Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | VODAFONE GROUP PUBLIC LTD CO | |
Entity Central Index Key | 0000839923 | |
Document Type | 20-F | |
Document Period End Date | Mar. 31, 2019 | |
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 Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,230,375,568 | 0 |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY |
Consolidated income statement
Consolidated income statement - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated income statement | |||
Revenue | € 43,666 | € 46,571 | € 47,631 |
Cost of sales | (30,160) | (32,771) | (34,576) |
Gross profit | 13,506 | 13,800 | 13,055 |
Selling and distribution expenses | (3,891) | (4,011) | (4,349) |
Administrative expenses | (5,410) | (5,116) | (5,491) |
Net credit losses on financial assets1 | (575) | (528) | (589) |
Share of results of equity accounted associates and joint ventures | (908) | (59) | 47 |
Impairment losses | (3,525) | ||
Other (expense)/income | (148) | 213 | 1,052 |
Operating (loss)/profit | (951) | 4,299 | 3,725 |
Non-operating expense | (7) | (32) | (1) |
Investment income | 433 | 685 | 474 |
Finance costs | (2,088) | (1,074) | (1,406) |
(Loss)/profit before taxation | (2,613) | 3,878 | 2,792 |
Income tax (expense)/credit | (1,496) | 879 | (4,764) |
(Loss)/profit for the financial year from continuing operations | (4,109) | 4,757 | (1,972) |
Loss for the financial year from discontinued operations | (3,535) | (1,969) | (4,107) |
(Loss)/profit for the financial year | (7,644) | 2,788 | (6,079) |
Attributable to: | |||
Owners of the parent | (8,020) | 2,439 | (6,297) |
Non-controlling interests | 376 | 349 | 218 |
(Loss)/profit for the financial year | € (7,644) | € 2,788 | € (6,079) |
(Loss)/earnings per share | |||
Basic - From continuing operations (in eurocents per share) | € (0.1625) | € 0.1587 | € (0.0783) |
Diluted - From continuing operations (in eurocents per share) | (0.1625) | 0.1582 | (0.0783) |
Basic - Total Group (in eurocents per share) | (0.2905) | 0.0878 | (0.2251) |
Diluted - Total Group (in eurocents per share) | € (0.2905) | € 0.0876 | € (0.2251) |
Consolidated statement of compr
Consolidated statement of comprehensive income - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated statement of comprehensive income | |||
(Loss)/profit for the financial year | € (7,644) | € 2,788 | € (6,079) |
Items that may be reclassified to the income statement in subsequent years | |||
Gains on revaluation of available-for-sale investments, net of tax2 | 9 | 2 | |
Foreign exchange translation differences, net of tax | (533) | (1,909) | (1,201) |
Foreign exchange losses/(gains) transferred to the income statement | 2,079 | (80) | |
Fair value losses transferred to the income statement | 4 | ||
Other, net of tax | 243 | (339) | 110 |
Total items that may be reclassified to the income statement in subsequent years | 1,789 | (2,319) | (1,085) |
Items that will not be reclassified to the income statement in subsequent years | |||
Net actuarial losses on defined benefit pension schemes, net of tax | (33) | (70) | (272) |
Total items that will not be reclassified to the income statement in subsequent years | (33) | (70) | (272) |
Other comprehensive income/(expense) | 1,756 | (2,389) | (1,357) |
Total comprehensive (expense)/income for the year | (5,888) | 399 | (7,436) |
Attributable to: | |||
Owners of the parent | (6,333) | 187 | (7,535) |
Non-controlling interests | 445 | 212 | 99 |
Total comprehensive (expense)/income for the year | € (5,888) | € 399 | € (7,436) |
Consolidated statement of finan
Consolidated statement of financial position - EUR (€) € in Millions | Mar. 31, 2019 | Apr. 01, 2018 | Mar. 31, 2018 | Jan. 04, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Non-current assets | ||||||
Goodwill | € 23,353 | € 26,734 | € 26,734 | |||
Other intangible assets | 17,652 | 16,523 | 16,523 | |||
Plant, property and equipment | 27,432 | 28,325 | 28,325 | |||
Investments in associates and joint ventures | 3,952 | 2,765 | 2,538 | |||
Other investments | 870 | 3,192 | 3,204 | |||
Deferred tax assets | 24,753 | 25,551 | 26,200 | |||
Post employment benefits | 94 | 110 | 110 | |||
Trade and other receivables | 5,170 | 4,856 | 4,026 | |||
Total non-current assets | 103,276 | 108,056 | 107,660 | |||
Current assets | ||||||
Inventory | 714 | 620 | 581 | |||
Taxation recoverable | 264 | 106 | 106 | |||
Trade and other receivables | 12,190 | 12,104 | 9,975 | |||
Other investments | 13,012 | 8,795 | 8,795 | |||
Cash and cash equivalents | 13,637 | 4,674 | 4,674 | |||
Total current assets | 39,817 | 26,299 | 24,131 | |||
Assets held for sale | 13,820 | 13,820 | ||||
Asset (liability) held for sale | (231) | |||||
Total assets | 142,862 | 148,175 | 145,611 | |||
Equity | ||||||
Called up share capital | 4,796 | 4,796 | 4,796 | |||
Additional paid-in capital | 152,503 | 150,197 | 150,197 | |||
Treasury shares | (7,875) | (8,463) | (8,463) | |||
Accumulated losses | (116,725) | (104,462) | (106,695) | |||
Accumulated other comprehensive income | 29,519 | 27,832 | 27,805 | |||
Total attributable to owners of the parent | 62,218 | 69,900 | 67,640 | |||
Non-controlling interests | 1,227 | 1,043 | 967 | |||
Total non-controlling interests | 1,227 | 1,043 | 967 | |||
Total equity | 63,445 | 70,943 | 68,607 | € 2,464 | € 73,719 | € 85,136 |
Non-current liabilities | ||||||
Long-term borrowings | 48,685 | 32,908 | 32,908 | |||
Deferred tax liabilities | 478 | 785 | 644 | |||
Post employment benefits | 551 | 520 | 520 | |||
Provisions | 1,242 | 1,065 | 1,065 | |||
Trade and other payables | 2,938 | 2,853 | 2,843 | |||
Total non-current liabilities | 53,894 | 38,131 | 37,980 | |||
Current liabilities | ||||||
Short-term borrowings | 4,270 | 8,513 | 8,513 | |||
Financial liabilities under put option arrangements | 1,844 | 1,838 | 1,838 | |||
Taxation liabilities | 596 | 541 | 541 | |||
Provisions | 1,160 | 891 | 891 | |||
Trade and other payables | 17,653 | 16,319 | 16,242 | |||
Total current liabilities | 25,523 | 28,102 | 28,025 | |||
Liabilities held for sale | 10,999 | 10,999 | ||||
Total equity and liabilities | € 142,862 | € 148,175 | € 145,611 |
Consolidated statement of chang
Consolidated statement of changes in equity - EUR (€) € in Millions | Equity attributable to the owners | Share capital | Additional paid-in capital. | Treasury shares. | Retained losses | Currency reserve | Pensions reserve | Revaluation surplus | Other reserve | Non-controlling Interests. | Total |
Beginning balance at Mar. 31, 2016 | € 83,325 | € 4,796 | € 151,694 | € (8,777) | € (95,683) | € 30,741 | € (830) | € 1,227 | € 157 | € 1,811 | € 85,136 |
Issue or reissue of shares | 19 | 2 | 167 | 19 | |||||||
Issue or reissue of shares | (150) | ||||||||||
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 (expense)/income | (7,535) | (6,297) | (1,082) | (272) | 116 | 99 | (7,436) | ||||
(Loss)/profit | (6,297) | (6,297) | 218 | (6,079) | |||||||
OCI - before tax | (1,212) | (1,096) | (274) | 158 | (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) | 1,227 | 273 | 1,519 | 73,719 |
Issue or reissue of shares | 14 | 1,882 | 14 | ||||||||
Issue or reissue of shares | (1,741) | (127) | |||||||||
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 (expense)/income | 187 | 2,439 | (1,852) | (70) | (330) | 212 | 399 | ||||
(Loss)/profit | 2,439 | 2,439 | 349 | 2,788 | |||||||
OCI - before tax | (2,077) | (1,641) | (94) | (342) | (140) | (2,217) | |||||
OCI - taxes | (95) | (131) | 24 | 12 | 3 | (92) | |||||
Transfer to the income statement | (80) | (80) | (80) | ||||||||
Purchase of treasury shares | (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) | 1,227 | (57) | 967 | 68,607 |
Adoption of IFRS | Impact of adoption of IFRS 15 | 2,457 | 2,457 | 81 | 2,538 | |||||||
Adoption of IFRS | Impact of adoption of IFRS 9 | (197) | (224) | 27 | (5) | (202) | ||||||
1 April 2018 Equity brought forward | 69,900 | 4,796 | 150,197 | (8,463) | (104,462) | 27,807 | (1,172) | 1,227 | (30) | 1,043 | 70,943 |
Issue or reissue of shares | 1 | 1,834 | 1 | ||||||||
Issue or reissue of shares | (1,741) | (92) | |||||||||
Share-based payments | 199 | 199 | 34 | 233 | |||||||
Issue of mandatory convertible bonds | 3,848 | 3,848 | 3,848 | ||||||||
Transactions with non-controlling interests in subsidiaries | (129) | (129) | 307 | 178 | |||||||
Dividends | (4,022) | (4,022) | (602) | (4,624) | |||||||
Comprehensive (expense)/income | (6,333) | (8,020) | 1,477 | (33) | 243 | 445 | (5,888) | ||||
(Loss)/profit | (8,020) | (8,020) | 376 | (7,644) | |||||||
OCI - before tax | (337) | (594) | (33) | 290 | 73 | (264) | |||||
OCI - taxes | (55) | (8) | (47) | (4) | (59) | ||||||
Transfer to the income statement | 2,079 | 2,079 | 2,079 | ||||||||
Purchase of treasury shares | (1,246) | (1,246) | (1,246) | ||||||||
Ending balance (IAS 18 basis) at Mar. 31, 2019 | 61,518 | ||||||||||
Ending balance (Impact of adoption of IFRS 15) at Mar. 31, 2019 | (1,927) | ||||||||||
Ending balance at Mar. 31, 2019 | € 62,218 | € 4,796 | € 152,503 | € (7,875) | € (116,725) | € 29,284 | € (1,205) | € 1,227 | € 213 | € 1,227 | € 63,445 |
Consolidated statement of cha_2
Consolidated statement of changes in equity (Parenthetical) - EUR (€) € in Millions, shares in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2019 | Aug. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated statement of changes in equity | |||||
Impact of the Group's cash flow hedges, net gain deferred to other comprehensive income | € 1,555 | € 1,811 | € 787 | ||
Net gain recycled to the income statement | 1,279 | 1,460 | 654 | ||
Tax credit related to issue of mandatory convertible bonds | € 4 | € 8 | € 9 | ||
Reissue of treasury shares | 799.1 | 729.1 | |||
Reissue of treasury shares, value | € 1,742 | € 1,742 |
Consolidated statement of cash
Consolidated statement of cash flows - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated statement of cash flows | |||
Inflow from operating activities | € 12,980 | € 13,600 | € 14,223 |
Cash flows from investing activities | |||
Purchase of interests in subsidiaries, net of cash acquired | (87) | (9) | (28) |
Purchase of interests in associates and joint ventures | (33) | 499 | |
Purchase of intangible assets | (3,098) | (3,246) | (2,576) |
Purchase of property, plant and equipment | (5,053) | (4,917) | (6,285) |
Purchase of investments | (3,629) | (3,901) | (2,219) |
Disposal of interests in subsidiaries, net of cash disposed | (412) | 239 | 2 |
Disposal of interests in associates and joint ventures | 115 | 4 | |
Disposal of property, plant and equipment | 45 | 41 | 43 |
Disposal of investments | 2,269 | 1,250 | 3,597 |
Dividends received from associates and joint ventures | 498 | 489 | 433 |
Interest received | 622 | 378 | 434 |
Cash flows from discontinued operations | (372) | (247) | (2,327) |
Outflow from investing activities | (9,217) | (9,841) | (8,423) |
Cash flows from financing activities | |||
Issue of ordinary share capital and reissue of treasury shares | 7 | 20 | 25 |
Net movement in short term borrowings | (541) | (534) | 1,293 |
Proceeds from issue of long term borrowings | 14,681 | 4,440 | 7,326 |
Repayment of borrowings | (6,180) | (4,664) | (9,267) |
Purchase of treasury shares | (475) | (1,766) | |
Issue of subordinated mandatory convertible bonds | 3,848 | ||
Equity dividends paid | (4,064) | (3,920) | (3,714) |
Dividends paid to non-controlling shareholders in subsidiaries | (584) | (310) | (413) |
Other transactions with non-controlling shareholders in subsidiaries | (221) | 1,097 | 5 |
Other movements in loans with associates and joint ventures | 42 | (194) | 70 |
Interest paid | (1,297) | (991) | (1,264) |
Cash flows from discontinued operations | (779) | (302) | (3,157) |
Tax on financing activities | (110) | ||
Inflow/(outflow) from financing activities | 4,437 | (7,234) | (9,096) |
Net cash inflow/(outflow) | 8,200 | (3,475) | (3,296) |
Cash and cash equivalents at beginning of the financial year | 5,394 | 9,302 | 12,911 |
Exchange gain/(loss) on cash and cash equivalents | 11 | (433) | (313) |
Cash and cash equivalents at end of the financial year | € 13,605 | € 5,394 | € 9,302 |
Consolidated statement of cas_2
Consolidated statement of cash flows (Parenthetical) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidated statement of cash flows | ||
Cash inflow on derivative financial instruments | € 131 | € 140 |
Basis of preparation
Basis of preparation | 12 Months Ended |
Mar. 31, 2019 | |
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. 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 and estimates in respect of items where the choice of specific policy, accounting judgement, estimate or assumption to be followed could materially affect the Group’s reported financial position, results or cash flows and disclosure of contingent assets or liabilities during the reporting period; it may later be determined that a different choice may have been more appropriate. The Group’s critical accounting judgements and key sources of estimation uncertainty are detailed below. Actual outcomes 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. 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 2020. As at 31 March 2019, management has identified critical judgements in respect of revenue recognition, the accounting for tax disputes in India, the classification of joint arrangements and whether to recognise provisions or to disclose contingent liabilities. In addition, management has identified critical accounting estimates in relation to the recovery of deferred tax assets, post employment benefits and impairments; estimates have also been identified that are not considered to be critical in respect of the allocation of revenue to goods and services, the useful economic lives of finite lived intangibles and property, plant and equipment. 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. Critical judgements are exercised in respect of tax disputes in India, including the cases relating to our acquisition of Hutchinson Essar Limited (Vodafone India). These critical accounting judgements, estimates and related disclosures have been discussed with the Group’s Audit and Risk Committee. Critical accounting judgements and key sources of estimation uncertainty Revenue recognition Revenue recognition under IFRS 15 is significantly more complex than under previous reporting requirements and necessitates the collation and processing of very large amounts of data and the increased use of management judgements and estimates to produce financial information. The most significant accounting judgements and source of estimation uncertainty are disclosed below. Gross versus net presentation If the Group has control of goods or services when they are delivered to a customer, then the Group is the principal in the sale to the customer; otherwise the Group is acting as an agent. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by 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 (see note 2 “Revenue disaggregation and segmental analysis”) but do not impact reported assets, liabilities or cash flows. Scenarios requiring judgement to determine whether the Group is a principal or an agent include, for example, those where the Group delivers third-party branded services (such as premium music or TV content) to customers. Allocation of revenue to goods and services provided to customers Revenue is recognised when goods and services are delivered to customers (see note 2). Goods and services may be delivered to a customer at different times under the same contract, hence it is necessary to allocate the amount payable by the customer between goods and services on a ‘relative standalone selling price basis’; this requires the identification of performance obligations (‘obligations’) and the determination of standalone selling prices for the identified obligations. The determination of obligations is, for the primary goods and services sold by the Group, not considered to be a critical accounting judgement; the Group’s policy on identifying obligations is disclosed in note 2. The determination of standalone selling prices for identified obligations is discussed below. It is necessary to estimate the standalone price when the Group does not sell equivalent goods or services in similar circumstances on a standalone basis. When estimating the standalone price the Group maximises the use of external inputs; methods for estimating standalone prices include determining the standalone price of similar goods and services sold by the Group, observing the standalone prices for similar goods and services when sold by third parties or using a cost-plus reasonable margin approach (which is sometimes the case for handsets and other equipment). Where it is not possible to reliably estimate standalone prices due to lack of observable standalone sales or highly variable pricing, which is sometimes the case for services, the standalone price of an obligation may be determined as the transaction price less the standalone prices of other obligations in the contract. The standalone price determined for obligations materially impacts the allocation of revenue between obligations and impacts the timing of revenue when obligations are provided to customers at different times – for example, the allocation of revenue between handsets, which are usually delivered up-front, and services which are typically delivered over the contract period. However, there is not considered to be a significant risk of material adjustment to the carrying value of contract-related assets or liabilities in the 12 months after the balance sheet date if these estimates were revised. 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, being 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 and Spain 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 note 4 “Impairment losses”). 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 Hutchinson Essar Limited (Vodafone India). Further details of these are included in note 28 “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 2020 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 19.2% (2018: 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 2020 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 24 “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 litigations or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities (see note 28 “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, for finite lived assets and for equity accounted investments, 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 operations that are classified as held for sale, 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). Significant new accounting pronouncements Two significant new accounting standards, IFRS 15 “Revenue from Contracts with Customers” and IFRS 9 “Financial Instruments”, were adopted by the Group on 1 April 2018. The impact of adopting these new standards on the financial statements at 1 April 2018, and the key changes to the accounting policies previously applied by the Group, are disclosed below within this note on pages 120 to 123. The Group’s new IFRS 15 accounting policy is disclosed in note 2; the Group’s previous revenue accounting policy under IAS 18 “Revenue” is disclosed in note 31 “IAS 18 basis primary financial statements” together with disclosures of the Group’s results for the year to 31 March 2019 on an IAS 18 basis. In addition, the segmental analysis of selected financial data in note 2 is prepared on an IAS 18 basis. 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 are analysed between translation differences and other changes in the carrying amount of the security. Translation differences are recognised in the consolidated 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 at fair value through other comprehensive income, 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 loss recognised in the consolidated income statement for the year ended 31 March 2019 is €2,277 million (31 March 2018: €476 million gain; 2017: €231 million loss). The net gains and net losses are recorded within operating profit (2019: €1 million charge; 2018: €65 million credit; 2017: €133 million charge), non-operating income and expense (2019:€nil; 2018: €80million credit; 2017: €127 million charge), investment and financing income (2019: €190 million charge; 2018: €322 million credit; 2017: €28 million charge), income tax expense (2019: €7 million charge; 2018: €9 million credit; 2017: €1 million credit) and loss for the financial year from discontinued operations 2019: €2,079 million charge (2018: €nil, 2017: €nil). The foreign exchange gains and losses included within other income and expense and non- operating income and expense arise on the disposal of discontinued operations, interests in joint ventures, associates and investments from the recycling of foreign exchange gains previously recognised in the consolidated statement of comprehensive income. Current or non-current classification Assets are classified as current in the consolidated statement of financial position where recovery is expected within 12 months of the reporting date. All assets where recovery is expected more than 12 months from the reporting date and all deferred tax assets, goodwill and intangible assets, property, plant and equipment and investments in associates and joint ventures are reported as non-current. Liabilities are classified as current unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. For provisions, 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. In addition, deferred tax liabilities and post-employment benefits are reported as non-current. 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 2018 On 1 April 2018 the Group adopted IFRS 15 “Revenue from Contracts with Customers” and IFRS 9 “Financial Instruments” details of the impact of adoption are provided below. In addition the following new accounting pronouncements, none of which were considered by the Group as significant on adoption, were adopted by the Group to comply with amendments to IFRS. -- -- -- -- New accounting pronouncements to be adopted on 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 standard will have a significant impact on the Group’s financial reporting. Additional information on the impact of this standard is discussed below. The following pronouncements, which have also been issued by the IASB and endorsed by the EU are effective for annual periods beginning on or after 1 January 2019. 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. - – – – – – New accounting pronouncements to be adopted on or after 1 April 2020 In addition, the Group will adopt the following standards, which have been issued by the IASB and although not yet been endorsed by the EU: – Amendment to IFRS 3 “Definition of a Business”; and – Amendments to IAS 1 and IAS 8 “Definition of Material”. The Group’s financial reporting will be presented in accordance with the new standards above, which are not expected to have a material impact on the consolidated results, financial position or cash flows of the Group, from 1 April 2020. In addition, the Group will adopt IFRS 17 “Insurance contracts”, which has been issued by the IASB but not yet been endorsed by the EU and is effective for accounting periods on or after 1 January 2021. The Group’s work to assess the impact of the accounting changes that will arise under IFRS 17 is continuing; however, the changes are not expected to have a material impact on the consolidated income statement and consolidated statement of financial position. 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 was adopted by the Group on 1 April 2019. IFRS 16 changes lease accounting for lessees and will have a material impact on the Group’s financial statements in particular: – Lease agreements will give rise to the recognition of an asset representing the right to use the leased item and a liability for future lease payments. The liability recorded for future lease payments will be for amounts payable for the ‘reasonably certain’ period of the lease, which may include future lease periods for which the Group has extension options. Under IAS 17, liabilities are generally not recorded for future operating lease payments, which have been disclosed as commitments, see note 27. – Lease costs will be recognised in the form of depreciation of the right to use the asset and interest on the lease liability which will generally be discounted at the incremental borrowing rate of the relevant Group entity although the interest rate implicit in the lease will be used when it is more readily determinable. Interest charges will typically be higher in the early stages of a lease and will reduce over the term. Under IAS 17, operating lease rentals have been expensed on a straight-line basis over the lease term within operating expenses (see note 3). – Net cash inflows from operating activities and payments classified within cash flow from financing activities will both increase, as payments made at both lease inception and subsequently will be characterised as repayments of lease liabilities and interest. Net cash flows will not be impacted by IFRS 16. Lessee accounting for finance leases will be similar under IFRS 16 to existing IAS 17 accounting. Lessor accounting under IFRS 16 is also similar to existing IAS 17 accounting and is expected to be materially the same for the Group. A high volume of transactions will be impacted by IFRS 16 and material judgements will be required in identifying and accounting for leases. The most significant judgements in applying IFRS 16 relate to lease identification and the determination of lease term: – For most contracts there is limited judgment in determining whether an agreement contains a lease; however, where the Group has contracts for the use of fibre and other fixed telecommunication lines, judgement is required to determine whether the Group controls the line and has a lease. Where the Group has exclusive use of a line it is normally determined that the Group can also direct the use of the line and therefore leases will be recognised. – Lease terms under IFRS 16 may exceed the minimum lease period and include optional lease periods where it is reasonably certain that an extension option will be exercised or that a termination option will not be exercised by the Group. Significant judgement is required in determining whether optional periods should be included in the lease term taking into account the leased asset’s nature and purpose and potential for replacement and any plans that the Group has in place for future use of the asset. – The lease terms for real estate, subject to the non-cancellable period and rights and options in each individual contract, are generally judged to be the longer of the minimum lease term and: – Between 5 and 10 years for land and buildings (excluding retail), with terms at the top end of this range if the lease relates to assets that are considered to be difficult to exit sooner for economic, practical or reputational reasons. – To the next contractual lease break date for retail premises (excluding breaks within the next 12 months); – The asset life of the connected operations for leases of fibre and other fixed lines providing internal connectivity for the Group’s operations; and – Service agreement length for individual customers for leases of fibre or other fixed lines used to provide services directly to individual end customers. IFRS 16 will be adopted with the cumulative retrospective impact recorded as an adjustment to equity on the date of adoption. The Group will apply the following practical expedients allowed under IFRS 16: – The right-of-use assets will generally be measured at an amount equal to the lease liability at adoption and initial direct costs incurred when obtaining leases will be excluded from this measurement. Existing lease prepayments will also be added to the value of the right of use assets on adoption and existing lease accruals will be deducted; – The Group will rely on its onerous lease assessments under IAS 37 to impair right-of-use assets recognised on adoption instead of performing a new impairment assessment for those assets on adoption; and – The Group will not be taking the short term or low value expedients in IFRS 16 for either transition or on-going accounting and instead will recognise such leases on the balance sheet. The Group’s current estimate of the primary pre-tax financial impact of these changes on the consolidated statement of financial position on adoption is the recognition of an additional lease liability at 1 April 2019 of between €9.5 billion and €10.5 billion. The additional lease liability does not equal the operating lease commitment disclosed in note 27 primarily because lease terms determined under IFRS 16 may be longer than under IAS 17 and because lease liabilities are discounted under IFRS 16. The right of use asset recognised at 1 April 2019 is expected to be slightly higher than the lease liability, as the value of existing lease prepayments added to the balance is expected to exceed the value of accruals and provisions for onerous leases that are deducted. Overall, these transactions are expected to have no material impact on Group retained earnings. The impact on the consolidated income statement for the year to 31 March 2020 will depend on factors that may occur during the year including new leases entered into, changes or reassessments of the Group’s existing lease portfolio and changes to exchange rates or discount rates. However, the operating lease charges incurred in the year to 31 March 2019 were €3.8 billion (see note 3) and it is expected that a similar amount of lease depreciation and interest would have been recognised |
Revenue disaggregation and segm
Revenue disaggregation and segmental analysis | 12 Months Ended |
Mar. 31, 2019 | |
Revenue disaggregation and segmental analysis | |
Revenue disaggregation and segmental analysis | 2. Revenue disaggregation and segmental analysis The Group’s businesses are managed on a geographical basis. Selected financial data is presented on this basis below. Accounting policies Revenue When the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate performance obligations (‘obligations’) to the extent that the customer can benefit from the goods or services on their own and that the separate goods and services are considered distinct from other goods and services in the agreement. Where individual goods and services don’t meet the criteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is identified. The obligations identified will depend on the nature of individual customer contracts, but might typically be separately identified for mobile handsets, other equipment such as set-top boxes and routers provided to customers and services provided to customers such as mobile and fixed line communication services. Where goods and services have a functional dependency (for example, a fixed line router can only be used with the Group’s services) this does not, in isolation, prevent those goods or services from being assessed as separate obligations. The Group determines the transaction price to which it expects to be entitled in return for providing the promised obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts. Where indirect channel dealers, such as retailers, acquire customer contracts on behalf of the Group and receive commission, any commissions that the dealer is compelled to use to fund discounts or other incentives to the customer are treated as payments to the customer when determining the transaction price and consequently are not included in contract acquisition costs. The transaction price is allocated between the identified obligations according to the relative standalone selling prices of the obligations. The standalone selling price of each obligation deliverable in the contract is determined according to the prices that the Group would achieve by selling the same goods and/or services included in the obligation to a similar customer on a standalone basis; where standalone selling prices are not directly observable, estimation techniques are used maximising the use of external inputs. See note 1 “Critical judgements and estimates” for details. Revenue is recognised when the respective obligations in the contract are delivered to the customer and payment remains probable. ¾ Revenue for the provision of services, such as mobile airtime and fixed line broadband, is recognised when the Group provides the related service during the agreed service period. ¾ Revenue for device sales to end customers is generally recognised when the device is delivered to the end customer. For device sales made to intermediaries such as indirect channel dealers, revenue is recognised if control of the device has transferred to the intermediary and the intermediary has no right to return the device to receive a refund; otherwise revenue recognition is deferred until sale of the device to an end customer by the intermediary or the expiry of any right of return. Where refunds are issued to customers they are deducted from revenue in the relevant service period. When the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a principal, receipts from, and payments to, suppliers are reported on a gross basis in revenue and operating costs. If another party has control of goods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is recognised net of any related payments to the supplier and recognised revenue represents the margin earned by the Group. See “Critical accounting judgements and key sources of estimation uncertainty” in note 1 for details. Customers typically pay in advance for prepay mobile services and monthly for other communication services. Customers typically pay for handsets and other equipment either up-front at the time of sale or over the term of the related service agreement. When revenue recognised in respect of a customer contract exceeds amounts received or receivable from a customer at that time a contract asset is recognised; contract assets will typically be recognised for handsets or other equipment provided to customers where payment is recovered by the Group via future service fees. If amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the Group receives an advance payment from a customer, a contract liability is recognised. When contract assets or liabilities are recognised, a financing component may exist in the contract; this is typically the case when a handset or other equipment is provided to a customer up-front but payment is received over the term of the related service agreement, in which case the customer is deemed to have received financing. If a significant financing component is provided to the customer, the transaction price is reduced and interest revenue is recognised over the customer’s payment period using an interest rate reflecting the relevant central bank rates and customer credit risk. Contract-related costs When costs directly relating to a specific contract are incurred prior to recognising revenue for a related obligation, and those costs enhance the ability of the Group to deliver an obligation and are expected to be recovered, then those costs are recognised on the statement of financial position as fulfilment costs and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered. The direct and incremental costs of acquiring a contract including, for example, certain commissions payable to staff or agents for acquiring customers on behalf of the Group, are recognised as contract acquisition cost assets in the statement of financial position when the related payment obligation is recorded. Costs are recognised as an expense in line with the recognition of the related revenue that is expected to be earned by the Group; typically this is over the customer contract period as new commissions are payable on contract renewal. Certain amounts payable to agents are deducted from revenue recognised (see above). Revenue disaggregation (IFRS 15 basis) Revenue reported for the year includes revenue from contracts with customers, comprising service and equipment revenue, as well as other revenue items including revenue from leases and interest revenue arising for transactions with a significant financing component. The table below disaggregates the Group’s revenue by reporting segment. Revenue from Total Service Equipment contracts with Other Interest segment revenue revenue customers revenue 1 revenue revenue 31 March 2019 €m €m €m €m €m €m Germany 9,145 1,077 10,222 139 29 10,390 Italy 5,030 722 5,752 97 8 5,857 UK 4,952 1,207 6,159 56 57 6,272 Spain 4,203 392 4,595 58 16 4,669 Other Europe 4,460 529 4,989 61 22 5,072 Eliminations (110) — (110) (6) — (116) Europe 27,680 3,927 31,607 405 132 32,144 Vodacom 4,391 873 5,264 171 8 5,443 Other Markets 4,011 816 4,827 29 8 4,864 Rest of the World 8,402 1,689 10,091 200 16 10,307 Common Functions 477 37 514 1,003 — 1,517 Eliminations (101) (1) (102) (200) — (302) Group 36,458 5,652 42,110 1,408 148 43,666 Note: 1 Other revenue largely represents lease revenues recognised under IAS 17 “Leases”. The total future revenue from the Group’s contracts with customers with performance obligations not satisfied at 31 March 2019 is €18,447 million; of which €12,566 million is expected to be recognised within the next year and the majority of the remaining amount in the following 12 months. Segmental analysis 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 similar 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 primarily provided on the basis of geographic areas, with the exception of Vodacom which encompasses South Africa and certain other smaller African markets, being the basis on which the Group manages its worldwide interests. The aggregation of operating segments into the Europe and Rest of World 1 regions reflects, in the opinion of management, the similar economic characteristics within each of those regions as well as 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 Rest of the World 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 Rest of the World region for Vodacom, as this operating segment is individually material for the Group. The segmental revenue and profit of India are included in discontinued operations for all years reported until 31 August 2018, the date of disposal, and segmental assets and cash flows are included in assets and liabilities held for sale at 31 March 2018. See note 7 “Discontinued operations and assets and liabilities held for resale” and note 26 “Acquisitions and disposals” for details. Segmental information is presented on an IAS 18 (pre-IFRS 15) basis as this is the basis of the information used for internal decision-making. The IAS 18 revenue policy is presented in note 31 "IAS 18 basis primary financial statements". Note: 1 Segmental revenue and profit (IAS 18 basis) Segment Intra-region Regional Inter-region Group Adjusted revenue revenue revenue revenue revenue EBITDA €m €m €m €m €m €m 31 March 2019 Germany 10,952 (24) 10,928 (26) 10,902 4,098 Italy 5,882 (18) 5,864 (9) 5,855 2,189 UK 6,799 (16) 6,783 (20) 6,763 1,527 Spain 4,688 (24) 4,664 (4) 4,660 1,079 Other Europe 5,121 (34) 5,087 (28) 5,059 1,628 Europe 33,442 (116) 33,326 (87) 33,239 10,521 Vodacom 5,660 — 5,660 (6) 5,654 2,155 Other Markets 4,864 — 4,864 (15) 4,849 1,395 Rest of the World 10,524 — 10,524 (21) 10,503 3,550 Common Functions 1,518 — 1,518 (194) 1,324 68 Group (IAS 18 basis) 45,484 (116) 45,368 (302) 45,066 14,139 Impact of adoption of IFRS 15 (1,400) Group (IFRS 15 basis) 43,666 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 Markets 5,770 — 5,770 (25) 5,745 1,554 Rest of the World 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 Markets 6,479 — 6,479 (14) 6,465 1,791 Rest of the World 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 For the years ending 31 March 2019, 2018 and 2017 total revenue recorded in respect of the sale of goods was €5,524 million, €4,718 million and €4,029 million respectively. 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 below. For a reconciliation of operating profit to profit for the financial year, see the Consolidated income statement on page 111. €m €m €m Adjusted EBITDA 14,139 14,737 14,149 Depreciation, amortisation and loss on disposal of fixed assets (9,665) (9,910) (10,179) Share of adjusted results in equity accounted associates and joint ventures 1 (291) 389 164 Adjusted operating profit 4,183 5,216 4,134 Impairment losses (3,119) — — Restructuring costs (486) (156) (415) Amortisation of acquired customer based and brand intangible assets (583) (974) (1,046) Other (expense)/income (262) 213 1,052 Operating (loss)/profit (IAS 18 basis) (267) 4,299 3,725 Impact of adoption of IFRS 15 2 (684) Operating loss (IFRS 15 basis) (951) Note: 1 Share of adjusted results in equity accounted associates and joint ventures excludes amortisation of acquired customer bases and brand intangible assets, restructuring costs and other costs of €0.6 billion (2018: €0.4 billion, 2017: €0.1 billion) which are included in amortisation of acquired customer base and brand intangible assets, restructuring costs and other income and expense respectively. 2 See note 31 “IAS 18 basis primary financial statements” for further details. Segmental assets and cash flow (IAS 18 basis) 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 2019 Germany 24,529 1,816 2 3,017 — 2,425 Italy 11,031 784 2,219 1,337 — 1,552 UK 7,405 804 408 1,612 — 689 Spain 7,730 813 216 1,318 (2,638) 443 Other Europe 7,210 775 42 1,073 (196) 861 Europe 57,905 4,992 2,887 8,357 (2,834) 5,970 Vodacom 5,503 810 91 758 — 1,379 Other Markets 3,429 626 34 673 (255) 769 Rest of the World 8,932 1,436 125 1,431 (255) 2,148 Common Functions 2,009 799 — 7 (30) (1,047) Group (IAS 18 basis) 68,846 7,227 3,012 9,795 (3,119) 7,071 Impact of adoption of IFRS 15 (409) — — — (406) — Group (IFRS 15 basis) 68,437 7,227 3,012 9,795 (3,525) 7,071 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 Markets 3,607 729 — 923 — 725 Rest of the World 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 Markets 5,778 795 317 1,153 — 947 Rest of the World 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 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 page 232. |
Operating (loss)_profit
Operating (loss)/profit | 12 Months Ended |
Mar. 31, 2019 | |
Operating (loss)/profit | |
Operating (loss)/profit | 3. Operating (loss)/profit Detailed below are the key amounts recognised in arriving at our operating (loss)/profit €m €m €m Net foreign exchange losses/(gains) 1 1 (65) 133 Depreciation of property, plant and equipment (note 11): Owned assets 5,795 5,963 6,253 Leased assets 59 47 12 Amortisation of intangible assets (note 10) 3,941 4,399 4,821 Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) 3,525 — — Staff costs (note 23) 5,267 5,295 5,519 Amounts related to inventory included in cost of sales 5,886 6,045 6,464 Operating lease rentals payable 3,826 3,788 3,976 Loss on disposal of property, plant and equipment and intangible assets 33 36 22 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (844) (829) (800) Net gain on formation of VodafoneZiggo (note 26) 2 — — (1,275) Notes: 1 The year ended 31 March 2019 included €nil (2018: €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 2019 is analysed below. €m €m €m Parent company 2 2 2 Subsidiaries 14 14 13 Subsidiaries - new accounting standards 1 1 5 1 Audit fees: 17 21 16 Audit-related fees 2 2 5 4 Non-audit fees: 2 5 4 Total fees 19 26 20 Notes: 1 Fees during the implementation phase of new accounting standards, notably preparations for IFRS 15 “Revenue from Contracts with Customers” in the year ended 31 March 2018 and preparations for IFRS 16 "Leases" in the year ended 31 March 2019. 2 Relates to fees for statutory and regulatory filings during the year. In addition, 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 71 to 76. |
Impairment losses
Impairment losses | 12 Months Ended |
Mar. 31, 2019 | |
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. Management prepares formal five year management plans for the Group’s cash generating units, 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, finite lived intangible assets and equity- accounted investments 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 there has been a change in the estimates used to determine recoverable amount and 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 are stated below. Further detail on the events and circumstances that led to the recognition of the impairments charges is included later in this note. Cash-generating unit Reportable segment €m €m €m Spain Spain 2,930 — — Romania Other Europe 310 — — Vodafone Idea Other Markets 255 — — Other Common Functions 30 — — 3,525 — — For the year ended 31 March 2019, the Group recorded a loss on disposal of Vodafone India of €3,420 million, including a loss on disposal of €1,276 million and a foreign exchange loss of €2,079 million is included in discontinued operations. See note 26 “Acquisitions and disposals” for further details. 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. 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 16,133 16,133 Other 7,220 10,601 23,353 26,734 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: – In Europe, mobile revenue is expected to benefit from increased usage as customers transition to higher data bundles, and new products and services are introduced. Fixed revenue is expected to continue grow as penetration is increased and more products and services are sold to customers, and – In the Rest of the World, revenue is expected to continue to grow as the penetration of faster data-enabled devices and rises along with higher data bundle attachment rates, and new products and services are introduced. The segment is also expected to benefit from increased usage and penetration of M-Pesa in Africa; and – Margins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers in increasingly competitive markets 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 increase capacity, meet the population coverage requirements of certain of the Group’s licences and facilitate the continued growth in revenue and EBITDA discussed above. In Europe, capital expenditure is required to roll out capacity-building next generation 5G and gigabit networks. In the Rest of the World, capital expenditure will be required for the continued rollout of current and next generation mobile networks in emerging markets. 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 growth rate forecasts 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 return 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 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 long term average equity market risk premium and the market risk premiums typically used by valuations practitioners. Year ended 31 March 2019 For the year ended 31 March 2019, the Group recorded impairment charges of €2.9 billion, €0.3 billion, and €0.3 billion in respect of the Group’s investments in Spain, Romania and Vodafone Idea respectively. The impairment charges with respect to Spain and Romania relate solely to goodwill and the impairment charge with respect to Vodafone Idea relates to the joint venture’s carrying value. All impairment charges are recognised in the consolidated income statement within operating (loss)/profit. The recoverable amounts for Spain and Romania are €7.1 billion and €0.7 billion respectively and are based on value in use calculations. The recoverable amount for the Group’s stake in Vodafone Idea is €1.6 billion and is based on its fair value less costs of disposal. Following challenging current trading and economic conditions, management has reassessed the expected future business performance in Spain. Following this reassessment, projected cash flows are lower and this has led to an impairment charge with respect to the Group’s investment in Spain. The impairment charge with respect to the Group’s investment in Romania was driven by an increase in the yield on Romanian government bonds which increased the discount rate and management’s reassessment of the long-term growth rate applied beyond the five-year business plan. Vodafone Idea Limited The Group’s investment in Vodafone Idea was tested for impairment at 31 March 2019 in accordance with applicable IFRS. Impairment testing was considered appropriate as a result of market conditions and declines in the quoted share price of the company during the period. The market environment in India remains highly challenging with significant pricing pressure, which has led to industry consolidation but a significantly lower level of profitability and greater pressure on financing. Management continues to consider it reasonable to assume an overall market and pricing recovery, however the timing and magnitude remains highly uncertain. Accordingly, there are a wide range of potential outcomes in deriving a current view of future business performance, cash flows and debt financing requirements for value in use purposes. Management has concluded that the fair value less costs of disposal based on an observable share price is the appropriate basis to determine the recoverable amount of the Group’s investment in Vodafone Idea for the purpose of impairment testing for the year ended 31 March 2019. Where the recoverable amount is less than the investment’s carrying amount, the carrying amount is reduced to the recoverable amount and an impairment is recognised. The investment in Vodafone Idea was also tested for impairment as at 30 September 2018. The share price of INR38.55 implied a recoverable amount of INR152 billion (€1.8 billion) which was lower than the carrying value of the investment at the same date. An impairment charge of €0.3 billion was recognised to reduce the carrying value of the joint venture in the Group’s consolidated statement of financial position. Following the formal announcement of the terms of Vodafone Idea’s rights issue on 20 March 2019, the Vodafone Idea share price went ‘ex-rights’ on 29 March 2019 and closed at INR18.25. Based on information available to management on 31 March 2019, the recoverable amount of the Group’s investment in Vodafone Idea was determined based on key assumptions relating to the number of new shares to which management intended to subscribe (8.8 billion) and the associated cost under the terms of the rights issue (INR12.5 per share). After taking into account these key assumptions and the quoted share price, the recoverable amount of the Group’s interest in Vodafone Idea was determined to be INR123 billion (€1.6 billion) as at 31 March 2019. Vodafone Idea’s share price is observable in a quoted market and is considered a level 1 input under the IFRS 13 fair value hierarchy. As management has also considered the observable and unquoted inputs related to the number and cost of the new shares to be issued under the rights issue, the recoverable amount quoted above is considered to be a level 2 valuation under the IFRS 13 fair value hierarchy. The recoverable amount is €0.2 billion higher than the carrying value of the investment as at 31 March 2019 and no further changes to the carrying value or impairment charge recognised in September 2018 are required. The carrying value of Vodafone Idea that has been tested for impairment is dependent on a wide range of assumptions, including the level of market pricing and the realisation of anticipated merger-related operating expenses and capital expenditure synergies. Should any of the assumptions not materialise, in whole or in part, these will impact the entity’s expected future cash flows and may result in a future impairment. The carrying value is also dependent on the ability of the entity to refinance its liabilities as they fall due. Should this not be achievable, this will impact the liquidity of Vodafone Idea and will result in a future impairment, in whole or in part, of the Group’s investment. Based solely on the closing share price of Vodafone Idea on 13 May 2019, the recoverable amount of the Group’s 45.2% interest would be €0.6 billion lower than the recoverable amount as at 31 March 2019. No adjustment has been made to the carrying value of the Vodafone Idea joint venture as this is considered a non-adjusting event. Value in use assumptions The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany Italy Spain Romania % % % % Pre-tax adjusted discount rate 8.3 10.5 9.3 11.1 Long-term growth rate 0.5 1.0 0.5 1.0 Projected adjusted EBITDA 1 2.9 (0.1) 9.2 3.8 Projected capital expenditure 2 16.9-19.9 12.2-12.5 17.1-18.4 12.1-12.7 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 The estimated recoverable amount of the Group’s operations in Germany, Italy, Spain and Romania exceed their carrying values by €7.4 billion, €2.7 billion, €0.5 billion and €0.1 billion respectively. If the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2019. Change required for carrying value to equal recoverable amount Germany Italy Spain Romania pps pps pps pps Pre-tax risk adjusted discount rate 2.1 2.5 0.5 1.2 Long-term growth rate (2.2) (2.9) (0.7) (1.5) Projected adjusted EBITDA 1 (4.9) (4.6) (1.3) (2.0) Projected capital expenditure 2 15.4 11.2 2.7 3.3 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. Management considered the following reasonably possible changes in the key EBITDA 1 assumption while leaving all other assumptions unchanged. The associated impact on the impairment assessment is presented in the table below. Management believes that no reasonably possible or foreseeable change in any of the other assumptions included in the table above would cause the carrying value of any cash-generating unit to materially exceed its recoverable amount. Recoverable amount less carrying value Decrease by 2pps Base Case Increase by 2pps €bn €bn €bn Germany 4.2 7.4 10.8 Italy 1.5 2.7 4.1 Spain (0.3) 0.5 1.4 Romania 0.0 0.1 0.2 Note: 1 The carrying values for Vodafone UK, Portugal and Ireland 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 2019. Change required for carrying value to equal recoverable amount UK Ireland Portugal pps pps pps Pre-tax risk adjusted discount rate 0.7 1.2 0.7 Long-term growth rate (0.9) (1.4) (0.7) Projected adjusted EBITDA 1 (1.9) (2.7) (1.4) Projected capital expenditure 2 3.3 8.4 3.4 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. VodafoneZiggo Following the 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 2018 Value in use assumptions 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. 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. Fair value less costs of disposal excluding net debt was assessed to be INR 971 billion, equivalent to €14.0 billion. See note 7 “Discontinued operations and assets and liabilities held for sale” for further details. – The contracted cash price for the sale of a portion of the entity to the Aditya Birla Group as part of the planned disposal of Vodafone India, adjusted for the agreed level of debt which is an observable price relating to Vodafone India; and – The share price of Idea Cellular prior to the announcement of the plan to dispose of Vodafone India and participate with Idea Cellular in the planned jointly controlled entity, adjusted for transaction specific factors. Idea Cellular equity shares are the primary component of the consideration for Vodafone India to be received by the Group, and the value of the Idea Cellular shares has been adjusted to reflect 50% of the estimated cost synergies that management expects to be realised by the jointly controlled entity. A 10% increase or reduction in the expected cost synergies included in this determination of fair value would result in a €220 million increase or reduction, respectively, in the fair value less costs of disposal of Vodafone India calculated using this approach. 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. Value in use assumptions 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 2 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. |
Investment income and financing
Investment income and financing costs | 12 Months Ended |
Mar. 31, 2019 | |
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: Amortised cost 286 339 426 Fair value through profit and loss 147 24 20 Foreign exchange — 322 28 433 685 474 Financing costs: Items in hedge relationships: Other loans 17 74 170 Interest rate and cross-currency interest rate swaps (414) (128) (235) Fair value hedging instrument (8) 48 22 Fair value of hedged item 10 (36) (16) Other financial liabilities held at amortised cost: Bank loans and overdrafts 336 317 419 Bonds and other liabilities 1 1,567 885 1,243 Interest (credit)/charge on settlement of tax issues (1) (11) 47 Fair value through profit and loss: Derivatives – options, forward starting swaps and futures 391 (75) (244) Foreign exchange 190 — — 2,088 1,074 1,406 Net financing costs 1,655 389 932 Note: 1 Includes €305 million (2018: €187 million; 2017: €272 million) of interest on foreign exchange derivatives . |
Taxation
Taxation | 12 Months Ended |
Mar. 31, 2019 | |
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 21 70 27 Adjustments in respect of prior years (9) (5) (3) 12 65 24 Overseas current tax expense/(credit): Current year 1,098 1,055 961 Adjustments in respect of prior years (48) (102) (35) 1,050 953 926 Total current tax expense 1,062 1,018 950 Deferred tax on origination and reversal of temporary differences: United Kingdom deferred tax (232) 39 (16) Overseas deferred tax 666 (1,936) 3,830 Total deferred tax expense /(credit) 434 (1,897) 3,814 Total income tax expense /(credit) 1,496 (879) 4,764 Note: 1 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 (56) (617) (973) 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 3 22 (16) Deferred tax 56 70 44 Total tax charged directly to other comprehensive income 59 92 28 Tax charged/(credited) directly to equity €m €m €m Current tax — — — Deferred tax 4 9 (9) Total tax charged/(credited) directly to equity 4 9 (9) 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 (loss)/profit before tax as shown in the consolidated income statement (2,613) 3,878 2,792 Aggregated expected income tax (credit)/expense (457) 985 795 Impairment losses with no tax effect 807 — — Disposal of Group investments — 55 (271) Effect of taxation of associates and joint ventures, reported within profit before tax 262 90 23 (Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain 1 1,186 (1,583) 1,603 Deferred tax following revaluation of investments in Luxembourg 1 (488) (330) (329) Previously unrecognised temporary differences we expect to use in the future — — (15) Previously unrecognised temporary differences utilised in the year — (29) (11) Current year temporary differences (including losses) that we currently do not expect to use 78 20 139 Adjustments in respect of prior year tax liabilities 2 (94) (244) (107) Revaluation of assets for tax purposes — — (39) Impact of tax credits and irrecoverable taxes 79 93 98 Deferred tax on overseas earnings (39) 24 26 Effect of current year changes in statutory tax rates on deferred tax balances (2) (44) 2,755 Financing costs not deductible for tax purposes 67 23 25 Expenses not deductible (income not taxable) for tax purposes 97 61 72 Income tax expense/(credit) 1,496 (879) 4,764 Notes: 1 2 3 Deferred tax Analysis of movements in the net deferred tax balance during the year: €m 1 April 2018 25,556 Adoption of IFRS 15 and IFRS 9 (790) Exchange and other movements 11 Charged to the income statement (continuing operations) (434) Charged directly to OCI (56) Charged directly to equity (4) Arising on acquisition and dispositions (8) 31 March 2019 1 24,275 Deferred tax assets and liabilities, before offset of balances within countries, are as follows: Amount Net credited/ recognised (expensed) Gross Gross Less deferred in income deferred deferred tax amounts tax statement tax asset liability unrecognised (liability)/ asset €m €m €m €m €m Accelerated tax depreciation 350 1,495 (1,202) 8 301 Intangible assets 38 406 (754) 15 (333) Tax losses (814) 32,397 — (8,175) 24,222 Deferred tax on overseas earnings 104 — — — — Temporary differences relating to revenue recognition 62 — (766) — (766) Other temporary differences (174) 1,389 (304) (234) 851 31 March 2019 1 (434) 35,687 (3,026) (8,386) 24,275 Analysed in the balance sheet, after offset of balances within countries, as: €m Deferred tax asset 24,753 Deferred tax liability (478) 31 March 2019 1 24,275 At 31 March 2018, 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 (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 1,897 33,653 (2,153) (5,944) 25,556 At 31 March 2018, analysed in the balance sheet, after offset of balances within countries, as: €m Deferred tax asset 26,200 Deferred tax liability (644) 31 March 2018 1 25,556 Notes: 1 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 25 April 2019, the European Commission published its full decision in relation to its investigation into the ‘group financing exemption’ (GFE) in the UK’s controlled foreign company rules and whether the GFE constituted unlawful State Aid. They concluded the GFE does not constitute unlawful State Aid when the managing of the financing activities is outside of the UK. The Group is analysing the full decision, 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 as a result of the Commission’s findings. 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. 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 2019, the Group holds provisions for such potential liabilities of €460 million (2018: €521 million). These provisions relate to multiple issues, across the jurisdictions in which the Group operates. 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 28 “Contingent liabilities and legal proceedings” to the consolidated financial statements. At 31 March 2019, 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 207 37 99,967 100,211 Losses for which no deferred tax is recognised 632 7,063 26,734 34,429 839 7,100 126,701 134,640 At 31 March 2018, 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 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 Deferred tax assets on losses in Luxembourg Included in the table above are losses of €82,372 million (2018: €81,740 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 €21,425 million (2018: €21,261 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, including the completion of the acquisition of Liberty Global’s operations in Germany, the Czech Republic, Hungary and Romania would change the period over which the losses will be fully utilised by 6 to 8 years. In April 2019, the Luxembourg government enacted a reduction in the corporate tax rate (including municipal business tax) to 24.94%. This will take effect from the year ending 31 March 2020 and will reduce the value of our deferred tax assets by approximately €900 million. During the year the Group recognised an additional €488 million (2018: €330 million) of In addition to the above, €7,063 million (2018; €2,587 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 (2018: €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 €17,417 million (2018: €18,034 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 €2,701 million (2018: €2,796 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 44 to 51). 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 9 to 11 years. A 5%-10% change in the forecast profits of the German business, including the completion of the acquisition of Unitymedia GmbH, would not alter the utilisation period by 1 to 2 years. Deferred tax assets on losses in Spain The Group has tax losses of €3,821 million (2018: €3,521 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 €nil (2018: €880 million) has been recognised in respect of these losses. During the year we derecognised a deferred tax asset of €1,166m (2018: €20 million) as a result of the current trading environment in Spain and the subsequent impairment of the Spanish business. The Group has reviewed the latest forecasts for the Spanish business which incorporate the unsystematic risks of operating in the telecommunications business (see pages 44 to 51). In the period beyond the 5 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 no longer believe it is probable the losses will be utilised by the Spanish business in the near term. Based on the current forecasts the losses will be fully utilised over the next 36 to 40 years. A 5%-10% change in the forecast profits of the Spanish business would change the period over which the losses are utilised by 1 to 2 years. Other tax losses The Group has losses amounting to €7,678 million (2018: €7,544 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 €798 million (2018: €12 million) of unrecognised other temporary differences. The Group holds a deferred tax liability of €nil (2018: €108 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 above). No deferred tax liability has been recognised in respect of a further €10,425 million (2018: €16,049 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, 2019 | |
Discontinued operations and assets and liabilities held for sale | |
Discontinued operations and assets and liabilities 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 until the transaction completed on 31 August 2018. 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 in India. Consequently, Vodafone India has been accounted for as a discontinued operation for all periods up to 31 August 2018, the date the transaction completed, the results of which are detailed below. Income statement and segment analysis of discontinued operations Five months ended Year ended Year ended 31 August 2018 31 March 2018 31 March 2017 €m €m €m Revenue 1,561 4,648 5,827 Cost of sales (1,185) (2,995) (4,504) Gross profit 376 1,653 1,323 Selling and distribution expenses (92) (237) (276) Administrative expenses (134) (533) (703) Impairment losses (note 4) — — (4,515) Other income and expense 1 — 416 — Operating profit/(loss) 150 1,299 (4,171) Financing costs (321) (715) (909) (Loss)/profit before taxation (171) 584 (5,080) Income tax credit/(charge) 56 (308) 973 (Loss)/profit after tax of discontinued operations (115) 276 (4,107) 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 on sale of disposal group (3,420) — — Loss for the financial year from discontinued operations (3,535) (1,969) (4,107) Loss per share from discontinued operations eurocents eurocents eurocents – Basic (12.80) c (7.09) c (14.68) c – Diluted (12.80) c (7.06) c (14.68) c Total comprehensive expense for the financial year from discontinued operations €m €m €m Attributable to owners of the parent (3,535) (1,969) (4,107) Notes: 1 Includes the profit on disposal of Vodafone India’s standalone towers business to ATC Telecom. For the five months ended 31 August 2018, the Group recorded a loss on disposal of Vodafone India of €3,420 million as set out in note 26 “Acquisitions and disposals”. This loss is presented within discontinued operations. 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. Fair value of the Group’s equity interest at 31 March 2018 was 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. The fair value of Vodafone India at 31 March 2018 was assessed to be primarily determinable by reference to the Idea Cellular Limited quoted share price as at 31 March 2018 of INR 75.9 per share. This technique was considered to result in a “level 2” valuation as per IFRS 13, as while the quoted share price for Idea Cellular Limited was observable, further adjustments, such as an assumption regarding the disposal of Vodafone India with a certain level of debt, were required to estimate fair value less costs of disposal. Assets and liabilities held for sale Assets and liabilities held for sale at 31 March 2019 represent those parts of our joint ventures expected to be disposed of and include a 12.6% interest in Indus Towers and a 24.95% interest in Vodafone Hutchison Australia (see note 26 “Acquisitions and disposals” and 30 “Subsequent events”). Assets and liabilities held for sale at 31 March 2018 relate to the operations of Vodafone India. The relevant assets and liabilities are detailed in the table below. Assets and liabilities held for sale 1 €m €m Non-current assets Other intangible assets — 5,937 Property, plant and equipment — 2,823 Investments in associates and joint ventures (231) — Deferred tax assets — 1,641 Trade and other receivables — 526 (231) 10,927 Current assets Taxation recoverable — 1,219 Trade and other receivables — 936 Other investments — 11 Cash and cash equivalents — 727 — 2,893 Total assets held for sale (231) 13,820 Non-current liabilities Long-term borrowings — (6,687) Post employment benefits — (14) Provisions — (665) Trade and other payables — (32) — (7,398) Current liabilities Short-term borrowings — (1,756) Provisions — (18) Trade and other payables — (1,827) — (3,601) Total liabilities held for sale — (10,999) Notes: 1 Total net debt in India at 31 March 2018 was €7,714 million (2017: €8,674 million), relating to its Indian business. This comprised cash of €727 million (2017: €467 million), license 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 with Trade and other receivables and Trade and other payables. During the year ended 31 March 2018 €345 million (2017: €499 million) of the license payables classified as debt were paid in cash. The cash payment is reported in the consolidated statement of cash flows as cash from financing activities. |
Earnings per share
Earnings per share | 12 Months Ended |
Mar. 31, 2019 | |
Earnings per share | |
Earnings 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. 2019 2018 2017 Weighted average number of shares for basic earnings per share 27,607 27,770 27,971 Effect of dilutive potential shares: restricted shares and share options — 87 — Weighted average number of shares for diluted earnings per share 27,607 27,857 27,971 €m €m €m (Loss)/earnings for earnings per share from continuing operations (4,485) 4,408 (2,190) Loss for earnings per share from discontinued operations (3,535) (1,969) (4,107) (Loss)/earnings for basic and diluted earnings per share (8,020) 2,439 (6,297) eurocents eurocents eurocents Basic (loss)/earnings per share from continuing operations (16.25) c 15.87 c (7.83) c Loss) per share from discontinued operations (12.80) c (7.09) c (14.68) c Basic (loss)/earnings per share (29.05) c 8.78 c (22.51) c eurocents eurocents eurocents Diluted (loss)/earnings per share from continuing operations (16.25) c 15.82 c (7.83) c Diluted loss per share from discontinued operations (12.80) c (7.06) c (14.68) c Diluted (loss)/earnings per share (29.05) c 8.76 c (22.51) c |
Equity dividends
Equity dividends | 12 Months Ended |
Mar. 31, 2019 | |
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 2018: 10.23 eurocents per share (2017: 10.03 pence per share, 2016: 7.77 pence per share) 2,729 2,670 2,447 Interim dividend for the year ended 31 March 2019: 4.84 eurocents per share (2018: 4.84 eurocents per share, 2017: 4.74 pence per share) 1,293 1,291 1,262 4,022 3,961 3,709 Proposed after the end of the year and not recognised as a liability: Final dividend for the year ended 31 March 2019: 4.16 eurocents per share (2018: 10.23 eurocents per share, 2017: 10.03 pence per share) 1,112 2,729 2,670 |
Intangible assets
Intangible assets | 12 Months Ended |
Mar. 31, 2019 | |
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 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 joint arrangement, 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. 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: 1 April 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 Exchange movements (427) (193) (93) (173) (886) Arising on acquisition 77 — 10 8 95 Additions — 3,009 2,232 7 5,248 Disposals — (7) (2,348) — (2,355) Other — — (5) — (5) 31 March 2019 89,563 31,606 17,209 7,187 145,565 Accumulated impairment losses and amortisation: 1 April 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 Exchange movements (239) (59) (70) (163) (531) Impairments 3,270 — — — 3,270 Amortisation charge for the year — 1,693 2,085 163 3,941 Disposals — (7) (2,332) — (2,339) Other — — 8 — 8 31 March 2019 66,210 19,004 12,232 7,114 104,560 Net book value: 31 March 2018 26,734 11,420 4,872 231 43,257 31 March 2019 23,353 12,602 4,977 73 41,005 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 3,346 4,053 Italy 2021/2029/2037 3,922 1,896 UK 2022/2023/2033/2038 2,320 2,316 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 228 and 229. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Mar. 31, 2019 | |
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 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 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: 1 April 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 Exchange movements (11) (340) (351) Arising on acquisition — 58 58 Additions 66 4,925 4,991 Disposals (28) (1,966) (1,994) Other 15 173 188 31 March 2019 2,267 71,382 73,649 Accumulated depreciation and impairment: 1 April 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 Exchange movements — (126) (126) Charge for the year 113 5,741 5,854 Disposals (28) (1,899) (1,927) Other 3 (19) (16) 31 March 2019 1,253 44,964 46,217 Net book value: 31 March 2018 1,060 27,265 28,325 31 March 2019 1,014 26,418 27,432 The net book value of land and buildings and equipment, fixtures and fittings includes €2 million and €760 million respectively (2018: €3 million and € 681 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 €23 million and €1,344 million respectively (2018: €15 million and €1,224 million). |
Investments in associates and j
Investments in associates and joint arrangements | 12 Months Ended |
Mar. 31, 2019 | |
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 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 joint operation 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, other than those joint ventures or part thereof that are held for sale (see note 7), 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 2019 rounded to the nearest tenth of one percent. Joint ventures and associates €m €m Investment in joint ventures 3,399 2,097 Investment in associates 553 441 31 March 3,952 2,538 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 Vodafone Idea Limited 2,3 Network operator India 45.2 VodafoneZiggo Group Holding B.V. Network operator Netherlands 50.0 Indus Towers Limited Network infrastructure India 42.0 Vodafone Hutchison Australia Pty Limited Network operator Australia 50.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2019 rounded to the nearest tenth of one percent. 2 At 31 March 2019 the fair value of Vodafone Idea Limited was INR 123 billion (€1,580 million) based on the quoted share price on the National Stock Exchange of India 3 Vodafone Idea was formed on 31 August 2018 following the combination of Vodafone India Ltd with Idea Cellular Limited. 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 Vodafone Idea Limited 1,392 — — (903) — — (1) — — (904) — — VodafoneZiggo Group Holding B.V. 1,842 2,119 2,736 (239) (398) (160) 4 1 2 (235) (397) (158) Indus Towers Limited 601 893 1,032 55 135 98 — — — 55 135 98 Vodafone Hutchison Australia Pty Limited (484) (979) (1,156) (23) 32 (59) — — — (23) 32 (59) Other 48 64 77 (14) (15) (14) — — — (14) (15) (14) Total 3,399 2,097 2,689 (1,124) (246) (135) 3 1 2 (1,121) (245) (133) Summarised financial information for each of the Group’s material joint ventures on a 100% ownership basis is set out below. Vodafone Idea VodafoneZiggo Group Vodafone Hutchison Limited Holding B.V. Indus Towers Limited Australia Pty Limited €m €m €m €m €m €m €m €m €m €m Income statement Revenue 3,379 3,868 3,972 1,014 2,227 2,477 2,379 2,290 2,518 2,287 Operating expenses (2,999) (2,169) (2,285) (581) (1,438) (1,478) (1,402) (1,634) (1,745) (1,694) Depreciation and amortisation (1,364) (2,012) (2,232) (764) (305) (303) (407) (494) (483) (473) Other expense (253) — — — — — — — — — Operating (loss)/profit (1,237) (313) (545) (331) 484 696 570 162 290 120 Interest Income 56 — 6 23 11 16 22 3 3 3 Interest expense (817) (602) (543) (117) (79) (74) (91) (240) (230) (240) (Loss)/profit before tax (1,998) (915) (1,082) (425) 416 638 501 (75) 63 (117) Income tax 1 437 287 105 (238) (316) (267) — 1 — (Loss)/profit from continuing operations (1,997) (478) (795) (320) 178 322 234 (75) 64 (117) Vodafone Idea VodafoneZiggo Group Vodafone Hutchison Limited Holding B.V. Indus Towers Limited Australia Pty Limited €m 1 €m €m €m €m €m €m Statement of financial position Non-current assets 22,577 17,665 18,721 1,511 1,598 2,971 3,241 Current Assets 3,814 875 773 749 520 334 194 Total Assets 26,391 18,540 19,494 2,260 2,118 3,305 3,435 Equity shareholders’ funds 3,696 3,684 4,238 699 828 (2,144) (2,168) Non-current Liabilities 15,137 12,489 13,303 465 476 4,590 4,478 Current Liabilities 7,558 2,367 1,953 1,096 814 859 1,125 Cash and cash equivalents within current assets 138 288 355 42 15 243 104 Non-current liabilities excluding trade and other payables and provisions (13,828) (12,009) (12,510) (133) (136) (4,580) (4,453) Current liabilities excluding trade and other payables and provisions (4,289) (1,272) (822) 2 (590) (396) (203) (464) Note: 1 Includes certain amounts subject to an indemnification mechanism agreed as part of the formation of Vodafone Idea. See note 28 “Contingent liabilities and legal proceedings for more detail. 2 Certain liabilities have been reclassified from trade and other payables to short-term borrowings. The Group has provided expanded financial information in respect of Vodafone Idea Limited and VodafoneZiggo Group Holding B.V for the year ended 31 March 2019. Vodafone Idea VodafoneZiggo Group Limited Holding B.V. €m €m €m €m Statement of financial position Goodwill 82 7,373 7,373 Other intangible assets 14,503 5,357 6,492 Property, plant and equipment 6,571 4,709 4,803 Investment in associates and joint ventures 734 — — Deferred tax assets — — — Trade and other receivables 687 226 53 Non-current assets 22,577 17,665 18,721 Taxation recoverable 1,443 — — Trade and other receivables 1,366 544 368 Other Investments 866 — — Cash and cash equivalents 138 288 355 Other 1 43 50 Current Assets 3,814 875 773 Total Assets 26,391 18,540 19,494 Equity shareholders’ funds 3,696 3,684 4,238 Long-term borrowings 13,797 11,365 11,424 Deferred tax liabilities — 644 1,086 Trade and other payables 198 463 762 Provisions 1,111 17 31 Other 31 — — Non-current Liabilities 15,137 12,489 13,303 Short-term borrowings 4,289 1,272 822 Provisions 521 28 28 Trade and other payables 2,748 1,067 1,103 Current Liabilities 7,558 2,367 1,953 Total equity and liabilities 26,391 18,540 19,494 Statement of cash flows Cash flows from operating activities 378 1,561 1,638 691 Cash flows from investing activities (637) (199) (367) (183) Cash flows from financing activities (342) (1,429) (1,189) (3,293) Net cash(outflow)/inflow (601) (67) 82 (2,785) Cash and cash equivalents at beginning of the financial year — 355 273 — Cash and cash equivalents on formation 716 — — 3,042 Exchange gain 12 — — 16 Cash and cash equivalents at the end of the financial year 127 288 355 273 The Group received a dividend from Indus Towers Limited of €141 million in the year to 31 March 2019 (2018: €138 million; 2017: €126 million) and a dividend of €200 million from VodafoneZiggo Group Holding B.V. (2018: €220 million; 2017: €76 million). 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: Vodafone Idea VodafoneZiggo Group Vodafone Hutchison Limited Holding B.V. Indus Towers Limited Australia Pty Limited €m €m €m €m €m €m €m €m €m €m Equity shareholders’ funds 3,696 3,684 4,238 — 699 828 — (2,144) (2,168) — Interest in joint ventures 1 1,671 1,842 2,119 — 294 348 — (1,072) (1,084) — Impairment (279) — — — — — — — — — Goodwill — — — — 564 545 — 106 105 — Investment proportion not recognised as it is held for sale — — — — (257) — — 482 — — Carrying value 1,392 1,842 2,119 — 601 893 — (484) (979) — (Loss)/profit from continuing operations (1,997) (478) (795) (320) 178 322 234 (75) 64 (117) Share of (loss)/profit 1 (903) (239) (398) (160) 75 135 98 (38) 32 (59) (Loss)/profit proportion not recognised as it is held for sale — — — — (20) — — 15 — — Share of (loss)/profit (903) (239) (398) (160) 55 135 98 (23) 32 (59) Note: 1 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 2019 rounded to the nearest tenth of one percent. 2 The Group also holds two non-voting shares. 3 At 31 March 2019 the fair value of Safaricom Limited was KES 441 billion (€3,898 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. Investment in Profit from Other comprehensive Total comprehensive associates continuing operations expense income €m €m €m €m €m €m €m €m Total 553 441 216 187 — — 216 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. |
Other investments
Other investments | 12 Months Ended |
Mar. 31, 2019 | |
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 comprising debt and equity instruments 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. Debt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through profit and loss. Equity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following derecognition of the investment. See note 1 for previous measurement categories applicable to the comparative balances at 31 March 2018. €m €m Included within non-current assets: Equity securities 1 48 47 Debt securities 2 822 3,157 870 3,204 Debt securities include loan notes of US$ nil (2018: US$2.5 billion (€2.0 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 €0.8 billion (2018: €0.9 billion) issued by VodafoneZiggo Holding B.V. Current other investments comprise the following: €m €m Included within current assets: Short term investments: Bonds and debt securities 3 4,690 2,979 Managed investment funds 4 6,405 3,891 11,095 6,870 Other investments 5 1,917 1,925 13,012 8,795 The Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving suitable returns. These assets do not meet the definition of cash and cash equivalents, but are included in the Group’s net debt based on their liquidity. Bonds and debt securities includes €955 million (2018: €862 million) of highly liquid German and €941 million (2018: €nil) Japanese government securities; €1,115 million (2018: €1,112 million) of UK government bonds and €1,184 million (2018: 830 million) of other assets both paid as collateral on derivative financial instruments 6 . Managed investment funds include €5,513 million (2018: €3,087 million) in managed investment funds with liquidity of up to 90 days and €892 million (2018: €804 million) invested in a fund whose underlying securities are supply chain receivables from a diverse range of corporate organisations of which Vodafone is a minority constituent. Other investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts held in qualifying assets by Group insurance companies to meet regulatory requirements. Notes: 1 2 3 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets or liabilities. The remaining balance is level 2 classification. 4 5 6 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Mar. 31, 2019 | |
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. Derivative financial instruments with a positive market value are reported within this note as are contract assets, which represent an asset for accrued revenue in respect of goods or services delivered to customers for which a trade receivable does not yet exist. Accounting policies Trade receivables represent amounts owed by customers where the right to payment is conditional only on the passage of time. Trade receivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is accredited over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the Group establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other comprehensive income; all other trade receivables are recorded at amortised cost. The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances and historical experience. Individual balances are written off when management deems them not to be collectible. €m €m Included within non-current assets: Trade receivables 197 435 Trade receivables held at fair value through other comprehensive income 179 — Contract assets 1 531 350 Contract-related costs 375 — Amounts owed by associates and joint ventures 1 1 Other receivables 77 194 Prepayments 371 597 Derivative financial instruments 2 3,439 2,449 5,170 4,026 Included within current assets: Trade receivables 4,088 4,967 Trade receivables held at fair value through other comprehensive income 613 — Contract assets 1 3,671 2,257 Contract-related costs 1,132 — Amounts owed by associates and joint ventures 388 524 Other receivables 876 895 Prepayments 1,227 1,152 Derivative financial instruments 2 195 180 12,190 9,975 Notes: 1 2 The Group’s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are measured after allowances for future expected credit losses, see note 21 “Capital and financial risk management” for more information on credit risk. The carrying amounts of trade and other receivables, which are measured at amortised cost, approximate their fair value and are predominantly non-interest bearing. The Group’s contract-related costs comprise €1,433 million relating to costs incurred to obtain customer contracts and €74 million relating to costs incurred to fulfil customer contracts; an amortisation and impairment expense of €1,506 million was recognised in operating profit during the year. In January and February 2019 €57 million and €70 million, respectively, of trade receivables were reclassified from amortised cost to fair value through other comprehensive income following changes to the Group’s business model under which the balances may be sold to a third party. The fair values 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. |
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 owed to suppliers that have been invoiced or are accrued and contract liabilities relating to consideration received from customers in advance. They also include taxes and social security amounts due in relation to the Group’s 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 327 314 Accruals 113 159 Contract liabilities 1 574 237 Derivative financial instruments 2 1,924 2,133 2,938 2,843 Included within current liabilities: Trade payables 6,541 6,185 Amounts owed to associates and joint ventures 26 27 Other taxes and social security payable 1,218 1,177 Other payables 3 1,410 1,346 Accruals 6,120 5,579 Contract liabilities 1 1,818 1,678 Derivative financial instruments 2 520 250 17,653 16,242 Notes: 1 2 3 The carrying amounts of trade and other payables approximate their fair value. Materially all of the €1,716 million recorded as current contract liabilities at 1 April 2018 was recognised as revenue during the year. Other payables included within non-current liabilities include €288 million (2018: €271 million) 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. The fair values 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. |
Provisions
Provisions | 12 Months Ended |
Mar. 31, 2019 | |
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. 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 28 “Contingent liabilities and legal proceedings” to the consolidated financial statements. Other provisions Other provisions comprises various amounts including those for restructuring costs and unutilised 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 1 Total €m €m €m €m 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 Exchange movements (4) (5) 5 (4) Amounts capitalised in the year 210 — — 210 Amounts charged to the income statement — 91 643 734 Utilised in the year − payments (32) (53) (253) (338) Amounts released to the income statement — (48) (108) (156) 31 March 2019 757 507 1,138 2,402 Note: 1 Other includes restructuring provisions of €499 million (2018: €240 million). Provisions have been analysed between current and non-current as follows: 31 March 2019 Asset retirement Legal and obligations regulatory Other Total €m €m €m €m Current liabilities 28 274 858 1,160 Non-current liabilities 729 233 280 1,242 757 507 1,138 2,402 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 |
Called up share capital
Called up share capital | 12 Months Ended |
Mar. 31, 2019 | |
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: 1,2 1 April 28,814,803,308 4,796 28,814,142,848 4,796 Allotted during the year 3 454,870 — 660,460 — 31 March 28,815,258,178 4,796 28,814,803,308 4,796 Notes: 1 At 31 March 2019 the Group held 1,584,882,610 (2018: 2,139,038,029) treasury shares with a nominal value of €264 million (2018: €356 million). The market value of shares held was €2,566 million (2018: €4,738 million). During the year, 45,657,750 (2018: 53,026,317) treasury shares were reissued under Group share schemes. On 25 August 2017, 729,077,001 treasury shares were issued in settlement of tranche 1 of a maturing subordinated mandatory convertible bond issued on 19 February 2016. On 25 February 2019, 799,067,749 treasury shares were issued in settlement of tranche 2 of the maturing subordinated mandatory convertible bond. 2 On 5 March 2019 the Group announced the placing of subordinated mandatory convertible bonds totalling £1.72 billion with a 2 year maturity date in 2021 and £1.72 billion with a 3 year maturity date due in 2022. The bonds are convertible into a total of 2,547,204,739 ordinary shares with a conversion price of £1.3505 per share. 3 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, 2019 | |
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 (loss)/profit for the year from continuing operations translates into cash flows generated from our operating activities. Notes €m €m €m (Loss)/profit for the financial year (7,644) 2,788 (6,079) Loss from discontinued operations 3,535 1,969 4,107 (Loss)/profit for the financial year from continuing operations (4,109) 4,757 (1,972) Non-operating expense 7 32 1 Investment income (433) (685) (474) Financing costs 2,088 1,074 1,406 Income tax expense/(credit) 1,496 (879) 4,764 Operating (loss)/profit (951) 4,299 3,725 Adjustments for: Share-based payments and other non-cash charges 147 128 95 Depreciation and amortisation 10, 11 9,795 10,409 11,086 Loss on disposal of property, plant and equipment and intangible assets 33 36 22 Share of result of equity accounted associates and joint ventures 908 59 (47) Impairment losses 3,525 — — Other expense/(income) 148 (213) (1,052) (Increase)/decrease in inventory (131) (26) 117 (Increase)/decrease in trade and other receivables (31) (1,118) 308 Increase/(decrease) in trade and other payables 739 286 (473) Cash generated by operations 14,182 13,860 13,781 Net tax paid (1,131) (1,118) (761) Cash flows from discontinued operations (71) 858 1,203 Net cash flow from operating activities 12,980 13,600 14,223 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Mar. 31, 2019 | |
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. Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit or loss for the period. All other cash and cash equivalents are measured at amortised cost. €m €m Cash at bank and in hand 2,434 2,197 Repurchase agreements and bank deposits 2,196 — Money market funds 1 9,007 2,477 Cash and cash equivalents as presented in the statement of financial position 13,637 4,674 Bank overdrafts (32) (7) Cash and cash equivalents of discontinued operations — 727 Cash and cash equivalents as presented in the statement of cash flows 13,605 5,394 Note: 1 Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets. The carrying amount of balances at amortised cost approximates their fair value. Cash and cash equivalents of €1,381 million (2018: €1,449 million) are held in countries with restrictions on remittances but where the balances could be used to repay subsidiaries’ third party liabilities. |
Borrowings and capital resource
Borrowings and capital resources | 12 Months Ended |
Mar. 31, 2019 | |
Borrowings and capital resources | |
Borrowings and capital resources | 20. Borrowings and capital resources 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. This section includes an analysis of net debt, which is used to manage capital. Accounting policies Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at 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 21 “Capital and financial risk management”). 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. Net debt At 31 March 2019 net debt represented 58% of our market capitalisation (2018: 46%). Average net debt at month end accounting dates over the 12-month period ended 31 March 2019 was €30.9 billion and ranged between net debt of €27.0 billion and €34.1 billion. Our consolidated net debt position at 31 March was as follows: Restated 1 €m €m Short-term borrowings Bonds (53) (3,477) Commercial paper (873) (2,712) Bank loans (1,220) (1,159) Other short-term borrowings 2 (2,124) (1,165) (4,270) (8,513) Long-term borrowings Bonds (44,439) (30,473) Bank loans (1,780) (2,157) Other long-term borrowings 3 (2,466) (278) (48,685) (32,908) Cash and cash equivalents 13,637 4,674 Other financial instruments Derivative financial instruments included in trade and other receivables (note 14) 3,634 2,629 Derivative financial instruments included in trade and other payables (note 15) (2,444) (2,383) Short-term investments (note 13) 11,095 6,870 12,285 7,116 Net debt (27,033) (29,631) Notes: 1 Liabilities 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 are now separately disclosed in the consolidated statement of financial position and are no longer presented within short-term borrowings; gross short -term borrowings at 31 March 2018 have therefore been revised to exclude €1,838 billion in respect of such liabilities. 2 At 31 March 2019 the amount includes €2,011 million (2018:€1,070 million) in relation to cash received under collateral support agreements. 3 Includes €1,919 million (2018: €nil) of spectrum licence payables following the completion of recent auctions in Italy and Spain. The fair value of the Group’s financial assets and financial liabilities held at amortised cost approximate to fair value with the exception of long term bonds with a carrying value of €44,439 million (2018: €30,473 million) and a fair value of €43,616 million (2018: €29,724 million). Fair value is based on level 1 of the fair value hierarchy respectively, using quoted market prices. At 31 March 2019 we had €13,637 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 2019 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 21 “Capital and financial risk management” for further details on these agreements. The Group’s gross and net debt includes certain bonds which have been designated in hedge relationships, which are carried at €1.6 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 decrease the euro equivalent redemption value of the bonds by €1.0 billion. 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 2019 €873 million were drawn under the euro commercial paper programme. The US commercial paper programme remained undrawn. The commercial paper facilities were supported by US$4.2 billion (€3.7 billion) and €3.9 billion of syndicated committed bank facilities. No amounts had been drawn under these facilities. 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 2019 the total amounts in issue under these programmes split by currency were US$20.9 billion, €18.3 billion, £3.4 billion, AUD1.2 billion, HKD2.1 billion, NOK2.2 billion, CHF0.7 billion and JPY10 billion. At 31 March 2019 the Group had bonds outstanding with a nominal value equivalent to €43 billion. During the year ended 31 March 2019 bonds with a nominal value equivalent of €10.2 billion were issued under the US shelf programme and €4.2 billion were issued under stand-alone documentation. Bonds mature between 2020 and 2056 (2018: 2018 and 2056) and have interest rates between 0.0% and 7.875% (2018: 0.0% and 8.125%) Mandatory convertible bonds On 25 February 2016 the Group issued £2.9 billion of subordinated mandatory convertible bonds (MCBs) issued in two tranches with the first £1.4 billion having matured and converted to 729.1 million shares on 25 August 2017 at a conversion price of £1.9751. The second tranche matured on 25 February 2019 and converted to 799.1 million Vodafone Group Plc shares at a conversion price of £1.8021. On 12 March 2019 the Group issued £3.4 billion of subordinated mandatory convertible bonds (MCBs) split into two equal tranches of £1.7 billion, the first maturing on 12 March 2021 and the second on 12 March 2022 with coupons of 1.2% and 1.5% respectively. These were recognised as compound instruments with nominal values of £3.4 billion (€3.8 billion) recognised as a component of shareholders’ funds in equity and the fair value of future coupons £0.1 billion (€0.1 billion) recognised as a financial liability in borrowings. The conversion price on issue of the bonds was £1.3505. The Group’s strategy is to hedge the equity risk associated with the MCB issuance to any future movement 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 dilution resulting from the conversion the hedging strategy will provide a hedge for the repurchase price. Treasury shares The Group held a maximum of 2,139,038,029 of its own shares during the year which represented 7.4% of issued share capital at that time. 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 Kabel Deutschland A.G. 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 Put options issued as part of the hedging strategy for the MCBs permit the holders to exercise against the Group at maturity of the option 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, on 3,055 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 2019 was €757 million (2018: €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 suppliers the opportunity to use supply chain financing (‘SCF’). SCF allows suppliers that decide to use it to receive funding earlier than the invoice due date. At 31 March 2019, the financial institutions which run the SCF programmes had purchased €2.5 billion (2018: €2.3 billion) of supplier invoices, principally from larger suppliers. The Group does not provide any financial guarantees to the financial institutions under this programme and continues to cash settle supplier payables in accordance with their contractual terms. As such, the programme does not change the Group’s net debt, trade payable balances or cash flows. 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 2019, 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, 2019 | |
Fair value of financial instruments | |
Capital and financial risk management | 21. 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. Financial liabilities under put option arrangements The Group has an obligation to pay a fixed rate of return to minority equity shareholders in the Group’s subsidiary Kabel Deutschland AG, under the terms of a court imposed domination and profit and loss transfer agreement. This agreement also provides the minority shareholders the option to put their shareholding to Vodafone at a fixed price per share. The obligation to purchase the shares has been recognised as a financial liability and no non-controlling interests are recognised in respect of minority shareholders. Interest costs are accrued at the agreed rate of return and recognised in financing costs 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. The Group does not use derivative financial instruments for speculative purposes. 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. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each reporting date. 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 the effective portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and losses recognised in the income statement for the period. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge accounting. 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. For cash flow hedges, 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. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the income statement. For net investment hedges, gains and losses accumulated in other comprehensive income 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 27,033 29,631 Financial liabilities under put option arrangements 1 1,844 1,838 Equity 63,445 68,607 Capital 92,322 100,076 Note: 1 Financial liabilities under put option arrangements comprise liabilities 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 amounts at 31 March 2018 were previously presented within short-term borrowings 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 centrally manages the Group’s funding requirement, net foreign exchange exposure, interest rate management exposures and counterparty 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 in July 2018. A treasury risk committee comprising of the Group’s Chief Financial Officer, Group General Counsel and Company Secretary, Group Financial Controller, 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 Credit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a financial loss for the Group. The Group is exposed to credit risk from its operating activities and from its financing activities, the Group considers its maximum exposure to credit risk at 31 March to be: €m €m Cash at bank and in hand 2,434 2,197 Repurchase agreements and bank deposits 2,196 — Money market funds 9,007 2,477 Managed investment funds 6,405 3,891 Government securities 3,011 1,974 Other investments 4,418 6,087 Derivative financial instruments 3,634 2,629 Trade receivables 5,077 5,402 Contract assets and other receivables 5,155 3,410 41,337 28,067 Expected credit loss The Group has financial assets classified and measured at amortised cost and fair value through other comprehensive income that are subject to the expected credit loss model requirements of IFRS 9. Cash at bank and in hand and certain other investments are both classified and measured at amortised cost and subject to these impairment requirements. However, the identified expected credit loss is considered to be immaterial. Information about expected credit losses for trade receivables and contract assets can be found under ‘operating activities’ on page 164. Financing activities The Group invests in UK, German and Japanese government securities on the basis they generate a fixed rate of return and, are amongst the most creditworthy of investments available. Money market investments are made 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 has four managed investment funds with maturities of less than 90 days. These funds hold fixed income euro, sterling and dollar securities with an average credit quality of high double A. 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 reduce the Group’s exposure to counterparties who 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 2,011 1,070 As discussed in note 28 “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 Group has also pledged cash and debt securities as collateral against derivative financial instruments as disclosed in note 13 “Other investments”. Operating activities Customer credit risk is managed by the Group’s business units which each have policies, procedures and controls relating to customer credit risk management. Outstanding trade receivables and contract assets are regularly reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given that the Group’s customer base is large and unrelated. The Group applies the simplified approach and records lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured using historical cash collection data for periods of at least 24 months wherever possible and grouped into various customer segments based on product or customer type. The historical loss rates are adjusted where macroeconomic factors, for example changes in interest rates or unemployment rates, or other commercial factors are expected to have a significant impact when determining future expected credit loss rates. For trade receivables the expected credit loss provision is calculated using a provision matrix, in which the provision increases as balances age, and for receivables paid in instalments and contract assets a weighted loss rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade receivables and contract assets are written off when each business unit determines there to be no reasonable expectation of recovery and enforcement activity has ceased. Movements in the allowance for expected credit losses during the year were as follows: Trade receivables held Trade receivables held at fair value through Contract assets at amortised cost other comprehensive income 2018 1 €m €m €m €m €m €m 31 March as previously reported — — 1,249 1,418 — — Impact of adoption of IFRS 15 78 — — — — — Impact of adoption of IFRS 9 56 — 185 — 23 — 1 April 134 — 1,434 1,418 23 — Exchange movements 1 — (19) (78) — — Amounts charged to administrative expenses 54 — 504 528 17 — Other (60) — (572) (619) — — 31 March 129 — 1,347 1,249 40 — Note: 1 Trade receivables were all held at amortised cost in the year to 31 March 2018 in accordance with IAS 39. Expected credit losses are presented as net impairment losses within operating profit and subsequent recoveries of amounts previously written off are credited against the same line item. 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 2019 €3,958 million (2018: €3,389 million) of trade receivables were not yet due for payment. The following table presents information on trade receivables past due¹ and their associated expected credit losses: 31 March 2019 Trade receivables at amortised cost past due 30 days 31-60 61-180 or less days days days+ Total €m €m €m €m €m Gross carrying amount 448 253 550 1,041 2,292 Expected credit loss allowance (94) (64) (216) (882) (1,256) Net carrying amount 354 189 334 159 1,036 31 March 2018 2 Trade receivables at amortised cost past due 30 days 31–60 61–180 or less days days days+ Total €m €m €m €m €m Gross carrying amount 810 226 530 1,250 2,816 Allowances for bad and doubtful debt (32) (35) (206) (925) (1,198) Net carrying amount 778 191 324 325 1,618 Notes: 1 Contract assets relate to amounts not yet due to customers. These amounts will be reclassified as trade receivables before they become due. Trade receivables at fair value through other comprehensive income are not materially past due. 2 Information relating to the year ending 31 March 2018 is presented under the Group’s IAS 39 accounting policies. Under these policies the Group’s management monitored the financial statements raising provisions for bad and doubtful debt as appropriate. Liquidity risk 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 2019 amounted to €13,637 million (2018: €4,674 million) and undrawn committed facilities of €7,880 million (2018: €7,306 million), principally euro and US dollar revolving credit facilities of €3.9 billion and US$4.2 billion maturing in 2022 and 2023 respectively. 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 1 and 37 years. 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: Bank Commercial Other loans paper Bonds Borrowings 2 financial liabilities 3 Total Maturity profile 1 €m €m €m €m €m €m Within one year 1,498 873 1,486 2,155 15,941 21,953 In one to two years 714 — 4,826 158 125 5,823 In two to three years 568 — 4,917 96 — 5,581 In three to four years — — 4,558 1,775 — 6,333 In four to five years 350 — 7,878 320 — 8,546 In more than five years — — 37,586 336 — 37,922 3,130 873 61,251 4,840 16,066 86,160 Effect of discount/financing rates (130) — (16,759) (250) (12) (17,151) 31 March 2019 3,000 873 44,492 4,590 16,054 69,009 Within one year 1,251 2,715 4,348 1,164 14,975 24,453 In one to two years 748 — 1,816 34 175 2,773 In two to three years 507 — 4,411 25 — 4,943 In three to four years 569 — 4,228 22 — 4,819 In four to five years — — 3,692 26 — 3,718 In more than five years 350 — 24,635 172 — 25,157 3,425 2,715 43,130 1,443 15,150 65,863 Effect of discount/financing rates (109) (3) (9,180) — (16) (9,308) 31 March 2018 3,316 2,712 33,950 1,443 15,134 56,555 Notes: 1 Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders have the right, but not the obligation, to request payment within 30 days. This also applies to undrawn committed facilities. It should be noted that a material adverse change clause does not apply with the exception of €135 million of debt in relation to the mandatorily convertible bonds (which would also accelerate conversion of the £3.4 billion principal recognised in equity – see note 20 “Borrowings and capital resources”). Furthermore, €1,722 million of bank facilities are capped at 50% of operating company capital expenditures. 2 Includes present value of minimum lease payments under finance lease arrangement under which the Group has leased certain of its equipment. with maturity profile €46 million (2018: €46 million) within one year, €104 million (2018: €94 million) within two to five years and €152 million (2018: €172 million) greater than five years. 3 Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other payables. 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 Total Payable Receivable Total €m €m €m €m €m €m Within one year (23,469) 23,672 203 (18,055) 18,363 308 In one to two years (8,356) 8,752 396 (3,925) 3,875 (50) In two to three years (3,772) 4,386 614 (4,904) 4,911 7 In three to four years (3,959) 4,624 665 (2,223) 2,324 101 In four to five years (3,710) 4,285 575 (3,834) 3,687 (147) In more than five years (34,987) 39,334 4,347 (20,702) 23,021 2,319 (78,253) 85,053 6,800 (53,643) 56,181 2,538 Effect of discount/financing rates (5,610) (2,292) Financial derivative net receivable 1,190 246 Payables and receivables are stated separately in the table above as cash settlement is on a gross basis. 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. At 31 March 2019 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate basis in accordance with treasury policy. For each one hundred basis point rise in market interest rates for all currencies in which the Group had borrowings at 31 March 2019 there would be an increase in profit before tax by approximately €399 million (2018: approximately €372 million) including mark-to-market revaluations of interest rate and other derivatives and the potential interest on cash and short term investments.There would be no material impact on equity. 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 2019 22% of net debt was denominated in currencies other than euro (14% sterling, 5% South African rand and 3% other). This allows sterling, South African rand and other debt to be serviced in proportion to expected future cash flows and therefore provides a partial economic 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 2019 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 9% (2018: 15%) would result in a decrease in equity of €175 million (2018: €348 million) which would be fully offset by foreign exchange movements on the hedged net assets. In addition, cash flow hedges of principally US dollar borrowings would result in an increase in equity of €651 million (2018: €232 million) against a strengthening of US dollar by 5% (2018: 5%). The Group profit and loss account is exposed to foreign exchange risk within both operating profit and financing income and expense. The principal operating segment not generating incomes in Euro is the Vodacom business, whose functional currency is South African Rand. Financing income and expense includes foreign currency gains/losses incurred on the translation of balance sheet items not held in functional currency. These are principally on certain borrowings, derivatives, and other investments denominated in sterling and US dollar. The following table details the Group’s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the average movements in the previous three annual reporting periods. €m €m ZAR 9% change (2018: 15%) – Increase in operating profit 1 147 239 USD 10% change (2018: 9%) – Decrease in profit before taxation (81) (65) GBP 4% change (2018: 7%) – Increase in profit before taxation 183 208 Note: 1 Operating profit before impairment losses and other income and expense. 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 2019 the Group’s sensitivity to a movement of 8% (2018: 10%) in its share price would result in an increase or decrease in profit before tax of €319 million (2018: €164 million). Risk management strategy of hedge relationships The risk strategies of the denominated cash flow, fair value, and net investment hedges reflect the above market risk strategies. The objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate borrowings in US dollar, Pound Sterling, Australian dollar, Swiss Franc, Hong Kong dollar, Japanese yen, Norwegian krona and euro and US dollar floating rate borrowings into euro fixed rate borrowings and hedge the foreign exchange spot rate and interest rate risk. Derivative financial instruments designated in cashflow hedges are cross currency interest rate swaps and foreign exchange swaps. The swap maturity dates and liquidity profiles of the nominal cashflows match those of the underlying borrowings. The objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative financial instruments designated in net investment hedges are cross currency interest rate swaps and foreign exchange swaps. The hedging instruments are rolled on an ongoing basis as determined by the nature of the business. The objective of the fair value hedges is to hedge a proportion of the Group’s fixed rate euro denominated borrowing to a euro floating rate borrowing. The swap maturity dates match those of the underlying borrowing and the nominal cashflows are converted to quarterly payments. Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of foreign currency denominated borrowings and investments, the Group uses a combination of cross currency and foreign exchange swaps to hedge its exposure to foreign exchange risk and interest rate risk and enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. Therefore the Group expects a highly effective hedging relationship with the swap contracts and the value of the corresponding hedged items to change systematically in opposite the direction in response to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Hedge ineffectiveness may occur due to: a) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil; b) Changes in the contractual terms or timing of the payments on the hedged item; and c) A change in the credit risk of the Group or the counterparty with the hedged instrument. The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item to determine their relative weighting; for all of the Group’s existing hedge relationships the hedge ratio has been determined as 1:1. The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market rates and foreign currency rates prevailing at 31 March. 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 and liability, either directly or indirectly. Derivative financial assets and liabilities are included within trade and other receivables and trade and other payables in the statement of financial position. The following table represents the corresponding carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March 2019. At 31 March 2019 Other comprehensive income Opening (Gain)/ Gain/(Loss) Closing Average Carrying Carrying balance Loss recycled to balance Average euro Nominal value value 31 March deferred to financing 31 March maturity Average interest amounts Assets Liabilities OCI costs year FX rates rate €m €m €m €m €m €m €m % Cash flow hedges – foreign currency risk Cross currency and foreign exchange swaps US dollar bonds 18,444 1,273 83 132 (1,410) 1,099 (179) 1.18 2.83 Australian dollar bonds 736 14 2 (4) (21) 8 (17) 1.56 0.86 Swiss franc bonds 624 — 43 16 (25) 31 22 1.08 1.36 Pound sterling bonds 2,720 76 112 8 (39) 69 38 0.87 2.45 Hong Kong dollar bonds 233 3 7 15 (23) 21 13 8.96 1.46 Japanese yen bonds 78 1 — — (3) 5 2 128.53 2.47 Norwegian krona bonds 241 2 14 (4) 5 — 1 9.20 1.19 Cash flow hedges – foreign currency and interest rate risk 2 Cross currency swaps – US dollar bonds 905 33 — 1 (40) 51 12 1.15 0.90 Cash flow hedges – interest rate risk 2 Interest rate swaps – Euro loans 668 — 17 15 1 (5) 11 — 1.22 Fair value hedges – interest rate risk 3 Interest rate swaps – Eurobonds 186 117 — — — — — — — Net investment hedge – foreign exchange risk 4.5 Cross currency and foreign exchange swaps – South African rand investment 1,952 120 3 918 (108) — 810 15.23 0.11 26,787 1,639 281 1,097 (1,663) 1,279 713 At 31 March 2018 Other comprehensive income Opening (Gain)/Loss Closing Average Carrying Carrying balance (Gain)/Loss recycled to balance Average euro Nominal value value 31 March deferred to financing 31 March maturity Average FX interest amounts Assets Liabilities OCI costs year rates rate €m €m €m €m €m €m €m % Cash flow hedges – foreign currency risk Cross currency and foreign exchange swaps US dollar bonds 3.62 5,929 176 364 (183) 1,570 (1,255) 132 1.19 3.62 Australian dollar bonds 0.86 736 — 9 — 14 (18) (4) 1.56 0.86 Swiss franc bonds 1.36 624 — 68 4 70 (58) 16 1.08 1.36 Pound sterling bonds 2.09 1,212 18 175 (6) 18 (4) 8 0.85 2.09 Hong Kong dollar bonds 1.46 233 — 28 — 29 (14) 15 8.96 1.46 Japanese yen bonds 2.47 78 — 2 — 2 (2) — 128.53 2.47 Norwegian krona bonds 1.19 241 5 11 (9) 14 (9) (4) 9.20 1.19 Cash flow hedges – foreign currency and interest rate risk 2 Cross currency swaps – US dollar bonds 0.57 709 — 8 4 98 (101) 1 1.17 0.57 Cash flow hedges – interest rate risk 2 Interest rate swaps – Euro loans 1.22 668 — 16 18 (4) 1 15 — 1.22 Fair value hedges – interest rate risk 3 Interest rate swaps – Eurobonds 186 100 — — — — — — — Interest rate swaps – US dollar bonds 2,115 — 76 — — — — — — Net investment hedge – foreign exchange risk 4.5 Cross currency and foreign exchange swaps – South African rand investment 0.13 2,007 58 128 758 161 — 918 14.62 0.13 14,738 357 885 586 1,972 (1,460) 1,097 Notes: 1 Fair value movement deferred into other comprehensive income includes €754 million loss (2018: €572 million loss) and €1 million gain (2018: €19 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively. 2 For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of swaps designated in a cashflow hedge during the period was €nil (2018: €nil). 3 The carrying value of the bond includes €86 million loss (2018: €92 million loss) of cumulative fair value adjustment for the hedged interest rate risk. Net ineffectiveness on the fair value hedges,€2 million loss (2018: €12 million loss) is recognised in the income statement.The carrying value of bonds includes an additional €749 million loss (2018: €727 million loss) in relation to fair value of bonds previously designated in fair value hedge relationships. 4 Hedge ineffectiveness of swaps designated in a net investment hedge during the period was €nil (2018: €nil). Fair value and carrying value information The carrying value and valuation basis of the Group’s financial assets are set out in notes 13 “Other investments”, 14 “Trade and other receivables” and 19 “Cash and cash equivalents”. 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 “Trade and other payables” and 20 “Borrowings and capital resources”.. 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 disclos |
Directors and key management co
Directors and key management compensation | 12 Months Ended |
Mar. 31, 2019 | |
Directors and key management compensation | |
Directors and key management compensation | 22. 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 4 Incentive schemes 1 2 3 2 Other benefits 2 — 1 1 6 8 7 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. No directors serving during the year exercised share options in the year ended 31 March 2019 (2018: one Director, gain €0.1 million; gain 2017: one Director, €0.7 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 23 27 24 Share-based payments 35 30 25 58 57 49 |
Employees
Employees | 12 Months Ended |
Mar. 31, 2019 | |
Employees | |
Employees | 23. 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 15,872 17,094 18,207 Selling and distribution 30,596 35,025 38,252 Customer care and administration 52,528 54,016 55,097 98,996 106,135 111,556 By segment: Germany 13,414 13,718 14,478 Italy 6,536 6,606 6,601 Spain 5,140 5,015 5,118 UK 11,525 12,379 13,238 Other Europe 12,413 11,760 15,801 Europe 49,028 49,478 55,236 India (Discontinued operations) 4,554 11,086 13,187 Vodacom 7,695 7,524 7,590 Other Markets 12,837 13,606 14,183 Rest of World 25,086 32,216 34,960 Common Functions 24,882 24,441 21,360 Total 98,996 106,135 111,556 The cost incurred in respect of these employees (including Directors) was: €m €m €m Wages and salaries 4,333 4,179 4,630 Social security costs 579 547 582 Other pension costs (note 24) 223 222 212 Share-based payments (note 25) 132 128 95 5,267 5,076 5,519 India (Discontinued operations) 84 219 217 Total 5,351 5,295 5,736 |
Post employment benefits
Post employment benefits | 12 Months Ended |
Mar. 31, 2019 | |
Post employment benefits | |
Post employment benefits | 24. 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 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, and costs incurred for the management of plan assets are 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 2019 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, the United States and the Group operates defined benefit indemnity plans in Greece and Turkey. Defined contribution pension schemes are currently provided in Egypt, Germany, Greece, Hungary, India, Ireland, Italy, New Zealand, Portugal, South Africa, Spain and the UK. Income statement expense €m €m €m Defined contribution schemes 166 178 192 Defined benefit schemes 57 44 20 Total amount charged to income statement (note 23) 223 222 212 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 smaller funded and unfunded plans in the UK, 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 main defined benefit schemes are administered by trustee boards which 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 HM Revenue and Customs ("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 basis, which is used to measure pension assets and liabilities presented 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. The next scheme valuation is currently being undertaken as at 31 March 2019, and will be completed during 2020. Funding plans are individually agreed for each of the Group’s other defined benefit pension schemes with the respective trustees or governing board, taking into account local regulatory requirements. It is expected that ordinary contributions relating to future service of €48 million will be paid into the Group’s defined benefit pension schemes during the year ending 31 March 2020. The Group has also provided certain guarantees in respect of the Vodafone UK plan; further details are provided in note 28 “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 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 2.9 3.0 Rate of increase in salaries 2.7 2.7 2.6 Discount rate 2.3 2.5 2.6 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 23.3/26.6 years (2018: 23.2/26.5 years; 2017: 24.1/25.4 years) for a male/female pensioner currently aged 65 years and 26.2/29.4 (2018: 26.1/29.3 years; 2017: 26.7/28.3 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 31 34 43 Past service costs 1 16 2 (27) Net interest charge 10 8 4 Total included within staff costs 57 44 20 Actuarial losses recognised in the SOCI 33 94 274 Note: 1 Following a High Court judgement on 21 October 2018 which concluded that defined benefit schemes should equalise pension benefits for men and women in relation to guaranteed minimum pension ("GMP") benefits the Group has recorded a pre-tax past service cost of €16 million (£14 million) in the year ended 31 March 2019. Duration of the benefit obligations The weighted average duration of the defined benefit obligation at 31 March 2019 is 22.0 years (2018: 22.8 years; 2017: 22.9 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 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) Service cost — (47) (47) Interest income/(cost) 167 (177) (10) Return on plan assets excluding interest income 269 — 269 Actuarial losses arising from changes in demographic assumptions — 5 5 Actuarial losses arising from changes in financial assumptions — (253) (253) Actuarial gains arising from experience adjustments — 12 12 Employer cash contributions 27 — 27 Member cash contributions 9 (9) — Benefits paid (280) 280 — Exchange rate movements 87 (87) — Other movements (2) (48) (50) 31 March 2019 6,974 (7,431) (457) An analysis of net (deficit)/assets is provided below for the Group as a whole. €m €m €m €m €m Analysis of net deficit: Total fair value of scheme assets 6,974 6,697 6,709 6,229 6,857 Present value of funded scheme liabilities (7,315) (7,028) (7,222) (6,487) (7,316) Net deficit for funded schemes (341) (331) (513) (258) (459) Present value of unfunded scheme liabilities (116) (79) (81) (83) (91) Net deficit (457) (410) (594) (341) (550) Net deficit is analysed as: Assets 1 94 110 57 224 234 Liabilities (551) (520) (651) (565) (784) 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 Cable and Wireless Worldwide Retirement Plan ("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 2,828 2,760 2,894 2,762 3,114 2,926 2,773 2,654 2,408 2,645 Present value of scheme liabilities (2,734) (2,655) (2,842) (2,543) (2,884) (3,157) (2,945) (2,962) (2,548) (2,951) Net assets/(deficit) 94 105 52 219 230 (231) (172) (308) (140) (306) Net assets/(deficit) are analysed as: Assets 94 105 52 219 230 — — — — — Liabilities — — — — — (231) (172) (308) (140) (306) F air value of scheme assets €m €m Cash and cash equivalents 65 95 Equity investments: With quoted prices in an active market 1,469 1,407 Without quoted prices in an active market 250 360 Debt instruments: With quoted prices in an active market 3,831 4,149 Without quoted prices in an active market 620 590 Property: With quoted prices in an active market 24 27 Without quoted prices in an active market 282 78 Derivatives: 1 With quoted prices in an active market (986) (1,146) Without quoted prices in an active market — 44 Investment fund 543 275 Annuity policies With quoted prices in an active market 14 — Without quoted prices 862 818 Total 6,974 6,697 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 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 €543 million at 31 March 2019 include €276 million of investments in diversified alternative beta funds held in the Vodafone Section of the Vodafone UK plan. The actual return on plan assets over the year to 31 March 2019 was a gain of €436 million (2018: €130 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 2019. 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 (570) 644 (4) 4 857 (733) 230 (229) 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, 2019 | |
Share-based payments | |
Share-based payments | 25. Share-based payments The Group has a number of share plans used to award shares to executive 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 2019. There were no options outstanding under the Vodafone Global Incentive Plan at the year-end. Vodafone Sharesave Plan Under the Vodafone Sharesave Plan UK staff may 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 40 41 24 Granted during the year 33 11 31 Forfeited during the year (2) (2) (1) Exercised during the year (2) (5) (7) Expired during the year (23) (5) (6) 31 March 46 40 41 Weighted average exercise price: 1 April £1.64 £1.61 £1.62 Granted during the year £1.30 £1.72 £1.61 Forfeited during the year £1.52 £1.65 £1.66 Exercised during the year £1.67 £1.57 £1.50 Expired during the year £1.64 £1.65 £1.75 31 March £1.40 £1.64 £1.61 Summary of options outstanding and exercisable at 31 March 2019 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 46 £1.40 33 — — — 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 182 £2.04 178 £1.91 198 £1.77 Granted 88 £1.82 74 £1.95 74 £1.97 Vested (39) £2.21 (42) £1.76 (47) £1.77 Forfeited (31) £1.97 (28) £1.58 (47) £1.57 31 March 200 £1.92 182 £2.04 178 £1.91 Other information The total fair value of shares vested during the year ended 31 March 2019 was £86 million (2018: £74 million; 2017: £83 million). The compensation cost included in the consolidated income statement in respect of share options and share plans was €132 million (2018: €128 million; 2017: €95 million) which is comprised principally of equity-settled transactions. The average share price for the year ended 31 March 2019 was 168.3 pence (2018: 216.2 pence; 2017: 216.2 pence). |
Acquisitions and disposals
Acquisitions and disposals | 12 Months Ended |
Mar. 31, 2019 | |
Acquisitions and disposals | |
Acquisitions and disposals | 26. 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. 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. The aggregate cash consideration in respect of purchases in subsidiaries, net of cash acquired, is as follows: €m €m Cash consideration paid Acquisitions during the year 61 9 Net cash acquired and acquisition related costs 26 — 87 9 During the year ended 31 March 2019 the Group completed certain acquisitions for an aggregate net cash consideration of €87 million. The aggregate fair values of goodwill, identifiable assets, and liabilities of the acquired operations were €77 million, €123 million and €139 million respectively. Disposals The difference between the carrying value of the net assets disposed of and the fair value of consideration received is recorded as a gain or loss on disposal. Foreign exchange translation gains or losses relating to subsidiaries that the Group has disposed of, and that have previously recorded in other comprehensive income or expense, are also recognised as part of the gain or loss on disposal. Vodafone Idea Limited (‘Vodafone Idea’) On 31 August 2018, the Group combined the operations of its subsidiary, Vodafone India (excluding its 42% stake in Indus Towers), with Idea Cellular Limited (‘Idea’) , to create Vodafone Idea Limited, a company jointly controlled by Vodafone and the Aditya Birla Group (‘ABG’). As a result, the Group no longer consolidates its previous interest in Vodafone India, which is presented within discontinued operations (see note 7 “Discontinued operations and assets and liabilities held for sale”) and now accounts for its 45.2% interest in Vodafone Idea as a joint venture using the equity method. On disposal, Vodafone India was valued based on the number of shares the Group held in the merged entity post completion and the Idea share price on 31 August 2018 (INR 51.50). The value was also adjusted for the proceeds from the sale of the 4.8% stake in Vodafone Idea from the Vodafone Group to ABG. As the price per share and proceeds from the sale to ABG are readily observable and no further adjustments were made, the valuation is considered to be a “level 1” valuation as per IFRS 13. As a result of the transaction, the Group recognised a net loss of €3,420 million, including a loss on disposal of €1,276 million and a foreign exchange loss of €2,079 million. €m Other intangible assets (6,138) Property, plant and equipment (3,091) Trade and other receivables (1,572) Other investments (6) Cash and cash equivalents 3 (751) Current and deferred taxation (2,790) Short and long-term borrowings 7,896 Trade and other payables 1,669 Provisions 720 Net assets contributed into Vodafone Idea (4,063) Fair value of investment in Vodafone Idea 2 2,467 Net cash proceeds arising from the transaction 3 320 Other effects 1 (2,144) Net loss on formation of Vodafone Idea 2 (3,420) Notes: 1 Includes €2,079 million of recycled foreign exchange losses. 2 Includes a loss of €603 million related to the re-measurement of our retained interest in Vodafone India. 3 Included in Disposal of interests in subsidiaries, net of cash disposed within the Consolidated statement of cash flows 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, 2019 | |
Commitments | |
Commitments | 27. 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 2,834 2,686 In more than one year but less than two years 1,654 1,633 In more than two years but less than three years 1,227 1,155 In more than three years but less than four years 950 903 In more than four years but less than five years 739 717 In more than five years 3,412 2,600 10,816 9,694 The total of future minimum sublease payments expected to be received under non-cancellable subleases is €1,027 million (2018: €859 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 2,980 2,630 32 76 3,012 2,706 Note: 1 Commitment includes contracts placed for property, plant and equipment and intangible assets. The Group is currently participating in an auction for licences for the use of certain spectrum bands in Germany which may give rise to future material cash outflows. See note 30 'Subsequent events' for further information Acquisition commitments 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’). 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 will be retained and refinanced over time, with Unitymedia’s term loans to be refinanced shortly after completion. The cash consideration payable to Liberty Global will subject to adjustments for netdebt in Unitymedia’s and other items at completion. The cash consideration payable and the refinancing of Unitymedia’s term loans will be financed using Vodafone’s existing cash and short term investments. 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 in July 2019 with completion occurring later that month. Indus Towers On 25 April 2018, Vodafone, Bharti Airtel Limited and Vodafone Idea (previously idea cellular limited) 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%), Vodafone Idea ( 11.15% ) and Providence (4.85%). Bharti group and Vodafone will jointly control the combined company, in accordance with the terms of a new shareholders’ agreement. Vodafone Idea 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 in the combined company 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) Vodafone Idea 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) Vodafone Idea decides to sell its full 11.15% shareholding in Indus Towers for cash, Bharti group’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 Vodafone Idea 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. Vodafone Hutchison Australia On 30 August 2018, Vodafone announced that Vodafone Hutchison Australia Pty Limited (‘VHA’) and TPG Telecom Limited (‘TPG’) have agreed to merge. Vodafone and Hutchison Telecommunications (Australia) Limited (‘HTAL’) will each own an economic interest of 25.0% in the new combined company, with TPG shareholders owning the remaining 49.9%. Of the net debt held by VHA prior to completion of the merger Vodafone will provide a guarantee on approximately US$1.75 bllion, which is lower than the guarantees of approximately US$1.75 billion and AUD0.85 billion currently provided. Vodafone Hutchison Australia (VHA) has confirmed that it intends to challenge the ACCC decision through the Federal Court. |
Contingent liabilities and lega
Contingent liabilities and legal proceedings | 12 Months Ended |
Mar. 31, 2019 | |
Contingent liabilities and legal proceedings | |
Contingent liabilities and legal proceedings | 28. 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 1 337 993 Other guarantees and contingent liabilities 2 2,943 4,036 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 24. 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 surety bonds as the security. The level of the security has varied since inception in line with the movement in the Scheme deficit. At 31 March 2019 the Scheme retains security over €544 million (notional value) for the Vodafone Section and €87 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 €1.45 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 €1.45 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 €116 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 February 2019. More recent attempts by the Indian Government to have the jurisdiction arguments heard separately also failed. VIHBV filed its response to India’s defence in July 2018 and India responded in December 2018. The arbitration hearing took place in February 2019, and a decision is expected late in 2019 or early 2020. 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 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). On 7 May 2018, the Delhi High Court dismissed the injunction. The Indian Government appealed the decision and hearings took place in September 2018 and February 2019. The case is currently adjourned to mid-May 2019. In the meantime, Vodafone has undertaken to take no steps advancing the UK BIT pending resolution of the Indian Government's appeal. 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 Vodafone India Services Private Limited (‘VISPL’) (formerly 3GSPL) is involved in a number of tax cases with total claims exceeding €450 million plus interest, and penalties of up to 300% of the principal. VISPL tax claims VISPL has been assessed as owing tax of approximately €266 million (plus interest of €483 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. Vodafone India As part of the agreement to combine its subsidiary, Vodafone India, with Idea Cellular Limited (‘Idea’) in India, which completed on 31 August 2018, the parties agreed: (i) Vodafone Group and Vodafone Idea would indemnify each other for certain events including in relation to breach of representations, warranties and covenants relating to Vodafone India and Idea; and (ii) a mechanism for payments between the Vodafone Group and Vodafone Idea pursuant to crystallisation of certain identified contingent liabilities, including tax demands, and refunds relating to Vodafone India and Idea. Any liability for the Group under this mechanism would be limited to INR 84 billion (€1.1 billion). The cases against Vodafone India Limited disclosed below form part of these arrangements for indemnification. 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, spectrum and licence fees, licence extension and 3G intra-circle roaming. 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 being heard before the tribunal in May 2019. 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 was 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 €2.2 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. The trial took place in September 2018 and judgment is awaited. UK On 22 February 2019, IPCom sued Vodafone Group Plc and Vodafone Limited for alleged patent infringement of two patents claimed to be essential to UMTS and LTE network standards. If IPCom can establish that one or more of its patents are valid and infringed, it could seek an injunction against the UK network if a global licence for the patents is not agreed. Germany: Kabel Deutschland takeover – class actions The German courts have been determining the adequacy of the mandatory cash offer made to minority shareholders in Vodafone’s takeover of Kabel Deutschland. 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 May 2019. 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. Judgment 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. BT filed an appeal to the Supreme Court in September 2018. A decision is not expected for several 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 prepared a draft report with a range of damages from €nil–9 million. The final hearing is set for June 2019. 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 was directed exclusively at two former Directors of Vodafone. The balance of the claim (approximately €285.5 million) was sought from Vodafone Greece and Vodafone Group Plc on a joint and several basis. Both cases were adjourned to a hearing in September 2018, at which the plaintiffs withdrew all of their claims against Vodafone and its Directors. On 31 December 2018, the plaintiff filed a new, much lower value claim against Vodafone Greece, dropping the individual Directors and Vodafone Group Plc as defendants. On 5 April 2019, Mr Papistas withdrew this latest lawsuit, expressing an intention to file again. 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, the Group, 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) initiated collective claim proceedings against VodafoneZiggo, Tele2, T-Mobile and now KPN. More recently, an additional, smaller, claims agency has asserted another group of claims. UK: Phones 4U in Administration v Vodafone Limited and Vodafone Group Plc In December 2018 the administrators of former UK indirect seller Phones 4U sued the three main UK mobile network operators (MNOs), including Vodafone, and their parent companies. The administrators allege a conspiracy between the MNOs to pull their business from Phones 4U thereby causing its collapse. The value of the claim is not pleaded but we understand it to be the total value of the business, possibly around £1 billion. Vodafone's alleged share of the liability is also not pleaded. Vodafone filed its defence on 18 April 2019, along with several other defendants. |
Related party transactions
Related party transactions | 12 Months Ended |
Mar. 31, 2019 | |
Related party transactions | |
Related party transactions | 29. 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 24 “Post employment benefits” and note 22 “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 27 19 37 Purchase of goods and services from associates 3 1 90 Sales of goods and services to joint arrangements 242 194 19 Purchase of goods and services from joint arrangements 192 199 183 Net interest income receivable from joint arrangements 1 96 120 87 Trade balances owed: by associates 1 4 — to associates 3 2 1 by joint arrangements 193 107 158 to joint arrangements 25 28 15 Other balances owed by joint arrangements 1 997 1,328 1,209 Other balances owed to joint arrangements 1 169 150 127 Note: 1 Amounts arise primarily through VodafoneZiggo, Vodafone Idea, 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 2019, and as of 14 May 2019, 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 2019 and as of 14 May 2019, 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, 2019 | |
Subsequent events | |
Subsequent events | 30. Subsequent events Bonds In accordance with the Group’s announced intention to issue hybrid bonds as part of its funding of the acquisition of Liberty Global’s cable assets in Germany and Central and Eastern Europe, on 4 April 2019 the Group issued US$2 billion hybrid securities on the New York Stock Exchange due on 4 April 2079 with a euro equivalent rate of 4.38%. On 24 May 2019 the Group issued a total of €2.5 billion of bonds under its Euro medium-term note programme. The bonds mature between 2026 and 2039 and have interest rates of between 0.9% and 2.5%. On 31 May 2019 the Group bought back a total of €1.5 billion of bonds due to mature between 2020 and 2021. Vodafone Idea rights issue On 8 May 2019 Vodafone Idea successfully completed its INR250 billion (€3.2 billion) equity capital raise. Vodafone Group’s contribution of INR110 billion (€1.4 billion) was indirectly funded through a loan secured on the Group’s Indian assets. German spectrum auction The Group is currently participating in an auction for licences for the use of certain spectrum bands in Germany. As at the close of business on 6 June 2019, the Group was the current highest bidder in respect of 12 blocks of spectrum with bids totalling €1.837 million. The number of blocks of spectrum acquired by the Group, and the amount paid for those blocks, will depend on the outcome of the auction and therefore the amount that the Group will pay for any licences acquired through this auction is uncertain. Vodafone Hutchison Australia The Australian Competition and Consumer Commission (ACCC) has opposed the proposed merger of VHA and TPG. Vodafone Hutchison Australia (VHA) has confirmed that it intends to challenge the ACCC decision through the Federal Court. Vodafone New Zealand On 13 May 2019, the Group agreed to the sale of Vodafone New Zealand Limited for consideration of NZD 3.4 billion (€2.1 billion). Completion is expected in the second half of the year ending 31 March 2020 and is subject to regulatory approvals. |
IAS 18 basis primary statements
IAS 18 basis primary statements | 12 Months Ended |
Mar. 31, 2019 | |
IAS 18 basis primary statements | |
IAS 18 basis primary statements | 31. IAS 18 basis primary statements The Group did not restate comparative periods on adoption of IFRS 15 on 1 April 2018; therefore, this note provides information about the Group’s results for the year to 31 March 2019 under the previous accounting rules which are therefore comparable to prior periods. The Group’s revenue accounting policy under the previous accounting rules is provided below. Revenue accounting policy under IAS 18 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. Contract-related costs 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. Critical accounting judgements applied in the recognition of revenue under IAS 18 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. Primary statements under IAS 18 The Group’s consolidated financial statements for the year ended 31 March 2019 are prepared in accordance with IFRS 15” Revenue from Contracts with Customers; comparative periods have not been restated. Where there are differences between the primary consolidated financial statements presented in accordance with IFRS 15 and comparable presentation under the Group’s previous revenue accounting policy (in accordance with IAS 18 “Revenue”), the effects are disclosed below. The Group’s consolidated statement of cash flows is not affected by the implementation of IFRS 15 and so is not re-presented. Year ended 31 March 2019 IFRS 15 basis Adjustments IAS 18 basis 1 Consolidated income statement (reconciliation to IAS 18) €m €m €m Revenue 43,666 1,400 45,066 Cost of sales (30,160) (1,253) (31,413) Gross profit 13,506 147 13,653 Selling and distribution expenses (3,891) — (3,891) Administrative expenses (5,410) — (5,410) Net credit losses on financial assets (575) 74 (501) Share of result of equity accounted associates and joint ventures (908) 57 (851) Impairment losses (3,525) 406 (3,119) Other income and expense (148) — (148) Operating loss (951) 684 (267) Non-operating income and expense (7) — (7) Investment income 433 — 433 Financing costs (2,088) — (2,088) Loss before taxation (2,613) 684 (1,929) Income tax expense (1,496) (108) (1,604) Loss for the financial period from continuing operations (4,109) 576 (3,533) Loss for the financial period from discontinued operations (3,535) — (3,535) Loss for the financial year (7,644) 576 (7,068) Loss per share From continuing operations: – Basic (16.25) c 2.10 c (14.15) c – Diluted (16.25) c 2.10 c (14.15) c Total Group – Basic (29.05) c 2.10 c (26.95) c – Diluted (29.05) c 2.10 c (26.95) c Note: 1 See note 2 for segmental information reported under IAS 18. Consolidated statement of comprehensive income (reconciliation to IAS 18) Total comprehensive expense for the year has decreased by €611 million to €5,277 million. The difference comprises a €576 million lower loss for the financial year and €35 million of foreign exchange differences that may be reclassified to the income statement in subsequent years. Consolidated statement of changes in equity (reconciliation to IAS 18) The below table provides an extract of the Group’s consolidated statement of changes in equity reflecting impacts arising from the adoption of IFRS 15. Equity attributable Non-controlling Retained losses Currency reserve to the owners interests Total equity €m €m €m €m €m 31 March 2019 on an IFRS 15 basis as reported on page 113 (116,725) 29,284 62,218 1,227 63,445 Adjustments (1,878) 27 (1,851) (76) (1,927) 31 March 2019 on an IAS 18 basis (118,603) 29,311 60,367 1,151 61,518 Consolidated statement of financial position (reconciliation to IAS 18) 31 March 2019 IFRS 15 basis Adjustments IAS 18 basis Consolidated statement of financial position (reconciliation to IAS 18) €m €m €m Non-current assets Goodwill 1 23,353 409 23,762 Other intangible assets 17,652 — 17,652 Property, plant and equipment 27,432 — 27,432 Investments in associates and joint ventures 3,952 (156) 3,796 Other investments 870 — 870 Deferred tax assets 24,753 652 25,405 Post employment benefits 94 — 94 Trade and other receivables 5,170 (555) 4,615 Of which: Contract assets 531 (180) 351 Trade receivables 376 — 376 Deferred acquisition costs 366 (366) — Fulfilment costs 9 (9) — Current assets Inventory 714 (48) 666 Taxation recoverable 264 — 264 Trade and other receivables 12,190 (2,379) 9,811 Of which: Contract assets 3,671 (1,247) 2,424 Trade receivables 4,701 — 4,701 Deferred acquisition costs 1,067 (1,067) — Fulfilment costs 65 (65) — Other investments 13,012 — 13,012 Cash and cash equivalents 13,637 — 13,637 Assets held for sale (231) (15) (246) Total assets 142,862 (2,092) 140,770 Equity Called up share capital 4,796 — 4,796 Additional paid-in capital 152,503 — 152,503 Treasury shares (7,875) — (7,875) Accumulated losses (116,725) (1,878) (118,603) Accumulated other comprehensive income 29,519 27 29,546 Total attributable to owners of the parent 62,218 (1,851) 60,367 Non-controlling interests 1,227 (76) 1,151 Total non-controlling interests 1,227 (76) 1,151 Total equity 63,445 (1,927) 61,518 Non-current liabilities Long-term borrowings 48,685 — 48,685 Deferred tax liabilities 478 (71) 407 Post employment benefits 551 — 551 Provisions 1,242 — 1,242 Trade and other payables 2,938 (2) 2,936 Of which: Contract liabilities 574 (2) 572 Current liabilities Short-term borrowings 4,270 — 4,270 Financial liabilities under put option arrangements 1,844 — 1,844 Taxation liabilities 596 — 596 Provisions 1,160 — 1,160 Trade and other payables 17,653 (92) 17,561 Of which: Contract liabilities 1,818 (43) 1,775 Other payables 1,562 (49) 1,513 Liabilities held for sale — — — Total equity and liabilities 142,862 (2,092) 140,770 Note: 1. This difference primarily relates to the impairment of goodwill in respect of Romania and Spain (see note 4 “Impairment”); pre-impairment balance sheet carrying values were higher under IFRS 15 for these entities, consequently impairment charges are higher on an IFRS 15 basis. |
Related undertakings
Related undertakings | 12 Months Ended |
Mar. 31, 2019 | |
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 2019 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 99.94 Ordinary shares Angola Rua Fernao de Sousa, Condominio do Benga, 10A, Vila Alice, Luanda, Angola Vodacom Business (Angola) Limitada 5 59.90 Ordinary shares Argentina Cerrito 348, 5to B, C1010AAH, Buenos Aires, Argentina CWGNL S.A. 100.00 Ordinary shares Australia Level 1, 177 Pacific Highway, North Sydney NSW 2060, Australia Talkland Australia Pty Limited 100.00 Ordinary shares Mills Oakley , Level 7, 151 Clarence 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, São Paulo, 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. (in process of dissolution) 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 5 60.50 Ordinary shares Canada 3280 Bloor Street West, Suite 1140, 11 Floor, Centre Tower, Toronto ON M8X 2X3, 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 Level 9, Tower 2, China Central Place, Room 940, No.79 Jianguo Road, Chaoyang District, Beijing, 100025, China Cable & Wireless Communications Technical Service (Shanghai) Co. Ltd - Beijing Branch 2 100.00 Branch Vodafone China Limited (China) 100.00 Equity interest shares 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 Vodacom Congo (RDC) SA 4,5 30.85 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. 5 60.50 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 Ordinary shares Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - Czech Branch 2 100.00 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 For Trading 54.95 Ordinary shares 37 Kaser El Nil St, 4th. Floor,Cairo,Egypt Starnet 55.00 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt Sarmady Communications 55.00 Ordinary shares PIECE NO. 1215, PLOT OF LAND No. 1/14a, 6TH OCTOBER CITY, Egypt Vodafone International Services LLC 55.00 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt Vodafone Egypt Telecommunications S.A.E. 55.00 Ordinary shares Smart Village C3 Vodafone Building, Egypt Vodafone Data 55.00 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 99.63 Ordinary shares PARIS LA DEFENSE, Tour Egee, 9-11 allee de l’Arche, Courbevoie, 92671, Paris, France Vodafone Enterprise France SAS 100.00 New Euro shares Rue Champollion, 22300, Lannion, France Apollo Submarine Cable System Ltd – French Branch 2 100.00 Branch Germany Altes Forsthaus 2, 67661, Kaiserslautern, Germany TKS Telepost Kabel-Service Kaiserslautern GmbH 3 76.70 Ordinary shares Betastraße 6-8, 85774 Unterföhring, Germany Kabel Deutschland Holding AG 3 76.70 Ordinary shares Kabel Deutschland Holding Erste Beteiligungs GmbH 3 76.70 Ordinary shares Kabel Deutschland Holding Zweite Beteilgungs GmbH 3 76.70 Ordinary shares Kabel Deutschland Neunte Beteiligungs GmbH 100.00 Ordinary shares Kabel Deutschland Siebte Beteiligungs GmbH 3 76.70 Ordinary shares Company name % of share class held Share class Vodafone Kabel Deutschland GmbH 3 76.70 Ordinary shares Vodafone Kabel Deutschland Kundenbetreuung GmbH 3 76.70 Ordinary shares Buschurweg 4, 76870, Kandel, Germany Vodafone Automotive 100.00 Ordinary shares Deutschland GmbH 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 3 76.70 Ordinary shares Nobelstrasse 55, 18059, Rostock, Germany Urbana Teleunion Rostock GmbH & Co.KG 3 53.69 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel‐ Kommunikation Mit Beschrankter Haftung 3 76.70 Ordinary shares Ghana 3rd Floor, The Elizabeth Building, 68 Senchi Link, Airport Residential Area, Accra, Ghana Vodacom Business (Ghana) Limited 5 60.50 Ordinary shares Telecom House, Nsawam Road, Accra-North, Greater Accra Region, PMB 221, Ghana Ghana Telecommunications Company Limited 70.00 Ordinary shares Preference shares National Communications Backbone Company Limited 70.00 Ordinary shares Vodafone Ghana Mobile Financial Services Limited 70.00 Ordinary shares Greece 1-3 Tzavella str, 152 31 Halandri, Athens, Greece Vodafone-Panafon Hellenic Telecommunications Company S.A. 99.87 Ordinary shares 12,5 km National Road Athens - Lamia, Metamorfosi / Athens, 14452, Greece Vodafone Innovus S.A. 99.87 Ordinary shares Alexandras Avenue 128, ATHENS, ATHENS, 11471, Greece Cyta Telecommunications Hellas S.A. (merged with Vodafone-Panafon Hellenic Telecommunications Company S.A. on 1 April 2019) 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 5 60.50 Ordinary shares VBA International Limited 5 60.50 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 40-44 Hungaria Krt., Budapest, H-1087, Hungary VSSB Vodafone Shared Services Budapest Private Limited Company 100.00 Registered ordinary shares 6 Lechner Ödön fasor, Budapest, 1096, Hungary Vodafone Magyarország Mobile Távközlési Zártkörűen Működő Részvénytársaság 100.00 Series A registered common shares India 10th Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Karnataka, 560103, India Cable and Wireless (India) Limited - Branch 2 100.00 Branch Cable and Wireless Global (India) Private Limited 100.00 Ordinary shares Cable & Wireless Networks India Private Limited 100.00 Equity shares 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, Preference 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, and 0.01% 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 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 Ireland Mountainview, Leopardstown, Dublin 18, Ireland Cable & Wireless GN Limited 100.00 Ordinary shares Eudokia Limited 100.00 Ordinary euro 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 Vodafone Italia S.p.A. 100.00 Ordinary shares VEI S.r.l. 100.00 Partnership interest 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 KAKiYa building, 9F, , 2-7-17 Shin-Yokohama, , Kohoku-ku, Yokoha- City, Kanagawa, 222-0033 , Japan Vodafone Automotive Japan KK 100.00 Ordinary shares Marunouchi Trust Tower North 15F, 8-1, Marunouchi 1-chome, level 15 , Chiyoda-ku, Tokyo, Japan Vodafone Enterprise U.K. – Japanese Branch 2 100.00 Branch Vodafone Global Enterprise (Japan) K.K. 100.00 Ordinary shares Jersey 44 Esplanade, St Helier, JE4 9WG, Jersey Aztec Limited 100.00 Ordinary shares Globe Limited 100.00 Ordinary shares Plex Limited 100.00 Ordinary shares Vizzavi Finance 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 M-PESA Holding Co. Limited 100.00 Equity shares Vodafone Kenya Limited 65.43 Ordinary oting shares Korea, Republic of 3rd Floor, 54 Gongse-ro, Gieheung-gu, Yongin-si, Gyeonggi-do, Korea, Republic of 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 Luxembourg 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg Tomorrow Street GP S.à r.l. 100.00 Ordinary shares Vodafone Asset Management Services S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Global Businesses S.à r.l. 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 Vodafone Enterprise Luxembourg S.A. 100.00 Ordinary euro 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 10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius Mobile Wallet VM1 5 60.50 Ordinary shares Mobile Wallet VM2 5 60.50 Ordinary shares VBA (Mauritius) Limited 5 60.50 Ordinary shares, Redeemable preference shares Vodacom International Limited 5 60.50 Ordinary shares, Non-cumulative preference 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 Tele-Services (India) Holdings Limited 100.00 Ordinary shares Vodafone Telecommunications (India) Limited 100.00 Ordinary shares 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 5 51.42 Ordinary shares Vodafone M-Pesa, S.A 5 51.42 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. 99.87 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 BayCity Communications Limited 100.00 Ordinary shares Nigeria 3A Aja Nwachukwu Close, Ikoyi, Lagos, Nigeria Vodacom Business Africa (Nigeria) Limited 5 60.50 Ordinary shares, Preference 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 2 100.00 Branch Poland Ul. Złota 59, 00-120 , Warszawa, Poland Vodafone Business Poland sp. z o.o. 100.00 Ordinary shares % 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 Vodafone Portugal – Comunicacoes Pessoais, S.A. 1 100.00 Ordinary shares Oni Way - Infocomunicacoes, S.A 100.00 Ordinary shares Av. da República, 50 – 10º, 1069-211, Lisboa, Portugal Vodafone Enterprise Spain, S.L.U. – Portugal Branch 2 100.00 Branch Romania 201 Barbu Vacarescu, 8th Floor, 2nd District, Bucharest, 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 Șoseaua Vestului no. 1A, West Mall Ploiești, First Floor, Ploiești, Romania Evotracking SRL 100.00 Ordinary shares Russian Federation Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation Cable & Wireless CIS Svyaz LLC 100.00 Charter capital shares Room 26, floor 1, bld. “A”, Kotelnicheskaya embankment 1/15, 105005, Moscow, Russian Federation Vodafone Global Enterprise Russia LLC 100.00 Equity shares Serbia Vladimira Popovića 38-40, New Belgrade, 11070, Serbia Vodafone Enterprise Equipment Limited Ogranak u Beogradu 2 100.00 Branch Singapore Asia Square Tower 2, 12 Marina View, #17-01, Singapore, 018961, Singapore Vodafone Enterprise Singapore Pte.Ltd 100.00 Ordinary shares Slovakia Prievozská 6 , Bratislava, 821 09 Vodafone Czech Republic A.S. – Slovakia Branch 2 100.00 Branch Zochova 6-8, Bratislava, 811 03, Slovakia Vodafone Global Network Limited – Slovakia Branch 2 100.00 Branch South Africa 319 Frere Road, Glenwood, 4001, South Africa Cable and Wireless Worldwide South Africa (Pty) Ltd 100.00 Ordinary shares 9 Kinross Street, Germiston South, 1401, South Africa Vodafone Holdings (SA) Proprietary Limited 100.00 Ordinary shares Vodafone Investments (SA) Proprietary Limited 100.00 Ordinary A shares, “B” ordinary no par value shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa GS Telecom (Pty) Limited 5 60.50 Ordinary shares Mezzanine Ware Proprietary Limited (RF) 5 54.45 Ordinary shares Motifprops 1 (Proprietary) Limited 5 60.50 Ordinary shares Scarlet Ibis Investments 23 (Pty) Limited 5 60.50 Ordinary shares Vodacom (Pty) Limited 5 60.50 Ordinary shares, Ordinary A shares Vodacom Business Africa Group (Pty) Limited 5 60.50 Ordinary shares Vodacom Financial Services (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Group Limited 5 60.50 Ordinary shares Vodacom Insurance Administration Company (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Insurance Company (RF) Limited 5 60.50 Ordinary shares Vodacom International Holdings (Pty) Limited 5 60.50 Ordinary shares Vodacom Life Assurance Company (RF) Limited 5 60.50 Ordinary shares Vodacom Payment Services (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Properties No 1 (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Properties No.2 (Pty) Limited 5 60.50 Ordinary shares Wheatfields Investments 276 (Proprietary) Limited 5 60.50 Ordinary shares XLink Communications (Proprietary) Limited 5 60.50 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, Ordinary euro 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 A 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, Shareholder’s contribution shares Switzerland Schiffbaustrasse 2, 8005, Zurich, Switzerland Vodafone Enterprise Switzerland AG 100.00 Ordinary shares 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 2 100.00 Branch Taiwan 22F., No.100, Songren Road., , Xinyi District, Taipei City, 11070, 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 (in liquidation) 5 59.89 Ordinary shares Turkey Büyükdere Caddesi, No: 251, Maslak, Şişli / İstanbul, Turkey, 34398, Turkey Vodafone Holding A.S. 100.00 Registered shares Vodafone Dagitim, Servis ve Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Net İletişim Hizmetleri A.Ş. 100.00 Ordinary shares Vodafone Elektronik Para Ve Ödeme Hizmetleri A.Ş. 100.00 Registered shares Vodafone Telekomunikasyon A.S 100.00 Registered shares Vodafone Bilgi Ve Iletisim Hizmetleri AS 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 Office 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai, United Arab Emirates Vodafone Enterprise Europe (UK) Limited – Dubai Branch 2 100.00 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, Cumulative participating non-redeemable preference 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 Group Limited 100.00 Ordinary shares Woodend Holdings Limited 100.00 Ordinary shares, Redeemable Preference Quarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland Energis (Ireland) Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares Shuttleworth House, 21 Bridgewater Close, Network 65 Business Park, Hapton, Burnley, Lancashire, England, BB11 5TE, United Kingdom 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 Vodacom Business Africa Group Services Limited 5 60.50 Ordinary shares, preference shares Vodacom UK Limited 5 60.50 Ordinary shares, Non-redeemable ordinary A shares, Ordinary B shares, Non-irredeemable preference shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom AAA (Euro) Limited 100.00 Ordinary shares Apollo Submarine Cable System Limited 100.00 Ordinary shares Aspective Limited 100.00 100.00 Ordinary shares, A preference shares, B preference shares, C preference shares Astec Communications Limited 100.00 Ordinary shares Bluefish Communications Limited 100.00 Ordinary A shares, Ordinary B shares, Ordinary C shares, Ordinary D 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 Limited 100.00 Ordinary shares Cable & Wireless UK Holdings Limited 100.00 Ordinary shares Cable & Wireless Worldwide Limited 100.00 Ordinary shares, Redeemable preference 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 Central Communications Group Limited 100.00 Ordinary shares, Ordinary A shares Energis Communications Limited 100.00 Ordinary shares Energis Squared Limited 100.00 Ordinary shares Flexphone Limited 100.00 Ordinary shares General Mobile Corporation Limited 100.00 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, Redeemable preference shares ML Integration Services Limited 100.00 Ordinary shares Project Telecom Holdings Limited 1 100.00 Ordinary shares PTI Telecom Limited (dissolved 2 April 2019) 100.00 Ordinary shares Rian Mobile Limited 100.00 Ordinary shares Singlepoint (4U) Limited 50.00 Ordinary shares Talkland Communications Limited 100.00 Ordinary shares Talkland International 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 Vizzavi Limited 100.00 Ordinary shares Voda Limited 100.00 Ordinary shares; Zero coupon redeemable preference shares Vodafone (New Zealand) Hedging Limited 100.00 Ordinary shares Vodafone 2. 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 Ordinary shares, Preference 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, Fixed rate irredeemable preference shares, Non-voting redeemable participating shares, Voting redeemable fixed rate preference 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 Finance Sweden 100.00 Ordinary shares, Ordinary deferred Vodafone Finance UK Limited 100.00 Ordinary shares Vodafone Financial Operations 100.00 Ordinary shares Vodafone Global Content Services Limited 100.00 Ordinary shares, 5% fixed rate non-voting preference shares Vodafone Global Enterprise Limited 100.00 Ordinary shares; Deferred shares, B deferred shares Vodafone Group (Directors) Trustee Limited 1 100.00 Ordinary shares Vodafone Group Pension Trustee Limited 1 100.00 Ordinary shares Vodafone Group Services Limited 100.00 Ordinary shares, Deferred shares Vodafone Group Services No.2 Limited 1 100.00 Ordinary shares Vodafone Group Share Trustee Limited 1 100.00 Ordinary shares Vodafone Hire Limited 100.00 Ordinary shares Vodafone Holdings Luxembourg Limited 100.00 Ordinary shares Vodafone Intermediate Enterprises Limited 100.00 Ordinary shares Vodafone International Holdings Limited 100.00 Ordinary shares Vodafone International Operations Limited 100.00 Ordinary shares Vodafone Investment UK 100.00 Ordinary shares Vodafone Investments Australia Limited 100.00 Ordinary shares Vodafone Investments Limited 1 100.00 Ordinary shares, Zero coupon redeemable shares Vodafone IP Licensing Limited 1 100.00 Ordinary shares Vodafone Limited 100.00 Ordinary shares Vodafone M.C. Mobile Services Limited 100.00 Ordinary shares; A preference Vodafone Marketing UK 100.00 Ordinary shares Vodafone Mobile Communications Limited 100.00 Ordinary shares Vodafone Mobile Enterprises Limited 100.00 A-ordinary shares, Ordinary one pound shares Vodafone Mobile Network Limited 100.00 A-ordinary shares, Ordinary one pound shares Vodafone Nominees Limited 1 100.00 Ordinary shares Vodafone Oceania Limited 100.00 Ordinary shares Vodafone Old Show Ground Site Management Limited 100.00 Ordinary shares Vodafone Overseas Finance Limited 100.00 Ordinary shares Vodafone Overseas Holdings Limited 100.00 Ordinary shares Vodafone Panafon UK 100.00 Ordinary shares Vodafone Partner Services Limited 100.00 Ordinary shares, Redeemable preference shares Vodafone Property Investments Limited 100.00 Ordinary shares Vodafone Retail (Holdings) Limited 100.00 Ordinary shares Vodafone Retail Limited 100.00 Ordinary shares Vodafone Sales & Services Limi |
Subsidiaries exempt from audit
Subsidiaries exempt from audit | 12 Months Ended |
Mar. 31, 2019 | |
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 2019. – Name Registration number AAA (Euro) Limited Aspective Limited Astec Communications Limited 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 Legend Communications Limited London Hydraulic Power Company ZC000055 MetroHoldings Limited ML Integration Group Limited ML Integration Services Limited Pinnacle Cellular Group Limited SC123629 Pinnacle Cellular Limited SC127133 Project Telecom Holdings Limited Singlepoint (4U) Limited The Eastern Leasing Company Limited Thus Group Holdings Limited SC192666 Thus Group Limited SC226738 Voda Limited Vodafone (New Zealand) Hedging Limited Vodafone (Scotland) Limited SC170238 Vodafone 2 Vodafone 4 UK Vodafone 5 Limited Vodafone 5 UK Vodafone 6 UK Vodafone Americas 4 Vodafone Benelux Limited Vodafone Business Solutions Limited Vodafone Cellular Limited Vodafone-Central Limited Vodafone Connect Limited Vodafone Consolidated Holdings Limited Vodafone Corporate Limited Vodafone Corporate Secretaries Limited Vodafone Distribution Holdings Limited Vodafone Enterprise Corporate Secretaries 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 Hire Limited Vodafone Holdings Luxembourg Limited Vodafone Intermediate Enterprises Limited 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 Partner Services Limited Vodafone Property Investments Limited Vodafone Retail (Holdings) Limited Vodafone Retail Limited Vodafone UK Limited Vodafone Worldwide Holdings Limited Vodafone Yen Finance Limited Vodaphone Limited Vodata Limited Woodend Group Limited SC140935 Your Communications Group Limited |
Basis of preparation (Policies)
Basis of preparation (Policies) | 12 Months Ended | |
Mar. 31, 2019 | 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). | |
Significant new accounting pronouncements | Significant new accounting pronouncements Two significant new accounting standards, IFRS 15 “Revenue from Contracts with Customers” and IFRS 9 “Financial Instruments”, were adopted by the Group on 1 April 2018. The impact of adopting these new standards on the financial statements at 1 April 2018, and the key changes to the accounting policies previously applied by the Group, are disclosed below within this note on pages 120 to 123. The Group’s new IFRS 15 accounting policy is disclosed in note 2; the Group’s previous revenue accounting policy under IAS 18 “Revenue” is disclosed in note 31 “IAS 18 basis primary financial statements” together with disclosures of the Group’s results for the year to 31 March 2019 on an IAS 18 basis. In addition, the segmental analysis of selected financial data in note 2 is prepared on an IAS 18 basis. | |
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 are analysed between translation differences and other changes in the carrying amount of the security. Translation differences are recognised in the consolidated 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 at fair value through other comprehensive income, 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 loss recognised in the consolidated income statement for the year ended 31 March 2019 is €2,277 million (31 March 2018: €476 million gain; 2017: €231 million loss). The net gains and net losses are recorded within operating profit (2019: €1 million charge; 2018: €65 million credit; 2017: €133 million charge), non-operating income and expense (2019:€nil; 2018: €80million credit; 2017: €127 million charge), investment and financing income (2019: €190 million charge; 2018: €322 million credit; 2017: €28 million charge), income tax expense (2019: €7 million charge; 2018: €9 million credit; 2017: €1 million credit) and loss for the financial year from discontinued operations 2019: €2,079 million charge (2018: €nil, 2017: €nil). The foreign exchange gains and losses included within other income and expense and non- operating income and expense arise on the disposal of discontinued operations, interests in joint ventures, associates and investments from the recycling of foreign exchange gains previously recognised in the consolidated statement of comprehensive income. | |
Current or non-current classification | Current or non-current classification Assets are classified as current in the consolidated statement of financial position where recovery is expected within 12 months of the reporting date. All assets where recovery is expected more than 12 months from the reporting date and all deferred tax assets, goodwill and intangible assets, property, plant and equipment and investments in associates and joint ventures are reported as non-current. Liabilities are classified as current unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. For provisions, 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. In addition, deferred tax liabilities and post-employment benefits are reported as non-current. | |
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 adopted | New accounting pronouncements adopted on 1 April 2018 On 1 April 2018 the Group adopted IFRS 15 “Revenue from Contracts with Customers” and IFRS 9 “Financial Instruments” details of the impact of adoption are provided below. In addition the following new accounting pronouncements, none of which were considered by the Group as significant on adoption, were adopted by the Group to comply with amendments to IFRS. -- -- -- -- New accounting pronouncements to be adopted on 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 standard will have a significant impact on the Group’s financial reporting. Additional information on the impact of this standard is discussed below. The following pronouncements, which have also been issued by the IASB and endorsed by the EU are effective for annual periods beginning on or after 1 January 2019. 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. - – – – – – New accounting pronouncements to be adopted on or after 1 April 2020 In addition, the Group will adopt the following standards, which have been issued by the IASB and although not yet been endorsed by the EU: – Amendment to IFRS 3 “Definition of a Business”; and – Amendments to IAS 1 and IAS 8 “Definition of Material”. The Group’s financial reporting will be presented in accordance with the new standards above, which are not expected to have a material impact on the consolidated results, financial position or cash flows of the Group, from 1 April 2020. In addition, the Group will adopt IFRS 17 “Insurance contracts”, which has been issued by the IASB but not yet been endorsed by the EU and is effective for accounting periods on or after 1 January 2021. The Group’s work to assess the impact of the accounting changes that will arise under IFRS 17 is continuing; however, the changes are not expected to have a material impact on the consolidated income statement and consolidated statement of financial position. 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 was adopted by the Group on 1 April 2019. IFRS 16 changes lease accounting for lessees and will have a material impact on the Group’s financial statements in particular: – Lease agreements will give rise to the recognition of an asset representing the right to use the leased item and a liability for future lease payments. The liability recorded for future lease payments will be for amounts payable for the ‘reasonably certain’ period of the lease, which may include future lease periods for which the Group has extension options. Under IAS 17, liabilities are generally not recorded for future operating lease payments, which have been disclosed as commitments, see note 27. – Lease costs will be recognised in the form of depreciation of the right to use the asset and interest on the lease liability which will generally be discounted at the incremental borrowing rate of the relevant Group entity although the interest rate implicit in the lease will be used when it is more readily determinable. Interest charges will typically be higher in the early stages of a lease and will reduce over the term. Under IAS 17, operating lease rentals have been expensed on a straight-line basis over the lease term within operating expenses (see note 3). – Net cash inflows from operating activities and payments classified within cash flow from financing activities will both increase, as payments made at both lease inception and subsequently will be characterised as repayments of lease liabilities and interest. Net cash flows will not be impacted by IFRS 16. Lessee accounting for finance leases will be similar under IFRS 16 to existing IAS 17 accounting. Lessor accounting under IFRS 16 is also similar to existing IAS 17 accounting and is expected to be materially the same for the Group. A high volume of transactions will be impacted by IFRS 16 and material judgements will be required in identifying and accounting for leases. The most significant judgements in applying IFRS 16 relate to lease identification and the determination of lease term: – For most contracts there is limited judgment in determining whether an agreement contains a lease; however, where the Group has contracts for the use of fibre and other fixed telecommunication lines, judgement is required to determine whether the Group controls the line and has a lease. Where the Group has exclusive use of a line it is normally determined that the Group can also direct the use of the line and therefore leases will be recognised. – Lease terms under IFRS 16 may exceed the minimum lease period and include optional lease periods where it is reasonably certain that an extension option will be exercised or that a termination option will not be exercised by the Group. Significant judgement is required in determining whether optional periods should be included in the lease term taking into account the leased asset’s nature and purpose and potential for replacement and any plans that the Group has in place for future use of the asset. – The lease terms for real estate, subject to the non-cancellable period and rights and options in each individual contract, are generally judged to be the longer of the minimum lease term and: – Between 5 and 10 years for land and buildings (excluding retail), with terms at the top end of this range if the lease relates to assets that are considered to be difficult to exit sooner for economic, practical or reputational reasons. – To the next contractual lease break date for retail premises (excluding breaks within the next 12 months); – The asset life of the connected operations for leases of fibre and other fixed lines providing internal connectivity for the Group’s operations; and – Service agreement length for individual customers for leases of fibre or other fixed lines used to provide services directly to individual end customers. IFRS 16 will be adopted with the cumulative retrospective impact recorded as an adjustment to equity on the date of adoption. The Group will apply the following practical expedients allowed under IFRS 16: – The right-of-use assets will generally be measured at an amount equal to the lease liability at adoption and initial direct costs incurred when obtaining leases will be excluded from this measurement. Existing lease prepayments will also be added to the value of the right of use assets on adoption and existing lease accruals will be deducted; – The Group will rely on its onerous lease assessments under IAS 37 to impair right-of-use assets recognised on adoption instead of performing a new impairment assessment for those assets on adoption; and – The Group will not be taking the short term or low value expedients in IFRS 16 for either transition or on-going accounting and instead will recognise such leases on the balance sheet. The Group’s current estimate of the primary pre-tax financial impact of these changes on the consolidated statement of financial position on adoption is the recognition of an additional lease liability at 1 April 2019 of between €9.5 billion and €10.5 billion. The additional lease liability does not equal the operating lease commitment disclosed in note 27 primarily because lease terms determined under IFRS 16 may be longer than under IAS 17 and because lease liabilities are discounted under IFRS 16. The right of use asset recognised at 1 April 2019 is expected to be slightly higher than the lease liability, as the value of existing lease prepayments added to the balance is expected to exceed the value of accruals and provisions for onerous leases that are deducted. Overall, these transactions are expected to have no material impact on Group retained earnings. The impact on the consolidated income statement for the year to 31 March 2020 will depend on factors that may occur during the year including new leases entered into, changes or reassessments of the Group’s existing lease portfolio and changes to exchange rates or discount rates. However, the operating lease charges incurred in the year to 31 March 2019 were €3.8 billion (see note 3) and it is expected that a similar amount of lease depreciation and interest would have been recognised had IFRS 16 been applied in the year to 31 March 2019. These impacts are based on the assessments undertaken to date. The exact financial impacts of the accounting changes of adopting IFRS 16 at 1 April 2019 may be revised. . The Group will issue further details on the impact of adopting IFRS 16 as part of the interim financial statements for the six months ending 30 September 2019. IFRS 9 “Financial Instruments” IFRS 9 “Financial Instruments”, was adopted by the Group on 1 April 2018 and impacts 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 impacts of applying IFRS 9 in the current financial period are disclosed below and on page 123. Primary impacts of applying the IFRS 9 accounting policy The cumulative retrospective impact of changes to the classification and measurement of financial instruments under IFRS 9 has been reflected by the Group as an adjustment to equity on the date of adoption. The accounting policies for financial instruments following the adoption of IFRS 9 are consistent with the Group’s pre-existing policy under IAS 39 “Financial Instruments: Recognition and Measurement”, except as set out below: – – – Whilst hedge accounting requirements are revised under IFRS 9, these result in no material changes to the Group’s hedge accounting (see note 21 “Capital and financial risk management”). On the date of initial application, 1 April 2018, the Group assessed which business models apply to the financial assets and financial liabilities held by the Group and has classified its financial instruments into the appropriate IFRS 9 categories. The main effects resulting from this reclassification are detailed in the table below with the impact on the carrying amounts relating solely to the recognition of loss allowances: 31 March 2018 1 April 2018 31 March 2018 Impact of 1 April 2018 measurement category measurement category Carrying value adoption of Carrying value (IAS 39)¹ (IFRS 9) (IAS 39) IFRS 9 (IFRS 9) Notes €m €m €m Financial assets Other investments 13 Equity securities 2 Available for sale FVOCI 47 — 47 Long term debt securities Loans and receivables Amortised cost 3,157 (12) 3,145 Short term bond and debt securities Loans and receivables Amortised cost 830 — 830 Short term bond and debt securities FVTPL FVTPL 1,974 — 1,974 Short term bond and debt securities 3 Loans and receivables FVTPL 175 — 175 Managed investments funds FVTPL FVTPL 3,087 — 3,087 Managed investments funds 3 Loans and receivables FVTPL 804 — 804 Other investments - restricted deposits 3 Loans and receivables FVTPL 817 — 817 Other investments - restricted deposits Loans and receivables Amortised cost 565 — 565 Other investments - public debt and bonds FVTPL FVTPL 543 — 543 Trade and other receivables 14 Trade receivables 4 Loans and receivables Amortised cost 5,402 (1,047) 4,355 Trade receivables 4 Loans and receivables FVOCI — 877 877 Other receivables 4, 5 Loans and receivables Amortised cost 5,970 (71) 5,899 Derivative financial instruments FVTPL FVTPL 2,629 — 2,629 Cash and cash equivalents 19 Cash at bank and in hand Loans and receivables Amortised cost 2,924 — 2,924 Money Market funds 6 Loans and receivables FVTPL 2,477 — 2,477 Financial liabilities Trade and other payables 15 Trade and other payables Loans and receivables Amortised cost 16,702 — 16,702 Derivative financial instruments FVTPL FVTPL 2,383 — 2,383 Borrowings 20 Loans and receivables Amortised cost 43,259 — 43,259 (253) Notes 1 2 3 4 5 6 Provisions for receivables, reflecting lifetime expected credit losses from the date of first recognition, have increased. The application of IFRS 9 resulted in additional impairment allowances at 1 April 2018 as follows: €m Loss allowance at 31 March 2018 under IAS 39 1,249 Recognition of additional allowance on trade and other receivables at 1 April 2018 264 Loss allowance on contract assets recognised on adoption of IFRS 15 1 78 Release of allowance for trade receivables reclassified to fair value through OCI (23) Loss allowance at 1 April 2018 under IFRS 9 1 1,568 Note: 1 The loss allowance on contract assets recognised on adoption of IFRS 15 has increased to €78 million from €34 million disclosed in the condensed consolidated financial statements for the period ended 30 September 2018, published on 13 November 2018. As a result, the total loss allowance at 1 April 2018 has increased from €1,524 million previously reported to €1,568 million. The carrying value of contract assets and receivables at 1 April 2018 is unchanged from that previously reported. IFRS 15 “Revenue from Contracts with Customers” IFRS 15 “Revenue from Contracts with Customers” was adopted by the Group on 1 April 2018 with the cumulative retrospective impact reflected as an adjustment to equity on the date of adoption; the Group has not applied any other expedients in relation to the adoption or ongoing application of IFRS 15. The primary impacts of applying IFRS 15 in the current financial period are disclosed below, on page 123 and in note 31 “IAS 18 basis primary statements”. Primary impacts of applying the IFRS 15 accounting policy The primary impacts of applying the IFRS 15 (‘current’) accounting policy in place of the accounting policy applied in the annual report and accounts for the year ended 31 March 2018 (the ‘previous policy’) are: – Under the previous policy, revenue allocated to obligations was restricted to the amount receivable without the delivery of additional goods or services; this restriction no longer applies under the current policy. The primary impact is that revenue allocated to equipment typically increases and revenue subsequently recognised for service delivery during the contract period typically decreases when the Group sells subsidised devices, such as handsets, together with airtime service agreements. The recognition of additional up-front unbilled equipment revenue is the primary driver for the increase in the contract asset value recorded under IFRS 15 (see page 123 and in note 14 “Trade and other receivables”). – Under the current policy, direct and incremental contract acquisition costs, such as commissions, are typically recognised in expenses over the related contract period; this generally leads to the later recognition of charges for such costs compared with the previous policy. The amounts of contract acquisition costs deducted from revenue as they are considered to relate to the funding of customer discounts are higher under the current policy than under the previous policy. Deferred contract acquisition costs recorded under the current policy are disclosed on page 123 and in note 14 “Trade and other receivables”. – Adoption of the IFRS 15 accounting policy in the Group’s joint ventures and associates resulted in an increase to the carrying value of those investments. The key causes of the movements recorded in the consolidated statement of financial position as a result of the adoption of IFRS 15 on 1 April 2018 are disclosed above. Due to the complexity and volume of the Group’s contracts, it is not possible to separately quantity each of the underlying reasons giving rise to the increase in contract assets. Certain changes have been made to the allocation of, and timing of recognition for, equipment and service revenue. As a result, contract assets have decreased by €6 million, contract liabilities have reduced by €100 million and net deferred tax liabilities have increased by €20 million at 1 April 2018 compared to that originally disclosed in the condensed consolidated financial statements for the period ended 30 September 2018, published on 13 November 2018. The increase in equity as a result of adopting IFRS 15 has increased by €74 million (from €2,464 million to €2,538 million) Further information on the impact of adoption of IFRS 15 on the results for the year ended 31 March 2019 are detailed in note 31 “IAS 18 basis primary statements ”. Impact of the adoption of IFRS 9 and IFRS 15 on the opening balance sheet at 1 April 2018 The impact of the adoption of IFRS 9 and IFRS 15 on the consolidated statement of financial position at 1 April 2018 is set out below: Consolidated statement of financial position 31 March 2018 Impact of adoption of IFRS 9 Impact of adoption of IFRS 15 1 April 2018 €m €m €m €m Non-current assets Goodwill 26,734 — — 26,734 Other intangible assets 16,523 — — 16,523 Property, plant and equipment 28,325 — — 28,325 Investments in associates and joint ventures 2,538 — 227 2,765 Other investments 3,204 (12) — 3,192 Deferred tax assets 26,200 50 (699) 25,551 Post employment benefits 110 — — 110 Trade and other receivables 4,026 (21) 851 4,856 Of which: Contract assets 350 (7) 500 843 Trade receivables 435 (14) — 421 Deferred acquisition costs — — 340 340 Fulfilment costs — — 11 11 107,660 17 379 108,056 Current assets Inventory 581 — 39 620 Taxation recoverable 106 — — 106 Trade and other receivables 9,975 (220) 2,349 12,104 Of which: Contract assets 2,257 (64) 1,209 3,402 Trade receivables 4,967 (156) — 4,811 Deferred acquisition costs — — 1,097 1,097 Fulfilment costs — — 43 43 Other investments 8,795 — — 8,795 Cash and cash equivalents 4,674 — — 4,674 24,131 (220) 2,388 26,299 Assets held for sale 13,820 — — 13,820 Total assets 145,611 (203) 2,767 148,175 Equity Called up share capital 4,796 — — 4,796 Additional paid-in capital 150,197 — — 150,197 Treasury shares (8,463) — — (8,463) Accumulated losses (106,695) (224) 2,457 (104,462) Accumulated other comprehensive income 27,805 27 — 27,832 Total attributable to owners of the parent 67,640 (197) 2,457 69,900 Non-controlling interests 967 (5) 81 1,043 Total non-controlling interests 967 (5) 81 1,043 Total equity 68,607 (202) 2,538 70,943 Non-current liabilities Long-term borrowings 32,908 — — 32,908 Deferred tax liabilities 644 (1) 142 785 Post employment benefits 520 — — 520 Provisions 1,065 — — 1,065 Trade and other payables 2,843 — 10 2,853 Of which: Contract liabilities 237 — 10 247 37,980 (1) 152 38,131 Current liabilities Short-term borrowings 8,513 — — 8,513 Financial liabilities under put option arrangements 1,838 — — 1,838 Taxation liabilities 541 — — 541 Provisions 891 — — 891 Trade and other payables 16,242 — 77 16,319 Of which: Contract liabilities 1,678 — 38 1,716 Other payables 1,346 — 39 1,385 28,025 – 77 28,102 Liabilities held for sale 10,999 — — 10,999 Total equity and liabilities 145,611 (203) 2,767 148,175 | |
Revenue disaggregation and segmental analysis | Revenue disaggregation and 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 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 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 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 | 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. Derivative financial instruments with a positive market value are reported within this note as are contract assets, which represent an asset for accrued revenue in respect of goods or services delivered to customers for which a trade receivable does not yet exist. | |
Trade and other payables | Trade and other payables Trade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued and contract liabilities relating to consideration received from customers in advance. They also include taxes and social security amounts due in relation to the Group’s 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. | |
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 and capital resources | Borrowings and capital resources 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. This section includes an analysis of net debt, which is used to manage capital. | |
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 to the consolidated financial statements. | |
Share-based payments | Share-based payments The Group has a number of share plans used to award shares to executive 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 | 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 | 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. |
Basis of preparation (Tables)
Basis of preparation (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Basis of preparation | |
Schedule of financial assets and liabilities and classification of financial instruments in accordance with IFRS 9 | 31 March 2018 1 April 2018 31 March 2018 Impact of 1 April 2018 measurement category measurement category Carrying value adoption of Carrying value (IAS 39)¹ (IFRS 9) (IAS 39) IFRS 9 (IFRS 9) Notes €m €m €m Financial assets Other investments 13 Equity securities 2 Available for sale FVOCI 47 — 47 Long term debt securities Loans and receivables Amortised cost 3,157 (12) 3,145 Short term bond and debt securities Loans and receivables Amortised cost 830 — 830 Short term bond and debt securities FVTPL FVTPL 1,974 — 1,974 Short term bond and debt securities 3 Loans and receivables FVTPL 175 — 175 Managed investments funds FVTPL FVTPL 3,087 — 3,087 Managed investments funds 3 Loans and receivables FVTPL 804 — 804 Other investments - restricted deposits 3 Loans and receivables FVTPL 817 — 817 Other investments - restricted deposits Loans and receivables Amortised cost 565 — 565 Other investments - public debt and bonds FVTPL FVTPL 543 — 543 Trade and other receivables 14 Trade receivables 4 Loans and receivables Amortised cost 5,402 (1,047) 4,355 Trade receivables 4 Loans and receivables FVOCI — 877 877 Other receivables 4, 5 Loans and receivables Amortised cost 5,970 (71) 5,899 Derivative financial instruments FVTPL FVTPL 2,629 — 2,629 Cash and cash equivalents 19 Cash at bank and in hand Loans and receivables Amortised cost 2,924 — 2,924 Money Market funds 6 Loans and receivables FVTPL 2,477 — 2,477 Financial liabilities Trade and other payables 15 Trade and other payables Loans and receivables Amortised cost 16,702 — 16,702 Derivative financial instruments FVTPL FVTPL 2,383 — 2,383 Borrowings 20 Loans and receivables Amortised cost 43,259 — 43,259 (253) Notes 1 2 3 4 5 6 |
Schedule of application of IFRS 9 resulted in additional impairment allowances | €m Loss allowance at 31 March 2018 under IAS 39 1,249 Recognition of additional allowance on trade and other receivables at 1 April 2018 264 Loss allowance on contract assets recognised on adoption of IFRS 15 1 78 Release of allowance for trade receivables reclassified to fair value through OCI (23) Loss allowance at 1 April 2018 under IFRS 9 1 1,568 Note: 1 The loss allowance on contract assets recognised on adoption of IFRS 15 has increased to €78 million from €34 million disclosed in the condensed consolidated financial statements for the period ended 30 September 2018, published on 13 November 2018. As a result, the total loss allowance at 1 April 2018 has increased from €1,524 million previously reported to €1,568 million. |
Schedule of impact of the adoption of IRFS 9 and IFRS 15 on the opening balance sheet at 1 April 2018 | Consolidated statement of financial position 31 March 2018 Impact of adoption of IFRS 9 Impact of adoption of IFRS 15 1 April 2018 €m €m €m €m Non-current assets Goodwill 26,734 — — 26,734 Other intangible assets 16,523 — — 16,523 Property, plant and equipment 28,325 — — 28,325 Investments in associates and joint ventures 2,538 — 227 2,765 Other investments 3,204 (12) — 3,192 Deferred tax assets 26,200 50 (699) 25,551 Post employment benefits 110 — — 110 Trade and other receivables 4,026 (21) 851 4,856 Of which: Contract assets 350 (7) 500 843 Trade receivables 435 (14) — 421 Deferred acquisition costs — — 340 340 Fulfilment costs — — 11 11 107,660 17 379 108,056 Current assets Inventory 581 — 39 620 Taxation recoverable 106 — — 106 Trade and other receivables 9,975 (220) 2,349 12,104 Of which: Contract assets 2,257 (64) 1,209 3,402 Trade receivables 4,967 (156) — 4,811 Deferred acquisition costs — — 1,097 1,097 Fulfilment costs — — 43 43 Other investments 8,795 — — 8,795 Cash and cash equivalents 4,674 — — 4,674 24,131 (220) 2,388 26,299 Assets held for sale 13,820 — — 13,820 Total assets 145,611 (203) 2,767 148,175 Equity Called up share capital 4,796 — — 4,796 Additional paid-in capital 150,197 — — 150,197 Treasury shares (8,463) — — (8,463) Accumulated losses (106,695) (224) 2,457 (104,462) Accumulated other comprehensive income 27,805 27 — 27,832 Total attributable to owners of the parent 67,640 (197) 2,457 69,900 Non-controlling interests 967 (5) 81 1,043 Total non-controlling interests 967 (5) 81 1,043 Total equity 68,607 (202) 2,538 70,943 Non-current liabilities Long-term borrowings 32,908 — — 32,908 Deferred tax liabilities 644 (1) 142 785 Post employment benefits 520 — — 520 Provisions 1,065 — — 1,065 Trade and other payables 2,843 — 10 2,853 Of which: Contract liabilities 237 — 10 247 37,980 (1) 152 38,131 Current liabilities Short-term borrowings 8,513 — — 8,513 Financial liabilities under put option arrangements 1,838 — — 1,838 Taxation liabilities 541 — — 541 Provisions 891 — — 891 Trade and other payables 16,242 — 77 16,319 Of which: Contract liabilities 1,678 — 38 1,716 Other payables 1,346 — 39 1,385 28,025 – 77 28,102 Liabilities held for sale 10,999 — — 10,999 Total equity and liabilities 145,611 (203) 2,767 148,175 |
Revenue disaggregation and se_2
Revenue disaggregation and segmental analysis (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Revenue disaggregation and segmental analysis | |
Schedule of revenue disaggregation (IFRS 15 basis) | Revenue from Total Service Equipment contracts with Other Interest segment revenue revenue customers revenue 1 revenue revenue 31 March 2019 €m €m €m €m €m €m Germany 9,145 1,077 10,222 139 29 10,390 Italy 5,030 722 5,752 97 8 5,857 UK 4,952 1,207 6,159 56 57 6,272 Spain 4,203 392 4,595 58 16 4,669 Other Europe 4,460 529 4,989 61 22 5,072 Eliminations (110) — (110) (6) — (116) Europe 27,680 3,927 31,607 405 132 32,144 Vodacom 4,391 873 5,264 171 8 5,443 Other Markets 4,011 816 4,827 29 8 4,864 Rest of the World 8,402 1,689 10,091 200 16 10,307 Common Functions 477 37 514 1,003 — 1,517 Eliminations (101) (1) (102) (200) — (302) Group 36,458 5,652 42,110 1,408 148 43,666 Note: 1 Other revenue largely represents lease revenues recognised under IAS 17 “Leases”. |
Schedule of segmental revenue and profit (IAS 18 basis) | Segment Intra-region Regional Inter-region Group Adjusted revenue revenue revenue revenue revenue EBITDA €m €m €m €m €m €m 31 March 2019 Germany 10,952 (24) 10,928 (26) 10,902 4,098 Italy 5,882 (18) 5,864 (9) 5,855 2,189 UK 6,799 (16) 6,783 (20) 6,763 1,527 Spain 4,688 (24) 4,664 (4) 4,660 1,079 Other Europe 5,121 (34) 5,087 (28) 5,059 1,628 Europe 33,442 (116) 33,326 (87) 33,239 10,521 Vodacom 5,660 — 5,660 (6) 5,654 2,155 Other Markets 4,864 — 4,864 (15) 4,849 1,395 Rest of the World 10,524 — 10,524 (21) 10,503 3,550 Common Functions 1,518 — 1,518 (194) 1,324 68 Group (IAS 18 basis) 45,484 (116) 45,368 (302) 45,066 14,139 Impact of adoption of IFRS 15 (1,400) Group (IFRS 15 basis) 43,666 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 Markets 5,770 — 5,770 (25) 5,745 1,554 Rest of the World 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 Markets 6,479 — 6,479 (14) 6,465 1,791 Rest of the World 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 |
Schedule of reconciliation of adjusted EBITDA to operating profit | €m €m €m Adjusted EBITDA 14,139 14,737 14,149 Depreciation, amortisation and loss on disposal of fixed assets (9,665) (9,910) (10,179) Share of adjusted results in equity accounted associates and joint ventures 1 (291) 389 164 Adjusted operating profit 4,183 5,216 4,134 Impairment losses (3,119) — — Restructuring costs (486) (156) (415) Amortisation of acquired customer based and brand intangible assets (583) (974) (1,046) Other (expense)/income (262) 213 1,052 Operating (loss)/profit (IAS 18 basis) (267) 4,299 3,725 Impact of adoption of IFRS 15 2 (684) Operating loss (IFRS 15 basis) (951) Note: 1 Share of adjusted results in equity accounted associates and joint ventures excludes amortisation of acquired customer bases and brand intangible assets, restructuring costs and other costs of €0.6 billion (2018: €0.4 billion, 2017: €0.1 billion) which are included in amortisation of acquired customer base and brand intangible assets, restructuring costs and other income and expense respectively. 2 See note 31 “IAS 18 basis primary financial statements” for further details. |
Schedule of segmental assets and cash flow (IAS 18 basis) | 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 2019 Germany 24,529 1,816 2 3,017 — 2,425 Italy 11,031 784 2,219 1,337 — 1,552 UK 7,405 804 408 1,612 — 689 Spain 7,730 813 216 1,318 (2,638) 443 Other Europe 7,210 775 42 1,073 (196) 861 Europe 57,905 4,992 2,887 8,357 (2,834) 5,970 Vodacom 5,503 810 91 758 — 1,379 Other Markets 3,429 626 34 673 (255) 769 Rest of the World 8,932 1,436 125 1,431 (255) 2,148 Common Functions 2,009 799 — 7 (30) (1,047) Group (IAS 18 basis) 68,846 7,227 3,012 9,795 (3,119) 7,071 Impact of adoption of IFRS 15 (409) — — — (406) — Group (IFRS 15 basis) 68,437 7,227 3,012 9,795 (3,525) 7,071 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 Markets 3,607 729 — 923 — 725 Rest of the World 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 Markets 5,778 795 317 1,153 — 947 Rest of the World 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 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. The Group’s measure of segment cash flow is reconciled to the closest equivalent GAAP measure, cash generated by operations, on page 232. |
Operating (loss)_profit (Tables
Operating (loss)/profit (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Operating (loss)/profit | |
Schedule of operating (loss)/profit | €m €m €m Net foreign exchange losses/(gains) 1 1 (65) 133 Depreciation of property, plant and equipment (note 11): Owned assets 5,795 5,963 6,253 Leased assets 59 47 12 Amortisation of intangible assets (note 10) 3,941 4,399 4,821 Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) 3,525 — — Staff costs (note 23) 5,267 5,295 5,519 Amounts related to inventory included in cost of sales 5,886 6,045 6,464 Operating lease rentals payable 3,826 3,788 3,976 Loss on disposal of property, plant and equipment and intangible assets 33 36 22 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (844) (829) (800) Net gain on formation of VodafoneZiggo (note 26) 2 — — (1,275) Notes: 1 The year ended 31 March 2019 included €nil (2018: €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 14 13 Subsidiaries - new accounting standards 1 1 5 1 Audit fees: 17 21 16 Audit-related fees 2 2 5 4 Non-audit fees: 2 5 4 Total fees 19 26 20 Notes: 1 Fees during the implementation phase of new accounting standards, notably preparations for IFRS 15 “Revenue from Contracts with Customers” in the year ended 31 March 2018 and preparations for IFRS 16 "Leases" in the year ended 31 March 2019. 2 Relates to fees for statutory and regulatory filings during the year. In addition, 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, 2019 | |
Impairment losses | |
Schedule of impairment charges recognised | Cash-generating unit Reportable segment €m €m €m Spain Spain 2,930 — — Romania Other Europe 310 — — Vodafone Idea Other Markets 255 — — Other Common Functions 30 — — 3,525 — — |
Schedule of carrying value of goodwill | €m €m Germany 12,479 12,479 Italy 3,654 3,654 16,133 16,133 Other 7,220 10,601 23,353 26,734 |
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: – In Europe, mobile revenue is expected to benefit from increased usage as customers transition to higher data bundles, and new products and services are introduced. Fixed revenue is expected to continue grow as penetration is increased and more products and services are sold to customers, and – In the Rest of the World, revenue is expected to continue to grow as the penetration of faster data-enabled devices and rises along with higher data bundle attachment rates, and new products and services are introduced. The segment is also expected to benefit from increased usage and penetration of M-Pesa in Africa; and – Margins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers in increasingly competitive markets 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 increase capacity, meet the population coverage requirements of certain of the Group’s licences and facilitate the continued growth in revenue and EBITDA discussed above. In Europe, capital expenditure is required to roll out capacity-building next generation 5G and gigabit networks. In the Rest of the World, capital expenditure will be required for the continued rollout of current and next generation mobile networks in emerging markets. 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 growth rate forecasts 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 return 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 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 long term average equity market risk premium and the market risk premiums typically used by valuations practitioners. |
Schedule of carrying value of cash-generating unit materially exceed its recoverable amount | Recoverable amount less carrying value Decrease by 2pps Base Case Increase by 2pps €bn €bn €bn Germany 4.2 7.4 10.8 Italy 1.5 2.7 4.1 Spain (0.3) 0.5 1.4 Romania 0.0 0.1 0.2 Note: 1 |
Schedule of assumptions used in valuation of impairment loss | Year ended 31 March 2019 The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany Italy Spain Romania % % % % Pre-tax adjusted discount rate 8.3 10.5 9.3 11.1 Long-term growth rate 0.5 1.0 0.5 1.0 Projected adjusted EBITDA 1 2.9 (0.1) 9.2 3.8 Projected capital expenditure 2 16.9-19.9 12.2-12.5 17.1-18.4 12.1-12.7 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 If the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2019. Change required for carrying value to equal recoverable amount Germany Italy Spain Romania pps pps pps pps Pre-tax risk adjusted discount rate 2.1 2.5 0.5 1.2 Long-term growth rate (2.2) (2.9) (0.7) (1.5) Projected adjusted EBITDA 1 (4.9) (4.6) (1.3) (2.0) Projected capital expenditure 2 15.4 11.2 2.7 3.3 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. 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 2019. Change required for carrying value to equal recoverable amount UK Ireland Portugal pps pps pps Pre-tax risk adjusted discount rate 0.7 1.2 0.7 Long-term growth rate (0.9) (1.4) (0.7) Projected adjusted EBITDA 1 (1.9) (2.7) (1.4) Projected capital expenditure 2 3.3 8.4 3.4 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. 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 2018 Value in use assumptions 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 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 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. Year ended 31 March 2017 Value in use assumptions 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 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 2 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. 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 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Taxation | |
Schedule of income tax expense (income) | €m €m €m United Kingdom corporation tax expense/(credit): Current year 1 21 70 27 Adjustments in respect of prior years (9) (5) (3) 12 65 24 Overseas current tax expense/(credit): Current year 1,098 1,055 961 Adjustments in respect of prior years (48) (102) (35) 1,050 953 926 Total current tax expense 1,062 1,018 950 Deferred tax on origination and reversal of temporary differences: United Kingdom deferred tax (232) 39 (16) Overseas deferred tax 666 (1,936) 3,830 Total deferred tax expense /(credit) 434 (1,897) 3,814 Total income tax expense /(credit) 1,496 (879) 4,764 Note: 1 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 (56) (617) (973) 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 3 22 (16) Deferred tax 56 70 44 Total tax charged directly to other comprehensive income 59 92 28 |
Schedule of tax credited directly to equity | €m €m €m Current tax — — — Deferred tax 4 9 (9) Total tax charged/(credited) directly to equity 4 9 (9) |
Schedule of factors affecting the tax expense for the year | €m €m €m Continuing (loss)/profit before tax as shown in the consolidated income statement (2,613) 3,878 2,792 Aggregated expected income tax (credit)/expense (457) 985 795 Impairment losses with no tax effect 807 — — Disposal of Group investments — 55 (271) Effect of taxation of associates and joint ventures, reported within profit before tax 262 90 23 (Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain 1 1,186 (1,583) 1,603 Deferred tax following revaluation of investments in Luxembourg 1 (488) (330) (329) Previously unrecognised temporary differences we expect to use in the future — — (15) Previously unrecognised temporary differences utilised in the year — (29) (11) Current year temporary differences (including losses) that we currently do not expect to use 78 20 139 Adjustments in respect of prior year tax liabilities 2 (94) (244) (107) Revaluation of assets for tax purposes — — (39) Impact of tax credits and irrecoverable taxes 79 93 98 Deferred tax on overseas earnings (39) 24 26 Effect of current year changes in statutory tax rates on deferred tax balances (2) (44) 2,755 Financing costs not deductible for tax purposes 67 23 25 Expenses not deductible (income not taxable) for tax purposes 97 61 72 Income tax expense/(credit) 1,496 (879) 4,764 Notes: 1 2 3 |
Schedule of analysis of movements in net deferred tax | €m 1 April 2018 25,556 Adoption of IFRS 15 and IFRS 9 (790) Exchange and other movements 11 Charged to the income statement (continuing operations) (434) Charged directly to OCI (56) Charged directly to equity (4) Arising on acquisition and dispositions (8) 31 March 2019 1 24,275 |
Schedule of other information related to deferred taxes | Amount Net credited/ recognised (expensed) Gross Gross Less deferred in income deferred deferred tax amounts tax statement tax asset liability unrecognised (liability)/ asset €m €m €m €m €m Accelerated tax depreciation 350 1,495 (1,202) 8 301 Intangible assets 38 406 (754) 15 (333) Tax losses (814) 32,397 — (8,175) 24,222 Deferred tax on overseas earnings 104 — — — — Temporary differences relating to revenue recognition 62 — (766) — (766) Other temporary differences (174) 1,389 (304) (234) 851 31 March 2019 1 (434) 35,687 (3,026) (8,386) 24,275 Analysed in the balance sheet, after offset of balances within countries, as: €m Deferred tax asset 24,753 Deferred tax liability (478) 31 March 2019 1 24,275 At 31 March 2018, 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 (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 1,897 33,653 (2,153) (5,944) 25,556 At 31 March 2018, analysed in the balance sheet, after offset of balances within countries, as: €m Deferred tax asset 26,200 Deferred tax liability (644) 31 March 2018 1 25,556 Notes: 1 |
Schedule of carryforward of losses and expiration period | At 31 March 2019, 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 207 37 99,967 100,211 Losses for which no deferred tax is recognised 632 7,063 26,734 34,429 839 7,100 126,701 134,640 At 31 March 2018, 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 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 |
Discontinued operations and a_2
Discontinued operations and assets and liabilities held for sale (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Discontinued operations and assets and liabilities held for sale | |
Schedule of income statement and segment analysis of discontinued operations | Five months ended Year ended Year ended 31 August 2018 31 March 2018 31 March 2017 €m €m €m Revenue 1,561 4,648 5,827 Cost of sales (1,185) (2,995) (4,504) Gross profit 376 1,653 1,323 Selling and distribution expenses (92) (237) (276) Administrative expenses (134) (533) (703) Impairment losses (note 4) — — (4,515) Other income and expense 1 — 416 — Operating profit/(loss) 150 1,299 (4,171) Financing costs (321) (715) (909) (Loss)/profit before taxation (171) 584 (5,080) Income tax credit/(charge) 56 (308) 973 (Loss)/profit after tax of discontinued operations (115) 276 (4,107) 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 on sale of disposal group (3,420) — — Loss for the financial year from discontinued operations (3,535) (1,969) (4,107) |
Schedule of (Loss)/earnings per share from discontinued operations | Loss per share from discontinued operations eurocents eurocents eurocents – Basic (12.80) c (7.09) c (14.68) c – Diluted (12.80) c (7.06) c (14.68) c |
Schedule of Total comprehensive (expense)/income for the financial year from discontinued operations | Total comprehensive expense for the financial year from discontinued operations €m €m €m Attributable to owners of the parent (3,535) (1,969) (4,107) Notes: 1 Includes the profit on disposal of Vodafone India’s standalone towers business to ATC Telecom. |
Schedule of assets and liabilities held for sale | Assets and liabilities held for sale 1 €m €m Non-current assets Other intangible assets — 5,937 Property, plant and equipment — 2,823 Investments in associates and joint ventures (231) — Deferred tax assets — 1,641 Trade and other receivables — 526 (231) 10,927 Current assets Taxation recoverable — 1,219 Trade and other receivables — 936 Other investments — 11 Cash and cash equivalents — 727 — 2,893 Total assets held for sale (231) 13,820 Non-current liabilities Long-term borrowings — (6,687) Post employment benefits — (14) Provisions — (665) Trade and other payables — (32) — (7,398) Current liabilities Short-term borrowings — (1,756) Provisions — (18) Trade and other payables — (1,827) — (3,601) Total liabilities held for sale — (10,999) Notes: Total net debt in India at 31 March 2018 was €7,714 million (2017: €8,674 million), relating to its Indian business. This comprised cash of €727 million (2017: €467 million), license 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 with Trade and other receivables and Trade and other payables. During the year ended 31 March 2018 €345 million (2017: €499 million) of the license payables classified as debt were paid in cash. The cash payment is reported in the consolidated statement of cash flows as cash from financing activities. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Earnings per share | |
Schedule of basic and diluted earnings per share | 2019 2018 2017 Weighted average number of shares for basic earnings per share 27,607 27,770 27,971 Effect of dilutive potential shares: restricted shares and share options — 87 — Weighted average number of shares for diluted earnings per share 27,607 27,857 27,971 €m €m €m (Loss)/earnings for earnings per share from continuing operations (4,485) 4,408 (2,190) Loss for earnings per share from discontinued operations (3,535) (1,969) (4,107) (Loss)/earnings for basic and diluted earnings per share (8,020) 2,439 (6,297) eurocents eurocents eurocents Basic (loss)/earnings per share from continuing operations (16.25) c 15.87 c (7.83) c Loss) per share from discontinued operations (12.80) c (7.09) c (14.68) c Basic (loss)/earnings per share (29.05) c 8.78 c (22.51) c eurocents eurocents eurocents Diluted (loss)/earnings per share from continuing operations (16.25) c 15.82 c (7.83) c Diluted loss per share from discontinued operations (12.80) c (7.06) c (14.68) c Diluted (loss)/earnings per share (29.05) c 8.76 c (22.51) 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 2018: 10.23 eurocents per share (2017: 10.03 pence per share, 2016: 7.77 pence per share) 2,729 2,670 2,447 Interim dividend for the year ended 31 March 2019: 4.84 eurocents per share (2018: 4.84 eurocents per share, 2017: 4.74 pence per share) 1,293 1,291 1,262 4,022 3,961 3,709 Proposed after the end of the year and not recognised as a liability: Final dividend for the year ended 31 March 2019: 4.16 eurocents per share (2018: 10.23 eurocents per share, 2017: 10.03 pence per share) 1,112 2,729 2,670 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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: 1 April 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 Exchange movements (427) (193) (93) (173) (886) Arising on acquisition 77 — 10 8 95 Additions — 3,009 2,232 7 5,248 Disposals — (7) (2,348) — (2,355) Other — — (5) — (5) 31 March 2019 89,563 31,606 17,209 7,187 145,565 Accumulated impairment losses and amortisation: 1 April 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 Exchange movements (239) (59) (70) (163) (531) Impairments 3,270 — — — 3,270 Amortisation charge for the year — 1,693 2,085 163 3,941 Disposals — (7) (2,332) — (2,339) Other — — 8 — 8 31 March 2019 66,210 19,004 12,232 7,114 104,560 Net book value: 31 March 2018 26,734 11,420 4,872 231 43,257 31 March 2019 23,353 12,602 4,977 73 41,005 |
Schedule of net book value of significant licenses | Expiry date €m €m Germany 2020/2021/2025/2033 3,346 4,053 Italy 2021/2029/2037 3,922 1,896 UK 2022/2023/2033/2038 2,320 2,316 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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: 1 April 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 Exchange movements (11) (340) (351) Arising on acquisition — 58 58 Additions 66 4,925 4,991 Disposals (28) (1,966) (1,994) Other 15 173 188 31 March 2019 2,267 71,382 73,649 Accumulated depreciation and impairment: 1 April 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 Exchange movements — (126) (126) Charge for the year 113 5,741 5,854 Disposals (28) (1,899) (1,927) Other 3 (19) (16) 31 March 2019 1,253 44,964 46,217 Net book value: 31 March 2018 1,060 27,265 28,325 31 March 2019 1,014 26,418 27,432 |
Investments in associates and_2
Investments in associates and joint arrangements (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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 2019 rounded to the nearest tenth of one percent. |
Schedule of joint ventures and associates | €m €m Investment in joint ventures 3,399 2,097 Investment in associates 553 441 31 March 3,952 2,538 |
Schedule of joint ventures | Country of incorporation or Percentage 1 Name of joint venture Principal activity registration shareholdings Vodafone Idea Limited 2,3 Network operator India 45.2 VodafoneZiggo Group Holding B.V. Network operator Netherlands 50.0 Indus Towers Limited Network infrastructure India 42.0 Vodafone Hutchison Australia Pty Limited Network operator Australia 50.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc at 31 March 2019 rounded to the nearest tenth of one percent. 2 At 31 March 2019 the fair value of Vodafone Idea Limited was INR 123 billion (€1,580 million) based on the quoted share price on the National Stock Exchange of India 3 Vodafone Idea was formed on 31 August 2018 following the combination of Vodafone India Ltd with Idea Cellular Limited. |
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 Vodafone Idea Limited 1,392 — — (903) — — (1) — — (904) — — VodafoneZiggo Group Holding B.V. 1,842 2,119 2,736 (239) (398) (160) 4 1 2 (235) (397) (158) Indus Towers Limited 601 893 1,032 55 135 98 — — — 55 135 98 Vodafone Hutchison Australia Pty Limited (484) (979) (1,156) (23) 32 (59) — — — (23) 32 (59) Other 48 64 77 (14) (15) (14) — — — (14) (15) (14) Total 3,399 2,097 2,689 (1,124) (246) (135) 3 1 2 (1,121) (245) (133) |
Schedule of financial information of each of Group's material equity accounted joint ventures | Vodafone Idea VodafoneZiggo Group Vodafone Hutchison Limited Holding B.V. Indus Towers Limited Australia Pty Limited €m €m €m €m €m €m €m €m €m €m Income statement Revenue 3,379 3,868 3,972 1,014 2,227 2,477 2,379 2,290 2,518 2,287 Operating expenses (2,999) (2,169) (2,285) (581) (1,438) (1,478) (1,402) (1,634) (1,745) (1,694) Depreciation and amortisation (1,364) (2,012) (2,232) (764) (305) (303) (407) (494) (483) (473) Other expense (253) — — — — — — — — — Operating (loss)/profit (1,237) (313) (545) (331) 484 696 570 162 290 120 Interest Income 56 — 6 23 11 16 22 3 3 3 Interest expense (817) (602) (543) (117) (79) (74) (91) (240) (230) (240) (Loss)/profit before tax (1,998) (915) (1,082) (425) 416 638 501 (75) 63 (117) Income tax 1 437 287 105 (238) (316) (267) — 1 — (Loss)/profit from continuing operations (1,997) (478) (795) (320) 178 322 234 (75) 64 (117) Vodafone Idea VodafoneZiggo Group Vodafone Hutchison Limited Holding B.V. Indus Towers Limited Australia Pty Limited €m 1 €m €m €m €m €m €m Statement of financial position Non-current assets 22,577 17,665 18,721 1,511 1,598 2,971 3,241 Current Assets 3,814 875 773 749 520 334 194 Total Assets 26,391 18,540 19,494 2,260 2,118 3,305 3,435 Equity shareholders’ funds 3,696 3,684 4,238 699 828 (2,144) (2,168) Non-current Liabilities 15,137 12,489 13,303 465 476 4,590 4,478 Current Liabilities 7,558 2,367 1,953 1,096 814 859 1,125 Cash and cash equivalents within current assets 138 288 355 42 15 243 104 Non-current liabilities excluding trade and other payables and provisions (13,828) (12,009) (12,510) (133) (136) (4,580) (4,453) Current liabilities excluding trade and other payables and provisions (4,289) (1,272) (822) 2 (590) (396) (203) (464) Note: 1 Includes certain amounts subject to an indemnification mechanism agreed as part of the formation of Vodafone Idea. See note 28 “Contingent liabilities and legal proceedings for more detail. 2 Certain liabilities have been reclassified from trade and other payables to short-term borrowings. The Group has provided expanded financial information in respect of Vodafone Idea Limited and VodafoneZiggo Group Holding B.V for the year ended 31 March 2019. Vodafone Idea VodafoneZiggo Group Limited Holding B.V. €m €m €m €m Statement of financial position Goodwill 82 7,373 7,373 Other intangible assets 14,503 5,357 6,492 Property, plant and equipment 6,571 4,709 4,803 Investment in associates and joint ventures 734 — — Deferred tax assets — — — Trade and other receivables 687 226 53 Non-current assets 22,577 17,665 18,721 Taxation recoverable 1,443 — — Trade and other receivables 1,366 544 368 Other Investments 866 — — Cash and cash equivalents 138 288 355 Other 1 43 50 Current Assets 3,814 875 773 Total Assets 26,391 18,540 19,494 Equity shareholders’ funds 3,696 3,684 4,238 Long-term borrowings 13,797 11,365 11,424 Deferred tax liabilities — 644 1,086 Trade and other payables 198 463 762 Provisions 1,111 17 31 Other 31 — — Non-current Liabilities 15,137 12,489 13,303 Short-term borrowings 4,289 1,272 822 Provisions 521 28 28 Trade and other payables 2,748 1,067 1,103 Current Liabilities 7,558 2,367 1,953 Total equity and liabilities 26,391 18,540 19,494 Statement of cash flows Cash flows from operating activities 378 1,561 1,638 691 Cash flows from investing activities (637) (199) (367) (183) Cash flows from financing activities (342) (1,429) (1,189) (3,293) Net cash(outflow)/inflow (601) (67) 82 (2,785) Cash and cash equivalents at beginning of the financial year — 355 273 — Cash and cash equivalents on formation 716 — — 3,042 Exchange gain 12 — — 16 Cash and cash equivalents at the end of the financial year 127 288 355 273 |
Reconciliation of summarised financial information present to the carrying amount of our interest in joint ventures | Vodafone Idea VodafoneZiggo Group Vodafone Hutchison Limited Holding B.V. Indus Towers Limited Australia Pty Limited €m €m €m €m €m €m €m €m €m €m Equity shareholders’ funds 3,696 3,684 4,238 — 699 828 — (2,144) (2,168) — Interest in joint ventures 1 1,671 1,842 2,119 — 294 348 — (1,072) (1,084) — Impairment (279) — — — — — — — — — Goodwill — — — — 564 545 — 106 105 — Investment proportion not recognised as it is held for sale — — — — (257) — — 482 — — Carrying value 1,392 1,842 2,119 — 601 893 — (484) (979) — (Loss)/profit from continuing operations (1,997) (478) (795) (320) 178 322 234 (75) 64 (117) Share of (loss)/profit 1 (903) (239) (398) (160) 75 135 98 (38) 32 (59) (Loss)/profit proportion not recognised as it is held for sale — — — — (20) — — 15 — — Share of (loss)/profit (903) (239) (398) (160) 55 135 98 (23) 32 (59) Note: 1 |
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 2019 rounded to the nearest tenth of one percent. 2 The Group also holds two non-voting shares. 3 At 31 March 2019 the fair value of Safaricom Limited was KES 441 billion (€3,898 million) based on the closing quoted share price on the Nairobi Stock Exchange. |
Schedule of aggregated financial information for group's associates | Investment in Profit from Other comprehensive Total comprehensive associates continuing operations expense income €m €m €m €m €m €m €m €m Total 553 441 216 187 — — 216 |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other investments | |
Schedule of other investments Included within non-current assets | €m €m Included within non-current assets: Equity securities 1 48 47 Debt securities 2 822 3,157 870 3,204 |
Schedule of current other investments Included within current assets | €m €m Included within current assets: Short term investments: Bonds and debt securities 3 4,690 2,979 Managed investment funds 4 6,405 3,891 11,095 6,870 Other investments 5 1,917 1,925 13,012 8,795 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Trade and other receivables | |
Schedule of trade and other receivables | €m €m Included within non-current assets: Trade receivables 197 435 Trade receivables held at fair value through other comprehensive income 179 — Contract assets 1 531 350 Contract-related costs 375 — Amounts owed by associates and joint ventures 1 1 Other receivables 77 194 Prepayments 371 597 Derivative financial instruments 2 3,439 2,449 5,170 4,026 Included within current assets: Trade receivables 4,088 4,967 Trade receivables held at fair value through other comprehensive income 613 — Contract assets 1 3,671 2,257 Contract-related costs 1,132 — Amounts owed by associates and joint ventures 388 524 Other receivables 876 895 Prepayments 1,227 1,152 Derivative financial instruments 2 195 180 12,190 9,975 Notes: 1 2 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Trade and other payables | |
Schedule of trade and other payables | €m €m Included within non-current liabilities: Other payables 327 314 Accruals 113 159 Contract liabilities 1 574 237 Derivative financial instruments 2 1,924 2,133 2,938 2,843 Included within current liabilities: Trade payables 6,541 6,185 Amounts owed to associates and joint ventures 26 27 Other taxes and social security payable 1,218 1,177 Other payables 3 1,410 1,346 Accruals 6,120 5,579 Contract liabilities 1 1,818 1,678 Derivative financial instruments 2 520 250 17,653 16,242 Notes: 1 2 3 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Provisions | |
Schedule of Provisions | Asset retirement Legal and obligations regulatory Other 1 Total €m €m €m €m 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 Exchange movements (4) (5) 5 (4) Amounts capitalised in the year 210 — — 210 Amounts charged to the income statement — 91 643 734 Utilised in the year − payments (32) (53) (253) (338) Amounts released to the income statement — (48) (108) (156) 31 March 2019 757 507 1,138 2,402 Note: 1 Other includes restructuring provisions of €499 million (2018: €240 million). |
Schedule of Provisions analysed between current and non-current | 31 March 2019 Asset retirement Legal and obligations regulatory Other Total €m €m €m €m Current liabilities 28 274 858 1,160 Non-current liabilities 729 233 280 1,242 757 507 1,138 2,402 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 |
Reconciliation of net cash fl_2
Reconciliation of net cash flow from operating activities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Reconciliation of net cash flow from operating activities | |
Schedule of reconciliation of net cash flow from operating activities | Notes €m €m €m (Loss)/profit for the financial year (7,644) 2,788 (6,079) Loss from discontinued operations 3,535 1,969 4,107 (Loss)/profit for the financial year from continuing operations (4,109) 4,757 (1,972) Non-operating expense 7 32 1 Investment income (433) (685) (474) Financing costs 2,088 1,074 1,406 Income tax expense/(credit) 1,496 (879) 4,764 Operating (loss)/profit (951) 4,299 3,725 Adjustments for: Share-based payments and other non-cash charges 147 128 95 Depreciation and amortisation 10, 11 9,795 10,409 11,086 Loss on disposal of property, plant and equipment and intangible assets 33 36 22 Share of result of equity accounted associates and joint ventures 908 59 (47) Impairment losses 3,525 — — Other expense/(income) 148 (213) (1,052) (Increase)/decrease in inventory (131) (26) 117 (Increase)/decrease in trade and other receivables (31) (1,118) 308 Increase/(decrease) in trade and other payables 739 286 (473) Cash generated by operations 14,182 13,860 13,781 Net tax paid (1,131) (1,118) (761) Cash flows from discontinued operations (71) 858 1,203 Net cash flow from operating activities 12,980 13,600 14,223 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | €m €m Cash at bank and in hand 2,434 2,197 Repurchase agreements and bank deposits 2,196 — Money market funds 1 9,007 2,477 Cash and cash equivalents as presented in the statement of financial position 13,637 4,674 Bank overdrafts (32) (7) Cash and cash equivalents of discontinued operations — 727 Cash and cash equivalents as presented in the statement of cash flows 13,605 5,394 Note: 1 Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets. |
Borrowings and capital resour_2
Borrowings and capital resources (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Borrowings and capital resources | |
Schedule of carrying value and fair value information about borrowings | Restated 1 €m €m Short-term borrowings Bonds (53) (3,477) Commercial paper (873) (2,712) Bank loans (1,220) (1,159) Other short-term borrowings 2 (2,124) (1,165) (4,270) (8,513) Long-term borrowings Bonds (44,439) (30,473) Bank loans (1,780) (2,157) Other long-term borrowings 3 (2,466) (278) (48,685) (32,908) Cash and cash equivalents 13,637 4,674 Other financial instruments Derivative financial instruments included in trade and other receivables (note 14) 3,634 2,629 Derivative financial instruments included in trade and other payables (note 15) (2,444) (2,383) Short-term investments (note 13) 11,095 6,870 12,285 7,116 Net debt (27,033) (29,631) Notes: 1 Liabilities 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 are now separately disclosed in the consolidated statement of financial position and are no longer presented within short-term borrowings; gross short -term borrowings at 31 March 2018 have therefore been revised to exclude €1,838 billion in respect of such liabilities. 2 At 31 March 2019 the amount includes €2,011 million (2018:€1,070 million) in relation to cash received under collateral support agreements. 3 Includes €1,919 million (2018: €nil) of spectrum licence payables following the completion of recent auctions in Italy and Spain. |
Capital and financial risk ma_2
Capital and financial risk management (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Fair value of financial instruments | |
Schedule of capital management | €m €m Net debt 27,033 29,631 Financial liabilities under put option arrangements 1 1,844 1,838 Equity 63,445 68,607 Capital 92,322 100,076 Note: 1 Financial liabilities under put option arrangements comprise liabilities 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 amounts at 31 March 2018 were previously presented within short-term borrowings |
Schedule of financial instruments exposure to credit risk | €m €m Cash at bank and in hand 2,434 2,197 Repurchase agreements and bank deposits 2,196 — Money market funds 9,007 2,477 Managed investment funds 6,405 3,891 Government securities 3,011 1,974 Other investments 4,418 6,087 Derivative financial instruments 3,634 2,629 Trade receivables 5,077 5,402 Contract assets and other receivables 5,155 3,410 41,337 28,067 |
Schedule of cash collateral, which is reported within short-term borrowings, held by Group | €m €m Cash collateral 2,011 1,070 |
Schedule of movements in the allowance for expected credit losses | Trade receivables held Trade receivables held at fair value through Contract assets at amortised cost other comprehensive income 2018 1 €m €m €m €m €m €m 31 March as previously reported — — 1,249 1,418 — — Impact of adoption of IFRS 15 78 — — — — — Impact of adoption of IFRS 9 56 — 185 — 23 — 1 April 134 — 1,434 1,418 23 — Exchange movements 1 — (19) (78) — — Amounts charged to administrative expenses 54 — 504 528 17 — Other (60) — (572) (619) — — 31 March 129 — 1,347 1,249 40 — Note: 1 Trade receivables were all held at amortised cost in the year to 31 March 2018 in accordance with IAS 39. |
Schedule of ageing of receivables that are past due | 31 March 2019 Trade receivables at amortised cost past due 30 days 31-60 61-180 or less days days days+ Total €m €m €m €m €m Gross carrying amount 448 253 550 1,041 2,292 Expected credit loss allowance (94) (64) (216) (882) (1,256) Net carrying amount 354 189 334 159 1,036 31 March 2018 2 Trade receivables at amortised cost past due 30 days 31–60 61–180 or less days days days+ Total €m €m €m €m €m Gross carrying amount 810 226 530 1,250 2,816 Allowances for bad and doubtful debt (32) (35) (206) (925) (1,198) Net carrying amount 778 191 324 325 1,618 Notes: 1 Contract assets relate to amounts not yet due to customers. These amounts will be reclassified as trade receivables before they become due. Trade receivables at fair value through other comprehensive income are not materially past due. 2 Information relating to the year ending 31 March 2018 is presented under the Group’s IAS 39 accounting policies. Under these policies the Group’s management monitored the financial statements raising provisions for bad and doubtful debt as appropriate. |
Schedule of maturity analysis for non-derivative financial liabilities on an undiscounted basis | Bank Commercial Other loans paper Bonds Borrowings 2 financial liabilities 3 Total Maturity profile 1 €m €m €m €m €m €m Within one year 1,498 873 1,486 2,155 15,941 21,953 In one to two years 714 — 4,826 158 125 5,823 In two to three years 568 — 4,917 96 — 5,581 In three to four years — — 4,558 1,775 — 6,333 In four to five years 350 — 7,878 320 — 8,546 In more than five years — — 37,586 336 — 37,922 3,130 873 61,251 4,840 16,066 86,160 Effect of discount/financing rates (130) — (16,759) (250) (12) (17,151) 31 March 2019 3,000 873 44,492 4,590 16,054 69,009 Within one year 1,251 2,715 4,348 1,164 14,975 24,453 In one to two years 748 — 1,816 34 175 2,773 In two to three years 507 — 4,411 25 — 4,943 In three to four years 569 — 4,228 22 — 4,819 In four to five years — — 3,692 26 — 3,718 In more than five years 350 — 24,635 172 — 25,157 3,425 2,715 43,130 1,443 15,150 65,863 Effect of discount/financing rates (109) (3) (9,180) — (16) (9,308) 31 March 2018 3,316 2,712 33,950 1,443 15,134 56,555 Notes: 1 Maturities reflect contractual cash flows applicable except in the event of a change of control or event of default, upon which lenders have the right, but not the obligation, to request payment within 30 days. This also applies to undrawn committed facilities. It should be noted that a material adverse change clause does not apply with the exception of €135 million of debt in relation to the mandatorily convertible bonds (which would also accelerate conversion of the £3.4 billion principal recognised in equity – see note 20 “Borrowings and capital resources”). Furthermore, €1,722 million of bank facilities are capped at 50% of operating company capital expenditures. 2 Includes present value of minimum lease payments under finance lease arrangement under which the Group has leased certain of its equipment. with maturity profile €46 million (2018: €46 million) within one year, €104 million (2018: €94 million) within two to five years and €152 million (2018: €172 million) greater than five years. 3 Includes financial liabilities under put option arrangements and non-derivative financial liabilities presented within trade and other payables. |
Schedule of maturity analysis for derivative financial liabilities on an undiscounted basis | Payable Receivable Total Payable Receivable Total €m €m €m €m €m €m Within one year (23,469) 23,672 203 (18,055) 18,363 308 In one to two years (8,356) 8,752 396 (3,925) 3,875 (50) In two to three years (3,772) 4,386 614 (4,904) 4,911 7 In three to four years (3,959) 4,624 665 (2,223) 2,324 101 In four to five years (3,710) 4,285 575 (3,834) 3,687 (147) In more than five years (34,987) 39,334 4,347 (20,702) 23,021 2,319 (78,253) 85,053 6,800 (53,643) 56,181 2,538 Effect of discount/financing rates (5,610) (2,292) Financial derivative net receivable 1,190 246 |
Schedule of sensitivity of Group's adjusted operating profit to strengthening major currency | €m €m ZAR 9% change (2018: 15%) – Increase in operating profit 1 147 239 USD 10% change (2018: 9%) – Decrease in profit before taxation (81) (65) GBP 4% change (2018: 7%) – Increase in profit before taxation 183 208 Note: 1 Operating profit before impairment losses and other income and expense. |
Schedule of carrying value and nominal amounts of derivatives | At 31 March 2019 Other comprehensive income Opening (Gain)/ Gain/(Loss) Closing Average Carrying Carrying balance Loss recycled to balance Average euro Nominal value value 31 March deferred to financing 31 March maturity Average interest amounts Assets Liabilities OCI costs year FX rates rate €m €m €m €m €m €m €m % Cash flow hedges – foreign currency risk Cross currency and foreign exchange swaps US dollar bonds 18,444 1,273 83 132 (1,410) 1,099 (179) 1.18 2.83 Australian dollar bonds 736 14 2 (4) (21) 8 (17) 1.56 0.86 Swiss franc bonds 624 — 43 16 (25) 31 22 1.08 1.36 Pound sterling bonds 2,720 76 112 8 (39) 69 38 0.87 2.45 Hong Kong dollar bonds 233 3 7 15 (23) 21 13 8.96 1.46 Japanese yen bonds 78 1 — — (3) 5 2 128.53 2.47 Norwegian krona bonds 241 2 14 (4) 5 — 1 9.20 1.19 Cash flow hedges – foreign currency and interest rate risk 2 Cross currency swaps – US dollar bonds 905 33 — 1 (40) 51 12 1.15 0.90 Cash flow hedges – interest rate risk 2 Interest rate swaps – Euro loans 668 — 17 15 1 (5) 11 — 1.22 Fair value hedges – interest rate risk 3 Interest rate swaps – Eurobonds 186 117 — — — — — — — Net investment hedge – foreign exchange risk 4.5 Cross currency and foreign exchange swaps – South African rand investment 1,952 120 3 918 (108) — 810 15.23 0.11 26,787 1,639 281 1,097 (1,663) 1,279 713 At 31 March 2018 Other comprehensive income Opening (Gain)/Loss Closing Average Carrying Carrying balance (Gain)/Loss recycled to balance Average euro Nominal value value 31 March deferred to financing 31 March maturity Average FX interest amounts Assets Liabilities OCI costs year rates rate €m €m €m €m €m €m €m % Cash flow hedges – foreign currency risk Cross currency and foreign exchange swaps US dollar bonds 3.62 5,929 176 364 (183) 1,570 (1,255) 132 1.19 3.62 Australian dollar bonds 0.86 736 — 9 — 14 (18) (4) 1.56 0.86 Swiss franc bonds 1.36 624 — 68 4 70 (58) 16 1.08 1.36 Pound sterling bonds 2.09 1,212 18 175 (6) 18 (4) 8 0.85 2.09 Hong Kong dollar bonds 1.46 233 — 28 — 29 (14) 15 8.96 1.46 Japanese yen bonds 2.47 78 — 2 — 2 (2) — 128.53 2.47 Norwegian krona bonds 1.19 241 5 11 (9) 14 (9) (4) 9.20 1.19 Cash flow hedges – foreign currency and interest rate risk 2 Cross currency swaps – US dollar bonds 0.57 709 — 8 4 98 (101) 1 1.17 0.57 Cash flow hedges – interest rate risk 2 Interest rate swaps – Euro loans 1.22 668 — 16 18 (4) 1 15 — 1.22 Fair value hedges – interest rate risk 3 Interest rate swaps – Eurobonds 186 100 — — — — — — — Interest rate swaps – US dollar bonds 2,115 — 76 — — — — — — Net investment hedge – foreign exchange risk 4.5 Cross currency and foreign exchange swaps – South African rand investment 0.13 2,007 58 128 758 161 — 918 14.62 0.13 14,738 357 885 586 1,972 (1,460) 1,097 Notes: 1 Fair value movement deferred into other comprehensive income includes €754 million loss (2018: €572 million loss) and €1 million gain (2018: €19 million gain) of foreign currency basis outside the cash flow and net investment hedge relationships respectively. 2 For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of swaps designated in a cashflow hedge during the period was €nil (2018: €nil). 3 The carrying value of the bond includes €86 million loss (2018: €92 million loss) of cumulative fair value adjustment for the hedged interest rate risk. Net ineffectiveness on the fair value hedges,€2 million loss (2018: €12 million loss) is recognised in the income statement.The carrying value of bonds includes an additional €749 million loss (2018: €727 million loss) in relation to fair value of bonds previously designated in fair value hedge relationships. 4 Hedge ineffectiveness of swaps designated in a net investment hedge during the period was €nil (2018: €nil). |
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 2019 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 3,634 — 3,634 (1,549) (2,011) 74 Derivative financial liabilities (2,444) — (2,444) 1,549 1,081 186 Total 1,190 — 1,190 — (930) 260 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) |
Directors and key management _2
Directors and key management compensation (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Directors and key management compensation | |
Schedule of aggregate emolument of directors | €m €m €m Salaries and fees 4 4 4 Incentive schemes 1 2 3 2 Other benefits 2 — 1 1 6 8 7 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 23 27 24 Share-based payments 35 30 25 58 57 49 |
Employees (Tables)
Employees (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Employees | |
Schedule of number of employees by activity and segment | Employees Employees Employees By activity: Operations 15,872 17,094 18,207 Selling and distribution 30,596 35,025 38,252 Customer care and administration 52,528 54,016 55,097 98,996 106,135 111,556 By segment: Germany 13,414 13,718 14,478 Italy 6,536 6,606 6,601 Spain 5,140 5,015 5,118 UK 11,525 12,379 13,238 Other Europe 12,413 11,760 15,801 Europe 49,028 49,478 55,236 India (Discontinued operations) 4,554 11,086 13,187 Vodacom 7,695 7,524 7,590 Other Markets 12,837 13,606 14,183 Rest of World 25,086 32,216 34,960 Common Functions 24,882 24,441 21,360 Total 98,996 106,135 111,556 |
Schedule of cost incurred in respect of employees (including Directors) | €m €m €m Wages and salaries 4,333 4,179 4,630 Social security costs 579 547 582 Other pension costs (note 24) 223 222 212 Share-based payments (note 25) 132 128 95 5,267 5,076 5,519 India (Discontinued operations) 84 219 217 Total 5,351 5,295 5,736 |
Post employment benefits (Table
Post employment benefits (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Post employment benefits | |
Schedule of income statement expense for defined benefit plans | €m €m €m Defined contribution schemes 166 178 192 Defined benefit schemes 57 44 20 Total amount charged to income statement (note 23) 223 222 212 |
Schedule of actuarial assumptions for defined benefit plans | % % % Weighted average actuarial assumptions used at 31 March 1 : Rate of inflation 2 2.9 2.9 3.0 Rate of increase in salaries 2.7 2.7 2.6 Discount rate 2.3 2.5 2.6 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 31 34 43 Past service costs 1 16 2 (27) Net interest charge 10 8 4 Total included within staff costs 57 44 20 Actuarial losses recognised in the SOCI 33 94 274 Note: 1 Following a High Court judgement on 21 October 2018 which concluded that defined benefit schemes should equalise pension benefits for men and women in relation to guaranteed minimum pension ("GMP") benefits the Group has recorded a pre-tax past service cost of €16 million (£14 million) in the year ended 31 March 2019. |
Schedule of fair value of assets and present value of liabilities under defined benefit plans | Assets Liabilities Net deficit €m €m €m 1 April 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) Service cost — (47) (47) Interest income/(cost) 167 (177) (10) Return on plan assets excluding interest income 269 — 269 Actuarial losses arising from changes in demographic assumptions — 5 5 Actuarial losses arising from changes in financial assumptions — (253) (253) Actuarial gains arising from experience adjustments — 12 12 Employer cash contributions 27 — 27 Member cash contributions 9 (9) — Benefits paid (280) 280 — Exchange rate movements 87 (87) — Other movements (2) (48) (50) 31 March 2019 6,974 (7,431) (457) An analysis of net (deficit)/assets is provided below for the Group as a whole. €m €m €m €m €m Analysis of net deficit: Total fair value of scheme assets 6,974 6,697 6,709 6,229 6,857 Present value of funded scheme liabilities (7,315) (7,028) (7,222) (6,487) (7,316) Net deficit for funded schemes (341) (331) (513) (258) (459) Present value of unfunded scheme liabilities (116) (79) (81) (83) (91) Net deficit (457) (410) (594) (341) (550) Net deficit is analysed as: Assets 1 94 110 57 224 234 Liabilities (551) (520) (651) (565) (784) 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 Cable and Wireless Worldwide Retirement Plan ("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 2,828 2,760 2,894 2,762 3,114 2,926 2,773 2,654 2,408 2,645 Present value of scheme liabilities (2,734) (2,655) (2,842) (2,543) (2,884) (3,157) (2,945) (2,962) (2,548) (2,951) Net assets/(deficit) 94 105 52 219 230 (231) (172) (308) (140) (306) Net assets/(deficit) are analysed as: Assets 94 105 52 219 230 — — — — — Liabilities — — — — — (231) (172) (308) (140) (306) |
Schedule of fair value of pension assets | €m €m Cash and cash equivalents 65 95 Equity investments: With quoted prices in an active market 1,469 1,407 Without quoted prices in an active market 250 360 Debt instruments: With quoted prices in an active market 3,831 4,149 Without quoted prices in an active market 620 590 Property: With quoted prices in an active market 24 27 Without quoted prices in an active market 282 78 Derivatives: 1 With quoted prices in an active market (986) (1,146) Without quoted prices in an active market — 44 Investment fund 543 275 Annuity policies With quoted prices in an active market 14 — Without quoted prices 862 818 Total 6,974 6,697 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 (570) 644 (4) 4 857 (733) 230 (229) Note: 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, 2019 | |
Share-based payments | |
Schedule of movements in outstanding ordinary share options | Ordinary share options Millions Millions Millions 1 April 40 41 24 Granted during the year 33 11 31 Forfeited during the year (2) (2) (1) Exercised during the year (2) (5) (7) Expired during the year (23) (5) (6) 31 March 46 40 41 Weighted average exercise price: 1 April £1.64 £1.61 £1.62 Granted during the year £1.30 £1.72 £1.61 Forfeited during the year £1.52 £1.65 £1.66 Exercised during the year £1.67 £1.57 £1.50 Expired during the year £1.64 £1.65 £1.75 31 March £1.40 £1.64 £1.61 |
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 46 £1.40 33 — — — |
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 182 £2.04 178 £1.91 198 £1.77 Granted 88 £1.82 74 £1.95 74 £1.97 Vested (39) £2.21 (42) £1.76 (47) £1.77 Forfeited (31) £1.97 (28) £1.58 (47) £1.57 31 March 200 £1.92 182 £2.04 178 £1.91 |
Acquisitions and disposals (Tab
Acquisitions and disposals (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disposals | |
Schedule of aggregate cash consideration in respect of purchases in subsidiaries, net of cash acquired | €m €m Cash consideration paid Acquisitions during the year 61 9 Net cash acquired and acquisition related costs 26 — 87 9 |
Vodafone India (excluding interest in Indus Towers) | |
Disposals | |
Schedule of details of disposal | €m Other intangible assets (6,138) Property, plant and equipment (3,091) Trade and other receivables (1,572) Other investments (6) Cash and cash equivalents 3 (751) Current and deferred taxation (2,790) Short and long-term borrowings 7,896 Trade and other payables 1,669 Provisions 720 Net assets contributed into Vodafone Idea (4,063) Fair value of investment in Vodafone Idea 2 2,467 Net cash proceeds arising from the transaction 3 320 Other effects 1 (2,144) Net loss on formation of Vodafone Idea 2 (3,420) Notes: 1 Includes €2,079 million of recycled foreign exchange losses. 2 Includes a loss of €603 million related to the re-measurement of our retained interest in Vodafone India. 3 Included in Disposal of interests in subsidiaries, net of cash disposed within the Consolidated statement of cash flows |
VodafoneZiggo | |
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. 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, 2019 | |
Commitments | |
Schedule of future minimum lease payments under non-cancellable operating lease | €m €m Within one year 2,834 2,686 In more than one year but less than two years 1,654 1,633 In more than two years but less than three years 1,227 1,155 In more than three years but less than four years 950 903 In more than four years but less than five years 739 717 In more than five years 3,412 2,600 10,816 9,694 |
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 2,980 2,630 32 76 3,012 2,706 Note: 1 Commitment includes contracts placed for property, plant and equipment and intangible assets. The Group is currently participating in an auction for licences for the use of certain spectrum bands in Germany which may give rise to future material cash outflows. See note 30 'Subsequent events' for further information |
Contingent liabilities and le_2
Contingent liabilities and legal proceedings (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Contingent liabilities and legal proceedings | |
Schedule of contingent liabilities | €m €m Performance bonds 1 337 993 Other guarantees and contingent liabilities 2 2,943 4,036 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, 2019 | |
Related party transactions | |
Schedule of transactions with joint arrangements and associates | €m €m €m Sales of goods and services to associates 27 19 37 Purchase of goods and services from associates 3 1 90 Sales of goods and services to joint arrangements 242 194 19 Purchase of goods and services from joint arrangements 192 199 183 Net interest income receivable from joint arrangements 1 96 120 87 Trade balances owed: by associates 1 4 — to associates 3 2 1 by joint arrangements 193 107 158 to joint arrangements 25 28 15 Other balances owed by joint arrangements 1 997 1,328 1,209 Other balances owed to joint arrangements 1 169 150 127 Note: 1 Amounts arise primarily through VodafoneZiggo, Vodafone Idea, Vodafone Hutchison Australia and Cornerstone Telecommunications Infrastructure Limited. Interest is paid in line with market rates. |
IAS 18 basis primary statemen_2
IAS 18 basis primary statements (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
IAS 18 basis primary statements | |
Schedule of effect on primary consolidated financial statements after application of IFRS 15 | Year ended 31 March 2019 IFRS 15 basis Adjustments IAS 18 basis 1 Consolidated income statement (reconciliation to IAS 18) €m €m €m Revenue 43,666 1,400 45,066 Cost of sales (30,160) (1,253) (31,413) Gross profit 13,506 147 13,653 Selling and distribution expenses (3,891) — (3,891) Administrative expenses (5,410) — (5,410) Net credit losses on financial assets (575) 74 (501) Share of result of equity accounted associates and joint ventures (908) 57 (851) Impairment losses (3,525) 406 (3,119) Other income and expense (148) — (148) Operating loss (951) 684 (267) Non-operating income and expense (7) — (7) Investment income 433 — 433 Financing costs (2,088) — (2,088) Loss before taxation (2,613) 684 (1,929) Income tax expense (1,496) (108) (1,604) Loss for the financial period from continuing operations (4,109) 576 (3,533) Loss for the financial period from discontinued operations (3,535) — (3,535) Loss for the financial year (7,644) 576 (7,068) Loss per share From continuing operations: – Basic (16.25) c 2.10 c (14.15) c – Diluted (16.25) c 2.10 c (14.15) c Total Group – Basic (29.05) c 2.10 c (26.95) c – Diluted (29.05) c 2.10 c (26.95) c Note: 1 See note 2 for segmental information reported under IAS 18. Consolidated statement of changes in equity (reconciliation to IAS 18) Equity attributable Non-controlling Retained losses Currency reserve to the owners interests Total equity €m €m €m €m €m 31 March 2019 on an IFRS 15 basis as reported on page 113 (116,725) 29,284 62,218 1,227 63,445 Adjustments (1,878) 27 (1,851) (76) (1,927) 31 March 2019 on an IAS 18 basis (118,603) 29,311 60,367 1,151 61,518 31 March 2019 IFRS 15 basis Adjustments IAS 18 basis Consolidated statement of financial position (reconciliation to IAS 18) €m €m €m Non-current assets Goodwill 1 23,353 409 23,762 Other intangible assets 17,652 — 17,652 Property, plant and equipment 27,432 — 27,432 Investments in associates and joint ventures 3,952 (156) 3,796 Other investments 870 — 870 Deferred tax assets 24,753 652 25,405 Post employment benefits 94 — 94 Trade and other receivables 5,170 (555) 4,615 Of which: Contract assets 531 (180) 351 Trade receivables 376 — 376 Deferred acquisition costs 366 (366) — Fulfilment costs 9 (9) — Current assets Inventory 714 (48) 666 Taxation recoverable 264 — 264 Trade and other receivables 12,190 (2,379) 9,811 Of which: Contract assets 3,671 (1,247) 2,424 Trade receivables 4,701 — 4,701 Deferred acquisition costs 1,067 (1,067) — Fulfilment costs 65 (65) — Other investments 13,012 — 13,012 Cash and cash equivalents 13,637 — 13,637 Assets held for sale (231) (15) (246) Total assets 142,862 (2,092) 140,770 Equity Called up share capital 4,796 — 4,796 Additional paid-in capital 152,503 — 152,503 Treasury shares (7,875) — (7,875) Accumulated losses (116,725) (1,878) (118,603) Accumulated other comprehensive income 29,519 27 29,546 Total attributable to owners of the parent 62,218 (1,851) 60,367 Non-controlling interests 1,227 (76) 1,151 Total non-controlling interests 1,227 (76) 1,151 Total equity 63,445 (1,927) 61,518 Non-current liabilities Long-term borrowings 48,685 — 48,685 Deferred tax liabilities 478 (71) 407 Post employment benefits 551 — 551 Provisions 1,242 — 1,242 Trade and other payables 2,938 (2) 2,936 Of which: Contract liabilities 574 (2) 572 Current liabilities Short-term borrowings 4,270 — 4,270 Financial liabilities under put option arrangements 1,844 — 1,844 Taxation liabilities 596 — 596 Provisions 1,160 — 1,160 Trade and other payables 17,653 (92) 17,561 Of which: Contract liabilities 1,818 (43) 1,775 Other payables 1,562 (49) 1,513 Liabilities held for sale — — — Total equity and liabilities 142,862 (2,092) 140,770 Note: 1. This difference primarily relates to the impairment of goodwill in respect of Romania and Spain (see note 4 “Impairment”); pre-impairment balance sheet carrying values were higher under IFRS 15 for these entities, consequently impairment charges are higher on an IFRS 15 basis. |
Related undertakings (Tables)
Related undertakings (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Related undertakings | |
Schedule of investment in subsidiaries, associated undertakings and joint arrangements | Company name % of share class held Share class Albania Autostrada Tirane-Durres, Rruga: “Pavaresia”, Nr 61, Kashar, Tirana, Albania Vodafone Albania Sh.A 99.94 Ordinary shares Angola Rua Fernao de Sousa, Condominio do Benga, 10A, Vila Alice, Luanda, Angola Vodacom Business (Angola) Limitada 5 59.90 Ordinary shares Argentina Cerrito 348, 5to B, C1010AAH, Buenos Aires, Argentina CWGNL S.A. 100.00 Ordinary shares Australia Level 1, 177 Pacific Highway, North Sydney NSW 2060, Australia Talkland Australia Pty Limited 100.00 Ordinary shares Mills Oakley , Level 7, 151 Clarence 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, São Paulo, 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. (in process of dissolution) 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 5 60.50 Ordinary shares Canada 3280 Bloor Street West, Suite 1140, 11 Floor, Centre Tower, Toronto ON M8X 2X3, 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 Level 9, Tower 2, China Central Place, Room 940, No.79 Jianguo Road, Chaoyang District, Beijing, 100025, China Cable & Wireless Communications Technical Service (Shanghai) Co. Ltd - Beijing Branch 2 100.00 Branch Vodafone China Limited (China) 100.00 Equity interest shares 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 Vodacom Congo (RDC) SA 4,5 30.85 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. 5 60.50 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 Ordinary shares Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - Czech Branch 2 100.00 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 For Trading 54.95 Ordinary shares 37 Kaser El Nil St, 4th. Floor,Cairo,Egypt Starnet 55.00 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt Sarmady Communications 55.00 Ordinary shares PIECE NO. 1215, PLOT OF LAND No. 1/14a, 6TH OCTOBER CITY, Egypt Vodafone International Services LLC 55.00 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt Vodafone Egypt Telecommunications S.A.E. 55.00 Ordinary shares Smart Village C3 Vodafone Building, Egypt Vodafone Data 55.00 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 99.63 Ordinary shares PARIS LA DEFENSE, Tour Egee, 9-11 allee de l’Arche, Courbevoie, 92671, Paris, France Vodafone Enterprise France SAS 100.00 New Euro shares Rue Champollion, 22300, Lannion, France Apollo Submarine Cable System Ltd – French Branch 2 100.00 Branch Germany Altes Forsthaus 2, 67661, Kaiserslautern, Germany TKS Telepost Kabel-Service Kaiserslautern GmbH 3 76.70 Ordinary shares Betastraße 6-8, 85774 Unterföhring, Germany Kabel Deutschland Holding AG 3 76.70 Ordinary shares Kabel Deutschland Holding Erste Beteiligungs GmbH 3 76.70 Ordinary shares Kabel Deutschland Holding Zweite Beteilgungs GmbH 3 76.70 Ordinary shares Kabel Deutschland Neunte Beteiligungs GmbH 100.00 Ordinary shares Kabel Deutschland Siebte Beteiligungs GmbH 3 76.70 Ordinary shares Company name % of share class held Share class Vodafone Kabel Deutschland GmbH 3 76.70 Ordinary shares Vodafone Kabel Deutschland Kundenbetreuung GmbH 3 76.70 Ordinary shares Buschurweg 4, 76870, Kandel, Germany Vodafone Automotive 100.00 Ordinary shares Deutschland GmbH 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 3 76.70 Ordinary shares Nobelstrasse 55, 18059, Rostock, Germany Urbana Teleunion Rostock GmbH & Co.KG 3 53.69 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel‐ Kommunikation Mit Beschrankter Haftung 3 76.70 Ordinary shares Ghana 3rd Floor, The Elizabeth Building, 68 Senchi Link, Airport Residential Area, Accra, Ghana Vodacom Business (Ghana) Limited 5 60.50 Ordinary shares Telecom House, Nsawam Road, Accra-North, Greater Accra Region, PMB 221, Ghana Ghana Telecommunications Company Limited 70.00 Ordinary shares Preference shares National Communications Backbone Company Limited 70.00 Ordinary shares Vodafone Ghana Mobile Financial Services Limited 70.00 Ordinary shares Greece 1-3 Tzavella str, 152 31 Halandri, Athens, Greece Vodafone-Panafon Hellenic Telecommunications Company S.A. 99.87 Ordinary shares 12,5 km National Road Athens - Lamia, Metamorfosi / Athens, 14452, Greece Vodafone Innovus S.A. 99.87 Ordinary shares Alexandras Avenue 128, ATHENS, ATHENS, 11471, Greece Cyta Telecommunications Hellas S.A. (merged with Vodafone-Panafon Hellenic Telecommunications Company S.A. on 1 April 2019) 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 5 60.50 Ordinary shares VBA International Limited 5 60.50 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 40-44 Hungaria Krt., Budapest, H-1087, Hungary VSSB Vodafone Shared Services Budapest Private Limited Company 100.00 Registered ordinary shares 6 Lechner Ödön fasor, Budapest, 1096, Hungary Vodafone Magyarország Mobile Távközlési Zártkörűen Működő Részvénytársaság 100.00 Series A registered common shares India 10th Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Karnataka, 560103, India Cable and Wireless (India) Limited - Branch 2 100.00 Branch Cable and Wireless Global (India) Private Limited 100.00 Ordinary shares Cable & Wireless Networks India Private Limited 100.00 Equity shares 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, Preference 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, and 0.01% 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 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 Ireland Mountainview, Leopardstown, Dublin 18, Ireland Cable & Wireless GN Limited 100.00 Ordinary shares Eudokia Limited 100.00 Ordinary euro 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 Vodafone Italia S.p.A. 100.00 Ordinary shares VEI S.r.l. 100.00 Partnership interest 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 KAKiYa building, 9F, , 2-7-17 Shin-Yokohama, , Kohoku-ku, Yokoha- City, Kanagawa, 222-0033 , Japan Vodafone Automotive Japan KK 100.00 Ordinary shares Marunouchi Trust Tower North 15F, 8-1, Marunouchi 1-chome, level 15 , Chiyoda-ku, Tokyo, Japan Vodafone Enterprise U.K. – Japanese Branch 2 100.00 Branch Vodafone Global Enterprise (Japan) K.K. 100.00 Ordinary shares Jersey 44 Esplanade, St Helier, JE4 9WG, Jersey Aztec Limited 100.00 Ordinary shares Globe Limited 100.00 Ordinary shares Plex Limited 100.00 Ordinary shares Vizzavi Finance 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 M-PESA Holding Co. Limited 100.00 Equity shares Vodafone Kenya Limited 65.43 Ordinary oting shares Korea, Republic of 3rd Floor, 54 Gongse-ro, Gieheung-gu, Yongin-si, Gyeonggi-do, Korea, Republic of 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 Luxembourg 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg Tomorrow Street GP S.à r.l. 100.00 Ordinary shares Vodafone Asset Management Services S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Global Businesses S.à r.l. 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 Vodafone Enterprise Luxembourg S.A. 100.00 Ordinary euro 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 10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius Mobile Wallet VM1 5 60.50 Ordinary shares Mobile Wallet VM2 5 60.50 Ordinary shares VBA (Mauritius) Limited 5 60.50 Ordinary shares, Redeemable preference shares Vodacom International Limited 5 60.50 Ordinary shares, Non-cumulative preference 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 Tele-Services (India) Holdings Limited 100.00 Ordinary shares Vodafone Telecommunications (India) Limited 100.00 Ordinary shares 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 5 51.42 Ordinary shares Vodafone M-Pesa, S.A 5 51.42 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. 99.87 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 BayCity Communications Limited 100.00 Ordinary shares Nigeria 3A Aja Nwachukwu Close, Ikoyi, Lagos, Nigeria Vodacom Business Africa (Nigeria) Limited 5 60.50 Ordinary shares, Preference 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 2 100.00 Branch Poland Ul. Złota 59, 00-120 , Warszawa, Poland Vodafone Business Poland sp. z o.o. 100.00 Ordinary shares % 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 Vodafone Portugal – Comunicacoes Pessoais, S.A. 1 100.00 Ordinary shares Oni Way - Infocomunicacoes, S.A 100.00 Ordinary shares Av. da República, 50 – 10º, 1069-211, Lisboa, Portugal Vodafone Enterprise Spain, S.L.U. – Portugal Branch 2 100.00 Branch Romania 201 Barbu Vacarescu, 8th Floor, 2nd District, Bucharest, 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 Șoseaua Vestului no. 1A, West Mall Ploiești, First Floor, Ploiești, Romania Evotracking SRL 100.00 Ordinary shares Russian Federation Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation Cable & Wireless CIS Svyaz LLC 100.00 Charter capital shares Room 26, floor 1, bld. “A”, Kotelnicheskaya embankment 1/15, 105005, Moscow, Russian Federation Vodafone Global Enterprise Russia LLC 100.00 Equity shares Serbia Vladimira Popovića 38-40, New Belgrade, 11070, Serbia Vodafone Enterprise Equipment Limited Ogranak u Beogradu 2 100.00 Branch Singapore Asia Square Tower 2, 12 Marina View, #17-01, Singapore, 018961, Singapore Vodafone Enterprise Singapore Pte.Ltd 100.00 Ordinary shares Slovakia Prievozská 6 , Bratislava, 821 09 Vodafone Czech Republic A.S. – Slovakia Branch 2 100.00 Branch Zochova 6-8, Bratislava, 811 03, Slovakia Vodafone Global Network Limited – Slovakia Branch 2 100.00 Branch South Africa 319 Frere Road, Glenwood, 4001, South Africa Cable and Wireless Worldwide South Africa (Pty) Ltd 100.00 Ordinary shares 9 Kinross Street, Germiston South, 1401, South Africa Vodafone Holdings (SA) Proprietary Limited 100.00 Ordinary shares Vodafone Investments (SA) Proprietary Limited 100.00 Ordinary A shares, “B” ordinary no par value shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa GS Telecom (Pty) Limited 5 60.50 Ordinary shares Mezzanine Ware Proprietary Limited (RF) 5 54.45 Ordinary shares Motifprops 1 (Proprietary) Limited 5 60.50 Ordinary shares Scarlet Ibis Investments 23 (Pty) Limited 5 60.50 Ordinary shares Vodacom (Pty) Limited 5 60.50 Ordinary shares, Ordinary A shares Vodacom Business Africa Group (Pty) Limited 5 60.50 Ordinary shares Vodacom Financial Services (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Group Limited 5 60.50 Ordinary shares Vodacom Insurance Administration Company (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Insurance Company (RF) Limited 5 60.50 Ordinary shares Vodacom International Holdings (Pty) Limited 5 60.50 Ordinary shares Vodacom Life Assurance Company (RF) Limited 5 60.50 Ordinary shares Vodacom Payment Services (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Properties No 1 (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Properties No.2 (Pty) Limited 5 60.50 Ordinary shares Wheatfields Investments 276 (Proprietary) Limited 5 60.50 Ordinary shares XLink Communications (Proprietary) Limited 5 60.50 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, Ordinary euro 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 A 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, Shareholder’s contribution shares Switzerland Schiffbaustrasse 2, 8005, Zurich, Switzerland Vodafone Enterprise Switzerland AG 100.00 Ordinary shares 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 2 100.00 Branch Taiwan 22F., No.100, Songren Road., , Xinyi District, Taipei City, 11070, 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 (in liquidation) 5 59.89 Ordinary shares Turkey Büyükdere Caddesi, No: 251, Maslak, Şişli / İstanbul, Turkey, 34398, Turkey Vodafone Holding A.S. 100.00 Registered shares Vodafone Dagitim, Servis ve Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Net İletişim Hizmetleri A.Ş. 100.00 Ordinary shares Vodafone Elektronik Para Ve Ödeme Hizmetleri A.Ş. 100.00 Registered shares Vodafone Telekomunikasyon A.S 100.00 Registered shares Vodafone Bilgi Ve Iletisim Hizmetleri AS 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 Office 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai, United Arab Emirates Vodafone Enterprise Europe (UK) Limited – Dubai Branch 2 100.00 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, Cumulative participating non-redeemable preference 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 Group Limited 100.00 Ordinary shares Woodend Holdings Limited 100.00 Ordinary shares, Redeemable Preference Quarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland Energis (Ireland) Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares Shuttleworth House, 21 Bridgewater Close, Network 65 Business Park, Hapton, Burnley, Lancashire, England, BB11 5TE, United Kingdom 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 Vodacom Business Africa Group Services Limited 5 60.50 Ordinary shares, preference shares Vodacom UK Limited 5 60.50 Ordinary shares, Non-redeemable ordinary A shares, Ordinary B shares, Non-irredeemable preference shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom AAA (Euro) Limited 100.00 Ordinary shares Apollo Submarine Cable System Limited 100.00 Ordinary shares Aspective Limited 100.00 100.00 Ordinary shares, A preference shares, B preference shares, C preference shares Astec Communications Limited 100.00 Ordinary shares Bluefish Communications Limited 100.00 Ordinary A shares, Ordinary B shares, Ordinary C shares, Ordinary D 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 Limited 100.00 Ordinary shares Cable & Wireless UK Holdings Limited 100.00 Ordinary shares Cable & Wireless Worldwide Limited 100.00 Ordinary shares, Redeemable preference 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 Central Communications Group Limited 100.00 Ordinary shares, Ordinary A shares Energis Communications Limited 100.00 Ordinary shares Energis Squared Limited 100.00 Ordinary shares Flexphone Limited 100.00 Ordinary shares General Mobile Corporation Limited 100.00 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, Redeemable preference shares ML Integration Services Limited 100.00 Ordinary shares Project Telecom Holdings Limited 1 100.00 Ordinary shares PTI Telecom Limited (dissolved 2 April 2019) 100.00 Ordinary shares Rian Mobile Limited 100.00 Ordinary shares Singlepoint (4U) Limited 50.00 Ordinary shares Talkland Communications Limited 100.00 Ordinary shares Talkland International 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 Vizzavi Limited 100.00 Ordinary shares Voda Limited 100.00 Ordinary shares; Zero coupon redeemable preference shares Vodafone (New Zealand) Hedging Limited 100.00 Ordinary shares Vodafone 2. 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 Ordinary shares, Preference 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, Fixed rate irredeemable preference shares, Non-voting redeemable participating shares, Voting redeemable fixed rate preference 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 Finance Sweden 100.00 Ordinary shares, Ordinary deferred Vodafone Finance UK Limited 100.00 Ordinary shares Vodafone Financial Operations 100.00 Ordinary shares Vodafone Global Content Services Limited 100.00 Ordinary shares, 5% fixed rate non-voting preference shares Vodafone Global Enterprise Limited 100.00 Ordinary shares; Deferred shares, B deferred shares Vodafone Group (Directors) Trustee Limited 1 100.00 Ordinary shares Vodafone Group Pension Trustee Limited 1 100.00 Ordinary shares Vodafone Group Services Limited 100.00 Ordinary shares, Deferred shares Vodafone Group Services No.2 Limited 1 100.00 Ordinary shares Vodafone Group Share Trustee Limited 1 100.00 Ordinary shares Vodafone Hire Limited 100.00 Ordinary shares Vodafone Holdings Luxembourg Limited 100.00 Ordinary shares Vodafone Intermediate Enterprises Limited 100.00 Ordinary shares Vodafone International Holdings Limited 100.00 Ordinary shares Vodafone International Operations Limited 100.00 Ordinary shares Vodafone Investment UK 100.00 Ordinary shares Vodafone Investments Australia Limited 100.00 Ordinary shares Vodafone Investments Limited 1 100.00 Ordinary shares, Zero coupon redeemable shares Vodafone IP Licensing Limited 1 100.00 Ordinary shares Vodafone Limited 100.00 Ordinary shares Vodafone M.C. Mobile Services Limited 100.00 Ordinary shares; A preference Vodafone Marketing UK 100.00 Ordinary shares Vodafone Mobile Communications Limited 100.00 Ordinary shares Vodafone Mobile Enterprises Limited 100.00 A-ordinary shares, Ordinary one pound shares Vodafone Mobile Network Limited 100.00 A-ordinary shares, Ordinary one pound shares Vodafone Nominees Limited 1 100.00 Ordinary shares Vodafone Oceania Limited 100.00 Ordinary shares Vodafone Old Show Ground Site Management Limited 100.00 Ordinary shares Vodafone Overseas Finance Limited 100.00 Ordinary shares Vodafone Overseas Holdings Limited 100.00 Ordinary shares Vodafone Panafon UK 100.00 Ordinary shares Vodafone Partner Services Limited 100.00 Ordinary shares, Redeemable preference shares Vodafone Property Investments Limited 100.00 Ordinary shares Vodafone Retail (Holdings) Limited 100.00 Ordinary shares Vodafone Retail Limited 100.00 Ordinary shares Vodafone Sales & Services Limited 100.00 Ordinary shares Vodafone Satellite Services Limited 100.00 Ordinary shares Vodafone UK Content Services Limited 100.00 Ordinary shares Vodafone UK Investments Limited 100.00 Ordinary shares Vodafone UK Limited 1 100.00 Ordinary shares Vodafone Ventures Limited 1 100.00 Ordinary shares Vodafone Worldwide Holdings Limited 100.00 Ordinary shares; Cumulative preference Vodafone Yen Finance Limited 100.00 Ordinary shares Vodafone-Central Limited 100.00 Ordinary shares Vodaphone Limited 100.00 Ordinary shares Vodata Limited 100.00 Ordinary shares Your Communications Group Limited 100.00 A ordinary shares, B ordinary shares, Redeemable preference shares United States 154 W 14th Street, 8th Floor, New York, NY 10011 Bluefish Communications Inc. 100.00 Common stock shares, Preference shares Cable & Wireless a-Services, Inc 100.00 Common shares Cable & Wireless Americas 100.00 Common stock shares Vodafone Americas Virginia Inc. 100.00 Common stock shares Vodafone US Inc. 100.00 Common stock Zambia May Building, The Gallery Office Park, Stand 4015, Lagos Africonnect (Zambia) Limited 5 60.50 Ordinary shares, Redeemable preference shares Associated undertakings and joint arrangements Company Name % of share Share Class Australia c/- Telstra Corporation, Level 41, 242-282 Exhibition Street, 3gis Properties (No. 1) Pty Ltd 25.00 Ordinary shares 3gis Properties (No. 2) Pty Ltd 25.00 Ordinary shares 3gis Pty Limited 25.00 Ordinary shares Mondjay Pty Limited 25.00 Ordinary shares Tovadan Pty Limited 25.00 Ordinary shares Level 1, 177 Pacific Highway, North Sydney NSW 2060, Australia H3GA Properties (No.3) Pty Limited 50.00 Ordinary shares Mobile JV Pty Limited 25.00 Ordinary shares Mobileworld Communications Pty Limited 50.00 Ordinary shares Mobileworld Operating Pty Ltd 50.00 Ordinary shares Vodafone Australia Pty Limited 50.00 Ordinary shares, Class B shares, Redeemable preference Vodafone Foundation Aus |
Schedule of selected financial data | Vodafone Egypt Vodacom Group Limited Telecommunications S.A.E. Vodafone Qatar Q.S.C. 1 €m €m €m €m €m €m Summary comprehensive income information Revenue 5,443 5,692 1,116 962 — 468 Profit/(loss) for the financial year 940 934 271 206 — (40) Other comprehensive (expense)/income 14 (8) — — — — Total comprehensive income/(expense) 954 926 271 206 — (40) Other financial information Profit/(loss) for the financial year allocated to non-controlling interests 331 342 123 93 — (31) Dividends paid to non-controlling interests 315 309 269 1 — — Summary financial position information Non-current assets 6,294 6,433 1,138 985 — — Current assets 2,426 2,389 515 407 — — Total assets 8,720 8,822 1,653 1,392 — — Non-current liabilities (1,904) (2,151) (43) (46) — — Current liabilities (2,320) (2,104) (1,009) (522) — — Total assets less total liabilities 4,496 4,567 601 824 — — Equity shareholders' funds 3,472 3,595 370 491 — — Non-controlling interests 1,024 972 231 333 — — Total equity 4,496 4,567 601 824 — — Statement of cash flows Net cash flow from operating activities 1,758 1,727 481 307 — 115 Net cash flow from investing activities (556) (541) (109) (145) — (119) Net cash flow from financing activities (1,410) (879) (314) (55) — (33) Net cash flow (208) 307 58 107 — (37) Cash and cash equivalents brought forward 887 619 159 57 — 43 Exchange gain/(loss) on cash and cash equivalents 5 (39) 9 (5) — (6) Cash and Cash Equivalents 684 887 226 159 — — Note: 1 The Group sold its 51% interest in Vodafone Qatar Q.S.C. on 29 March 2018 (see note 26). |
Subsidiaries exempt from audit
Subsidiaries exempt from audit (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Subsidiaries exempt from audit | |
Schedule of subsidiaries exempt from audit | – Name Registration number AAA (Euro) Limited Aspective Limited Astec Communications Limited 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 Legend Communications Limited London Hydraulic Power Company ZC000055 MetroHoldings Limited ML Integration Group Limited ML Integration Services Limited Pinnacle Cellular Group Limited SC123629 Pinnacle Cellular Limited SC127133 Project Telecom Holdings Limited Singlepoint (4U) Limited The Eastern Leasing Company Limited Thus Group Holdings Limited SC192666 Thus Group Limited SC226738 Voda Limited Vodafone (New Zealand) Hedging Limited Vodafone (Scotland) Limited SC170238 Vodafone 2 Vodafone 4 UK Vodafone 5 Limited Vodafone 5 UK Vodafone 6 UK Vodafone Americas 4 Vodafone Benelux Limited Vodafone Business Solutions Limited Vodafone Cellular Limited Vodafone-Central Limited Vodafone Connect Limited Vodafone Consolidated Holdings Limited Vodafone Corporate Limited Vodafone Corporate Secretaries Limited Vodafone Distribution Holdings Limited Vodafone Enterprise Corporate Secretaries 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 Hire Limited Vodafone Holdings Luxembourg Limited Vodafone Intermediate Enterprises Limited 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 Partner Services Limited Vodafone Property Investments Limited Vodafone Retail (Holdings) Limited Vodafone Retail Limited Vodafone UK Limited Vodafone Worldwide Holdings Limited Vodafone Yen Finance Limited Vodaphone Limited Vodata Limited Woodend Group Limited SC140935 Your Communications Group Limited |
Basis of preparation (Details)
Basis of preparation (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
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) | 19.20% | 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) | € (2,277) | € 476 | € (231) |
Net foreign exchange loss | 305 | 187 | 272 |
Operating profit | |||
Basis of Preparation | |||
Net foreign exchange loss | 1 | 133 | |
Net foreign exchange gain | 65 | ||
Non-operating income and expense | |||
Basis of Preparation | |||
Net foreign exchange loss | 0 | 127 | |
Net foreign exchange gain | 80 | ||
Investment and financing income | |||
Basis of Preparation | |||
Net foreign exchange loss | 190 | 28 | |
Net foreign exchange gain | 322 | ||
Income tax expense | |||
Basis of Preparation | |||
Net foreign exchange loss | 7 | ||
Net foreign exchange gain | € 9 | € 1 | |
Loss for the financial year from discontinued operations | |||
Basis of Preparation | |||
Net foreign exchange loss | € 2,079 |
Basis of preparation - New acco
Basis of preparation - New accounting pronouncements to be adopted (Details) - IFRS - 16 Leases - EUR (€) € in Billions | 12 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2019 | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Minimum operating lease payments recognised as expense | € 3.8 | |
Maximum | ||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Additional lease liability | € 10.5 | |
Minimum | ||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Additional lease liability | € 9.5 |
Basis of presentation - Impact
Basis of presentation - Impact on financial assets and liabilities (Details) € in Millions | 12 Months Ended |
Mar. 31, 2018EUR (€) | |
Disclosure of detailed information about financial instruments [line items] | |
Difference in financial assets due to adoption of IFRS 9 | € (253) |
Trade and other payables | Amortised cost | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities after initial application of IFRS 9 | 16,702 |
Trade and other payables | Loans and receivables | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities before initial application of IFRS 9 | 16,702 |
Derivative financial instruments | FVTPL | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities before initial application of IFRS 9 | 2,383 |
Financial liabilities after initial application of IFRS 9 | 2,383 |
Borrowings | Amortised cost | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities after initial application of IFRS 9 | 43,259 |
Borrowings | Loans and receivables | |
Disclosure of detailed information about financial instruments [line items] | |
Financial liabilities before initial application of IFRS 9 | 43,259 |
Equity securities | FVOCI | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets after initial application of IFRS 9 | 47 |
Equity securities | Available for sale | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 47 |
Long term debt securities | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 3,157 |
Difference in financial assets due to adoption of IFRS 9 | (12) |
Long term debt securities | Amortised cost | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets after initial application of IFRS 9 | 3,145 |
Short term bond and debt securities | Amortised cost | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets after initial application of IFRS 9 | 830 |
Short term bond and debt securities | Loans and receivables | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 830 |
Short term bond and debt securities | FVTPL | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 1,974 |
Financial assets after initial application of IFRS 9 | 1,974 |
Short term bond and debt securities | FVTPL | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets after initial application of IFRS 9 | 175 |
Short term bond and debt securities | Loans and receivables | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 175 |
Managed investment funds | FVTPL | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 3,087 |
Financial assets after initial application of IFRS 9 | 3,087 |
Managed investments funds | FVTPL | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets after initial application of IFRS 9 | 804 |
Managed investments funds | Loans and receivables | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 804 |
Other investments - restricted deposits | FVTPL | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets after initial application of IFRS 9 | 817 |
Other investments - restricted deposits | Loans and receivables | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 817 |
Other investments - restricted deposits | Amortised cost | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets after initial application of IFRS 9 | 565 |
Other investments - restricted deposits | Loans and receivables | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 565 |
Other investments - public debt and bonds | FVTPL | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 543 |
Financial assets after initial application of IFRS 9 | 543 |
Trade receivables. | |
Disclosure of detailed information about financial instruments [line items] | |
Difference in financial assets due to adoption of IFRS 9 | (1,047) |
Trade receivables. | Amortised cost | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets after initial application of IFRS 9 | 4,355 |
Trade receivables. | Loans and receivables | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 5,402 |
Trade receivables | |
Disclosure of detailed information about financial instruments [line items] | |
Difference in financial assets due to adoption of IFRS 9 | 877 |
Trade receivables | FVOCI | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets after initial application of IFRS 9 | 877 |
Other receivables | |
Disclosure of detailed information about financial instruments [line items] | |
Difference in financial assets due to adoption of IFRS 9 | (71) |
Other receivables | Amortised cost | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets after initial application of IFRS 9 | 5,899 |
Other receivables | Loans and receivables | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 5,970 |
Derivative financial instruments | FVTPL | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 2,629 |
Financial assets after initial application of IFRS 9 | 2,629 |
Cash at bank and in hand | Amortised cost | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets after initial application of IFRS 9 | 2,924 |
Cash at bank and in hand | Loans and receivables | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 2,924 |
Money market funds | FVTPL | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets after initial application of IFRS 9 | 2,477 |
Money market funds | Loans and receivables | |
Disclosure of detailed information about financial instruments [line items] | |
Financial assets before initial application of IFRS 9 | 2,477 |
Trade and other receivables | Amortised cost | |
Disclosure of detailed information about financial instruments [line items] | |
Difference in financial assets due to adoption of IFRS 9 | 241 |
Impact on current financial assets due to adoption of IFRS 9 | 220 |
Impact on non-current financial assets due to adoption of IFRS 9 | € 21 |
Basis of preparation - Provisio
Basis of preparation - Provisions for receivables (Details) - EUR (€) € in Millions | Sep. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Changes to loss allowance recognised at 1 April 2018: | |||
Recognition of additional allowance on trade and other receivables | € 264 | ||
Release of allowance for trade receivables reclassified to fair value through OCI | (23) | ||
IAS 39 | |||
Application of IFRS 9 | |||
Loss allowance | € 1,249 | ||
IFRS 15 | |||
Changes to loss allowance recognised at 1 April 2018: | |||
Loss allowance on contract assets recognised on adoption of new IFRS standard | € 34 | 78 | |
IFRS 9 | |||
Application of IFRS 9 | |||
Loss allowance | € 1,524 | € 1,568 |
Basis of preparation - Impact o
Basis of preparation - Impact of the adoption of IFRS 9 and IFRS 15 (Details) - EUR (€) € / shares in Units, € in Millions | Apr. 01, 2018 | Sep. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Jan. 04, 2018 | Mar. 31, 2016 |
Impact of the adoption of IRFS 9 and IFRS 15 | |||||||
Equity | € 70,943 | € 63,445 | € 68,607 | € 73,719 | € 2,464 | € 85,136 | |
Non-current assets | |||||||
Goodwill | 26,734 | 23,353 | 26,734 | ||||
Other intangible assets | 16,523 | 17,652 | 16,523 | ||||
Plant, property and equipment | 28,325 | 27,432 | 28,325 | ||||
Investments in associates and joint ventures | 2,765 | 3,952 | 2,538 | ||||
Other investments | 3,192 | 870 | 3,204 | ||||
Deferred tax assets | 25,551 | 24,753 | 26,200 | ||||
Post employment benefits | 110 | 94 | 110 | ||||
Trade and other receivables | 4,856 | 5,170 | 4,026 | ||||
Contract assets | 843 | 531 | 350 | ||||
Trade receivables | 421 | 376 | 435 | ||||
Deferred acquisition costs | 340 | 366 | |||||
Fulfilment costs | 11 | 9 | |||||
Total non-current assets | 108,056 | 103,276 | 107,660 | ||||
Current assets | |||||||
Inventory | 620 | 714 | 581 | ||||
Taxation recoverable | 106 | 264 | 106 | ||||
Trade and other receivables | 12,104 | 12,190 | 9,975 | ||||
Contract assets | 3,402 | 3,671 | 2,257 | ||||
Trade receivables | 4,811 | 4,701 | 4,967 | ||||
Deferred acquisition costs | 1,097 | 1,067 | |||||
Fulfilment costs | 43 | 65 | |||||
Other investments | 8,795 | 13,012 | 8,795 | ||||
Cash and cash equivalents | 4,674 | 13,637 | 4,674 | ||||
Total current assets | 26,299 | 39,817 | 24,131 | ||||
Assets held for sale | 13,820 | 13,820 | |||||
Total assets | 148,175 | 142,862 | 145,611 | ||||
Equity | |||||||
Called up share capital | 4,796 | 4,796 | 4,796 | ||||
Additional paid-in capital | 150,197 | 152,503 | 150,197 | ||||
Treasury shares | (8,463) | (7,875) | (8,463) | ||||
Accumulated losses | (104,462) | (116,725) | (106,695) | ||||
Accumulated other comprehensive income | 27,832 | 29,519 | 27,805 | ||||
Total attributable to owners of the parent | 69,900 | 62,218 | 67,640 | ||||
Non-controlling interests | 1,043 | 1,227 | 967 | ||||
Total non-controlling interests | 1,043 | 1,227 | 967 | ||||
Total equity | 70,943 | 63,445 | 68,607 | 73,719 | € 2,464 | € 85,136 | |
Non-current liabilities | |||||||
Long-term borrowings | 32,908 | 48,685 | 32,908 | ||||
Deferred tax liabilities | 785 | 478 | 644 | ||||
Post employment benefits | 520 | 551 | 520 | ||||
Provisions | 1,065 | 1,242 | 1,065 | ||||
Trade and other payables | 2,853 | 2,938 | 2,843 | ||||
Contract liabilities | 247 | 574 | 237 | ||||
Total non-current liabilities | 38,131 | 53,894 | 37,980 | ||||
Current liabilities | |||||||
Short-term borrowings | 8,513 | 4,270 | 8,513 | ||||
Financial liabilities under put option arrangements | 1,838 | 1,844 | 1,838 | ||||
Taxation liabilities | 541 | 596 | 541 | ||||
Provisions | 891 | 1,160 | 891 | ||||
Trade and other payables | 16,319 | 17,653 | 16,242 | ||||
Contract liabilities | 1,716 | 1,818 | 1,678 | ||||
Other payables | 1,385 | 1,410 | 1,346 | ||||
Total current liabilities | 28,102 | 25,523 | 28,025 | ||||
Liabilities held for sale | 10,999 | 10,999 | |||||
Total equity and liabilities | 148,175 | 142,862 | 145,611 | ||||
Consolidated income statement | |||||||
Revenue | 43,666 | 46,571 | 47,631 | ||||
Cost of sales | (30,160) | (32,771) | (34,576) | ||||
Gross profit | 13,506 | 13,800 | 13,055 | ||||
Selling and distribution expenses | (3,891) | (4,011) | (4,349) | ||||
Administrative expenses | (5,410) | (5,116) | (5,491) | ||||
Share of results of equity accounted associates and joint ventures | (908) | (59) | 47 | ||||
Impairment losses | (3,525) | ||||||
Other (expense)/income | (148) | 213 | 1,052 | ||||
Operating (loss)/profit | (951) | 4,299 | 3,725 | ||||
Non-operating income and expense | (7) | (32) | (1) | ||||
Investment income | 433 | 685 | 474 | ||||
Finance costs | (2,088) | (1,074) | (1,406) | ||||
(Loss)/profit before taxation | (2,613) | 3,878 | 2,792 | ||||
Income tax (expense)/credit | (1,496) | 879 | (4,764) | ||||
(Loss)/profit for the financial year from continuing operations | (4,109) | 4,757 | (1,972) | ||||
Loss for the financial year from discontinued operations | (3,535) | (1,969) | (4,107) | ||||
(Loss)/profit for the financial year | (7,644) | 2,788 | (6,079) | ||||
Attributable to: | |||||||
Owners of the parent | (8,020) | 2,439 | (6,297) | ||||
Non-controlling interests | 376 | 349 | 218 | ||||
(Loss)/profit for the financial year | € (7,644) | € 2,788 | € (6,079) | ||||
Earnings/(loss) per share | |||||||
Basic - From continuing operations (in eurocents per share) | € (0.1625) | € 0.1587 | € (0.0783) | ||||
Diluted - From continuing operations (in eurocents per share) | (0.1625) | 0.1582 | (0.0783) | ||||
Basic - Total Group (in eurocents per share) | (0.2905) | 0.0878 | (0.2251) | ||||
Diluted - Total Group (in eurocents per share) | € (0.2905) | € 0.0876 | € (0.2251) | ||||
Impact of adoption of IFRS 9 | |||||||
Impact of the adoption of IRFS 9 and IFRS 15 | |||||||
Equity | (202) | ||||||
Non-current assets | |||||||
Other investments | (12) | ||||||
Deferred tax assets | 50 | ||||||
Trade and other receivables | (21) | ||||||
Contract assets | (7) | ||||||
Trade receivables | (14) | ||||||
Total non-current assets | 17 | ||||||
Current assets | |||||||
Trade and other receivables | (220) | ||||||
Contract assets | (64) | ||||||
Trade receivables | (156) | ||||||
Total current assets | (220) | ||||||
Total assets | (203) | ||||||
Equity | |||||||
Accumulated losses | (224) | ||||||
Accumulated other comprehensive income | 27 | ||||||
Total attributable to owners of the parent | (197) | ||||||
Non-controlling interests | (5) | ||||||
Total non-controlling interests | (5) | ||||||
Total equity | (202) | ||||||
Non-current liabilities | |||||||
Deferred tax liabilities (adjustment) | (1) | ||||||
Total non-current liabilities | (1) | ||||||
Current liabilities | |||||||
Total equity and liabilities | (203) | ||||||
Impact of adoption of IFRS 15 | |||||||
Impact of the adoption of IRFS 9 and IFRS 15 | |||||||
Contract assets | € (6) | ||||||
Contract liabilities | (100) | ||||||
Increase in net deferred tax liabilities | € 20 | ||||||
Increase in equity | 74 | ||||||
Equity | 2,538 | € (1,927) | |||||
Non-current assets | |||||||
Goodwill | 409 | ||||||
Investments in associates and joint ventures | 227 | (156) | |||||
Deferred tax assets | 652 | ||||||
Deferred tax assets (adjustment) | (699) | ||||||
Trade and other receivables | 851 | (555) | |||||
Contract assets | 500 | (180) | |||||
Deferred acquisition costs | 340 | (366) | |||||
Fulfilment costs | 11 | (9) | |||||
Total non-current assets | 379 | ||||||
Current assets | |||||||
Inventory | 39 | (48) | |||||
Trade and other receivables | 2,349 | (2,379) | |||||
Contract assets | 1,209 | (1,247) | |||||
Deferred acquisition costs | 1,097 | (1,067) | |||||
Fulfilment costs | 43 | (65) | |||||
Total current assets | 2,388 | ||||||
Assets held for sale | (15) | ||||||
Total assets | 2,767 | (2,092) | |||||
Equity | |||||||
Accumulated losses | 2,457 | (1,878) | |||||
Accumulated other comprehensive income | 27 | ||||||
Total attributable to owners of the parent | 2,457 | (1,851) | |||||
Non-controlling interests | 81 | (76) | |||||
Total non-controlling interests | 81 | (76) | |||||
Total equity | 2,538 | (1,927) | |||||
Non-current liabilities | |||||||
Deferred tax liabilities | 142 | ||||||
Deferred tax liabilities (adjustment) | (71) | ||||||
Trade and other payables | 10 | (2) | |||||
Contract liabilities | 10 | (2) | |||||
Total non-current liabilities | 152 | ||||||
Current liabilities | |||||||
Trade and other payables | 77 | (92) | |||||
Contract liabilities | 38 | (43) | |||||
Other payables | 39 | ||||||
Total current liabilities | 77 | ||||||
Total equity and liabilities | € 2,767 | (2,092) | |||||
Consolidated income statement | |||||||
Impairment losses | € (406) |
Revenue disaggregation and se_3
Revenue disaggregation and segmental analysis - Revenue disaggregation (IFRS 15 basis) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | € 42,110 | ||
Other revenue | 1,408 | ||
Interest revenue | 148 | ||
Total revenue | 43,666 | € 46,571 | € 47,631 |
Europe | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 31,607 | ||
Other revenue | 405 | ||
Interest revenue | 132 | ||
Total revenue | 32,144 | ||
Germany | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 10,222 | ||
Other revenue | 139 | ||
Interest revenue | 29 | ||
Total revenue | 10,390 | ||
Italy | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 5,752 | ||
Other revenue | 97 | ||
Interest revenue | 8 | ||
Total revenue | 5,857 | ||
UK | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 6,159 | ||
Other revenue | 56 | ||
Interest revenue | 57 | ||
Total revenue | 6,272 | ||
Spain | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 4,595 | ||
Other revenue | 58 | ||
Interest revenue | 16 | ||
Total revenue | 4,669 | ||
Other Europe | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 4,989 | ||
Other revenue | 61 | ||
Interest revenue | 22 | ||
Total revenue | 5,072 | ||
Eliminations | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | (110) | ||
Other revenue | (6) | ||
Total revenue | (116) | ||
Rest of the World | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 10,091 | ||
Other revenue | 200 | ||
Interest revenue | 16 | ||
Total revenue | 10,307 | ||
Vodacom | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 5,264 | ||
Other revenue | 171 | ||
Interest revenue | 8 | ||
Total revenue | 5,443 | ||
Other Markets | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 4,827 | ||
Other revenue | 29 | ||
Interest revenue | 8 | ||
Total revenue | 4,864 | ||
Common Functions | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 514 | ||
Other revenue | 1,003 | ||
Total revenue | 1,517 | ||
Inter-region revenue | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | (102) | ||
Other revenue | (200) | ||
Total revenue | (302) | ||
Performance obligations | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 18,447 | ||
Performance obligations | Within one year | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 12,566 | ||
Service revenue | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 36,458 | ||
Service revenue | Europe | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 27,680 | ||
Service revenue | Germany | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 9,145 | ||
Service revenue | Italy | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 5,030 | ||
Service revenue | UK | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 4,952 | ||
Service revenue | Spain | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 4,203 | ||
Service revenue | Other Europe | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 4,460 | ||
Service revenue | Eliminations | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | (110) | ||
Service revenue | Rest of the World | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 8,402 | ||
Service revenue | Vodacom | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 4,391 | ||
Service revenue | Other Markets | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 4,011 | ||
Service revenue | Common Functions | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 477 | ||
Service revenue | Inter-region revenue | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | (101) | ||
Equipment revenue | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 5,652 | ||
Equipment revenue | Europe | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 3,927 | ||
Equipment revenue | Germany | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 1,077 | ||
Equipment revenue | Italy | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 722 | ||
Equipment revenue | UK | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 1,207 | ||
Equipment revenue | Spain | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 392 | ||
Equipment revenue | Other Europe | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 529 | ||
Equipment revenue | Rest of the World | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 1,689 | ||
Equipment revenue | Vodacom | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 873 | ||
Equipment revenue | Other Markets | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 816 | ||
Equipment revenue | Common Functions | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | 37 | ||
Equipment revenue | Inter-region revenue | |||
Revenue disaggregation (IFRS 15 basis) | |||
Revenue from contracts with customers | € (1) |
Revenue disaggregation and se_4
Revenue disaggregation and segmental analysis - Segmental revenue and profit (IAS 18 basis) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Segmental revenue and profit | |||
Revenue | € 43,666 | € 46,571 | € 47,631 |
Adjusted EBITDA | 14,737 | 14,149 | |
Revenue from sale of goods | 5,524 | 4,718 | 4,029 |
Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 46,918 | 47,890 | |
Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (160) | (177) | |
Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 46,758 | 47,713 | |
Inter-region revenue | |||
Segmental revenue and profit | |||
Revenue | (302) | ||
Inter/Intra regional revenue | (187) | (82) | |
Group revenue | |||
Segmental revenue and profit | |||
Revenue | 43,666 | 46,571 | 47,631 |
IAS 18 basis | |||
Segmental revenue and profit | |||
Adjusted EBITDA | 14,139 | ||
IAS 18 basis | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 45,484 | ||
IAS 18 basis | Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (116) | ||
IAS 18 basis | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 45,368 | ||
IAS 18 basis | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (302) | ||
IAS 18 basis | Group revenue | |||
Segmental revenue and profit | |||
Revenue | 45,066 | ||
Impact of adoption of IFRS 15 | Group revenue | |||
Segmental revenue and profit | |||
Revenue | (1,400) | ||
Europe | |||
Segmental revenue and profit | |||
Revenue | 32,144 | ||
Adjusted EBITDA | 10,521 | 11,036 | 10,283 |
Europe | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 33,442 | 34,048 | 34,727 |
Europe | Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (116) | (160) | (177) |
Europe | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 33,326 | 33,888 | 34,550 |
Europe | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (87) | (40) | (34) |
Europe | Group revenue | |||
Segmental revenue and profit | |||
Revenue | 33,239 | 33,848 | 34,516 |
Germany | |||
Segmental revenue and profit | |||
Revenue | 10,390 | ||
Adjusted EBITDA | 4,098 | 4,010 | 3,617 |
Germany | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 10,952 | 10,847 | 10,600 |
Germany | Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (24) | (29) | (32) |
Germany | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 10,928 | 10,818 | 10,568 |
Germany | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (26) | (18) | (21) |
Germany | Group revenue | |||
Segmental revenue and profit | |||
Revenue | 10,902 | 10,800 | 10,547 |
Italy | |||
Segmental revenue and profit | |||
Revenue | 5,857 | ||
Adjusted EBITDA | 2,189 | 2,329 | 2,229 |
Italy | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 5,882 | 6,204 | 6,101 |
Italy | Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (18) | (30) | (30) |
Italy | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 5,864 | 6,174 | 6,071 |
Italy | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (9) | (3) | (1) |
Italy | Group revenue | |||
Segmental revenue and profit | |||
Revenue | 5,855 | 6,171 | 6,070 |
UK | |||
Segmental revenue and profit | |||
Revenue | 6,272 | ||
Adjusted EBITDA | 1,527 | 1,762 | 1,212 |
UK | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 6,799 | 7,078 | 6,925 |
UK | Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (16) | (21) | (23) |
UK | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 6,783 | 7,057 | 6,902 |
UK | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (20) | (7) | (6) |
UK | Group revenue | |||
Segmental revenue and profit | |||
Revenue | 6,763 | 7,050 | 6,896 |
Spain | |||
Segmental revenue and profit | |||
Revenue | 4,669 | ||
Adjusted EBITDA | 1,079 | 1,420 | 1,360 |
Spain | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 4,688 | 4,978 | 4,973 |
Spain | Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (24) | (35) | (37) |
Spain | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 4,664 | 4,943 | 4,936 |
Spain | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (4) | (2) | (1) |
Spain | Group revenue | |||
Segmental revenue and profit | |||
Revenue | 4,660 | 4,941 | 4,935 |
Other Europe | |||
Segmental revenue and profit | |||
Revenue | 5,072 | ||
Adjusted EBITDA | 1,628 | 1,515 | 1,865 |
Other Europe | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 5,121 | 4,941 | 6,128 |
Other Europe | Intra-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (34) | (45) | (55) |
Other Europe | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 5,087 | 4,896 | 6,073 |
Other Europe | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (28) | (10) | (5) |
Other Europe | Group revenue | |||
Segmental revenue and profit | |||
Revenue | 5,059 | 4,886 | 6,068 |
Rest of the World | |||
Segmental revenue and profit | |||
Revenue | 10,307 | ||
Adjusted EBITDA | 3,550 | 3,757 | 3,854 |
Rest of the World | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 10,524 | 11,462 | 11,773 |
Rest of the World | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 10,524 | 11,462 | 11,773 |
Rest of the World | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (21) | (32) | (14) |
Rest of the World | Group revenue | |||
Segmental revenue and profit | |||
Revenue | 10,503 | 11,430 | 11,759 |
Vodacom | |||
Segmental revenue and profit | |||
Revenue | 5,443 | ||
Adjusted EBITDA | 2,155 | 2,203 | 2,063 |
Vodacom | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 5,660 | 5,692 | 5,294 |
Vodacom | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 5,660 | 5,692 | 5,294 |
Vodacom | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (6) | (7) | |
Vodacom | Group revenue | |||
Segmental revenue and profit | |||
Revenue | 5,654 | 5,685 | 5,294 |
Other Markets | |||
Segmental revenue and profit | |||
Revenue | 4,864 | ||
Adjusted EBITDA | 1,395 | 1,554 | 1,791 |
Other Markets | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 4,864 | 5,770 | 6,479 |
Other Markets | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 4,864 | 5,770 | 6,479 |
Other Markets | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (15) | (25) | (14) |
Other Markets | Group revenue | |||
Segmental revenue and profit | |||
Revenue | 4,849 | 5,745 | 6,465 |
Common Functions | |||
Segmental revenue and profit | |||
Revenue | 1,517 | ||
Adjusted EBITDA | 68 | (56) | 12 |
Common Functions | Segment revenue | |||
Segmental revenue and profit | |||
Revenue | 1,518 | 1,408 | 1,390 |
Common Functions | Regional revenue | |||
Segmental revenue and profit | |||
Revenue | 1,518 | 1,408 | 1,390 |
Common Functions | Inter-region revenue | |||
Segmental revenue and profit | |||
Inter/Intra regional revenue | (194) | (115) | (34) |
Common Functions | Group revenue | |||
Segmental revenue and profit | |||
Revenue | 1,324 | 1,293 | 1,356 |
Group (IAS 18 basis) | |||
Segmental revenue and profit | |||
Adjusted EBITDA | € 14,139 | € 14,737 | € 14,149 |
Revenue disaggregation and se_5
Revenue disaggregation and segmental analysis - Reconciliation of adjusted EBITDA to operating profit (IAS 18 basis) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Segmental revenue and profit | |||
Adjusted EBITDA | € 14,737 | € 14,149 | |
Impairment losses | € (3,525) | ||
Other (expense)/income | (148) | 213 | 1,052 |
Operating (loss)/profit | (951) | 4,299 | 3,725 |
Amortisation of acquired customer based and brand intangible assets, restructuring costs and other costs not adjusted in share of results of equity accounted associates and joint ventures | 600 | 400 | 100 |
Group (IAS 18 basis) | |||
Segmental revenue and profit | |||
Adjusted EBITDA | 14,139 | 14,737 | 14,149 |
Depreciation, amortisation and loss on disposal of fixed assets | (9,665) | (9,910) | (10,179) |
Share of results of equity accounted associates and joint ventures, net amortisation | (291) | 389 | 164 |
Adjusted operating profit | 4,183 | 5,216 | 4,134 |
Impairment losses | (3,119) | ||
Restructuring costs | (156) | (415) | |
Amortisation of acquired customer based and brand intangible assets | (974) | (1,046) | |
Other (expense)/income | 213 | 1,052 | |
Operating (loss)/profit | € 4,299 | € 3,725 | |
Group (IFRS 15 basis) | |||
Segmental revenue and profit | |||
Operating (loss)/profit | (951) | ||
IAS 18 basis | |||
Segmental revenue and profit | |||
Adjusted EBITDA | 14,139 | ||
Impairment losses | (3,119) | ||
IAS 18 basis | Group (IAS 18 basis) | |||
Segmental revenue and profit | |||
Restructuring costs | (486) | ||
Amortisation of acquired customer based and brand intangible assets | (583) | ||
Other (expense)/income | (262) | ||
Operating (loss)/profit | (267) | ||
Impact of adoption of IFRS 15 | |||
Segmental revenue and profit | |||
Impairment losses | (406) | ||
Impact of adoption of IFRS 15 | Impact of adoption of IFRS 15 | |||
Segmental revenue and profit | |||
Operating (loss)/profit | € (684) |
Revenue disaggregation and se_6
Revenue disaggregation and segmental analysis - Segmental assets and cash flow (IAS 18 basis) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Segmental assets and cash flow | |||
Non-current assets | € 68,437 | € 71,582 | € 76,424 |
Capital expenditure | 7,227 | 7,321 | 7,484 |
Other expenditure on intangible assets | 3,012 | 747 | 359 |
Depreciation and amortisation | 9,795 | 10,409 | 11,086 |
Impairment losses | (3,525) | ||
Operating free cash flow | 7,071 | 7,001 | 5,627 |
Europe | |||
Segmental assets and cash flow | |||
Non-current assets | 57,905 | 60,158 | 62,670 |
Capital expenditure | 4,992 | 4,932 | 5,038 |
Other expenditure on intangible assets | 2,887 | 746 | 40 |
Depreciation and amortisation | 8,357 | 8,637 | 9,157 |
Impairment losses | (2,834) | ||
Operating free cash flow | 5,970 | 5,578 | 3,930 |
Germany | |||
Segmental assets and cash flow | |||
Non-current assets | 24,529 | 25,444 | 26,694 |
Capital expenditure | 1,816 | 1,673 | 1,671 |
Other expenditure on intangible assets | 2 | 24 | |
Depreciation and amortisation | 3,017 | 3,095 | 3,320 |
Operating free cash flow | 2,425 | 2,147 | 1,749 |
Italy | |||
Segmental assets and cash flow | |||
Non-current assets | 11,031 | 9,232 | 9,157 |
Capital expenditure | 784 | 797 | 793 |
Other expenditure on intangible assets | 2,219 | 629 | 2 |
Depreciation and amortisation | 1,337 | 1,479 | 1,603 |
Operating free cash flow | 1,552 | 1,607 | 1,161 |
UK | |||
Segmental assets and cash flow | |||
Non-current assets | 7,405 | 7,465 | 8,210 |
Capital expenditure | 804 | 889 | 950 |
Other expenditure on intangible assets | 408 | ||
Depreciation and amortisation | 1,612 | 1,600 | 1,768 |
Operating free cash flow | 689 | 408 | 57 |
Spain | |||
Segmental assets and cash flow | |||
Non-current assets | 7,730 | 10,576 | 11,035 |
Capital expenditure | 813 | 863 | 746 |
Other expenditure on intangible assets | 216 | ||
Depreciation and amortisation | 1,318 | 1,371 | 1,378 |
Impairment losses | (2,638) | ||
Operating free cash flow | 443 | 628 | 344 |
Other Europe | |||
Segmental assets and cash flow | |||
Non-current assets | 7,210 | 7,441 | 7,574 |
Capital expenditure | 775 | 710 | 878 |
Other expenditure on intangible assets | 42 | 93 | 38 |
Depreciation and amortisation | 1,073 | 1,092 | 1,088 |
Impairment losses | (196) | ||
Operating free cash flow | 861 | 788 | 619 |
Rest of World | |||
Segmental assets and cash flow | |||
Non-current assets | 8,932 | 9,448 | 11,817 |
Capital expenditure | 1,436 | 1,492 | 1,531 |
Other expenditure on intangible assets | 125 | 1 | 319 |
Depreciation and amortisation | 1,431 | 1,699 | 1,891 |
Impairment losses | (255) | ||
Operating free cash flow | 2,148 | 2,178 | 2,294 |
Vodacom | |||
Segmental assets and cash flow | |||
Non-current assets | 5,503 | 5,841 | 6,039 |
Capital expenditure | 810 | 763 | 736 |
Other expenditure on intangible assets | 91 | 1 | 2 |
Depreciation and amortisation | 758 | 776 | 738 |
Operating free cash flow | 1,379 | 1,453 | 1,347 |
Other Markets | |||
Segmental assets and cash flow | |||
Non-current assets | 3,429 | 3,607 | 5,778 |
Capital expenditure | 626 | 729 | 795 |
Other expenditure on intangible assets | 34 | 317 | |
Depreciation and amortisation | 673 | 923 | 1,153 |
Impairment losses | (255) | ||
Operating free cash flow | 769 | 725 | 947 |
Common Functions | |||
Segmental assets and cash flow | |||
Non-current assets | 2,009 | 1,976 | 1,937 |
Capital expenditure | 799 | 897 | 915 |
Depreciation and amortisation | 7 | 73 | 38 |
Impairment losses | (30) | ||
Operating free cash flow | (1,047) | € (755) | € (597) |
Group (IAS 18 basis) | |||
Segmental assets and cash flow | |||
Impairment losses | (3,119) | ||
IAS 18 basis | |||
Segmental assets and cash flow | |||
Non-current assets | 68,846 | ||
Capital expenditure | 7,227 | ||
Other expenditure on intangible assets | 3,012 | ||
Depreciation and amortisation | 9,795 | ||
Impairment losses | (3,119) | ||
Operating free cash flow | 7,071 | ||
Impact of adoption of IFRS 15 | |||
Segmental assets and cash flow | |||
Non-current assets | (409) | ||
Impairment losses | € (406) |
Operating (loss)_profit (Detail
Operating (loss)/profit (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Operating (loss)/profit | |||
Net foreign exchange losses/(gains) | € 2,277 | € (476) | € 231 |
Depreciation of property, plant and equipment (note 11): | |||
Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) | 3,525 | ||
Staff costs (note 23) | 5,267 | 5,076 | 5,519 |
VodafoneZiggo Group Holding B.V. | |||
Operating (loss)/profit | |||
Net foreign exchange losses/(gains) | 1 | (65) | 133 |
Depreciation of property, plant and equipment (note 11): | |||
Owned assets | 5,795 | 5,963 | 6,253 |
Leased assets | 59 | 47 | 12 |
Amortisation of intangible assets (note 10) | 3,941 | 4,399 | 4,821 |
Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) | 3,525 | ||
Staff costs (note 23) | 5,267 | 5,295 | 5,519 |
Amounts related to inventory included in cost of sales | 5,886 | 6,045 | 6,464 |
Operating lease rentals payable | 3,826 | 3,788 | 3,976 |
Loss on disposal of property, plant and equipment and intangible assets | 33 | 36 | 22 |
Own costs capitalised attributable to the construction or acquisition of property, plant and equipment | € (844) | (829) | (800) |
Net gain on formation of VodafoneZiggo (note 26) | (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, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Remuneration of Group's auditor | |||
Audit fees: | € 17 | € 21 | € 16 |
Audit-related fees | 2 | 5 | 4 |
Non-audit fees: | 2 | 5 | 4 |
Total fees | 19 | 26 | 20 |
Parent company | |||
Remuneration of Group's auditor | |||
Audit fees: | 2 | 2 | 2 |
Subsidiaries | |||
Remuneration of Group's auditor | |||
Audit fees: | 14 | 14 | 13 |
Subsidiaries | New accounting standards | |||
Remuneration of Group's auditor | |||
Audit fees: | € 1 | € 5 | € 1 |
Impairment losses (Details)
Impairment losses (Details) - EUR (€) € in Millions | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Impairment losses | ||||
Impairment losses | € 3,525 | |||
Net foreign exchange gain (loss) | € (2,277) | € 476 | € (231) | |
Tax credit relating to impairment | 925 | 840 | ||
Goodwill. | ||||
Impairment losses | ||||
Management plans period (in years) | 5 years | |||
Vodafone India (excluding interest in Indus Towers) | ||||
Impairment losses | ||||
net gain on disposal | € (3,420) | |||
Loss on disposal | 1,276 | |||
Net foreign exchange gain (loss) | 2,079 | |||
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 | |||
Vodafone Idea | ||||
Impairment losses | ||||
Impairment losses | € 300 | |||
Spain | ||||
Impairment losses | ||||
Impairment losses | 2,930 | |||
Romania | ||||
Impairment losses | ||||
Impairment losses | 310 | |||
Vodafone Idea | ||||
Impairment losses | ||||
Impairment losses | 255 | |||
Other | ||||
Impairment losses | ||||
Impairment losses | € 30 |
Impairment losses - Goodwill (D
Impairment losses - Goodwill (Details) - EUR (€) € in Millions | Mar. 31, 2019 | Apr. 01, 2018 | Mar. 31, 2018 |
Impairment losses | |||
Goodwill | € 23,353 | € 26,734 | € 26,734 |
Europe | |||
Impairment losses | |||
Goodwill | 16,133 | 16,133 | |
Germany | |||
Impairment losses | |||
Goodwill | 12,479 | 12,479 | |
Italy | |||
Impairment losses | |||
Goodwill | 3,654 | 3,654 | |
AMAP | |||
Impairment losses | |||
Goodwill | € 7,220 | € 10,601 |
Impairment losses - Vodafone Id
Impairment losses - Vodafone Idea (Details) ₨ / shares in Units, € in Millions, ₨ in Billions, shares in Billions | May 13, 2019EUR (€) | Sep. 30, 2018EUR (€) | Mar. 31, 2019EUR (€) | Mar. 31, 2019INR (₨)₨ / sharesshares | Mar. 31, 2019EUR (€)shares | Mar. 29, 2019₨ / shares | Sep. 30, 2018INR (₨)₨ / shares | Sep. 30, 2018EUR (€) |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||||||
Impairment losses | € 3,525 | |||||||
Vodafone Idea | ||||||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||||||
Impairment losses | € 300 | |||||||
Recoverable amount | ₨ 123 | € 1,600 | ₨ 152 | € 1,800 | ||||
Share price | ₨ / shares | ₨ 38.55 | |||||||
Ex-rights price per share | ₨ / shares | ₨ 18.25 | |||||||
Number of new shares intended to subscribe | shares | 8.8 | 8.8 | ||||||
Rights issue price per share | ₨ / shares | ₨ 12.50 | |||||||
Recoverable amount higher than carrying value of investment | € 200 | |||||||
Proportion of ownership interest in joint venture | 45.20% | 45.20% | ||||||
Decrease to the recoverable amount calculated on 31 March 2019 | € 600 | |||||||
Spain | ||||||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||||||
Impairment losses | € 2,930 | |||||||
Recoverable amount | 7,100 | |||||||
Romania | ||||||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||||||
Impairment losses | 310 | |||||||
Recoverable amount | 700 | |||||||
Vodafone Idea | ||||||||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | ||||||||
Impairment losses | € 255 | |||||||
Recoverable amount | € 1,600 |
Impairment losses - Key assumpt
Impairment losses - Key assumptions used in value in use calculations (Details) € in Millions, ₨ in Billions | 12 Months Ended | ||||
Mar. 31, 2019EUR (€) | Mar. 31, 2018EUR (€) | Mar. 31, 2017EUR (€) | 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 | ||||
Vodafone India (excluding interest in Indus Towers) | |||||
Change required for carrying value to equal recoverable amount | |||||
Fair value less costs of disposal excluding net debt | ₨ 971 | € 14,000 | |||
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 | ||||
Germany | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | € 7,400 | € 7,700 | € 3,500 | ||
Assumptions used in value in use calculation | |||||
Pre-tax adjusted discount rate (as a percent) | 8.30% | 8.30% | 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) | 2.90% | 3.70% | 3.00% | 3.00% | |
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 2.10% | 2.00% | 0.90% | ||
Long-term growth rate (as a percent) | (2.20%) | (2.30%) | (1.00%) | ||
Projected adjusted EBITDA (as a percent) | (4.90%) | (3.30%) | (1.60%) | ||
Projected capital expenditure (as a percent) | 15.40% | 16.30% | 7.60% | ||
Germany | Minimum | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | 16.90% | 16.60% | 14.90% | 14.90% | |
Germany | Maximum | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | 19.90% | 18.80% | 16.50% | 16.50% | |
Italy | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | € 2,700 | ||||
Assumptions used in value in use calculation | |||||
Pre-tax adjusted discount rate (as a percent) | 9.30% | 10.40% | 10.30% | 10.30% | |
Long-term growth rate (as a percent) | 0.50% | 1.00% | 1.00% | 1.00% | |
Projected adjusted EBITDA (as a percent) | 9.20% | (2.60%) | (0.80%) | (0.80%) | |
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 2.50% | ||||
Long-term growth rate (as a percent) | (2.90%) | ||||
Projected adjusted EBITDA (as a percent) | (4.60%) | ||||
Projected capital expenditure (as a percent) | 11.20% | ||||
Italy | Minimum | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | 12.20% | 12.10% | 12.70% | 12.70% | |
Italy | Maximum | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | 12.50% | 13.30% | (14.20%) | (14.20%) | |
Italy | Decrease by 2pps | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | € 1,500 | ||||
Italy | Base Case | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | 2,700 | ||||
Italy | Increase by 2pps | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | 4,100 | ||||
Spain | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | € 500 | € 300 | € 1,000 | ||
Assumptions used in value in use calculation | |||||
Pre-tax adjusted discount rate (as a percent) | 10.50% | 9.70% | 9.70% | 9.70% | |
Long-term growth rate (as a percent) | 1.00% | 1.50% | 1.50% | 1.50% | |
Projected adjusted EBITDA (as a percent) | (0.10%) | 5.90% | 7.90% | 7.90% | |
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 0.50% | 0.20% | 0.60% | ||
Long-term growth rate (as a percent) | (0.70%) | (0.20%) | (0.70%) | ||
Projected adjusted EBITDA (as a percent) | (1.30%) | (0.30%) | (1.10%) | ||
Projected capital expenditure (as a percent) | 2.70% | 1.40% | 4.40% | ||
Spain | Minimum | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | 17.10% | 16.80% | 14.30% | 14.30% | |
Spain | Maximum | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | 18.40% | 17.40% | 15.80% | 15.80% | |
Spain | Decrease by 2pps | |||||
Change required for carrying value to equal recoverable amount | |||||
Recoverable amount less carrying amount | € 300 | ||||
Spain | Base Case | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | 500 | ||||
Spain | Increase by 2pps | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | 1,400 | ||||
Romania | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | € 100 | € 200 | |||
Assumptions used in value in use calculation | |||||
Pre-tax adjusted discount rate (as a percent) | 11.10% | 9.80% | 9.00% | 9.00% | |
Long-term growth rate (as a percent) | 1.00% | 1.50% | 1.00% | 1.00% | |
Projected adjusted EBITDA (as a percent) | 3.80% | 2.60% | 0.10% | 0.10% | |
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 1.20% | 0.10% | 1.50% | ||
Long-term growth rate (as a percent) | (1.50%) | (0.10%) | (1.70%) | ||
Projected adjusted EBITDA (as a percent) | (2.00%) | (0.10%) | (1.90%) | ||
Projected capital expenditure (as a percent) | 3.30% | 0.40% | 7.10% | ||
Romania | Minimum | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | 12.10% | 11.90% | 12.60% | 12.60% | |
Romania | Maximum | |||||
Assumptions used in value in use calculation | |||||
Projected capital expenditure (as a percent) | 12.70% | 14.60% | (15.90%) | (15.90%) | |
Romania | Decrease by 2pps | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | € 0 | ||||
Romania | Base Case | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | 100 | ||||
Romania | Increase by 2pps | |||||
Impairment losses | |||||
Recoverable amount that exceeds carrying value | € 200 | ||||
UK | |||||
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 0.70% | 0.50% | 0.50% | ||
Long-term growth rate (as a percent) | (0.90%) | (0.60%) | (0.60%) | ||
Projected adjusted EBITDA (as a percent) | (1.90%) | (0.80%) | (0.80%) | ||
Projected capital expenditure (as a percent) | 3.30% | 3.20% | 3.20% | ||
Ireland | |||||
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 1.20% | 0.60% | 0.80% | ||
Long-term growth rate (as a percent) | (1.40%) | (0.70%) | (0.90%) | ||
Projected adjusted EBITDA (as a percent) | (2.70%) | (1.00%) | (1.20%) | ||
Projected capital expenditure (as a percent) | 8.40% | 4.20% | 4.30% | ||
Portugal | |||||
Change required for carrying value to equal recoverable amount | |||||
Pre-tax risk adjusted discount rate (as a percent) | 0.70% | 1.00% | 0.60% | ||
Long-term growth rate (as a percent) | (0.70%) | (1.10%) | (0.60%) | ||
Projected adjusted EBITDA (as a percent) | (1.40%) | (1.50%) | (0.90%) | ||
Projected capital expenditure (as a percent) | 3.40% | 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% |
Investment income and financi_2
Investment income and financing costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Investment income: | |||
Amortised cost | € 286 | € 339 | € 426 |
Fair value through profit and loss | 147 | 24 | 20 |
Foreign exchange | 322 | 28 | |
Investment income | 433 | 685 | 474 |
Items in hedge relationships: | |||
Other loans | 17 | 74 | 170 |
Interest rate and cross-currency interest rate swaps | (414) | (128) | (235) |
Fair value hedging instrument | (8) | 48 | 22 |
Fair value of hedged item | 10 | (36) | (16) |
Other financial liabilities held at amortised cost: | |||
Bank loans and overdrafts | 336 | 317 | 419 |
Bonds and other liabilities | 1,567 | 885 | 1,243 |
Interest (credit) /charge on settlement of tax issues | (1) | (11) | 47 |
Fair value through profit and loss: | |||
Derivatives - options, forward starting swaps and futures | 391 | (75) | (244) |
Foreign exchange | 190 | ||
Foreign exchange gain (loss) | (2,277) | 476 | (231) |
Financing costs | 2,088 | 1,074 | 1,406 |
Net financing costs | 1,655 | 389 | 932 |
Net foreign exchange loss | € 305 | € 187 | € 272 |
Taxation - Income tax expense (
Taxation - Income tax expense (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Current tax expense/(credit) | |||
Total current tax expense (income) and adjustments for current tax of prior periods | € (1,062) | € (1,018) | € (950) |
Total deferred tax (expense)/income | 434 | (1,897) | 3,814 |
Total income tax expense/(income) | (1,496) | 879 | (4,764) |
Tax on discontinued operations | |||
Tax credit on profit from ordinary activities of discontinued operations | (56) | (617) | (973) |
Tax credit relating to impairment | 925 | 840 | |
Tax charged/(credited) directly to other comprehensive income | |||
Current tax | 3 | 22 | (16) |
Deferred tax | 56 | 70 | 44 |
Total tax charged directly to other comprehensive income | 59 | 92 | 28 |
Tax charged/(credited) directly to equity | |||
Deferred tax | 4 | 9 | (9) |
Total tax (charged)/credited directly to equity | 4 | 9 | (9) |
United Kingdom | |||
Current tax expense/(credit) | |||
Current year | 21 | 70 | 27 |
Adjustments in respect of prior years | (9) | (5) | (3) |
Total current tax expense (income) and adjustments for current tax of prior periods | (12) | (65) | (24) |
Total deferred tax (expense)/income | (232) | 39 | (16) |
Spectrum Payments | 10,300 | ||
Overseas | |||
Current tax expense/(credit) | |||
Current year | 1,098 | 1,055 | 961 |
Adjustments in respect of prior years | (48) | (102) | (35) |
Total current tax expense (income) and adjustments for current tax of prior periods | (1,050) | (953) | (926) |
Total deferred tax (expense)/income | € 666 | € (1,936) | € 3,830 |
Taxation - Factors affecting ta
Taxation - Factors affecting tax expense (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Continuing (loss)/profit before tax as shown in the consolidated income statement | € (2,613) | € 3,878 | € 2,792 |
Aggregated expected income tax (credit)/expense | (457) | 985 | 795 |
Impairment losses with no tax effect | 807 | ||
Disposal of Group investments | 55 | (271) | |
Effect of taxation of associates and joint ventures, reported within profit before tax | 262 | 90 | 23 |
(Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain | 1,186 | (1,583) | 1,603 |
Deferred tax following revaluation of investments in Luxembourg | (488) | (330) | (329) |
Previously unrecognised temporary differences we expect to use in the future | (15) | ||
Previously unrecognised temporary differences utilised in the year | (29) | (11) | |
Current year temporary differences (including losses) that we currently do not expect to use | 78 | 20 | 139 |
Adjustments in respect of prior year tax liabilities | (94) | (244) | (107) |
Revaluation of assets for tax purposes | (39) | ||
Impact of tax credits and irrecoverable taxes | 79 | 93 | 98 |
Deferred tax on overseas earnings | (39) | 24 | 26 |
Effect of current year changes in statutory tax rates on deferred tax balances | (2) | (44) | 2,755 |
Financing costs not deductible for tax purposes | 67 | 23 | 25 |
Expenses not deductible (income not taxable) for tax purposes | 97 | 61 | 72 |
Total income tax (credit)/expense | 1,496 | (879) | 4,764 |
Vodafone Idea | |||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Deferred tax on overseas earnings | € 42 | € (15) | € (95) |
Taxation - Analysis of movement
Taxation - Analysis of movements in net deferred tax (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Analysis of movements in net deferred tax balance | |||
Beginning balance | € 25,556 | ||
Adoption of IFRS 15 and IFRS 9 | 790 | ||
Exchange and other movements | 11 | ||
Charged to the income statement (continuing operations) | (434) | € 1,897 | € (3,814) |
Charged directly to OCI | (56) | ||
Credited directly to equity | (4) | (9) | € 9 |
Arising on acquisition and disposals | (8) | ||
Ending balance | € 24,275 | € 25,556 |
Taxation - Deferred tax assets
Taxation - Deferred tax assets and liabilities (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Apr. 01, 2018 | |
Taxation | ||||
Amount credited/(expensed) in income statement | € (434) | € 1,897 | € (3,814) | |
Gross deferred tax asset | 35,687 | 33,653 | ||
Gross deferred tax liability | (3,026) | (2,153) | ||
Less amounts unrecognised | (8,386) | (5,944) | ||
Net recognised deferred tax (liability)/asset | 24,275 | 25,556 | ||
Deferred tax assets and liabilities | ||||
Deferred tax assets | 24,753 | 26,200 | € 25,551 | |
Deferred tax liabilities | (478) | (644) | € (785) | |
Net deferred tax assets | 24,275 | 25,556 | ||
Accelerated tax depreciation | ||||
Taxation | ||||
Amount credited/(expensed) in income statement | 350 | 103 | ||
Gross deferred tax asset | 1,495 | 1,289 | ||
Gross deferred tax liability | (1,202) | (1,342) | ||
Less amounts unrecognised | 8 | (33) | ||
Net recognised deferred tax (liability)/asset | 301 | (86) | ||
Deferred tax assets and liabilities | ||||
Net deferred tax assets | 301 | (86) | ||
Intangible assets | ||||
Taxation | ||||
Amount credited/(expensed) in income statement | 38 | 225 | ||
Gross deferred tax asset | 406 | 193 | ||
Gross deferred tax liability | (754) | (571) | ||
Less amounts unrecognised | 15 | 16 | ||
Net recognised deferred tax (liability)/asset | (333) | (362) | ||
Deferred tax assets and liabilities | ||||
Net deferred tax assets | (333) | (362) | ||
Tax losses | ||||
Taxation | ||||
Amount credited/(expensed) in income statement | (814) | 1,666 | ||
Gross deferred tax asset | 32,397 | 30,953 | ||
Less amounts unrecognised | (8,175) | (5,904) | ||
Net recognised deferred tax (liability)/asset | 24,222 | 25,049 | ||
Deferred tax assets and liabilities | ||||
Net deferred tax assets | 24,222 | 25,049 | ||
Deferred tax on overseas earnings | ||||
Taxation | ||||
Amount credited/(expensed) in income statement | 104 | (24) | ||
Gross deferred tax liability | (108) | |||
Net recognised deferred tax (liability)/asset | (108) | |||
Deferred tax assets and liabilities | ||||
Net deferred tax assets | (108) | |||
Temporary differences relating to revenue recognition | ||||
Taxation | ||||
Amount credited/(expensed) in income statement | 62 | |||
Gross deferred tax liability | (766) | |||
Net recognised deferred tax (liability)/asset | (766) | |||
Deferred tax assets and liabilities | ||||
Net deferred tax assets | (766) | |||
Other temporary differences | ||||
Taxation | ||||
Amount credited/(expensed) in income statement | (174) | (73) | ||
Gross deferred tax asset | 1,389 | 1,218 | ||
Gross deferred tax liability | (304) | (132) | ||
Less amounts unrecognised | (234) | (23) | ||
Net recognised deferred tax (liability)/asset | 851 | 1,063 | ||
Deferred tax assets and liabilities | ||||
Net deferred tax assets | € 851 | € 1,063 |
Taxation - Unused tax losses an
Taxation - Unused tax losses and tax credits (Details) - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Income Tax Disclosure [Line Items] | ||
Provision for potential tax liability | € 460 | € 521 |
Losses for which a deferred tax asset is recognised | 100,211 | 103,718 |
Losses for which no deferred tax is recognised | 34,429 | 25,689 |
Total unused tax losses or tax credits | 134,640 | 129,407 |
Within 0 to 5 years | ||
Income Tax Disclosure [Line Items] | ||
Losses for which a deferred tax asset is recognised | 207 | 266 |
Losses for which no deferred tax is recognised | 632 | 621 |
Total unused tax losses or tax credits | 839 | 887 |
Beyond 6 years | ||
Income Tax Disclosure [Line Items] | ||
Losses for which a deferred tax asset is recognised | 37 | |
Losses for which no deferred tax is recognised | 7,063 | 3,074 |
Total unused tax losses or tax credits | 7,100 | 3,074 |
Unlimited | ||
Income Tax Disclosure [Line Items] | ||
Losses for which a deferred tax asset is recognised | 99,967 | 103,452 |
Losses for which no deferred tax is recognised | 26,734 | 21,994 |
Total unused tax losses or tax credits | € 126,701 | € 125,446 |
Taxation - Deferred tax asset_2
Taxation - Deferred tax assets on losses (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Apr. 01, 2018 | |
Income tax expense | |||
Deferred tax assets | € 24,753 | € 26,200 | € 25,551 |
Tax losses for which no deferred tax asset recognised | 34,429 | 25,689 | |
Tax losses arising from subsidiaries for offset against future capital gains | 7,678 | 7,544 | |
Unrecognised other temporary differences | 798 | 12 | |
Deferred tax liabilities due to taxation arise if temporary differences on investments realised | 108 | ||
Unremitted earnings of subsidiaries, associates and interests in joint ventures for which no deferred tax liability recognised | 10,425 | 16,049 | |
Luxemberg | |||
Income tax expense | |||
Losses arising from revaluation of investments | 82,372 | 81,740 | |
Deferred tax assets | € 21,425 | 21,261 | |
Corporate tax rate (as a percent) | 24.94% | ||
Decrease in deferred tax asset due to change in tax rate | € 900 | ||
Additional deferred tax assets recognised on revaluation of investments | 488 | 330 | |
Deferred tax assets, higher interest rates | 1,603 | ||
Unused tax losses expired for which no deferred tax asset recognized | 7,063 | 2,587 | |
Tax losses for which no deferred tax asset recognised | 9,132 | 9,132 | |
Germany | |||
Income tax expense | |||
Losses arising from revaluation of investments | 17,417 | 18,034 | |
Deferred tax assets | 2,701 | 2,796 | |
Spain | |||
Income tax expense | |||
Deferred tax assets | 880 | ||
Deferred tax assets derecognised | 1,166 | 20 | |
Tax losses arising from acquisitions | € 3,821 | € 3,521 | |
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) | 6 years | ||
Minimum | Germany | |||
Income tax expense | |||
Utilisation period of tax losses (in years) | 9 years | ||
Percentage of change in forecast income (as a percent) | 5.00% | ||
Minimum | Spain | |||
Income tax expense | |||
Utilisation period of tax losses (in years) | 36 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) | 8 years | ||
Maximum | Germany | |||
Income tax expense | |||
Utilisation period of tax losses (in years) | 11 years | ||
Percentage of change in forecast income (as a percent) | 10.00% | ||
Maximum | Spain | |||
Income tax expense | |||
Utilisation period of tax losses (in years) | 40 years | ||
Change in tax losses utilisation period (in years) | 2 years |
Discontinued operations and a_3
Discontinued operations and assets and liabilities held for sale - Discontinued operations (Details) € / shares in Units, ₨ / shares in Units, € in Millions, ₨ in Billions | Mar. 20, 2017 | Aug. 31, 2018EUR (€) | Mar. 31, 2019EUR (€)€ / shares | Mar. 31, 2018EUR (€)€ / shares | Mar. 31, 2017EUR (€)€ / shares | Apr. 01, 2018EUR (€) | Mar. 31, 2018INR (₨)₨ / shares | Mar. 31, 2018EUR (€) | Jan. 04, 2018EUR (€) | Mar. 31, 2017INR (₨) | Mar. 31, 2017EUR (€) | Mar. 31, 2016EUR (€) |
Income statement and segment analysis of discontinued operations | ||||||||||||
Revenue | € 43,666 | € 46,571 | € 47,631 | |||||||||
(Loss)/profit before taxation | (2,613) | 3,878 | 2,792 | |||||||||
Income tax credit/(charge) | 56 | 617 | 973 | |||||||||
Loss for the financial year from discontinued operations | € (3,535) | € (1,969) | € (4,107) | |||||||||
Loss per share from discontinued operations | ||||||||||||
Basic | € / shares | € (0.1280) | € (0.0709) | € (0.1468) | |||||||||
Diluted | € / shares | € (0.1280) | € (0.0706) | € (0.1468) | |||||||||
Total comprehensive expense for the financial year from discontinued operations | ||||||||||||
Loss for the financial year from discontinued operations | € (3,535) | € (1,969) | € (4,107) | |||||||||
Equity | 63,445 | € 70,943 | € 68,607 | € 2,464 | € 73,719 | € 85,136 | ||||||
Vodafone India (excluding interest in Indus Towers) | ||||||||||||
Discontinued operations and assets and liabilities held for sale | ||||||||||||
Proportion of stake (as a percentage) | 42.00% | |||||||||||
Income statement and segment analysis of discontinued operations | ||||||||||||
Revenue | € 1,561 | 4,648 | 5,827 | |||||||||
Cost of sales | (1,185) | (2,995) | (4,504) | |||||||||
Gross profit | 376 | 1,653 | 1,323 | |||||||||
Selling and distribution expenses | (92) | (237) | (276) | |||||||||
Administrative expenses | (134) | (533) | (703) | |||||||||
Impairment losses (note 4) | (4,515) | |||||||||||
Other income and expense | 416 | |||||||||||
Operating profit/(loss) | 150 | 1,299 | (4,171) | |||||||||
Financing costs | (321) | (715) | (909) | |||||||||
(Loss)/profit before taxation | (171) | 584 | (5,080) | |||||||||
Income tax credit/(charge) | 56 | (308) | 973 | |||||||||
(Loss)/profit after tax of discontinued operations | (115) | 276 | (4,107) | |||||||||
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 on sale of disposal group | € (3,420) | |||||||||||
Loss for the financial year from discontinued operations | € (3,535) | € (1,969) | € (4,107) | |||||||||
Loss per share from discontinued operations | ||||||||||||
Basic | € / shares | € (12.80) | € (7.09) | € (14.68) | |||||||||
Diluted | € / shares | € (12.80) | € (7.06) | € (14.68) | |||||||||
Total comprehensive expense for the financial year from discontinued operations | ||||||||||||
Loss for the financial year from discontinued operations | € (3,535) | € (1,969) | € (4,107) | |||||||||
Equity | ₨ 223 | € 2,800 | ₨ 370 | € 5,300 | ||||||||
Increased fair value per share | ₨ / shares | ₨ 75.9 | |||||||||||
Indus Towers | ||||||||||||
Discontinued operations and assets and liabilities held for sale | ||||||||||||
Proportion of stake (as a percentage) | 12.60% | |||||||||||
Vodafone Hutchison Australia Pty Limited | ||||||||||||
Discontinued operations and assets and liabilities held for sale | ||||||||||||
Proportion of stake (as a percentage) | 24.95% |
Discontinued operations and a_4
Discontinued operations and assets held for sale - Assets held for sale (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2019 | Apr. 01, 2018 | |
Non-current assets | ||||
Other intangible assets | € 16,523 | € 17,652 | € 16,523 | |
Plant, property and equipment | 28,325 | 27,432 | 28,325 | |
Deferred tax assets | 26,200 | 24,753 | 25,551 | |
Trade and other receivables | 4,026 | 5,170 | 4,856 | |
Total non-current assets | 107,660 | 103,276 | 108,056 | |
Current assets | ||||
Taxation recoverable | 106 | 264 | 106 | |
Trade and other receivables | 9,975 | 12,190 | 12,104 | |
Other investments | 8,795 | 13,012 | 8,795 | |
Cash and cash equivalents | 4,674 | 13,637 | 4,674 | |
Total current assets | 24,131 | 39,817 | 26,299 | |
Asset (liability) held for sale | (231) | |||
Total assets held for sale | 13,820 | 13,820 | ||
Non-current liabilities | ||||
Long-term borrowings | (32,908) | (48,685) | (32,908) | |
Post employment benefits | (520) | (551) | (520) | |
Provisions | (1,065) | (1,242) | (1,065) | |
Trade and other payables | (2,843) | (2,938) | (2,853) | |
Total non current liabilities | (37,980) | (53,894) | (38,131) | |
Current liabilities | ||||
Short-term borrowings | (8,513) | (4,270) | (8,513) | |
Provisions | (891) | (1,160) | (891) | |
Trade and other payables | (16,242) | (17,653) | (16,319) | |
Total current liabilities | (28,025) | (25,523) | (28,102) | |
Total liabilities held for sale | (10,999) | € (10,999) | ||
Net debt | 29,631 | 27,033 | ||
Vodafone India (excluding interest in Indus Towers) | ||||
Non-current assets | ||||
Plant, property and equipment | 3,091 | |||
Current assets | ||||
Cash and cash equivalents | 751 | |||
Assets and liabilities classified as held for sale | Vodafone India (excluding interest in Indus Towers) | ||||
Non-current assets | ||||
Other intangible assets | 5,937 | |||
Plant, property and equipment | 2,823 | |||
Investments in associates and joint ventures | (231) | |||
Deferred tax assets | 1,641 | |||
Trade and other receivables | 526 | |||
Noncurrent Assets Liability | (231) | |||
Total non-current assets | 10,927 | |||
Current assets | ||||
Taxation recoverable | 1,219 | |||
Trade and other receivables | 936 | |||
Other investments | 11 | |||
Cash and cash equivalents | 727 | € 467 | ||
Total current assets | 2,893 | |||
Asset (liability) held for sale | (231) | |||
Total assets held for sale | 13,820 | |||
Non-current liabilities | ||||
Long-term borrowings | (6,687) | |||
Post employment benefits | (14) | |||
Provisions | (665) | |||
Trade and other payables | (32) | |||
Total non current liabilities | (7,398) | |||
Current liabilities | ||||
Short-term borrowings | (1,756) | |||
Provisions | (18) | |||
Trade and other payables | (1,827) | |||
Total current liabilities | (3,601) | |||
Total liabilities held for sale | (10,999) | |||
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 | ||
Maximum | ||||
Current liabilities | ||||
Net debt | 34,100 | |||
Minimum | ||||
Current liabilities | ||||
Net debt | € 27,000 |
Earnings per share (Details)
Earnings per share (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Weighted average number of shares for diluted earnings per share | |||
Weighted average number of shares for basic earnings per share (in shares) | 27,607 | 27,770 | 27,971 |
Effect of dilutive potential shares: restricted shares and share options (in shares) | 87 | ||
Weighted average number of shares for diluted earnings per share (in shares) | 27,607 | 27,857 | 27,971 |
(Loss)/earnings for basic and diluted earnings per share | |||
(Loss)/earnings for earnings per share from continuing operations | € (4,485) | € 4,408 | € (2,190) |
(Loss)/earnings for earnings per share from discontinued operations | (3,535) | (1,969) | (4,107) |
(Loss)/earnings for basic and diluted earnings per share | € (8,020) | € 2,439 | € (6,297) |
Basic (loss)/earnings per share | |||
Basic (loss)/earnings per share from continuing operations | € (0.1625) | € 0.1587 | € (0.0783) |
Loss) per share from discontinued operations | (0.1280) | (0.0709) | (0.1468) |
Basic (loss)/earnings per share (in eurocents per share) | (0.2905) | 0.0878 | (0.2251) |
Diluted (loss)/earnings per share | |||
Diluted (loss)/earnings per share from continuing operations | (0.1625) | 0.1582 | (0.0783) |
Diluted loss per share from discontinued operations | (0.1280) | (0.0706) | (0.1468) |
Diluted (loss)/earnings per share (in eurocents per share) | € (0.2905) | € 0.0876 | € (0.2251) |
Equity dividends (Details)
Equity dividends (Details) € / shares in Units, € in Millions | 12 Months Ended | ||||
Mar. 31, 2019EUR (€)€ / shares | Mar. 31, 2018EUR (€)€ / shares | Mar. 31, 2017£ / shares | Mar. 31, 2017EUR (€) | Mar. 31, 2016£ / shares | |
Declared during the financial period: | |||||
Final dividend for the year ended 31 March 2018: 10.23 eurocents per share (2017: 10.03 pence per share, 2016: 7.77 pence per share) | € 2,729 | € 2,670 | € 2,447 | ||
Interim dividend for the year ended 31 March 2019: 4.84 eurocents per share (2018: 4.84 eurocents per share, 2017: 4.74 pence per share) | 1,293 | 1,291 | 1,262 | ||
Total dividends declared | 4,022 | 3,961 | 3,709 | ||
Proposed after the end of the reporting period and not recognised as a liability: | |||||
Final dividend for the year ended 31 March 2019: 00 eurocents per share (2018: 10.23 eurocents per share, 2017: 10.03 pence per share) | € 1,112 | € 2,729 | € 2,670 | ||
Declared during the financial period (per share) | |||||
Final dividend (per share) | (per share) | € 10.23 | £ 10.03 | £ 7.77 | ||
Interim dividend (per share) | (per share) | € 4.84 | 4.84 | 4.74 | ||
Proposed after the end of the reporting period and not recognised as a liability: (per share) | |||||
Final dividend (per share) | (per share) | € 4.16 | € 10.23 | £ 10.03 |
Intangible assets (Details)
Intangible assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Changes in Intangible Assets and Goodwill | ||
Net book value | € 41,005,000 | € 43,257,000 |
Cost | ||
Changes in Intangible Assets and Goodwill | ||
Balance at the beginning of the period | 143,468,000 | 145,388,000 |
Exchange movements | (886,000) | (1,473,000) |
Disposal of subsidiaries | (1,934,000) | |
Arising on acquisition | 95,000 | 5,000 |
Additions | 5,248,000 | 3,011,000 |
Disposals | (2,355,000) | (1,545,000) |
Other | (5,000) | 16,000 |
Balance at the end of the period | 145,565,000 | 143,468,000 |
Accumulated impairment losses and amortisation | ||
Changes in Intangible Assets and Goodwill | ||
Balance at the beginning of the period | 100,211 | 99,168,000 |
Exchange movements | (531) | (880,000) |
Disposal of subsidiaries | (952,000) | |
Amortisation charge for the year | 3,941 | 4,399,000 |
Disposals | (2,339) | (1,521,000) |
Impairment | 3,270 | |
Other | 8 | (3,000) |
Balance at the end of the period | 104,560,000 | 100,211 |
Goodwill. | ||
Changes in Intangible Assets and Goodwill | ||
Net book value | 23,353,000 | 26,734,000 |
Goodwill. | Cost | ||
Changes in Intangible Assets and Goodwill | ||
Balance at the beginning of the period | 89,913,000 | 90,221,000 |
Exchange movements | (427,000) | (313,000) |
Arising on acquisition | 77,000 | 5,000 |
Balance at the end of the period | 89,563,000 | 89,913,000 |
Goodwill. | Accumulated impairment losses and amortisation | ||
Changes in Intangible Assets and Goodwill | ||
Balance at the beginning of the period | 63,179 | 63,413,000 |
Exchange movements | (239) | (234,000) |
Impairment | 3,270 | |
Balance at the end of the period | 66,210 | 63,179 |
Licence and spectrum fees | ||
Changes in Intangible Assets and Goodwill | ||
Net book value | 12,602,000 | 11,420,000 |
Licence and spectrum fees | Cost | ||
Changes in Intangible Assets and Goodwill | ||
Balance at the beginning of the period | 28,797,000 | 30,775,000 |
Exchange movements | (193,000) | (855,000) |
Disposal of subsidiaries | (1,712,000) | |
Additions | 3,009,000 | 747,000 |
Disposals | (7,000) | (158,000) |
Balance at the end of the period | 31,606,000 | 28,797,000 |
Licence and spectrum fees | Accumulated impairment losses and amortisation | ||
Changes in Intangible Assets and Goodwill | ||
Balance at the beginning of the period | 17,377 | 16,954,000 |
Exchange movements | (59) | (398,000) |
Disposal of subsidiaries | (779,000) | |
Amortisation charge for the year | 1,693 | 1,758,000 |
Disposals | (7) | (158,000) |
Balance at the end of the period | € 19,004 | 17,377 |
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 | € 4,977,000 | 4,872,000 |
Computer software | Cost | ||
Changes in Intangible Assets and Goodwill | ||
Balance at the beginning of the period | 17,413,000 | 16,962,000 |
Exchange movements | (93,000) | (233,000) |
Disposal of subsidiaries | (222,000) | |
Arising on acquisition | 10,000 | |
Additions | 2,232,000 | 2,261,000 |
Disposals | (2,348,000) | (1,381,000) |
Other | (5,000) | 26,000 |
Balance at the end of the period | 17,209,000 | 17,413,000 |
Computer software | Accumulated impairment losses and amortisation | ||
Changes in Intangible Assets and Goodwill | ||
Balance at the beginning of the period | 12,541 | 12,148,000 |
Exchange movements | (70) | (183,000) |
Disposal of subsidiaries | (173,000) | |
Amortisation charge for the year | 2,085 | 2,105,000 |
Disposals | (2,332) | (1,357,000) |
Other | 8 | 1,000 |
Balance at the end of the period | € 12,232 | 12,541 |
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 | € 73,000 | 231,000 |
Others | Cost | ||
Changes in Intangible Assets and Goodwill | ||
Balance at the beginning of the period | 7,345,000 | 7,430,000 |
Exchange movements | (173,000) | (72,000) |
Arising on acquisition | 8,000 | |
Additions | 7,000 | 3,000 |
Disposals | (6,000) | |
Other | (10,000) | |
Balance at the end of the period | 7,187,000 | 7,345,000 |
Others | Accumulated impairment losses and amortisation | ||
Changes in Intangible Assets and Goodwill | ||
Balance at the beginning of the period | 7,114 | 6,653,000 |
Exchange movements | (163) | (65,000) |
Amortisation charge for the year | 163 | 536,000 |
Disposals | (6,000) | |
Other | (4,000) | |
Balance at the end of the period | € 7,114 | € 7,114 |
Intangible assets - Net book va
Intangible assets - Net book value of significant licensces (Details) - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Intangible assets | ||
Net book value | € 41,005 | € 43,257 |
Significant licences | Germany | ||
Intangible assets | ||
Net book value | 3,346 | 4,053 |
Significant licences | Italy | ||
Intangible assets | ||
Net book value | 3,922 | 1,896 |
Significant licences | UK | ||
Intangible assets | ||
Net book value | € 2,320 | € 2,316 |
Property, plant and equipment_2
Property, plant and equipment (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reconciliation of property, plant and equipment | ||
Property, plant and equipment at beginning of period | € 28,325 | |
Property, plant and equipment at end of period | 27,432 | € 28,325 |
Land and buildings | ||
Reconciliation of property, plant and equipment | ||
Property, plant and equipment at beginning of period | 1,060 | |
Property, plant and equipment at end of period | 1,014 | 1,060 |
Assets held under finance leases | 2 | 3 |
Net book value of assets recognised in the course of construction | € 23 | 15 |
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 | ||
Property, plant and equipment at beginning of period | € 27,265 | |
Property, plant and equipment at end of period | 26,418 | 27,265 |
Assets held under finance leases | 760 | 681 |
Net book value of assets recognised in the course of construction | € 1,344 | 1,224 |
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 | € 70,757 | 70,470 |
Exchange movements | (351) | (1,453) |
Arising on acquisition | 58 | |
Additions | 4,991 | 5,057 |
Disposals | (1,994) | (2,814) |
Disposal of subsidiaries | (552) | |
Other | 188 | 49 |
Property, plant and equipment at end of period | 73,649 | 70,757 |
Cost | Land and buildings | ||
Reconciliation of property, plant and equipment | ||
Property, plant and equipment at beginning of period | 2,225 | 2,266 |
Exchange movements | (11) | (38) |
Additions | 66 | 88 |
Disposals | (28) | (94) |
Other | 15 | 3 |
Property, plant and equipment at end of period | 2,267 | 2,225 |
Cost | Equipment, fixtures and fittings | ||
Reconciliation of property, plant and equipment | ||
Property, plant and equipment at beginning of period | 68,532 | 68,204 |
Exchange movements | (340) | (1,415) |
Arising on acquisition | 58 | |
Additions | 4,925 | 4,969 |
Disposals | (1,966) | (2,720) |
Disposal of subsidiaries | (552) | |
Other | 173 | 46 |
Property, plant and equipment at end of period | 71,382 | 68,532 |
Accumulated impairment losses and amortisation | ||
Reconciliation of property, plant and equipment | ||
Property, plant and equipment at beginning of period | 42,432 | 40,266 |
Exchange movements | 126 | (833) |
Charge for the year | 5,854 | 6,010 |
Disposals | (1,927) | (2,758) |
Disposal of subsidiaries | (287) | |
Other | (16) | 34 |
Property, plant and equipment at end of period | 46,217 | 42,432 |
Accumulated impairment losses and amortisation | Land and buildings | ||
Reconciliation of property, plant and equipment | ||
Property, plant and equipment at beginning of period | 1,165 | 1,141 |
Exchange movements | (17) | |
Charge for the year | 113 | 123 |
Disposals | (28) | (83) |
Other | 3 | 1 |
Property, plant and equipment at end of period | 1,253 | 1,165 |
Accumulated impairment losses and amortisation | Equipment, fixtures and fittings | ||
Reconciliation of property, plant and equipment | ||
Property, plant and equipment at beginning of period | 41,267 | 39,125 |
Exchange movements | 126 | (816) |
Charge for the year | 5,741 | 5,887 |
Disposals | (1,899) | (2,675) |
Disposal of subsidiaries | (287) | |
Other | (19) | 33 |
Property, plant and equipment at end of period | € 44,964 | € 41,267 |
Investments in associates and_3
Investments in associates and joint arrangements (Details) € in Millions, ₨ in Billions | 12 Months Ended | |||||
Mar. 31, 2019EUR (€) | Mar. 31, 2018EUR (€) | Mar. 31, 2017EUR (€) | Mar. 31, 2019INR (₨) | Mar. 31, 2019EUR (€) | Apr. 01, 2018EUR (€) | |
Investment in associates and joint arrangements | ||||||
Investment in joint ventures | € 2,097 | € 2,689 | € 3,399 | |||
Investment in associates | 441 | 553 | ||||
Total investments in associates and joint arrangements | 2,538 | 3,952 | € 2,765 | |||
(Loss)/profit from continuing operations | € (1,124) | (246) | (135) | |||
Other comprehensive income | 3 | 1 | 2 | |||
Total comprehensive (expense)/income | (1,121) | (245) | (133) | |||
Vodafone Idea Limited | ||||||
Investment in associates and joint arrangements | ||||||
Fair value of investments based on quoted share price | ₨ 123 | 1,580 | ||||
Investment in joint ventures | 1,392 | |||||
Total investments in associates and joint arrangements | 734 | |||||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | (903) | |||||
(Loss)/profit from continuing operations | (903) | |||||
Other comprehensive income | (1) | |||||
Total comprehensive (expense)/income | (904) | |||||
VodafoneZiggo Group Holding B.V. | ||||||
Investment in associates and joint arrangements | ||||||
Investment in joint ventures | 2,119 | 2,736 | 1,842 | |||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | (239) | (398) | (160) | |||
(Loss)/profit from continuing operations | (239) | (398) | (160) | |||
Other comprehensive income | 4 | 1 | 2 | |||
Total comprehensive (expense)/income | (235) | (397) | (158) | |||
Indus Towers Limited | ||||||
Investment in associates and joint arrangements | ||||||
Investment in joint ventures | 893 | 1,032 | 601 | |||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | 75 | 135 | 98 | |||
(Loss)/profit from continuing operations | 55 | 135 | 98 | |||
Total comprehensive (expense)/income | 55 | 135 | 98 | |||
Vodafone Hutchison Australia Pty Limited | ||||||
Investment in associates and joint arrangements | ||||||
Divestment in joint ventures | (979) | (1,156) | (484) | |||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | (38) | 32 | (59) | |||
(Loss)/profit from continuing operations | (23) | 32 | (59) | |||
Total comprehensive (expense)/income | (23) | 32 | (59) | |||
Other | ||||||
Investment in associates and joint arrangements | ||||||
Investment in joint ventures | 64 | 77 | € 48 | |||
(Loss)/profit from continuing operations | (14) | (15) | (14) | |||
Total comprehensive (expense)/income | € (14) | € (15) | € (14) | |||
Cornerstone Telecommunications Infrastructure Limited | ||||||
Investment in associates and joint arrangements | ||||||
Percentage of stake owned | 50.00% |
Investments in associates and_4
Investments in associates and joint arrangements - Financial information about joint ventures (Details) - EUR (€) € in Millions | 12 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Apr. 01, 2018 | Jan. 04, 2018 | |
Income statement and statement of comprehensive income | ||||||
Revenue | € 43,666 | € 46,571 | € 47,631 | |||
Depreciation and amortisation expense | (9,795) | (10,409) | (11,086) | |||
Other (income)/expense | 148 | (213) | (1,052) | |||
Operating (loss)/profit | (951) | 4,299 | 3,725 | |||
(Loss)/profit before tax | (2,613) | 3,878 | 2,792 | |||
(Loss)/profit from continuing operations | (7,644) | 2,788 | (6,079) | |||
Statement of financial position | ||||||
Goodwill | 23,353 | 26,734 | € 26,734 | |||
Other intangible assets | 17,652 | 16,523 | 16,523 | |||
Plant, property and equipment | 27,432 | 28,325 | 28,325 | |||
Investments in associates and joint ventures | 3,952 | 2,538 | 2,765 | |||
Deferred tax assets | 24,753 | 26,200 | 25,551 | |||
Trade and other receivables | 5,170 | 4,026 | 4,856 | |||
Total non-current assets | 103,276 | 107,660 | 108,056 | |||
Taxation recoverable | 264 | 106 | 106 | |||
Trade and other receivables | 12,190 | 9,975 | 12,104 | |||
Other investments | 870 | 3,204 | 3,192 | |||
Cash and cash equivalents | 13,637 | 4,674 | 4,674 | |||
Current assets | 39,817 | 24,131 | 26,299 | |||
Total assets | 142,862 | 145,611 | 148,175 | |||
Total equity | 63,445 | 68,607 | 73,719 | € 85,136 | 70,943 | € 2,464 |
Long-term borrowings | 48,685 | 32,908 | 32,908 | |||
Deferred tax liabilities | 478 | 644 | 785 | |||
Trade and other payables | 2,938 | 2,843 | 2,853 | |||
Provisions | 1,242 | 1,065 | 1,065 | |||
Total non-current liabilities | 53,894 | 37,980 | 38,131 | |||
Short-term borrowings | 4,270 | 8,513 | 8,513 | |||
Provisions | 1,160 | 891 | 891 | |||
Trade and other payables | 17,653 | 16,242 | 16,319 | |||
Total equity and liabilities | 142,862 | 145,611 | 148,175 | |||
Current liabilities | 25,523 | 28,025 | 28,102 | |||
Statement of cash flows | ||||||
Inflow from operating activities | 12,980 | 13,600 | 14,223 | |||
Cash flows from investing activities | (9,217) | (9,841) | (8,423) | |||
Cash flows from financing activities | 4,437 | (7,234) | (9,096) | |||
Net cash(outflow)/inflow | 8,200 | (3,475) | (3,296) | |||
Cash and cash equivalents at beginning of the financial year | 5,394 | 9,302 | 12,911 | |||
Exchange gain | 11 | (433) | (313) | |||
Cash and cash equivalents at end of the financial year | 13,605 | 5,394 | 9,302 | 12,911 | ||
Impairment losses | (3,525) | |||||
Goodwill | 23,353 | 26,734 | € 26,734 | |||
Carrying value | 3,399 | 2,097 | 2,689 | |||
(Loss)/profit for the financial year | (7,644) | 2,788 | (6,079) | |||
Share of (loss)/profit | (1,124) | (246) | (135) | |||
Vodafone Idea Limited | ||||||
Income statement and statement of comprehensive income | ||||||
Revenue | 3,379 | |||||
Operating expenses | (2,999) | |||||
Depreciation and amortisation expense | (1,364) | |||||
Other (income)/expense | (253) | |||||
Operating (loss)/profit | (1,237) | |||||
Interest income | 56 | |||||
Interest expense | (817) | |||||
Income tax | 1 | |||||
(Loss)/profit from continuing operations | (1,997) | |||||
Statement of financial position | ||||||
Goodwill | 82 | |||||
Other intangible assets | 14,503 | |||||
Plant, property and equipment | 6,571 | |||||
Investments in associates and joint ventures | 734 | |||||
Trade and other receivables | 687 | |||||
Total non-current assets | 22,577 | |||||
Taxation recoverable | 1,443 | |||||
Trade and other receivables | 1,366 | |||||
Other investments | 866 | |||||
Cash and cash equivalents | 138 | |||||
Other | 1 | |||||
Current assets | 3,814 | |||||
Total assets | 26,391 | |||||
Total equity | 3,696 | |||||
Long-term borrowings | 13,797 | |||||
Trade and other payables | 198 | |||||
Provisions | 1,111 | |||||
Other | 31 | |||||
Total non-current liabilities | 15,137 | |||||
Short-term borrowings | 4,289 | |||||
Provisions | 521 | |||||
Trade and other payables | 2,748 | |||||
Total equity and liabilities | 26,391 | |||||
Current liabilities | 7,558 | |||||
Non-current liabilities excluding trade and other payables and provisions | (13,828) | |||||
Current liabilities excluding trade and other payables and provisions | (4,289) | |||||
Statement of cash flows | ||||||
Inflow from operating activities | 378 | |||||
Cash flows from investing activities | (637) | |||||
Cash flows from financing activities | (342) | |||||
Net cash(outflow)/inflow | (601) | |||||
Cash and cash equivalents on formation | 716 | |||||
Exchange gain | 12 | |||||
Cash and cash equivalents at end of the financial year | 127 | |||||
Equity shareholders' funds | 3,696 | |||||
Interest in joint ventures | 1,671 | |||||
Impairment losses | (279) | |||||
Goodwill | 82 | |||||
Carrying value | 1,392 | |||||
(Loss)/profit for the financial year | (1,997) | |||||
Share of (loss)/profit1 | (903) | |||||
Share of (loss)/profit | € (903) | |||||
Proportion of stake (as a percentage) | 45.20% | |||||
VodafoneZiggo Group Holding B.V. | ||||||
Income statement and statement of comprehensive income | ||||||
Revenue | € 3,868 | 3,972 | 1,014 | |||
Operating expenses | (2,169) | (2,285) | (581) | |||
Depreciation and amortisation expense | (2,012) | (2,232) | (764) | |||
Operating (loss)/profit | (313) | (545) | (331) | |||
Interest income | 6 | 23 | ||||
Interest expense | (602) | (543) | (117) | |||
Income tax | 437 | 287 | 105 | |||
(Loss)/profit from continuing operations | (478) | (795) | (320) | |||
Statement of financial position | ||||||
Goodwill | 7,373 | 7,373 | ||||
Other intangible assets | 5,357 | 6,492 | ||||
Plant, property and equipment | 4,709 | 4,803 | ||||
Trade and other receivables | 226 | 53 | ||||
Total non-current assets | 17,665 | 18,721 | ||||
Trade and other receivables | 544 | 368 | ||||
Cash and cash equivalents | 288 | 355 | ||||
Other | 43 | 50 | ||||
Current assets | 875 | 773 | ||||
Total assets | 18,540 | 19,494 | ||||
Total equity | 3,684 | 4,238 | ||||
Long-term borrowings | 11,365 | 11,424 | ||||
Deferred tax liabilities | 644 | 1,086 | ||||
Trade and other payables | 463 | 762 | ||||
Provisions | 17 | 31 | ||||
Total non-current liabilities | 12,489 | 13,303 | ||||
Short-term borrowings | 1,272 | 822 | ||||
Provisions | 28 | 28 | ||||
Trade and other payables | 1,067 | 1,103 | ||||
Total equity and liabilities | 18,540 | 19,494 | ||||
Current liabilities | 2,367 | 1,953 | ||||
Non-current liabilities excluding trade and other payables and provisions | (12,009) | (12,510) | ||||
Current liabilities excluding trade and other payables and provisions | (1,272) | (822) | ||||
Statement of cash flows | ||||||
Inflow from operating activities | 1,561 | 1,638 | 691 | |||
Cash flows from investing activities | (199) | (367) | (183) | |||
Cash flows from financing activities | (1,429) | (1,189) | (3,293) | |||
Net cash(outflow)/inflow | (67) | 82 | (2,785) | |||
Cash and cash equivalents at beginning of the financial year | 355 | 273 | ||||
Cash and cash equivalents on formation | € 3,042 | |||||
Exchange gain | 16 | |||||
Cash and cash equivalents at end of the financial year | 288 | 355 | 273 | |||
Equity shareholders' funds | 3,684 | 4,238 | ||||
Interest in joint ventures | 1,842 | 2,119 | ||||
Impairment losses | (3,525) | |||||
Goodwill | 7,373 | 7,373 | ||||
Carrying value | 1,842 | 2,119 | 2,736 | |||
(Loss)/profit for the financial year | (478) | (795) | (320) | |||
Share of (loss)/profit1 | (239) | (398) | (160) | |||
Share of (loss)/profit | (239) | (398) | (160) | |||
Dividend received | € 200 | 220 | 76 | |||
Proportion of stake (as a percentage) | 50.00% | |||||
Indus Towers Limited | ||||||
Income statement and statement of comprehensive income | ||||||
Revenue | € 2,227 | 2,477 | 2,379 | |||
Operating expenses | (1,438) | (1,478) | (1,402) | |||
Depreciation and amortisation expense | (305) | (303) | (407) | |||
Operating (loss)/profit | 484 | 696 | 570 | |||
Interest income | 11 | 16 | 22 | |||
Interest expense | (79) | (74) | (91) | |||
Income tax | (238) | (316) | (267) | |||
(Loss)/profit from continuing operations | 178 | 322 | 234 | |||
Statement of financial position | ||||||
Goodwill | 564 | 545 | ||||
Total non-current assets | 1,511 | 1,598 | ||||
Cash and cash equivalents | 42 | 15 | ||||
Current assets | 749 | 520 | ||||
Total assets | 2,260 | 2,118 | ||||
Total equity | 699 | 828 | ||||
Total non-current liabilities | 465 | 476 | ||||
Current liabilities | 1,096 | 814 | ||||
Non-current liabilities excluding trade and other payables and provisions | (133) | (136) | ||||
Current liabilities excluding trade and other payables and provisions | (590) | (396) | ||||
Statement of cash flows | ||||||
Equity shareholders' funds | 699 | 828 | ||||
Interest in joint ventures | 294 | 348 | ||||
Goodwill | 564 | 545 | ||||
Investment proportion not recognised as it is held for sale | (257) | |||||
Carrying value | 601 | 893 | 1,032 | |||
(Loss)/profit for the financial year | 178 | 322 | 234 | |||
Share of (loss)/profit1 | 75 | 135 | 98 | |||
(Loss)/profit proportion not recognised as it is held for sale | (20) | |||||
Share of (loss)/profit | 55 | 135 | 98 | |||
Dividend received | € 141 | 138 | 126 | |||
Proportion of stake (as a percentage) | 42.00% | |||||
Vodafone Hutchison Australia Pty Limited | ||||||
Income statement and statement of comprehensive income | ||||||
Revenue | € 2,290 | 2,518 | 2,287 | |||
Operating expenses | (1,634) | (1,745) | (1,694) | |||
Depreciation and amortisation expense | (494) | (483) | (473) | |||
Operating (loss)/profit | 162 | 290 | 120 | |||
Interest income | 3 | 3 | 3 | |||
Interest expense | (240) | (230) | (240) | |||
Income tax | 1 | |||||
(Loss)/profit from continuing operations | (75) | 64 | (117) | |||
Statement of financial position | ||||||
Goodwill | 106 | 105 | ||||
Total non-current assets | 2,971 | 3,241 | ||||
Cash and cash equivalents | 243 | 104 | ||||
Current assets | 334 | 194 | ||||
Total assets | 3,305 | 3,435 | ||||
Total equity | (2,144) | (2,168) | ||||
Total non-current liabilities | 4,590 | 4,478 | ||||
Current liabilities | 859 | 1,125 | ||||
Non-current liabilities excluding trade and other payables and provisions | (4,580) | (4,453) | ||||
Current liabilities excluding trade and other payables and provisions | (203) | (464) | ||||
Statement of cash flows | ||||||
Equity shareholders' funds | (2,144) | (2,168) | ||||
Interest in joint ventures | (1,072) | (1,084) | ||||
Goodwill | 106 | 105 | ||||
Investment proportion not recognised as it is held for sale | 482 | |||||
Carrying value | (484) | (979) | (1,156) | |||
(Loss)/profit for the financial year | (75) | 64 | (117) | |||
Share of (loss)/profit1 | (38) | 32 | (59) | |||
(Loss)/profit proportion not recognised as it is held for sale | 15 | |||||
Share of (loss)/profit | € (23) | € 32 | € (59) | |||
Proportion of stake (as a percentage) | 50.00% |
Investments in associates and_5
Investments in associates and joint arrangements - Associates (Details) € in Millions, Ksh in Billions | 12 Months Ended | ||||
Mar. 31, 2019EUR (€)shares | Mar. 31, 2018EUR (€) | Mar. 31, 2017EUR (€) | Mar. 31, 2019KES (Ksh) | Mar. 31, 2019EUR (€) | |
Investments in associates and joint arrangements | |||||
Investment in associates | € 441 | € 553 | |||
Other comprehensive expense | € 3 | 1 | € 2 | ||
Total comprehensive (expense)/income | € (1,121) | (245) | € (133) | ||
Safaricom Limited | |||||
Investments in associates and joint arrangements | |||||
Percentage of shareholding in associate | 40.00% | ||||
Number of non-voting shares | shares | 2 | ||||
Fair value of investment in associate | 3,898 | Ksh 441 | |||
Investment in associates | 441 | € 553 | |||
Profit from continuing operations | € 216 | 187 | |||
Total comprehensive (expense)/income | € 216 | € 187 |
Investments in associates and_6
Investments in associates and joint arrangements - Vodacom and Safaicom (Details) - EUR (€) € in Millions, shares in Millions | Sep. 06, 2017 | Aug. 07, 2017 | Aug. 06, 2017 | Mar. 31, 2019 | Sep. 05, 2017 |
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) | 60.50% | ||||
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] | |||||
Number of placing shares intended to sell | 90 | ||||
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 | ||||
Proceeds from issue of ordinary shares | € 955 | ||||
Vodafone Malta Ltd. | |||||
Disclosure of associates [line items] | |||||
Ownership interest (as a percent) | 100.00% |
Other investments (Details)
Other investments (Details) € in Millions, $ in Billions | 12 Months Ended | ||||
Mar. 31, 2019USD ($) | Mar. 31, 2019EUR (€) | Apr. 01, 2018EUR (€) | Mar. 31, 2018USD ($) | Mar. 31, 2018EUR (€) | |
Disclosure of financial assets [line items] | |||||
Non-current other investments | € 870 | € 3,192 | € 3,204 | ||
Current other investments | 13,012 | € 8,795 | 8,795 | ||
Equity securities | |||||
Disclosure of financial assets [line items] | |||||
Non-current other investments | 48 | 47 | |||
Long term debt securities | |||||
Disclosure of financial assets [line items] | |||||
Non-current other investments | 822 | 3,157 | |||
Long term debt securities | Verizon Communications Inc | |||||
Disclosure of financial assets [line items] | |||||
Loan notes | $ 0 | $ 2.5 | 2,000 | ||
Long term debt securities | VodafoneZiggo Group Holding B.V. | |||||
Disclosure of financial assets [line items] | |||||
Loan notes | 800 | 900 | |||
Short term investments | |||||
Disclosure of financial assets [line items] | |||||
Current other investments | 11,095 | 6,870 | |||
Bonds and debt securities | |||||
Disclosure of financial assets [line items] | |||||
Current other investments | 4,690 | 2,979 | |||
Other assets | 1,184 | 830 | |||
Managed investment funds with liquidity | 892 | 804 | |||
Bonds and debt securities | Germany | |||||
Disclosure of financial assets [line items] | |||||
Current financial assets at amortised cost | 955 | 862 | |||
Bonds and debt securities | Japanese | |||||
Disclosure of financial assets [line items] | |||||
Current financial assets at amortised cost | 941 | 0 | |||
Bonds and debt securities | UK | |||||
Disclosure of financial assets [line items] | |||||
Current financial assets at amortised cost | 1,115 | 1,112 | |||
Managed investment funds | |||||
Disclosure of financial assets [line items] | |||||
Current other investments | 6,405 | 3,891 | |||
Liquid days | 90 days | ||||
Current financial assets at fair value through profit or loss, classified as held for trading | 5,513 | 3,087 | |||
Managed investment funds | Level 1 | |||||
Disclosure of financial assets [line items] | |||||
Current other investments | 3,011 | 1,974 | |||
Other investments | |||||
Disclosure of financial assets [line items] | |||||
Current other investments | 1,917 | 1,925 | |||
Other investments | Level 1 | |||||
Disclosure of financial assets [line items] | |||||
Current other investments | € 1,097 | € 487 |
Trade and other receivables (De
Trade and other receivables (Details) - EUR (€) € in Millions | Feb. 28, 2019 | Jan. 31, 2019 | Mar. 31, 2019 | Apr. 01, 2018 | Mar. 31, 2018 |
Included within non-current assets: | |||||
Trade receivables | € 197 | € 435 | |||
Trade receivables held at fair value through other comprehensive income | 179 | ||||
Contract assets | 531 | € 843 | 350 | ||
Contract-related costs | 375 | ||||
Amounts owed by associates and joint ventures | 1 | 1 | |||
Other receivables | 77 | 194 | |||
Prepayments | 371 | 597 | |||
Derivative financial instruments | 3,439 | 2,449 | |||
Total trade and other non-current receivables | 5,170 | 4,856 | 4,026 | ||
Included within current assets: | |||||
Trade receivables | 4,088 | 4,967 | |||
Trade receivables held at fair value through other comprehensive income | 613 | ||||
Contract assets | 3,671 | 3,402 | 2,257 | ||
Contract-related costs | 1,132 | ||||
Amounts owed by associates and joint ventures | 388 | 524 | |||
Other receivables | 876 | 895 | |||
Prepayments | 1,227 | 1,152 | |||
Derivative financial instruments | 195 | 180 | |||
Total trade and other current receivables | 12,190 | € 12,104 | € 9,975 | ||
Costs incurred to obtain customer contracts | 1,433 | ||||
Costs incurred to fulfil customer contracts | 74 | ||||
Amortisation and impairment expense | € 1,506 | ||||
Trade receivables reclassified from amortised cost to FVOCI | € 70 | € 57 |
Trade and other payables (Detai
Trade and other payables (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Apr. 01, 2018 | Mar. 31, 2018 | |
Included within non-current liabilities: | |||
Other payables | € 327 | € 314 | |
Accruals | 113 | 159 | |
Contract liabilities | 574 | € 247 | 237 |
Derivative financial instruments | 1,924 | 2,133 | |
Total trade and other non-current payables | 2,938 | 2,853 | 2,843 |
Included within current liabilities: | |||
Trade payables | 6,541 | 6,185 | |
Amounts owed to associates and joint ventures | 26 | 27 | |
Other taxes and social security payable | 1,218 | 1,177 | |
Other payables | 1,410 | 1,385 | 1,346 |
Accruals | 6,120 | 5,579 | |
Contract liabilities | 1,818 | 1,716 | 1,678 |
Derivative financial instruments | 520 | 250 | |
Total trade and other current payables | 17,653 | € 16,319 | 16,242 |
Payable in relation to the irrevocable and non-discretionary share buyback programme | 823 | 0 | |
Revenue recognised during the year | 1,716 | ||
Other payables | 327 | 314 | |
Vodafone UK plan | |||
Included within non-current liabilities: | |||
Other payables | 288 | 271 | |
Included within current liabilities: | |||
Other payables | € 288 | € 271 |
Provisions (Details)
Provisions (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reconciliation of changes in other provisions | ||
Beginning balance | € 1,956 | € 2,179 |
Disposal of subsidiaries | 17 | |
Exchange movements | (4) | (38) |
Amounts capitalised in the year | 210 | 59 |
Amounts charged to the income statement | 734 | 465 |
Utilised in the year - payments | (338) | (414) |
Amounts released to the income statement | (156) | (278) |
Ending balance | 2,402 | 1,956 |
Asset retirement obligations | ||
Reconciliation of changes in other provisions | ||
Beginning balance | 583 | 606 |
Disposal of subsidiaries | 14 | |
Exchange movements | (4) | (13) |
Amounts capitalised in the year | 210 | 59 |
Utilised in the year - payments | (32) | (33) |
Amounts released to the income statement | (22) | |
Ending balance | 757 | 583 |
Legal and regulatory | ||
Reconciliation of changes in other provisions | ||
Beginning balance | 522 | 634 |
Disposal of subsidiaries | 3 | |
Exchange movements | (5) | (21) |
Amounts charged to the income statement | 91 | 140 |
Utilised in the year - payments | (53) | (57) |
Amounts released to the income statement | (48) | (171) |
Ending balance | 507 | 522 |
Other | ||
Reconciliation of changes in other provisions | ||
Beginning balance | 851 | 939 |
Exchange movements | 5 | (4) |
Amounts charged to the income statement | 643 | 325 |
Utilised in the year - payments | (253) | (324) |
Amounts released to the income statement | (108) | (85) |
Ending balance | 1,138 | 851 |
Restructuring provision | ||
Reconciliation of changes in other provisions | ||
Beginning balance | 240 | |
Ending balance | € 499 | € 240 |
Provisions - Current and non-cu
Provisions - Current and non-current (Details) - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Provisions | |||
Current liabilities | € 1,160 | € 891 | |
Non-current liabilities | 1,242 | 1,065 | |
Total Provisions | 2,402 | 1,956 | € 2,179 |
Asset retirement obligations | |||
Provisions | |||
Current liabilities | 28 | 17 | |
Non-current liabilities | 729 | 566 | |
Total Provisions | 757 | 583 | 606 |
Legal and regulatory | |||
Provisions | |||
Current liabilities | 274 | 280 | |
Non-current liabilities | 233 | 242 | |
Total Provisions | 507 | 522 | 634 |
Other | |||
Provisions | |||
Current liabilities | 858 | 594 | |
Non-current liabilities | 280 | 257 | |
Total Provisions | € 1,138 | € 851 | € 939 |
Called up share capital (Detail
Called up share capital (Details) | Mar. 05, 2019£ / shares | Mar. 05, 2019EUR (€) | Feb. 25, 2019shares | Aug. 25, 2017shares | Feb. 28, 2019shares | Aug. 31, 2017shares | Mar. 31, 2019EUR (€)shares | Mar. 31, 2018EUR (€)shares |
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid: | ||||||||
Beginning balance | € 4,796,000,000 | |||||||
Ending balance | € 4,796,000,000 | € 4,796,000,000 | ||||||
Reissue of treasury shares | shares | 799,100,000 | 729,100,000 | ||||||
Bonds are convertible to ordinary shares | € 2,547,204,739 | |||||||
Conversion price per share | £ / shares | £ 1.3505 | |||||||
2 year maturity date in 2021 | ||||||||
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid: | ||||||||
Subordinated mandatory convertible bonds | 1,720,000,000 | |||||||
3 year maturity date due in 2022 | ||||||||
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid: | ||||||||
Subordinated mandatory convertible bonds | € 1,720,000,000 | |||||||
Ordinary shares | ||||||||
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid: | ||||||||
Beginning balance (in shares) | shares | 28,814,803,308 | 28,814,142,848 | ||||||
Allotted during the year (in shares) | shares | 454,870 | 660,460 | ||||||
Ending balance (in shares) | shares | 28,815,258,178 | 28,814,803,308 | ||||||
Beginning balance | € 4,796,000,000 | € 4,796,000,000 | ||||||
Ending balance | € 4,796,000,000 | € 4,796,000,000 | ||||||
Number of treasury shares held | shares | 1,584,882,610 | 2,139,038,029 | ||||||
Nominal value of treasury shares | € 264,000,000 | € 356,000,000 | ||||||
Market value of treasury shares | € 2,566,000,000 | € 4,738,000,000 | ||||||
Reissue of treasury shares | shares | 45,657,750 | 53,026,317 | ||||||
Ordinary shares | Tranche 1 | ||||||||
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid: | ||||||||
Reissue of treasury shares | shares | 729,077,001 | |||||||
Ordinary shares | Tranche 2 | ||||||||
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid: | ||||||||
Reissue of treasury shares | shares | 799,067,749 |
Reconciliation of net cash fl_3
Reconciliation of net cash flow from operating activities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Reconciliation of net cash flow from operating activities | |||
(Loss)/profit for the financial year | € (7,644) | € 2,788 | € (6,079) |
Loss from discontinued operations | 3,535 | 1,969 | 4,107 |
(Loss)/profit for the financial year from continuing operations | (4,109) | 4,757 | (1,972) |
Non-operating expense | 7 | 32 | 1 |
Investment income | (433) | (685) | (474) |
Financing costs | 2,088 | 1,074 | 1,406 |
Income tax expense/(credit) | 1,496 | (879) | 4,764 |
Operating (loss)/profit | (951) | 4,299 | 3,725 |
Adjustments for: | |||
Share based payments and other non-cash charges | 147 | 128 | 95 |
Depreciation and amortisation | 9,795 | 10,409 | 11,086 |
Loss on disposal of property, plant and equipment and intangible assets | 33 | 36 | 22 |
Share of result of equity accounted associates and joint ventures | (908) | (59) | 47 |
Impairment losses | 3,525 | ||
Other expense/(income) | 148 | (213) | (1,052) |
(Increase)/decrease in inventory | (131) | (26) | 117 |
(Increase)/decrease in trade and other receivables | (31) | (1,118) | 308 |
Increase/(decrease) in trade and other payables | 739 | 286 | (473) |
Cash generated by operations | 14,182 | 13,860 | 13,781 |
Net tax paid | (1,131) | (1,118) | (761) |
Cash flows from discontinued operations | (71) | 858 | 1,203 |
Net cash flow from operating activities | € 12,980 | € 13,600 | € 14,223 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Millions | Mar. 31, 2019 | Apr. 01, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Cash and cash equivalents | |||||
Cash at bank and in hand | € 2,434 | € 2,197 | |||
Repurchase agreements and bank deposits | 2,196 | ||||
Money market funds | 9,007 | 2,477 | |||
Cash and cash equivalents as presented in the statement of financial position | 13,637 | € 4,674 | 4,674 | ||
Bank overdrafts | (32) | (7) | |||
Cash and cash equivalents of discontinued operations | 727 | ||||
Cash and cash equivalents as presented in the statement of cash flows | 13,605 | 5,394 | € 9,302 | € 12,911 | |
Restricted cash and cash equivalents | € 1,381 | € 1,449 |
Borrowings and capital resour_3
Borrowings and capital resources - Carrying value and fair value information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Apr. 01, 2018 | |
Borrowings and capital resources | |||
Percentage Of Debt To Capitalisation | 58.00% | 46.00% | |
Net Debt, Average | € 30,900 | ||
Short-term borrowings | (4,270) | € (8,513) | € (8,513) |
Long-term borrowings | (48,685) | (32,908) | (32,908) |
Cash and cash equivalents. | 13,637 | 4,674 | € 4,674 |
Other financial instruments | 12,285 | 7,116 | |
Net debt | (27,033) | (29,631) | |
Financial liabilities at carrying value | 1,844 | 1,838 | |
Currency swap contract | |||
Borrowings and capital resources | |||
Decrease in net debt | 1,000 | ||
Fair value | |||
Borrowings and capital resources | |||
Financial assets at fair value | 43,616 | 29,724 | |
Financial liabilities at fair value | 43,660 | 29,724 | |
Carrying value | |||
Borrowings and capital resources | |||
Financial assets at carrying value | 44,439 | 30,473 | |
Financial liabilities at carrying value | 44,439 | 30,473 | |
Minimum | |||
Borrowings and capital resources | |||
Net debt | (27,000) | ||
Maximum | |||
Borrowings and capital resources | |||
Net debt | (34,100) | ||
Kabel Deutschland Holding AG | |||
Borrowings and capital resources | |||
Liabilities for amounts payable under the domination agreement | 1,838,000 | ||
Derivative financial instruments included in trade and other receivables | |||
Borrowings and capital resources | |||
Other financial assets | 3,634 | 2,629 | |
Derivative financial instruments included in trade and other payables | |||
Borrowings and capital resources | |||
Other financial liabilities | 2,444 | 2,383 | |
Short term investments | |||
Borrowings and capital resources | |||
Other financial assets | 11,095 | 6,870 | |
Bonds | |||
Borrowings and capital resources | |||
Short-term borrowings | (53) | (3,477) | |
Long-term borrowings | (44,439) | (30,473) | |
Commercial paper | |||
Borrowings and capital resources | |||
Short-term borrowings | (873) | (2,712) | |
Put options over non-controlling interests | Kabel Deutschland Holding AG | |||
Borrowings and capital resources | |||
Liabilities for amounts payable under the domination agreement | 1,919,000 | ||
Bank loans | |||
Borrowings and capital resources | |||
Short-term borrowings | (1,220) | (1,159) | |
Long-term borrowings | (1,780) | (2,157) | |
Other short-term borrowings | |||
Borrowings and capital resources | |||
Short-term borrowings | (2,124) | (1,165) | |
Cash collateral | 2,011 | 1,070 | |
Other long-term borrowings | |||
Borrowings and capital resources | |||
Long-term borrowings | (2,466) | € (278) | |
Derivative instruments in designated hedge relationships | |||
Borrowings and capital resources | |||
Net debt | € (1,600) |
Borrowings and capital resour_4
Borrowings and capital resources - Commercial paper programmes (Details) € in Millions, £ in Billions, $ in Billions | Mar. 31, 2019USD ($) | Mar. 31, 2019GBP (£) | Mar. 31, 2019EUR (€) | Mar. 31, 2018EUR (€) |
Liquidity and capital resources | ||||
Borrowings drawn | € 52,955 | € 41,421 | ||
Commercial paper programme | ||||
Liquidity and capital resources | ||||
Borrowing capacity | $ 4.2 | 3,700 | ||
US commercial paper programme | ||||
Liquidity and capital resources | ||||
Borrowing capacity | $ | $ 15 | |||
Euro commercial paper programme | ||||
Liquidity and capital resources | ||||
Borrowing capacity | £ | £ 8 | |||
Borrowings drawn | 873 | |||
Syndicated bank facilities | ||||
Liquidity and capital resources | ||||
Borrowing capacity | 3,900 | |||
Borrowings drawn | € 0 |
Borrowings and capital resour_5
Borrowings and capital resources - Bonds and Own shares (Details) £ / shares in Units, £ in Millions, $ in Millions, $ in Millions, € in Billions, ¥ in Billions, kr in Billions, SFr in Billions, $ in Billions | Feb. 25, 2019£ / sharesshares | Feb. 25, 2016GBP (£)shares | Mar. 31, 2019USD ($)shares | Mar. 31, 2019NOK (kr)shares | Mar. 31, 2019JPY (¥)shares | Mar. 31, 2019CHF (SFr)shares | Mar. 31, 2019HKD ($)shares | Mar. 31, 2019AUD ($)shares | Mar. 31, 2019GBP (£)shares | Mar. 31, 2019EUR (€)shares | Mar. 12, 2019GBP (£)£ / shares | Mar. 12, 2019EUR (€) | Mar. 31, 2018 | Aug. 15, 2017£ / shares |
Liquidity and capital resources | ||||||||||||||
Bonds issued | $ 2,100 | $ 1,200 | £ 3,400 | |||||||||||
Percentage of issued share capital | 7.40% | |||||||||||||
Bonds | ||||||||||||||
Liquidity and capital resources | ||||||||||||||
Borrowing capacity | € | € 30 | |||||||||||||
Bonds issued | $ 20.9 | kr 2.2 | ¥ 10 | SFr 0.7 | 18.3 | |||||||||
Notional amount | € | 43 | |||||||||||||
US shelf programme | ||||||||||||||
Liquidity and capital resources | ||||||||||||||
Bonds issued | € | 10.2 | |||||||||||||
Stand-alone documentation | ||||||||||||||
Liquidity and capital resources | ||||||||||||||
Bonds issued | € | € 4.2 | |||||||||||||
Convertible bonds | ||||||||||||||
Liquidity and capital resources | ||||||||||||||
Bonds issued | £ | £ 2,900 | £ 3,400 | ||||||||||||
Notional amount | 3,400 | € 3.8 | ||||||||||||
Financial liabilities at fair value | £ 100 | € 0.1 | ||||||||||||
Conversion price | £ / shares | £ 1.3505 | |||||||||||||
Convertible bonds maturing on 25 August 2017 | ||||||||||||||
Liquidity and capital resources | ||||||||||||||
Bonds issued | £ | £ 1,400 | |||||||||||||
Number of shares issued upon conversion of bonds | shares | 729,100,000 | |||||||||||||
Conversion price | £ / shares | £ 1.9751 | |||||||||||||
Convertible bonds maturing on 25 February 2019 | ||||||||||||||
Liquidity and capital resources | ||||||||||||||
Number of shares issued upon conversion of bonds | shares | 799,100,000 | |||||||||||||
Conversion price | £ / shares | £ 1.8021 | |||||||||||||
Convertible bonds maturing on 12 March 2021 | ||||||||||||||
Liquidity and capital resources | ||||||||||||||
Bonds issued | £ | £ 1,700 | |||||||||||||
Borrowing interest rate | 1.20% | 1.20% | ||||||||||||
Convertible bonds maturing on 12 March 2022 | ||||||||||||||
Liquidity and capital resources | ||||||||||||||
Bonds issued | £ | £ 1,700 | |||||||||||||
Borrowing interest rate | 1.50% | 1.50% | ||||||||||||
Minimum. | Bonds Mature Between 2020 and 2056 [Member] | ||||||||||||||
Liquidity and capital resources | ||||||||||||||
Borrowing interest rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||
Maximum | ||||||||||||||
Liquidity and capital resources | ||||||||||||||
Treasury shares | shares | 2,139,038,029 | 2,139,038,029 | 2,139,038,029 | 2,139,038,029 | 2,139,038,029 | 2,139,038,029 | 2,139,038,029 | 2,139,038,029 | ||||||
Maximum | Bonds Mature Between 2020 and 2056 [Member] | ||||||||||||||
Liquidity and capital resources | ||||||||||||||
Borrowing interest rate | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | 8.125% |
Borrowings and capital resour_6
Borrowings and capital resources - Other Information (Details) - EUR (€) € in Millions, shares in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Liquidity and capital resources | ||
Number of shares equivalent in cash at settlement | 3,055 | |
Maximum payable under guarantees | € 757 | € 506 |
Provision in respect to guarantees | 0 | |
Purchased supplier invoices | € 2,500 | € 2,300 |
Capital and financial risk ma_3
Capital and financial risk management - Capital management (Details) - EUR (€) € in Millions | Mar. 31, 2019 | Apr. 01, 2018 | Mar. 31, 2018 | Jan. 04, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Fair value of financial instruments | ||||||
Net debt | € 27,033 | € 29,631 | ||||
Financial liabilities under put option arrangements | 1,844 | 1,838 | ||||
Equity | 63,445 | € 70,943 | 68,607 | € 2,464 | € 73,719 | € 85,136 |
Capital | € 92,322 | € 100,076 |
Capital and financial risk ma_4
Capital and financial risk management - Financial risk management (Details) | 12 Months Ended |
Mar. 31, 2019item | |
Fair value of financial instruments | |
Number of times per year the Treasury Risk Committee meets | 3 |
Capital and financial risk ma_5
Capital and financial risk management - Credit risk - Maximum exposure to credit risk (Details) - Credit risk - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Capital and financial risk management | ||
Exposure to credit risk | € 41,337 | € 28,067 |
Cash at bank and in hand | ||
Capital and financial risk management | ||
Exposure to credit risk | 2,434 | 2,197 |
Repurchase agreements and bank deposits | ||
Capital and financial risk management | ||
Exposure to credit risk | 2,196 | |
Money market funds | ||
Capital and financial risk management | ||
Exposure to credit risk | 9,007 | 2,477 |
Managed investment funds. | ||
Capital and financial risk management | ||
Exposure to credit risk | 6,405 | 3,891 |
Government securities | ||
Capital and financial risk management | ||
Exposure to credit risk | 3,011 | 1,974 |
Other investments - public debt and bonds | ||
Capital and financial risk management | ||
Exposure to credit risk | 4,418 | 6,087 |
Derivative financial instruments | ||
Capital and financial risk management | ||
Exposure to credit risk | 3,634 | 2,629 |
Trade receivables. | ||
Capital and financial risk management | ||
Exposure to credit risk | 5,077 | 5,402 |
Contract assets and other receivables | ||
Capital and financial risk management | ||
Exposure to credit risk | € 5,155 | € 3,410 |
Capital and financial risk ma_6
Capital and financial risk management - Credit risk - Financing activities - General information (Details) - Credit risk | 12 Months Ended |
Mar. 31, 2019item | |
Capital and financial risk management | |
Maximum investment in AAA unsecured money market mutual funds (as a percent) | 10.00% |
Number of managed investment funds | 4 |
Counterparty's credit default swap spread limit | 5 years |
Capital and financial risk ma_7
Capital and financial risk management - Credit risk - Financing activities - Cash collateral (Details) - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Credit risk | ||
Capital and financial risk management | ||
Cash collateral | € 2,011 | € 1,070 |
Capital and financial risk ma_8
Capital and financial risk management - Credit risk - Operating activities - General information (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Credit risk | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Measurement period of expected credit losses | 24 months |
Capital and financial risk ma_9
Capital and financial risk management - Credit risk - Operating activities - Movements in allowance for expected credit losses (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Apr. 01, 2018 | Apr. 01, 2017 | |
Impact of adoption of IFRS 15 | ||||
Capital and financial risk management | ||||
Adoption of IFRS | € 2,538 | |||
Contract assets and other receivables | ||||
Capital and financial risk management | ||||
Adoption of IFRS | € 134 | |||
Exchange movements | € 1 | |||
Amounts charged to administrative expenses | 54 | |||
Other | (60) | |||
Financial assets at end of period | 129 | |||
Contract assets and other receivables | Impact of adoption of IFRS 15 | ||||
Capital and financial risk management | ||||
Adoption of IFRS | 78 | |||
Contract assets and other receivables | Impact of adoption of IFRS 9 | ||||
Capital and financial risk management | ||||
Adoption of IFRS | 56 | |||
Trade receivables. | Amortised cost | ||||
Capital and financial risk management | ||||
Financial assets at beginning of period | 1,418 | |||
Adoption of IFRS | 1,434 | € 1,418 | ||
Exchange movements | (19) | (78) | ||
Amounts charged to administrative expenses | 504 | 528 | ||
Other | (572) | (619) | ||
Financial assets at end of period | 1,347 | 1,249 | ||
Trade receivables. | Amortised cost | IAS 18 basis | ||||
Capital and financial risk management | ||||
Financial assets at end of period | € 1,249 | |||
Trade receivables. | Amortised cost | Impact of adoption of IFRS 9 | ||||
Capital and financial risk management | ||||
Adoption of IFRS | 185 | |||
Trade receivables. | FVOCI | ||||
Capital and financial risk management | ||||
Adoption of IFRS | € 23 | |||
Amounts charged to administrative expenses | 17 | |||
Financial assets at end of period | 40 | |||
Trade receivables. | FVOCI | Impact of adoption of IFRS 9 | ||||
Capital and financial risk management | ||||
Adoption of IFRS | € 23 |
Capital and financial risk m_10
Capital and financial risk management - Credit risk - Operating activities - Trade receivables (Details) - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Current | ||
Credit risk for trade receivables | ||
Trade receivables | € 3,958 | € 3,389 |
Capital and financial risk m_11
Capital and financial risk management - Credit risk - Operating activities - Trade receivables past due (Details) - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Credit risk for trade receivables | ||
Gross carrying amount | € 2,292 | € 2,816 |
Expected credit loss allowance | (1,256) | |
Allowances for bad and doubtful debt | (1,198) | |
Net carrying amount | 1,036 | 1,618 |
30 days or less | ||
Credit risk for trade receivables | ||
Gross carrying amount | 448 | 810 |
Expected credit loss allowance | (94) | |
Allowances for bad and doubtful debt | (32) | |
Net carrying amount | 354 | 778 |
Between 31 and 60 days | ||
Credit risk for trade receivables | ||
Gross carrying amount | 253 | 226 |
Expected credit loss allowance | (64) | |
Allowances for bad and doubtful debt | (35) | |
Net carrying amount | 189 | 191 |
Between 61 and 180 days | ||
Credit risk for trade receivables | ||
Gross carrying amount | 550 | 530 |
Expected credit loss allowance | (216) | |
Allowances for bad and doubtful debt | (206) | |
Net carrying amount | 334 | 324 |
Greater than 180 days | ||
Credit risk for trade receivables | ||
Gross carrying amount | 1,041 | 1,250 |
Expected credit loss allowance | (882) | |
Allowances for bad and doubtful debt | (925) | |
Net carrying amount | € 159 | € 325 |
Capital and financial risk m_12
Capital and financial risk management - Liquidity risk - Cash and cash equivalents (Details) - EUR (€) € in Millions | Mar. 31, 2019 | Apr. 01, 2018 | Mar. 31, 2018 |
Fair value of financial instruments | |||
Cash and cash equivalents | € 13,637 | € 4,674 | € 4,674 |
Capital and financial risk m_13
Capital and financial risk management - Liquidity risk - Borrowings (Details) € in Millions, $ in Billions | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2019EUR (€) | Mar. 31, 2018EUR (€) | |
Minimum | |||
Borrowings and capital resources | |||
Long-term borrowings maturity (in years) | 1 year | ||
Maximum | |||
Borrowings and capital resources | |||
Long-term borrowings maturity (in years) | 37 years | ||
Syndicated bank facilities | |||
Borrowings and capital resources | |||
Undrawn bank facilities | € 7,880 | € 7,306 | |
Revolving credit facility | |||
Borrowings and capital resources | |||
Principal amount | $ 4.2 | € 3,900 |
Capital and financial risk m_14
Capital and financial risk management - Liquidity risk - Maturity profile for non-derivative financial liabilities - Tabular disclosure (Details) - Liquidity risk - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | € 86,160 | € 65,863 |
Effect of discount/financing rates | (17,151) | (9,308) |
Anticipated future cash flows, net | 69,009 | 56,555 |
Within one year | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 21,953 | 24,453 |
In more than one year but less than two years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 5,823 | 2,773 |
In more than two years but less than three years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 5,581 | 4,943 |
In more than three years but less than four years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 6,333 | 4,819 |
In more than four years but less than five years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 8,546 | 3,718 |
In more than five years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 37,922 | 25,157 |
Bank loans | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 3,130 | 3,425 |
Effect of discount/financing rates | (130) | (109) |
Anticipated future cash flows, net | 3,000 | 3,316 |
Bank loans | Within one year | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 1,498 | 1,251 |
Bank loans | In more than one year but less than two years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 714 | 748 |
Bank loans | In more than two years but less than three years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 568 | 507 |
Bank loans | In more than three years but less than four years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 569 | |
Bank loans | In more than four years but less than five years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 350 | |
Bank loans | In more than five years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 350 | |
Commercial paper | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 873 | 2,715 |
Effect of discount/financing rates | (3) | |
Anticipated future cash flows, net | 873 | 2,712 |
Commercial paper | Within one year | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 873 | 2,715 |
Bonds | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 61,251 | 43,130 |
Effect of discount/financing rates | (16,759) | (9,180) |
Anticipated future cash flows, net | 44,492 | 33,950 |
Bonds | Within one year | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 1,486 | 4,348 |
Bonds | In more than one year but less than two years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 4,826 | 1,816 |
Bonds | In more than two years but less than three years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 4,917 | 4,411 |
Bonds | In more than three years but less than four years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 4,558 | 4,228 |
Bonds | In more than four years but less than five years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 7,878 | 3,692 |
Bonds | In more than five years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 37,586 | 24,635 |
Borrowings | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 4,840 | 1,443 |
Effect of discount/financing rates | (250) | |
Anticipated future cash flows, net | 4,590 | 1,443 |
Borrowings | Within one year | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 2,155 | 1,164 |
Borrowings | In more than one year but less than two years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 158 | 34 |
Borrowings | In more than two years but less than three years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 96 | 25 |
Borrowings | In more than three years but less than four years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 1,775 | 22 |
Borrowings | In more than four years but less than five years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 320 | 26 |
Borrowings | In more than five years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 336 | 172 |
Other liabilities | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 16,066 | 15,150 |
Effect of discount/financing rates | (12) | (16) |
Anticipated future cash flows, net | 16,054 | 15,134 |
Other liabilities | Within one year | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | 15,941 | 14,975 |
Other liabilities | In more than one year but less than two years | ||
Non-derivative financial liabilities | ||
Non-derivative financial liabilities on an undiscounted basis | € 125 | € 175 |
Capital and financial risk m_15
Capital and financial risk management - Liquidity risk - Maturity profile for non-derivative financial liabilities - Additional information (Details) - Liquidity risk - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Non-derivative financial liabilities | ||
Mandatorily convertible bonds | € 135 | |
Conversion of principal amount recognised in equity | 3,400 | |
Bank facilities capped at 50% of operating company capital expenditures | € 1,722 | |
Percentage of operating company capital expenditures capped for bank facilities | 50.00% | |
Within one year | ||
Non-derivative financial liabilities | ||
Present value of minimum lease payments under finance lease arrangement | € 46 | € 46 |
Within two to five years | ||
Non-derivative financial liabilities | ||
Present value of minimum lease payments under finance lease arrangement | 104 | 94 |
In more than five years | ||
Non-derivative financial liabilities | ||
Present value of minimum lease payments under finance lease arrangement | € 152 | € 172 |
Capital and financial risk m_16
Capital and financial risk management - Liquidity risk - Maturity profile for derivative financial liabilities (Details) - Liquidity risk - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Financial derivatives | ||
Financial derivatives, payable | € (78,253) | € (53,643) |
Financial derivatives, receivable | 85,053 | 56,181 |
Financial derivatives | 6,800 | 2,538 |
Effect of discount/financing rates | (5,610) | (2,292) |
Financial derivative net receivable | 1,190 | 246 |
Within one year | ||
Financial derivatives | ||
Financial derivatives, payable | (23,469) | (18,055) |
Financial derivatives, receivable | 23,672 | 18,363 |
Financial derivatives | 203 | 308 |
In more than one year but less than two years | ||
Financial derivatives | ||
Financial derivatives, payable | (8,356) | (3,925) |
Financial derivatives, receivable | 8,752 | 3,875 |
Financial derivatives | 396 | (50) |
In more than two years but less than three years | ||
Financial derivatives | ||
Financial derivatives, payable | (3,772) | (4,904) |
Financial derivatives, receivable | 4,386 | 4,911 |
Financial derivatives | 614 | 7 |
In more than three years but less than four years | ||
Financial derivatives | ||
Financial derivatives, payable | (3,959) | (2,223) |
Financial derivatives, receivable | 4,624 | 2,324 |
Financial derivatives | 665 | 101 |
In more than four years but less than five years | ||
Financial derivatives | ||
Financial derivatives, payable | (3,710) | (3,834) |
Financial derivatives, receivable | 4,285 | 3,687 |
Financial derivatives | 575 | (147) |
In more than five years | ||
Financial derivatives | ||
Financial derivatives, payable | (34,987) | (20,702) |
Financial derivatives, receivable | 39,334 | 23,021 |
Financial derivatives | € 4,347 | € 2,319 |
Capital and financial risk m_17
Capital and financial risk management - Market risk - Interest rate management (Details) - Interest rate risk - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Capital and financial risk management | ||
Period for interest rate switching (in years) | 6 years | |
Percentage of reasonably possible increase in risk assumption | 1.00% | |
Increase in profit before tax due to reasonably possible increase in designated risk component | € 399 | € 372 |
Capital and financial risk m_18
Capital and financial risk management - Market risk - Foreign exchange risk management - General information (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Foreign exchange risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net debt denominated in currencies other than euro (as a percent) | 22.00% | |
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 | Sterling | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net debt denominated in currencies other than euro (as a percent) | 14.00% | |
Foreign exchange risk | South African rand | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net debt denominated in currencies other than euro (as a percent) | 5.00% | |
Foreign exchange risk | Other | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Net debt denominated in currencies other than euro (as a percent) | 3.00% | |
Currency appreciation risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase in equity due to sensitivity to foreign exchange movements | € 651 | € 232 |
Percentage of reasonably possible increase in risk assumption | 5.00% | 5.00% |
Currency appreciation risk | South African rand | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Percentage of sensitivity to foreign exchange movements on hedging liabilities strengthening | 9.00% | 15.00% |
Decrease in equity due to sensitivity to foreign exchange movements | € 175 | € 348 |
Capital and financial risk m_19
Capital and financial risk management - Market risk - Foreign exchange risk management - Tabular disclosure (Details) - Currency appreciation risk - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
South African rand | ||
Capital and financial risk management | ||
Operating profit | € 147 | € 239 |
Percentage of retranslation for operating profit | 9.00% | 15.00% |
US Dollar | ||
Capital and financial risk management | ||
Operating profit | € (81) | € (65) |
Percentage of retranslation for operating profit | 10.00% | 9.00% |
Sterling | ||
Capital and financial risk management | ||
Operating profit | € 183 | € 208 |
Percentage of retranslation for operating profit | 4.00% | 7.00% |
Capital and financial risk m_20
Capital and financial risk management - Equity risk (Details) - Equity risk - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Capital and financial risk management | ||
Percentage of reasonably possible increase in risk assumption | 8.00% | 10.00% |
Increase in profit before tax due to reasonably possible increase in designated risk component | € 319 | € 164 |
Decrease in profit before tax due to reasonably possible increase in designated risk component | € 319 | € 164 |
Capital and financial risk m_21
Capital and financial risk management - Risk management strategy of hedge relationships - Tabular disclosure (Details) € in Millions | 12 Months Ended | |
Mar. 31, 2019EUR (€)SFr / €R / €£ / €kr / €¥ / €$ / €$ / €$ / € | Mar. 31, 2018EUR (€)SFr / €R / €£ / €kr / €¥ / €$ / €$ / €$ / € | |
Risk management strategy of hedge relationships | ||
Nominal amount | 26,787 | 14,738 |
Carrying value assets | € 1,639 | € 357 |
Carrying value liabilities | 281 | 885 |
Other comprehensive income | ||
(Gain)/Loss deferred to OCI | (1,663) | 1,972 |
Gain/(Loss) recycled to financing costs | € 1,279 | (1,460) |
Cash flow hedges | Cross currency and foreign exchange swaps | Hong Kong dollar bonds | ||
Risk management strategy of hedge relationships | ||
Nominal amount | 233 | |
Carrying value assets | € 3 | |
Carrying value liabilities | 7 | |
Other comprehensive income | ||
Beginning balance | 15 | |
(Gain)/Loss deferred to OCI | (23) | |
Gain/(Loss) recycled to financing costs | 21 | |
Ending balance | € 13 | € 15 |
Average FX rate | $ / € | 8.96 | |
Average euro interest rate | 1.46% | |
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | US dollar bonds | ||
Risk management strategy of hedge relationships | ||
Nominal amount | 18,444 | 5,929 |
Carrying value assets | € 1,273 | € 176 |
Carrying value liabilities | 83 | 364 |
Other comprehensive income | ||
Beginning balance | 132 | (183) |
(Gain)/Loss deferred to OCI | (1,410) | 1,570 |
Gain/(Loss) recycled to financing costs | 1,099 | (1,255) |
Ending balance | € (179) | € 132 |
Average FX rate | $ / € | 1.18 | 1.19 |
Average euro interest rate | 2.83% | 3.62% |
Price of hedging instrument | 3.62 | |
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Australian dollar bonds | ||
Risk management strategy of hedge relationships | ||
Nominal amount | 736 | 736 |
Carrying value assets | € 14 | |
Carrying value liabilities | 2 | € 9 |
Other comprehensive income | ||
Beginning balance | (4) | |
(Gain)/Loss deferred to OCI | (21) | 14 |
Gain/(Loss) recycled to financing costs | 8 | (18) |
Ending balance | € (17) | € (4) |
Average FX rate | $ / € | 1.56 | 1.56 |
Average euro interest rate | 0.86% | 0.86% |
Price of hedging instrument | 0.86 | |
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Swiss franc bonds | ||
Risk management strategy of hedge relationships | ||
Nominal amount | 624 | 624 |
Carrying value liabilities | € 43 | € 68 |
Other comprehensive income | ||
Beginning balance | 16 | 4 |
(Gain)/Loss deferred to OCI | (25) | 70 |
Gain/(Loss) recycled to financing costs | 31 | (58) |
Ending balance | € 22 | € 16 |
Average FX rate | SFr / € | 1.08 | 1.08 |
Average euro interest rate | 1.36% | 1.36% |
Price of hedging instrument | 1.36 | |
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Pound sterling bonds | ||
Risk management strategy of hedge relationships | ||
Nominal amount | 2,720 | 1,212 |
Carrying value assets | € 76 | € 18 |
Carrying value liabilities | 112 | 175 |
Other comprehensive income | ||
Beginning balance | 8 | (6) |
(Gain)/Loss deferred to OCI | (39) | 18 |
Gain/(Loss) recycled to financing costs | 69 | (4) |
Ending balance | € 38 | € 8 |
Average FX rate | £ / € | 0.87 | 0.85 |
Average euro interest rate | 2.45% | 2.09% |
Price of hedging instrument | 2.09 | |
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Hong Kong dollar bonds | ||
Risk management strategy of hedge relationships | ||
Nominal amount | 233 | |
Carrying value liabilities | € 28 | |
Other comprehensive income | ||
Beginning balance | € 15 | |
(Gain)/Loss deferred to OCI | 29 | |
Gain/(Loss) recycled to financing costs | (14) | |
Ending balance | € 15 | |
Average FX rate | $ / € | 8.96 | |
Average euro interest rate | 1.46% | |
Price of hedging instrument | 1.46 | |
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Japanese yen bonds | ||
Risk management strategy of hedge relationships | ||
Nominal amount | 78 | 78 |
Carrying value assets | € 1 | |
Carrying value liabilities | € 2 | |
Other comprehensive income | ||
(Gain)/Loss deferred to OCI | (3) | 2 |
Gain/(Loss) recycled to financing costs | 5 | € (2) |
Ending balance | € 2 | |
Average FX rate | ¥ / € | 128.53 | 128.53 |
Average euro interest rate | 2.47% | 2.47% |
Price of hedging instrument | 2.47 | |
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Norwegian krona bonds | ||
Risk management strategy of hedge relationships | ||
Nominal amount | 241 | 241 |
Carrying value assets | € 2 | € 5 |
Carrying value liabilities | 14 | 11 |
Other comprehensive income | ||
Beginning balance | (4) | (9) |
(Gain)/Loss deferred to OCI | 5 | 14 |
Gain/(Loss) recycled to financing costs | (9) | |
Ending balance | € 1 | € (4) |
Average FX rate | kr / € | 9.20 | 9.20 |
Average euro interest rate | 1.19% | 1.19% |
Price of hedging instrument | 1.19 | |
Cash flow hedges | Foreign currency and interest rate risk | Currency swap contract | US dollar bonds | ||
Risk management strategy of hedge relationships | ||
Nominal amount | 905 | 709 |
Carrying value assets | € 33 | |
Carrying value liabilities | € 8 | |
Other comprehensive income | ||
Beginning balance | 1 | 4 |
(Gain)/Loss deferred to OCI | (40) | 98 |
Gain/(Loss) recycled to financing costs | 51 | (101) |
Ending balance | € 12 | € 1 |
Average FX rate | $ / € | 1.15 | 1.17 |
Average euro interest rate | 0.90% | 0.57% |
Price of hedging instrument | 0.57 | |
Cash flow hedges | Interest rate risk | Interest rate swaps | Euro loans | ||
Risk management strategy of hedge relationships | ||
Nominal amount | 668 | 668 |
Carrying value liabilities | € 17 | € 16 |
Other comprehensive income | ||
Beginning balance | 15 | 18 |
(Gain)/Loss deferred to OCI | 1 | (4) |
Gain/(Loss) recycled to financing costs | (5) | 1 |
Ending balance | € 11 | € 15 |
Average euro interest rate | 1.22% | 1.22% |
Price of hedging instrument | 1.22 | |
Fair value hedges | Interest rate risk | Interest rate swaps | US dollar bonds | ||
Risk management strategy of hedge relationships | ||
Nominal amount | 2,115 | |
Carrying value liabilities | € 76 | |
Fair value hedges | Interest rate risk | Interest rate swaps | Eurobonds | ||
Risk management strategy of hedge relationships | ||
Nominal amount | 186 | 186 |
Carrying value assets | € 117 | € 100 |
Net investment hedge | Foreign exchange risk | Cross currency and foreign exchange swaps | South African rand investment | ||
Risk management strategy of hedge relationships | ||
Nominal amount | 1,952 | 2,007 |
Carrying value assets | € 120 | € 58 |
Carrying value liabilities | 3 | 128 |
Other comprehensive income | ||
Beginning balance | 918 | 758 |
(Gain)/Loss deferred to OCI | (108) | 161 |
Ending balance | € 810 | € 918 |
Average FX rate | R / € | 15.23 | 14.62 |
Average euro interest rate | 0.11% | 0.13% |
Price of hedging instrument | 0.13 |
Capital and financial risk m_22
Capital and financial risk management - Risk management strategy of hedge relationships - Additional information (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair value hedges | ||
Risk management strategy of hedge relationships | ||
Loss from foreign currency basis outside the cash flow and net investment hedge relationships | € 754 | € 572 |
Gain from foreign currency basis outside the cash flow and net investment hedge relationships | 1 | 19 |
Net ineffectiveness on the fair value hedges, recognised in the income statement | 2 | 12 |
Loss in relation to fair value of bonds previously designated in fair value hedge relationships | 749 | 727 |
Cash flow hedges | ||
Risk management strategy of hedge relationships | ||
Hedge ineffectiveness of swaps | 0 | 0 |
Net investment hedge | ||
Risk management strategy of hedge relationships | ||
Hedge ineffectiveness of swaps | 0 | 0 |
Interest rate risk | Fair value hedges | ||
Risk management strategy of hedge relationships | ||
Cumulative fair value adjustment for the hedged interest rate risk | € 86 | € 92 |
Capital and financial risk m_23
Capital and financial risk management - Net financial instruments - Derivative financial assets (Details) - Derivative financial instruments - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements | ||
Gross amount | € 3,634 | € 2,629 |
Amounts presented in balance sheet | 3,634 | 2,629 |
Right of set off with derivative counterparties | (1,549) | (1,467) |
Cash collateral | (2,011) | (1,070) |
Net amount | € 74 | € 92 |
Capital and financial risk m_24
Capital and financial risk management - Net financial instruments - Derivative financial liabilities (Details) - Derivative financial instruments - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | ||
Gross amount | € (2,444) | € (2,383) |
Amounts presented in balance sheet | (2,444) | (2,383) |
Right of set off with derivative counterparties | 1,549 | 1,467 |
Cash collateral | 1,081 | 718 |
Net amount | € (186) | € (198) |
Capital and financial risk m_25
Capital and financial risk management - Net financial instruments - Derivative financial assets (liabilities), net (Details) - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Fair value of financial instruments | ||
Gross amount | € 1,190 | € 246 |
Amounts presented in balance sheet | 1,190 | 246 |
Cash collateral | (930) | (352) |
Net amount | € 260 | € (106) |
Capital and financial risk m_26
Capital and financial risk management - Changes in assets and liabilities arising from financing activities - Tabular disclosure (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair value of financial instruments | ||
Liabilities arising from financing activities at beginning of period | € 43,013 | € 44,369 |
Change in liabilities arising from financing activities | ||
Net proceeds /(repayment) of borrowings | 8,501 | (224) |
Interest paid | (1,297) | (991) |
Other | (541) | (534) |
Net financial costs | 1,958 | 486 |
Other non cash | 1,975 | (93) |
Liabilities arising from financing activities at end of period | € 53,609 | € 43,013 |
Capital and financial risk m_27
Capital and financial risk management - Changes in assets and liabilities arising from financing activities - Additional information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Fair value of financial instruments | |||
Borrowings | € 52,955 | € 41,421 | |
Net receivable in relation to financial instruments | 1,190 | 246 | |
Financial liabilities at carrying value | 1,844 | 1,838 | |
Other payables in relation to the share buyback programme | 823 | ||
Cash outflow in relation to the share buyback programme | 475 | 0 | |
Financing costs | 2,088 | € 1,074 | € 1,406 |
Long term spectrum licence payables and reclassifications between financial liabilities and other investments | € 1,919 |
Directors and key management _3
Directors and key management compensation - Directors (Details) € in Millions | 12 Months Ended | ||
Mar. 31, 2019EUR (€)director | Mar. 31, 2018EUR (€)director | Mar. 31, 2017EUR (€)director | |
Directors and key management compensation | |||
Salaries and fees | € 4 | € 4 | € 4 |
Incentive schemes | 2 | 3 | 2 |
Other benefits | 1 | 1 | |
Total | € 6 | 8 | 7 |
Pre-tax gain on exercise of share options | € 0.1 | € 0.7 | |
Number of directors made gain on exercise of share options before tax | director | 0 | 1 | 1 |
Directors and key management _4
Directors and key management compensation - Key management compensation (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Directors and key management compensation | |||
Short-term employee benefits | € 23 | € 27 | € 24 |
Share-based payments | 35 | 30 | 25 |
Total | € 58 | € 57 | € 49 |
Employees (Details)
Employees (Details) € in Millions | 12 Months Ended | ||
Mar. 31, 2019EUR (€)employee | Mar. 31, 2018EUR (€)employee | Mar. 31, 2017EUR (€)employee | |
Employees | |||
Operations | 15,872 | 17,094 | 18,207 |
Selling and distribution | 30,596 | 35,025 | 38,252 |
Customer care and administration | 52,528 | 54,016 | 55,097 |
Total number of employees | 98,996 | 106,135 | 111,556 |
Costs incurred in respect of employees | |||
Wages and salaries | € | € 4,333 | € 4,179 | € 4,630 |
Social security costs | € | 579 | 547 | 582 |
Other pension costs (note 24) | € | 223 | 222 | 212 |
Share-based payments (note 25) | € | 132 | 128 | 95 |
Cost incurred to employees | € | 5,267 | 5,076 | 5,519 |
India (Discontinued operations) | € | 84 | 219 | 217 |
Total | € | € 5,351 | € 5,295 | € 5,736 |
Europe | |||
Employees | |||
Total number of employees | 49,028 | 49,478 | 55,236 |
Germany | |||
Employees | |||
Total number of employees | 13,414 | 13,718 | 14,478 |
Italy | |||
Employees | |||
Total number of employees | 6,536 | 6,606 | 6,601 |
Spain | |||
Employees | |||
Total number of employees | 5,140 | 5,015 | 5,118 |
UK | |||
Employees | |||
Total number of employees | 11,525 | 12,379 | 13,238 |
Other Europe | |||
Employees | |||
Total number of employees | 12,413 | 11,760 | 15,801 |
Rest of World | |||
Employees | |||
Total number of employees | 25,086 | 32,216 | 34,960 |
India (Discontinued operations) | |||
Employees | |||
Total number of employees | 4,554 | 11,086 | 13,187 |
Vodacom | |||
Employees | |||
Total number of employees | 7,695 | 7,524 | 7,590 |
Other Markets | |||
Employees | |||
Total number of employees | 12,837 | 13,606 | 14,183 |
Common Functions | |||
Employees | |||
Total number of employees | 24,882 | 24,441 | 21,360 |
Post employment benefits - Inco
Post employment benefits - Income statement expense (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Post employment benefits | |||
Defined contribution schemes | € 166 | € 178 | € 192 |
Defined benefit schemes | 57 | 44 | 20 |
Total amount charged to income statement (note 23) | € 223 | € 222 | € 212 |
Post employment benefits - Defi
Post employment benefits - Defined benefit schemes (Details) € in Millions, £ in Millions | Oct. 19, 2017GBP (£) | Oct. 19, 2017EUR (€) | Mar. 31, 2019EUR (€) | Mar. 31, 2016GBP (£) | Mar. 31, 2016EUR (€) |
Defined benefit pension schemes | |||||
Post employment benefits | |||||
Contributions to be paid in next fiscal year | € 48 | ||||
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, £ in Millions | 12 Months Ended | |||
Mar. 31, 2019GBP (£)age | Mar. 31, 2019EUR (€)age | Mar. 31, 2018EUR (€)age | Mar. 31, 2017EUR (€)age | |
Post employment benefits | ||||
Actuarial losses recognised in the SOCI | € (33) | € (70) | € (272) | |
Defined benefit pension schemes | ||||
Post employment benefits | ||||
Rate of inflation (as a percent) | 2.90% | 2.90% | 2.90% | 3.00% |
Rate of increase in salaries (as a percent) | 2.70% | 2.70% | 2.70% | 2.60% |
Discount rate (as a percent) | 2.30% | 2.30% | 2.50% | 2.60% |
Number of years pension will be available for male pensioner | 23 years 3 months 18 days | 23 years 3 months 18 days | 23 years 2 months 12 days | 24 years 1 month 6 days |
Number of years pension will be available for female pensioner | 26 years 7 months 6 days | 26 years 7 months 6 days | 26 years 6 months | 25 years 4 months 24 days |
Current retirement age for pensioner | age | 65 | 65 | 65 | 65 |
Number of years pension will be available for male non-pensioner | 26 years 2 months 12 days | 26 years 2 months 12 days | 26 years 1 month 6 days | 26 years 8 months 12 days |
Number of years pension will be available for female non-pensioner | 29 years 4 months 24 days | 29 years 4 months 24 days | 29 years 3 months 18 days | 28 years 3 months 18 days |
Retirement age for availing pension by non-pensioner | age | 65 | 65 | ||
Current eligible age for availing pension by non-pensioner | age | 40 | 40 | ||
Current service cost | € 31 | € 34 | € 43 | |
Past service cost | £ 14 | 16 | 2 | (27) |
Net interest charge | 10 | 8 | 4 | |
Total included within staff costs | 57 | 44 | 20 | |
Actuarial losses recognised in the SOCI | € 33 | € 94 | € 274 |
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, 2019 | Mar. 31, 2018 | |
Post employment benefits | ||
Balance at beginning of the period | € (410) | € (594) |
Service cost | (47) | (36) |
Interest income/(cost) | (10) | (8) |
Return on plan assets excluding interest income | 269 | (37) |
Actuarial gains arising from demographic assumptions | 5 | (46) |
Actuarial gains (losses) arising from changes in financial assumptions | (253) | (12) |
Actuarial gain (losses) arising from experience adjustments | 12 | 1 |
Employer cash contributions | 27 | 301 |
Exchange rate movements | 10 | |
Other movements | (50) | 11 |
Balance at end of the period | (457) | (410) |
Assets. | ||
Post employment benefits | ||
Balance at beginning of the period | 6,697 | 6,709 |
Interest income/(cost) | 167 | 167 |
Return on plan assets excluding interest income | 269 | (37) |
Employer cash contributions | 27 | 301 |
Member cash contributions | 9 | 8 |
Benefits paid | (280) | (289) |
Exchange rate movements | 87 | (156) |
Other movements | (2) | (6) |
Balance at end of the period | 6,974 | 6,697 |
Liabilities. | ||
Post employment benefits | ||
Balance at beginning of the period | (7,107) | (7,303) |
Service cost | (47) | (36) |
Interest income/(cost) | (177) | (175) |
Actuarial gains arising from demographic assumptions | 5 | (46) |
Actuarial gains (losses) arising from changes in financial assumptions | (253) | (12) |
Actuarial gain (losses) arising from experience adjustments | 12 | 1 |
Member cash contributions | (9) | (8) |
Benefits paid | 280 | 289 |
Exchange rate movements | (87) | 166 |
Other movements | (48) | 17 |
Balance at end of the period | € (7,431) | € (7,107) |
Post employment benefits - Anal
Post employment benefits - Analysis of net assets/(deficit) (Details) - EUR (€) € in Millions | Mar. 31, 2019 | Apr. 01, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Net assets/(deficit) are analysed as: | ||||||
Assets | € 94 | € 110 | € 110 | |||
Liabilities | (551) | € (520) | (520) | |||
Defined benefit pension schemes | ||||||
Analysis of net assets/(deficit): | ||||||
Total fair value of scheme assets | 6,974 | 6,697 | € 6,709 | € 6,229 | € 6,857 | |
Present value of funded scheme liabilities | (7,315) | (7,028) | (7,222) | (6,487) | (7,316) | |
Net assets/(deficit) for funded schemes | (341) | (331) | (513) | (258) | (459) | |
Present value of unfunded scheme liabilities | (116) | (79) | (81) | (83) | (91) | |
Net deficit | (457) | (410) | (594) | (341) | (550) | |
Net assets/(deficit) are analysed as: | ||||||
Assets | 94 | 110 | 57 | 224 | 234 | |
Liabilities | (551) | (520) | (651) | (565) | (784) | |
CWW section | ||||||
Analysis of net assets/(deficit): | ||||||
Total fair value of scheme assets | 2,828 | 2,760 | 2,894 | 2,762 | 3,114 | |
Present value of funded scheme liabilities | (2,734) | (2,655) | (2,842) | (2,543) | (2,884) | |
Net assets/(deficit) for funded schemes | 94 | 105 | 52 | 219 | 230 | |
Net assets/(deficit) are analysed as: | ||||||
Assets | 94 | 105 | 52 | 219 | 230 | |
Vodafone section | ||||||
Analysis of net assets/(deficit): | ||||||
Total fair value of scheme assets | 2,926 | 2,773 | 2,654 | 2,408 | 2,645 | |
Present value of funded scheme liabilities | (3,157) | (2,945) | (2,962) | (2,548) | (2,951) | |
Net assets/(deficit) for funded schemes | (231) | (172) | (308) | (140) | (306) | |
Net assets/(deficit) are analysed as: | ||||||
Liabilities | € (231) | € (172) | € (308) | € (140) | € (306) |
Post employment benefits - Dura
Post employment benefits - Duration of benefit obligations (Details) - Y | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Defined benefit pension schemes | |||
Post employment benefits | |||
Weighted average duration of defined benefit obligation (in years) | 22 | 22.8 | 22.9 |
Post employment benefits - Fa_2
Post employment benefits - Fair value of pension assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Defined benefit pension schemes | |||||
Post employment benefits | |||||
Cash and cash equivalents | € 65 | € 95 | |||
Investment fund | 543 | 275 | |||
Total | 6,974 | 6,697 | € 6,709 | € 6,229 | € 6,857 |
Gain (loss) on return on plan assets | 436 | (130) | |||
Defined benefit pension schemes | Level 1 | |||||
Post employment benefits | |||||
Equity investments | 1,469 | 1,407 | |||
Debt instruments | 3,831 | 4,149 | |||
Property | 24 | 27 | |||
Derivatives | 986 | 1,146 | |||
Annuity policies | 14 | ||||
Defined benefit pension schemes | Level 2 | |||||
Post employment benefits | |||||
Equity investments | 250 | 360 | |||
Debt instruments | 620 | 590 | |||
Property | 282 | 78 | |||
Derivatives | (44) | ||||
Annuity policies | 862 | 818 | |||
Vodafone section | |||||
Post employment benefits | |||||
Investment fund | 276 | ||||
Total | € 2,926 | € 2,773 | € 2,654 | € 2,408 | € 2,645 |
Post employment benefits - Sens
Post employment benefits - Sensitivity analysis (Details) - Defined benefit pension schemes € in Millions | Mar. 31, 2019EUR (€) |
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 | € (570) |
Increase in actuarial assumption | € 644 |
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 | € 4 |
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 | € 857 |
Increase in actuarial assumption | (733) |
Life expectancy | |
Sensitivity analysis | |
Decrease in actuarial assumption | 230 |
Increase in actuarial assumption | € (229) |
Share-based payments - Accounti
Share-based payments - Accounting policies (Details) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019GBP (£)Option | Mar. 31, 2018GBP (£)Option | Mar. 31, 2017GBP (£)Option | |
Share options and Share plans | |||
Share options granted | 33 | 11 | 31 |
Movements in outstanding ordinary share options | |||
Balance at the beginning of the period (in shares) | 40 | 41 | 24 |
Granted (in shares) | 33 | 11 | 31 |
Forfeited (in shares) | (2) | (2) | (1) |
Exercised (in shares) | (2) | (5) | (7) |
Expired (in shares) | (23) | (5) | (6) |
Balance at the end of the period (in shares) | 46 | 40 | 41 |
Weighted average exercise price: | |||
Weighted average exercise price at the beginning of the period | £ | £ 1.64 | £ 1.61 | £ 1.62 |
Granted (per share) | £ | 1.30 | 1.72 | 1.61 |
Forfeited (per share) | £ | 1.52 | 1.65 | 1.66 |
Exercised (per share) | £ | 1.67 | 1.57 | 1.50 |
Expired (per share) | £ | 1.64 | 1.65 | 1.75 |
Weighted average exercise price at the end of the period | £ | £ 1.40 | £ 1.64 | £ 1.61 |
Vodafone Group executive plans | |||
Share options and Share plans | |||
Share options granted | 0 | ||
Movements in outstanding ordinary share options | |||
Granted (in shares) | 0 | ||
Vodafone Sharesave Plan | |||
Share options and Share plans | |||
Monthly savings, amount | £ | £ 375 | ||
Discount rate for share options | 0.20 | ||
Vodafone Sharesave Plan | Minimum | |||
Share options and Share plans | |||
Share option vesting period | 3 years | ||
Vodafone 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, 2019GBP (£)YOption | Mar. 31, 2018GBP (£)Option | Mar. 31, 2017GBP (£)Option | Mar. 31, 2016GBP (£)Option |
Summary of options outstanding and exercisable | ||||
Outstanding shares | Option | 46 | 40 | 41 | 24 |
Weighted average exercise price | £ 1.40 | £ 1.64 | £ 1.61 | £ 1.62 |
Weighted average remaining contractual life | Y | 33 | |||
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, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based payments | |||
Balance at the beginning of the period (in shares) | 182 | 178 | 198 |
Granted (in shares) | 88 | 74 | 74 |
Vested (in shares) | (39) | (42) | (47) |
forfeited (in shares) | (31) | (28) | (47) |
Balance at the end of the period (in shares) | 200 | 182 | 178 |
Weighted average fair value at the beginning of the period | £ 2.04 | £ 1.91 | £ 1.77 |
Granted (per share) | 1.82 | 1.95 | 1.97 |
Vested (per share) | 2.21 | 1.76 | 1.77 |
Forfeited (per share) | 1.97 | 1.58 | 1.57 |
Weighted average fair value at the end of the period | £ 1.92 | £ 2.04 | £ 1.91 |
Total fair value of shares vested | £ 86,000,000 | £ 74,000,000 | £ 83,000,000 |
Compensation cost | 132,000,000 | 128,000,000 | 95,000,000 |
Average share price | £ 1.683 | £ 2.162 | £ 2.162 |
Acquisitions and disposals - Ac
Acquisitions and disposals - Acquisitions (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Acquisitions and disposals | |||
Acquisitions during the year | € 61 | € 9 | |
Net cash acquired and acquisition related costs | 26 | ||
Total cash consideration paid | 87 | € 9 | € 28 |
Aggregate fair values of goodwill of the acquired operations | 77 | ||
Aggregate fair values of assets of the acquired operations | 123 | ||
Aggregate fair values of liabilities of the acquired operation | € 139 |
Acquisitions and disposals - Di
Acquisitions and disposals - Disposals (Details) € in Millions, ر.ق in Millions | May 13, 2019 | Aug. 31, 2018₨ / shares | Mar. 29, 2018QAR (ر.ق) | Mar. 29, 2018EUR (€) | Mar. 20, 2017 | Mar. 31, 2019EUR (€) | Mar. 31, 2018EUR (€) | Mar. 31, 2017EUR (€) | Mar. 31, 2016 | Apr. 01, 2018EUR (€) |
Disposals | ||||||||||
Foreign exchange gain (loss) | € (2,277) | € 476 | € (231) | |||||||
Foreign exchange loss | 305 | 187 | € 272 | |||||||
Goodwill | 23,353 | 26,734 | € 26,734 | |||||||
Property, plant and equipment | (27,432) | (28,325) | (28,325) | |||||||
Cash and cash equivalents | (13,637) | (4,674) | € (4,674) | |||||||
Short and long-term borrowings | € 52,955 | 41,421 | ||||||||
Vodafone Idea | Aditya Birla Group | ||||||||||
Disposals | ||||||||||
Ownership interest sold (as a percentage) | 4.80% | |||||||||
Idea | ||||||||||
Disposals | ||||||||||
Fair value per share | ₨ / shares | ₨ 51.50 | |||||||||
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% | |||||||||
Goodwill | 855 | |||||||||
Other intangible assets | (1,415) | |||||||||
Property, plant and equipment | (1,164) | |||||||||
Inventories | 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 | |||||||||
Net assets contributed into Vodafone Idea | (2,314) | |||||||||
Fair value of investment in Vodafone Idea | 2,970 | |||||||||
Net cash proceeds arising from the transaction | 619 | |||||||||
Net gain (loss) on formation of Vodafone idea/ VodafoneZiggo | € 1,275 | |||||||||
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 | |||||||||
Equalisation payment made to Liberty Global Plc | € 802 | |||||||||
Vodafone Idea | ||||||||||
Disposals | ||||||||||
Proportion of ownership interest | 45.20% | 45.20% | ||||||||
Vodafone India (excluding interest in Indus Towers) | ||||||||||
Disposals | ||||||||||
Proportion of ownership interest | 42.00% | |||||||||
Loss on disposal | € 1,276 | |||||||||
Foreign exchange gain (loss) | 2,079 | |||||||||
Foreign exchange loss | 2,079 | |||||||||
Other intangible assets | (6,138) | |||||||||
Property, plant and equipment | (3,091) | |||||||||
Trade and other receivables | (1,572) | |||||||||
Other investments | (6) | |||||||||
Cash and cash equivalents | (751) | |||||||||
Current and deferred taxation | (2,790) | |||||||||
Short and long-term borrowings | 7,896 | |||||||||
Trade and other payables | 1,669 | |||||||||
Provisions | 720 | |||||||||
Net assets contributed into Vodafone Idea | (4,063) | |||||||||
Fair value of investment in Vodafone Idea | 2,467 | |||||||||
Net cash proceeds arising from the transaction | 320 | |||||||||
Other effects | (2,144) | |||||||||
Net gain (loss) on formation of Vodafone idea/ VodafoneZiggo | (3,420) | |||||||||
Loss on re-measurement of retained interest | € 603 | |||||||||
Vodafone And Qatar Foundation L.L.C | ||||||||||
Disposals | ||||||||||
Net gain (loss) on formation of Vodafone idea/ VodafoneZiggo | € 113 | |||||||||
Ownership transferred (as a percentage) | 51.00% | 51.00% | ||||||||
Consideration received for transfer of ownership | ر.ق 1,350 | € 299 |
Commitments - Operating lease c
Commitments - Operating lease commitments and Capital commitments (Details) - EUR (€) € in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Commitments | ||
Future minimum lease payments under non-cancellable operating leases | € 10,816 | € 9,694 |
Future minimum sublease payments expected to be received under non-cancellable subleases | 1,027 | 859 |
Capital commitments from company and subsidiaries | 2,980 | 2,630 |
Capital commitments from share of joint operations | 32 | 76 |
Contracts placed for future capital expenditure not provided in the financial statements | 3,012 | 2,706 |
Within one year | ||
Commitments | ||
Future minimum lease payments under non-cancellable operating leases | 2,834 | 2,686 |
In more than one year but less than two years | ||
Commitments | ||
Future minimum lease payments under non-cancellable operating leases | 1,654 | 1,633 |
In more than two years but less than three years | ||
Commitments | ||
Future minimum lease payments under non-cancellable operating leases | 1,227 | 1,155 |
In more than three years but less than four years | ||
Commitments | ||
Future minimum lease payments under non-cancellable operating leases | 950 | 903 |
In more than four years but less than five years | ||
Commitments | ||
Future minimum lease payments under non-cancellable operating leases | 739 | 717 |
In more than five years | ||
Commitments | ||
Future minimum lease payments under non-cancellable operating leases | € 3,412 | € 2,600 |
Commitments - Acquisition commi
Commitments - Acquisition commitments (Details) shares in Millions, $ in Millions, $ in Millions, € in Billions | Aug. 30, 2018AUD ($) | Apr. 25, 2018shares | Aug. 29, 2018USD ($) | May 09, 2018EUR (€) |
Unitymedia GmbH in Germany and Liberty Global's Operations (Excluding its "Direct Home" Business) in Czech Republic , Hungary and Romania | ||||
Acquisition commitments | ||||
Total enterprise value | € 18.4 | |||
Break fee | € 250 | |||
Bharti Airtel and Vodafone Jointly Control Operation | ||||
Acquisition commitments | ||||
Ownership interest sold (as a percentage) | 29.40% | |||
TPG | ||||
Acquisition commitments | ||||
Percentage of stake owned | 49.90% | |||
Vodafone Hutchison Australia Pty Limited | ||||
Acquisition commitments | ||||
Guaranteed debt amount | $ 850 | $ 1,750 | ||
Bharti Infratel (Idea Group) | Indus Towers | ||||
Acquisition commitments | ||||
Percentage of stake owned | 42.00% | |||
Vodafone | Indus Towers | ||||
Acquisition commitments | ||||
Percentage of stake owned | 42.00% | |||
Number of shares issued | shares | 783.1 | |||
Vodafone | Hutchison Telecommunications (Australia) Limited | ||||
Acquisition commitments | ||||
Percentage of stake owned | 25.00% | |||
Aditya Birla Group | Indus Towers | ||||
Acquisition commitments | ||||
Percentage of stake owned | 11.15% | |||
Ownership interest which has selling option (as percent) | 11.15% | |||
Ownership interest sold (as a percentage) | 11.15% | |||
Providence | Indus Towers | ||||
Acquisition commitments | ||||
Percentage of stake owned | 4.85% | |||
Ownership interest which has selling option (as percent) | 3.35% | |||
Ownership interest sold (as a percentage) | 3.35% | |||
Bharti Airtel | Bharti Infratel (Idea Group) | Minimum | ||||
Acquisition commitments | ||||
Percentage of stake owned | 37.20% | |||
Bharti Airtel | Bharti Infratel (Idea Group) | Maximum | ||||
Acquisition commitments | ||||
Percentage of stake owned | 53.50% |
Contingent liabilities and le_3
Contingent liabilities and legal proceedings - Contingent liabilities and UK pension schemes (Details) € in Millions, $ in Billions, $ in Billions | 12 Months Ended | |||
Mar. 31, 2019USD ($)item | Mar. 31, 2019AUD ($)item | Mar. 31, 2019EUR (€)item | Mar. 31, 2018EUR (€) | |
Contingent liabilities and legal proceedings - Conti | ||||
number of segregated sections | item | 2 | |||
Performance bonds | ||||
Contingent liabilities and legal proceedings - Conti | ||||
Contingent liability amount | € 337 | € 993 | ||
Other guarantees and contingent liabilities | ||||
Contingent liabilities and legal proceedings - Conti | ||||
Contingent liability amount | 2,943 | € 4,036 | ||
UK pension schemes | ||||
Contingent liabilities and legal proceedings - Conti | ||||
Notional value of security | 544 | |||
UK pension schemes, Vodafone Section | ||||
Contingent liabilities and legal proceedings - Conti | ||||
Contingent liability amount | € 1,450 | |||
Number of guarantees under pension scheme | item | 2 | 2 | 2 | |
UK pension schemes, CWW Section | ||||
Contingent liabilities and legal proceedings - Conti | ||||
Contingent liability amount | € 1,450 | |||
Notional value of security | 87 | |||
THUS Plc Group Scheme | ||||
Contingent liabilities and legal proceedings - Conti | ||||
Contingent liability amount | € 116 | |||
Vodafone Hutchison Australia Pty Limited | ||||
Contingent liabilities and legal proceedings - Conti | ||||
Proportion of stake (as a percentage) | 50.00% | |||
Vodafone Hutchison Australia Pty Limited | Other guarantees and contingent liabilities | ||||
Contingent liabilities and legal proceedings - Conti | ||||
Proportion of stake (as a percentage) | 50.00% | |||
Loan facility covered under guarantee by group company | $ 3.5 | $ 1.7 |
Contingent liabilities and le_4
Contingent liabilities and legal proceedings - Indian tax cases and Indian regulatory cases (Details) € in Millions, £ in Millions, ₨ in Billions | Sep. 29, 2017INR (₨) | Feb. 12, 2016INR (₨) | Apr. 23, 2015EUR (€) | Jan. 03, 2013INR (₨) | Apr. 30, 2013EUR (€) | Jan. 31, 2012 | Mar. 31, 2019EUR (€)item | Aug. 31, 2018INR (₨) | Aug. 31, 2018EUR (€) | Apr. 21, 2016 | Jul. 13, 2015GBP (£) |
Contingent liabilities and legal proceedings - Conti | |||||||||||
Number of heads of tax subject to indemnity | item | 2 | ||||||||||
total number of heads of tax | item | 3 | ||||||||||
Vodafone Idea | |||||||||||
Contingent liabilities and legal proceedings - Conti | |||||||||||
Maximum liability for indemnification and payment | ₨ 84 | € 1,100 | |||||||||
Indian tax cases | Vodafone International Holdings BV ('VIHBV') | |||||||||||
Contingent liabilities and legal proceedings - Conti | |||||||||||
Amount of damages sought | ₨ | ₨ 190.7 | ₨ 221 | ₨ 142 | ||||||||
Percentage of penalty | 100.00% | ||||||||||
Indian tax cases | Vodafone India Limited (VIL) and Vodafone India Services Private Limited (VISPL) | |||||||||||
Contingent liabilities and legal proceedings - Conti | |||||||||||
Litigation period in courts | 5 years | ||||||||||
Amount of damages sought | € 450,000 | ||||||||||
Percentage of penalty | 300.00% | ||||||||||
Indian tax cases | Vodafone India Services Private Limited | |||||||||||
Contingent liabilities and legal proceedings - Conti | |||||||||||
Tax liability | € 266 | ||||||||||
Interest payable | € 483 | ||||||||||
Deposit amount with tax authorities | £ | £ 20 | ||||||||||
Indian regulatory cases | |||||||||||
Contingent liabilities and legal proceedings - Conti | |||||||||||
Number of public interest litigations | item | 3 | ||||||||||
Indian regulatory case, 3G inter-circle roaming | Vodafone India | |||||||||||
Contingent liabilities and legal proceedings - Conti | |||||||||||
Amount of fine imposed by department of telecommunications | € 5.5 | ||||||||||
Indian regulatory case, One time spectrum charges | Vodafone India | |||||||||||
Contingent liabilities and legal proceedings - Conti | |||||||||||
Amount of one time spectrum charges | € 525 | ||||||||||
Indian regulatory case, Adjusted Gross Revenue ('AGR') | Vodafone India | |||||||||||
Contingent liabilities and legal proceedings - Conti | |||||||||||
Amount of impact on licence fees and spectrum usage charges | € 2,200 |
Contingent liabilities and le_5
Contingent liabilities and legal proceedings - Other cases in the Group (Details) € in Millions, £ in Billions | Jun. 09, 2015EUR (€) | Jun. 08, 2015EUR (€) | Aug. 31, 2015EUR (€) | Sep. 30, 2014EUR (€) | Dec. 31, 2013EUR (€)directorclaim | Mar. 31, 2019GBP (£) | Mar. 31, 2019EUR (€) | Mar. 31, 2010EUR (€) |
Contingent liabilities and legal proceedings - Conti | ||||||||
Value of claim | £ | £ 1 | |||||||
Patent litigation, Spain | ||||||||
Contingent liabilities and legal proceedings - Conti | ||||||||
Amount of compensation sought by petitioner | € 500 | |||||||
Dominant position allegations, British Telecom in Italy | Vodafone Italy | ||||||||
Contingent liabilities and legal proceedings - Conti | ||||||||
Amount of compensation sought by petitioner | € 280 | |||||||
Amount of damages awarded value | € 12 | |||||||
Dominant position allegations, British Telecom in Italy | Vodafone Italy | Minimum | ||||||||
Contingent liabilities and legal proceedings - Conti | ||||||||
Amount of damages as per expert report | € 8 | 10 | ||||||
Dominant position allegations, British Telecom in Italy | Vodafone Italy | Maximum | ||||||||
Contingent liabilities and legal proceedings - Conti | ||||||||
Amount of damages as per expert report | € 11 | € 25 | ||||||
Anti-competitive retention of customers allegations by Telecom Italia | Vodafone Italy | ||||||||
Contingent liabilities and legal proceedings - Conti | ||||||||
Amount of compensation sought by petitioner | € 101 | |||||||
Anti-competitive retention of customers allegations by Telecom Italia | Vodafone Italy | Minimum | ||||||||
Contingent liabilities and legal proceedings - Conti | ||||||||
Amount of damages as per expert report | € 0 | |||||||
Anti-competitive retention of customers allegations by Telecom Italia | Vodafone Italy | Maximum | ||||||||
Contingent liabilities and legal proceedings - Conti | ||||||||
Amount of damages as per expert report | € 9 | |||||||
Dominant position and wrongful termination of franchise arrangement by Papistas, Greece | ||||||||
Contingent liabilities and legal proceedings - Conti | ||||||||
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 | 2 |
Related party transactions (Det
Related party transactions (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Associates | |||
Related party transactions | |||
Sales of goods and services | € 27 | € 19 | € 37 |
Purchase of goods and services | 3 | 1 | 90 |
Trade balances owed by | 1 | 4 | |
Trade balances owed to | 3 | 2 | 1 |
Joint arrangements | |||
Related party transactions | |||
Sales of goods and services | 242 | 194 | 19 |
Purchase of goods and services | 192 | 199 | 183 |
Net interest income receivable | 96 | 120 | 87 |
Trade balances owed by | 193 | 107 | 158 |
Trade balances owed to | 25 | 28 | 15 |
Other balances owed by | 997 | 1,328 | 1,209 |
Other balances owed to | € 169 | € 150 | € 127 |
Subsequent events - Bonds (Deta
Subsequent events - Bonds (Details) £ in Millions, $ in Millions, $ in Millions, € in Billions, $ in Billions | Apr. 04, 2019USD ($) | May 31, 2019EUR (€) | May 24, 2019EUR (€) | Mar. 31, 2019HKD ($) | Mar. 31, 2019AUD ($) | Mar. 31, 2019GBP (£) |
Subsequent events | ||||||
Bonds issued | $ 2,100 | $ 1,200 | £ 3,400 | |||
Subsequent events | ||||||
Subsequent events | ||||||
Bonds issued | $ 2 | € 2.5 | ||||
Euro equivalent rate | 4.38% | |||||
Subsequent events | Bonds mature between 2026 and 2039 | Minimum. | ||||||
Subsequent events | ||||||
Borrowing interest rate | 0.90% | |||||
Subsequent events | Bonds mature between 2026 and 2039 | Maximum | ||||||
Subsequent events | ||||||
Borrowing interest rate | 2.50% | |||||
Subsequent events | Bonds mature between 2020 and 2021 | ||||||
Subsequent events | ||||||
Bonds issued | € 1.5 |
Subsequent events - Vodafone Id
Subsequent events - Vodafone Idea rights issue (Details) € in Millions, ₨ in Billions | May 08, 2019INR (₨) | May 08, 2019EUR (€) | Mar. 31, 2019INR (₨) | Mar. 31, 2019EUR (€) | Apr. 01, 2018EUR (€) | Mar. 31, 2018EUR (€) | Jan. 04, 2018EUR (€) | Mar. 31, 2017EUR (€) | Mar. 31, 2016EUR (€) |
Subsequent events | |||||||||
Equity | € 63,445 | € 70,943 | € 68,607 | € 2,464 | € 73,719 | € 85,136 | |||
Vodafone Idea | |||||||||
Subsequent events | |||||||||
Equity | ₨ 250 | € 3,200 | |||||||
Investments in joint ventures accounted for using equity method | ₨ 110 | € 1,400 |
Subsequent events - German spec
Subsequent events - German spectrum auction (Details) - Subsequent events € in Thousands | Jun. 06, 2018EUR (€)item |
Subsequent events | |
Number of blocks of spectrum under bids | item | 12 |
Bid amount in auction to obtain blocks of spectrum | € | € 1,837 |
Subsequent Events - Vodafone Ne
Subsequent Events - Vodafone New Zealand (Details) - May 13, 2018 € in Billions, $ in Billions | NZD ($) | EUR (€) |
Subsequent events | Vodafone New Zealand | ||
Subsequent events | ||
Amount of consideration agreed for the sale | $ 3.4 | € 2.1 |
IAS 18 basis primary statemen_3
IAS 18 basis primary statements (Details) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Apr. 01, 2018 | Jan. 04, 2018 | Mar. 31, 2016 | |
Consolidated income statement | ||||||
Revenue | € 43,666 | € 46,571 | € 47,631 | |||
Cost of sales | (30,160) | (32,771) | (34,576) | |||
Gross profit | 13,506 | 13,800 | 13,055 | |||
Selling and distribution expenses | (3,891) | (4,011) | (4,349) | |||
Administrative expenses | (5,410) | (5,116) | (5,491) | |||
Net credit losses on financial assets1 | (575) | (528) | (589) | |||
Share of results of equity accounted associates and joint ventures | (908) | (59) | 47 | |||
Impairment losses | (3,525) | |||||
Other (expense)/income | (148) | 213 | 1,052 | |||
Operating (loss)/profit | (951) | 4,299 | 3,725 | |||
Non-operating income and expense | (7) | (32) | (1) | |||
Investment income | 433 | 685 | 474 | |||
Finance costs | (2,088) | (1,074) | (1,406) | |||
(Loss)/profit before taxation | (2,613) | 3,878 | 2,792 | |||
Income tax (expense)/credit | (1,496) | 879 | (4,764) | |||
(Loss)/profit for the financial year from continuing operations | (4,109) | 4,757 | (1,972) | |||
Loss for the financial year from discontinued operations | (3,535) | (1,969) | (4,107) | |||
(Loss)/profit for the financial year | (7,644) | 2,788 | (6,079) | |||
Attributable to: | ||||||
Owners of the parent | (8,020) | 2,439 | (6,297) | |||
Non-controlling interests | 376 | 349 | 218 | |||
(Loss)/profit for the financial year | € (7,644) | € 2,788 | € (6,079) | |||
(Loss)/earnings per share | ||||||
Basic - From continuing operations (in eurocents per share) | € (0.1625) | € 0.1587 | € (0.0783) | |||
Diluted - From continuing operations (in eurocents per share) | (0.1625) | 0.1582 | (0.0783) | |||
Basic - Total Group (in eurocents per share) | (0.2905) | 0.0878 | (0.2251) | |||
Diluted - Total Group (in eurocents per share) | € (0.2905) | € 0.0876 | € (0.2251) | |||
Consolidated statement of comprehensive income | ||||||
Comprehensive (expense)/income | € (5,888) | € 399 | € (7,436) | |||
Profit (loss) | (7,644) | 2,788 | (6,079) | |||
Consolidated statement of changes in equity | ||||||
Equity | 63,445 | 68,607 | 73,719 | € 70,943 | € 2,464 | € 85,136 |
Non-current assets | ||||||
Goodwill | 23,353 | 26,734 | 26,734 | |||
Other intangible assets | 17,652 | 16,523 | 16,523 | |||
Plant, property and equipment | 27,432 | 28,325 | 28,325 | |||
Investments in associates and joint ventures | 3,952 | 2,538 | 2,765 | |||
Other investments | 870 | 3,204 | 3,192 | |||
Deferred tax assets | 24,753 | 26,200 | 25,551 | |||
Post employment benefits | 94 | 110 | 110 | |||
Trade and other receivables | 5,170 | 4,026 | 4,856 | |||
Contract assets | 531 | 350 | 843 | |||
Non-current receivables from contracts with customers | 376 | 435 | 421 | |||
Deferred acquisition costs | 366 | 340 | ||||
Fulfilment costs | 9 | 11 | ||||
Current assets | ||||||
Inventory | 714 | 581 | 620 | |||
Taxation recoverable | 264 | 106 | 106 | |||
Trade and other receivables | 12,190 | 9,975 | 12,104 | |||
Contract assets | 3,671 | 2,257 | 3,402 | |||
Trade receivables | 4,701 | 4,967 | 4,811 | |||
Deferred acquisition costs | 1,067 | 1,097 | ||||
Fulfilment costs | 65 | 43 | ||||
Other investments | 13,012 | 8,795 | 8,795 | |||
Cash and cash equivalents | 13,637 | 4,674 | 4,674 | |||
Assets held for sale (liability) | 231 | |||||
Assets held for sale | 13,820 | 13,820 | ||||
Total assets | 142,862 | 145,611 | 148,175 | |||
Equity | ||||||
Called up share capital | 4,796 | 4,796 | 4,796 | |||
Additional paid-in capital | 152,503 | 150,197 | 150,197 | |||
Treasury shares | (7,875) | (8,463) | (8,463) | |||
Accumulated losses | (116,725) | (106,695) | (104,462) | |||
Accumulated other comprehensive income | 29,519 | 27,805 | 27,832 | |||
Total attributable to owners of the parent | 62,218 | 67,640 | 69,900 | |||
Non-controlling interests | 1,227 | 967 | 1,043 | |||
Total non-controlling interests | 1,227 | 967 | 1,043 | |||
Total equity | 63,445 | 68,607 | 73,719 | 70,943 | € 2,464 | 85,136 |
Non-current liabilities | ||||||
Long-term borrowings | 48,685 | 32,908 | 32,908 | |||
Deferred tax liabilities | 478 | 644 | 785 | |||
Post employment benefits | 551 | 520 | 520 | |||
Provisions | 1,242 | 1,065 | 1,065 | |||
Trade and other payables | 2,938 | 2,843 | 2,853 | |||
Contract liabilities | 574 | 237 | 247 | |||
Current liabilities | ||||||
Short-term borrowings | 4,270 | 8,513 | 8,513 | |||
Financial liabilities under put option arrangements | 1,844 | 1,838 | 1,838 | |||
Taxation liabilities | 596 | 541 | 541 | |||
Provisions | 1,160 | 891 | 891 | |||
Trade and other payables | 17,653 | 16,242 | 16,319 | |||
Contract liabilities | 1,818 | 1,678 | 1,716 | |||
Other payables | 1,562 | |||||
Liabilities held for sale | 10,999 | 10,999 | ||||
Total equity and liabilities | 142,862 | 145,611 | 148,175 | |||
Adjustments | ||||||
Consolidated statement of comprehensive income | ||||||
Comprehensive (expense)/income | 611 | |||||
Foreign exchange , losses/(gains) transferred to the income statement | 576 | |||||
IAS 18 basis | ||||||
Consolidated income statement | ||||||
Revenue | 45,066 | |||||
Cost of sales | (31,413) | |||||
Gross profit | 13,653 | |||||
Selling and distribution expenses | (3,891) | |||||
Administrative expenses | (5,410) | |||||
Net credit losses on financial assets1 | (501) | |||||
Share of results of equity accounted associates and joint ventures | (851) | |||||
Impairment losses | (3,119) | |||||
Other (expense)/income | (148) | |||||
Operating (loss)/profit | (267) | |||||
Non-operating income and expense | (7) | |||||
Investment income | 433 | |||||
Finance costs | (2,088) | |||||
(Loss)/profit before taxation | (1,929) | |||||
Income tax (expense)/credit | (1,604) | |||||
(Loss)/profit for the financial year from continuing operations | (3,533) | |||||
Loss for the financial year from discontinued operations | (3,535) | |||||
(Loss)/profit for the financial year | (7,068) | |||||
Attributable to: | ||||||
(Loss)/profit for the financial year | € (7,068) | |||||
(Loss)/earnings per share | ||||||
Basic - From continuing operations (in eurocents per share) | € (0.1415) | |||||
Diluted - From continuing operations (in eurocents per share) | (0.1415) | |||||
Basic - Total Group (in eurocents per share) | (0.2695) | |||||
Diluted - Total Group (in eurocents per share) | € (0.2695) | |||||
Consolidated statement of comprehensive income | ||||||
Comprehensive (expense)/income | € 5,277 | |||||
Profit (loss) | (7,068) | |||||
IAS 18 basis | ||||||
Consolidated income statement | ||||||
Impairment losses | (3,119) | |||||
Consolidated statement of changes in equity | ||||||
Equity | 61,518 | |||||
Non-current assets | ||||||
Goodwill | 23,762 | |||||
Other intangible assets | 17,652 | |||||
Plant, property and equipment | 27,432 | |||||
Investments in associates and joint ventures | 3,796 | |||||
Other investments | 870 | |||||
Deferred tax assets | 25,405 | |||||
Post employment benefits | 94 | |||||
Trade and other receivables | 4,615 | |||||
Contract assets | 351 | |||||
Non-current receivables from contracts with customers | 376 | |||||
Current assets | ||||||
Inventory | 666 | |||||
Taxation recoverable | 264 | |||||
Trade and other receivables | 9,811 | |||||
Contract assets | 2,424 | |||||
Trade receivables | 4,701 | |||||
Other investments | 13,012 | |||||
Cash and cash equivalents | 13,637 | |||||
Assets held for sale (liability) | 246 | |||||
Total assets | 140,770 | |||||
Equity | ||||||
Called up share capital | 4,796 | |||||
Additional paid-in capital | 152,503 | |||||
Treasury shares | (7,875) | |||||
Accumulated losses | (118,603) | |||||
Accumulated other comprehensive income | 29,546 | |||||
Total attributable to owners of the parent | 60,367 | |||||
Non-controlling interests | 1,151 | |||||
Total non-controlling interests | 1,151 | |||||
Total equity | 61,518 | |||||
Non-current liabilities | ||||||
Long-term borrowings | 48,685 | |||||
Deferred tax liabilities | 407 | |||||
Post employment benefits | 551 | |||||
Provisions | 1,242 | |||||
Trade and other payables | 2,936 | |||||
Contract liabilities | 572 | |||||
Current liabilities | ||||||
Short-term borrowings | 4,270 | |||||
Financial liabilities under put option arrangements | 1,844 | |||||
Taxation liabilities | 596 | |||||
Provisions | 1,160 | |||||
Trade and other payables | 17,561 | |||||
Contract liabilities | 1,775 | |||||
Other payables | 1,513 | |||||
Total equity and liabilities | 140,770 | |||||
IAS 18 basis | Adjustments | ||||||
Consolidated income statement | ||||||
(Loss)/profit for the financial year | 35 | |||||
Attributable to: | ||||||
(Loss)/profit for the financial year | 35 | |||||
Consolidated statement of comprehensive income | ||||||
Profit (loss) | 35 | |||||
IAS 18 basis | IAS 18 basis | ||||||
Consolidated statement of changes in equity | ||||||
Equity | 61,518 | |||||
Equity | ||||||
Total equity | 61,518 | |||||
Impact of adoption of IFRS 15 | ||||||
Consolidated income statement | ||||||
Impairment losses | (406) | |||||
Consolidated statement of changes in equity | ||||||
Equity | (1,927) | 2,538 | ||||
Non-current assets | ||||||
Goodwill | 409 | |||||
Investments in associates and joint ventures | (156) | 227 | ||||
Deferred tax assets | 652 | |||||
Trade and other receivables | (555) | 851 | ||||
Contract assets | (180) | 500 | ||||
Deferred acquisition costs | (366) | 340 | ||||
Fulfilment costs | (9) | 11 | ||||
Current assets | ||||||
Inventory | (48) | 39 | ||||
Trade and other receivables | (2,379) | 2,349 | ||||
Contract assets | (1,247) | 1,209 | ||||
Deferred acquisition costs | (1,067) | 1,097 | ||||
Fulfilment costs | (65) | 43 | ||||
Assets held for sale | (15) | |||||
Total assets | (2,092) | 2,767 | ||||
Equity | ||||||
Accumulated losses | (1,878) | 2,457 | ||||
Accumulated other comprehensive income | 27 | |||||
Total attributable to owners of the parent | (1,851) | 2,457 | ||||
Non-controlling interests | (76) | 81 | ||||
Total non-controlling interests | (76) | 81 | ||||
Total equity | (1,927) | 2,538 | ||||
Non-current liabilities | ||||||
Deferred tax liabilities | 142 | |||||
Deferred tax liabilities (adjustment) | (71) | |||||
Trade and other payables | (2) | 10 | ||||
Contract liabilities | (2) | 10 | ||||
Current liabilities | ||||||
Trade and other payables | (92) | 77 | ||||
Contract liabilities | (43) | 38 | ||||
Other payables | (49) | |||||
Total equity and liabilities | (2,092) | € 2,767 | ||||
Impact of adoption of IFRS 15 | Adjustments | ||||||
Consolidated income statement | ||||||
Revenue | 1,400 | |||||
Cost of sales | (1,253) | |||||
Gross profit | 147 | |||||
Net credit losses on financial assets1 | 74 | |||||
Share of results of equity accounted associates and joint ventures | 57 | |||||
Impairment losses | 406 | |||||
Operating (loss)/profit | 684 | |||||
(Loss)/profit before taxation | 684 | |||||
Income tax (expense)/credit | (108) | |||||
(Loss)/profit for the financial year from continuing operations | 576 | |||||
(Loss)/profit for the financial year | 576 | |||||
Attributable to: | ||||||
(Loss)/profit for the financial year | € 576 | |||||
(Loss)/earnings per share | ||||||
Basic - From continuing operations (in eurocents per share) | € 0.0210 | |||||
Diluted - From continuing operations (in eurocents per share) | 0.0210 | |||||
Basic - Total Group (in eurocents per share) | 0.0210 | |||||
Diluted - Total Group (in eurocents per share) | € 0.0210 | |||||
Consolidated statement of comprehensive income | ||||||
Profit (loss) | € 576 | |||||
Consolidated statement of changes in equity | ||||||
Equity | (1,927) | |||||
Equity | ||||||
Total equity | (1,927) | |||||
Retained losses | ||||||
Consolidated income statement | ||||||
(Loss)/profit for the financial year | (8,020) | 2,439 | (6,297) | |||
Attributable to: | ||||||
(Loss)/profit for the financial year | (8,020) | 2,439 | (6,297) | |||
Consolidated statement of comprehensive income | ||||||
Comprehensive (expense)/income | (8,020) | 2,439 | (6,297) | |||
Profit (loss) | (8,020) | 2,439 | (6,297) | |||
Consolidated statement of changes in equity | ||||||
Equity | (116,725) | (106,695) | (105,851) | (95,683) | ||
Equity | ||||||
Total equity | (116,725) | (106,695) | (105,851) | (95,683) | ||
Retained losses | IAS 18 basis | IAS 18 basis | ||||||
Consolidated statement of changes in equity | ||||||
Equity | (118,603) | |||||
Equity | ||||||
Total equity | (118,603) | |||||
Retained losses | Impact of adoption of IFRS 15 | Adjustments | ||||||
Consolidated statement of changes in equity | ||||||
Equity | (1,878) | |||||
Equity | ||||||
Total equity | (1,878) | |||||
Currency reserve | ||||||
Consolidated statement of comprehensive income | ||||||
Comprehensive (expense)/income | 1,477 | (1,852) | (1,082) | |||
Consolidated statement of changes in equity | ||||||
Equity | 29,284 | 27,807 | 29,659 | 30,741 | ||
Equity | ||||||
Total equity | 29,284 | 27,807 | 29,659 | 30,741 | ||
Currency reserve | IAS 18 basis | IAS 18 basis | ||||||
Consolidated statement of changes in equity | ||||||
Equity | 29,311 | |||||
Equity | ||||||
Total equity | 29,311 | |||||
Currency reserve | Impact of adoption of IFRS 15 | Adjustments | ||||||
Consolidated statement of changes in equity | ||||||
Equity | 27 | |||||
Equity | ||||||
Total equity | 27 | |||||
Equity attributable to the owners | ||||||
Consolidated income statement | ||||||
(Loss)/profit for the financial year | (8,020) | 2,439 | (6,297) | |||
Attributable to: | ||||||
(Loss)/profit for the financial year | (8,020) | 2,439 | (6,297) | |||
Consolidated statement of comprehensive income | ||||||
Comprehensive (expense)/income | (6,333) | 187 | (7,535) | |||
Profit (loss) | (8,020) | 2,439 | (6,297) | |||
Consolidated statement of changes in equity | ||||||
Equity | 62,218 | 67,640 | 72,200 | 83,325 | ||
Equity | ||||||
Total equity | 62,218 | 67,640 | 72,200 | 83,325 | ||
Equity attributable to the owners | IAS 18 basis | IAS 18 basis | ||||||
Consolidated statement of changes in equity | ||||||
Equity | 60,367 | |||||
Equity | ||||||
Total equity | 60,367 | |||||
Equity attributable to the owners | Impact of adoption of IFRS 15 | Adjustments | ||||||
Consolidated statement of changes in equity | ||||||
Equity | (1,851) | |||||
Equity | ||||||
Total equity | (1,851) | |||||
Non-controlling Interests. | ||||||
Consolidated income statement | ||||||
(Loss)/profit for the financial year | 376 | 349 | 218 | |||
Attributable to: | ||||||
(Loss)/profit for the financial year | 376 | 349 | 218 | |||
Consolidated statement of comprehensive income | ||||||
Comprehensive (expense)/income | 445 | 212 | 99 | |||
Profit (loss) | 376 | 349 | 218 | |||
Consolidated statement of changes in equity | ||||||
Equity | 1,227 | 967 | 1,519 | 1,811 | ||
Equity | ||||||
Total equity | 1,227 | € 967 | € 1,519 | € 1,811 | ||
Non-controlling Interests. | IAS 18 basis | IAS 18 basis | ||||||
Consolidated statement of changes in equity | ||||||
Equity | 1,151 | |||||
Equity | ||||||
Total equity | 1,151 | |||||
Non-controlling Interests. | Impact of adoption of IFRS 15 | Adjustments | ||||||
Consolidated statement of changes in equity | ||||||
Equity | (76) | |||||
Equity | ||||||
Total equity | € (76) |
Related undertakings - Subsidia
Related undertakings - Subsidiaries (Details) | Aug. 07, 2017 | Aug. 06, 2017 | Mar. 31, 2019 |
Vodafone Albania Sh.A | |||
Subsidiaries | |||
% held by Group companies | 99.94% | ||
Vodacom Business (Angola) Limitada | |||
Subsidiaries | |||
% held by Group companies | 59.90% | ||
CWGNL S.A | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
Talkland Australia 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 | 60.50% | ||
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% | ||
Vodacom Congo (RDC) SA | |||
Subsidiaries | |||
% held by Group companies | 30.85% | ||
Vodacom Business Cote D'ivoire S.A.R.L. | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
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 For Trading | |||
Subsidiaries | |||
% held by Group companies | 54.95% | ||
Starnet | |||
Subsidiaries | |||
% held by Group companies | 55.00% | ||
Sarmady Communications | |||
Subsidiaries | |||
% held by Group companies | 55.00% | ||
Vodafone International Services LLC | |||
Subsidiaries | |||
% held by Group companies | 55.00% | ||
Vodafone Egypt Telecommunications S.A.E. | |||
Subsidiaries | |||
% held by Group companies | 55.00% | ||
Vodafone Data | |||
Subsidiaries | |||
% held by Group companies | 55.00% | ||
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 | 99.63% | ||
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% | ||
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% | ||
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% | ||
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 | 60.50% | ||
Ghana Telecommunications Company Limited | Ordinary shares | |||
Subsidiaries | |||
% held by Group companies | 70.00% | ||
National Communications Backbone Company Limited | |||
Subsidiaries | |||
% held by Group companies | 70.00% | ||
Vodafone Ghana Mobile Financial Services Limited | |||
Subsidiaries | |||
% held by Group companies | 70.00% | ||
Vodafone-Panafon Hellenic Telecommunications Company S.A. | |||
Subsidiaries | |||
% held by Group companies | 99.87% | ||
Vodafone Innovus S.A | |||
Subsidiaries | |||
% held by Group companies | 99.87% | ||
CYTA Telecommunications Hellas 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 | 60.50% | ||
VBA International Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
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 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% | ||
Scorpios Beverages Pvt. Ltd | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
Vodafone India Services Private Limited | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
Cable and Wireless GN Limited | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
Eudokia 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 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 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 | 65.43% | ||
M-PESA Holding Co. Limited | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
Vodafone Automotive Korea Limited | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
Vodafone Enterprise Korea Limited | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
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 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 Ltd. | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
Mobile Wallet VM1 | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Mobile Wallet VM2 | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
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 | 60.50% | ||
Vodacom International Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
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 | 51.42% | ||
Vodafone M-Pesa, S.A | |||
Subsidiaries | |||
% held by Group companies | 51.42% | ||
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 | 99.87% | ||
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% | ||
BayCity Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
Vodacom Business Africa (Nigeria) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Vodafone Enterprise Norway AS | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
Vodafone Limited (Norway Branch) | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
Vodafone Business Poland sp. z o.o | |||
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% | ||
Evotracking 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% | ||
Vodafone Enterprise Equipment Limited Ogranak u Beogradu2 | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
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 | 60.50% | ||
Cable and Wireless Worldwide South Africa (Pty) Ltd | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
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 | 60.50% | ||
Mezzanine Ware Proprietary Limited (RF) | |||
Subsidiaries | |||
% held by Group companies | 54.45% | ||
Motifpros 1 (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Scarlet Ibis Investments 23 (Pty) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Vodacom (Pty) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Vodacom Business Africa Group (Pty) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Vodacom Financial Services (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Vodacom Group Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Vodacom Insurance Administration Company (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Vodacom Insurance Company (RF) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Vodacom International Holdings (Pty) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Vodacom Life Assurance Company (RF) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Vodacom Payment Services (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Vodacom Properties No 1 (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Vodacom Properties No.2 (Pty) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Wheatfields Investments 276 (Proprietary) Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
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 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 | 59.89% | ||
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 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% | ||
Vodacom Business Africa Group Services Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
Vodacom UK Limited | |||
Subsidiaries | |||
% held by Group companies | 60.50% | ||
AAA (Euro) 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% | ||
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 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% | ||
Central Communications Group 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% | ||
General Mobile Corporation 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% | ||
Project Telecom Holdings 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 | 50.00% | ||
Talkland Communications Limited | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
Talkland International 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% | ||
Vizzavi Limited | |||
Subsidiaries | |||
% held by Group companies | 100.00% | ||
Voda 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 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 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 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 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 | Redeemable preference shares | |||
Subsidiaries | |||
% held by Group companies | 60.50% |
Related undertakings - Associat
Related undertakings - Associated undertakings and joint arrangements (Details) - 12 months ended Mar. 31, 2019 € in Millions, Ksh in Trillions | KES (Ksh) | EUR (€) |
3gis Properties (No. 1) Pty Ltd | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 25.00% | |
3gis Properties (No. 2) Pty Ltd | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 25.00% | |
3gis Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 25.00% | |
Mondjay Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 25.00% | |
Tovadan Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 25.00% | |
H3ga Properties (No 3) Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 50.00% | |
Mobile JV Pty Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 25.00% | |
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 Hutchison Spectrum 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% | |
Vodacash S.A | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 30.85% | |
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% | |
MNP Deutschland Gesellschaft Burgerlichen Rechts | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 33.33% | |
Verwaltung "Urbana Teleunion" Rostock GmbH | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 38.35% | |
Safenet N.P,A. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 24.97% | |
Tilegnous IKE | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 49.94% | |
Victus Networks S.A. | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 49.94% | |
FireFly Networks Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 22.64% | |
Idea Telesystems Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
Aditya Birla Idea Payments Bank Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 22.19% | |
Indus Towers Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 47.05% | |
Vodafone m-pesa Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
Vodafone Technology Solutions Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
Mobile Commerce Solutions Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
Vodafone Foundation | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
Vodafone India Ventures Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
You Broadband India Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
You System Integration Private Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
Connect (India) Mobile Technologies Private Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
Idea Cellular Services Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
Vodafone Idea Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
Vodafone Business Services Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
Vodafone India Digital Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
Vodafone Towers Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 45.28% | |
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) | 26.13% | |
Fair value of investment in associate | Ksh 1,103.8 | € 9,764 |
Vodacom Business (Kenya) Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 48.40% | |
Vodacom Lesotho (Pty) Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 48.40% | |
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% | |
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% | |
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 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 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 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% | |
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% | |
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) | 24.99% | |
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% | |
Cavalry Holdings Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 29.64% | |
East Africa Investments (Mauritius) Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 29.64% | |
Waterberg Lodge (Proprietary) Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 30.25% | |
Jupicol (Proprietary) Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 42.35% | |
Storage Technology Services (Pty) Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 30.85% | |
Shared Networks Tanzania Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 37.28% | |
Vodacom Tanzania Public Limited Company | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 37.28% | |
M-Pesa Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 31.06% | |
Vodacom Trust Limited | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 37.28% | |
Mirambo Ltd | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 29.64% | |
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% | |
Vodacom Tanzania Limited Zanzibar2 | ||
Associated undertakings and joint arrangements | ||
% held by Group companies (as a percent) | 37.28% | |
Vodacom Group Limited | ||
Associated undertakings and joint arrangements | ||
Ownership interest (as a percent) | 60.50% |
Related undertakings - Subsid_2
Related undertakings - Subsidiaries that have non-controlling interests (Details) - EUR (€) € in Millions | Mar. 29, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Apr. 01, 2018 | Jan. 04, 2018 | Mar. 31, 2016 |
Summary comprehensive income information | |||||||
Revenue | € 43,666 | € 46,571 | € 47,631 | ||||
(Loss)/profit for the financial year | (7,644) | 2,788 | (6,079) | ||||
Other comprehensive (expense) income | 1,756 | (2,389) | (1,357) | ||||
Total comprehensive (expense)/income for the year | (5,888) | 399 | (7,436) | ||||
Other financial information | |||||||
Profit/(loss) for the financial year allocated to non-controlling interests | 376 | 349 | 218 | ||||
Summary financial position information | |||||||
Non-current assets | 103,276 | 107,660 | € 108,056 | ||||
Current assets | 39,817 | 24,131 | 26,299 | ||||
Total assets | 142,862 | 145,611 | 148,175 | ||||
Non-current liabilities | (53,894) | (37,980) | (38,131) | ||||
Current liabilities | (25,523) | (28,025) | (28,102) | ||||
Equity shareholders' funds | 62,218 | 67,640 | 69,900 | ||||
Non-controlling interests | 1,227 | 967 | 1,043 | ||||
Total equity | 63,445 | 68,607 | 73,719 | € 70,943 | € 2,464 | € 85,136 | |
Statement of cash flows | |||||||
Cash flows from operating activities | 12,980 | 13,600 | 14,223 | ||||
Net cash flow from investing activities | (9,217) | (9,841) | (8,423) | ||||
Net cashflow from financing activities | 4,437 | (7,234) | (9,096) | ||||
Net cash inflow/(outflow) | 8,200 | (3,475) | (3,296) | ||||
Cash and cash equivalents at beginning of period | 4,674 | ||||||
Exchange gain/(loss) on cash and cash equivalents | 11 | (433) | (313) | ||||
Cash and cash equivalents at end of period | 13,637 | 4,674 | |||||
Vodacom Group Limited | |||||||
Summary comprehensive income information | |||||||
Revenue | 5,443 | 5,692 | |||||
(Loss)/profit for the financial year | 940 | 934 | |||||
Other comprehensive (expense) income | 14 | (8) | |||||
Total comprehensive (expense)/income for the year | 954 | 926 | |||||
Other financial information | |||||||
Profit/(loss) for the financial year allocated to non-controlling interests | 331 | 342 | |||||
Dividends paid to non-controlling interests | 315 | 309 | |||||
Summary financial position information | |||||||
Non-current assets | 6,294 | 6,433 | |||||
Current assets | 2,426 | 2,389 | |||||
Total assets | 8,720 | 8,822 | |||||
Non-current liabilities | (1,904) | (2,151) | |||||
Current liabilities | (2,320) | (2,104) | |||||
Net assets contributed into Vodafone Idea | 4,496 | 4,567 | |||||
Equity shareholders' funds | 3,472 | 3,595 | |||||
Non-controlling interests | 1,024 | 972 | |||||
Total equity | 4,496 | 4,567 | |||||
Statement of cash flows | |||||||
Cash flows from operating activities | 1,758 | 1,727 | |||||
Net cash flow from investing activities | (556) | (541) | |||||
Net cashflow from financing activities | (1,410) | (879) | |||||
Net cash inflow/(outflow) | (208) | 307 | |||||
Cash and cash equivalents at beginning of period | 887 | 887 | 619 | ||||
Exchange gain/(loss) on cash and cash equivalents | 5 | (39) | |||||
Cash and cash equivalents at end of period | 684 | 887 | 887 | ||||
Vodafone Egypt Telecommunications S.A.E. | |||||||
Summary comprehensive income information | |||||||
Revenue | 1,116 | 962 | |||||
(Loss)/profit for the financial year | 271 | 206 | |||||
Total comprehensive (expense)/income for the year | 271 | 206 | |||||
Other financial information | |||||||
Profit/(loss) for the financial year allocated to non-controlling interests | 123 | 93 | |||||
Dividends paid to non-controlling interests | 269 | 1 | |||||
Summary financial position information | |||||||
Non-current assets | 1,138 | 985 | |||||
Current assets | 515 | 407 | |||||
Total assets | 1,653 | 1,392 | |||||
Non-current liabilities | (43) | (46) | |||||
Current liabilities | (1,009) | (522) | |||||
Net assets contributed into Vodafone Idea | 601 | 824 | |||||
Equity shareholders' funds | 370 | 491 | |||||
Non-controlling interests | 231 | 333 | |||||
Total equity | 601 | 824 | |||||
Statement of cash flows | |||||||
Cash flows from operating activities | 481 | 307 | |||||
Net cash flow from investing activities | (109) | (145) | |||||
Net cashflow from financing activities | (314) | (55) | |||||
Net cash inflow/(outflow) | 58 | 107 | |||||
Cash and cash equivalents at beginning of period | 159 | 159 | 57 | ||||
Exchange gain/(loss) on cash and cash equivalents | 9 | (5) | |||||
Cash and cash equivalents at end of period | € 226 | 159 | 159 | ||||
Vodafone Qatar Q.S.C. | |||||||
Summary comprehensive income information | |||||||
Revenue | 468 | ||||||
(Loss)/profit for the financial year | (40) | ||||||
Total comprehensive (expense)/income for the year | (40) | ||||||
Other financial information | |||||||
Profit/(loss) for the financial year allocated to non-controlling interests | (31) | ||||||
Statement of cash flows | |||||||
Cash flows from operating activities | 115 | ||||||
Net cash flow from investing activities | (119) | ||||||
Net cashflow from financing activities | (33) | ||||||
Net cash inflow/(outflow) | (37) | ||||||
Cash and cash equivalents at beginning of period | € 43 | ||||||
Exchange gain/(loss) on cash and cash equivalents | € (6) | ||||||
Ownership interest sold (as a percentage) | 51.00% |