial instruments
Other payables	€ 271	€ 0

Provisions (Details)

Provisions (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reconciliation of changes in other provisions
Beginning balance	€ 2,179	€ 2,577
Transfer of liabilities held for sale		(652)
Disposal of subsidiaries	17
Exchange movements	(38)	(50)
Amounts capitalised in the year	59	157
Amounts charged to the income statement	465	791
Utilised in the year - payments	(414)	(467)
Amounts released to the income statement	(278)	(217)
Other		40
Ending balance	1,956	2,179
Asset retirement obligations
Reconciliation of changes in other provisions
Beginning balance	606	571
Transfer of liabilities held for sale		(10)
Disposal of subsidiaries	14
Exchange movements	(13)	(17)
Amounts capitalised in the year	59	157
Utilised in the year - payments	(33)	(51)
Amounts released to the income statement	(22)	(44)
Ending balance	583	606
Legal and regulatory
Reconciliation of changes in other provisions
Beginning balance	634	1,215
Transfer of liabilities held for sale		(642)
Disposal of subsidiaries	3
Exchange movements	(21)	(32)
Amounts charged to the income statement	140	148
Utilised in the year - payments	(57)	(40)
Amounts released to the income statement	(171)	(56)
Other		41
Ending balance	522	634
Other
Reconciliation of changes in other provisions
Beginning balance	939	791
Exchange movements	(4)	(1)
Amounts charged to the income statement	325	643
Utilised in the year - payments	(324)	(376)
Amounts released to the income statement	(85)	(117)
Other		(1)
Ending balance	€ 851	€ 939

Provisions - Current and non-cu

Provisions - Current and non-current (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Provisions
Current liabilities	€ 891	€ 1,049
Non-current liabilities	1,065	1,130
Total Provisions	1,956	2,179	€ 2,577
Asset retirement obligations
Provisions
Current liabilities	17	10
Non-current liabilities	566	596
Total Provisions	583	606	571
Legal and regulatory
Provisions
Current liabilities	280	300
Non-current liabilities	242	334
Total Provisions	522	634	1,215
Other
Provisions
Current liabilities	594	739
Non-current liabilities	257	200
Total Provisions	€ 851	€ 939	€ 791

Called up share capital (Detail

Called up share capital (Details) - EUR (€) € in Millions	Aug. 25, 2017	Aug. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Beginning balance			€ 4,796
Ending balance			€ 4,796	€ 4,796
Reissue of treasury shares		729,100,000
Ordinary shares
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Beginning balance (in shares)			28,814,142,848	28,813,396,008
Allotted during the year (in shares)			660,460	746,840
Ending balance (in shares)			28,814,803,308	28,814,142,848
Beginning balance			€ 4,796	€ 4,796
Ending balance			€ 4,796	€ 4,796
Number of treasury shares held			2,139,038,029	2,192,064,339
Nominal value of treasury shares			€ 356	€ 365
Market value of treasury shares			€ 4,738	€ 5,348
Reissue of treasury shares	729,077,001		53,026,317	62,761,357

Reconciliation of net cash f111

Reconciliation of net cash flow from operating activities (Details) € in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2018EUR (€)	Mar. 31, 2017USD ($)	Mar. 31, 2017EUR (€)	Mar. 31, 2016USD ($)	Mar. 31, 2016EUR (€)
Reconciliation of net cash flow from operating activities
Profit/(loss) for the financial year:	$ 2,439	€ 2,788	$ (6,297)	€ (6,079)	$ (5,405)	€ (5,122)
Loss/(profit) from discontinued operations	1,969	1,969	4,107	4,107	(5)	(5)
Earnings/(loss) for earnings per share from continuing operations	$ 4,408	4,757	$ (2,190)	(1,972)	$ (5,410)	(5,127)
Non-operating expenses		32		1		3
Investment income		(685)		(474)		(539)
Financing costs		1,074		1,406		2,046
Income tax (expense)/credit		(879)		4,764		4,937
Operating profit		4,299		3,725		1,320
Adjustments for:
Share-based payments		128		95		154
Depreciation and amortisation		10,409		11,086		11,697
Loss on disposal of property, plant and equipment and intangible assets		36		22		27
Share of result of equity accounted associates and joint ventures		59		(47)		(60)
Impairment losses						569
Other expense						286
Other income		(213)		(1,052)
Decrease/(increase) in inventory		(26)		117		(144)
Decrease/(increase) in trade and other receivables		(1,118)		308		(684)
(Decrease)/increase in trade and other payables		286		(473)		332
Cash generated by operations		13,860		13,781		13,497
Net tax paid		(1,118)		(761)		(807)
Cash flows from discontinued operations		858		1,203		1,646
Net cash flow from operating activities		€ 13,600		€ 14,223		€ 14,336

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Cash and cash equivalents
Cash at bank and in hand	€ 2,197	€ 1,856
Money market funds and bank deposits	2,477	6,979
Cash and cash equivalents as presented in the statement of financial position	4,674	8,835
Bank overdrafts	(7)
Cash and cash equivalents of discontinued operations	727	467
Cash and cash equivalents as presented in the statement of cash flows	5,394	9,302	€ 12,911	€ 9,492
Restricted cash and cash equivalents	€ 1,449	€ 1,132

Borrowings - Carrying value and

Borrowings - Carrying value and fair value information (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Borrowings
Short-term borrowings	€ 10,351	€ 12,051
Long-term borrowings	32,908	34,523
Total borrowings	43,259	46,574
Net debt	31,469	31,169
Minimum
Borrowings
Net debt	30,000
Maximum
Borrowings
Net debt	32,900
Bank loans
Borrowings
Short-term borrowings	1,159	867
Total borrowings	3,316	3,608
Commercial paper
Borrowings
Short-term borrowings	2,712	3,648
Total borrowings	2,712	3,648
Bonds
Borrowings
Short-term borrowings	3,477	2,904
Total borrowings	€ 21,866	€ 20,005
Bonds Mature Between 2018 and 2056 | Minimum
Borrowings
Borrowing interest rate	0.00%
Bonds Mature Between 2018 and 2056 | Maximum
Borrowings
Borrowing interest rate	8.125%
Bonds Mature Between 2017 And 2056 | Minimum
Borrowings
Borrowing interest rate		0.00%
Bonds Mature Between 2017 And 2056 | Maximum
Borrowings
Borrowing interest rate		8.125%
Other liabilities
Borrowings
Total borrowings	€ 3,281	€ 4,937
Cash collateral	1,070	2,654
Kabel Deutschland Holding AG
Borrowings
Liabilities for amounts payable under the domination agreement	1,800	1,800
Kabel Deutschland Holding AG | Other liabilities
Borrowings
Liabilities for amounts payable under the domination agreement	1,800	1,800
Derivative instruments in designated hedge relationships
Borrowings
Net debt	1,700
Fair value
Borrowings
Short-term borrowings	10,351	12,051
Long-term borrowings	32,908	34,523
Fair value | Financial liabilities measured at amortised cost | Bank loans
Borrowings
Short-term borrowings	1,159	867
Long-term borrowings	2,157	2,741
Fair value | Financial liabilities measured at amortised cost | Commercial paper
Borrowings
Short-term borrowings	2,712	3,648
Fair value | Financial liabilities measured at amortised cost | Bonds
Borrowings
Short-term borrowings	3,062	660
Long-term borrowings	18,804	19,345
Fair value | Financial liabilities measured at amortised cost | Other liabilities
Borrowings
Short-term borrowings	3,003	4,632
Long-term borrowings	278	305
Fair value | Derivative instruments in designated hedge relationships | Bank loans
Borrowings
Short-term borrowings	415	2,244
Long-term borrowings	11,669	12,132
Carrying value
Borrowings
Short-term borrowings	10,364	12,088
Long-term borrowings	32,178
Total borrowings		33,709
Carrying value | Financial liabilities measured at amortised cost | Bank loans
Borrowings
Short-term borrowings	1,180	898
Long-term borrowings	2,176	2,769
Carrying value | Financial liabilities measured at amortised cost | Commercial paper
Borrowings
Short-term borrowings	2,715	3,650
Carrying value | Financial liabilities measured at amortised cost | Bonds
Borrowings
Short-term borrowings	3,057	667
Long-term borrowings	18,714	19,286
Carrying value | Financial liabilities measured at amortised cost | Other liabilities
Borrowings
Short-term borrowings	3,003	4,632
Long-term borrowings	278	305
Carrying value | Derivative instruments in designated hedge relationships | Bank loans
Borrowings
Short-term borrowings	409	2,241
Long-term borrowings	11,010	€ 11,349
Currency swap contract
Borrowings
Increase in net debt	€ 600

Borrowing - Liabilities from fi

Borrowing - Liabilities from financing activities (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Borrowings
Liabilities arising from financing activities at beginning of period	€ 44,369
Change in liabilities arising from financing activities
Proceeds /(repayment) of borrowings	(224)
Interest paid	(991)
Net financial costs	(534)
Reclassification	486
other	(93)
Liabilities arising from financing activities at end of period	43,013	€ 44,369
Borrowings	43,259	46,574
Net receivable in relation to financial instruments	246	2,205
Financing costs	€ 1,074	€ 1,406	€ 2,046

Borrowings - Maturity analysis

Borrowings - Maturity analysis for non-derivative financial liabilities (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	€ 52,551	€ 55,615
Effect of discount/financing rates	(9,292)	(9,041)
Total borrowings	(43,259)	(46,574)
Within one year
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	11,316	14,127
In more than one year but less than two years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,598	5,366
In more than two years but less than three years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	4,943	3,223
In more than three years but less than four years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	4,819	4,482
In more than four years but less than five years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,718	4,287
In more than five years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	25,157	24,130
Bank loans
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,425	3,717
Effect of discount/financing rates	(109)	(109)
Total borrowings	(3,316)	(3,608)
Bank loans | Within one year
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,251	909
Bank loans | In more than one year but less than two years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	748	1,168
Bank loans | In more than two years but less than three years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	507	721
Bank loans | In more than three years but less than four years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	569	569
Bank loans | In more than five years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	350	350
Commercial paper
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,715	3,660
Effect of discount/financing rates	(3)	(12)
Total borrowings	(2,712)	(3,648)
Commercial paper | Within one year
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,715	3,660
Bonds
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	26,146	23,948
Effect of discount/financing rates	(4,280)	(3,943)
Total borrowings	(21,866)	(20,005)
Bonds | Within one year
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,498	1,810
Bonds | In more than one year but less than two years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	393	2,650
Bonds | In more than two years but less than three years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,893	2,080
Bonds | In more than three years but less than four years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,869	2,369
Bonds | In more than four years but less than five years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	791	3,010
Bonds | In more than five years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	14,702	12,029
Other liabilities
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,281	4,932
Effect of discount/financing rates		5
Total borrowings	(3,281)	(4,937)
Other liabilities | Within one year
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,002	4,606
Other liabilities | In more than one year but less than two years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	34	21
Other liabilities | In more than two years but less than three years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	25	56
Other liabilities | In more than three years but less than four years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	22	22
Other liabilities | In more than four years but less than five years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	26	24
Other liabilities | In more than five years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	172	203
Loans in designated hedge relationships
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	16,984	19,358
Effect of discount/financing rates	(4,900)	(4,982)
Total borrowings	(12,084)	(14,376)
Loans in designated hedge relationships | Within one year
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	850	3,142
Loans in designated hedge relationships | In more than one year but less than two years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,423	1,527
Loans in designated hedge relationships | In more than two years but less than three years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,518	366
Loans in designated hedge relationships | In more than three years but less than four years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	359	1,522
Loans in designated hedge relationships | In more than four years but less than five years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,901	1,253
Loans in designated hedge relationships | In more than five years
Maturity analysis for non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	€ 9,933	€ 11,548

Borrowings - Maturity analys116

Borrowings - Maturity analysis for financial derivatives (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Borrowings
Payable	€ 53,643	€ 46,552
Receivable	56,181	51,039
Effect of discount/financing rates	(9,292)	(9,041)
Net receivable in relation to financial instruments	246	2,205
Trade and other payables	2,383	2,077
Trade and other receivables	2,629	4,282
Within one year
Borrowings
Payable	18,055	16,541
Receivable	18,363	16,462
In more than one year but less than two years
Borrowings
Payable	3,925	4,788
Receivable	3,875	5,201
In more than two years but less than three years
Borrowings
Payable	4,904	3,000
Receivable	4,911	3,141
In more than three years but less than four years
Borrowings
Payable	2,223	1,913
Receivable	2,324	2,038
In more than four years but less than five years
Borrowings
Payable	3,834	1,567
Receivable	3,687	1,706
In more than five years
Borrowings
Payable	20,702	18,743
Receivable	23,021	22,491
Derivative financial assets and liabilities
Borrowings
Effect of discount/financing rates	€ 2,292	€ 2,282

Borrowings - Currency split of

Borrowings - Currency split of the Group's foreign exchange derivatives (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Borrowings
Payable	€ 44,544	€ 34,009
Receivable	45,476	36,427
Effect of discount/financing rates	(9,292)	(9,041)
Net receivable in relation to financial instruments	246	2,205
Trade and other payables	2,383	2,077
Trade and other receivables	2,629	4,282
Foreign exchange contracts
Borrowings
Effect of discount/financing rates	1,972	2,008
Net receivable in relation to financial instruments	1,040	410
Trade and other payables	1,868	1,400
Trade and other receivables	828	1,810
Sterling
Borrowings
Payable	4,459	1,176
Receivable	7,280	6,576
Euro
Borrowings
Payable	27,655	23,167
Receivable	9,609	5,556
US Dollar
Borrowings
Payable	6,862	4,246
Receivable	20,615	19,482
Other
Borrowings
Payable	5,568	5,420
Receivable	€ 7,972	€ 4,813

Borrowings - Minimum lease paym

Borrowings - Minimum lease payments under finance lease arrangements (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017
Borrowings
Minimum lease payments under finance lease	€ 312	€ 306
Within one year
Borrowings
Minimum lease payments under finance lease	46	68
In two to five years
Borrowings
Minimum lease payments under finance lease	94	78
In more than five years
Borrowings
Minimum lease payments under finance lease	€ 172	€ 160

Borrowings - Interest rate and

Borrowings - Interest rate and currency of borrowings (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Borrowings
Borrowings	€ 43,259	€ 46,574
Floating rate borrowings
Borrowings
Borrowings	8,678	11,707
Fixed rate borrowings
Borrowings
Borrowings	32,715	32,973
Other borrowings
Borrowings
Borrowings	1,866	1,894
Sterling
Borrowings
Borrowings	3,339	4,552
Sterling | Floating rate borrowings
Borrowings
Borrowings		5
Sterling | Fixed rate borrowings
Borrowings
Borrowings	€ 3,339	€ 4,547
Weighted average interest rate	2.50%	2.50%
Weighted average time	20 years 9 months 18 days	16 years 7 months 6 days
Euro
Borrowings
Borrowings	€ 36,411	€ 37,420
Euro | Floating rate borrowings
Borrowings
Borrowings	5,766	7,517
Euro | Fixed rate borrowings
Borrowings
Borrowings	€ 28,779	€ 28,009
Weighted average interest rate	2.10%	2.10%
Weighted average time	8 years	8 years 4 months 24 days
Euro | Other borrowings
Borrowings
Borrowings	€ 1,866	€ 1,894
US Dollar
Borrowings
Borrowings	2,930	4,449
US Dollar | Floating rate borrowings
Borrowings
Borrowings	2,899	4,172
US Dollar | Fixed rate borrowings
Borrowings
Borrowings	€ 31	€ 277
Weighted average interest rate	0.00%	0.20%
Weighted average time	0 years	1 month 6 days
Other
Borrowings
Borrowings	€ 579	€ 153
Other | Floating rate borrowings
Borrowings
Borrowings	13	13
Other | Fixed rate borrowings
Borrowings
Borrowings	€ 566	€ 140
Weighted average interest rate	12.30%	8.50%
Weighted average time	4 years 4 months 24 days	12 years
Kabel Deutschland Holding AG
Borrowings
Liabilities for amounts payable under the domination agreement	€ 1,800	€ 1,800

Liquidity and capital resour120

Liquidity and capital resources - Net debt (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Liquidity and capital resources
Percentage of net debt to market capitalisation	49.00%	44.00%
Average net debt	€ 31,900
Net debt	31,469	€ 31,169
Minimum
Liquidity and capital resources
Net debt	30,000
Maximum
Liquidity and capital resources
Net debt	€ 32,900

Liquidity and capital resour121

Liquidity and capital resources - Net debt position (Details) € in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2018EUR (€)	Mar. 31, 2017EUR (€)	Mar. 31, 2018USD ($)	Mar. 31, 2018EUR (€)	Mar. 31, 2017USD ($)	Mar. 31, 2017EUR (€)
Liquidity and capital resources
Cash and cash equivalents				€ 4,674		€ 8,835
Short-term borrowings				(10,351)		(12,051)
Long-term borrowings				(32,908)		(34,523)
Other financial instruments				7,116		6,570
Net debt				(31,469)		(31,169)
Borrowings drawn				43,259		46,574
Cash and cash equivalents.				4,674		8,835
Derivative financial instruments included in trade and other receivables
Liquidity and capital resources
Other financial assets				2,629		4,282
Derivative financial instruments included in trade and other payables
Liquidity and capital resources
Other financial liabilities				(2,383)		(2,077)
Short term investments
Liquidity and capital resources
Other financial assets				6,152		3,981
Managed investment funds
Liquidity and capital resources
Other financial instruments				3,087		2,039
Government bonds
Liquidity and capital resources
Other financial instruments				1,974		1,638
Collateral in relation derivative financial instruments
Liquidity and capital resources
Other financial instruments				1,112		1,172
Supply chain and handset receivables
Liquidity and capital resources
Other financial instruments				976		182
Cash collateral
Liquidity and capital resources
Other financial assets				718		384
Bonds
Liquidity and capital resources
Short-term borrowings				(3,477)		(2,904)
Borrowings drawn				21,866		20,005
Commercial paper
Liquidity and capital resources
Short-term borrowings				(2,712)		(3,648)
Borrowings drawn				2,712		3,648
US commercial paper programme
Liquidity and capital resources
Borrowings drawn			$ 570	464	$ 1,484
Euro commercial paper programme
Liquidity and capital resources
Borrowings drawn				2,249		2,262
Put options over non-controlling interests
Liquidity and capital resources
Short-term borrowings				(1,838)		(1,837)
Bank loans
Liquidity and capital resources
Short-term borrowings				(1,159)		(867)
Borrowings drawn				3,316		3,608
Other short-term borrowings
Liquidity and capital resources
Short-term borrowings				(1,165)		(2,795)
Cash collateral				1,070		2,654
Bonds, loans and other long-term borrowings
Liquidity and capital resources
Long-term borrowings				€ (32,908)		€ (34,523)
Kabel Deutschland Holding AG
Liquidity and capital resources
Liabilities for amounts payable under the domination agreement	€ 1,800	€ 1,800
Kabel Deutschland Holding AG | Put options over non-controlling interests
Liquidity and capital resources
Liabilities for amounts payable under the domination agreement	€ 1,800	€ 1,800

Liquidity and capital resour122

Liquidity and capital resources - Commercial paper programmes (Details) € in Millions, $ in Millions	Mar. 31, 2018USD ($)	Mar. 31, 2018EUR (€)	Mar. 31, 2017USD ($)	Mar. 31, 2017EUR (€)
Liquidity and capital resources
Borrowings drawn		€ 43,259		€ 46,574
US commercial paper programme
Liquidity and capital resources
Borrowing capacity | $	$ 15,000
Borrowings drawn	570	464	$ 1,484
Euro commercial paper programme
Liquidity and capital resources
Borrowing capacity		8,000
Borrowings drawn		2,249		€ 2,262
Syndicated bank facilities
Liquidity and capital resources
Borrowings drawn		0
Syndicated revolving credit facility, maturing 27 February 2022
Liquidity and capital resources
Borrowing capacity	$ 4,100	3,300
Syndicated revolving credit facility. maturing 28 March 2021
Liquidity and capital resources
Borrowing capacity		€ 3,800

Liquidity and capital resour123

Liquidity and capital resources - Bonds and Own shares (Details) £ / shares in Units, € in Billions, £ in Billions, kr in Billions, SFr in Billions, $ in Billions, $ in Billions, $ in Billions	Aug. 25, 2017£ / sharesshares	Mar. 31, 2018USD ($)€ / sharesshares	Mar. 31, 2019HKD ($)	Mar. 31, 2019NOK (kr)	Mar. 31, 2018NOK (kr)€ / sharesshares	Mar. 31, 2018CHF (SFr)€ / sharesshares	Mar. 31, 2018AUD ($)€ / sharesshares	Mar. 31, 2018GBP (£)€ / sharesshares	Mar. 31, 2018EUR (€)€ / sharesshares	Feb. 25, 2016GBP (£)	Feb. 25, 2016EUR (€)
Liquidity and capital resources
Percentage of issued share capital		8.00%
Bonds
Liquidity and capital resources
Borrowing capacity | €									€ 30
Bonds issued		$ 9.9	$ 2.1	kr 2.2	kr 10	SFr 0.7	$ 1.2	£ 3.6	18.4
Notional amount | €									32.3
Euro medium-term note programme
Liquidity and capital resources
Bonds issued | €									€ 4.2
Convertible bonds
Liquidity and capital resources
Bonds issued										£ 2.9	€ 3.5
Notional amount										2.8	3.5
Financial liabilities at fair value										0.1	0.1
Convertible bonds maturing on 25 August 2017
Liquidity and capital resources
Bonds issued										£ 1.4	€ 1.7
Borrowing interest rate										1.50%	1.50%
Number of shares issued upon conversion of bonds | shares	729,100,000
Conversion price | £ / shares	£ 1.9751
Adjusted conversion price | £ / shares	2.1730
Convertible bonds maturing on 25 February 2019
Liquidity and capital resources
Bonds issued										£ 1.4	€ 1.7
Borrowing interest rate										2.00%	2.00%
Adjusted conversion price | € / shares		1.9387			1.9387	1.9387	1.9387	1.9387	1.9387
Convertible bonds to be converted to shares | shares		743,000,000
Percentage of share capital		3.00%
Maximum
Liquidity and capital resources
Treasury shares | shares		2,192,064,339			2,192,064,339	2,192,064,339	2,192,064,339	2,192,064,339	2,192,064,339

Liquidity and capital resour124

Liquidity and capital resources - Committed facilities (Details) € in Millions, R in Millions, GH₵ in Millions, $ in Millions, ج.م. in Billions	Mar. 31, 2018EGP (ج.م.)	Mar. 31, 2018GHS (GH₵)	Mar. 31, 2018ZAR (R)	Mar. 31, 2018USD ($)	Mar. 31, 2018EUR (€)	Mar. 31, 2017EUR (€)
Liquidity and capital resources
Borrowings drawn					€ 43,259	€ 46,574
Committed bank facilities
Liquidity and capital resources
Borrowing capacity					9,568
Undrawn borrowings					7,168
Borrowings drawn					2,400
Syndicated revolving credit facility. maturing 28 March 2021
Liquidity and capital resources
Borrowing capacity					3,800
Syndicated revolving credit facility, maturing 27 February 2022
Liquidity and capital resources
Borrowing capacity				$ 4,100	3,300
Euro
Liquidity and capital resources
Borrowings drawn					36,411	37,420
Euro | Syndicated revolving credit facilities
Liquidity and capital resources
Borrowing capacity					3,840
Euro | Syndicated revolving credit facilities | Within one year
Liquidity and capital resources
Facility amount					100
US Dollar
Liquidity and capital resources
Borrowings drawn					2,930	€ 4,449
US Dollar | Syndicated revolving credit facilities
Liquidity and capital resources
Borrowing capacity					3,328
US Dollar | Syndicated revolving credit facilities | Within one year
Liquidity and capital resources
Facility amount					100
Canada | Loan facilities, capped at 50% of operating capital expenditure
Liquidity and capital resources
Borrowing capacity					651
Borrowings drawn					651
UK & Ireland | Loan facilities, capped at 50% of operating capital expenditure
Liquidity and capital resources
Borrowing capacity					568
Borrowings drawn					568
Germany (VDSL spend) | Loan facilities, capped at 50% of operating capital expenditure
Liquidity and capital resources
Borrowing capacity					350
Borrowings drawn					350
Italy | Loan facilities, capped at 50% of operating capital expenditure
Liquidity and capital resources
Borrowing capacity					400
Borrowings drawn					400
Turkey & Romania | Loan facilities, capped at 50% of operating capital expenditure
Liquidity and capital resources
Borrowing capacity					300
Borrowings drawn					300
Turkey | Loan facilities, capped at 50% of operating capital expenditure
Liquidity and capital resources
Borrowing capacity					100
Borrowings drawn					100
Other | Loan facilities, capped at 50% of operating capital expenditure
Liquidity and capital resources
Borrowing capacity					31
Borrowings drawn					31
Vodafone Egypt Telecommunications S.A.E. | Revolving credit facility
Liquidity and capital resources
Undrawn borrowings	ج.م. 3				138
Vodacom | Vodacom facility one
Liquidity and capital resources
Borrowings drawn				75	61
Vodacom | Vodacom facility two
Liquidity and capital resources
Borrowing capacity			R 480		33
Borrowings drawn			R 460		32
Vodafone Ghana Mobile Financial Services Limited | Vodafone Ghana facility one
Liquidity and capital resources
Borrowings drawn				$ 143	116
Vodafone Ghana Mobile Financial Services Limited | Vodafone Ghana facility two
Liquidity and capital resources
Borrowings drawn		GH₵ 60			€ 11

Liquidity and capital resour125

Liquidity and capital resources - Other Information (Details) € in Millions, shares in Millions	12 Months Ended
	Mar. 31, 2018EUR (€)shares
Liquidity and capital resources
Maximum payable under guarantees	€ 506
Provision in respect to guarantees	€ 0
Verizon Wireless
Liquidity and capital resources
Ownership interest (as a percentage)	45.00%
Number of shares equivalent in cash at settlement | shares	743

Capital and financial risk m126

Capital and financial risk management - Capital management (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Capital and financial risk management
Net debt	€ 31,469	€ 31,169
Equity	68,607	73,719	€ 85,136	€ 93,708
Capital	€ 100,076	€ 104,888

Capital and financial risk m127

Capital and financial risk management - Credit risk (Details) € in Millions	12 Months Ended
	Mar. 31, 2018EUR (€)item	Mar. 31, 2017EUR (€)
Capital and financial risk management
Number of times per year the Treasury Risk Committee meets | item	3
Credit risk
Capital and financial risk management
Exposure to credit risk	€ 28,067	€ 30,832
Number of managed investment funds | item	3
Maximum investment in AAA unsecured money market mutual funds (as a percent)	10.00%
Counterparty's credit default swap spread limit	5 years
Cash collateral	€ 1,070	2,654
Bank deposit | Credit risk
Capital and financial risk management
Exposure to credit risk	2,197	1,856
Cash held in restricted deposits | Credit risk
Capital and financial risk management
Exposure to credit risk	1,382	1,109
German government bonds | Credit risk
Capital and financial risk management
Exposure to credit risk	862
UK government bonds | Credit risk
Capital and financial risk management
Exposure to credit risk	1,112	1,638
Money market investment funds | Credit risk
Capital and financial risk management
Exposure to credit risk	2,477	6,979
Derivative financial assets and liabilities | Credit risk
Capital and financial risk management
Exposure to credit risk	2,629	4,282
Other investments - debt and bonds | Credit risk
Capital and financial risk management
Exposure to credit risk	8,596	6,747
Trade receivables. | Credit risk
Capital and financial risk management
Exposure to credit risk	5,402	5,335
Other receivables and accrued income | Credit risk
Capital and financial risk management
Exposure to credit risk	€ 3,410	€ 2,886

Capital and financial risk m128

Capital and financial risk management - Credit risk for trade receivables (Details) - Credit risk - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Credit risk for trade receivables
Gross receivables	€ 2,816	€ 2,926
Less provisions	(1,198)	(1,385)
Net receivables	1,618	1,541
Provisions for bad and doubtful receivables charged to administrative expenses	528	589
Current
Credit risk for trade receivables
Trade receivables	3,389	3,322
30 days or less
Credit risk for trade receivables
Gross receivables	810	730
Less provisions	(32)	(27)
Net receivables	778	703
Between 31 and 60 days
Credit risk for trade receivables
Gross receivables	226	125
Less provisions	(35)	(23)
Net receivables	191	102
Between 61 and 180 days
Credit risk for trade receivables
Gross receivables	530	648
Less provisions	(206)	(258)
Net receivables	324	390
Greater than 180 days
Credit risk for trade receivables
Gross receivables	1,250	1,423
Less provisions	(925)	(1,077)
Net receivables	325	346
Europe | Overdue
Credit risk for trade receivables
Trade receivables	942	789
AMAP | Overdue
Credit risk for trade receivables
Trade receivables	€ 306	€ 423	€ 423

Capital and financial risk m129

Capital and financial risk management - Liquidity risk (Details) € in Millions, $ in Billions	12 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2018EUR (€)	Mar. 31, 2017EUR (€)
Liquidity risk
Cash and cash equivalents		€ 4,674	€ 8,835
Liquidity risk
Liquidity risk
Cash and cash equivalents		4,674	€ 8,835
Minimum | Liquidity risk
Liquidity risk
Long-term borrowings maturity (in years)	1 year
Maximum | Liquidity risk
Liquidity risk
Long-term borrowings maturity (in years)	38 years
Syndicated bank facilities | Liquidity risk
Liquidity risk
Undrawn bank facilities	$ 4.1	3,800
Commercial paper programme | Liquidity risk
Liquidity risk
Principal amount	$ 15	€ 8,000

Capital and financial risk m130

Capital and financial risk management - Market risk (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest rate risk
Capital and financial risk management
Percentage of reasonably possible increase in risk assumption	1.00%
Increase in profit before tax due to reasonably possible increase in designated risk component	€ 372	€ 470
Foreign exchange risk
Capital and financial risk management
Net debt denominated in currencies other than euro (as a percent)	27.00%
Minimum foreign exchange transaction exposure per currency per month period	€ 5
Minimum foreign exchange transaction exposure per currency over six month period	€ 15
Foreign exchange risk | US Dollar
Capital and financial risk management
Net debt denominated in currencies other than euro (as a percent)	8.00%
Foreign exchange risk | South African rand
Capital and financial risk management
Net debt denominated in currencies other than euro (as a percent)	7.00%
Foreign exchange risk | Other
Capital and financial risk management
Net debt denominated in currencies other than euro (as a percent)	3.00%
Foreign exchange risk | Sterling
Capital and financial risk management
Net debt denominated in currencies other than euro (as a percent)	9.00%
Currency appreciation risk | US Dollar
Capital and financial risk management
Percentage of reasonably possible increase in risk assumption	9.00%	11.00%
Decrease in profit before tax due to reasonably possible increase in designated risk component	€ 65	€ 100
Currency appreciation risk | South African rand
Capital and financial risk management
Percentage of sensitivity to foreign exchange movements on hedging liabilities strengthening	15.00%	18.00%
Decrease in equity due to sensitivity to foreign exchange movements	€ 348	€ 493
Operating profit	€ 239	€ 249
Percentage of retranslation for operating profit	15.00%	18.00%
Currency appreciation risk | Sterling
Capital and financial risk management
Percentage of reasonably possible increase in risk assumption	7.00%	10.00%
Decrease in profit before tax due to reasonably possible increase in designated risk component	€ 208	€ 262
Equity risk
Capital and financial risk management
Percentage of reasonably possible increase in risk assumption	10.00%	7.00%
Increase in profit before tax due to reasonably possible increase in designated risk component	€ 164	€ 236
Decrease in profit before tax due to reasonably possible increase in designated risk component	€ 164	€ 236
Maximum | Interest rate risk
Capital and financial risk management
Period for interest rate switching (in years)	6 years

Capital and financial risk m131

Capital and financial risk management - Net financial instruments (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements
Gross amount	€ 246	€ 2,205
Amounts presented in balance sheet	246	2,205
Cash collateral	(352)	(2,270)
Net amount	(106)	(65)
Derivative financial assets and liabilities
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements
Gross amount	(2,383)	(2,077)
Amounts presented in balance sheet	(2,383)	(2,077)
Right of set off with derivative counterparties	1,467	1,505
Cash collateral	718	384
Net amount	(198)	(188)
Derivative financial assets and liabilities
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements
Gross amount	2,629	4,282
Amounts presented in balance sheet	2,629	4,282
Right of set off with derivative counterparties	(1,467)	(1,505)
Cash collateral	(1,070)	(2,654)
Net amount	€ 92	€ 123

Directors and key management132

Directors and key management compensation - Directors (Details) € in Millions	12 Months Ended
	Mar. 31, 2018EUR (€)director	Mar. 31, 2017EUR (€)director	Mar. 31, 2016EUR (€)director
Directors and key management compensation
Salaries and fees	€ 4	€ 4	€ 5
Incentive schemes	3	2	4
Other benefits	1	1	1
Total	8	7	10
Pre-tax gain on exercise of share options	€ 0.1	€ 0.7	€ 0.2
Number of directors made gain on exercise of share options before tax | director	1	1	1

Directors and key management133

Directors and key management compensation - Key management compensation (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Directors and key management compensation
Short-term employee benefits	€ 27	€ 24	€ 30
Share-based payments	30	25	26
Total	€ 57	€ 49	€ 56

Employees (Details)

Employees (Details) € in Millions	12 Months Ended
	Mar. 31, 2018EUR (€)employee	Mar. 31, 2017EUR (€)employee	Mar. 31, 2016EUR (€)employee
Employees
Operations	17,094	18,207	18,869
Selling and distribution	35,025	38,252	38,325
Customer care and administration	54,016	55,097	54,490
Total number of employees	106,135	111,556	111,684
Costs incurred in respect of employees
Wages and salaries | €	€ 4,179	€ 4,630	€ 4,759
Social security costs | €	547	582	621
Other pension costs (note 26) | €	222	212	270
Share-based payments (note 27) | €	128	95	154
Cost incurred to employees | €	5,076	5,519	5,804
India (Discontinued operations) | €	219	217	212
Total | €	€ 5,295	€ 5,736	€ 6,016
Europe
Employees
Total number of employees	49,478	55,236	56,854
Germany
Employees
Total number of employees	13,718	14,478	14,862
Italy
Employees
Total number of employees	6,606	6,601	6,676
Spain
Employees
Total number of employees	5,015	5,118	5,935
UK
Employees
Total number of employees	12,379	13,238	13,323
Other Europe
Employees
Total number of employees	11,760	15,801	16,058
AMAP
Employees
Total number of employees	32,216	34,960	35,123
India (Discontinued operations)
Employees
Total number of employees	11,086	13,187	13,346
Vodacom
Employees
Total number of employees	7,524	7,590	7,515
Other Africa, Middle East and Asia-Pacific
Employees
Total number of employees	13,606	14,183	14,262
Common Functions
Employees
Total number of employees	24,441	21,360	19,707

Post employment benefits - Inco

Post employment benefits - Income statement expense (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Post employment benefits
Defined contribution schemes	€ 178	€ 192	€ 214
Defined benefit schemes	44	20	56
Total	€ 222	€ 212	€ 270

Post employment benefits - Defi

Post employment benefits - Defined benefit schemes (Details) € in Millions, £ in Millions	Oct. 19, 2017GBP (£)	Oct. 19, 2017EUR (€)	Mar. 31, 2018EUR (€)	Mar. 31, 2016GBP (£)	Mar. 31, 2016EUR (€)
Defined benefit pension schemes
Post employment benefits
Contributions to be paid in next fiscal year			€ 61
Vodafone UK plan
Post employment benefits
Contribution to plan by employer due to deficit in actuarial valuation				£ 279	€ 317
Vodafone section
Post employment benefits
Contribution to plan by employer due to deficit in actuarial valuation	£ 185	€ 209		339	385
CWW section
Post employment benefits
Contribution to plan by employer due to deficit in actuarial valuation	£ 58	€ 66		£ 60	€ 68

Post employment benefits - Actu

Post employment benefits - Actuarial assumptions (Details) € in Millions	12 Months Ended
	Mar. 31, 2018EUR (€)age	Mar. 31, 2017EUR (€)age	Mar. 31, 2016EUR (€)age
Post employment benefits
Actuarial losses/(gains) recognised in the AOCI	€ (70)	€ (272)	€ 174
Defined benefit pension schemes
Post employment benefits
Rate of inflation (as a percent)	2.90%	3.00%	2.80%
Rate of increase in salaries (as a percent)	2.70%	2.60%	2.60%
Discount rate (as a percent)	2.50%	2.60%	3.20%
Number of years pension will be available for male pensioner	23 years 2 months 12 days	24 years 1 month 6 days	24 years
Number of years pension will be available for female pensioner	26 years 6 months	25 years 4 months 24 days	25 years 3 months 18 days
Current retirement age for pensioner | age	65	65	65
Number of years pension will be available for male non-pensioner	26 years 1 month 6 days	26 years 8 months 12 days	26 years 7 months 6 days
Number of years pension will be available for female non-pensioner	29 years 3 months 18 days	28 years 3 months 18 days	28 years 1 month 6 days
Retirement age for availing pension by non-pensioner | age	65
Current eligible age for availing pension by non-pensioner | age	40
Current service cost	€ 34	€ 43	€ 45
Past service cost	2	(27)
Net interest charge	8	4	11
Total included within staff costs	44	20	56
Actuarial losses/(gains) recognised in the AOCI	€ 94	€ 274	€ (216)

Post employment benefits - Fair

Post employment benefits - Fair value of assets and present value of liabilities of schemes (Details) - Pension plans - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Apr. 01, 2016
Post employment benefits
Balance at beginning of the period before reclassification as held for sale			€ (341)
Reclassification as held for sale			(12)
Balance at beginning of period	€ (410)	€ (594)	(329)
Service cost	36	16
Interest income/(cost)	(8)	(4)
Return on plan assets excluding interest income	(37)	818
Actuarial gains arising from demographic assumptions	(46)
Actuarial gains (losses) arising from changes in financial assumptions	(12)	(1,204)
Actuarial gain (losses) arising from experience adjustments	1	112
Employer cash contributions	301	24
Exchange rate movements	10
Other movements	11	(27)
Balance at end of the period	(410)	(594)
Assets.
Post employment benefits
Balance at beginning of the period before reclassification as held for sale			6,229
Balance at beginning of period	6,697	6,709	6,229
Interest income/(cost)	167	190
Return on plan assets excluding interest income	(37)	818
Employer cash contributions	301	24
Member cash contributions	8	8
Benefits paid	(289)	(180)
Exchange rate movements	(156)	(403)
Other movements	(6)	23
Balance at end of the period	6,697	6,709
Liabilities.
Post employment benefits
Balance at beginning of the period before reclassification as held for sale			(6,570)
Reclassification as held for sale			(12)
Balance at beginning of period	(7,107)	(7,303)	€ (6,558)
Service cost	36	16
Interest income/(cost)	(175)	(194)
Actuarial gains arising from demographic assumptions	(46)
Actuarial gains (losses) arising from changes in financial assumptions	(12)	(1,204)
Actuarial gain (losses) arising from experience adjustments	1	112
Member cash contributions	(8)	(8)
Benefits paid	289	180
Exchange rate movements	166	403
Other movements	17	(50)
Balance at end of the period	€ (7,107)	€ (7,303)

Post employment benefits - Anal

Post employment benefits - Analysis of net assets/(deficit) (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Net assets/(deficit) are analysed as:
Assets	€ 110	€ 57
Liabilities	(520)	(651)
Defined benefit pension schemes
Analysis of net assets/(deficit):
Total fair value of scheme assets	6,697	6,709	€ 6,229	€ 6,857	€ 4,652
Present value of funded scheme liabilities	(7,028)	(7,222)	(6,487)	(7,316)	(5,237)
Net assets/(deficit) for funded schemes	(331)	(513)	(258)	(459)	(585)
Present value of unfunded scheme liabilities	(79)	(81)	(83)	(91)	(80)
Net deficit	(410)	(594)	(341)	(550)	(665)
Net assets/(deficit) are analysed as:
Assets	110	57	224	234	42
Liabilities	(520)	(651)	(565)	(784)	(707)
CWW section
Analysis of net assets/(deficit):
Total fair value of scheme assets	2,760	2,894	2,762	3,114	2,155
Present value of funded scheme liabilities	(2,655)	(2,842)	(2,543)	(2,884)	(2,097)
Net assets/(deficit) for funded schemes	105	52	219	230	58
Net assets/(deficit) are analysed as:
Assets	105	52	219	230	58
Vodafone section
Analysis of net assets/(deficit):
Total fair value of scheme assets	2,773	2,654	2,408	2,645	1,626
Present value of funded scheme liabilities	(2,945)	(2,962)	(2,548)	(2,951)	(2,030)
Net assets/(deficit) for funded schemes	(172)	(308)	(140)	(306)	(404)
Net assets/(deficit) are analysed as:
Liabilities	€ (172)	€ (308)	€ (140)	€ (306)	€ (404)

Post employment benefits - Dura

Post employment benefits - Duration of benefit obligations (Details) - Y	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Defined benefit pension schemes
Post employment benefits
Weighted average duration of defined benefit obligation (in years)	22.8	22.9	22.3

Post employment benefits - F141

Post employment benefits - Fair value of pension assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Defined benefit pension schemes
Post employment benefits
Cash and cash equivalents	€ 95	€ 104
Investment fund	275	299
Total	6,697	6,709	€ 6,229	€ 6,857	€ 4,652
Gain (loss) on return on plan assets	130	(1,008)
Defined benefit pension schemes | Level 1
Post employment benefits
Equity investments	1,407	1,938
Debt instruments	4,149	3,982
Property	27	30
Derivatives	1,146	1,218
Defined benefit pension schemes | Level 2
Post employment benefits
Equity investments	360	413
Debt instruments	590	461
Property	78	78
Derivatives	44
Derivatives		1
Annuity policies	818	623
Vodafone section
Post employment benefits
Investment fund	259
Total	€ 2,773	€ 2,654	€ 2,408	€ 2,645	€ 1,626

Post employment benefits - Sens

Post employment benefits - Sensitivity analysis (Details) - Defined benefit pension schemes € in Millions	12 Months Ended
	Mar. 31, 2018EUR (€)
Rate of inflation
Sensitivity analysis
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption	€ (556)
Increase in actuarial assumption	€ 633
Rate of increase in salaries
Sensitivity analysis
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption	€ (4)
Increase in actuarial assumption	€ 5
Discount rate
Sensitivity analysis
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption	€ 833
Increase in actuarial assumption	€ (713)
Life expectancy
Sensitivity analysis
Increase in actuarial assumption life expectancy (in Years)	1 year
Decrease in actuarial assumption life expectancy (in Years)	1 year
Decrease in actuarial assumption	€ 223
Increase in actuarial assumption	€ (220)

Share-based payments - Accounti

Share-based payments - Accounting policies (Details)	12 Months Ended
	Mar. 31, 2018
Share-based payments
Maximum percentage of ordinary share capital issued under all plans	10.00%
Maximum percentage of ordinary share capital issued under plans other than all-employee basis	5.00%

Share-based payments - Share op

Share-based payments - Share options and Share plans (Details) Option in Millions	12 Months Ended
	Mar. 31, 2018GBP (£)Option	Mar. 31, 2017GBP (£)Option	Mar. 31, 2016GBP (£)Option
Share options and Share plans
Share options granted	11	31	7
Movements in outstanding ordinary share options
Balance at the beginning of the period (in shares)	41	24	25
Granted (in shares)	11	31	7
Forfeited (in shares)	(2)	(1)	(1)
Exercised (in shares)	(5)	(7)	(5)
Expired (in shares)	(5)	(6)	(2)
Balance at the end of the period (in shares)	40	41	24
Weighted average exercise price:
Weighted average exercise price at the beginning of the period | £	£ 1.61	£ 1.62	£ 1.49
Granted (per share) | £	1.72	1.61	1.89
Forfeited (per share) | £	1.65	1.66	1.54
Exercised (per share) | £	1.57	1.50	1.42
Expired (per share) | £	1.65	1.75	1.59
Weighted average exercise price at the end of the period | £	£ 1.64	£ 1.61	£ 1.62
Vodafone Group executive plans
Share options and Share plans
Share options granted	0
Movements in outstanding ordinary share options
Granted (in shares)	0
Vodafone Group 2008 Sharesave Plan
Share options and Share plans
Monthly savings, amount | £	£ 375
Discount rate for share options	0.20
Vodafone Group 2008 Sharesave Plan | Minimum
Share options and Share plans
Share option vesting period	3 years
Vodafone Group 2008 Sharesave Plan | Maximum
Share options and Share plans
Share option vesting period	5 years

Share-based payments - Summary

Share-based payments - Summary of options outstanding and exercisable (Details) Option in Millions	Mar. 31, 2018GBP (£)YOption	Mar. 31, 2017GBP (£)Option	Mar. 31, 2016GBP (£)Option	Mar. 31, 2015GBP (£)Option
Summary of options outstanding and exercisable
Outstanding shares | Option	40	41	24	25
Weighted average exercise price	£ 1.64	£ 1.61	£ 1.62	£ 1.49
Weighted average remaining contractual life | Y	21
Minimum
Summary of options outstanding and exercisable
Exercise price	£ 1.01
Maximum
Summary of options outstanding and exercisable
Exercise price	£ 2

Share-based payments - Share aw

Share-based payments - Share awards and Other information (Details) - GBP (£) £ / shares in Units, shares in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Share-based payments
Balance at the beginning of the period (in shares)	178	198	217
Granted (in shares)	74	74	63
Vested (in shares)	(42)	(47)	(32)
forfeited (in shares)	(28)	(47)	(50)
Balance at the end of the period (in shares)	182	178	198
Weighted average fair value at the beginning of the period	£ 1.91	£ 1.77	£ 1.56
Granted (per share)	1.95	1.97	2.22
Vested (per share)	1.76	1.77	1.80
Forfeited (per share)	1.58	1.57	1.40
Weighted average fair value at the end of the period	£ 2.04	£ 1.91	£ 1.77
Total fair value of shares vested	£ 74,000,000	£ 83,000,000	£ 58,000,000
Compensation cost	128,000,000	95,000,000	154,000,000
Average share price	£ 2.162	£ 2.162	£ 2.242

Acquisitions and disposals - Ac

Acquisitions and disposals - Acquisitions (Details) - Mar. 29, 2018 - Vodafone And Qatar Foundation L.L.C € in Millions, ر.ق in Millions	EUR (€)	QAR (ر.ق)	EUR (€)
Disposals
Proportion of Ownership Transferred	51.00%
Consideration received for transfer of ownership (in Percent)		ر.ق 1,350	€ 299
net gain on disposal	€ 113

Acquisitions and disposals - Di

Acquisitions and disposals - Disposals (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disposals
Goodwill	€ (26,734)	€ (26,808)
Property, plant and equipment	(28,325)	(30,204)
Trade and other receivables	(2,629)	(4,282)
Cash and cash equivalents	(4,674)	(8,835)
Short and long-term borrowings	43,259	46,574
Trade and other payables	2,383	€ 2,077
Equalisation payment made to Liberty Global Plc	802
Vodafone Libertel B.V.
Disposals
Remeasurement of retained interest in Vodafone Libertel B.V.	637
Transaction costs	€ 35
VodafoneZiggo
Disposals
Proportion of ownership interest		50.00%
Weighted average cost of capital used to value our initial investment in VodafoneZiggo		7.00%
Weighted average terminal growth rate used to value our initial investment in VodafoneZiggo		1.00%
Share of cash paid to both shareholders on creation of VodafoneZiggo	50.00%
Amount of share of cash paid to shareholders	€ 1,422
Netherlands operations
Disposals
Goodwill	(855)
Other intangible assets	(1,415)
Property, plant and equipment	(1,164)
Inventory	(24)
Trade and other receivables	(302)
Cash and cash equivalents	(56)
Current and deferred taxation	87
Short and long-term borrowings	1,000
Trade and other payables	387
Provisions	28
Total assets less total liabilities	(2,314)
Fair value of investment in VodafoneZiggo	2,970
Net cash proceeds arising from the transaction	619
Net gain on formation of VodafoneZiggo	€ 1,275

Commitments - Operating lease c

Commitments - Operating lease commitments and Capital commitments (Details) - EUR (€) € in Millions	Mar. 31, 2018	Mar. 31, 2017
Disclosure of finance lease and operating lease by lessee [line items]
Future minimum lease payments under non-cancellable operating leases	€ 9,694	€ 9,429
Future minimum sublease payments expected to be received under non-cancellable subleases	859	584
Capital commitments from company and subsidiaries	2,630	2,052
Capital commitments from share of joint operations	76	88
Contracts placed for future capital expenditure not provided in the financial statements	2,706	2,140
Within one year
Disclosure of finance lease and operating lease by lessee [line items]
Future minimum lease payments under non-cancellable operating leases	2,686	2,522
In more than one year but less than two years
Disclosure of finance lease and operating lease by lessee [line items]
Future minimum lease payments under non-cancellable operating leases	1,633	1,487
In more than two years but less than three years
Disclosure of finance lease and operating lease by lessee [line items]
Future minimum lease payments under non-cancellable operating leases	1,155	1,136
In more than three years but less than four years
Disclosure of finance lease and operating lease by lessee [line items]
Future minimum lease payments under non-cancellable operating leases	903	882
In more than four years but less than five years
Disclosure of finance lease and operating lease by lessee [line items]
Future minimum lease payments under non-cancellable operating leases	717	709
In more than five years
Disclosure of finance lease and operating lease by lessee [line items]
Future minimum lease payments under non-cancellable operating leases	€ 2,600	€ 2,693

Commitments - Acquisition commi

Commitments - Acquisition commitments (Details) € in Millions, ₨ in Millions, $ in Millions

Mar. 31, 2018INR (₨)

Jan. 04, 2018INR (₨)

Jan. 04, 2018EUR (€)

Mar. 20, 2017INR (₨)

Mar. 20, 2017USD ($)

Mar. 31, 2018EUR (€)

Mar. 31, 2018INR (₨)

Mar. 31, 2018EUR (€)

Mar. 31, 2017EUR (€)

Mar. 31, 2016EUR (€)

May 09, 2018EUR (€)

Jan. 23, 2018EUR (€)

Mar. 20, 2017USD ($)

Mar. 20, 2017EUR (€)

Acquisition commitments

Issue of shares

€ 14

€ 19

€ 18

Proceeds from the announced disposal

239

2

Net debt

€ 31,469

31,469

€ 31,169

Minimum

Acquisition commitments

Net debt

30,000

30,000

Maximum

Acquisition commitments

Net debt

32,900

€ 32,900

Vodafone India's and Idea's standalone tower businesses

Acquisition commitments

Proceeds from the announced disposal | ₨

₨ 40,000

Vodafone India Idea Cellular Joint Operation

Acquisition commitments

Net debt

₨ 24,800

€ 323

Vodafone India Idea Cellular Joint Operation | Aditya Birla Group | Minimum

Acquisition commitments

Ownership interest (as a percentage)

26.00%

26.00%

Vodafone India Idea Cellular Joint Operation | Vodafone India Idea Cellular Joint Operation | Minimum

Acquisition commitments

Proceeds from the announced disposal

₨ 19,600

€ 256

Vodafone India

Acquisition commitments

Issue of shares

₨ 67,500

€ 882

Vodafone India | Vodafone Group

Acquisition commitments

Issue of shares

€ 1,000

Vodafone India | Aditya Birla Group

Acquisition commitments

Issue of shares

32,500

425

Vodafone India | Qualified institutions placement

Acquisition commitments

Issue of shares

35,000

457

Vodafone India | Vodafone India's and Idea's standalone tower businesses

Acquisition commitments

Ownership transferred (as a percentage)

11.15%

11.15%

Proceeds from the announced disposal

₨ 78,500

€ 1,000

₨ 38,500

€ 478

Vodafone India | Indus Towers

Acquisition commitments

Ownership interest (as a percentage)

42.00%

42.00%

Vodafone India | Vodafone India Idea Cellular Joint Operation | Minimum

Acquisition commitments

Ownership transferred (as a percentage)

45.10%

45.10%

Vodafone India | Vodafone India Idea Cellular Joint Operation

Acquisition commitments

Ownership interest (as a percentage)

45.10%

45.10%

Ownership transferred (as a percentage)

4.90%

4.90%

Consideration received for transfer of ownership (in Percent)

₨ 39,000

$ 579

Number of years required to equalise share holdings in jointly controlled entity

P4Y

P4Y

Number of years allowed to sell down shares to equalise share holdings in jointly controlled entity

P5Y

P5Y

Break-fee

₨ 33,000

$ 500

Vodafone India | Vodafone India Idea Cellular Joint Operation | Maximum

Acquisition commitments

Ownership interest (as a percentage)

47.50%

47.50%

Vodafone India | Vodafone India Idea Cellular Joint Operation | Aditya Birla Group

Acquisition commitments

Ownership interest (as a percentage)

2.50%

2.50%

Vodafone Greece | CYTA Telecommunications Hellas S.A

Acquisition commitments

Total enterprise value

€ 118

Vodafone Greece | Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania | Acquisition of Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania

Acquisition commitments

Total enterprise value

€ 18,400

Aditya Birla Group | Vodafone India Idea Cellular Joint Operation

Acquisition commitments

Ownership interest (as a percentage)

26.00%

26.00%

Contingent liabilities and l151

Contingent liabilities and legal proceedings - Contingent liabilities and UK pension schemes (Details) € in Millions, $ in Billions, $ in Billions	12 Months Ended
	Mar. 31, 2018USD ($)item	Mar. 31, 2018AUD ($)item	Mar. 31, 2018EUR (€)item	Mar. 31, 2017EUR (€)
Disclosure of contingent liabilities [line items]
number of segregated sections | item	2
Performance bonds
Disclosure of contingent liabilities [line items]
Contingent liability amount			€ 993	€ 2,413
Other guarantees and contingent liabilities
Disclosure of contingent liabilities [line items]
Contingent liability amount			4,036	€ 3,576
UK pension schemes
Disclosure of contingent liabilities [line items]
Notional value of security			536
UK pension schemes, Vodafone Section
Disclosure of contingent liabilities [line items]
Contingent liability amount			€ 1,700
Number of guarantees under pension scheme | item	2	2	2
UK pension schemes, CWW Section
Disclosure of contingent liabilities [line items]
Contingent liability amount			€ 1,700
Notional value of security			57
THUS Plc Group Scheme
Disclosure of contingent liabilities [line items]
Contingent liability amount			€ 114
Vodafone Hutchison Australia Pty Limited
Disclosure of contingent liabilities [line items]
Proportion of stake (as a percentage)	50.00%
Vodafone Hutchison Australia Pty Limited | Other guarantees and contingent liabilities
Disclosure of contingent liabilities [line items]
Proportion of stake (as a percentage)	50.00%
Loan facility covered under guarantee by group company	$ 3.5	$ 1.7

Contingent liabilities and l152

Contingent liabilities and legal proceedings - Indian tax cases and Indian regulatory cases (Details) € in Millions, £ in Millions, ₨ in Billions	Feb. 12, 2016INR (₨)	Apr. 23, 2015EUR (€)	Jan. 03, 2013INR (₨)	Apr. 30, 2013EUR (€)	Jan. 31, 2012	Mar. 31, 2018EUR (€)item	Apr. 21, 2016	Jul. 13, 2015GBP (£)
Disclosure of contingent liabilities [line items]
Number of heads of tax subject to indemnity | item						2
total number of heads of tax | item						3
Indian tax cases | Vodafone International Holdings BV ('VIHBV')
Disclosure of contingent liabilities [line items]
Amount of damages sought | ₨	₨ 221		₨ 142
Percentage of penalty							100.00%
Indian tax cases | Vodafone India Limited (VIL) and Vodafone India Services Private Limited (VISPL)
Disclosure of contingent liabilities [line items]
Litigation period in courts					5 years
Amount of damages sought						€ 2,400
Percentage of penalty						300.00%
Indian tax cases | Vodafone India Services Private Limited
Disclosure of contingent liabilities [line items]
Tax liability						€ 264
Interest payable						€ 422
Deposit amount with tax authorities | £								£ 20
Indian regulatory cases
Disclosure of contingent liabilities [line items]
Number of public interest litigations | item						3
Indian regulatory case, 3G inter-circle roaming | Vodafone India
Disclosure of contingent liabilities [line items]
Amount of fine imposed by department of telecommunications				€ 5.5
Indian regulatory case, One time spectrum charges | Vodafone India
Disclosure of contingent liabilities [line items]
Amount of one time spectrum charges						€ 525
Indian regulatory case, Adjusted Gross Revenue ('AGR') | Vodafone India
Disclosure of contingent liabilities [line items]
Amount of impact on licence fees and spectrum usage charges		€ 1,670

Contingent liabilities and l153

Contingent liabilities and legal proceedings - Other cases in the Group (Details) € / shares in Units, € in Millions, $ in Millions	Jun. 09, 2015EUR (€)	Jun. 08, 2015EUR (€)	Jul. 31, 2016EUR (€)	Aug. 31, 2015EUR (€)	Apr. 30, 2015USD ($)	Sep. 30, 2014EUR (€)plaintiff€ / shares	Dec. 31, 2013EUR (€)directorclaim	Mar. 31, 2018EUR (€)site	Mar. 31, 2010EUR (€)
Patent litigation, Spain
Disclosure of contingent liabilities [line items]
Amount of compensation sought by petitioner								€ 500
Mannesmann takeover, Germany
Disclosure of contingent liabilities [line items]
Amount of compensation awarded, per share | € / shares						€ 229.58
Amount of compensation awarded						€ 19
Amount of squeeze out compensation awarded, per share | € / shares						€ 251.31
Amount of squeeze out compensation awarded						€ 43.8
Kabel Deutschland takeover, Germany
Disclosure of contingent liabilities [line items]
Number of plaintiffs | plaintiff						80
Dominant position allegations, British Telecom in Italy | Vodafone Italy
Disclosure of contingent liabilities [line items]
Amount of compensation sought by petitioner									€ 280
Amount of damages awarded value				€ 12
Dominant position allegations, British Telecom in Italy | Vodafone Italy | Minimum
Disclosure of contingent liabilities [line items]
Amount of damages as per expert report						€ 8			10
Dominant position allegations, British Telecom in Italy | Vodafone Italy | Maximum
Disclosure of contingent liabilities [line items]
Amount of damages as per expert report						€ 11			25
Dominant position allegations, FASTWEB in Italy | Vodafone Italy
Disclosure of contingent liabilities [line items]
Amount of compensation sought by petitioner									360
Dominant position allegations, FASTWEB in Italy | Vodafone Italy | Minimum
Disclosure of contingent liabilities [line items]
Amount of damages as per expert report									0.5
Dominant position allegations, FASTWEB in Italy | Vodafone Italy | Maximum
Disclosure of contingent liabilities [line items]
Amount of damages as per expert report									€ 2.3
Anti-competitive retention of customers allegations by Telecom Italia | Vodafone Italy
Disclosure of contingent liabilities [line items]
Amount of compensation sought by petitioner		€ 101
Anti-competitive retention of customers allegations by Telecom Italia | Vodafone Italy | Minimum
Disclosure of contingent liabilities [line items]
Amount of damages as per expert report	€ 0
Anti-competitive retention of customers allegations by Telecom Italia | Vodafone Italy | Maximum
Disclosure of contingent liabilities [line items]
Amount of damages as per expert report	€ 9
Dominant position and wrongful termination of franchise arrangement by Papistas, Greece
Disclosure of contingent liabilities [line items]
Amount of compensation sought by petitioner							€ 285.5
Number of claims filed | claim							3
Amount of compensation sought by petitioner from directors							€ 1,000
Number of former directors in allegations | director							1
Number of current directors in allegations | director							1
Faith and Infringement allegations by GHI, South Africa | Vodafone Congo
Disclosure of contingent liabilities [line items]
Amount of compensation sought by petitioner | $					$ 1,160
Number of sites rolled out | site								3
Revised amount of compensation sought by petitioner			€ 256

Related party transactions (Det

Related party transactions (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Associates
Related party transactions
Sales of goods and services	€ 19	€ 37	€ 39
Purchase of goods and services	1	90	118
Trade balances owed by	4		1
Trade balances owed to	2	1	4
Joint arrangements
Related party transactions
Sales of goods and services	194	19	21
Purchase of goods and services	199	183	92
Net interest income receivable	120	87	92
Trade balances owed by	107	158	232
Trade balances owed to	28	15	71
Other balances owed by	1,328	1,209	108
Other balances owed to	€ 150	€ 127	€ 106

Subsequent events (Details)

Subsequent events (Details) € in Millions, £ in Millions, shares in Millions	Apr. 25, 2018USD ($)shares	Apr. 05, 2018GBP (£)item	Aug. 07, 2017shares	Aug. 06, 2017	Mar. 31, 2018	Apr. 05, 2018EUR (€)
Subsequent events | Vodafone UK
Subsequent events
Frequency of spectrum acquired in MHz | item		50
Frequency of spectrum available for auction in MHz | item		3,400
Spectrum Payments		£ 378.2				€ 433.4
Term of spectrum acquired		20 years
Vodafone International Holdings B.V.
Subsequent events
Ownership interest (as a percent)			69.70%	65.00%	100.00%
Vodacom Group Limited
Subsequent events
Ownership interest (as a percent)					64.52%
Bharti Infratel | Subsequent events | Bharti Airtel | Maximum
Subsequent events
Ownership interest (as a percentage)	53.50%
Bharti Infratel | Subsequent events | Bharti Airtel | Minimum
Subsequent events
Ownership interest (as a percentage)	37.20%
Vodafone | Vodacom Group Limited
Subsequent events
Number of shares issued | shares			233.5
Indus Towers | Bharti Infratel | Subsequent events
Subsequent events
Ownership interest (as a percentage)	42.00%
Indus Towers | Vodafone | Subsequent events
Subsequent events
Ownership interest (as a percentage)	42.00%
Number of shares issued | shares	783.1
Indus Towers | Aditya Birla Group | Subsequent events
Subsequent events
Ownership interest (as a percentage)	11.15%
Ownership interest which has selling option (as percent)	11.15%
Ownership interest sold (as a percentage)	$ 11.15
Indus Towers | Providence | Subsequent events
Subsequent events
Ownership interest (as a percentage)	4.85%
Ownership interest which has selling option (as percent)	3.35%
Ownership interest sold (as a percentage)	$ 3.35
Bharti Airtel and Vodafone Jointly Control Operation | Subsequent events
Subsequent events
Ownership interest sold (as a percentage)	$ 29.4

Subsequent events - Vodafone Ac

Subsequent events - Vodafone Acquisition (Details) € in Millions	May 09, 2018EUR (€)
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania
Break fee	€ 250
New debt facilities (including hybrid debt securities)
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania
Debt	10,000
Mandatory convertible bonds
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania
Debt	3,000
Unitymedia GmbH in Germany and Liberty Global's Operations (Excluding its "Direct Home" Business) in Czech Republic , Hungary and Romania
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania
Total enterprise value	18,400
UPC Czech, UPC Hungary and UPC Romania | Unitymedia's existing bond structure
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania
Debt	4,500
UPC Czech, UPC Hungary and UPC Romania | Unitymedia's term loans
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania
Debt	2,200
Liberty Global
Vodafone to acquire Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania
Cash transferred	10,800
Liabilities incurred	€ 7,600

Subsequent events - Bond issuan

Subsequent events - Bond issuance (Details) - May 23, 2018 € in Billions, $ in Billions	USD ($)	EUR (€)
Unitymedia GmbH in Germany and Liberty Global's Operations (Excluding its "Direct Home" Business) in Czech Republic , Hungary and Romania
Subsequent events
Bond debt	$ 11.5	€ 9.8

Subsequent events - Repurchase

Subsequent events - Repurchase of Floating Rate Notes by Verizon (Details) $ in Billions	May 24, 2018USD ($)
Floating Rate Notes due 2025 | Verizon Communications Inc
Subsequent events
Repurchase of notes	$ 2.5

Related undertakings - Subsidia

Related undertakings - Subsidiaries (Details)	Aug. 07, 2017	Aug. 06, 2017	Mar. 31, 2018
Vodafone Albania Sh.A
Subsidiaries
% held by Group companies			100.00%
Vodafone M-PESASH.P.K.
Subsidiaries
% held by Group companies			100.00%
Vodacom Business (Angola) Limitada
Subsidiaries
% held by Group companies			63.87%
CWGNL S.A
Subsidiaries
% held by Group companies			100.00%
Quickcomm Pty Limited
Subsidiaries
% held by Group companies			100.00%
PPL Pty Limited
Subsidiaries
% held by Group companies			100.00%
Talkland Australia Pty Limited
Subsidiaries
% held by Group companies			100.00%
VAPL No.2 Pty Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Australia Pty Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Austria GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Bahrain W.L.L.
Subsidiaries
% held by Group companies			100.00%
Vodafone Belgium SA/NV
Subsidiaries
% held by Group companies			100.00%
Vodafone Servicos Empresariais Brasil Ltda
Subsidiaries
% held by Group companies			100.00%
Cobra do Brasil Servicos de Telematica ltda.
Subsidiaries
% held by Group companies			70.00%
Vodafone Empress Brasil Telecomunicacoes Ltda
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Bulgaria EOOD
Subsidiaries
% held by Group companies			100.00%
Vodacom Business Cameroon SA
Subsidiaries
% held by Group companies			64.52%
Vodafone Canada Inc.
Subsidiaries
% held by Group companies			100.00%
CGP Investments (Holdings) Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Chile SA
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive Technologies (Beijing) Co, Ltd
Subsidiaries
% held by Group companies			100.00%
Vodafone China Limited (China)
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless Communications Technical Service (Shanghai) Co. Ltd (Beijing Branch)
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Communications Technical Services (Shanghai) Co. Ltd
Subsidiaries
% held by Group companies			100.00%
Vodacash S.A
Subsidiaries
% held by Group companies			32.90%
Vodacom Congo (RDC) SA
Subsidiaries
% held by Group companies			32.90%
Vodacom Business Cote D'ivoire S.A.R.L.
Subsidiaries
% held by Group companies			64.52%
Vodafone Mobile Operations Limited
Subsidiaries
% held by Group companies			100.00%
Oskar Mobil S.R.O.
Subsidiaries
% held by Group companies			100.00%
Vodafone Czech Republic A.S.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Europe (UK) Limited - Czech Branch
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Denmark A/S
Subsidiaries
% held by Group companies			100.00%
Vodafone International Services LLC
Subsidiaries
% held by Group companies			54.93%
Starnet
Subsidiaries
% held by Group companies			54.90%
Sarmady Communications
Subsidiaries
% held by Group companies			54.91%
Vodafone Egypt Telecommunications S.A.E.
Subsidiaries
% held by Group companies			54.93%
Vodafone For Trading
Subsidiaries
% held by Group companies			54.87%
Vodafone Data
Subsidiaries
% held by Group companies			54.93%
Vodafone Enterprise Finland OY
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive Telematics Development S.A.S
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive France S.A.S
Subsidiaries
% held by Group companies			50.94%
Vodafone Enterprise France SAS
Subsidiaries
% held by Group companies			100.00%
TKS Telepost Kabel-Service Kaiserslautern Beteiligungs GmbH
Subsidiaries
% held by Group companies			76.70%
TKS Telepost Kabel-Service Kaiserslautern GmbH & Co. KG
Subsidiaries
% held by Group companies			76.70%
Kabel Deutschland Holding AG
Subsidiaries
% held by Group companies			76.70%
Kabel Deutschland Holding Erste Beteiligungs GmbH
Subsidiaries
% held by Group companies			76.70%
Kabel Deutschland Holding Zweite Beteilgungs GmbH
Subsidiaries
% held by Group companies			76.70%
Kabel Deutschland Neunte Beteiligungs GmbH
Subsidiaries
% held by Group companies			100.00%
Kabel Deutschland Siebte Beteiligungs GmbH
Subsidiaries
% held by Group companies			76.70%
Vodafone Kabel Deutschland GmbH
Subsidiaries
% held by Group companies			76.70%
Vodafone Kabel Deutschland Kundenbetreuung GmbH
Subsidiaries
% held by Group companies			76.70%
Vodafone Automotive Deutschland GmbH
Subsidiaries
% held by Group companies			100.00%
CRVSH GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Germany GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Group Services GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Institut fur Gesellschaft und Kommunikation GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Stiftung Deutschland Gemeinnutzige GmbH
Subsidiaries
% held by Group companies			100.00%
Vodafone Vierte Verwaltungs AG
Subsidiaries
% held by Group companies			100.00%
KABELCOM Braunschweig Gesellschaft Fur Breitbandkabel- Kommunikation Mit Beschrankter Haftung
Subsidiaries
% held by Group companies			76.70%
Urbana Teleunion Rostock GmbH & Co.KG
Subsidiaries
% held by Group companies			53.69%
Verwaltung "Urbana Teleunion" Rostock GmbH
Subsidiaries
% held by Group companies			38.35%
KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel-Kommunikation Mit Beschrankter Haftung
Subsidiaries
% held by Group companies			76.70%
Vodacom Business (Ghana) Limited
Subsidiaries
% held by Group companies			64.52%
Ghana Telecommunications Company Limited | Ordinary shares
Subsidiaries
% held by Group companies			70.81%
Ghana Telecommunications Company Limited | Preference shares
Subsidiaries
% held by Group companies			100.00%
National Communications Backbone Company Limited
Subsidiaries
% held by Group companies			70.81%
Vodafone Ghana Mobile Financial Services Limited
Subsidiaries
% held by Group companies			70.81%
Vodafone-Panafon Hellenic Telecommunications Company S.A.
Subsidiaries
% held by Group companies			99.87%
Vodafone Global Enterprise Telecommunications (Hellas) A.E.
Subsidiaries
% held by Group companies			100.00%
Vodafone Innovus S.A
Subsidiaries
% held by Group companies			99.87%
360 Connect S.A.
Subsidiaries
% held by Group companies			99.87%
FB Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Le Bunt Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Silver Stream Investments Limited
Subsidiaries
% held by Group companies			100.00%
VBA Holdings Limited
Subsidiaries
% held by Group companies			64.52%
VBA International Limited
Subsidiaries
% held by Group companies			64.52%
Vodafone Enterprise Global Network HK Ltd
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Hong Kong Ltd
Subsidiaries
% held by Group companies			100.00%
Vodafone Magyarorszag Mobile Tavkozlesi Zartkoruen Mukodo Reszvenytarsasag
Subsidiaries
% held by Group companies			100.00%
VSSB Vodafone Shared Services Budapest Private Limited Company
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless Global (India) Private Limited
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless Networks India Private Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless (India) Limited (India branch)
Subsidiaries
% held by Group companies			100.00%
AG Mercantile Company Private Limited
Subsidiaries
% held by Group companies			100.00%
Jaykay Finholding (India) Private Limited
Subsidiaries
% held by Group companies			100.00%
MV Healthcare Services Private limited
Subsidiaries
% held by Group companies			100.00%
Nadal Trading Company Private Limited
Subsidiaries
% held by Group companies			100.00%
ND Callus Info Services Private Limited
Subsidiaries
% held by Group companies			100.00%
Omega Telecom Holdings Private Limited
Subsidiaries
% held by Group companies			100.00%
Plustech Mercantile Company Private Limited
Subsidiaries
% held by Group companies			100.00%
SMMS Investments Pvt Limited
Subsidiaries
% held by Group companies			100.00%
Telecom Investments India Private Limited
Subsidiaries
% held by Group companies			100.00%
UMT Investments Limited
Subsidiaries
% held by Group companies			100.00%
Usha Martin Telematics Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Services Private Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Towers Limited
Subsidiaries
% held by Group companies			100.00%
Scorpios Beverages Pvt. Ltd
Subsidiaries
% held by Group companies			100.00%
Vodafone India Services Private Limited
Subsidiaries
% held by Group companies			100.00%
Mobile Commerce Solutions Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Foundation
Subsidiaries
% held by Group companies			100.00%
Vodafone India Digital Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone India Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone India Ventures Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Mobile Services Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone m-pesa Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Technology Solutions Limited
Subsidiaries
% held by Group companies			100.00%
You Broadband India Limited
Subsidiaries
% held by Group companies			100.00%
You System Integration Private Limited
Subsidiaries
% held by Group companies			100.00%
Connect (India) Mobile Technologies Private Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Business Services Limited
Subsidiaries
% held by Group companies			100.00%
Eudokia Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless GN Limited
Subsidiaries
% held by Group companies			100.00%
Stentor Limited
Subsidiaries
% held by Group companies			100.00%
VF Ireland Property Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Global Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Network Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Group Services Ireland Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Ireland Distribution Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Ireland Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Ireland Marketing Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Ireland Retail Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Enterprise (Italy) S.R.L.
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive Italia S.p.A
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive Electronic Systems S.r.L
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive SpA
Subsidiaries
% held by Group companies			100.00%
VEI S.r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Italia S.p.A.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Italy S.r.L
Subsidiaries
% held by Group companies			100.00%
Vodafone Gestioni S.p.A.
Subsidiaries
% held by Group companies			100.00%
Vodafone Servizi E Tecnologie S.R.L.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise U.K. (Japanese Branch)
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive Japan K.K
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Enterprise (Japan) K.K.
Subsidiaries
% held by Group companies			100.00%
Aztec Limited
Subsidiaries
% held by Group companies			100.00%
Globe Limited
Subsidiaries
% held by Group companies			100.00%
Plex Limited
Subsidiaries
% held by Group companies			100.00%
Vizzavi Finance Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Holdings(Jersey) Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone International 2 Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Jersey Dollar Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Jersey Finance
Subsidiaries
% held by Group companies			100.00%
Vodafone Jersey Yen Holdings Unlimited
Subsidiaries
% held by Group companies			100.00%
Vodafone Kenya Limited
Subsidiaries
% held by Group companies			68.95%
M-PESA Holding Co. Limited
Subsidiaries
% held by Group companies			100.00%
Vodacom Business (Kenya) Limited
Subsidiaries
% held by Group companies			51.62%
Vodafone Automotive Korea Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Korea Limited
Subsidiaries
% held by Group companies			100.00%
Vodacom Lesotho (Pty) Limited
Subsidiaries
% held by Group companies			51.62%
Tomorrow Street GP S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Asset Management Services S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Global Businesses S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Luxembourg S.A.
Subsidiaries
% held by Group companies			100.00%
Vodafone International 1 S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone International M S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Investments Luxembourg S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Luxembourg 5 S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Luxembourg S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Procurement Company S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Real Estate S.a.r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Roaming Services S.a r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Services Company S.a.r.l.
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Enterprise (Malaysia) Sdn Bhd
Subsidiaries
% held by Group companies			100.00%
Multi Risk Indemnity Company Limited
Subsidiaries
% held by Group companies			100.00%
Multi Risk Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Malta Limited
Subsidiaries
% held by Group companies			100.00%
Mobile Wallet VM1
Subsidiaries
% held by Group companies			64.52%
Mobile Wallet VM2
Subsidiaries
% held by Group companies			64.52%
Al-Amin Investments Limited
Subsidiaries
% held by Group companies			100.00%
Array Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Asian Telecommunication Investments (Mauritius) Limited
Subsidiaries
% held by Group companies			100.00%
CCII (Mauritius), Inc.
Subsidiaries
% held by Group companies			100.00%
CGP India Investments Ltd.
Subsidiaries
% held by Group companies			100.00%
Euro Pacific Securities Ltd.
Subsidiaries
% held by Group companies			100.00%
Mobilvest
Subsidiaries
% held by Group companies			100.00%
Prime Metals Ltd.
Subsidiaries
% held by Group companies			100.00%
Trans Crystal Ltd.
Subsidiaries
% held by Group companies			100.00%
Vodafone Mauritius Ltd.
Subsidiaries
% held by Group companies			100.00%
Vodafone Telecommunications (India) Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Tele-Services (India) Holdings Limited
Subsidiaries
% held by Group companies			100.00%
VBA (Mauritius) Limited
Subsidiaries
% held by Group companies			64.52%
Vodacom International Limited
Subsidiaries
% held by Group companies			64.52%
Vodafone Empresa Mexico S.de R.L. de C.V.
Subsidiaries
% held by Group companies			100.00%
Vodafone Maroc SARL
Subsidiaries
% held by Group companies			79.75%
VM, SA | Ordinary shares
Subsidiaries
% held by Group companies			54.84%
VM, SA | Redeemable preference shares
Subsidiaries
% held by Group companies			64.52%
Vodafone M-Pesa, S.A
Subsidiaries
% held by Group companies			54.84%
Vodafone Enterprise Netherlands BV
Subsidiaries
% held by Group companies			100.00%
Vodafone Europe B.V.
Subsidiaries
% held by Group companies			100.00%
Vodafone International Holdings B.V.
Subsidiaries
% held by Group companies	69.70%	65.00%	100.00%
Vodafone Panafon International Holdings B.V.
Subsidiaries
% held by Group companies			100.00%
Vodafone Mobile NZ Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone New Zealand Foundation Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone New Zealand Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone New Zealand Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Next Generation Services Limited
Subsidiaries
% held by Group companies			100.00%
Farmside Limited
Subsidiaries
% held by Group companies			70.00%
Farmside Technologies Limited
Subsidiaries
% held by Group companies			70.00%
My Farmside Limited
Subsidiaries
% held by Group companies			70.00%
Spar Aerospace (Nigeria) Limited
Subsidiaries
% held by Group companies			64.52%
Vodacom Business Africa (Nigeria) Limited
Subsidiaries
% held by Group companies			64.52%
C&W Worldwide Nigeria Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Norway AS
Subsidiaries
% held by Group companies			100.00%
Vodafone Limited (Norway Branch)
Subsidiaries
% held by Group companies			100.00%
Oni Way - Infocomunicacoes, S.A.
Subsidiaries
% held by Group companies			100.00%
Vodafone Portugal - Comunicacoes Pessoais, S.A.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Spain, S.L.U. - Portugal Branch
Subsidiaries
% held by Group companies			100.00%
Vodafone Romania S.A
Subsidiaries
% held by Group companies			100.00%
Vodafone Romania M-Payments SRL
Subsidiaries
% held by Group companies			100.00%
Vodafone Romania Technologies SRL
Subsidiaries
% held by Group companies			100.00%
Vodafone Shared Services Romania SRL
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Enterprise Russia LLC
Subsidiaries
% held by Group companies			100.00%
Cable & Wireless CIS Svyaz LLC
Subsidiaries
% held by Group companies			100.00%
Cavalry Holdings Ltd
Subsidiaries
% held by Group companies			31.61%
East Africa Investment (Mauritius) Limited
Subsidiaries
% held by Group companies			31.61%
VBA International (SL) Limited
Subsidiaries
% held by Group companies			64.52%
Vodafone Enterprise Singapore Pte.Ltd
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Network Limited - Slovakia Branch
Subsidiaries
% held by Group companies			100.00%
XLink Communications (Proprietary) Limited
Subsidiaries
% held by Group companies			60.49%
Cable and Wireless Worldwide South Africa (Pty) Ltd
Subsidiaries
% held by Group companies			100.00%
Waterberg Lodge (Proprietary) Limited
Subsidiaries
% held by Group companies			30.25%
Vodafone Holdings (SA) Proprietary Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Investments (SA) Proprietary Limited
Subsidiaries
% held by Group companies			100.00%
GS Telecom (Pty) Limited
Subsidiaries
% held by Group companies			64.52%
Jupicol (Proprietary) Limited
Subsidiaries
% held by Group companies			42.34%
Mezzanine Ware Proprietary Limited (RF)
Subsidiaries
% held by Group companies			54.44%
Motifpros 1 (Proprietary) Limited
Subsidiaries
% held by Group companies			60.49%
Scarlet Ibis Investments 23 (Pty) Limited
Subsidiaries
% held by Group companies			60.49%
Storage Technology Services (Pty) Limited
Subsidiaries
% held by Group companies			30.85%
Vodacom (Pty) Limited
Subsidiaries
% held by Group companies			60.49%
Vodacom Business Africa Group (Pty) Limited
Subsidiaries
% held by Group companies			64.52%
Vodacom Financial Services (Proprietary) Limited
Subsidiaries
% held by Group companies			60.49%
Vodacom Group Limited
Subsidiaries
% held by Group companies			64.52%
Vodacom Insurance Administration Company (Proprietary) Limited
Subsidiaries
% held by Group companies			60.49%
Vodacom Insurance Company (RF) Limited
Subsidiaries
% held by Group companies			60.49%
Vodacom International Holdings (Pty) Limited
Subsidiaries
% held by Group companies			64.52%
Vodacom Life Assurance Company (RF) Limited
Subsidiaries
% held by Group companies			60.49%
Vodacom Payment Services (Proprietary) Limited
Subsidiaries
% held by Group companies			60.49%
Vodacom Properties No 1 (Proprietary) Limited
Subsidiaries
% held by Group companies			60.49%
Vodacom Properties No.2 (Pty) Limited
Subsidiaries
% held by Group companies			60.49%
Wheatfields Investments 276 (Proprietary) Limited
Subsidiaries
% held by Group companies			64.52%
Vodafone Automotive Iberia S.L
Subsidiaries
% held by Group companies			100.00%
Vodafone Enabler Espana, S.L.
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Spain SLU
Subsidiaries
% held by Group companies			100.00%
Vodafone Espana S.A.U.
Subsidiaries
% held by Group companies			100.00%
Vodafone Holdings Europe S.L.U.
Subsidiaries
% held by Group companies			100.00%
Vodafone ONO, S.A.U.
Subsidiaries
% held by Group companies			100.00%
Vodafone Servicios SL.U
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Sweden AB
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Switzerland AG
Subsidiaries
% held by Group companies			100.00%
Vodafone International 1 S.a.r.l. Luxembourg, Zweigniederlassung Bern
Subsidiaries
% held by Group companies			100.00%
Vodafone Investments Luxembourg S.a r.l., Luxembourg, Zweigniederlassung Bern
Subsidiaries
% held by Group companies			100.00%
Vodafone Luxembourg 5 S.a r.l., Luxembourg, Zweigniederlassung Berm
Subsidiaries
% held by Group companies			100.00%
Vodafone Luxembourg S.a r.l., Luxembourg, Zweigniederlassung Berm
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive Telematics S.A
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Switzerland AG - AGNO BRANCH
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Enterprise Taiwan Limited
Subsidiaries
% held by Group companies			100.00%
Gateway Communications Tanzania Limited
Subsidiaries
% held by Group companies			63.87%
M-Pesa Limited
Subsidiaries
% held by Group companies			39.74%
Shared Networks Tanzania Limited
Subsidiaries
% held by Group companies			39.75%
Vodacom Tanzania Limited Zanzibar
Subsidiaries
% held by Group companies			39.75%
Vodacom Tanzania Public Limited Company
Subsidiaries
% held by Group companies			39.75%
Mirambo Limited
Subsidiaries
% held by Group companies			31.61%
Vodafone Bilgi Ve Iletisim Hizmetleri AS
Subsidiaries
% held by Group companies			100.00%
Vodafone Dagitim Hizmetleri A.S.
Subsidiaries
% held by Group companies			100.00%
Vodafone Elektronik Para Ve Odeme Hizmetleri A.S.
Subsidiaries
% held by Group companies			100.00%
Vodafone Holding A.S.
Subsidiaries
% held by Group companies			100.00%
Vodafone Net Iletisim Hizmetleri A.S.
Subsidiaries
% held by Group companies			100.00%
Vodafone Telekomunikasyon A.S
Subsidiaries
% held by Group companies			100.00%
Vodafone Teknoloji Hizmetleri A.S.
Subsidiaries
% held by Group companies			100.00%
LLC Vodafone Enterprise Ukraine
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Europe (UK) Limited - DUBAI BRANCH
Subsidiaries
% held by Group companies			100.00%
Thus Group Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Thus Group Limited
Subsidiaries
% held by Group companies			100.00%
Thus Profit Sharing Trustees Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone (NI) Limited
Subsidiaries
% held by Group companies			100.00%
Pinnacle Cellular Group Limited
Subsidiaries
% held by Group companies			100.00%
Pinnacle Cellular Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone (Scotland) Limited
Subsidiaries
% held by Group companies			100.00%
Woodend Cellular Limited
Subsidiaries
% held by Group companies			100.00%
Woodend Communications Limited
Subsidiaries
% held by Group companies			100.00%
Woodend Group Limited
Subsidiaries
% held by Group companies			100.00%
Woodend Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Energis (Ireland) Limited
Subsidiaries
% held by Group companies			100.00%
Navtrak Ltd
Subsidiaries
% held by Group companies			100.00%
Vodafone Automotive UK Limited
Subsidiaries
% held by Group companies			100.00%
Gateway Communications Africa (UK) Limited
Subsidiaries
% held by Group companies			64.52%
Vodacom Business Africa Group Services Limited
Subsidiaries
% held by Group companies			64.52%
Vodacom UK Limited
Subsidiaries
% held by Group companies			64.52%
AAA (Euro) Limited
Subsidiaries
% held by Group companies			100.00%
Acorn Communications Limited
Subsidiaries
% held by Group companies			100.00%
Apollo Submarine Cable System Limited
Subsidiaries
% held by Group companies			100.00%
Aspective Limited
Subsidiaries
% held by Group companies			100.00%
Astec Communications Limited
Subsidiaries
% held by Group companies			100.00%
Bluefish Communications Limited
Subsidiaries
% held by Group companies			100.00%
C.S.P. Solutions Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless Aspac Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless CIS Services Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless Communications Data Network Services Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless Europe Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless Global Business Services Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless Global Holding Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless Global Telecommunication Services Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless UK Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless UK Services Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless Worldwide Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless Worldwide Voice Messaging Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless (India) Limited
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless Nominee Limited
Subsidiaries
% held by Group companies			100.00%
Cellops Limited
Subsidiaries
% held by Group companies			100.00%
Cellular Operations Limited
Subsidiaries
% held by Group companies			100.00%
Central Communications Group Limited
Subsidiaries
% held by Group companies			100.00%
CWW Operations Limited
Subsidiaries
% held by Group companies			100.00%
Dataroam Limited
Subsidiaries
% held by Group companies			100.00%
Emtel Europe Limited
Subsidiaries
% held by Group companies			100.00%
Energis Communications Limited
Subsidiaries
% held by Group companies			100.00%
Energis Squared Limited
Subsidiaries
% held by Group companies			100.00%
Flexphone Limited
Subsidiaries
% held by Group companies			100.00%
FM Associates (UK) Limited
Subsidiaries
% held by Group companies			100.00%
General Mobile Corporation Limited
Subsidiaries
% held by Group companies			100.00%
Global Cellular Rental Limited
Subsidiaries
% held by Group companies			50.00%
Internet Network Services Limited
Subsidiaries
% held by Group companies			100.00%
Isis Telecommunications Management Limited
Subsidiaries
% held by Group companies			100.00%
Legend Communications Limited
Subsidiaries
% held by Group companies			100.00%
London Hydraulic Power Company
Subsidiaries
% held by Group companies			100.00%
Metro Holdings Limited
Subsidiaries
% held by Group companies			100.00%
ML Integration Group Limited
Subsidiaries
% held by Group companies			100.00%
ML Integration Services Limited
Subsidiaries
% held by Group companies			100.00%
Mobile Phone Centre Limited
Subsidiaries
% held by Group companies			100.00%
Nat Comm Air Limited
Subsidiaries
% held by Group companies			100.00%
P.C.P. (North West) Limited
Subsidiaries
% held by Group companies			100.00%
Peoples Phone Limited
Subsidiaries
% held by Group companies			100.00%
Project Telecom Holdings Limited
Subsidiaries
% held by Group companies			100.00%
PT Network Services Limited
Subsidiaries
% held by Group companies			100.00%
PTI Telecom Limited
Subsidiaries
% held by Group companies			100.00%
Rian Mobile Limited
Subsidiaries
% held by Group companies			100.00%
Singlepoint (4U) Limited
Subsidiaries
% held by Group companies			100.00%
Singlepoint Payment Services Limited
Subsidiaries
% held by Group companies			100.00%
Stentor Communications Limited
Subsidiaries
% held by Group companies			100.00%
Talkland Airtime Services Limited
Subsidiaries
% held by Group companies			100.00%
Talkland Communications Limited
Subsidiaries
% held by Group companies			100.00%
Talkland International Limited
Subsidiaries
% held by Group companies			100.00%
Talkland Midlands Limited
Subsidiaries
% held by Group companies			100.00%
Talkmobile Limited
Subsidiaries
% held by Group companies			100.00%
Ternhill Communications Limited
Subsidiaries
% held by Group companies			100.00%
The Eastern Leasing Company Limited
Subsidiaries
% held by Group companies			100.00%
Thus Limited
Subsidiaries
% held by Group companies			100.00%
Townley Communications Limited
Subsidiaries
% held by Group companies			100.00%
Uniqueair Limited
Subsidiaries
% held by Group companies			100.00%
Vizzavi Limited
Subsidiaries
% held by Group companies			100.00%
Vodacall Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone (New Zealand) Hedging Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone 4 UK
Subsidiaries
% held by Group companies			100.00%
Vodafone 5 Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone 5 UK
Subsidiaries
% held by Group companies			100.00%
Vodafone 6 UK
Subsidiaries
% held by Group companies			100.00%
Vodafone Americas
Subsidiaries
% held by Group companies			100.00%
Vodafone Benelux Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Business Solutions Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Cellular Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Central Services Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Connect 2 Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Connect Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Consolidated Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Corporate Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Corporate Secretaries Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone DC Pension Trustee Company Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Distribution Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Corporate Secretaries Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Equipment Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise Europe (UK) Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Enterprise U.K.
Subsidiaries
% held by Group companies			100.00%
Vodafone Euro Hedging Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Euro Hedging Two
Subsidiaries
% held by Group companies			100.00%
Vodafone Europe UK
Subsidiaries
% held by Group companies			100.00%
Vodafone European Investments
Subsidiaries
% held by Group companies			100.00%
Vodafone European Portal Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Finance Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Finance Luxembourg Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Finance Sweden
Subsidiaries
% held by Group companies			100.00%
Vodafone Finance UK Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Financial Operations
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Content Services Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Global Enterprise Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Group (Directors) Trustee Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Group Pension Trustee Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Group Services Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Group Services No.2 Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Group Share Trustee Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Hire Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Holdings Luxembourg Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Intermediate Enterprises Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone International Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone International Operations Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Investment UK
Subsidiaries
% held by Group companies			100.00%
Vodafone Investments Australia Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Investments Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone IP Licensing Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Leasing Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone M.C. Mobile Services Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Marketing UK
Subsidiaries
% held by Group companies			100.00%
Vodafone Mobile Commerce Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Mobile Communications Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Mobile Enterprises Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Mobile Network Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Multimedia Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Nominees Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Oceania Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Old Show Ground Site Management Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Overseas Finance Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Overseas Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Panafon UK
Subsidiaries
% held by Group companies			100.00%
Vodafone Partner Services Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Property Investments Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Retail (Holdings) Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Retail Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Sales & Services Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Satellite Services Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Specialist Communications Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone UK Content Services Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone UK Investments Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone UK Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Ventures Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Worldwide Holdings Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone Yen Finance Limited
Subsidiaries
% held by Group companies			100.00%
Vodafone-Central Limited
Subsidiaries
% held by Group companies			100.00%
Vodaphone Limited
Subsidiaries
% held by Group companies			100.00%
Vodata Limited
Subsidiaries
% held by Group companies			100.00%
Your Communications Group Limited
Subsidiaries
% held by Group companies			100.00%
Bluefish Communications Inc.
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless Americas Systems, Inc.
Subsidiaries
% held by Group companies			100.00%
Cable and Wireless a-Services, Inc
Subsidiaries
% held by Group companies			100.00%
Vodafone Americas Virginia Inc.
Subsidiaries
% held by Group companies			100.00%
Vodafone US Inc.
Subsidiaries
% held by Group companies			100.00%
Africonnect (Zambia) Limited | Ordinary shares
Subsidiaries
% held by Group companies			50.00%
Africonnect (Zambia) Limited | Redeemable preference shares
Subsidiaries
% held by Group companies			64.52%

Related undertakings - Associat

Related undertakings - Associated undertakings and joint arrangements (Details) - 12 months ended Mar. 31, 2018 € in Millions, Ksh in Trillions	KES (Ksh)	EUR (€)
H3ga Properties (No 3) Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Mobileworld Communications Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Mobileworld Operating Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Foundation Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Hutchison Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Hutchison Finance Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Hutchison Receivables Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Network Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
HBO Netherlands Channels sro
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.00%
COOP Mobil s.r.o.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	33.33%
Wataneya Telecommunications S.A.E
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Safenet N.P,A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.00%
Victus Networks S.A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
FireFly Networks Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Indus Towers Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	42.00%
Siro Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VND S.p.A
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	35.00%
Safaricom Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	22.58%
Fair value of investment in associate	Ksh 1.2	€ 9,963
Tomorrow Street SCA
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Esprit Telecom B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
XB Facilities B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Financial Services B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Zesko B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Bond Company B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Netwerk B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Zoranet Connectivity Services B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Amsterdamse Beheer- en Consultingmaatschappij B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Torenspits II B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Nederland Holding I B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Nederland Holding II B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Nederland Holding III B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Ziggo Group B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VZ Financing I B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VZ Financing II B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Bond Finance B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Deelnemingen B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Finance 2 B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Holding B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Netwerk II B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Real Estate B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Secured Finance B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Secured Finance II B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Services B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Services Employment B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Services Netwerk 2 B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Zakelijk Services B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
ZUM B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Libertel B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Cooperatie Nederland Cooperatief U.A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.00%
FinCo Partner 1 B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LGE HoldCo V B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LGE HoldCo VI B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LGE Holdco VII B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LGE HoldCo VIII B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VodafoneZiggo Group Holding B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
HBO Netherlands Distribution B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.00%
Liberty Global Content Netherlands B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Rural Connectivity Group Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	33.33%
TNAS Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Centurion GSM Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.00%
Celfocus - Solucoes Informaticas Para Telecomunicacoes S.A
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	45.00%
SPORT TV PORTUGAL, S.A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.00%
Netgrid Telecom SRL
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Autoconnex Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	35.00%
Digital Mobile Spectrum Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.00%
Cable and Wireless Trade Mark Management Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Cornerstone Telecommunications Infrastructure Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LG Financing Partnership
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Financing Partnership
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Secured Finance Partnership
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodacom Group Limited
Associated undertakings and joint arrangements
Ownership interest (as a percent)	64.52%

Related undertakings - Subsi161

Related undertakings - Subsidiaries that have non-controlling interests (Details) € in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2018EUR (€)	Mar. 31, 2017USD ($)	Mar. 31, 2017EUR (€)	Mar. 31, 2016USD ($)	Mar. 31, 2016EUR (€)	Mar. 31, 2015EUR (€)
Summary comprehensive income information
Revenue		€ 46,571		€ 47,631		€ 49,810
Profit/(loss) for the financial year:	$ 2,439	2,788	$ (6,297)	(6,079)	$ (5,405)	(5,122)
Other comprehensive (expense) income		(2,389)		(1,357)		(2,521)
Total comprehensive income/(expense) for the year		399		(7,436)		(7,643)
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests		349		218		283
Summary financial position information
Non-current assets		107,660		111,947
Current assets		24,131		25,542
Total assets		145,611		154,684
Non-current liabilities		(37,980)		(38,576)
Current liabilities		(28,025)		(30,595)
Equity shareholders' funds		67,640		72,200
Non-controlling interests		967		1,519
Total equity		68,607		73,719		85,136	€ 93,708
Statement of cash flows
Net cash flow from operating activities		13,600		14,223		14,336
Net cash flow from investing activities		(9,841)		(8,423)		(13,871)
Net cashflow from financing activities		(7,234)		(9,096)		4,082
Net cash (outflow)/inflow		(3,475)		(3,296)		4,547
Cash and cash equivalents at beginning of period		8,835
Exchange gain/(loss) on cash and cash equivalents		(433)		(313)		(1,128)
Cash and cash equivalents at end of period		4,674		8,835
Vodacom Group Limited
Summary comprehensive income information
Revenue		5,692		5,294
Profit/(loss) for the financial year:		934		768
Other comprehensive (expense) income		(8)		(10)
Total comprehensive income/(expense) for the year		926		758
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests		342		257
Dividends paid to non-controlling interests		309		258
Summary financial position information
Non-current assets		6,433		6,213
Current assets		2,389		2,023
Total assets		8,822		8,236
Non-current liabilities		(2,151)		(2,368)
Current liabilities		(2,104)		(1,825)
Total assets less total liabilities		4,567		4,043
Equity shareholders' funds		3,595		3,379
Non-controlling interests		972		664
Total equity		4,567		4,043
Statement of cash flows
Net cash flow from operating activities		1,727		1,702
Net cash flow from investing activities		(541)		(788)
Net cashflow from financing activities		(879)		(777)
Net cash (outflow)/inflow		307		137
Cash and cash equivalents at beginning of period		619		464
Exchange gain/(loss) on cash and cash equivalents		(39)		18
Cash and cash equivalents at end of period		887		619		464
Vodafone Egypt Telecommunications S.A.E.
Summary comprehensive income information
Revenue		962		1,333
Profit/(loss) for the financial year:		206		194
Total comprehensive income/(expense) for the year		206		194
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests		93		82
Dividends paid to non-controlling interests		1		153
Summary financial position information
Non-current assets		985		1,038
Current assets		407		352
Total assets		1,392		1,390
Non-current liabilities		(46)		(25)
Current liabilities		(522)		(656)
Total assets less total liabilities		824		709
Equity shareholders' funds		491		433
Non-controlling interests		333		276
Total equity		824		709
Statement of cash flows
Net cash flow from operating activities		307		520
Net cash flow from investing activities		(145)		(609)
Net cashflow from financing activities		(55)		(328)
Net cash (outflow)/inflow		107		(417)
Cash and cash equivalents at beginning of period		57		619
Exchange gain/(loss) on cash and cash equivalents		(5)		(145)
Cash and cash equivalents at end of period		159		57		619
Vodafone Qatar Q.S.C.
Summary comprehensive income information
Revenue		468		510
Profit/(loss) for the financial year:		(40)		(67)
Total comprehensive income/(expense) for the year		(40)		(67)
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests		(31)		(52)
Summary financial position information
Non-current assets				1,550
Current assets				137
Total assets				1,687
Non-current liabilities				(266)
Current liabilities				(226)
Total assets less total liabilities				1,195
Equity shareholders' funds				275
Non-controlling interests				920
Total equity				1,195
Statement of cash flows
Net cash flow from operating activities		115		134
Net cash flow from investing activities		(119)		(93)
Net cashflow from financing activities		(33)		(32)
Net cash (outflow)/inflow		(37)		9
Cash and cash equivalents at beginning of period		43		31
Exchange gain/(loss) on cash and cash equivalents		€ (6)		3
Cash and cash equivalents at end of period				€ 43		€ 31