Vodafone Group Public Limited (VOD) 6-K 13 Nov 19 2020 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Sep. 30, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	VODAFONE GROUP PUBLIC LTD CO
Entity Central Index Key	0000839923
Document Type	6-K
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

Consolidated income statement

Consolidated income statement - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Consolidated income statement
Revenue	€ 21,939	€ 21,848
Cost of sales	(15,010)	(15,173)
Gross profit	6,929	6,675
Selling and distribution expenses	(1,883)	(1,907)
Administrative expenses	(2,590)	(2,425)
Net credit losses on financial assets	(302)	(356)
Share of results of equity accounted associates and joint ventures	(2,601)	(430)
Impairment loss		(3,495)
Other income and expense	1,024	(91)
Operating profit/(loss)	577	(2,029)
Non-operating income and expense		(3)
Investment income	281	184
Finance costs	(1,369)	(999)
Loss before taxation	(511)	(2,847)
Income tax expense	(1,380)	(1,420)
Loss for the financial period from continuing operations	(1,891)	(4,267)
Loss for the financial period from discontinued operations		(3,535)
Loss for the financial period	(1,891)	(7,802)
Attributable to:
Owners of the parent	(2,128)	(7,934)
Non-controlling interests	237	132
Loss for the financial period	€ (1,891)	€ (7,802)
Loss per share
Basic - From continuing operations (in eurocents per share)	€ (7.24)	€ (16.02)
Diluted - From continuing operations (in eurocents per share)	(7.24)	(16.02)
Basic - Total Group (in eurocents per share)	(7.24)	(28.89)
Diluted - Total Group (in eurocents per share)	€ (7.24)	€ (28.89)

Consolidated statement of compr

Consolidated statement of comprehensive income - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Consolidated statement of comprehensive income
Loss for the financial period	€ (1,891)	€ (7,802)
Items that may be reclassified to the income statement in subsequent periods
Foreign exchange translation differences, net of tax	(222)	(823)
Foreign exchange (losses)/gains transferred to the income statement	(59)	2,079
Other, net of tax	(302)	(144)
Total items that may be reclassified to the income statement in subsequent periods	(583)	1,112
Items that will not be reclassified to the income statement in subsequent periods
Net actuarial gains/(losses) on defined benefit pension schemes, net of tax	(65)	208
Total items that will not be reclassified to the income statement in subsequent periods	(65)	208
Other comprehensive (expense)/income	(648)	1,320
Total comprehensive expense for the financial period	(2,539)	(6,482)
Attributable to:
Owners of the parent	(2,809)	(6,613)
Non-controlling interests	270	131
Total comprehensive expense for the financial period	€ (2,539)	€ (6,482)

Consolidated statement of com_2

Consolidated statement of comprehensive income (Parenthetical) € in Millions	6 Months Ended
	Sep. 30, 2018EUR (€)
Consolidated statement of comprehensive income
Revenue	€ 21,848
Loss	(7,802)
Total comprehensive expense	(6,482)
Changes due to revision
Consolidated statement of comprehensive income
Revenue	52
Loss	(31)
Total comprehensive expense	€ 24

Consolidated statement of finan

Consolidated statement of financial position € in Millions	Sep. 30, 2019EUR (€)
Non-current assets
Goodwill	€ 34,365
Other intangible assets	23,628
Plant, property and equipment	39,701
Investments in associates and joint ventures	2,237
Other investments	872
Deferred tax assets	23,938
Post employment benefits	134
Trade and other receivables	7,426
Total non-current assets	132,301
Current assets
Inventory	698
Taxation recoverable	182
Trade and other receivables	12,959
Other investments	7,113
Cash and cash equivalents	5,866
Total current assets	26,818
Non-current liabilities	849
Total assets	159,968
Equity
Called up share capital	4,797
Additional paid-in capital	152,576
Treasury shares	(7,809)
Accumulated losses	(120,337)
Accumulated other comprehensive income	28,838
Total attributable to owners of the parent	58,065
Non-controlling interests	1,220
Total non-controlling interests	1,220
Total equity	59,285
Non-current liabilities
Long-term borrowings	63,319
Deferred tax liabilities	2,289
Post employment benefits	687
Provisions	1,259
Trade and other payables	5,158
Total non-current liabilities	72,712
Current liabilities
Short-term borrowings	8,748
Financial liabilities under put option arrangements	1,880
Taxation liabilities	651
Provisions	938
Trade and other payables	15,422
Total current liabilities	27,639
Liabilities held for sale	332
Total equity and liabilities	€ 159,968

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.	Accumulated comprehensive losses	Non-controlling Interests.	Total
Beginning balance at Mar. 31, 2018	€ 69,900	€ 4,796	€ 150,197	€ (8,463)	€ (76,630)	€ 1,043	€ 70,943
Issue or reissue of shares			1	83	(84)
Share-based payments	109		109			23	132
Transactions with non-controlling interests in subsidiaries	(120)				(120)	(72)	(192)
Comprehensive (expense)/income	(6,613)				(6,613)	131	(6,482)
Dividends	(2,729)				(2,729)	(198)	(2,927)
Ending balance at Sep. 30, 2018	60,547	4,796	150,307	(8,380)	(86,176)	927	61,474
Adoption of IFRS | Impact of adoption of IFRS 16	(261)				(261)	4	(257)
1 April 2019 Equity brought forward	61,957	4,796	152,503	(7,875)	(87,467)	1,231	63,188
Beginning balance at Mar. 31, 2019	62,218	4,796	152,503	(7,875)	(87,206)	1,227	63,445
Issue or reissue of shares	5	1	1	66	(63)		5
Share-based payments	72		72				72
Transactions with non-controlling interests in subsidiaries	(48)				(48)	(94)	(142)
Comprehensive (expense)/income	(2,809)				(2,809)	270	(2,539)
Dividends	(1,112)				(1,112)	(187)	(1,299)
Ending balance at Sep. 30, 2019	€ 58,065	€ 4,797	€ 152,576	€ (7,809)	€ (91,499)	€ 1,220	€ 59,285

Consolidated statement of cha_2

Consolidated statement of changes in equity (Parenthetical) € in Millions	6 Months Ended
	Sep. 30, 2018EUR (€)
Changes due to revision
Accumulated comprehensive losses	€ (98)
Increase in equity	€ 98

Consolidated statement of cash

Consolidated statement of cash flows - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Consolidated statement of cash flows
Inflow from operating activities	€ 6,139	€ 4,826
Cash flow from investing activities
Purchase of interests in subsidiaries, net of cash acquired	(10,202)	(62)
Purchase of interests in associates and joint ventures	(1,413)
Purchase of intangible assets	(1,002)	(1,220)
Purchase of property, plant and equipment	(2,769)	(2,897)
Purchase of investments	(239)	(2,287)
Disposal of interests in subsidiaries, net of cash disposed	2,049	(395)
Disposal of property, plant and equipment	21	4
Disposal of investments	6,043	2,156
Dividends received from associates and joint ventures	63	305
Interest received	183	236
Cash flows from discontinued operations		(372)
Outflow from investing activities	(7,266)	(4,532)
Cash flows from financing activities
Issue of ordinary share capital and reissue of treasury shares		4
Net movement in short-term borrowings	815	318
Proceeds from issue of long term borrowings	9,107	10,118
Repayment of borrowings	(13,277)	(4,557)
Purchase of treasury shares	(821)
Equity dividends paid	(1,092)	(2,736)
Dividends paid to non-controlling shareholders in subsidiaries	(169)	(185)
Other transactions with non-controlling shareholders in subsidiaries	(233)	(209)
Other movements in loans with associates and joint ventures		(9)
Interest paid	(1,130)	(605)
Cash flows from discontinued operations		(779)
(Outflow)/Inflow from financing activities	(6,800)	1,360
Net cash (outflow)/inflow	(7,927)	1,654
Cash and cash equivalents at beginning of the financial period	13,605	5,394
Exchange gain/(loss) on cash and cash equivalents	49	(104)
Cash and cash equivalents at end of the financial period	€ 5,727	€ 6,944

Consolidated statement of cas_2

Consolidated statement of cash flows (Parenthetical) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019
Consolidated statement of cash flows
Cash outflow on derivative financial instruments	€ 273	€ 0
Cash and cash equivalents	5,866		€ 13,637
Bank overdrafts	€ 139		€ 32

Basis of preparation

Basis of preparation	6 Months Ended
	Sep. 30, 2019
Basis of preparation
Basis of preparation	1 Basis of preparation The unaudited condensed consolidated financial statements for the six months ended 30 September 2019: · were prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (‘IAS 34’) as issued by the International Accounting Standards Board and as adopted by the European Union; · are presented on a condensed basis as permitted by IAS 34 and therefore do not include all disclosures that would otherwise be required in a full set of financial statements and should be read in conjunction with the Group’s annual report for the year ended 31 March 2019; · apply the same accounting policies, presentation and methods of calculation as those followed in the preparation of the Group’s consolidated financial statements for the year ended 31 March 2019, which were prepared in accordance with International Financial Reporting Standards (‘IFRS’) as issued by the International Accounting Standards Board and were also prepared in accordance with IFRS adopted by the European Union (‘EU’), the Companies Act 2006 and Article 4 of the EU IAS Regulations, with the exception of the adoption of IFRS 16 "Leases" as set out below and revisions to the calculation of amortisation of acquired customer base intangible assets. From 1 April 2019, the Group has revised the method of allocating the amortisation of acquired customer base intangibles over their useful economic lives from a sum of digits calculation to a straight-line basis. Customer base assets at 1 April 2019 related to acquired joint ventures; the revision to the allocation methodology results in a €82 million reduction in losses recorded in the Group's share of results of equity accounted associates and joint ventures for the six months to 30 September 2019. Income taxes are accrued using the tax rate that is expected to be applicable for the full financial year, adjusted for certain discrete items which occurred in the interim period in accordance with IAS 34. See note 8 for acquired intangible customer bases in the period; · include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the periods presented; · do not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006; and · were approved by the Board of directors on 12 November 2019. The information relating to the year ended 31 March 2019 is an extract from the Group’s published annual report for that year, which has been delivered to the Registrar of Companies, and on which the auditors’ report was unqualified and did not contain any emphasis of matter or statements under section 498(2) or 498(3) of the UK Companies Act 2006. After reviewing the Group’s budget for the remainder of the financial year, and longer term plans, the directors are satisfied that, at the time of approving the unaudited condensed consolidated financial statements, it is appropriate to continue to adopt a going concern basis of accounting. The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period, and the reported amounts of revenue and expenses during the reporting period. Actual results could vary from these 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 or in the period of the revision and future periods if the revision affects both current and future periods. New accounting pronouncements adopted On 1 April 2019 the Group adopted new accounting policies to comply with amendments to International Financial Reporting Standards; the accounting pronouncement considered by the Group as significant on adoption was IFRS 16 “Leases” as set out below. Other IFRS changes adopted on 1 April 2019, which had also been issued by the IASB and endorsed by the EU, have no material impact on the consolidated results, financial position or cash flows of the Group. Further details are provided on all changes to IFRS impacting the Group in the Group’s annual report for the year ended 31 March 2019. IFRS 16 “Leases” IFRS 16 “Leases” was adopted by the Group on 1 April 2019 with the cumulative retrospective impact reflected as an adjustment to equity on the date of adoption and therefore the comparative information has not been restated and continues to be reported under IAS 17 and IFRIC 4. The Group has applied the following expedients in relation to the adoption of IFRS 16: · The right-of-use assets were measured at an amount based on the lease liability at adoption, and initial direct costs incurred when obtaining leases were excluded from this measurement. Lease prepayments and accruals previously recognised under IAS 17 at 31 March 2019 were added to and deducted from, respectively, the value of the right of use assets on adoption. In determining the cumulative retrospective impact recorded on 1 April 2019, some of the Group’s joint ventures have measured right-of-use assets, for certain leases, as if IFRS 16 had been applied since lease commencement; and · The Group impaired the right-of-use assets recognised on adoption by the value of the provisions for onerous leases held under IAS 37 at 31 March 2019 instead of performing a new impairment assessment for those assets on adoption. The key differences between the Group’s IAS 17 accounting policy (the ‘previous policy’ which is disclosed in the Group’s Annual Report and Accounts for the year ended 31 March 2019) and the Group’s IFRS 16 accounting policy (which is provided below), as well as the primary impacts of applying IFRS 16 in the current financial period are disclosed on page 39 and below. Primary impacts of applying the IFRS 16 accounting policy The primary impacts on the Group’s financial statements, and the key causes of the movements recorded in the consolidated statement of financial position on 1 April 2019 (see page 39), as a result of applying the IFRS 16 (‘current’) accounting policy in place of the previous policy under IAS 17 are: · Under IAS 17, lessees classified leases as either operating or finance leases. Operating lease costs were expensed on a straight-line basis over the period of the lease. Finance leases resulted in the recognition, in the statement of financial position, of an asset and a corresponding liability for lease payments, at present value. Under IFRS 16 all lease agreements give rise to the recognition of a 'right-of-use asset' representing the right to use the leased item and a liability for any future lease payments (see page 39) over the ‘reasonably certain’ period of the lease, which may include future lease periods for which the Group has extension options. · Lessee accounting under IFRS 16 is similar to finance lease accounting for lessees under IAS 17; lease costs are recognised in the form of depreciation of the right-of-use asset and interest on the lease liability which is generally discounted at the incremental borrowing rate of the relevant Group entity, although the interest rate implicit in the lease is 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. Lease interest costs are recorded in financing costs and associated cash payments are classified as financing cash flows in the Group’s cash flow statement. · Under IFRS 16 cash inflows from operating activities and payments classified within cash flow from financing activities both increase, as payments made at both lease inception and subsequently are characterised as repayments of lease liabilities and interest. Under IAS 17 operating lease payments were treated as an operating cash outflows. Net cash flow is not impacted by the change in policy. · Lessor accounting under IFRS 16 is similar to IAS 17. The only substantive change is that when the Group sub-leases assets it classifies the lease out as either operating or finance leases by reference to the terms of head lease contract whereas under IAS 17 the classification was determined by reference to the underlying asset leased out. This has resulted in additional finance leases out (‘net investment in leases’) being recognised under IFRS 16 (see page 39). · The expedients applied at adoption, above, have resulted in reclassifications of lease-related prepayments, accruals and provisions at 1 April 2019 (see page 39) to the right-of-use assets. Where certain of the Group’s joint ventures have valued right-of-use assets as if IFRS 16 had been applied since lease inception, this has resulted in a reduction in the value of investments in associates and joint arrangements (see page 39). · During the six months ended 30 September 2018 an expense of €1,714 million was charged for operating leases and depreciation and interest of €25 million was charged for finance leases. During the six months ended 30 September 2019, depreciation of €1,823 million and interest of €163 million has been charged in relation to leases. IFRS 16 Accounting Policy As a lessee When the Group leases an asset a ‘right of use asset’ is recognised for the leased item and a lease liability is recognised for any lease payments due at the lease commencement date. The right of use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any initial direct costs incurred in entering the lease and less any lease incentives received. Right of use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the asset's useful life or the end of the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is ‘reasonably certain’ to exercise any extension options (see below). The useful life of the asset is determined in a manner consistent to that for owned property, plant and equipment (as described in the Group’s Annual Report and Accounts for the year ended 31 March 2019). If right-of-use assets are considered to be impaired, the carrying value is reduced accordingly. Lease liabilities are initially measured at the value of the lease payments that are not paid at the commencement date and are usually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily determinable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the lease. After initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate (e.g. an inflation related increase) or if the Group's assessment of the lease term changes; any change in the lease liability as a result of these changes also results in a corresponding change in the recorded right of use asset. As a lessor Where the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When a lease transfers substantially all the risks and rewards of ownership of the underlying asset then the lease is a finance lease; otherwise, the lease is an operating lease. Where the Group is an intermediate lessor, the interest in the head lease and the sub-lease is accounted for separately and the lease classification of a sub-lease is determined by reference to the right-of-use asset arising from the head lease. Income from operating leases is recognised on a straight-line basis over the lease term. Income from finance leases is recognised in full at lease commencement. Lease income is recognised as other revenue for transactions that are part of the Group's ordinary activities (primarily leases of handsets or other equipment to customers or leases of wholesale access to the Group's fibre and cable networks). The Group uses IFRS 15 to allocate the consideration in contracts between any lease and non-lease components. Critical accounting judgements and key sources of estimation relating to IFRS 16 Lease identification Whether an arrangement is considered a lease or a service contract depends on the analysis by management of both the legal form and substance of the arrangement between the Group and the counter-party to determine if control of an identified asset has been passed between the parties; if not, the arrangement is a service arrangement. Control exists if the Group obtains substantially all of the economic benefit from the use of the asset, and has the ability to direct its use, for a period of time. An identified asset exists where an agreement explicitly or implicitly identifies an asset or a physically distinct portion of an asset which the lessor has no substantive right to substitute. The scenarios requiring the greatest judgement include those where the arrangement is for the use of fibre or other fixed telecommunication lines. Generally, where the Group has exclusive use of a physical line it is determined that the Group can also direct the use of the line and therefore leases will be recognised. Where the Group provides access to fibre or other fixed telecommunication lines to another operator on a wholesale basis the arrangement will generally be identified as a lease, whereas when the Group provides fixed line services to an end-user, generally control over such lines is not passed to the end-user and a lease is not identified. The impact of determining whether an agreement is a lease or a service depends on whether the Group is a potential lessee or lessor in the arrangement and, where the Group is a lessor, whether the arrangement is classified as an operating or finance lease. The impacts for each scenario are described below where the Group is potentially: · A lessee. The judgement impacts the nature and timing of both costs and reported assets and liabilities. A lease results in depreciation and interest being recognised and an asset and a liability being reported; the interest charge will decrease over the life of the lease. A service contract results in operating expenses being recognised evenly over the life of the contract and no assets or liabilities being recorded (other than trade payables, prepayments and accruals). · An operating lessor. The judgement impacts the nature of income recognised. An operating lease results in lease income being recognised whilst a service contract results in service revenue. Both are recognised evenly over the life of the contract. · A finance lessor. The judgement impacts the nature and timing of both income and reported assets. A finance lease results in the lease income being recognised at commencement of the lease and an asset (the net investment in the lease) being recorded. Lease term Where leases include additional optional periods after an initial lease term, significant judgement is required in determining whether these optional periods should be included when determining the lease term. The impact of this judgement is significantly greater where the Group is a lessee. As a lessee, optional periods are included in the lease term if the Group is reasonably certain it will exercise an extension option or will not exercise a termination option; this depends on an analysis by management of all relevant facts and circumstances including the leased asset’s nature and purpose, the economic and practical potential for replacing the asset and any plans that the Group has in place for the future use of the asset. Where a leased asset is highly customised (either when initially provided or as a result of leasehold improvements) or it is impractical or uneconomic to replace then the Group is more likely to judge that lease extension options are reasonably certain to be exercised. Where extension options are included the greater the value of the right-of-use asset and lease liability that will be recognised. The normal approach adopted for lease term by asset class is described below. The lease terms can vary significantly by type and use of asset and geography. In addition, the exact lease term is subject to the non-cancellable period and rights and options in each contract. Generally, lease terms are 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); · Where leases are used to provide internal connectivity the lease term for the connectivity is aligned to the lease term or useful economic life of the assets connected; and · The customer service agreement length for leases of local loop connections or other assets required to provide fixed line services to individual customers. In most instances the Group has options to renew or extend leases for additional periods after the end of the lease term which are assessed using the criteria above. Transition disclosures The weighted average incremental borrowing rate applied to the Group's lease liabilities recognised in the balance sheet at 1 April 2019 was 3.5%. The Group's undiscounted operating lease commitments at 31 March 2019 were €10.8bn; the most significant differences between the IAS 17 lease commitments and the lease liabilities recognised on transition to IFRS 16 are set out below: €bn Operating lease commitments at 31 March 2019 10.8 Less effect of discounting on payments included in the operating lease commitment (1.6) Plus lease liabilities in respect of additional ‘reasonably certain’ lease extensions assumed under IFRS 16 0.8 Plus finance lease liabilities already reported under IAS 17 0.3 Lease liability opening balance reported at 1 April 2019 10.3 The Group applied the lease identification requirements of IFRS 16 at the date of adoption and no material changes to the Group’s lease portfolio were identified. The impact of the adoption of IFRS 16 on the consolidated statement of financial position at 1 April 2019 is set out below. Impact of 31 March adoption of 2019 IFRS 16 1 April 2019 Consolidated statement of financial position €m €m €m Non-current assets Goodwill 23,353 — 23,353 Other intangible assets 17,652 — 17,652 Property, plant and equipment 27,432 10,226 37,658 Investments in associates and joint ventures 3,952 (270) 3,682 Other investments 870 — 870 Deferred tax assets 24,753 — 24,753 Post employment benefits 94 — 94 Trade and other receivables 5,170 21 5,191 Of which: Net investments in leases 3 133 136 103,276 9,977 113,253 Current assets Inventory 714 — 714 Taxation recoverable 264 — 264 Trade and other receivables 12,190 (339) 11,851 Of which: Net investments in leases 1 19 20 Other investments 13,012 — 13,012 Cash and cash equivalents 13,637 — 13,637 39,817 (339) 39,478 Assets held for sale (231) — (231) Total assets 142,862 9,638 152,500 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) (261) (116,986) Accumulated other comprehensive income 29,519 — 29,519 Total attributable to owners of the parent 62,218 (261) 61,957 Non-controlling interests 1,227 4 1,231 Total non-controlling interests 1,227 4 1,231 Total equity 63,445 (257) 63,188 Non-current liabilities Long-term borrowings 48,685 7,394 56,079 Deferred tax liabilities 478 — 478 Post employment benefits 551 — 551 Provisions 1,242 (9) 1,233 Trade and other payables 2,938 (37) 2,901 53,894 7,348 61,242 Current liabilities Short-term borrowings 4,270 2,646 6,916 Financial liabilities under put option arrangements 1,844 — 1,844 Taxation liabilities 596 — 596 Provisions 1,160 (76) 1,084 Trade and other payables 17,653 (23) 17,630 25,523 2,547 28,070 Liabilities held for sale — — — Total equity and liabilities 142,862 9,638 152,500

Segmental analysis

Segmental analysis	6 Months Ended
	Sep. 30, 2019
Segmental analysis
Segmental analysis	2 Segmental analysis The Group has a single group of related services and products being the supply of communications services and products. Revenue is attributed to a country or region based on the location of the Group company reporting the revenue. The segmental revenue and profit of Vodafone India were included in discontinued operations in the comparative period. See note 5 “Discontinued operations and assets and liabilities held for sale” for details. The Group’s revenue and profit is disaggregated as follows: Revenue from contracts Total Service Equipment with Interest Other segment Adjusted revenue revenue customers income revenue 1 revenue EBITDA €m €m €m €m €m €m €m Six months ended 30 September 2019 Germany 4,961 495 5,456 14 120 5,590 2,352 Italy 2,424 256 2,680 4 25 2,709 1,006 UK 2,451 598 3,049 34 68 3,151 658 Spain 1,966 157 2,123 13 25 2,161 460 Other Europe 2,392 253 2,645 9 36 2,690 872 Eliminations (74) — (74) — (2) (76) — Europe 14,120 1,759 15,879 74 272 16,225 5,348 Vodacom 2,217 416 2,633 2 99 2,734 1,019 Other Markets 2,024 299 2,323 2 26 2,351 755 Eliminations — — — — — — — Rest of the World 4,241 715 4,956 4 125 5,085 1,774 Common Functions 240 24 264 — 523 787 (17) Eliminations (57) — (57) — (101) (158) — Group 18,544 2,498 21,042 78 819 21,939 7,105 Revenue from contracts Total Service Equipment with Interest Other segment Adjusted revenue revenue customers income revenue 1 revenue EBITDA €m €m €m €m €m €m €m Six months ended 30 September 2018 (restated) 2 Germany 4,577 516 5,093 14 73 5,180 2,082 Italy 2,512 351 2,863 — 35 2,898 1,058 UK 2,460 611 3,071 25 35 3,131 675 Spain 2,162 205 2,367 9 33 2,409 529 Other Europe 2,238 263 2,501 10 29 2,540 833 Eliminations (62) — (62) — (3) (65) — Europe 13,887 1,946 15,833 58 202 16,093 5,177 Vodacom 2,199 431 2,630 6 82 2,718 1,070 Other Markets 1,990 454 2,444 3 12 2,459 673 Eliminations — — — — — — — Rest of the World 4,189 885 5,074 9 94 5,177 1,743 Common Functions 246 15 261 2 475 738 (5) Eliminations (54) — (54) — (106) (160) — Group 18,268 2,846 21,114 69 665 21,848 6,915 Notes: 1. Other revenue includes lease revenue. 2. Revenue for the comparative period has been revised for the allocation of, and timing of recognition for, equipment and service revenue compared to amounts previously disclosed in the condensed consolidated financial statements for the six months ended 30 September 2018. Service revenue decreased by €172 million (Germany: €(9) million, UK: €(94) million, Other Europe: €(15) million, Common Functions: €(54) million. Equipment revenue increased by €170 million (Germany: €73 million, UK: €94 million, Other Europe: €1 million, Common Functions: €2 million). This resulted in a net reduction in revenue from contracts with customers of €2 million (Germany: €64 million, Other Europe: €(14) million, Common Functions €(52) million). This was offset by an increase in other revenue of €54 million (Other Europe: €1 million, Common Functions: €53 million), resulting in an increase of €52 million for total segment revenue (Germany: €64 million, Other Europe €(13) million, Common Functions: €1 million). Adjusted EBITDA increased by €42 million. The Group’s measure of segment profit and adjusted EBITDA, after depreciation on lease-related right of use assets and interest on leases but excluding depreciation and amortisation, gains/losses on disposal for owned fixed assets, impairment losses, restructuring costs arising from discrete restructuring plans, the Group’s share of adjusted results in associates and joint ventures and other income and expense. A reconciliation of adjusted EBITDA to operating profit/(loss) is shown below. For a reconciliation of operating profit/(loss) to loss for the financial period, see the consolidated income statement on page 37. Six months ended 30 September 2018 2019 (restated) 1 €m €m Adjusted EBITDA 7,105 6,915 Depreciation, amortisation and loss on disposal of fixed assets (4,874) (4,773) Share of adjusted results in equity accounted associates and joint ventures 2 (550) (8) Adjusted operating profit 1,681 2,134 Impairment loss — (3,495) Restructuring costs (163) (95) Amortisation of acquired customer bases and brand intangible assets (232) (317) Other income and expense (872) (256) Interest on lease liabilities 163 — Operating profit/(loss) 577 (2,029) Notes: 1. Revenue for the comparative period has been revised for the allocation of, and timing of recognition for, equipment and service revenue compared to amounts previously disclosed in the condensed consolidated financial statements for the six months ended 30 September 2018. As a result, adjusted EBITDA increased by €42 million. 2. 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 €2.1 billion (2018: €0.4 billion) which are included in amortisation of acquired customer base and brand intangible assets, restructuring costs and other income and expense respectively. The Group’s non-current assets are disaggregated as follows: 30 September 2019 31 March 2019 (restated) 1 €m €m Non-current assets 2 Germany 48,777 24,529 Italy 11,059 11,031 UK 7,974 7,405 Spain 8,262 7,438 Other Europe 10,290 7,093 Europe 86,362 57,496 Vodacom 6,105 5,503 Other Markets 3,015 3,429 Rest of the World 9,120 8,932 Common Functions 2,212 2,009 Group 97,694 68,437 Notes: 1. Amounts have been re-presented to show segment assets on an IFRS 15 basis which were previously reported at 31 March 2019 on an IAS 18 basis. 2. Comprises goodwill, other intangible assets and property, plant and equipment (including right-of-use assets).

Impairment review

Impairment review	6 Months Ended
	Sep. 30, 2019
Impairment review
Impairment review	3 Impairment review Impairment testing was performed at 30 September 2019 and 30 September 2018. The methodology adopted for impairment testing for the six months ended 30 September 2019 was consistent with that disclosed on page 117 and pages 130 to 135 of the Group’s annual report for the year ended 31 March 2019. Consistent with prior periods, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. For the purpose of impairment testing as at 30 September 2019, European Liberty Global assets have been excluded from existing cash-generating units. Value in use assumptions The table below shows key assumptions used in the value in use calculations at 30 September 2019: Assumptions used in value in use calculation Germany Italy Spain Romania % % % % Pre-tax risk adjusted discount rate 8.3 10.4 9.3 10.7 Long-term growth rate 0.5 1.0 0.5 1.0 Projected adjusted EBITDA 1 2.2 (0.5) 9.8 4.8 Projected capital expenditure 2 17.3-19.7 12.1-14.1 16.8-18.2 11.2-12.4 Sensitivity analysis The estimated recoverable amounts of the Group’s operations in Germany, Italy, Spain and Romania exceed their carrying values by €7.1 billion, €2.7 billion, €0.6 billion and €0.3 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 six months ended 30 September 2019. Change required for carrying value to equal recoverable amount Germany Italy Spain Romania pps pps pps pps Pre-tax risk adjusted discount rate 2.0 2.5 0.6 2.7 Long-term growth rate (2.1) (2.6) (0.7) (3.4) Projected adjusted EBITDA 1 (4.9) (4.5) (1.4) (4.8) Projected capital expenditure 2 17.1 12.1 3.0 8.5 Management considered the following reasonably possible changes in the key adjusted EBITDA 1 and long-term growth rate assumptions, leaving all other assumptions unchanged. The sensitivity analysis presented is prepared on the basis that the reasonably possible change in each key assumption would not have a consequential impact on other assumptions used in the impairment review. The associated impact on the impairment assessment is presented in the table below. Management believes that no reasonably possible or foreseeable change in the pre-tax adjusted discount rate or projected capital expenditure 2 would cause the carrying value of any cash-generating unit to materially exceed its recoverable amount. Recoverable amount less carrying value Germany Italy Spain Romania €bn €bn €bn €bn Base case as at 30 September 2019 7.1 2.7 0.6 0.3 Change in projected adjusted EBITDA 1 Decrease by 2pps 4.1 1.4 (0.2) 0.1 Increase by 2pps 10.5 4.0 1.4 0.4 Change in long-term growth rate Decrease by 1pps 3.2 1.5 (0.3) 0.2 Increase by 1pps 12.6 4.3 1.6 0.4 The carrying values for Vodafone UK, Ireland and Portugal 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. 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 in the six months ended 30 September 2019. Change required for carrying value to equal the recoverable amount UK Ireland Portugal pps pps pps Pre-tax risk adjusted discount rate 0.8 0.5 1.3 Long-term growth rate (0.8) (0.6) (1.3) Projected adjusted EBITDA 1 (1.8) (1.1) (2.7) Projected capital expenditure 2 3.6 4.1 7.1 Notes: 1. Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2. Projected capital expenditure, which excludes licences and spectrum, is expressed as the range 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. VodafoneZiggo 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.

Taxation

Taxation	6 Months Ended
	Sep. 30, 2019
Taxation
Taxation	4 Taxation Six months ended 30 September 2019 2018 (restated) 1 €m €m United Kingdom corporation tax (expense)/income 2 : Current year (14) 1 Adjustments in respect of prior years (10) (6) Overseas current tax (expense)/income: Current year (474) (589) Adjustments in respect of prior years 14 19 Total current tax expense (484) (575) Deferred tax on origination and reversal of temporary differences: United Kingdom deferred tax 144 39 Overseas deferred tax (1,040) (884) Total deferred tax expense (896) (845) Total income tax expense (1,380) (1,420) Note: 1. Revenue for the comparative period has been revised for the allocation of, and timing of recognition for, equipment and service revenue compared to amounts previously disclosed in the condensed consolidated financial statements for the six months ended 30 September 2018. As a result, the overseas deferred tax charge has increased by €11 million from €873 million to €884 million and the total income tax expense increased by €11 million. 2. UK operating profits are largely 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. The six months ended 30 September 2019 includes a reduction in our deferred tax assets in Luxembourg of €868 million (2018: €nil) following a reduction in the Luxembourg corporate tax rate and deferred tax on the use of Luxembourg losses of €200 million (2018: €185 million). The Group expects to use its losses in Luxembourg over a period of between 50 and 55 years and the losses in Germany over a period of between 9 and 11 years. The actual use of these losses and the period over which they may be used is dependent on many factors which may change. These factors include the level of profitability in both Luxembourg and Germany, changes in tax law and changes to the structure of the Group. Further details about the Group’s tax losses can be found in note 6 of the Group’s consolidated financial statements for the year ended 31 March 2019. Overseas deferred tax expense for the six months ended 30 September 2018 includes the derecognition of a deferred tax asset of €1,048 million in Spain following a reassessment of expected future business performance and consequently lower projected cash flows. It also includes an increase in the deferred tax assets in Luxembourg of €159 million resulting from the tax treatment of the revaluation of investments following completion and approval of the Luxembourg statutory accounts and tax returns.

Discontinued operations and ass

Discontinued operations and assets and liabilities held for sale	6 Months Ended
	Sep. 30, 2019
Discontinued operations and assets and liabilities held for sale
Discontinued operations and assets and liabilities held for sale	5 Discontinued operations and assets and liabilities held for sale In the comparative period, Vodafone combined its subsidiary, Vodafone India (excluding its 42% stake in Indus Towers), with Idea Cellular in India. Consequently, Vodafone India was 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 of discontinued operations Six months Five months ended ended 30 September 31 August 2019 2018 €m €m Revenue — 1,561 Cost of sales — (1,185) Gross profit — 376 Selling and distribution expenses — (92) Administrative expenses — (134) Operating profit — 150 Financing costs — (321) Loss before taxation — (171) Income tax credit — 56 Loss after tax of discontinued operations — (115) Loss on sale of disposal group — (3,420) Loss for the period from discontinued operations — (3,535) Loss per share from discontinued operations eurocents eurocents - Basic — (12.87c) - Diluted — (12.87c) Total comprehensive expense for the period from discontinued operations €m €m Attributable to owners of the parent — (3,535) 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 8 “Acquisitions and disposals”. This loss is presented within discontinued operations. Assets and liabilities held for sale Assets and liabilities held for sale at 30 September 2019 comprise: § Certain network-related assets and liabilities in Italy, which will be sold into a joint venture tower company following the announcement on 26 July 2019 of a new network sharing arrangement with Telecom Italia Group; and § A 12.6% interest from our 42.0% stake in Indus Towers and a 24.95% interest in Vodafone Hutchison Australia. The relevant assets and liabilities are detailed in the table below. 30 September 31 March 2019 2019 €m €m Non-current assets 726 (231) Current assets 123 — Total assets held for sale 849 (231) Non-current liabilities (234) — Current liabilities (98) — Total liabilities held for sale (332) — (1)

Earnings per share

Earnings per share	6 Months Ended
	Sep. 30, 2019
Earnings per share
Earnings per share	6 Earnings per share Six months ended 30 September 2019 2018 Millions Millions Weighted average number of shares for basic earnings per share 29,410 27,462 Effect of dilutive potential shares: restricted shares and share options — — Weighted average number of shares for diluted earnings per share 29,410 27,462 Six months ended 30 September 2019 2018 (restated) 1 Earnings per share attributable to owners of the parent during the period €m €m Loss for earnings per share from continuing operations (2,128) (4,399) Loss for earnings per share from discontinued operations — (3,535) Loss for basic and diluted earnings per share (2,128) (7,934) eurocents eurocents Basic loss per share from continuing operations (7.24c) (16.02c) Basic loss per share from discontinued operations — (12.87c) Basic loss per share (7.24c) (28.89c) Diluted loss per share from continuing operations (7.24c) (16.02c) Diluted loss per share from discontinued operations — (12.87c) Diluted loss per share (7.24c) (28.89c) Note: 1. Revenue presented for the comparative period has been revised for the allocation of, and timing of recognition for, equipment and service revenue compared to amounts previously disclosed in the condensed consolidated financial statements for the six months ended 30 September 2018. As a result, the loss for basic and diluted earnings per share decreased by €31 million and (i) basic loss per share from continuing operations, (ii) basic loss per share, (iii) diluted loss per share from continuing operations and (iv) diluted loss per share each decreased by 0.11c.

Dividends

Dividends	6 Months Ended
	Sep. 30, 2019
Dividends
Dividends	7 Dividends Six months ended 30 September 2019 2018 €m €m Declared during the financial period: Final dividend for the year ended 31 March 2019: 4.16 eurocents per share (2018: 10.23 eurocents per share) 1,112 2,729 Proposed after the end of the reporting period and not recognised as a liability: Interim dividend for the year ending 31 March 2020: 4.50 eurocents per share (2019: 4.84 eurocents per share) 1,205 1,293

Acquisitions and disposals

Acquisitions and disposals	6 Months Ended
	Sep. 30, 2019
Acquisitions and disposals
Acquisitions and disposals	8 Acquisitions and disposals Acquisitions The aggregate cash consideration in respect of purchase of interests in subsidiaries, net of cash acquired, is as follows: Six months ended 30 September 2019 2018 €m €m Cash consideration paid European Liberty Global assets 10,295 — Other acquisitions during the period 29 69 Net cash acquired (122) (7) 10,202 62 European Liberty Global assets On 31 July 2019, the Group completed the acquisition of a 100% interest in Unitymedia GmbH (‘Unitymedia’) and Liberty Global’s operations (excluding its “Direct Home” business) in the Czech Republic (‘UPC Czech’), Hungary (‘UPC Hungary’) and Romania (‘UPC Romania’) for an aggregate net cash consideration of €10,295 million. The primary reason for acquiring the businesses was to create a converged national provider of digital infrastructure in Germany, together with creating converged communications operators in the Czech Republic, Hungary and Romania. The provisional purchase price allocation is set out in the table below. Fair value €m Net assets acquired: Identifiable intangible assets 1 5,696 Property, plant and equipment 4,708 Inventory 16 Trade and other receivables 796 Other investments 2 Cash and cash equivalents 109 Current and deferred taxation (1,910) Short and long-term borrowings (9,512) Trade and other payables (1,059) Post employment benefits (40) Provisions (117) Net identifiable liabilities acquired (1,311) Goodwill 2 11,620 Total consideration 3 10,309 Notes: 1. Identifiable intangible assets of €5,696 million consisted of customer relationships of €5,447 million, brand of €71 million and software of €178 million. 2. The goodwill is attributable to future profits expected to be generated from new customers and the synergies expected to arise after the Group’s acquisition of the businesses. 3. Transaction costs of €58 million were charged in the Group’s consolidated income statement in the six months ended 30 September 2019. From the date of acquisition, the acquired entities have contributed €491 million of revenue and a loss of €11 million towards the loss before tax of the Group. If the acquisition had taken place at the beginning of the financial period, revenue would have been €22,940 million and the loss before tax would have been €481 million. Other acquisitions During the six months ended 30 September 2019 the Group completed certain acquisitions for an aggregate consideration of €185 million, of which €29 million has been paid in cash. The aggregate provisional fair values of goodwill, identifiable assets and liabilities of the acquired operations were €182 million, €50 million and €47 million, respectively. Disposals On 31 July 2019, the Group sold its 100% interest in Vodafone New Zealand for consideration of NZD $3.4 billion (€2.0 billion). The table below summarises the net assets disposed and the resulting net gain on disposal of €1.1 billion. The disposal in the comparative period related to the combination of Vodafone India (excluding its 42% stake in Indus Towers), previously a subsidiary, with Idea Cellular to create Vodafone Idea Limited, a company jointly controlled by Vodafone and the Aditya Birla Group. Six months ended 30 September 2019 2018 €m €m Goodwill (243) — Other intangible assets (155) (6,138) Property, plant and equipment (783) (3,091) Inventory (29) — Trade and other receivables (244) (1,572) Investments in associates and joint ventures (4) — Other investments — (6) Cash and cash equivalents — (751) Current and deferred taxation (11) (2,790) Short and long-term borrowings 215 7,896 Trade and other payables 261 1,669 Provisions 35 720 Net assets disposed (958) (4,063) Fair value of investment 2 — 2,467 Net cash proceeds arising from the transaction 2,023 320 Other effects 1 35 (2,144) Net gain/(loss) on transaction 2 1,100 (3,420) Notes: 1. Includes €59 million (2018: €2,079 million) of recycled foreign exchange losses. 2. Comparative figure includes a loss of €603 million related to the re-measurement of the Group’s retained interest in Vodafone India.

Investments in associates and j

Investments in associates and joint arrangements	6 Months Ended
	Sep. 30, 2019
Investments in associates and joint arrangements
Investments in associates and joint arrangements	9 Investment in associates and joint arrangements The equity accounted results for Vodafone Idea Limited (‘VIL’) for the period included an estimate for a material charge for amounts due following the recent Supreme Court of India judgement in the case Union of India v Association of Unified Telecom Service Providers of India and others regarding the definition of adjusted gross revenue (“AGR”) used to calculate regulatory fees. Further detail is provided in note 13. The Group’s recorded share of VIL’s resulting losses has been restricted to the amount that reduces the Group’s carrying value in VIL to €nil at 30 September 2019. The Group’s carrying value was €1,392 million at 31 March 2019 and in May 2019 the Group invested €1,410 million via a rights issue. See page 16 for further information. Significant uncertainties exist in relation to VIL’s ability to generate the cash flow that it needs to settle, or refinance its liabilities and guarantees as they fall due, including those relating to the AGR judgement. VIL is seeking relief from the Indian Government , including, but not limited to, granting a waiver of interest and penalties relating to the AGR judgement. The value of the Group’s 42% shareholding in Indus Towers Limited (‘Indus’) is, in part, dependent on the income generated by Indus from tower rentals to major customers, including VIL. Any inability of these major customers to pay such amounts in the future may result in an impairment in the carrying value of the Group’s investment in Indus (30 September 2019: €0.6 billion). 30 September 31 March 2019 2019 €m €m Investment in joint ventures 1,841 3,399 Investment in associates 396 553 2,237 3,952

Reconciliation of net cash flow

Reconciliation of net cash flow from operating activities	6 Months Ended
	Sep. 30, 2019
Reconciliation of net cash flow from operating activities
Reconciliation of net cash flow from operating activities	10 Reconciliation of net cash flow from operating activities Six months ended 30 September 2019 2018 (restated) 1 Note €m €m Loss for the financial period (1,891) (7,802) Loss from discontinued operations — 3,535 Loss from continuing operations (1,891) (4,267) Non-operating income and expense — 3 Investment income (281) (184) Financing costs 1,369 999 Income tax expense 4 1,380 1,420 Operating profit/(loss) 577 (2,029) Adjustments for: Share-based payments and other non-cash charges 78 46 Depreciation and amortisation 6,782 4,871 Loss on disposal of property, plant and equipment and intangible assets 24 19 Share of result of equity accounted associates and joint ventures 2,601 430 Impairment losses — 3,495 Other (income)/expense (1,024) 91 Increase in inventory (6) (202) Increase in trade and other receivables (1,069) (1,443) (Decrease)/increase in trade and other payables (1,341) 47 Cash generated by operations 6,622 5,325 Net tax paid (483) (428) Cash flow from discontinued operations — (71) Net cash flow from operating activities 6,139 4,826 Note: 1. Revenue for the comparative period has been revised for the allocation of, and timing of recognition for, equipment and service revenue compared to amounts previously disclosed in the condensed consolidated financial statements for the six months ended 30 September 2018. As a result, the loss for the financial period decreased by €31 million, income tax expense increased by €11 million and trade and other receivables increased by €42 million. There was no impact on the net cash flow from operating activities.

Related party transactions

Related party transactions	6 Months Ended
	Sep. 30, 2019
Related party transactions
Related party transactions	11 Related party transactions The Group has a number of related parties including joint arrangements and associates, pension schemes, directors and Executive Committee members. 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, and cash pooling arrangements. No related party transactions have been entered into during the period which might reasonably affect any decisions made by the users of these unaudited condensed consolidated financial statements except as disclosed below. Six months ended 30 September 2019 2018 €m €m Sales of goods and services to associates 12 9 Purchase of goods and services from associates — 1 Sales of goods and services to joint arrangements 99 106 Purchase of goods and services from joint arrangements 88 94 Net interest income receivable from joint arrangements 45 49 30 September 31 March 2019 2019 €m €m Trade balances owed: by associates 7 1 to associates 2 3 by joint arrangements 130 193 to joint arrangements 27 25 Other balances owed by joint arrangements 1,018 997 Other balances owed to joint arrangements 177 169 In the six months ended 30 September 2019 the Group made contributions to defined benefit pension schemes of €11 million (six months ended 30 September 2018: €20 million). In addition, €0.7 million of dividends were paid to Board members and executive committee members (six months ended 30 September 2018: €3.9 million). Dividends received from associates are disclosed in the consolidated statement of cash flows.

Fair value of financial instrum

Fair value of financial instruments	6 Months Ended
	Sep. 30, 2019
Fair value of financial instruments
Fair value of financial instruments	12 Fair value of financial instruments The table below sets out the valuation basis 1,2 of the financial instruments held at fair value by the Group: 30 September 31 March 2019 2019 €m €m Financial assets at fair value: Money market funds (included within Cash and cash equivalents) 1 3,452 9,007 Debt and equity securities (included within Other investments) 2 4,425 11,056 Derivative financial instruments (included within Trade and other receivables) 5,709 3,634 Trade receivables at fair value through Other comprehensive income (included within Trade and other receivables) 1,022 792 14,608 24,489 Financial liabilities at fair value: Derivative financial instruments (included within Trade and other payables) 4,399 2,444 4,399 2,444 Notes: 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. 2. Quoted debt and equity securities of €2,128 million (31 March 2019: €4,108 million) are Level 1 classification which comprises items where fair value is determined by unadjusted quoted prices in active markets. All balances other than quoted securities are Level 2 classification which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 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 €48,852 million (31 March 2019: €44,439 million) and a fair value of €51,804 million (31 March 2019: €43,616 million). Fair value is based on Level 1 of the fair value hierarchy using quoted market prices.

Commitments, contingent liabili

Commitments, contingent liabilities and legal proceedings	6 Months Ended
	Sep. 30, 2019
Commitments, contingent liabilities and legal proceedings
Commitments, contingent liabilities and legal proceedings	13 Commitments, contingent liabilities and legal proceedings There have been no material changes to the Group’s commitments, contingent liabilities or legal proceedings during the period, except as disclosed below. Vodafone Idea As part of the agreement to merge Vodafone India and Idea Cellular, the parties agreed a mechanism for payments between the Group and Vodafone Idea Limited (‘VIL’) pursuant to the crystallisation of certain identified contingent liabilities in relation to legal, regulatory, tax and other matters, including the AGR case, and refunds relating to Vodafone India and Idea Cellular. Any future payments by the Group to VIL as a result of this agreement would only be made after satisfaction of contractual conditions. Having considered the possible future developments for VIL, the Group has concluded that there are significant uncertainties in relation to VIL’s ability to settle the liabilities relating to the AGR judgement and has not assessed a cash outflow under the agreement to be probable at this time. The Group’s potential exposure under this mechanism is capped at INR 84 billion (€1.1 billion). See note 9 and page 16 for further information. Indian regulatory cases Adjusted Gross Revenue (‘AGR’) dispute before the Supreme Court of India: Union of India v Association of Unified Telecom Service Providers of India The Department of Telecommunications (‘DoT’) has been in dispute with telecom service providers in India for over a decade concerning the correct interpretation of licence provisions for fees based on AGR, a concept that is used in the calculation of licence and other fees payable by telecom service providers. On an appeal to the Supreme Court from a decision of the Telecommunications Dispute Settlement Appellate Tribunal (‘TDSAT’) substantially upholding the telecom service providers’ interpretation of AGR, the Supreme Court on 24 October 2019 held against the telecom service providers, including VIL. The Supreme Court’s ruling in favour of the DoT renders the telecom service providers, including VIL, liable for principal, interest, penalties and interest on penalties on demands of the DoT in relation to licence fees. The DoT demands become due and payable within three months of the Supreme Court judgement. Based on submissions of the DoT in the Supreme Court proceedings (which the Group is unable to confirm as to their accuracy), VIL’s liability appears to be at least INR 283.1 billion (€3.7 billion) but could be substantially higher. Application may be made to seek review of the Supreme Court’s decision. Litigation remains pending in the 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 intracircle roaming. 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. In July 2019, the tribunal set aside the DoT's demand for spectrum up to 6.2MHz but upheld, in part, the demand above 6.2 MHz and gave the DoT three months to issue a new demand accordingly. We await the revised demand. 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. Patent litigation - 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. The Court ordered expedited trials of the infringement and validity issues. The first is in November 2019 and the second is in May 2020. A hearing to determine any damages and licence amounts is scheduled for mid-2020. 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 anti-competitive retention activities. The expert prepared a draft report with a range of damages from €nil to €9 million. The final hearing took place In June 2019 with a decision expected in February 2020. Italy: Iliad v Vodafone Italy In August 2019, Iliad filed a claim for €500 million against Vodafone Italy in the Civil Court of Milan. The claim alleges anti-competitive behaviour in relation to portability and certain advertising campaigns by Vodafone Italy. Italian competition regulator On 15 February 2018, the Italian competition regulator (AGCM) started proceedings against TIM, Fastweb, Wind/3 and the national telecom industry association (Asstel) as well as Vodafone Italy (VF IT), alleging that the Italian telecoms operators shared competitively sensitive information and coordinated their initiatives in relation to their responses to a legislative change requiring them to switch from 28-day to monthly billing cycles. The telecom operators submitted their written responses to the AGCM’s Statement of Objections, denying all allegations. The final decision is due by the end of January 2020. If a fine is imposed, appeals are likely to follow. 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, removing the individual Directors and Vodafone Group Plc as defendants. On 5 April 2019, Mr Papistas withdrew this latest lawsuit, but in October 2019 filed several new cases against Vodafone Greece with a total value of approximately €330 million.

Other matters

Other matters	6 Months Ended
	Sep. 30, 2019
Other matters
Other matters	14 Other matters Vodafone Spain On 25 April 2019, Vodafone Spain and Orange signed a new mobile and fixed network sharing agreement in Spain, which will strengthen their existing partnership and enable the faster deployment of 5G over a wider geographic area. The agreement establishes a more economically efficient investment model for future network deployment, is more environmentally sensitive and will bring the benefit of more rapid 5G adoption to the Spanish economy. Vodafone Germany On 12 June 2019, Vodafone Germany acquired radio spectrum for next-generation 5G mobile networks at the Federal Network Agency auction for a total cost of €1.88 billion. It secured 90 MHz in the 3.6 GHz band and 40 MHz of 2100 MHz spectrum. Vodafone UK On 24 July 2019, Vodafone UK and O2 Telefónica UK Limited ("O2") announced an agreement to share 5G active equipment, such as radio antennas, on joint network sites across the UK. This means more people will get 5G sooner, helping to build a competitive digital economy and encouraging innovative new services that use 5G's speed and greater reliability. In addition, Vodafone UK and O2 are proceeding to explore potential monetisation options for the parties' 50:50 jointly owned passive tower infrastructure. Vodafone Italy On 26 July 2019, Vodafone Italy and Telecom Italia Group ("TIM") announced the creation of an active network sharing partnership for 4G and 5G and the expansion of their existing passive sharing agreement. Vodafone also agreed to merge its passive tower infrastructure in Italy ("Vodafone Italy Towers") into INWIT SpA ("INWIT") (the "Combination"). As part of the Combination, Vodafone will receive a cash consideration of €2,140 million and a 37.5% shareholding in the combined entity, which will remain listed on the Milan Stock Exchange. Vodafone and TIM intend to retain joint control of INWIT, but over time will consider jointly reducing their respective ownership levels from 37.5% to a minimum of 25.0%. The combination is subject to regulatory approval. European tower infrastructure On 26 July 2019, Vodafone announced that its’ European tower infrastructure will be legally separated into a new organisation with a dedicated management team. Preparations are underway for a variety of monetisation alternatives, to be executed during the next 15 months (depending on market conditions), including a potential IPO. Vodafone New Zealand On 31 July 2019, Vodafone completed the sale of 100% of Vodafone New Zealand Limited to a consortium comprising Infratil Limited and Brookfield Asset Management Inc. for a cash consideration equivalent to an Enterprise Value of NZ$3.4 billion (€2.0 billion). Vodafone and Vodafone New Zealand have now entered into a Partner Market agreement, which includes use of the Vodafone brand, preferential roaming arrangements, access to Vodafone's global IoT platform and central procurement function, and a range of services for the business and consumer markets. Board changes David Thodey was appointed as a Non-Executive Director with effect from 1 September 2019. Samuel Jonah KBE did not seek re-election as a Non-Executive Director at the annual general meeting held on 23 July 2019 and therefore ceased to be a Director on that date.

Subsequent events

Subsequent events	6 Months Ended
	Sep. 30, 2019
Subsequent events
Subsequent events	15 Subsequent events Vodafone UK and Virgin Media On 6 November 2019, Vodafone UK and Virgin Media agreed a five year deal to bring innovative new services, including 5G, to more than three million mobile customers and to provide further flexibility for Virgin Media to grow its mobile operation. The new Mobile Virtual Network Operator (MVNO) agreement, which runs until 2026, will see Vodafone supply wholesale mobile network services, including both voice and data, to Virgin Mobile and Virgin Media Business. Virgin Media will have full access to all of Vodafone’s current services and future technologies, such as Vodafone’s expanding 5G network, enabling new product advancements and benefits for its customers.

Basis of preparation (Policies)

Basis of preparation (Policies)	6 Months Ended
	Sep. 30, 2019
Basis of preparation
New accounting pronouncements adopted	New accounting pronouncements adopted On 1 April 2019 the Group adopted new accounting policies to comply with amendments to International Financial Reporting Standards; the accounting pronouncement considered by the Group as significant on adoption was IFRS 16 “Leases” as set out below. Other IFRS changes adopted on 1 April 2019, which had also been issued by the IASB and endorsed by the EU, have no material impact on the consolidated results, financial position or cash flows of the Group. Further details are provided on all changes to IFRS impacting the Group in the Group’s annual report for the year ended 31 March 2019. IFRS 16 “Leases” IFRS 16 “Leases” was adopted by the Group on 1 April 2019 with the cumulative retrospective impact reflected as an adjustment to equity on the date of adoption and therefore the comparative information has not been restated and continues to be reported under IAS 17 and IFRIC 4. The Group has applied the following expedients in relation to the adoption of IFRS 16: · The right-of-use assets were measured at an amount based on the lease liability at adoption, and initial direct costs incurred when obtaining leases were excluded from this measurement. Lease prepayments and accruals previously recognised under IAS 17 at 31 March 2019 were added to and deducted from, respectively, the value of the right of use assets on adoption. In determining the cumulative retrospective impact recorded on 1 April 2019, some of the Group’s joint ventures have measured right-of-use assets, for certain leases, as if IFRS 16 had been applied since lease commencement; and · The Group impaired the right-of-use assets recognised on adoption by the value of the provisions for onerous leases held under IAS 37 at 31 March 2019 instead of performing a new impairment assessment for those assets on adoption. The key differences between the Group’s IAS 17 accounting policy (the ‘previous policy’ which is disclosed in the Group’s Annual Report and Accounts for the year ended 31 March 2019) and the Group’s IFRS 16 accounting policy (which is provided below), as well as the primary impacts of applying IFRS 16 in the current financial period are disclosed on page 39 and below. Primary impacts of applying the IFRS 16 accounting policy The primary impacts on the Group’s financial statements, and the key causes of the movements recorded in the consolidated statement of financial position on 1 April 2019 (see page 39), as a result of applying the IFRS 16 (‘current’) accounting policy in place of the previous policy under IAS 17 are: · Under IAS 17, lessees classified leases as either operating or finance leases. Operating lease costs were expensed on a straight-line basis over the period of the lease. Finance leases resulted in the recognition, in the statement of financial position, of an asset and a corresponding liability for lease payments, at present value. Under IFRS 16 all lease agreements give rise to the recognition of a 'right-of-use asset' representing the right to use the leased item and a liability for any future lease payments (see page 39) over the ‘reasonably certain’ period of the lease, which may include future lease periods for which the Group has extension options. · Lessee accounting under IFRS 16 is similar to finance lease accounting for lessees under IAS 17; lease costs are recognised in the form of depreciation of the right-of-use asset and interest on the lease liability which is generally discounted at the incremental borrowing rate of the relevant Group entity, although the interest rate implicit in the lease is 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. Lease interest costs are recorded in financing costs and associated cash payments are classified as financing cash flows in the Group’s cash flow statement. · Under IFRS 16 cash inflows from operating activities and payments classified within cash flow from financing activities both increase, as payments made at both lease inception and subsequently are characterised as repayments of lease liabilities and interest. Under IAS 17 operating lease payments were treated as an operating cash outflows. Net cash flow is not impacted by the change in policy. · Lessor accounting under IFRS 16 is similar to IAS 17. The only substantive change is that when the Group sub-leases assets it classifies the lease out as either operating or finance leases by reference to the terms of head lease contract whereas under IAS 17 the classification was determined by reference to the underlying asset leased out. This has resulted in additional finance leases out (‘net investment in leases’) being recognised under IFRS 16 (see page 39). · The expedients applied at adoption, above, have resulted in reclassifications of lease-related prepayments, accruals and provisions at 1 April 2019 (see page 39) to the right-of-use assets. Where certain of the Group’s joint ventures have valued right-of-use assets as if IFRS 16 had been applied since lease inception, this has resulted in a reduction in the value of investments in associates and joint arrangements (see page 39). · During the six months ended 30 September 2018 an expense of €1,714 million was charged for operating leases and depreciation and interest of €25 million was charged for finance leases. During the six months ended 30 September 2019, depreciation of €1,823 million and interest of €163 million has been charged in relation to leases. IFRS 16 Accounting Policy As a lessee When the Group leases an asset a ‘right of use asset’ is recognised for the leased item and a lease liability is recognised for any lease payments due at the lease commencement date. The right of use asset is initially measured at cost, being the present value of the lease payments paid or payable, plus any initial direct costs incurred in entering the lease and less any lease incentives received. Right of use assets are depreciated on a straight-line basis from the commencement date to the earlier of the end of the asset's useful life or the end of the lease term. The lease term is the non-cancellable period of the lease plus any periods for which the Group is ‘reasonably certain’ to exercise any extension options (see below). The useful life of the asset is determined in a manner consistent to that for owned property, plant and equipment (as described in the Group’s Annual Report and Accounts for the year ended 31 March 2019). If right-of-use assets are considered to be impaired, the carrying value is reduced accordingly. Lease liabilities are initially measured at the value of the lease payments that are not paid at the commencement date and are usually discounted using the incremental borrowing rates of the applicable Group entity (the rate implicit in the lease is used if it is readily determinable). Lease payments included in the lease liability include both fixed payments and in-substance fixed payments during the term of the lease. After initial recognition, the lease liability is recorded at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate (e.g. an inflation related increase) or if the Group's assessment of the lease term changes; any change in the lease liability as a result of these changes also results in a corresponding change in the recorded right of use asset. As a lessor Where the Group is a lessor, it determines at inception whether the lease is a finance or an operating lease. When a lease transfers substantially all the risks and rewards of ownership of the underlying asset then the lease is a finance lease; otherwise, the lease is an operating lease. Where the Group is an intermediate lessor, the interest in the head lease and the sub-lease is accounted for separately and the lease classification of a sub-lease is determined by reference to the right-of-use asset arising from the head lease. Income from operating leases is recognised on a straight-line basis over the lease term. Income from finance leases is recognised in full at lease commencement. Lease income is recognised as other revenue for transactions that are part of the Group's ordinary activities (primarily leases of handsets or other equipment to customers or leases of wholesale access to the Group's fibre and cable networks). The Group uses IFRS 15 to allocate the consideration in contracts between any lease and non-lease components. Critical accounting judgements and key sources of estimation relating to IFRS 16 Lease identification Whether an arrangement is considered a lease or a service contract depends on the analysis by management of both the legal form and substance of the arrangement between the Group and the counter-party to determine if control of an identified asset has been passed between the parties; if not, the arrangement is a service arrangement. Control exists if the Group obtains substantially all of the economic benefit from the use of the asset, and has the ability to direct its use, for a period of time. An identified asset exists where an agreement explicitly or implicitly identifies an asset or a physically distinct portion of an asset which the lessor has no substantive right to substitute. The scenarios requiring the greatest judgement include those where the arrangement is for the use of fibre or other fixed telecommunication lines. Generally, where the Group has exclusive use of a physical line it is determined that the Group can also direct the use of the line and therefore leases will be recognised. Where the Group provides access to fibre or other fixed telecommunication lines to another operator on a wholesale basis the arrangement will generally be identified as a lease, whereas when the Group provides fixed line services to an end-user, generally control over such lines is not passed to the end-user and a lease is not identified. The impact of determining whether an agreement is a lease or a service depends on whether the Group is a potential lessee or lessor in the arrangement and, where the Group is a lessor, whether the arrangement is classified as an operating or finance lease. The impacts for each scenario are described below where the Group is potentially: · A lessee. The judgement impacts the nature and timing of both costs and reported assets and liabilities. A lease results in depreciation and interest being recognised and an asset and a liability being reported; the interest charge will decrease over the life of the lease. A service contract results in operating expenses being recognised evenly over the life of the contract and no assets or liabilities being recorded (other than trade payables, prepayments and accruals). · An operating lessor. The judgement impacts the nature of income recognised. An operating lease results in lease income being recognised whilst a service contract results in service revenue. Both are recognised evenly over the life of the contract. · A finance lessor. The judgement impacts the nature and timing of both income and reported assets. A finance lease results in the lease income being recognised at commencement of the lease and an asset (the net investment in the lease) being recorded. Lease term Where leases include additional optional periods after an initial lease term, significant judgement is required in determining whether these optional periods should be included when determining the lease term. The impact of this judgement is significantly greater where the Group is a lessee. As a lessee, optional periods are included in the lease term if the Group is reasonably certain it will exercise an extension option or will not exercise a termination option; this depends on an analysis by management of all relevant facts and circumstances including the leased asset’s nature and purpose, the economic and practical potential for replacing the asset and any plans that the Group has in place for the future use of the asset. Where a leased asset is highly customised (either when initially provided or as a result of leasehold improvements) or it is impractical or uneconomic to replace then the Group is more likely to judge that lease extension options are reasonably certain to be exercised. Where extension options are included the greater the value of the right-of-use asset and lease liability that will be recognised. The normal approach adopted for lease term by asset class is described below. The lease terms can vary significantly by type and use of asset and geography. In addition, the exact lease term is subject to the non-cancellable period and rights and options in each contract. Generally, lease terms are 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); · Where leases are used to provide internal connectivity the lease term for the connectivity is aligned to the lease term or useful economic life of the assets connected; and · The customer service agreement length for leases of local loop connections or other assets required to provide fixed line services to individual customers. In most instances the Group has options to renew or extend leases for additional periods after the end of the lease term which are assessed using the criteria above. Transition disclosures The weighted average incremental borrowing rate applied to the Group's lease liabilities recognised in the balance sheet at 1 April 2019 was 3.5%. The Group's undiscounted operating lease commitments at 31 March 2019 were €10.8bn; the most significant differences between the IAS 17 lease commitments and the lease liabilities recognised on transition to IFRS 16 are set out below: €bn Operating lease commitments at 31 March 2019 10.8 Less effect of discounting on payments included in the operating lease commitment (1.6) Plus lease liabilities in respect of additional ‘reasonably certain’ lease extensions assumed under IFRS 16 0.8 Plus finance lease liabilities already reported under IAS 17 0.3 Lease liability opening balance reported at 1 April 2019 10.3 The Group applied the lease identification requirements of IFRS 16 at the date of adoption and no material changes to the Group’s lease portfolio were identified. The impact of the adoption of IFRS 16 on the consolidated statement of financial position at 1 April 2019 is set out below. Impact of 31 March adoption of 2019 IFRS 16 1 April 2019 Consolidated statement of financial position €m €m €m Non-current assets Goodwill 23,353 — 23,353 Other intangible assets 17,652 — 17,652 Property, plant and equipment 27,432 10,226 37,658 Investments in associates and joint ventures 3,952 (270) 3,682 Other investments 870 — 870 Deferred tax assets 24,753 — 24,753 Post employment benefits 94 — 94 Trade and other receivables 5,170 21 5,191 Of which: Net investments in leases 3 133 136 103,276 9,977 113,253 Current assets Inventory 714 — 714 Taxation recoverable 264 — 264 Trade and other receivables 12,190 (339) 11,851 Of which: Net investments in leases 1 19 20 Other investments 13,012 — 13,012 Cash and cash equivalents 13,637 — 13,637 39,817 (339) 39,478 Assets held for sale (231) — (231) Total assets 142,862 9,638 152,500 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) (261) (116,986) Accumulated other comprehensive income 29,519 — 29,519 Total attributable to owners of the parent 62,218 (261) 61,957 Non-controlling interests 1,227 4 1,231 Total non-controlling interests 1,227 4 1,231 Total equity 63,445 (257) 63,188 Non-current liabilities Long-term borrowings 48,685 7,394 56,079 Deferred tax liabilities 478 — 478 Post employment benefits 551 — 551 Provisions 1,242 (9) 1,233 Trade and other payables 2,938 (37) 2,901 53,894 7,348 61,242 Current liabilities Short-term borrowings 4,270 2,646 6,916 Financial liabilities under put option arrangements 1,844 — 1,844 Taxation liabilities 596 — 596 Provisions 1,160 (76) 1,084 Trade and other payables 17,653 (23) 17,630 25,523 2,547 28,070 Liabilities held for sale — — — Total equity and liabilities 142,862 9,638 152,500

Basis of preparation (Tables)

Basis of preparation (Tables)	6 Months Ended
	Sep. 30, 2019
Basis of preparation
Summary of most significant differences between the IAS 17 lease commitments and the lease liabilities recognised on transition to IFRS 16	€bn Operating lease commitments at 31 March 2019 10.8 Less effect of discounting on payments included in the operating lease commitment (1.6) Plus lease liabilities in respect of additional ‘reasonably certain’ lease extensions assumed under IFRS 16 0.8 Plus finance lease liabilities already reported under IAS 17 0.3 Lease liability opening balance reported at 1 April 2019 10.3 The Group applied the lease identification requirements of IFRS 16 at the date of adoption and no material changes to the Group’s lease portfolio were identified.
Schedule of impact of the adoption of IFRS 16 on the opening balance sheet at 1 April 2019	Impact of 31 March adoption of 2019 IFRS 16 1 April 2019 Consolidated statement of financial position €m €m €m Non-current assets Goodwill 23,353 — 23,353 Other intangible assets 17,652 — 17,652 Property, plant and equipment 27,432 10,226 37,658 Investments in associates and joint ventures 3,952 (270) 3,682 Other investments 870 — 870 Deferred tax assets 24,753 — 24,753 Post employment benefits 94 — 94 Trade and other receivables 5,170 21 5,191 Of which: Net investments in leases 3 133 136 103,276 9,977 113,253 Current assets Inventory 714 — 714 Taxation recoverable 264 — 264 Trade and other receivables 12,190 (339) 11,851 Of which: Net investments in leases 1 19 20 Other investments 13,012 — 13,012 Cash and cash equivalents 13,637 — 13,637 39,817 (339) 39,478 Assets held for sale (231) — (231) Total assets 142,862 9,638 152,500 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) (261) (116,986) Accumulated other comprehensive income 29,519 — 29,519 Total attributable to owners of the parent 62,218 (261) 61,957 Non-controlling interests 1,227 4 1,231 Total non-controlling interests 1,227 4 1,231 Total equity 63,445 (257) 63,188 Non-current liabilities Long-term borrowings 48,685 7,394 56,079 Deferred tax liabilities 478 — 478 Post employment benefits 551 — 551 Provisions 1,242 (9) 1,233 Trade and other payables 2,938 (37) 2,901 53,894 7,348 61,242 Current liabilities Short-term borrowings 4,270 2,646 6,916 Financial liabilities under put option arrangements 1,844 — 1,844 Taxation liabilities 596 — 596 Provisions 1,160 (76) 1,084 Trade and other payables 17,653 (23) 17,630 25,523 2,547 28,070 Liabilities held for sale — — — Total equity and liabilities 142,862 9,638 152,500

Segmental analysis (Tables)

Segmental analysis (Tables)	6 Months Ended
	Sep. 30, 2019
Segmental analysis
Schedule of group's revenue and profit	The Group’s revenue and profit is disaggregated as follows: Revenue from contracts Total Service Equipment with Interest Other segment Adjusted revenue revenue customers income revenue 1 revenue EBITDA €m €m €m €m €m €m €m Six months ended 30 September 2019 Germany 4,961 495 5,456 14 120 5,590 2,352 Italy 2,424 256 2,680 4 25 2,709 1,006 UK 2,451 598 3,049 34 68 3,151 658 Spain 1,966 157 2,123 13 25 2,161 460 Other Europe 2,392 253 2,645 9 36 2,690 872 Eliminations (74) — (74) — (2) (76) — Europe 14,120 1,759 15,879 74 272 16,225 5,348 Vodacom 2,217 416 2,633 2 99 2,734 1,019 Other Markets 2,024 299 2,323 2 26 2,351 755 Eliminations — — — — — — — Rest of the World 4,241 715 4,956 4 125 5,085 1,774 Common Functions 240 24 264 — 523 787 (17) Eliminations (57) — (57) — (101) (158) — Group 18,544 2,498 21,042 78 819 21,939 7,105 Revenue from contracts Total Service Equipment with Interest Other segment Adjusted revenue revenue customers income revenue 1 revenue EBITDA €m €m €m €m €m €m €m Six months ended 30 September 2018 (restated) 2 Germany 4,577 516 5,093 14 73 5,180 2,082 Italy 2,512 351 2,863 — 35 2,898 1,058 UK 2,460 611 3,071 25 35 3,131 675 Spain 2,162 205 2,367 9 33 2,409 529 Other Europe 2,238 263 2,501 10 29 2,540 833 Eliminations (62) — (62) — (3) (65) — Europe 13,887 1,946 15,833 58 202 16,093 5,177 Vodacom 2,199 431 2,630 6 82 2,718 1,070 Other Markets 1,990 454 2,444 3 12 2,459 673 Eliminations — — — — — — — Rest of the World 4,189 885 5,074 9 94 5,177 1,743 Common Functions 246 15 261 2 475 738 (5) Eliminations (54) — (54) — (106) (160) — Group 18,268 2,846 21,114 69 665 21,848 6,915 Notes: 1. Other revenue includes lease revenue. 2. Revenue for the comparative period has been revised for the allocation of, and timing of recognition for, equipment and service revenue compared to amounts previously disclosed in the condensed consolidated financial statements for the six months ended 30 September 2018. Service revenue decreased by €172 million (Germany: €(9) million, UK: €(94) million, Other Europe: €(15) million, Common Functions: €(54) million. Equipment revenue increased by €170 million (Germany: €73 million, UK: €94 million, Other Europe: €1 million, Common Functions: €2 million). This resulted in a net reduction in revenue from contracts with customers of €2 million (Germany: €64 million, Other Europe: €(14) million, Common Functions €(52) million). This was offset by an increase in other revenue of €54 million (Other Europe: €1 million, Common Functions: €53 million), resulting in an increase of €52 million for total segment revenue (Germany: €64 million, Other Europe €(13) million, Common Functions: €1 million). Adjusted EBITDA increased by €42 million.
Schedule of reconciliation of adjusted EBITDA to operating profit/(loss)	Six months ended 30 September 2018 2019 (restated) 1 €m €m Adjusted EBITDA 7,105 6,915 Depreciation, amortisation and loss on disposal of fixed assets (4,874) (4,773) Share of adjusted results in equity accounted associates and joint ventures 2 (550) (8) Adjusted operating profit 1,681 2,134 Impairment loss — (3,495) Restructuring costs (163) (95) Amortisation of acquired customer bases and brand intangible assets (232) (317) Other income and expense (872) (256) Interest on lease liabilities 163 — Operating profit/(loss) 577 (2,029) Notes: 1. Revenue for the comparative period has been revised for the allocation of, and timing of recognition for, equipment and service revenue compared to amounts previously disclosed in the condensed consolidated financial statements for the six months ended 30 September 2018. As a result, adjusted EBITDA increased by €42 million. 2. 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 €2.1 billion (2018: €0.4 billion) which are included in amortisation of acquired customer base and brand intangible assets, restructuring costs and other income and expense respectively.

Impairment review (Tables)

Impairment review (Tables)	6 Months Ended
	Sep. 30, 2019
Impairment review
Schedule of assumptions used in valuation of impairment loss	The table below shows key assumptions used in the value in use calculations at 30 September 2019: Assumptions used in value in use calculation Germany Italy Spain Romania % % % % Pre-tax risk adjusted discount rate 8.3 10.4 9.3 10.7 Long-term growth rate 0.5 1.0 0.5 1.0 Projected adjusted EBITDA 1 2.2 (0.5) 9.8 4.8 Projected capital expenditure 2 17.3-19.7 12.1-14.1 16.8-18.2 11.2-12.4 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 six months ended 30 September 2019: Change required for carrying value to equal recoverable amount Germany Italy Spain Romania pps pps pps pps Pre-tax risk adjusted discount rate 2.0 2.5 0.6 2.7 Long-term growth rate (2.1) (2.6) (0.7) (3.4) Projected adjusted EBITDA 1 (4.9) (4.5) (1.4) (4.8) Projected capital expenditure 2 17.1 12.1 3.0 8.5 The changes in the following table to assumptions used in the impairment review would, in isolation, lead to an (increase)/decrease to the aggregate impairment loss recognised in the six months ended 30 September 2019. Recoverable amount less carrying value Germany Italy Spain Romania €bn €bn €bn €bn Base case as at 30 September 2019 7.1 2.7 0.6 0.3 Change in projected adjusted EBITDA 1 Decrease by 2pps 4.1 1.4 (0.2) 0.1 Increase by 2pps 10.5 4.0 1.4 0.4 Change in long-term growth rate Decrease by 1pps 3.2 1.5 (0.3) 0.2 Increase by 1pps 12.6 4.3 1.6 0.4 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 six months ended 30 September 2019. Change required for carrying value to equal the recoverable amount UK Ireland Portugal pps pps pps Pre-tax risk adjusted discount rate 0.8 0.5 1.3 Long-term growth rate (0.8) (0.6) (1.3) Projected adjusted EBITDA 1 (1.8) (1.1) (2.7) Projected capital expenditure 2 3.6 4.1 7.1 Notes: 1. Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years of the plans used for impairment testing. 2. Projected capital expenditure, which excludes licences and spectrum, is expressed as the range 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)	6 Months Ended
	Sep. 30, 2019
Taxation
Schedule of income tax expense	Six months ended 30 September 2019 2018 (restated) 1 €m €m United Kingdom corporation tax (expense)/income 2 : Current year (14) 1 Adjustments in respect of prior years (10) (6) Overseas current tax (expense)/income: Current year (474) (589) Adjustments in respect of prior years 14 19 Total current tax expense (484) (575) Deferred tax on origination and reversal of temporary differences: United Kingdom deferred tax 144 39 Overseas deferred tax (1,040) (884) Total deferred tax expense (896) (845) Total income tax expense (1,380) (1,420) Note: 1. Revenue for the comparative period has been revised for the allocation of, and timing of recognition for, equipment and service revenue compared to amounts previously disclosed in the condensed consolidated financial statements for the six months ended 30 September 2018. As a result, the overseas deferred tax charge has increased by €11 million from €873 million to €884 million and the total income tax expense increased by €11 million. 2. UK operating profits are largely 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.

Discontinued operations and a_2

Discontinued operations and assets and liabilities held for sale (Tables)	6 Months Ended
	Sep. 30, 2019
Discontinued operations and assets and liabilities held for sale
Schedule of income statement of discontinued operations	Six months Five months ended ended 30 September 31 August 2019 2018 €m €m Revenue — 1,561 Cost of sales — (1,185) Gross profit — 376 Selling and distribution expenses — (92) Administrative expenses — (134) Operating profit — 150 Financing costs — (321) Loss before taxation — (171) Income tax credit — 56 Loss after tax of discontinued operations — (115) Loss on sale of disposal group — (3,420) Loss for the period from discontinued operations — (3,535)
Loss per share from discontinued operations	eurocents eurocents - Basic — (12.87c) - Diluted — (12.87c)
Schedule of total comprehensive expense for the period from discontinued operations	€m €m Attributable to owners of the parent — (3,535)
Schedule of assets and liabilities held for sale	30 September 31 March 2019 2019 €m €m Non-current assets 726 (231) Current assets 123 — Total assets held for sale 849 (231) Non-current liabilities (234) — Current liabilities (98) — Total liabilities held for sale (332) —

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Sep. 30, 2019
Earnings per share
Schedule of basic and diluted earnings per share	Six months ended 30 September 2019 2018 Millions Millions Weighted average number of shares for basic earnings per share 29,410 27,462 Effect of dilutive potential shares: restricted shares and share options — — Weighted average number of shares for diluted earnings per share 29,410 27,462 Six months ended 30 September 2019 2018 (restated) 1 Earnings per share attributable to owners of the parent during the period €m €m Loss for earnings per share from continuing operations (2,128) (4,399) Loss for earnings per share from discontinued operations — (3,535) Loss for basic and diluted earnings per share (2,128) (7,934) eurocents eurocents Basic loss per share from continuing operations (7.24c) (16.02c) Basic loss per share from discontinued operations — (12.87c) Basic loss per share (7.24c) (28.89c) Diluted loss per share from continuing operations (7.24c) (16.02c) Diluted loss per share from discontinued operations — (12.87c) Diluted loss per share (7.24c) (28.89c)

Dividends (Tables)

Dividends (Tables)	6 Months Ended
	Sep. 30, 2019
Dividends
Schedule of dividends declared and proposed	Dividends Six months ended 30 September 2019 2018 €m €m Declared during the financial period: Final dividend for the year ended 31 March 2019: 4.16 eurocents per share (2018: 10.23 eurocents per share) 1,112 2,729 Proposed after the end of the reporting period and not recognised as a liability: Interim dividend for the year ending 31 March 2020: 4.50 eurocents per share (2019: 4.84 eurocents per share) 1,205 1,293

Acquisitions and disposals (Tab

Acquisitions and disposals (Tables)	6 Months Ended
	Sep. 30, 2019
Acquisitions and disposals
Schedule of aggregate cash consideration in respect of purchase of interests in subsidiaries, net of cash acquired	Six months ended 30 September 2019 2018 €m €m Cash consideration paid European Liberty Global assets 10,295 — Other acquisitions during the period 29 69 Net cash acquired (122) (7) 10,202 62
Schedule of provisional purchase price allocation	Fair value €m Net assets acquired: Identifiable intangible assets 1 5,696 Property, plant and equipment 4,708 Inventory 16 Trade and other receivables 796 Other investments 2 Cash and cash equivalents 109 Current and deferred taxation (1,910) Short and long-term borrowings (9,512) Trade and other payables (1,059) Post employment benefits (40) Provisions (117) Net identifiable liabilities acquired (1,311) Goodwill 2 11,620 Total consideration 3 10,309 Notes: 1. Identifiable intangible assets of €5,696 million consisted of customer relationships of €5,447 million, brand of €71 million and software of €178 million. 2. The goodwill is attributable to future profits expected to be generated from new customers and the synergies expected to arise after the Group’s acquisition of the businesses. 3. Transaction costs of €58 million were charged in the Group’s consolidated income statement in the six months ended 30 September 2019.
Schedule of details of disposals	Six months ended 30 September 2019 2018 €m €m Goodwill (243) — Other intangible assets (155) (6,138) Property, plant and equipment (783) (3,091) Inventory (29) — Trade and other receivables (244) (1,572) Investments in associates and joint ventures (4) — Other investments — (6) Cash and cash equivalents — (751) Current and deferred taxation (11) (2,790) Short and long-term borrowings 215 7,896 Trade and other payables 261 1,669 Provisions 35 720 Net assets disposed (958) (4,063) Fair value of investment 2 — 2,467 Net cash proceeds arising from the transaction 2,023 320 Other effects 1 35 (2,144) Net gain/(loss) on transaction 2 1,100 (3,420) Notes: 1. Includes €59 million (2018: €2,079 million) of recycled foreign exchange losses. Comparative figure includes a loss of €603 million related to the re-measurement of the Group’s retained interest in Vodafone India

Investments in associates and_2

Investments in associates and joint arrangements (Tables)	6 Months Ended
	Sep. 30, 2019
Investments in associates and joint arrangements
Schedule of joint ventures and associates	30 September 31 March 2019 2019 €m €m Investment in joint ventures 1,841 3,399 Investment in associates 396 553 2,237 3,952

Reconciliation of net cash fl_2

Reconciliation of net cash flow from operating activities (Tables)	6 Months Ended
	Sep. 30, 2019
Reconciliation of net cash flow from operating activities
Schedule of reconciliation of net cash flow from operating activities	Six months ended 30 September 2019 2018 (restated) 1 Note €m €m Loss for the financial period (1,891) (7,802) Loss from discontinued operations — 3,535 Loss from continuing operations (1,891) (4,267) Non-operating income and expense — 3 Investment income (281) (184) Financing costs 1,369 999 Income tax expense 4 1,380 1,420 Operating profit/(loss) 577 (2,029) Adjustments for: Share-based payments and other non-cash charges 78 46 Depreciation and amortisation 6,782 4,871 Loss on disposal of property, plant and equipment and intangible assets 24 19 Share of result of equity accounted associates and joint ventures 2,601 430 Impairment losses — 3,495 Other (income)/expense (1,024) 91 Increase in inventory (6) (202) Increase in trade and other receivables (1,069) (1,443) (Decrease)/increase in trade and other payables (1,341) 47 Cash generated by operations 6,622 5,325 Net tax paid (483) (428) Cash flow from discontinued operations — (71) Net cash flow from operating activities 6,139 4,826

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
	Sep. 30, 2019
Related party transactions
Schedule of transactions with joint arrangements and associates	Six months ended 30 September 2019 2018 €m €m Sales of goods and services to associates 12 9 Purchase of goods and services from associates — 1 Sales of goods and services to joint arrangements 99 106 Purchase of goods and services from joint arrangements 88 94 Net interest income receivable from joint arrangements 45 49 30 September 31 March 2019 2019 €m €m Trade balances owed: by associates 7 1 to associates 2 3 by joint arrangements 130 193 to joint arrangements 27 25 Other balances owed by joint arrangements 1,018 997 Other balances owed to joint arrangements 177 169

Fair value of financial instr_2

Fair value of financial instruments (Tables)	6 Months Ended
	Sep. 30, 2019
Fair value of financial instruments
Schedule of financial instruments held at fair value	30 September 31 March 2019 2019 €m €m Financial assets at fair value: Money market funds (included within Cash and cash equivalents) 1 3,452 9,007 Debt and equity securities (included within Other investments) 2 4,425 11,056 Derivative financial instruments (included within Trade and other receivables) 5,709 3,634 Trade receivables at fair value through Other comprehensive income (included within Trade and other receivables) 1,022 792 14,608 24,489 Financial liabilities at fair value: Derivative financial instruments (included within Trade and other payables) 4,399 2,444 4,399 2,444 Notes: 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. 2. Quoted debt and equity securities of €2,128 million (31 March 2019: €4,108 million) are Level 1 classification which comprises items where fair value is determined by unadjusted quoted prices in active markets. All balances other than quoted securities are Level 2 classification which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Basis of preparation - Leases (

Basis of preparation - Leases (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Apr. 01, 2019
Disclosure of initial application of standards or interpretations [line items]
Increase (Decrease) in losses recorded in the Group's share of results of equity accounted associates and joint ventures	€ 82
Minimum operating lease payments recognised as expense		€ 1,714
Finance lease, depreciation and interest expense		€ 25
Lease expense, depreciation expense	1,823
Lease expense, interest expense	€ 163
Weighted average incremental borrowing rate applied to the Group's lease liabilities			3.50%
Land
Disclosure of initial application of standards or interpretations [line items]
Maximum lease term for land and buildings	5 years
Buildings
Disclosure of initial application of standards or interpretations [line items]
Maximum lease term for land and buildings	10 years

Basis of preparation - Transiti

Basis of preparation - Transition to IFRS 16 (Details) € in Billions	Apr. 01, 2019EUR (€)
Basis of preparation
Operating lease commitments at 31 March 2019	€ 10.8
Less effect of discounting on payments included in the operating lease commitment	(1.6)
Plus lease liabilities in respect of additional 'reasonably certain' lease extensions assumed under IFRS 16	0.8
Plus finance lease liabilities already reported under IAS 17	0.3
Lease liability opening balance reported at 1 April 2019	€ 10.3

Basis of preparation - Impact o

Basis of preparation - Impact of the adoption of IFRS 9 and IFRS 15 (Details) - EUR (€) € in Millions	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Apr. 01, 2018	Mar. 31, 2018
Non-current assets
Goodwill	€ 34,365	€ 23,353		€ 23,353
Other intangible assets	23,628	17,652		17,652
Plant, property and equipment	39,701	27,432		37,658
Investments in associates and joint ventures	2,237	3,952		3,682
Other investments	872	870		870
Deferred tax assets	23,938	24,753		24,753
Post employment benefits	134	94		94
Trade and other receivables	7,426	5,170		5,191
Of which: Net investments in leases		3		136
Total non-current assets	132,301	103,276		113,253
Current assets
Inventory	698	714		714
Taxation recoverable	182	264		264
Trade and other receivables	12,959	12,190		11,851
Of which: Net investments in leases		1		20
Other investments	7,113	13,012		13,012
Cash and cash equivalents	5,866	13,637		13,637
Total current assets	26,818	39,817		39,478
Asset (liability) held for sale		(231)		(231)
Total assets	159,968	142,862		152,500
Equity
Called up share capital	4,797	4,796		4,796
Additional paid-in capital	152,576	152,503		152,503
Treasury shares	(7,809)	(7,875)		(7,875)
Accumulated losses	(120,337)	(116,725)		(116,986)
Accumulated other comprehensive income	28,838	29,519		29,519
Total attributable to owners of the parent	58,065	62,218		61,957
Non-controlling interests	1,220	1,227		1,231
Total non-controlling interests	1,220	1,227		1,231
Total equity	59,285	63,445	€ 61,474	63,188	€ 70,943
Non-current liabilities
Long-term borrowings	63,319	48,685		56,079
Deferred tax liabilities	2,289	478		478
Post employment benefits	687	551		551
Provisions	1,259	1,242		1,233
Trade and other payables	5,158	2,938		2,901
Total non-current liabilities	72,712	53,894		61,242
Current liabilities
Short-term borrowings	8,748	4,270		6,916
Financial liabilities under put option arrangements	1,880	1,844		1,844
Taxation liabilities	651	596		596
Provisions	938	1,160		1,084
Trade and other payables	15,422	17,653		17,630
Total current liabilities	27,639	25,523		28,070
Liabilities held for sale	332
Total equity and liabilities	€ 159,968	€ 142,862		152,500
Impact of adoption of IFRS 16
Non-current assets
Plant, property and equipment				10,226
Investments in associates and joint ventures				(270)
Trade and other receivables				21
Of which: Net investments in leases				133
Total non-current assets				9,977
Current assets
Trade and other receivables				(339)
Of which: Net investments in leases				19
Total current assets				(339)
Total assets				9,638
Equity
Accumulated losses				(261)
Total attributable to owners of the parent				(261)
Non-controlling interests				4
Total non-controlling interests				4
Total equity				(257)
Non-current liabilities
Long-term borrowings				7,394
Provisions				(9)
Trade and other payables				(37)
Total non-current liabilities				7,348
Current liabilities
Short-term borrowings				2,646
Provisions				(76)
Trade and other payables				(23)
Total current liabilities				2,547
Total equity and liabilities				€ 9,638

Segmental analysis (Details)

Segmental analysis (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Segmental analysis
Service revenue	€ 18,544	€ 18,268
Equipment revenue	2,498	2,846
Revenue from contracts with customers	21,042	21,114
Interest income	78	69
Other revenue	819	665
Total segment revenue	21,939	21,848
Adjusted EBITDA	7,105	6,915
Total revenue	21,939	21,848
Europe
Segmental analysis
Service revenue	14,120	13,887
Equipment revenue	1,759	1,946
Revenue from contracts with customers	15,879	15,833
Interest income	74	58
Other revenue	272	202
Total segment revenue	16,225	16,093
Adjusted EBITDA	5,348	5,177
Total revenue	16,225	16,093
Germany
Segmental analysis
Service revenue	4,961	4,577
Equipment revenue	495	516
Revenue from contracts with customers	5,456	5,093
Interest income	14	14
Other revenue	120	73
Total segment revenue	5,590	5,180
Adjusted EBITDA	2,352	2,082
Total revenue	5,590	5,180
Italy
Segmental analysis
Service revenue	2,424	2,512
Equipment revenue	256	351
Revenue from contracts with customers	2,680	2,863
Interest income	4
Other revenue	25	35
Total segment revenue	2,709	2,898
Adjusted EBITDA	1,006	1,058
Total revenue	2,709	2,898
UK
Segmental analysis
Service revenue	2,451	2,460
Equipment revenue	598	611
Revenue from contracts with customers	3,049	3,071
Interest income	34	25
Other revenue	68	35
Total segment revenue	3,151	3,131
Adjusted EBITDA	658	675
Total revenue	3,151	3,131
Spain
Segmental analysis
Service revenue	1,966	2,162
Equipment revenue	157	205
Revenue from contracts with customers	2,123	2,367
Interest income	13	9
Other revenue	25	33
Total segment revenue	2,161	2,409
Adjusted EBITDA	460	529
Total revenue	2,161	2,409
Other Europe
Segmental analysis
Service revenue	2,392	2,238
Equipment revenue	253	263
Revenue from contracts with customers	2,645	2,501
Interest income	9	10
Other revenue	36	29
Total segment revenue	2,690	2,540
Adjusted EBITDA	872	833
Total revenue	2,690	2,540
Eliminations
Segmental analysis
Service revenue	(74)	(62)
Revenue from contracts with customers	(74)	(62)
Other revenue	(2)	(3)
Total segment revenue	(76)	(65)
Total revenue	(76)	(65)
Rest of the World
Segmental analysis
Service revenue	4,241	4,189
Equipment revenue	715	885
Revenue from contracts with customers	4,956	5,074
Interest income	4	9
Other revenue	125	94
Total segment revenue	5,085	5,177
Adjusted EBITDA	1,774	1,743
Total revenue	5,085	5,177
Vodacom
Segmental analysis
Service revenue	2,217	2,199
Equipment revenue	416	431
Revenue from contracts with customers	2,633	2,630
Interest income	2	6
Other revenue	99	82
Total segment revenue	2,734	2,718
Adjusted EBITDA	1,019	1,070
Total revenue	2,734	2,718
Other Markets
Segmental analysis
Service revenue	2,024	1,990
Equipment revenue	299	454
Revenue from contracts with customers	2,323	2,444
Interest income	2	3
Other revenue	26	12
Total segment revenue	2,351	2,459
Adjusted EBITDA	755	673
Total revenue	2,351	2,459
Common Functions
Segmental analysis
Service revenue	240	246
Equipment revenue	24	15
Revenue from contracts with customers	264	261
Interest income		2
Other revenue	523	475
Total segment revenue	787	738
Adjusted EBITDA	(17)	(5)
Total revenue	787	738
Eliminations
Segmental analysis
Service revenue	(57)	(54)
Revenue from contracts with customers	(57)	(54)
Other revenue	(101)	(106)
Total segment revenue	(158)	(160)
Total revenue	€ (158)	(160)
Changes due to revision
Segmental analysis
Service revenue		(172)
Equipment revenue		170
Revenue from contracts with customers		(2)
Other revenue		54
Total segment revenue		52
Adjusted EBITDA		42
Total revenue		52
Changes due to revision | Europe
Segmental analysis
Equipment revenue		1
Changes due to revision | Germany
Segmental analysis
Service revenue		(9)
Equipment revenue		73
Revenue from contracts with customers		64
Total segment revenue		64
Total revenue		64
Changes due to revision | UK
Segmental analysis
Service revenue		(94)
Equipment revenue		94
Changes due to revision | Other Europe
Segmental analysis
Service revenue		(15)
Revenue from contracts with customers		(14)
Other revenue		1
Total segment revenue		(13)
Total revenue		(13)
Changes due to revision | Common Functions
Segmental analysis
Service revenue		(54)
Equipment revenue		2
Revenue from contracts with customers		(52)
Other revenue		53
Total segment revenue		1
Total revenue		€ 1

Segmental analysis - Reconcilia

Segmental analysis - Reconciliation of adjusted EBITDA to operating profit (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Segmental revenue and profit
Adjusted EBITDA	€ 7,105	€ 6,915
Depreciation, amortisation and loss on disposal of fixed assets	(4,874)	(4,773)
Share of adjusted results in equity accounted associates and joint ventures2	(550)	(8)
Adjusted operating profit	1,681	2,134
Impairment loss		(3,495)
Restructuring costs	(163)	(95)
Amortisation of acquired customer bases and brand intangible assets	(232)	(317)
Other income and expense	(872)	(256)
Interest on lease liabilities	163
Operating profit/(loss)	577	(2,029)
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	€ 2,100	400
Changes due to revision
Segmental revenue and profit
Adjusted EBITDA		€ 42

Segmental analysis - Non-curren

Segmental analysis - Non-current assets (Details) - EUR (€) € in Millions	Sep. 30, 2019	Mar. 31, 2019
Segmental assets and cash flow
Non-current assets	€ 97,694	€ 68,437
Europe
Segmental assets and cash flow
Non-current assets	86,362	57,496
Germany
Segmental assets and cash flow
Non-current assets	48,777	24,529
Italy
Segmental assets and cash flow
Non-current assets	11,059	11,031
UK
Segmental assets and cash flow
Non-current assets	7,974	7,405
Spain
Segmental assets and cash flow
Non-current assets	8,262	7,438
Other Europe
Segmental assets and cash flow
Non-current assets	10,290	7,093
Rest of World
Segmental assets and cash flow
Non-current assets	9,120	8,932
Vodacom
Segmental assets and cash flow
Non-current assets	6,105	5,503
Other Markets
Segmental assets and cash flow
Non-current assets	3,015	3,429
Common Functions
Segmental assets and cash flow
Non-current assets	€ 2,212	€ 2,009

Impairment losses - Key assumpt

Impairment losses - Key assumptions used in value in use calculations (Details) € in Billions	6 Months Ended
	Sep. 30, 2019EUR (€)
Germany
Assumptions used in value in use calculation
Pre-tax adjusted discount rate (as a percent)	8.30%
Long-term growth rate (as a percent)	0.50%
Projected adjusted EBITDA (as a percent)	2.20%
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	2.00%
Long-term growth rate (as a percent)	(2.10%)
Projected adjusted EBITDA (as a percent)	(4.90%)
Projected capital expenditure (as a percent)	17.10%
Germany | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	17.30%
Germany | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	19.70%
Germany | Base Case
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 7.1
Germany | Decrease in EBIDTA by 2 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	4.1
Germany | Increase in EBIDTA by 2 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	10.5
Germany | Decrease in long-term growth rate by 1 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	3.2
Germany | Increase in long-term growth rate by 1 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 12.6
Italy
Assumptions used in value in use calculation
Pre-tax adjusted discount rate (as a percent)	10.40%
Long-term growth rate (as a percent)	1.00%
Projected adjusted EBITDA (as a percent)	(0.50%)
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)	(2.60%)
Projected adjusted EBITDA (as a percent)	(4.50%)
Projected capital expenditure (as a percent)	12.10%
Italy | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	12.10%
Italy | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	14.10%
Italy | Base Case
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 2.7
Italy | Decrease in EBIDTA by 2 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	1.4
Italy | Increase in EBIDTA by 2 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	4
Italy | Decrease in long-term growth rate by 1 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	1.5
Italy | Increase in long-term growth rate by 1 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 4.3
Spain
Assumptions used in value in use calculation
Pre-tax adjusted discount rate (as a percent)	9.30%
Long-term growth rate (as a percent)	0.50%
Projected adjusted EBITDA (as a percent)	9.80%
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.60%
Long-term growth rate (as a percent)	(0.70%)
Projected adjusted EBITDA (as a percent)	(1.40%)
Projected capital expenditure (as a percent)	3.00%
Spain | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	16.80%
Spain | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	18.20%
Spain | Base Case
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 0.6
Spain | Decrease in EBIDTA by 2 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	(0.2)
Spain | Increase in EBIDTA by 2 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	1.4
Spain | Decrease in long-term growth rate by 1 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	(0.3)
Spain | Increase in long-term growth rate by 1 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 1.6
Romania
Assumptions used in value in use calculation
Pre-tax adjusted discount rate (as a percent)	10.70%
Long-term growth rate (as a percent)	1.00%
Projected adjusted EBITDA (as a percent)	4.80%
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	2.70%
Long-term growth rate (as a percent)	(3.40%)
Projected adjusted EBITDA (as a percent)	(4.80%)
Projected capital expenditure (as a percent)	8.50%
Romania | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	11.20%
Romania | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	12.40%
Romania | Base Case
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 0.3
Romania | Decrease in EBIDTA by 2 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	0.1
Romania | Increase in EBIDTA by 2 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	0.4
Romania | Decrease in long-term growth rate by 1 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	0.2
Romania | Increase in long-term growth rate by 1 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 0.4
UK
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.80%
Long-term growth rate (as a percent)	(0.80%)
Projected adjusted EBITDA (as a percent)	(1.80%)
Projected capital expenditure (as a percent)	3.60%
Ireland
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.50%
Long-term growth rate (as a percent)	(0.60%)
Projected adjusted EBITDA (as a percent)	(1.10%)
Projected capital expenditure (as a percent)	4.10%
Portugal
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	1.30%
Long-term growth rate (as a percent)	(1.30%)
Projected adjusted EBITDA (as a percent)	(2.70%)
Projected capital expenditure (as a percent)	7.10%

Taxation - Income tax expense (

Taxation - Income tax expense (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Current tax (expense)/income
Total current tax expense	€ (484)	€ (575)
Total deferred tax expense	(896)	(845)
Total income tax expense/(income)	(1,380)	(1,420)
United Kingdom
Current tax (expense)/income
Current year	(14)	1
Adjustments in respect of prior years	(10)	(6)
Total deferred tax expense	144	39
Spectrum Payments	10,300
Overseas
Current tax (expense)/income
Current year	(474)	(589)
Adjustments in respect of prior years	14	19
Total deferred tax expense	€ (1,040)	(884)
Previous
Current tax (expense)/income
Total deferred tax expense		873
Changes due to revision
Current tax (expense)/income
Total deferred tax expense		11
Total income tax expense/(income)		€ 11

Taxation - Deferred tax assets

Taxation - Deferred tax assets on losses (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Luxemberg
Income tax expense
Decrease in deferred tax asset due to change in tax rate	€ 868	€ 0
Deferred tax assets recognised on revaluation of investments		159
Tax losses for which no deferred tax asset recognised	€ 200	185
Spain
Income tax expense
Deferred tax assets derecognised		€ 1,048
Minimum | Luxemberg
Income tax expense
Utilisation period of tax losses (in years)	50 years
Minimum | Germany
Income tax expense
Utilisation period of tax losses (in years)	9 years
Maximum | Luxemberg
Income tax expense
Utilisation period of tax losses (in years)	55 years
Maximum | Germany
Income tax expense
Utilisation period of tax losses (in years)	11 years

Discontinued operations and a_3

Discontinued operations and assets and liabilities held for sale - Discontinued operations (Details) - EUR (€) € / shares in Units, € in Millions	Mar. 20, 2017	Aug. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Income statement and segment analysis of discontinued operations
Revenue			€ 21,939	€ 21,848
Loss before taxation			€ (511)	(2,847)
Loss for the financial year from discontinued operations				€ (3,535)
Loss per share from discontinued operations
Basic				€ (12.87)
Diluted				€ (12.87)
Total comprehensive expense for the period from discontinued operations
Loss for the financial period from discontinued operations				€ (3,535)
Indus Towers
Discontinued operations and assets and liabilities held for sale
Proportion of stake (as a percentage)			42.00%
Vodafone India (excluding interest in Indus Towers)
Discontinued operations and assets and liabilities held for sale
Proportion of stake (as a percentage)	42.00%			42.00%
Income statement and segment analysis of discontinued operations
Revenue		€ 1,561
Cost of sales		(1,185)
Gross profit		376
Selling and distribution expenses		(92)
Administrative expenses		(134)
Operating profit		150
Financing costs		(321)
Loss before taxation		(171)
Income tax credit		56
Loss after tax of discontinued operations		(115)
Loss on sale of disposal group		(3,420)
Loss for the financial year from discontinued operations		€ (3,535)
Loss per share from discontinued operations
Basic		€ (12.87)
Diluted		€ (12.87)
Total comprehensive expense for the period from discontinued operations
Loss for the financial period from discontinued operations		€ (3,535)
42% stake in 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 and liabilities held for sale - Assets and liabilities held for sale (Details) - EUR (€) € in Millions	Sep. 30, 2019	Mar. 31, 2019	Apr. 01, 2018
Discontinued operations and assets and liabilities held for sale
Non-current assets	€ 132,301	€ 103,276	€ 113,253
Current assets	26,818	39,817	39,478
Non-current liabilities	(72,712)	(53,894)	(61,242)
Current liabilities	27,639	25,523	€ 28,070
Total liabilities held for sale	(332)
Vodafone India (excluding interest in Indus Towers)
Discontinued operations and assets and liabilities held for sale
Non-current assets	726
Current assets	123
Assets held for sale	849
Non-current liabilities	(234)	(231)
Current liabilities	98
Total liabilities held for sale	€ (332)	€ (231)

Earnings per share (Details)

Earnings per share (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Weighted average number of shares for diluted earnings per share
Weighted average number of shares for basic earnings per share (in shares)	29,410	27,462
Weighted average number of shares for diluted earnings per share (in shares)	29,410	27,462
(Loss)/earnings for basic and diluted earnings per share
Loss for earnings per share from continuing operations	€ (2,128)	€ (4,399)
Loss for earnings per share from discontinued operations		(3,535)
Loss for basic and diluted earnings per share	€ (2,128)	€ (7,934)
Basic (loss)/earnings per share
Basic loss per share from continuing operations	€ (7.24)	€ (16.02)
Basic loss per share from discontinued operations		(12.87)
Basic loss per share	(7.24)	(28.89)
Diluted (loss)/earnings per share
Diluted loss per share from continuing operations	(7.24)	(16.02)
Diluted loss per share from discontinued operations		(12.87)
Diluted loss per share	€ (7.24)	€ (28.89)

Earnings per share - Notes (Det

Earnings per share - Notes (Details) € / shares in Units, € in Millions	6 Months Ended
	Sep. 30, 2018EUR (€)€ / shares
Earnings per share
Decrease in basic and diluted earnings per share | €	€ 31
Decrease in basic loss per share from continuing operations	€ 0.11
Decrease in basic loss per share	0.11
Decrease in diluted loss per share from continuing operations	0.11
Decrease in diluted loss per share	€ 0.11

Dividends (Details)

Dividends (Details) - EUR (€) € / shares in Units, € in Millions	6 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Declared during the financial period:
Final dividend for the year ended 31 March 2019: 4.16 eurocents per share (2018: 10.23 eurocents per share)	€ 1,112	€ 2,729
Proposed after the end of the reporting period and not recognised as a liability:
Interim dividend for the year ending 31 March 2020: 00 eurocents per share (2019: 4.84 eurocents per share)	€ 1,205	€ 1,293
Declared during the financial period (per share)
Final dividend (per share)				€ 4.16	€ 10.23
Interim dividend (per share)			€ 4.50	€ 4.84

Acquisitions and disposals - Ac

Acquisitions and disposals - Acquisitions (Details) - EUR (€) € in Millions	1 Months Ended	6 Months Ended
	Jul. 31, 2019	Sep. 30, 2019	Sep. 30, 2018
Acquisitions
Net cash acquired		€ (122)	€ (7)
Total cash consideration paid and net cash acquired		10,202	62
European Liberty Global assets
Acquisitions
Acquisitions during the year		10,295
Total cash consideration paid and net cash acquired	€ 10,295
Other acquisitions
Acquisitions
Acquisitions during the year		€ 29	€ 69

Acquisitions and disposals - Eu

Acquisitions and disposals - European Liberty Global assets (Details) - EUR (€) € in Millions	2 Months Ended	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jul. 31, 2019
European Liberty Global assets
Acquisitions
Identifiable intangible assets			€ 5,696
Property, plant and equipment			4,708
Inventory			16
Trade and other receivables			796
Other investments			2
Cash and cash equivalents			109
Current and deferred taxation			(1,910)
Short and long-term borrowings			(9,512)
Trade and other payables			(1,059)
Post employment benefits			(40)
Provisions			(117)
Net identifiable liabilities acquired			(1,311)
Goodwill			11,620
Total consideration			10,309
Customer relationships			5,447
Brand			71
Software			€ 178
Transaction costs		€ 58
Revenue of acquiree since acquisition date	€ 491
Loss of acquiree since acquisition date	(11)
Revenue of combined entity as if combination occurred at beginning of period	22,940
Loss of combined entity as if combination occurred at beginning of period	(481)
Unitymedia GmbH
Acquisitions
Percentage of voting equity interests acquired			100.00%
UPC Czech
Acquisitions
Percentage of voting equity interests acquired			100.00%
UPC Hungary
Acquisitions
Percentage of voting equity interests acquired			100.00%
Other acquisitions
Acquisitions
Total consideration	29	29
Aggregate consideration	185	185
Aggregate provisional fair values of goodwill of the acquired operations	182	182
Aggregate provisional fair values of assets of the acquired operations	50	50
Aggregate provisional fair values of liabilities of the acquired operation	€ 47	€ 47

Acquisitions and disposals - Di

Acquisitions and disposals - Disposals (Details) € in Millions, $ in Billions	Mar. 20, 2017	Jul. 31, 2019NZD ($)	Jul. 31, 2019EUR (€)	Sep. 30, 2019EUR (€)	Sep. 30, 2018EUR (€)	Mar. 31, 2019EUR (€)	Apr. 01, 2018EUR (€)
Disposals
Foreign exchange gain (loss)				€ (59)	€ 2,079
Goodwill				(34,365)		€ (23,353)	€ (23,353)
Property, plant and equipment				(39,701)		(27,432)	(37,658)
Cash and cash equivalents				(5,866)		€ (13,637)	€ (13,637)
New zealand operations
Disposals
Proportion of ownership interest		100.00%	100.00%
Goodwill				(243)
Other intangible assets				(155)
Property, plant and equipment				(783)
Inventory				(29)
Trade and other receivables				(244)
Investments in associates and joint ventures				(4)
Current and deferred taxation				(11)
Short and long-term borrowings				215
Trade and other payables				261
Provisions				35
Net assets disposed				(958)
Net cash proceeds arising from the transaction		$ 3.4	€ 2,000	2,023
Other effects				35
Net gain/(loss) on transaction				1,100
Recycled foreign exchange losses				€ 59
Vodafone India (excluding interest in Indus Towers)
Disposals
Proportion of ownership interest	42.00%				42.00%
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 disposed					(4,063)
Fair value of investment					2,467
Net cash proceeds arising from the transaction					320
Other effects					(2,144)
Net gain/(loss) on transaction					(3,420)
Recycled foreign exchange losses					2,079
Loss on disposal					€ 603

Investments in associates and_3

Investments in associates and joint arrangements (Details) - EUR (€) € in Millions	1 Months Ended	6 Months Ended
	May 31, 2019	Sep. 30, 2019	Mar. 31, 2019	Apr. 01, 2018
Investment in associates and joint arrangements
Investment in joint ventures		€ 1,841	€ 3,399
Investment in associates		396	553
Total investments in associates and joint arrangements		2,237	3,952	€ 3,682
Vodafone Idea Limited
Investment in associates and joint arrangements
Carrying value up to which losses has restricted		€ 0
Investment in joint ventures via rights issue	€ 1,410
Investment in joint ventures			€ 1,392
Indus Towers Limited
Investment in associates and joint arrangements
Proportion of stake (as a percentage)		42.00%
Impairment loss		€ 600

Reconciliation of net cash fl_3

Reconciliation of net cash flow from operating activities (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Reconciliation of net cash flow from operating activities
Loss for the financial period	€ (1,891)	€ (7,802)
Loss from discontinued operations		3,535
(Loss)/earnings for earnings per share from continuing operations	(1,891)	(4,267)
Non-operating expense		3
Investment income	(281)	(184)
Financing costs	1,369	999
Income tax expense/(credit)	1,380	1,420
Operating profit/(loss)	577	(2,029)
Adjustments for:
Share based payments and other non-cash charges	78	46
Depreciation and amortisation	6,782	4,871
Loss on disposal of property, plant and equipment and intangible assets	24	19
Share of result of equity accounted associates and joint ventures	2,601	430
Impairment losses		3,495
Other (income)/expense	(1,024)	91
Increase in inventory	(6)	(202)
Increase in trade and other receivables	(1,069)	(1,443)
(Decrease)/increase in trade and other payables	(1,341)	47
Cash generated by operations	6,622	5,325
Net tax paid	(483)	(428)
Cash flows from discontinued operations		(71)
Net cash flow from operating activities	€ 6,139	4,826
Decrease in loss		31
Increase in income tax expense		11
Increase in trade and other receivable		€ 42

Related party transactions (Det

Related party transactions (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019
Related party transactions
Contributions to defined benefit pension	€ 11	€ 20
Dividends recognised as distributions to owners	1,299	2,927
Associates
Related party transactions
Sales of goods and services	12	9
Purchase of goods and services		1
Trade balances owed by	7		€ 1
Trade balances owed to	2		3
Joint arrangements
Related party transactions
Sales of goods and services	99	106
Purchase of goods and services	88	94
Net interest income receivable	45	49
Trade balances owed by	130		193
Trade balances owed to	27		25
Other balances owed by	1,018		997
Other balances owed to	177		€ 169
Board members and executive committee members
Related party transactions
Dividends recognised as distributions to owners	€ 0.7	€ 3.9

Fair value of financial instr_3

Fair value of financial instruments - Financial assets & liabilities at fair value (Details) - EUR (€) € in Millions	Sep. 30, 2019	Mar. 31, 2019
Fair value of financial instruments
Financial assets at fair value	€ 14,608	€ 24,489
Financial liabilities at fair value	4,399	2,444
Level 1
Fair value of financial instruments
Quoted debt and equity securities	2,128	4,108
Derivative financial instruments
Fair value of financial instruments
Financial liabilities at fair value	4,399	2,444
Money market funds
Fair value of financial instruments
Financial assets at fair value	3,452	9,007
Debt and equity securities
Fair value of financial instruments
Financial assets at fair value	4,425	11,056
Derivative financial instruments
Fair value of financial instruments
Financial assets at fair value	5,709	3,634
Fair value through other comprehensive income statement
Fair value of financial instruments
Financial assets at fair value	1,022	792
Fair value
Fair value of financial instruments
Financial assets at fair value	51,804	43,616
Financial liabilities at fair value	51,804	43,616
Carrying value
Fair value of financial instruments
Financial assets at carrying value	48,852	44,439
Financial liabilities at carrying value	€ 48,852	€ 44,439

Commitments, Contingent liabi_2

Commitments, Contingent liabilities and legal proceedings - Indian tax cases and Indian regulatory cases (Details) - 6 months ended Sep. 30, 2019 € in Millions, ₨ in Billions	INR (₨)	EUR (€)	EUR (€)
Vodafone Idea Limited
Contingent liabilities and legal proceedings - Conti
Potential exposure	₨ 84	€ 1,100
Indian regulatory case, One time spectrum charges | Vodafone India
Contingent liabilities and legal proceedings - Conti
Amount of one time spectrum charges		€ 525
Minimum | Dispute with Department of Telecommunications (DoT)
Contingent liabilities and legal proceedings - Conti
Estimated liability			€ 3,700
Minimum | Dispute with Department of Telecommunications (DoT) | Vodafone India
Contingent liabilities and legal proceedings - Conti
Estimated liability | ₨	₨ 283.1

Commitments, Contingent liabi_3

Commitments, Contingent liabilities and legal proceedings - Other cases in the Group (Details) € in Millions	Apr. 05, 2019EUR (€)	Jun. 09, 2015EUR (€)	Jun. 08, 2015EUR (€)	Dec. 31, 2013EUR (€)directorclaim	Aug. 31, 2019EUR (€)
Anti-competitive retention of customers allegations by Telecom Italia | Vodafone Italy
Contingent liabilities and legal proceedings - Conti
Amount of compensation sought by petitioner			€ 101		€ 500
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
Dominant position and wrongful termination of franchise arrangement by Papistas, Greece | Vodafone Greece
Contingent liabilities and legal proceedings - Conti
Amount of compensation sought by petitioner	€ 330

Other matters (Details)

Other matters (Details) € in Millions, $ in Billions	Jul. 31, 2019NZD ($)	Jul. 31, 2019EUR (€)	Jul. 26, 2019EUR (€)	Jul. 24, 2019	Jun. 12, 2019EUR (€)item	Mar. 20, 2017	Sep. 30, 2018
Vodafone India (excluding interest in Indus Towers)
Other matters
Proportion of stake (as a percentage)						42.00%	42.00%
Vodafone Germany
Other matters
Total cost for acquiring 5G mobile spectrum | €					€ 1,880
Frequency of spectrum acquired in MHz					90
Frequency of spectrum available for auction in MHz					3,600
Frequency of spectrum two acquired in MHz					40
Frequency of spectrum two available for auction in MHz					2,100
Vodafone Italy
Other matters
Cash consideration received from merger | €			€ 2,140
Proportion of stake (as a percentage)			37.50%
Vodafone Italy | Minimum
Other matters
Proportion of stake (as a percentage)			25.00%
Vodafone UK
Other matters
Percentage of stake owned				50.00%
Vodafone New Zealand
Other matters
Ownership interest sold (as a percentage)	100.00%	100.00%
Proceeds from the sale of business	$ 3.4	€ 2,000

Subsequent events - Vodafone UK

Subsequent events - Vodafone UK and Virgin Media deal (Details) - Vodafone UK and Virgin Media - Agreements to provide innovative new services customer in Millions	Nov. 06, 2019customer
Disclosure of non-adjusting events after reporting period [line items]
Agreed period to bring innovative services	5 years
Minimum
Disclosure of non-adjusting events after reporting period [line items]
Number of Customers For Providing Innovative Services	3