Vodafone Group Public Limited (VOD) 20-F 23 Jun 21 2021 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Mar. 31, 2021shares
Cover [Abstract]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Mar. 31, 2021
Entity Registrant Name	VODAFONE GROUP PUBLIC LTD CO
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	28,816,835,778
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0000839923
Amendment Flag	false
ICFR Auditor Attestation Flag	true

Consolidated income statement

Consolidated income statement - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Consolidated income statement
Revenue	€ 43,809	€ 44,974	€ 43,666
Cost of sales	(30,086)	(30,682)	(30,160)
Gross profit	13,723	14,292	13,506
Selling and distribution expenses	(3,522)	(3,814)	(3,891)
Administrative expenses	(5,350)	(5,810)	(5,410)
Net credit losses on financial assets	(664)	(660)	(575)
Share of results of equity accounted associates and joint ventures	342	(2,505)	(908)
Impairment loss	0	(1,685)	(3,525)
Other income/(expense)	568	4,281	(148)
Operating profit/(loss)	5,097	4,099	(951)
Non-operating expense	0	(3)	(7)
Investment income	330	248	433
Financing costs	(1,027)	(3,549)	(2,088)
Profit/(loss) before taxation	4,400	795	(2,613)
Income tax expense	(3,864)	(1,250)	(1,496)
Profit/(loss) for the financial year from continuing operations	536	(455)	(4,109)
Loss for the financial year from discontinued operations	0		(3,535)
Profit/(loss) for the financial period	536	(455)	(7,644)
Attributable to:
Owners of the parent	112	(920)	(8,020)
Non-controlling interests	424	465	376
Profit/(loss) for the financial period	€ 536	€ (455)	€ (7,644)
Earnings/(loss) per share
Basic - From continuing operations (in eurocents per share)	€ 0.38	€ (3.13)	€ (16.25)
Diluted - From continuing operations (in eurocents per share)	0.38	(3.13)	(16.25)
Basic - Total Group (in eurocents per share)	0.38	(3.13)	(29.05)
Diluted - Total Group (in eurocents per share)	€ 0.38	€ (3.13)	€ (29.05)

Consolidated statement of compr

Consolidated statement of comprehensive income - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Consolidated statement of comprehensive income
Profit/(loss) for the financial year	€ 536	€ (455)	€ (7,644)
Items that may be reclassified to the income statement in subsequent years:
Foreign exchange translation differences, net of tax	133	(982)	(533)
Foreign exchange translation differences transferred to the income statement	(17)	(36)	2,079
Other, net of tax	(3,743)	3,066	243
Total items that may be reclassified to the income statement in subsequent periods	(3,627)	2,048	1,789
Items that will not be reclassified to the income statement in subsequent years:
Net actuarial (losses)/gains on defined benefit pension schemes, net of tax	(555)	526	(33)
Total items that will not be reclassified to the income statement in subsequent years	(555)	526	(33)
Other comprehensive (expense)/income	(4,182)	2,574	1,756
Total comprehensive (expense)/income for the financial year	(3,646)	2,119	(5,888)
Attributable to:
Owners of the parent	(4,069)	1,696	(6,333)
Non-controlling interests	423	423	445
Total comprehensive (expense)/income for the financial year	€ (3,646)	€ 2,119	€ (5,888)

Consolidated statement of finan

Consolidated statement of financial position - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Non-current assets
Goodwill	€ 31,731	€ 31,378
Other intangible assets	21,818	22,631
Plant, property and equipment	41,243	40,113
Investments in associates and joint ventures	4,670	5,831
Other investments	925	792
Deferred tax assets	21,569	23,606
Post employment benefits	60	590
Trade and other receivables	4,777	10,393
Total non-current assets	126,793	135,334
Current assets
Inventory	676	598
Taxation recoverable	434	278
Trade and other receivables	10,923	11,724
Other investments	9,159	7,089
Cash and cash equivalents	5,821	13,557
Total current assets	27,013	33,246
Assets held for sale	1,257
Assets Held For Sale		(412)
Total assets	155,063	168,168
Equity
Called up share capital	4,797	4,797
Additional paid-in capital	150,812	152,629
Treasury shares	(6,172)	(7,802)
Accumulated losses	(121,587)	(120,349)
Accumulated other comprehensive income	27,954	32,135
Total attributable to owners of the parent	55,804	61,410
Non-controlling interests	2,012	1,215
Total equity	57,816	62,625
Non-current liabilities
Borrowings	59,272	62,949
Deferred tax liabilities	2,095	2,103
Post employment benefits	513	438
Provisions	1,747	1,479
Trade and other payables	4,909	5,189
Total non-current liabilities	68,536	72,158
Current liabilities
Borrowings	8,488	11,976
Financial liabilities under put option arrangements	492	1,850
Taxation liabilities	769	787
Provisions	892	1,053
Trade and other payables	18,070	17,719
Total current liabilities	28,711	33,385
Total equity and liabilities	€ 155,063	€ 168,168

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 losses	Currency reserve3	Pensions reserve	Revaluation surplus4	Other5	Non-controlling interests.	Total
Beginning balance at Mar. 31, 2018	€ 69,900	€ 4,796	€ 150,197	€ (8,463)	€ (104,462)	€ 27,807	€ (1,172)	€ 1,227	€ (30)	€ 1,043	€ 70,943
Issue or reissue of shares	1		(1,741)	1,834	(92)						1
Share-based payments	199		199							34	233
Issue of mandatory convertible bonds	3,848		3,848								3,848
Transactions with non-controlling interests ('NCI') in subsidiaries	(129)				(129)					307	178
Dividends	(4,022)				(4,022)					(602)	(4,624)
Comprehensive (expense)/income	(6,333)				(8,020)	1,477	(33)		243	445	(5,888)
Profit (loss)	(8,020)				(8,020)					376	(7,644)
Other comprehensive income											1,756
OCI - before tax	(337)					(594)	(33)		290	73	(264)
OCI - taxes	(55)					(8)			(47)	(4)	(59)
Transfer to the income statement	2,079					2,079					2,079
Purchase of treasury shares	(1,246)			(1,246)							(1,246)
Ending balance at Mar. 31, 2019	62,218	4,796	152,503	(7,875)	(116,725)	29,284	(1,205)	1,227	213	1,227	63,445
Adoption of IFRS | Impact of adoption of IFRS 16	(261)				(261)					4	(257)
1 April Equity brought forward	61,957	4,796	152,503	(7,875)	(116,986)	29,284	(1,205)	1,227	213	1,231	63,188
Issue or reissue of shares	7	1	1	73	(68)						7
Share-based payments	125		125							11	136
Transactions with non-controlling interests ('NCI') in subsidiaries	(58)				(58)					(102)	(160)
Dividends	(2,317)				(2,317)					(348)	(2,665)
Comprehensive (expense)/income	1,696				(920)	(976)	526		3,066	423	2,119
Profit (loss)	(920)				(920)					465	(455)
Other comprehensive income											2,574
OCI - before tax	3,460					(951)	640		3,771	(46)	3,414
OCI - taxes	(800)					19	(114)		(705)	(4)	(804)
Transfer to the income statement	(44)					(44)				8	(36)
Ending balance at Mar. 31, 2020	61,410	4,797	152,629	(7,802)	(120,349)	28,308	(679)	1,227	3,279	1,215	62,625
Issue or reissue of shares	3		(1,943)	2,033	(87)						3
Share-based payments	126		126							10	136
Transactions with non-controlling interests ('NCI') in subsidiaries	1,149				1,149					748	1,897
Dividends	(2,412)				(2,412)					(384)	(2,796)
Comprehensive (expense)/income	(4,069)				112	117	(555)		(3,743)	423	(3,646)
Profit (loss)	112				112					424	536
Other comprehensive income											(4,182)
OCI - before tax	(5,192)					124	(686)		(4,630)		(5,192)
OCI - taxes	1,024					6	131		887	3	1,027
Transfer to the income statement	(13)					(13)				(4)	(17)
Purchase of treasury shares	(403)			(403)							(403)
Ending balance at Mar. 31, 2021	€ 55,804	€ 4,797	€ 150,812	€ (6,172)	€ (121,587)	€ 28,425	€ (1,234)	€ 1,227	€ (464)	€ 2,012	€ 57,816

Consolidated statement of cha_2

Consolidated statement of changes in equity (Parenthetical) - EUR (€) € in Millions, shares in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Consolidated statement of changes in equity
Impact of the Group's cash flow hedges, net gain (loss) deferred to other comprehensive income		€ 5,892	€ 4,113	€ (1,555)
Net gain (loss) recycled to the income statement		1,226	€ 408	(1,279)
Reissue of treasury shares	799.1
Reissue of treasury shares, value	€ 1,742
Tax credit related to issue of mandatory convertible bonds		€ 1,426.8		€ 1,944

Consolidated statement of cash

Consolidated statement of cash flows - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Consolidated statement of cash flows
Inflow from operating activities	€ 17,215	€ 17,379	€ 12,980
Cash flows from investing activities
Purchase of interests in subsidiaries, net of cash acquired	(136)	(10,295)	(87)
Purchase of interests in associates and joint ventures	(13)	(1,424)
Purchase of intangible assets	(3,227)	(2,423)	(3,098)
Purchase of property, plant and equipment	(5,413)	(5,182)	(5,053)
Purchase of investments	(3,726)	(1,832)	(3,629)
Disposal of interests in subsidiaries, net of cash disposed	157	4,427	(412)
Disposal of interests in associates and joint ventures	420
Disposal of property, plant and equipment and intangible assets	43	61	45
Disposal of investments	1,704	7,792	2,269
Dividends received from associates and joint ventures	628	417	498
Interest received	301	371	622
Cash flows from discontinued operations	0		(372)
Outflow from investing activities	(9,262)	(8,088)	(9,217)
Cash flows from financing activities
Proceeds from issue of long term borrowings	4,359	9,933	14,681
Repayment of borrowings	(12,237)	(16,028)	(6,180)
Net movement in short-term borrowings	(2,791)	2,488	(497)
Net movement in derivatives	279	98	(44)
Interest paid	(2,152)	(2,284)	(1,297)
Payments for settlement of written put options	(1,482)
Purchase of treasury shares	(62)	(821)	(475)
Issue of ordinary share capital and reissue of treasury shares	5	7	7
Issue of subordinated mandatory convertible bonds	0		3,848
Equity dividends paid	(2,427)	(2,296)	(4,064)
Dividends paid to non-controlling shareholders in subsidiaries	(391)	(348)	(584)
Other transactions with non-controlling shareholders in subsidiaries	1,663	(160)	(221)
Other movements with associates and joint ventures	40	59	42
Cash flows from discontinued operations	0		(779)
(Outflow)/inflow from financing activities	(15,196)	(9,352)	4,437
Net cash (outflow)/inflow	(7,243)	(61)	8,200
Cash and cash equivalents at beginning of the financial year	13,288	13,605	5,394
Exchange (loss)/gain on cash and cash equivalents	(255)	(256)	11
Cash and cash equivalents at end of the financial year	€ 5,790	€ 13,288	€ 13,605

Consolidated statement of cas_2

Consolidated statement of cash flows (Parenthetical) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Consolidated statement of cash flows
Cash inflow on derivative financial instruments	€ 9	€ 273	€ 131

Basis of preparation

Basis of preparation	12 Months Ended
	Mar. 31, 2021
Basis of preparation
Basis of preparation	1. Basis of preparation This section describes the critical accounting judgements and estimates that management has identified as having a potentially material impact on the Group’s consolidated financial statements and sets out our significant accounting policies that relate to the financial statements as a whole. Where an accounting policy is generally applicable to a specific note to the financial statements, the policy is described within that note. We have also detailed below the new accounting pronouncements that we will adopt in future years and our current view of the impact they will have on our financial reporting. The consolidated financial statements are prepared in accordance with International Accounting Standards in conformity with the requirements of the UK companies Act 2006 (‘the Act’), International Financial Reporting Standards (“IFRS”) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union and IFRS as issued by the International Accounting Standards Board (IASB). The consolidated financial statements are prepared on a going concern basis (see page 109). Vodafone Group Plc is incorporated and domiciled in England and Wales (registration number 1833679). The registered address of the Company is Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, England. IFRS requires the Directors to adopt accounting policies that are the most appropriate to the Group’s circumstances. These have been applied consistently to all the years presented, unless otherwise stated. In determining and applying accounting policies, Directors and management are required to make judgements and estimates in respect of items where the choice of specific policy, accounting judgement, estimate or assumption to be followed could materially affect the Group’s reported financial position, results or cash flows and disclosure of contingent assets or liabilities during the reporting period; it may later be determined that a different choice may have been more appropriate. The Group’s critical accounting judgements and key sources of estimation uncertainty are detailed below. Actual outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period; they are recognised in the period of the revision and future periods if the revision affects both current and future periods. Management regularly reviews, and revises as necessary, the accounting judgements that significantly impact the amounts recognised in the financial statements and the estimates that are considered to be “critical estimates” due to their potential to give rise to material adjustments in the Group’s financial statements in the year to 31 March 2022. As at 31 March 2021, management has identified critical judgements in respect of revenue recognition, lease accounting, valuing assets and liabilities acquired in business combinations, the accounting for tax disputes in India, the classification of joint arrangements and whether to recognise provisions or to disclose contingent liabilities. In addition, management has identified critical accounting estimates in relation to the recovery of deferred tax assets, post employment benefits and impairments; estimates have also been identified that are not considered to be critical in respect of the allocation of revenue to goods and services, the useful economic lives of finite lived intangibles and property, plant and equipment. The majority of the Group’s provisions are either long-term in nature (such as asset retirement obligations) or relate to shorter-term liabilities (such as those relating to restructuring and property) where there is not considered to be a significant risk of material adjustment in the next financial year. Critical judgements exercised in respect of tax disputes in India, include the cases relating to our acquisition of Hutchison Essar Limited (Vodafone India). These critical accounting judgements, estimates and related disclosures have been discussed with the Group’s Audit and Risk Committee. Critical accounting judgements and key sources of estimation uncertainty Revenue recognition Revenue recognition under IFRS 15 necessitates the collation and processing of very large amounts of data and the use of management judgements and estimates to produce financial information. The most significant accounting judgements and source of estimation uncertainty are disclosed below. Gross versus net presentation If the Group has control of goods or services when they are delivered to a customer, then the Group is the principal in the sale to the customer; otherwise the Group is acting as an agent. Whether the Group is considered to be the principal or an agent in the transaction depends on analysis by management of both the legal form and substance of the agreement between the Group and its business partners; such judgements impact the amount of reported revenue and operating expenses (see note 2 “Revenue disaggregation and segmental analysis”) but do not impact reported assets, liabilities or cash flows. Scenarios requiring judgement to determine whether the Group is a principal or an agent include, for example, those where the Group delivers third-party branded services (such as premium music or TV content) to customers. Allocation of revenue to goods and services provided to customers Revenue is recognised when goods and services are delivered to customers (see note 2 “Revenue disaggregation and segmental analysis”). Goods and services may be delivered to a customer at different times under the same contract, hence it is necessary to allocate the amount payable by the customer between goods and services on a ‘relative standalone selling price basis’; this requires the identification of performance obligations (‘obligations’) and the determination of standalone selling prices for the identified obligations. The determination of obligations is, for the primary goods and services sold by the Group, not considered to be a critical accounting judgement; the Group’s policy on identifying obligations is disclosed in note 2 “Revenue disaggregation and segmental analysis”. The determination of standalone selling prices for identified obligations is discussed below. It is necessary to estimate the standalone price when the Group does not sell equivalent goods or services in similar circumstances on a standalone basis. When estimating the standalone price the Group maximises the use of external inputs; methods for estimating standalone prices include determining the standalone price of similar goods and services sold by the Group, observing the standalone prices for similar goods and services when sold by third parties or using a cost-plus reasonable margin approach (which is sometimes the case for devices and other equipment). Where it is not possible to reliably estimate standalone prices due to a lack of observable standalone sales or highly variable pricing, which is sometimes the case for services, the standalone price of an obligation may be determined as the transaction price less the standalone prices of other obligations in the contract. The standalone price determined for obligations materially impacts the allocation of revenue between obligations and impacts the timing of revenue when obligations are provided to customers at different times – for example, the allocation of revenue between devices, which are usually delivered up-front, and services which are typically delivered over the contract period. However, there is not considered to be a significant risk of material adjustment to the carrying value of contract-related assets or liabilities in the 12 months after the balance sheet date if these estimates were revised. Lease accounting Lease accounting under IFRS 16 is complex and necessitates the collation and processing of very large amounts of data and the increased use of management judgements and estimates to produce financial information. The most significant accounting judgements are disclosed below. Lease identification Whether the 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: - - - 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. The value of the right-of-use asset and lease liability will be greater when extension options are included in the lease term. 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: - - - - - 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. Lease terms are reassessed if a significant event or change in circumstances occurs relating to the leased assets that is within the control of the Group; such changes usually relate to commercial agreements entered into by the Group, or business decisions made by the Group. Where such changes change the Group’s assessment of whether it is reasonably certain to exercise options to extend, or not terminate leases, then the lease term is reassessed and the lease liability is remeasured, which in most cases will increase the lease liability. Taxation The Group’s tax charge on ordinary activities is the sum of the total current and deferred tax charges. The calculation of the Group’s total tax charge involves estimation and judgement in respect of certain matters, being principally: Recognition of deferred tax assets Significant items on which the Group has exercised accounting estimation and judgement include the recognition of deferred tax assets in respect of losses in Luxembourg, Germany and Spain as well as capital allowances in the United Kingdom. The recognition of deferred tax assets, particularly in respect of tax losses, is based upon whether management judge that it is probable that there will be sufficient and suitable taxable profits in the relevant legal entity or tax group against which to utilise the assets in the future. The Group assesses the availability of future taxable profits using the same undiscounted five year forecasts for the Group’s operations as are used in the Group’s value in use calculations (see note 4 “Impairment losses”). Where tax losses are forecast to be recovered beyond the five year period, the availability of taxable profits is assessed using the cash flows and long-term growth rates used for the value in use calculations. The estimated cash flows inherent in these forecasts include the unsystematic risks of operating in the telecommunications business including the potential impacts of changes in the market structure, trends in customer pricing, the costs associated with the acquisition and retention of customers, future technological evolutions and potential regulatory changes, such as our ability to acquire and/or renew spectrum licences. Changes in the estimates which underpin the Group’s forecasts could have an impact on the amount of future taxable profits and could have a significant impact on the period over which the deferred tax asset would be recovered. The Group only considers substantively enacted tax laws when assessing the amount and availability of tax losses to offset against the future taxable profits. See note 6 “Taxation” to the consolidated financial statements. Uncertain tax positions The tax impact of a transaction or item can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The Group uses in-house tax experts when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate. The most significant judgement in this area relates to the Group’s tax disputes in India, including the cases relating to the Group’s acquisition of Hutchison Essar Limited (Vodafone India) and the impact of the European Commission's challenge to the UK's Controlled Foreign Company rules. Further details of the tax disputes in India are included in note 29 “Contingent liabilities and legal proceedings” and further information on the European Commission's challenge are include in note 6 "Taxation" to the consolidated financial statements. Business combinations and goodwill When the Group completes a business combination, the fair values of the identifiable assets and liabilities acquired, including intangible assets, are recognised. The determination of the fair values of acquired assets and liabilities is based, to a considerable extent, on management's judgement. If the purchase consideration exceeds the fair value of the net assets acquired then the incremental amount paid is recognised as goodwill. If the purchase price consideration is lower than the fair value of the assets acquired then the difference is recorded as a gain in the income statement. Allocation of the purchase price between finite lived assets (discussed below) and indefinite lived assets such as goodwill affects the subsequent results of the Group as finite lived intangible assets are amortised, whereas indefinite lived intangible assets, including goodwill, are not amortised. See note 27 "Acquisitions and disposals" to the consolidated financial statements for further details. Joint arrangements The Group participates in a number of joint arrangements where control of the arrangement is shared with one or more other parties. Judgement is required to classify joint arrangements in a separate legal entity as either a joint operation or as a joint venture, which depends on management’s assessment of the legal form and substance of the arrangement taking into account relevant facts and circumstances such as whether the owners have rights to substantially all the economic outputs and, in substance, settle the liabilities of the entity. The classification can have a material impact on the consolidated financial statements. The Group’s share of assets, liabilities, revenue, expenses and cash flows of joint operations are included in the consolidated financial statements on a line-by-line basis, whereas the Group’s investment and share of results of joint ventures are shown within single line items in the consolidated statement of financial position and consolidated income statement respectively. See note 12 “Investments in associates and joint arrangements” to the consolidated financial statements. Finite lived intangible assets Other intangible assets include amounts spent by the Group acquiring licences and spectrum, customer bases and the costs of purchasing and developing computer software. Where intangible assets are acquired through business combinations and no active market for the assets exists, the fair value of these assets is determined by discounting estimated future net cash flows generated by the asset. Estimates relating to the future cash flows and discount rates used may have a material effect on the reported amounts of finite lived intangible assets. Estimation of useful life The useful life over which intangible assets are amortised depends on management’s estimate of the period over which economic benefit will be derived from the asset. Useful lives are periodically reviewed to ensure that they remain appropriate. Management’s estimates of useful life have a material impact on the amount of amortisation recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying values of intangible assets in the year to 31 March 2022 if these estimates were revised. The basis for determining the useful life for the most significant categories of intangible assets are discussed below. Customer bases The estimated useful life principally reflects management’s view of the average economic life of the customer base and is assessed by reference to customer churn rates. An increase in churn rates may lead to a reduction in the estimated useful life and an increase in the amortisation charge. Capitalised software For computer software, the estimated useful life is based on management’s view, considering historical experience with similar products as well as anticipation of future events which may impact their life such as changes in technology. The useful life will not exceed the duration of a licence. Property, plant and equipment Property, plant and equipment represents 26.6% of the Group’s total assets (2020: 23.7%, re-presented from 23.3% to reflect that Vodafone Egypt is no longer held for sale, see note 7 “Discontinued operations and assets and liabilities held for sale”). Estimates and assumptions made may have a material impact on their carrying value and related depreciation charge. See note 11 “Property, plant and equipment” to the consolidated financial statements for further details. Estimation of useful life The depreciation charge for an asset is derived using estimates of its expected useful life and expected residual value, which are reviewed annually. Management’s estimates of useful life have a material impact on the amount of depreciation recorded in the year, but there is not considered to be a significant risk of material adjustment to the carrying values of property, plant and equipment in the year to 31 March 2022 if these estimates were revised. Management determines the useful lives and residual values for assets when they are acquired, based on experience with similar assets and taking into account other relevant factors such as any expected changes in technology. Post employment benefits Management uses estimates when determining the Group’s liabilities and expenses arising for defined benefit pension schemes. Management is required to estimate the future rates of inflation, salary increases, discount rates and longevity of members, each of which may have a material impact on the defined benefit obligations that are recorded. Further details, including a sensitivity analysis, are included in note 25 “Post employment benefits” to the consolidated financial statements. Contingent liabilities The Group exercises judgement to determine whether to recognise provisions and the exposures to contingent liabilities related to pending litigations or other outstanding claims subject to negotiated settlement, mediation, arbitration or government regulation, as well as other contingent liabilities (see note 29 “Contingent liabilities and legal proceedings” to the consolidated financial statements). Judgement is necessary to assess the likelihood that a pending claim will succeed, or a liability will arise. Impairment reviews IFRS requires management to perform impairment tests annually for indefinite lived assets, for finite lived assets and for equity accounted investments, if events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment testing requires management to judge whether the carrying value of assets can be supported by the net present value of future cash flows that they generate. Calculating the net present value of the future cash flows requires estimates to be made in respect of highly uncertain matters including management’s expectations of: – growth in adjusted EBITDA, calculated as adjusted operating profit before depreciation and amortisation; – timing and amount of future capital expenditure, licence and spectrum payments; – long-term growth rates; and – appropriate discount rates to reflect the risks involved. A lack of observable market data on fair values for equivalent assets means that the Group’s valuation approach for impairment testing focuses primarily on value in use. For a number of reasons, transaction values agreed as part of any business acquisition or disposal may be higher than the assessed value in use. Where the Group has interests in listed entities, market data, such as share price, is used to assess the fair value of those interests. Management prepares formal five year forecasts for the Group’s operations, which are used to estimate their value in use; a long-term growth rate into perpetuity has been determined as the lower of: – the nominal GDP growth rates for the country of operation; and – the long-term compound annual growth rate in adjusted EBITDA in years six to ten, as estimated by management. Management continues to review the impact of COVID-19 and the impairment review is based on expected cash flows that include management’s best estimate of potential COVID-19 impacts. Changing the assumptions selected by management, in particular the adjusted EBITDA and growth rate assumptions used in the cash flow projections, could significantly affect the Group’s impairment evaluation and hence reported assets and profits or losses. Further details, including a sensitivity analysis, are included in note 4 “Impairment losses” to the consolidated financial statements. For operations that are classified as held for sale, management is required to determine whether the carrying value of the discontinued operation can be supported by the fair value less costs to sell. Where not observable in a quoted market, management has determined fair value less costs to sell by reference to the outcomes from the application of a number of potential valuation techniques, determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Significant accounting policies applied in the current reporting period that relate to the financial statements as a whole Accounting convention The consolidated financial statements are prepared on a historical cost basis except for certain financial and equity instruments that have been measured at fair value. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 31 “Related undertakings” to the consolidated financial statements), joint operations that are subject to joint control and the results of joint ventures and associates (see note 12 “Investments in associates and joint arrangements” to the consolidated financial statements). Foreign currencies The consolidated financial statements are presented in euro, which is also the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. Changes in the fair value of monetary securities denominated in foreign currency are analysed between translation differences and other changes in the carrying amount of the security. Translation differences are recognised in the consolidated income statement and other changes in carrying amount are recognised in the consolidated statement of comprehensive income. Translation differences on non-monetary financial assets, such as investments in equity securities classified at fair value through other comprehensive income, are reported as part of the fair value gain or loss and are included in the consolidated statement of comprehensive income. Share capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction and are not retranslated. For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period date. Income and expense items and cash flows are translated at the average exchange rates for each month and exchange differences arising are recognised directly in other comprehensive income. On disposal of a foreign entity, the cumulative amount previously recognised in the consolidated statement of comprehensive income relating to that particular foreign operation is recognised in profit or loss in the consolidated income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated accordingly. The net foreign exchange loss recognised in the consolidated income statement for the year ended 31 March 2021 is €13 million (31 March 2020: €146 million loss; 2019: €2,277 million loss). The net gains and net losses are recorded within operating profit (2021: €1 million charge; 2020: €24 million credit; 2019: €1 million charge), non-operating expense (2021: €4 million credit; 2020: €37 million credit; 2019: €nil), investment income (2021: €23 million charge 2020: €205 million charge; 2019: €190 million charge), income tax expense (2021: €7 million credit; 2020: €2 million charge; 2019: €7 million charge) and loss for the financial year from discontinued operations (2021: €nil, 2020: €nil, 2019: €2,079 million charge). The foreign exchange gains and losses included within other income and expense and non- operating expense arise on the disposal of subsidiaries, interests in joint ventures, associates and investments from the recycling of foreign exchange gains and losses previously recognised in the consolidated statement of comprehensive income. Current or non-current classification Assets are classified as current in the consolidated statement of financial position where recovery is expected within 12 months of the reporting date. All assets where recovery is expected more than 12 months from the reporting date and all deferred tax assets, goodwill and intangible assets, property, plant and equipment and investments in associates and joint ventures are reported as non-current. Liabilities are classified as current unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. For provisions, where the timing of settlement is uncertain, amounts are classified as non-current where settlement is expected more than 12 months from the reporting date. In addition, deferred tax liabilities and post-employment benefits are reported as non-current. Inventory Inventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. New accounting pronouncements adopted on 1 April 2020 The Group adopted the following new accounting policies on 1 April 2020 to comply with amendments to IFRS. The accounting pronouncements, none of which had a material impact on the Group’s financial reporting on adoption, are: – – – New accounting pronouncements to be adopted on or after 1 April 2021 The IASB has issued the following pronouncements for annual periods beginning on or after 1 January 2021. – – – These amendments have either been endorsed by the EU before 31 December 2020 or by the UK Endorsement Board thereafter. The Group’s financial reporting will be presented in accordance with the above new standards from 1 April 2021. The changes are not expected to have a material impact on the consolidated income statement, consolidated statement of financial position or consolidated cash flow statement. New accounting pronouncements to be adopted on or after 1 April 2022 The following narrow-scope amendments have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2022; they were not endorsed by the EU at 31 December 2020 and have not yet been endorsed by the UK Endorsement Board. – – – – The following new standards have also been issued by the IASB and are effective for periods beginning on or after 1 January 2023; they were not endorsed by the EU at 31 December 2020 and have not yet been endorsed by the UK Endorsement Board. – – – – The Group is assessing the impact of these new standards and the Group’s financial reporting and will be presented in accordance with these standards from 1 April 2022 or 1 April 2023 as applicable.

Revenue disaggregation and segm

Revenue disaggregation and segmental analysis	12 Months Ended
	Mar. 31, 2021
Revenue disaggregation and segmental analysis
Revenue disaggregation and segmental analysis	2. Revenue disaggregation and segmental analysis The Group’s businesses are managed on a geographical basis. Selected financial data is presented on this basis below. Accounting policies Revenue When the Group enters into an agreement with a customer, goods and services deliverable under the contract are identified as separate performance obligations (‘obligations’) to the extent that the customer can benefit from the goods or services on their own and that the separate goods and services are considered distinct from other goods and services in the agreement. Where individual goods and services do not meet the criteria to be identified as separate obligations they are aggregated with other goods and/or services in the agreement until a separate obligation is identified. The obligations identified will depend on the nature of individual customer contracts, but might typically be separately identified for mobile handsets, other equipment such as set-top boxes and routers provided to customers and services provided to customers such as mobile and fixed line communication services. Where goods and services have a functional dependency (for example, a fixed line router can only be used with the Group’s services) this does not, in isolation, prevent those goods or services from being assessed as separate obligations. Activities relating to connecting customers to the Group’s network for the future provision of services are not considered to meet the criteria to be recognised as performance obligations except to the extent that the control of related equipment passes to customers. The Group determines the transaction price to which it expects to be entitled in return for providing the promised obligations to the customer based on the committed contractual amounts, net of sales taxes and discounts. Where indirect channel dealers, such as retailers, acquire customer contracts on behalf of the Group and receive commission, any commissions that the dealer is compelled to use to fund discounts or other incentives to the customer are treated as payments to the customer when determining the transaction price and consequently are not included in contract acquisition costs. The transaction price is allocated between the identified obligations according to the relative standalone selling prices of the obligations. The standalone selling price of each obligation deliverable in the contract is determined according to the prices that the Group would achieve by selling the same goods and/or services included in the obligation to a similar customer on a standalone basis; where standalone selling prices are not directly observable, estimation techniques are used maximising the use of external inputs. See “Critical accounting judgements and key sources of estimation uncertainty" in note 1 for details. Revenue is recognised when the respective obligations in the contract are delivered to the customer and cash collection is considered probable. Revenue for the provision of services, such as mobile airtime and fixed line broadband, is recognised when the Group provides the related service during the agreed service period. Revenue for device sales to end customers is generally recognised when the device is delivered to the end customer. For device sales made to intermediaries such as indirect channel dealers, revenue is recognised if control of the device has transferred to the intermediary and the intermediary has no right to return the device to receive a refund; otherwise revenue recognition is deferred until sale of the device to an end customer by the intermediary or the expiry of any right of return. Where refunds are issued to customers they are deducted from revenue in the relevant service period. When the Group has control of goods or services prior to delivery to a customer, then the Group is the principal in the sale to the customer. As a principal, receipts from, and payments to, suppliers are reported on a gross basis in revenue and operating costs. If another party has control of goods or services prior to transfer to a customer, then the Group is acting as an agent for the other party and revenue in respect of the relevant obligations is recognised net of any related payments to the supplier and recognised revenue represents the margin earned by the Group. See “Critical accounting judgements and key sources of estimation uncertainty” in note 1 for details. Customers typically pay in advance for prepay mobile services and monthly for other communication services. Customers typically pay for handsets and other equipment either up-front at the time of sale or over the term of the related service agreement. When revenue recognised in respect of a customer contract exceeds amounts received or receivable from a customer at that time a contract asset is recognised; contract assets will typically be recognised for handsets or other equipment provided to customers where payment is recovered by the Group via future service fees. If amounts received or receivable from a customer exceed revenue recognised for a contract, for example if the Group receives an advance payment from a customer, a contract liability is recognised. When contract assets or liabilities are recognised, a financing component may exist in the contract; this is typically the case when a handset or other equipment is provided to a customer up-front but payment is received over the term of the related service agreement, in which case the customer is deemed to have received financing. If a significant financing component is provided to the customer, the transaction price is reduced and interest revenue is recognised over the customer’s payment period using an interest rate reflecting the relevant central bank rates and customer credit risk. Contract-related costs When costs directly relating to a specific contract are incurred prior to recognising revenue for a related obligation, and those costs enhance the ability of the Group to deliver an obligation and are expected to be recovered, then those costs are recognised on the statement of financial position as fulfilment costs and are recognised as expenses in line with the recognition of revenue when the related obligation is delivered. The direct and incremental costs of acquiring a contract including, for example, certain commissions payable to staff or agents for acquiring customers on behalf of the Group, are recognised as contract acquisition cost assets in the statement of financial position when the related payment obligation is recorded. Costs are recognised as an expense in line with the recognition of the related revenue that is expected to be earned by the Group; typically this is over the customer contract period as new commissions are payable on contract renewal. Certain amounts payable to agents are deducted from revenue recognised (see above). Revenue disaggregation Revenue reported for the year includes revenue from contracts with customers, comprising service and equipment revenue, as well as other revenue items including revenue from leases and interest revenue arising from transactions with a significant financing component. The table below disaggregates the Group’s revenue by reporting segment. Revenue from Total Service Equipment contracts with Other Interest segment Adjusted revenue revenue customers revenue 1 revenue revenue EBITDA 31 March 2021 €m €m €m €m €m €m €m Germany 11,520 1,055 12,575 380 29 12,984 5,634 Italy 4,458 446 4,904 97 13 5,014 1,597 UK 4,848 1,206 6,054 44 53 6,151 1,367 Spain 3,788 292 4,080 64 22 4,166 1,044 Other Europe 4,859 549 5,408 124 17 5,549 1,760 Vodacom 4,083 800 4,883 282 16 5,181 1,873 Other Markets 3,312 441 3,753 12 0 3,765 1,228 Common Functions 2 470 36 506 862 0 1,368 (117) Eliminations (197) (1) (198) (171) 0 (369) 0 Group 37,141 4,824 41,965 1,694 150 43,809 14,386 Revenue from Total Service Equipment contracts with Other Interest segment Adjusted revenue revenue customers revenue 1 revenue revenue EBITDA 31 March 2020 €m €m €m €m €m €m €m Germany 10,696 1,055 11,751 300 25 12,076 5,077 Italy 4,833 583 5,416 101 12 5,529 2,068 UK 5,020 1,333 6,353 63 68 6,484 1,500 Spain 3,904 318 4,222 51 23 4,296 1,009 Other Europe 4,890 539 5,429 94 18 5,541 1,738 Vodacom 4,470 864 5,334 190 7 5,531 2,088 Other Markets 3,796 552 4,348 36 2 4,386 1,400 Common Functions 2 494 53 547 1,020 — 1,567 1 Eliminations (232) (2) (234) (202) — (436) — Group 37,871 5,295 43,166 1,653 155 44,974 14,881 Revenue from Total Service Equipment contracts with Other Interest segment Adjusted revenue revenue customers revenue 1 revenue revenue EBITDA 31 March 2019 €m €m €m €m €m €m €m Germany 9,145 1,077 10,222 139 29 10,390 4,079 Italy 5,030 722 5,752 97 8 5,857 2,202 UK 4,952 1,207 6,159 56 57 6,272 1,364 Spain 4,203 392 4,595 58 16 4,669 1,038 Other Europe 4,460 529 4,989 61 22 5,072 1,606 Vodacom 4,391 873 5,264 171 8 5,443 2,157 Other Markets 4,011 816 4,827 29 8 4,864 1,404 Common Functions 2 477 37 514 1,003 — 1,517 68 Eliminations (211) (1) (212) (206) — (418) — Group 36,458 5,652 42,110 1,408 148 43,666 13,918 Notes: 1 Other revenue includes lease revenue recognised under IFRS 16 “Leases” for the years ended 31 March 2021 and 31 March 2020 and under IAS 17 for the year ended 31 March 2019 (see note 20 “Leases”). 2 Comprises central teams and business functions. The total future revenue from the Group’s contracts with customers with performance obligations not satisfied at 31 March 2021 is €21,038 million (2020: €20,336 million; 2019: €18,447 million); of which €14,110 million (2020: €13,456 million; 2019: €12,566 million) is expected to be recognised within the next year and the majority of the remaining amount in the following 12 months. Segmental analysis The Group’s operating segments are established on the basis of those components of the Group that are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Group has determined the chief operating decision maker to be its Chief Executive Officer. The Group has a single group of similar services and products, being the supply of communications services and related products. Revenue is attributed to a country based on the location of the Group company reporting the revenue. Transactions between operating segments are charged at arm’s-length prices. With the exception of Vodacom, which is a legal entity encompassing South Africa and certain other smaller African markets, segment information is primarily provided on the basis of geographic areas, being the basis on which the Group manages its worldwide interests. The operating segments for Germany, Italy, UK, Spain, and Vodacom are individually material for the Group and are each reporting segments for which certain financial information is provided. The aggregation of smaller operating segments into the Other Europe and Other Markets reporting segments reflects, in the opinion of management, the similar local market economic characteristics and regulatory environments for each of those operating segments as well as the similar products and services sold and comparable classes of customers. In the case of the Other Europe region this largely reflects membership or a close association with the European Union, while the Other Markets segment largely includes developing economies with less stable economic or regulatory environments. Common Functions is a separate reporting segment and comprises activities which are undertaken primarily in central Group entities that do not meet the criteria for aggregation with other reporting segments. A reconciliation of adjusted EBITDA, the Group’s measure of segment profit, to the Group’s profit or loss before taxation for the financial year is shown below. €m €m €m Adjusted EBITDA 14,386 14,881 13,918 Restructuring costs (356) (695) (460) Interest on lease liabilities 374 330 — Loss on disposal of owned assets (30) (54) (33) Depreciation and amortisation on owned assets 1 (10,187) (10,454) (9,795) Share of results in equity accounted associates and joint ventures 342 (2,505) (908) Impairment losses 0 (1,685) (3,525) Other income/(expense) 568 4,281 (148) Operating profit/(loss) 5,097 4,099 (951) Non-operating expense 0 (3) (7) Investment income 330 248 433 Finance costs (1,027) (3,549) (2,088) Profit/(loss) before taxation 4,400 795 (2,613) Note: 1 Comparative figure for 2019 includes €59 million depreciation on assets held under finance leases under IAS 17, prior to the adoption of IFRS 16 ‘Leases.’. Segmental assets Other Depreciation Non-current Capital Right-of-use additions to and assets 1 additions 2 asset additions intangible assets 3 amortisation Impairment loss €m €m €m €m €m €m 31 March 2021 Germany 47,563 2,772 1,133 1 4,836 0 Italy 10,707 805 758 17 2,025 0 UK 7,968 822 1,138 0 2,202 0 Spain 7,213 772 700 9 1,579 0 Other Europe 10,369 968 1,016 431 1,727 0 Vodacom 5,839 703 174 0 872 0 Other Markets 2,988 512 247 439 666 0 Common Functions 2,145 829 140 0 194 0 Group 94,792 8,183 5,306 897 14,101 0 31 March 2020 Germany 48,266 2,278 912 1,613 4,805 — Italy 11,119 697 1,645 24 1,958 — UK 7,790 753 733 — 2,160 — Spain 7,229 761 386 — 1,763 (840) Other Europe 9,138 823 298 29 1,706 (740) Vodacom 5,400 802 174 55 939 — Other Markets 4 2,963 587 290 55 672 — Common Functions 2,217 821 155 — 171 (105) Group 4 94,122 7,522 4,593 1,776 14,174 (1,685) 31 March 2019 Germany 24,529 1,816 — 2 3,017 — Italy 11,031 784 — 2,219 1,337 — UK 7,405 804 — 408 1,612 — Spain 7,438 813 — 216 1,318 (2,930) Other Europe 7,093 775 — 42 1,073 (310) Vodacom 5,503 810 — 91 758 — Other Markets 3,429 626 — 34 673 (255) Common Functions 2,009 799 — — 7 (30) Group 68,437 7,227 — 3,012 9,795 (3,525) Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to property, plant and equipment (excluding right-of-use assets,), computer software and development costs, reported within Intangible assets. 3 Includes additions to licences and spectrum and customer base acquisitions. 4 Comparative figures for the year ended 31 March 2020 have been re-presented to reflect that Egypt is no longer held for sale. See note 7 ‘Discontinued operations and assets and liabilities held for sale’.

Operating profit_(loss)

Operating profit/(loss)	12 Months Ended
	Mar. 31, 2021
Operating profit/(loss)
Operating profit/(loss)	3. Operating profit/(loss) Detailed below are the key amounts recognised in arriving at our operating profit/(loss) €m €m €m Amortisation of intangible assets (note 10) 4,421 4,459 3,941 Depreciation of property, plant and equipment (note 11): Owned assets 5,766 5,995 5,795 Leased assets 3,914 3,720 59 Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) 0 1,685 3,525 Staff costs (note 24) 5,157 5,462 5,267 Amounts related to inventory included in cost of sales 5,160 5,699 5,886 Operating lease rentals payable 0 — 3,826 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (995) (902) (844) Net gain on formation of TPG Telecom 1 (note 12) 1,043 — — Net gain on formation of Indus Towers Limited 1 (note 12) 292 — — Pledge arrangements in respect of Indus Towers Limited 1 (note 29) (429) — — Settlement of tender offer to KDG shareholders 1 (204) — — Net gain on disposal of Vodafone New Zealand 1 (note 27) 0 (1,078) — Net gain on disposal of tower infrastructure in Italy 1 (note 27) 0 (3,356) — Net gain on disposal of Vodafone Malta 1 (note 27) 0 (170) — Note: 1 Included in Other income and expense in the Consolidated income statement. The total remuneration of the Group's auditor, Ernst & Young LLP and other member firms of Ernst & Young Global Limited, for services provided to the Group during the year ended 31 March 2021 is analysed below. Ernst & Young LLP was appointed as the Group’s auditor for the year ended 31 March 2020. Accordingly, comparative figures in the table below for the year ended 31 March 2019 are in respect of remuneration paid to the Group’s previous auditor, PricewaterhouseCoopers LLP and other member firms of PricewaterhouseCoopers International. Re-presented 1 €m €m €m Parent company 3 4 2 Subsidiaries 16 17 14 Subsidiaries - Vantage Towers 2 1 — — Subsidiaries - new accounting standards 3 0 1 1 Audit fees 4 20 22 17 Vantage Towers IPO 2 8 5 — Audit-related 5 0 1 2 Corporate finance 6 0 1 — Non-audit fees 8 7 2 Total fees 28 29 19 Notes: 1 Audit fees for the year ended 31 March 2020 have increased by €2 million compared to the amount previously reported. This is to include fees agreed during the year ended 31 March 2021 but which related to the year ended 31 March 2020. 2 Fees incurred in preparations for the IPO of Vantage Towers A.G. During the year ended 31 March 2021, fees of €1 million related to financial statement audit services and fees of €8 million related to IPO services and Reporting Accountant procedures. 3 Fees in relation to the implementation of new accounting standards, notably IFRS 15 “Revenue from Contracts with Customers” and IFRS 16 “Leases” which were effective for the first time for the years ended 31 March 2019 and 31 March 2020 respectively. 4 Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to €1 million in each year for the years ended 31 March 2020 and 31 March 2021. 5 Fees for statutory and regulatory filings during the year. Fees were less than €1 million during the years ended 31 March 2021 and 31 March 2020. 6 At the time of the Board decision to recommend Ernst & Young LLP as the statutory auditor for the year ended 31 March 2020 in February 2019, Ernst & Young LLP were providing a range of services to the Group. All services that were prohibited by the Financial Reporting Council (‘FRC’) or Securities and Exchange Commission (‘SEC’) for a statutory auditor to provide ceased by 31 March 2019. All engagements that were not prohibited by the FRC or SEC but were not in accordance with the Group’s own internal approval policy for non-audit services, ceased early in the financial year ended 31 March 2020 to enable a smooth transition to alternative suppliers, where required.

Impairment losses

Impairment losses	12 Months Ended
	Mar. 31, 2021
Impairment losses
Impairment losses	4. Impairment losses Impairment occurs when the carrying value of assets is greater than the present value of the net cash flows they are expected to generate. We review the carrying value of assets for each country in which we operate at least annually. For further details of our impairment review process see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies Goodwill Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is an indication that the asset may be impaired. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as cash-generating units. The determination of the Group’s cash-generating units is primarily based on the geographic area where the Group supplies communications services and products. If cash flows from assets within one jurisdiction are largely independent of the cash flows from other assets in that same jurisdiction and management monitors performance separately, multiple cash-generating units are identified within that geographic area. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognised for goodwill are not reversible in subsequent periods. The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Management prepares formal five year plans for the Group’s cash-generating units, which are the basis for the value in use calculations. Property, plant and equipment, finite lived intangible assets and equity accounted investments At each reporting period date, the Group reviews the carrying amounts of its property, plant and equipment, finite lived intangible assets and equity- accounted investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount and an impairment loss is recognised immediately in the income statement. Where there has been a change in the estimates used to determine recoverable amount and an impairment loss subsequently reverses, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, not to exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset or cash-generating unit in prior years and an impairment loss reversal is recognised immediately in the income statement. Impairment losses Following our annual impairment review, the impairment charges recognised in the consolidated income statement within operating profit are stated below. Further detail on the events and circumstances that led to the recognition of the impairment charges is included below. Cash-generating unit Reportable segment €m €m €m Spain Spain 0 840 2,930 Ireland Other Europe 0 630 — Romania Other Europe 0 110 310 Vodafone Automotive Common Functions 0 105 30 Vodafone Idea Other Markets 0 – 255 0 1,685 3,525 For the year ended 31 March 2019, the Group recorded a loss on disposal of Vodafone India of €3,420 million, including a loss on disposal of €1,276 million and a foreign exchange loss of €2,079 million which is included in discontinued operations. See note 27 “Acquisitions and disposals” for further details. Goodwill The remaining carrying value of goodwill at 31 March was as follows: Re-presented 1 €m €m Vodafone Germany 20,335 22,900 Vantage Towers Germany 2,565 — Italy 2,481 2,480 25,381 25,380 Other 6,350 5,998 31,731 31,378 Note: 1 Comparative figures for the year ended 31 March 2020 have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See note 7 ‘Discontinued operations and assets and liabilities held for sale’. Key assumptions used in the value in use calculations The key assumptions used in determining the value in use are: Assumption How determined Projected adjusted EBITDA Projected adjusted EBITDA has been based on past experience adjusted for the following: – In Europe, mobile revenue is expected to benefit from increased usage as customers transition to higher data bundles, and new products and services are introduced. Fixed revenue is expected to continue to grow as penetration is increased and more products and services are sold to customers; – Outside of Europe, revenue is expected to continue to grow as the penetration of faster data-enabled devices rises along with higher data bundle attachment rates, and new products and services are introduced. The Other Markets segment is also expected to benefit from increased usage and penetration of M-Pesa in Africa; and – Margins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers in increasingly competitive markets and by positive factors such as the efficiencies expected from the implementation of Group initiatives. Projected capital expenditure The cash flow forecasts for capital expenditure are based on past experience and include the ongoing capital expenditure required to maintain our networks, provide products and services in line with customer expectations, including of higher data volumes and speeds, and to meet the population coverage requirements of certain of the Group’s licences. In Europe, capital expenditure is required to roll out capacity-building next generation 5G and gigabit networks. Outside of Europe, capital expenditure will be required for the continued rollout of current and next generation mobile networks in emerging markets. Capital expenditure includes cash outflows for the purchase of property, plant and equipment and computer software. Projected licence and spectrum payments To enable the continued provision of products and services, the cash flow forecasts for licence and spectrum payments for each relevant cash-generating unit include amounts for expected renewals and newly available spectrum. Beyond the five year forecast period, a long-run cost of spectrum is assumed. Long-term growth rate For the purposes of the Group’s value in use calculations, a long ‑ term growth rate into perpetuity is applied immediately at the end of the five year forecast period and is based on the lower of: – the nominal GDP growth rate forecasts for the country of operation; and – the long-term compound annual growth rate in adjusted EBITDA as estimated by management. Long-term compound annual growth rates determined by management may be lower than forecast nominal GDP growth rates due to the following market-specific factors: competitive intensity levels, maturity of business, regulatory environment or sector-specific inflation expectations. Pre-tax risk adjusted discount rate The discount rate applied to the cash flows of each of the Group’s cash-generating units is generally based on the risk free rate for ten year bonds issued by the government in the respective market. Where government bond rates contain a material component of credit risk, high-quality local corporate bond rates may be used. These rates are adjusted for a risk premium to reflect both the increased risk of investing in equities and the systematic risk of the specific cash-generating unit. In making this adjustment, inputs required are the equity market risk premium (that is the required return over and above a risk free rate by an investor who is investing in the market as a whole) and the risk adjustment, beta, applied to reflect the risk of the specific cash-generating unit relative to the market as a whole. In determining the risk adjusted discount rate, management has applied an adjustment for the systematic risk to each of the Group’s cash-generating companies determined using an average of the betas of comparable listed telecommunications companies and, where available and appropriate, across a specific territory. Management has used a forward-looking equity market risk premium that takes into consideration both studies by independent economists, the long-term average equity market risk premium and the market risk premiums typically used by valuations practitioners. The risk adjusted discount rate is also based on typical leverage ratios of telecommunications companies in each cash-generating unit's respective market or region. Year ended 31 March 2021 Following the carve-out of Vodafone’s tower infrastructure to Vantage Towers A.G. (‘Vantage Towers’) during the year in Germany, Spain, Portugal, Ireland, Greece, Romania, Czech Republic and Hungary and the acquisitions by Vantage Towers of Vodafone UK’s 50% shareholding in Cornerstone Telecommunications Infrastructure Limited (‘CTIL’) and the remaining shareholding in the Vantage Towers Greece, management considers Vodafone’s operating companies and Vantage Tower’s operating companies in the affected geographical areas to represent two cash-generating units for the purpose of impairment testing as at 31 March 2021. Vodafone’s investment in Infrastructure Wireless Italiane S.p.A. (‘INWIT’) was also transferred to Vantage Towers during the year. Goodwill has been allocated on a relative values basis to the Vantage Towers cash-generating units, where applicable, as part of the tower business carve out from Vodafone’s operations. The cash-generating units described below relate to Vodafone’s mobile and fixed line trading businesses, unless otherwise indicated as being part of Vantage Towers. Value in use assumptions The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Vantage Towers Germany Italy Spain Ireland Romania Germany % % % % % % Pre-tax risk adjusted discount rate 7.4 10.5 9.2 7.7 9.9 6.0 Long-term growth rate 0.5 0.5 0.5 0.5 1.0 1.5 Projected adjusted EBITDA 1 1.2 2.1 4.9 0.5 0.9 8.4 Projected capital expenditure 2 19.7-21.5 14.4-15.9 15.7-17.6 12.6-15.1 12.3-15.2 39.1-56.2 Sensitivity analysis The estimated recoverable amounts of the Group’s operations in Germany, Italy, Spain, Ireland, Romania and Vantage Towers Germany exceed their carrying values by €7.4 billion, €0.6 billion, €0.3 billion, €0.1 billion, €0.1 billion and €3.5 billion, respectively. If the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2021. Change required for carrying value to equal recoverable amount Vantage Towers Germany Italy Spain Ireland Romania Germany pps pps pps pps pps pps Pre-tax risk adjusted discount rate 1.3 0.7 0.4 0.7 0.7 5.2 Long-term growth rate (1.3) (0.8) (0.5) (0.7) (0.9) (4.9) Projected adjusted EBITDA 1 (4.0) (1.5) (1.5) (1.6) (1.9) (19.3) Projected capital expenditure 2 12.7 3.0 1.6 2.8 1.9 162.6 Management considered the following reasonably possible changes in key assumptions for projected adjusted EBITDA 1 and long-term growth rate, leaving all other assumptions unchanged. Consistent with the prior year, and due to the uncertainty of future COVID-19 impacts, management’s range of reasonably possible changes in projected adjusted EBITDA is plus or minus 5 percentage points (2020: +/- 5 percentage points). 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 difference between the carrying value and recoverable amount for any cash-generating unit to be materially different from the base case disclosed below. Recoverable amount less carrying value Vantage Towers Germany Italy Spain Ireland Romania Germany €bn €bn €bn €bn €bn €bn Base case as at 31 March 2021 7.4 0.6 0.3 0.1 0.1 3.5 Change in projected adjusted EBITDA 1 Decrease by 5pps (1.6) (1.3) (0.6) (0.2) (0.1) 2.4 Increase by 5pps 18.2 2.9 1.4 0.5 0.3 5.0 Change in long-term growth rate Decrease by 1pps 1.5 (0.1) (0.3) 0 0 2.2 Increase by 1pps 16.0 1.6 1.0 0.3 0.2 6.1 The carrying values for Vodafone UK, Portugal, Czech Republic, and Hungary include goodwill arising from acquisitions and/or the purchase of operating licences or spectrum rights. The recoverable amounts for these operating companies are also not materially greater than their carrying values and accordingly are disclosed below. 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 year ended 31 March 2021. Change required for carrying value to equal recoverable amount UK Portugal Czech Republic Hungary pps pps pps pps Pre-tax risk adjusted discount rate 0.8 0.9 1.2 0.3 Long-term growth rate (0.8) (1.0) (1.3) (0.4) Projected adjusted EBITDA 1 (1.7) (2.2) (3.0) (0.7) Projected capital expenditure 2 2.5 3.7 7.5 1.5 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. A pro-rata adjustment has been made to true up 31 March 2021 adjusted EBITDA to a full year where the towers business carve-out occurred during the year. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Year ended 31 March 2020 The disclosures below for the year ended 31 March 2020 are as previously disclosed in the 31 March 2020 Annual Report. For the year ended 31 March 2020, the Group recorded impairment charges of €0.8 billion, €0.6 billion, €0.1 billion and €0.1 billion with respect to the Group’s investments in Spain, Ireland, Romania and Vodafone Automotive respectively. The impairment charges relate solely to goodwill and are recognised in the consolidated income statement within operating profit/(loss). The recoverable amounts for Spain, Ireland, Romania and Vodafone Automotive are €5.6 billion, €1.2 billion, €0.9 billion and €0.0 billion respectively, and based on value in use calculations. The COVID-19 outbreak developed rapidly in early 2020. Many countries have required businesses to limit or suspend operations and implemented travel restrictions and quarantine measures. The measures taken to contain the virus have adversely affected economic activity and disrupted many businesses. As the outbreak continues to progress and evolve, it is extremely challenging to predict the full extent and duration of its impact on Vodafone’s businesses and the countries where Vodafone operates. Based on information available as at 31 March 2020, management made additional adjustments to the five year business plans used in the Group’s impairment testing in order to reflect the estimated impact. The impairment charges recognised and discussed immediately below, were based on expected cash flows after applying these adjustments. Challenging trading and economic conditions in Spain materialised in the prior financial year and management recognised an impairment charge following a reduction in projected cash flows. During the year ended 31 March 2020 there was an observable repositioning towards low-cost brands and competitive intensity within the multi-branded market was expected to remain elevated in the medium term. These factors led to management projecting lower cash flows and recognising an impairment charge with respect to the Group’s investment in Spain. The impairment charge recognised with respect to Ireland was attributable to increased competition and the aforementioned increased economic uncertainty. As a consequence, growth and ARPUs were expected to be lower. Management reflected these assumptions in expected cash flows. The impairment charges recognised with respect to Romania and Vodafone Automotive reflect management’s latest assessment of likely trading and economic conditions in the five year business plan. Management’s view of the long-term potential in these markets remains unchanged. The European Liberty Global assets acquired in July 2019 (see note 27 ‘Acquisitions and disposals’) were subsumed within existing cash-generating units in Germany, Czech Republic, Hungary and Romania. 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. Following the integration of the acquired businesses, management considered the cash flows within these cash-generating units to be largely interdependent and monitors performance on a country-level basis. On 31 March 2020, the Group merged its passive tower infrastructure in Italy with INWIT (see note 27 ‘Acquisitions and disposals’). On the date of the merger, management monitored performance of its operations in Italy on a country-wide basis and considered Vodafone Italy, including its passive tower infrastructure, to be one cash-generating unit for the purpose of impairment testing as at 31 March 2020. No impairment in relation to Vodafone Italy would be necessary if impairment testing was performed on a post-merger basis at 31 March 2020. Value in use assumptions The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany Italy Spain Ireland Romania Vodafone Automotive % % % % % % Pre-tax risk adjusted discount rate 7.5 10.3 9.2 7.6 10.2 9.1 Long-term growth rate 0.5 0.5 0.5 0.5 1.0 1.9 Projected adjusted EBITDA 1 3.8 0.2 8.2 3.0 8.0 31.3 Projected capital expenditure 2 20.1-20.7 12.5-13.4 16.2-18.1 10.7-15.2 13.7-18.5 14.1-23.4 Sensitivity analysis The estimated recoverable amount of the Group’s operations in Germany and Italy exceed their carrying values by €6.6 billion and €1.8 billion respectively. If the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2020. Change required for carrying value to equal recoverable amount Germany Italy pps pps Pre-tax risk adjusted discount rate 1.1 1.7 Long-term growth rate (1.0) (2.0) Projected adjusted EBITDA 1 (3.2) (3.1) Projected capital expenditure 2 11.4 7.9 Management considered the following reasonably possible changes in the key adjusted EBITDA 1 and long-term growth rate assumptions, leaving all other assumptions unchanged. Due to increased uncertainty following the COVID-19 outbreak, management has widened the range of reasonably possible changes in the key adjusted EBITDA growth rate assumption to plus or minus 5 percentage points (2019: 2 percentage points). 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, with the exception of Vodafone Automotive, where no reasonably possible change in the key assumptions would materially change the impairment charge recognised. Management believes that no reasonably possible or foreseeable change in the pre-tax adjusted discount rate or projected capital expenditure 2 would cause the difference between the carrying value and recoverable amount for any cash-generating unit to be materially different to the base case disclosed below. Recoverable amount less carrying value (prior to recognition of impairment charges) Germany Italy Spain Ireland Romania €bn €bn €bn €bn €bn Base case as at 31 March 2020 6.6 1.8 (0.8) (0.6) (0.1) Change in projected adjusted EBITDA 1 Decrease by 5pps (3.3) (1.0) (2.3) (1.1) (0.3) Increase by 5pps 18.4 5.1 0.9 — 0.1 Change in long-term growth rate Decrease by 1pps 0.2 0.8 (1.5) (0.8) (0.2) Increase by 1pps 15.8 3.0 — (0.4) — The carrying values for Vodafone UK, Portugal, Czech Republic and Hungary include goodwill arising from acquisitions 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 an 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 year ended 31 March 2020. Change required for carrying value to equal recoverable amount UK Portugal Czech Republic Hungary pps pps pps pps Pre-tax risk adjusted discount rate 1.1 1.5 1.7 1.9 Long-term growth rate (1.3) (1.6) (1.8) (2.2) Projected adjusted EBITDA 1 (2.3) (3.4) (4.0) (3.9) Projected capital expenditure 2 4.5 7.1 12.5 9.1 Notes: 1 2 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. Year ended 31 March 2019 The disclosures below for the year ended 31 March 2019 are as previously disclosed in the 31 March 2019 and 31 March 2020 Annual Reports. For the year ended 31 March 2019, the Group recorded impairment charges of €2.9 billion, €0.3 billion, and €0.3 billion in respect of the Group’s investments in Spain, Romania and Vodafone Idea respectively. The impairment charges with respect to Spain and Romania relate solely to goodwill and the impairment charge with respect to Vodafone Idea relates to the joint venture’s carrying value. All impairment charges are recognised in the consolidated income statement within operating (loss)/profit. The recoverable amounts for Spain and Romania are €7.1 billion and €0.7 billion respectively and are based on value in use calculations. The recoverable amount for the Group’s stake in Vodafone Idea is €1.6 billion and is based on its fair value less costs of disposal. Following challenging current trading and economic conditions, management reassessed the expected future business performance in Spain. Following this reassessment, projected cash flows are lower and this led to an impairment charge with respect to the Group’s investment in Spain. The impairment charge with respect to the Group’s investment in Romania was driven by an increase in the yield on Romanian government bonds which increased the discount rate and management’s reassessment of the long-term growth rate applied beyond the five year business plan. Vodafone Idea Limited The Group’s investment in Vodafone Idea was tested for impairment at 31 March 2019 in accordance with applicable IFRS. Impairment testing was considered appropriate as a result of market conditions and declines in the quoted share price of the company during the period. The market environment in India remained highly challenging with significant pricing pressure, which led to industry consolidation but a significantly lower level of profitability and greater pressure on financing. Management continues to consider it reasonable to assume an overall market and pricing recovery, however the timing and magnitude remains highly uncertain. Accordingly, there are a wide range of potential outcomes in deriving a current view of future business performance, cash flows and debt financing requirements for value in use purposes. Management concluded that the fair value less costs of disposal based on an observable share price is the appropriate basis to determine the recoverable amount of the Group’s investment in Vodafone Idea for the purpose of impairment testing for the year ended 31 March 2019. Where the recoverable amount is less than the investment’s carrying amount, the carrying amount is reduced to the recoverable amount and an impairment is recognised. The investment in Vodafone Idea was also tested for impairment as at 30 September 2018. The share price of INR38.55 implied a recoverable amount of INR152 billion (€1.8 billion) which was lower than the carrying value of the investment at the same date. An impairment charge of €0.3 billion was recognised to reduce the carrying value of the joint venture in the Group’s consolidated statement of financial position. Following the formal announcement of the terms of Vodafone Idea’s rights issue on 20 March 2019, the Vodafone Idea share price went ‘ex-rights’ on 29 March 2019 and closed at INR18.25. Based on information available to management on 31 March 2019, the recoverable amount of the Group’s investment in Vodafone Idea was determined based on key assumptions relating to the number of new shares to which management intended to subscribe (8.8 billion) and the associated cost under the terms of the rights issue (INR12.5 per share). After taking into account these key assumptions and the quoted share price, the recoverable amount of the Group’s interest in Vodafone Idea was determined to be INR123 billion (€1.6 billion) as at 31 March 2019. Vodafone Idea’s share price is observable in a quoted market and is considered a level 1 input under the IFRS 13 fair value hierarchy. As management also considered the observable and unquoted inputs related to the number and cost of the new shares to be issued under the rights issue, the recoverable amount quoted above is considered to be a level 2 valuation under the IFRS 13 fair value hierarchy. The recoverable amount is €0.2 billion higher than the carrying value of the investment as at 31 March 2019 and no further changes to the carrying value or impairment charge recognised in September 2018 are required. The carrying value of Vodafone Idea that was tested for impairment was dependent on a wide range of assumptions, including the level of market pricing and the realisation of anticipated merger-related operating expenses and capital expenditure synergies. Should any of the assumptions not materialise, in whole or in part, these will impact the entity’s expected future cash flows and may result in a future impairment. The carrying value is also dependent on the ability of the entity to refinance its liabilities as they fall due. Should this not be achievable, this will impact the liquidity of Vodafone Idea and will result in a future impairment, in whole or in part, of the Group’s investment. Based solely on the closing share price of Vodafone Idea on 13 May 2019, the recoverable amount of the Group’s 45.2% interest would be €0.6 billion lower than the recoverable amount as at 31 March 2019. No adjustment was made to the carrying value of the Vodafone Idea joint venture as this was considered a non-adjusting event. Value in use assumptions The table below shows key assumptions used in the value in use calculations. Assumptions used in value in use calculation Germany Italy Spain Romania % % % % Pre-tax adjusted discount rate 8.3 10.5 9.3 11.1 Long-term growth rate 0.5 1.0 0.5 1.0 Projected adjusted EBITDA 1 2.9 (0.1) 9.2 3.8 Projected capital expenditure 2 16.9–19.9 12.2–12.5 17.1–18.4 12.1–12.7 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Sensitivity analysis The estimated recoverable amount of the Group’s operations in Germany, Italy, Spain and Romania exceed their carrying values by €7.4 billion, €2.7 billion, €0.5 billion and €0.1 billion respectively. If the assumptions used in the impairment review were changed to a greater extent than as presented in the following table, the changes would, in isolation, lead to an impairment loss being recognised for the year ended 31 March 2019. Change required for carrying value to equal recoverable amount Germany Italy Spain Romania pps pps pps pps Pre-tax adjusted discount rate 2.1 2.5 0.5 1.2 Long-term growth rate (2.2) (2.9) (0.7) (1.5) Projected adjusted EBITDA 1 (4.9) (4.6) (1.3) (2.0) Projected capital expenditure 2 15.4 11.2 2.7 3.3 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Management considered the following reasonably possible changes in the key EBITDA 1 assumption while leaving all other assumptions unchanged. The associated impact on the impairment assessment is presented in the table below. Management believes that no reasonably possible or foreseeable change in any of the other assumptions included in the table above would cause the carrying value of any cash-generating unit to materially exceed its recoverable amount. Recoverable amount less carrying value Decrease by 2pps Base case Increase by 2pps €bn €bn €bn Germany 4.2 7.4 10.8 Italy 1.5 2.7 4.1 Spain (0.3) 0.5 1.4 Romania — 0.1 0.2 Note: 1 The carrying values for Vodafone UK, Portugal and Ireland include goodwill arising from their acquisition by the Group and/or the purchase of operating licences or spectrum rights. While the recoverable amounts for these operating companies are not materially greater than their carrying value, each has a lower risk of giving rise to impairment that would be material to the Group given their relative size or the composition of their carrying value. The changes in the following table to assumptions used in the impairment review would have, in isolation, led to an impairment loss being recognised in the year ended 31 March 2019. Change required for carrying value to equal recoverable amount UK Ireland Portugal pps pps pps Pre-tax risk adjusted discount rate 0.7 1.2 0.7 Long-term growth rate (0.9) (1.4) (0.7) Projected adjusted EBITDA 1 (1.9) (2.7) (1.4) Projected capital expenditure 2 3.3 8.4 3.4 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. VodafoneZiggo Following the merger, the recoverable amount for VodafoneZiggo is not materially greater than its carrying value. If adverse impacts of economic, competitive, regulatory or other factors were to cause significant deterioration in the operations of VodafoneZiggo and the entity’s expected future cash flows, this may lead to an impairment loss being recognised.

Investment income and financing

Investment income and financing costs	12 Months Ended
	Mar. 31, 2021
Investment income and financing costs
Investment income and financing costs	5. Investment income and financing costs Investment income comprises interest received from short-term investments and other receivables. Financing costs mainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to manage foreign exchange and interest rate movements. €m €m €m Investment income: Financial assets measured at amortised cost 306 157 286 Financial assets measured at fair value through profit and loss 24 91 147 330 248 433 Financing costs 1 : Financial liabilities measured at amortised cost Bonds 1,722 1,580 1,194 Lease liabilities 374 330 — Bank loans and other liabilities 2 463 626 419 Interest on derivatives (485) (354) (139) Mark-to-market on derivatives (1,070) 1,162 424 Foreign exchange 23 205 190 1,027 3,549 2,088 Net financing costs 697 3,301 1,655 Notes: 1 Components of financing costs for 2020 and 2019 have been represented to align with the 2021 presentation, primarily combining interest costs on derivatives that were previously shown as items within hedging relationships and other liabilities. There is no impact on total financing costs. 2 Interest capitalised for the year ended 31 March 2021 was €17 million (2020: €25 million, 2019: €nil)

Taxation

Taxation	12 Months Ended
	Mar. 31, 2021
Taxation
Taxation	6. Taxation This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets held across the Group together with our view on whether or not we expect to be able to make use of these in the future. Accounting policies Income tax expense represents the sum of the current and deferred taxes. Current tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The Group’s liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date. The Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result of a past event and management judge that it is probable that there will be a future outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate either using management’s estimate of the most likely outcome where the issues are binary, or the expected value approach where the issues have a range of possible outcomes. The Group recognises interest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to the extent they arise from the initial recognition of non-tax deductible goodwill. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group’s assessment that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date. Tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis. Tax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income or in equity. Income tax expense €m €m €m United Kingdom corporation tax expense/(credit): Current year 24 42 21 Adjustments in respect of prior years 3 (6) (9) 27 36 12 Overseas current tax expense/(credit): Current year 872 900 1,098 Adjustments in respect of prior years (30) 80 (48) 842 980 1,050 Total current tax expense 869 1,016 1,062 Deferred tax on origination and reversal of temporary differences: United Kingdom deferred tax (94) (318) (232) Overseas deferred tax 3,089 552 666 Total deferred tax expense 2,995 234 434 Total income tax expense 3,864 1,250 1,496 UK operating profits are more than offset by statutory allowances for capital investment in the UK network and systems plus ongoing interest costs including those arising from the €10.7 billion of spectrum payments to the UK government in 2000, 2013 and 2018. Tax on discontinued operations €m €m €m Tax credit on profit from ordinary activities of discontinued operations 0 — (56) Tax (credited)/charged directly to other comprehensive income €m €m €m Current tax (17) (26) 3 Deferred tax (1,009) 830 56 Total tax (credited)/charged directly to other comprehensive income (1,026) 804 59 Tax (credited)/charged directly to equity €m €m €m Deferred tax (2) — 4 Total tax (credited)/charged directly to equity (2) — 4 Factors affecting the tax expense for the year The table below explains the differences between the expected tax expense, being the aggregate of the Group’s geographical split of profits multiplied by the relevant local tax rates and the Group’s total tax expense for each year. €m €m €m Continuing profit/(loss) before tax as shown in the consolidated income statement 4,400 795 (2,613) Aggregated expected income tax expense/(credit) 1,124 226 (457) Impairment losses with no tax effect 0 332 807 Disposal of Group investments 1 (332) (1,113) — Effect of taxation of associates and joint ventures, reported within profit before tax 56 728 262 (Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain 2 0 — 1,186 Deferred tax following revaluation of investments in Luxembourg 2 2,819 (348) (488) Previously unrecognised temporary differences we expect to use in the future (45) (14) — Current year temporary differences (including losses) that we currently do not expect to use 170 352 78 Adjustments in respect of prior year tax liabilities (10) (86) (94) Impact of tax credits and irrecoverable taxes 90 52 79 Deferred tax on overseas earnings 0 3 (39) Effect of current year changes in statutory tax rates on deferred tax balances 3 (45) 757 (2) Financing costs not deductible for tax purposes (62) 174 67 Expenses not deductible for tax purposes 99 187 97 Income tax expense 3,864 1,250 1,496 Notes: 1 2 3 Deferred tax Analysis of movements in the net deferred tax balance during the year: €m 1 April 2020 1 21,502 Foreign exchange movements 18 Charged to the income statement (continuing operations) (2,995) Charged directly to OCI 1,009 Charged directly to equity 2 Arising on acquisitions and disposals (62) 31 March 2021 2 19,474 Deferred tax assets and liabilities, before offset of balances within countries, are as follows: Amount Net credited/ recognised (expensed) Gross Gross Less deferred tax in income deferred deferred tax amounts (liability)/ statement tax asset liability unrecognised asset €m €m €m €m €m Accelerated tax depreciation 716 2,331 (1,842) (9) 480 Intangible assets 336 434 (2,169) 13 (1,722) Tax losses (3,292) 29,791 0 (9,701) 20,090 Treasury related items (9) 761 (37) (392) 332 Temporary differences relating to revenue recognition (84) 3 (651) 0 (648) Temporary differences relating to leases (34) 611 (429) 0 182 Other temporary differences (627) 1,159 (352) (47) 760 31 March 2021 2 (2,994) 35,090 (5,480) (10,136) 19,474 Analysed in the balance sheet, after offset of balances within countries, as: €m Deferred tax asset 21,569 Deferred tax liability (2,095) 31 March 2021 2 19,474 At 31 March 2020, deferred tax assets and liabilities, before offset of balances within countries, were as follows: Amount Net credited/ recognised (expensed) Gross Gross Less deferred tax in income deferred deferred tax amounts (liability)/ statement tax asset liability unrecognised asset €m €m €m €m €m Accelerated tax depreciation 964 1,581 (1,876) 13 (282) Intangible assets (719) 383 (1,965) 14 (1,568) Tax losses (926) 32,121 — (8,725) 23,396 Treasury related items 144 530 (770) (301) (541) Temporary differences relating to revenue recognition 187 4 (559) — (555) Temporary differences relating to leases 205 260 (41) — 219 Other temporary differences (89) 1,207 (302) (71) 834 31 March 2020 1,2 (234) 36,086 (5,513) (9,070) 21,503 At 31 March 2020, analysed in the balance sheet, after offset of balances within countries, as: €m Deferred tax asset 23,606 Deferred tax liability (2,103) 31 March 2020 1,2 21,503 Notes: 1 Comparatives for the year ended 31 March 2020 have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See note 7 "Discontinued operations and assets and liabilities held for sale". 2 The Group does not discount its deferred tax assets. This is in accordance with the requirements of IAS 12. Factors affecting the tax charge in future years The Group’s future tax charge, and effective tax rate, could be affected by several factors including: tax reform in countries around the world, including any arising from the OECD’s or European Commission’s work on the taxation of the digital economy and European Commission initiatives such as the proposed tax and financial reporting directive or as a consequence of state aid investigations, future corporate acquisitions and disposals, any restructuring of our businesses and the resolution of open tax issues (see below). On 25 April 2019, the European Commission published its full decision in relation to its investigation into the ‘group financing exemption’ (GFE) in the UK’s controlled foreign company rules and whether the GFE constituted unlawful State Aid. It concluded the GFE does not constitute unlawful state aid when the managing of the financing activities is outside the UK. We consider that the Group’s Luxembourg financing activities are properly established and operate in accordance with EU and local law as well as the OECD’s transfer pricing guidelines and on 27 May 2021 the UK tax authorities confirmed they reached the view that Vodafone was not in receipt of any state aid relating to the GFE. The European Commission has indicated that it agrees with this conclusion. In March 2021, the UK government announced its intention to increase the corporation tax rate from 19% to 25% effective from 1 April 2023. The increased rate was substantively enacted on 24 May 2021 and if our deferred tax assets at 31 March 2021 were remeasured using this rate, their value would increase by approximately €350 million. The Group is routinely subject to audit by tax authorities in the territories in which it operates. The Group considers each issue on its merits and, where appropriate, holds provisions in respect of the potential tax liability that may arise. As at 31 March 2021, the Group holds provisions for such potential liabilities of €606 million (2020: €638 million). These provisions relate to multiple issues, across the jurisdictions in which the Group operates. As the tax impact of a transaction can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process, the amount ultimately paid may differ materially from the amount accrued and could therefore affect the Group's overall profitability and cash flows in future periods. See note 29 "Contingent liabilities and legal proceedings" to the consolidated financial statements. At 31 March 2021, the gross amount and expiry dates of losses available for carry forward are as follows: Expiring Expiring within beyond 5 years 6 years Unlimited Total €m €m €m €m Losses for which a deferred tax asset is recognised 63 222 86,623 86,908 Losses for which no deferred tax is recognised 245 13,217 23,479 36,941 308 13,439 110,102 123,849 At 31 March 2020, the gross amount and expiry dates of losses available for carry forward were as follows: Expiring Expiring within beyond 5 years 6 years Unlimited Total €m €m €m €m Losses for which a deferred tax asset is recognised 531 143 99,828 100,502 Losses for which no deferred tax is recognised 759 9,404 22,772 32,935 1,290 9,547 122,600 133,437 Deferred tax assets on losses in Luxembourg Included in the table above are losses of €69,742 million (2019: €82,372 million) that have arisen in Luxembourg companies. A deferred tax asset of €17,394 million (2020: €20,544 million) has been recognised in respect of these losses, as we conclude it is probable that the Luxembourg entities will continue to generate taxable profits in the future against which we can utilise these losses. These tax losses principally arose from historical impairments, primarily following the acquisition of the Mannesmann Group in 2000. These losses arose prior to the 2017 tax reform in Luxembourg and are available to carry forward indefinitely. The Luxembourg companies hold investments in the Group’s operating companies which are assessed for impairment for local GAAP financial statements using the Group’s value in use calculations (see note 4 “Impairment losses”). Impairments and reversals of impairments are recorded in the local GAAP financial statements and therefore carrying values and valuation methodology differs from the goodwill assessment for the Group’s consolidated financial statements. This assessment can give rise to tax deductible impairments or taxable reversals of previous impairments. Following the 2017 tax reform in Luxembourg, tax losses expire after 17 years and are only used after any pre-existing losses. In the years ended 31 March 2019 and 31 March 2020 the Luxembourg companies had tax deductible impairments resulting in additional tax losses. No deferred tax asset is recognised for these losses on the basis that they are not forecast to be used prior to the expiry of their 17 year life. In a period where pre-existing tax losses are not utilised due to impairments arising the forecast utilisation timeframe extends by one year. The reversal of impairments can result in a significant reduction to our deferred tax assets and the period over which these assets can be utilised. In the year ended 31 March 2021 a reversal of previous impairments of €12 billion has arisen in Luxembourg. This represents taxable income against which the brought forward losses can be used. This is the main driver of the reduction in the losses, and the associated deferred tax asset, compared to the prior period. The Luxembourg companies’ recurring profits are derived from the Group’s internal financing, centralised procurement and international roaming activities. These activities have consistently generated taxable profits of over €1bn per annum throughout their existence. The Group has reviewed the latest 5 year forecasts for the Luxembourg companies, including their ability to continue to generate income beyond this period. The forecasts consider the impact of the current market conditions on the existing financing activities, including the current view of interest rates, levels of intragroup financing, as well as the future profits generated from the procurement and roaming activities. The value in use calculations take into account all information at the balance sheet and the Group does not forecast potential future impairments or reversals of impairments. This assessment also included a review of the commercial structures supporting the profits generated from these activities and considered the factors, under the Group’s control, which could impact the ability of these activities to generate taxable profits. We have assessed that the current structure continues to be sustainable under the tax laws substantively enacted at the balance sheet date and the Group’s intentions to keep these activities in Luxembourg remains unchanged. Based on the current forecasts, €2,881 million of the deferred tax asset is forecast to be used within the next 10 years, and €4,891 million used within 20 years. The losses are projected to be fully utilised over the next 59 to 62 years. The increase in the recovery period over the prior year is principally a result of market conditions, including lower interest rates, driving margins lower on existing financing activities and the impact of a forecast reduction in levels of intercompany debt over the 5 year period as the Group's operating companies align their debt metrics more closely to those of Vodafone Group Plc. An increase or decrease in the forecast income in Luxembourg in each year of 5%-10% would change the period over which the losses will be fully utilised by 2 to 5 years. The Group uses a change in forecast income to understand the impact that a change in interest rates or level of debt advanced by the Luxembourg companies could have on the recovery period of the losses. Any future changes in tax law, including those driven by OECD, EU or domestic tax reforms or the structure of the Group could have a significant effect on the use of the Luxembourg losses, including the period over which these losses can be utilised. On the basis that future changes in tax laws are unknown, the profit forecasts assume that existing tax laws continue. Based on the above factors the Group concludes that it is probable that the Luxembourg companies will continue to generate taxable profits in the future against which it will use these losses. In addition to the above, €12,975 million (2020: €9,242 million) of the Group’s Luxembourg losses expire after 13 to 17 years and no deferred tax asset is recognised as they will expire before we can use these losses. The remaining losses do not expire. We also have €9,136 million (2020: €9,136 million) of Luxembourg losses in a former Cable & Wireless Worldwide Group company, for which no deferred tax asset has been recognised as it is uncertain whether these losses will be utilised. Deferred tax assets on losses in Germany The Group has tax losses of €16,296 million (2020: €17,160 million) in Germany arising on the write down of investments in Germany in 2000. The losses are available to use against both German federal and trade tax liabilities and they do not expire. A deferred tax asset of €2,529 million (2020: €2,662 million) has been recognised in respect of these losses as we conclude it is probable that the German business will continue to generate taxable profits in the future against which we can utilise these losses. The Group has reviewed the latest forecasts for the German business which incorporate the unsystematic risks of operating in the telecommunications business. In the period beyond the 5 year forecast we have reviewed the profits inherent in the terminal period and based on these and our expectations for the German business we believe it is probable the German losses will be fully utilised. Based on the current forecasts the losses will be fully utilised over the next 8 to 16 years. A 5% -10% change in the forecast profits of the German business would alter the utilisation period by 1 to 2 years. Deferred tax assets on losses in Spain The Group has tax losses of €4,334 million (2020: €4,281 million) in Spain which are available to offset against the future profits of the Grupo Corporativo ONO business. The losses do not expire and no deferred tax asset is recognised for these losses due to the trading environment in Spain. Other tax losses The Group has losses amounting to €8,285 million (2020: €7,500 million) in respect of UK subsidiaries which are only available for offset against future capital gains and since it is uncertain whether these losses will be utilised, no deferred tax asset has been recognised, in line with the prior year. The remaining losses relate to a number of other jurisdictions across the Group. There are also €2,092 million (2020: €1,514 million) of unrecognised temporary differences relating to treasury items and other items. No deferred tax liability has been recognised in respect of a further €7,522 million (2020: €7,130 million) of unremitted earnings of subsidiaries, associates and joint ventures because the Group is in a position to control the timing of the reversal of the temporary difference and it is probable that such differences will not reverse in the foreseeable future. It is not practicable to estimate the amount of unrecognised deferred tax liabilities in respect of these unremitted earnings.

Discontinued operations and ass

Discontinued operations and assets and liabilities held for sale	12 Months Ended
	Mar. 31, 2021
Discontinued operations and assets and liabilities held for sale
Discontinued operations and assets and liabilities held for sale	7. Discontinued operations and assets and liabilities held for sale The Group classifies certain of its assets that it expects to dispose as either discontinued operations or as held for sale. The Group classifies non-current assets and assets and liabilities within disposal groups (‘assets’) as held for sale if the assets are available immediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be completed within one year from the date of the initial classification. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale; this also applies in respect of assets held by equity accounted associates and joint ventures. Where operations constitute a separately reportable segment (see note 2 “Revenue disaggregation and segmental analysis”) and have been disposed of, or are classified as held for sale, the Group classifies such operations as discontinued. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise. Discontinued operations On 20 March 2017, Vodafone announced the agreement to combine its subsidiary, Vodafone India Limited (excluding its 42% stake in Indus Towers Limited), with Idea Cellular in India. Consequently, Vodafone India Limited has been accounted for as a discontinued operation for the period up to 31 August 2018, the date the transaction completed, the results of which are detailed below. Income statement and segment analysis of discontinued operations €m €m €m Revenue 0 — 1,561 Cost of sales 0 — (1,185) Gross profit 0 — 376 Selling and distribution expenses 0 — (92) Administrative expenses 0 — (134) Operating profit 0 — 150 Financing costs 0 — (321) Loss before taxation 0 — (171) Income tax credit 0 — 56 Loss after tax of discontinued operations 0 — (115) Loss on sale of disposal group 0 — (3,420) Loss for the financial year from discontinued operations 0 — (3,535) Loss per share from discontinued operations eurocents eurocents eurocents – Basic 0 — (12.80) c – Diluted 0 — (12.80) c Total comprehensive expense for the financial year from discontinued operations €m €m €m Attributable to owners of the parent 0 — (3,535) Note: 1 Results for the five months ended 31 August 2018 when the transaction completed. Assets and liabilities held for sale Assets and liabilities held for sale at 31 March 2021 comprise the Group’s 28.1% interest in Indus Towers. The Group’s interest in Indus Towers has been provided as security against both certain bank borrowings (see note 21 “Borrowings”) and partly to the pledges provided to the new Indus Towers entity under the terms of the merger between erstwhile Indus Towers and Bharti Infratel (see note 29 “Contingent liabilities and legal proceedings”). Assets and liabilities held for sale at 31 March 2020 comprised a 24.95% interest in Vodafone Hutchison Australia Pty Limited (‘VHA’) and the Group’s 55% interest in Vodafone Egypt. On 26 June 2020, VHA and TPG Telecom Limited completed their merger (see note 12 “Investments in associates and joint arrangements” for further details). On 21 December 2020, the Group announced that its discussions with Saudi Telecom Company had ended. Consequently, the prior year comparatives in the consolidated statement of financial position have been re-presented to reflect that Vodafone Egypt is no longer held for sale. There is no net impact on either Total assets or Total equity and liabilities, although certain line items have been re-presented, as detailed below. Assets and liabilities held for sale and the impact of the reclassification of Vodafone Egypt The table below discloses the impacted line items only. The consolidated statement of financial position is on page 122 and has not been reproduced below in its entirety. As previously Impact of Egypt presented reclassification Re-presented €m €m €m €m Non-current assets Goodwill 0 107 (107) — Other intangible assets 0 379 (379) — Property, plant and equipment 0 916 (916) — Investments in associates and joint ventures 1,257 (412) — (412) Trade and other receivables 0 15 (15) — 1,257 1,005 (1,417) (412) Current assets Inventory 0 13 (13) — Taxation recoverable 0 3 (3) — Trade and other receivables 0 313 (313) — Cash and cash equivalents 0 273 (273) — 0 602 (602) — Assets held for sale 1,257 1,607 (2,019) (412) Non-current liabilities Borrowings 0 57 (57) — Deferred tax liabilities 0 60 (60) — Provisions 0 5 (5) — 0 122 (122) — Current liabilities Borrowings 0 150 (150) — Taxation liabilities 0 116 (116) — Provisions 0 29 (29) — Trade and other payables 0 634 (634) — 0 929 (929) — Liabilities held for sale 0 1,051 (1,051) —

Earnings per share

Earnings per share	12 Months Ended
	Mar. 31, 2021
Earnings per share
Earnings per share	8. Earnings per share Basic earnings per share is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average number of shares in issue during the year. 2021 2020 2019 Weighted average number of shares for basic earnings per share 29,592 29,422 27,607 Effect of dilutive potential shares: restricted shares and share options 91 — — Weighted average number of shares for diluted earnings per share 29,683 29,422 27,607 €m €m €m Profit/(loss) for earnings per share from continuing operations 112 (920) (4,485) Loss for earnings per share from discontinued operations 0 — (3,535) Profit/(loss) for basic and diluted earnings per share 112 (920) (8,020) eurocents eurocents eurocents Basic earnings/(loss) per share from continuing operations 0.38 c (3.13) c (16.25) c Loss per share from discontinued operations 0 — (12.80) c Basic earnings/(loss) per share 0.38 c (3.13) c (29.05) c eurocents eurocents eurocents Diluted earnings/(loss) per share from continuing operations 0.38 c (3.13) c (16.25) c Diluted loss per share from discontinued operations 0 — (12.80) c Diluted earnings/(loss) per share 0.38 c (3.13) c (29.05) c

Equity dividends

Equity dividends	12 Months Ended
	Mar. 31, 2021
Equity dividends
Equity dividends	9. Equity dividends Dividends are one type of shareholder return, historically paid to our shareholders in February and August. €m €m €m Declared during the financial year: Final dividend for the year ended 31 March 2020: 4.50 eurocents per share (2019: 4.16 eurocents per share, 2018: 10.23 eurocents per share) 1,205 1,112 2,729 Interim dividend for the year ended 31 March 2021: 4.50 eurocents per share (2020: 4.50 eurocents per share, 2019: 4.84 eurocents per share) 1,207 1,205 1,293 2,412 2,317 4,022 Proposed after the end of the year and not recognised as a liability: Final dividend for the year ended 31 March 2021: 4.50 eurocents per share (2020: 4.50 eurocents per share, 2019: 4.16 eurocents per share) 1,260 1,205 1,112

Intangible assets

Intangible assets	12 Months Ended
	Mar. 31, 2021
Intangible assets
Intangible assets	10. Intangible assets The statement of financial position contains significant intangible assets, mainly in relation to goodwill and licences and spectrum. Goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net assets primarily due to the synergies we expect to create, is not amortised but is subject to annual impairment reviews. Licences and spectrum are amortised over the life of the licence. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 to the consolidated financial statements. Accounting policies Identifiable intangible assets are recognised when the Group controls the asset, it is probable that future economic benefits attributed to the asset will flow to the Group and the cost of the asset can be reliably measured. Identifiable intangible assets are recognised at fair value when the Group completes a business combination. The determination of the fair values of the separately identified intangibles, is based, to a considerable extent, on management’s judgement. Goodwill Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not subject to amortisation but is tested for impairment annually or whenever there is evidence that it may be impaired. Goodwill is denominated in the currency of the acquired entity and revalued to the closing exchange rate at each reporting period date. Negative goodwill arising on an acquisition is recognised directly in the income statement. On disposal of a subsidiary or a joint arrangement, the attributable amount of goodwill is included in the determination of the profit or loss recognised in the income statement on disposal. Finite lived intangible assets Intangible assets with finite lives are stated at acquisition or development cost, less accumulated amortisation. The amortisation period and method is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. Licence and spectrum fees Amortisation periods for licence and spectrum fees are determined primarily by reference to the unexpired licence period, the conditions for licence renewal and whether licences are dependent on specific technologies. Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives from the commencement of related network services. Computer software Computer software comprises software purchased from third parties as well as the cost of internally developed software. Computer software licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group, and are probable of producing future economic benefits, are recognised as intangible assets. Direct costs of software development include employee costs and directly attributable overheads. Software integral to an item of hardware equipment is classified as property, plant and equipment. Costs associated with maintaining software programs are recognised as an expense when they are incurred. Amortisation is charged to the income statement on a straight-line basis over the estimated useful life from the date the software is available for use. Other intangible assets Other intangible assets, including brands and customer bases, are recorded at fair value at the date of acquisition. Amortisation is charged to the income statement, over the estimated useful lives of intangible assets from the date they are available for use, on a straight-line basis. The amortisation basis adopted for each class of intangible asset reflects the Group’s consumption of the economic benefit from that asset. From 1 April 2019, the Group 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. Estimated useful lives The estimated useful lives of finite lived intangible assets are as follows: – Licence and spectrum fees 3 – 25 years – Computer software 3 – 5 years – Brands 1 – 10 years – Customer bases 2 – 32 years Licence and Computer Customer Goodwill spectrum fees software bases 1 Other 1 Total €m €m €m €m €m €m Cost: 1 April 2019 89,563 31,606 17,209 6,716 471 145,565 Exchange movements (563) (479) (196) (271) (39) (1,548) Arising on acquisition 11,752 — 184 5,585 71 17,592 Disposal of subsidiaries (1,582) (129) (409) (66) (10) (2,196) Additions — 1,776 2,278 — 7 4,061 Disposals — (83) (2,383) — (47) (2,513) Other — — 85 — — 85 31 March 2020 2 99,170 32,691 16,768 11,964 453 161,046 Exchange movements 107 234 43 144 11 539 Arising on acquisition 87 — — 200 — 287 Additions — 896 2,462 1 8 3,367 Disposals — (293) (1,651) (1) (2) (1,947) Other — — 211 — (4) 207 31 March 2021 99,364 33,528 17,833 12,308 466 163,499 Accumulated impairment losses and amortisation: 1 April 2019 66,210 19,004 12,232 6,653 461 104,560 Exchange movements (103) (338) (119) (231) (34) (825) Impairments 1,685 — — — — 1,685 Disposal of subsidiaries — (69) (305) (66) (10) (450) Amortisation charge for the year — 1,833 2,203 349 74 4,459 Disposals — (70) (2,353) — (48) (2,471) Other — — 79 — — 79 31 March 2020 2 67,792 20,360 11,737 6,705 443 107,037 Exchange movements (159) 255 3 131 11 241 Amortisation charge for the year — 1,721 2,210 488 2 4,421 Disposals — (293) (1,643) — (1) (1,937) Other — — 189 — (1) 188 31 March 2021 67,633 22,043 12,496 7,324 454 109,950 Net book value: 31 March 2020 2 31,378 12,331 5,031 5,259 10 54,009 31 March 2021 31,731 11,485 5,337 4,984 12 53,549 Notes: 1 2 For licences and spectrum and other intangible assets, amortisation is included within the cost of sales line within the consolidated income statement. The net book value and expiry dates of the most significant licences are as follows: Expiry dates €m €m Germany 2025/2033/2040 3,564 4,208 Italy 2029/2037 3,429 3,683 UK 2022/2023/2033/2038/2041 1,383 1,801 The remaining amortisation period for each of the licences in the table above corresponds to the expiry date of the respective licence. A summary of the Group’s most significant spectrum licences can be found on pages 238 and 239.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Mar. 31, 2021
Property, plant and equipment
Property, plant and equipment	11. Property, plant and equipment The Group makes significant investments in network equipment and infrastructure – the base stations and technology required to operate our networks – that form the majority of our tangible assets. All assets are depreciated over their useful economic lives. For further details on the estimation of useful economic lives, see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 to the consolidated financial statements. Accounting policies Land and buildings held for use are stated in the statement of financial position at their cost, less any accumulated depreciation and any accumulated impairment losses. Amounts for equipment, fixtures and fittings, which includes network infrastructure assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Assets in the course of construction are carried at cost, less any recognised impairment losses. Depreciation of these assets commences when the assets are ready for their intended use. The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over their estimated useful lives, as follows: Land and buildings – Freehold buildings 25 - 50 years – Leasehold premises the term of the lease Equipment, fixtures and fittings – Network infrastructure and other 1 - 35 years Depreciation is not provided on freehold land. Right-of-use assets arising from the Group's lease arrangements are depreciated over their reasonably certain lease term, as determined under the Group's leases policy (see note 20 "Leases" and "Critical accounting judgements and key sources of estimation uncertainty" in note 1 for details). The gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and equipment is determined as the difference between any proceeds from sale or receivables arising on a lease and the carrying amount of the asset and is recognised in the income statement. Equipment, Land and fixtures buildings and fittings Total €m €m €m Cost: 1 April 2019 2,257 70,260 72,517 Exchange movements (58) (1,000) (1,058) Arising on acquisition 49 3,642 3,691 Additions 76 5,161 5,237 Disposals (51) (3,218) (3,269) Disposals of subsidiaries (22) (2,851) (2,873) Other 10 311 321 31 March 2020 1 2,261 72,305 74,566 Exchange movements 25 188 213 Arising on acquisition 74 19 93 Additions 47 5,666 5,713 Disposals (100) (2,512) (2,612) Other 8 308 316 31 March 2021 2,315 75,974 78,289 Accumulated depreciation and impairment: 1 April 2019 1,244 44,603 45,847 Exchange movements (21) (498) (519) Charge for the year 109 5,886 5,995 Disposals (42) (3,145) (3,187) Disposals of subsidiaries (17) (2,017) (2,034) Other (4) 104 100 31 March 2020 1 1,269 44,933 46,202 Exchange movements 8 114 122 Charge for the year 39 5,727 5,766 Disposals (97) (2,448) (2,545) Other (3) 77 74 31 March 2021 1,216 48,403 49,619 Net book value: 31 March 2020 1 992 27,372 28,364 31 March 2021 1,099 27,571 28,670 Note: 1 The comparative balances as at 31 March 2020 have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See note 7 "Discontinued operations and assets and liabilities held for sale". The impact of the re-presentation is to increase the net book value of owned assets including Land and buildings by €37 million and Equipment, fixtures and fittings by €818 million, compared to amounts previously reported. Included in the net book value of land and buildings and equipment, fixtures and fittings are assets in the course of construction, which are not depreciated, with a cost of €15 million (2020: €34 million) and €2,243 million (2020: €1,914 million) respectively. Also included in the book value of equipment, fixtures and fittings are assets leased out by the Group under operating leases, with a cost of €2,930 million (2020: €2,966 million), accumulated depreciation of €1,828 million (2020: €1,678 million) and net book value of €1,102 million (2020: €1,288 million). Right-of-use assets arising from the Group’s lease arrangements are recorded within property, plant and equipment: €m €m Property, plant and equipment (owned assets) 28,670 28,364 Right-of-use assets 2 12,573 11,749 31 March 41,243 40,113 Note: 2 Additions of €5,306 million (2020: €4,593 million) and a depreciation charge of €3,914 million (2020: €3,720 million) were recorded in respect of right-of-use assets during the year to 31 March 2021. The prior year comparatives have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See Note 7 “Discontinued operations and assets and liabilities held for sale”. The impact of the re-presentation is to increase the net book value of right-of-use assets by €61 million, compared to amounts previously reported.

Investments in associates and j

Investments in associates and joint ventures	12 Months Ended
	Mar. 31, 2021
Investments in associates and joint ventures.
Investments in associates and joint ventures	12. Investments in associates and joint arrangements The Group holds interests in associates in Kenya and in India, where we have significant influence, as well as in a number of joint arrangements in the UK, Italy, the Netherlands, India and Australia, where we share control with one or more third parties. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 to the consolidated financial statements. Accounting policies Interests in joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control; that is, when the relevant activities that significantly affect the investee’s returns require the unanimous consent of the parties sharing control. Joint arrangements are either joint operations or joint ventures. Gains or losses resulting from the contribution or sale of a subsidiary as part of the formation of a joint arrangement are recognised in respect of the Group’s entire equity holding in the subsidiary. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control have the rights to the assets, and obligations for the liabilities, relating to the arrangement or that other facts and circumstances indicate that this is the case. The Group’s share of assets, liabilities, revenue, expenses and cash flows are combined with the equivalent items in the financial statements on a line-by-line basis. Any goodwill arising on the acquisition of the Group’s interest in a joint operation is accounted for in accordance with the Group’s accounting policy for goodwill arising on the acquisition of a subsidiary. Joint ventures A joint venture is a joint arrangement whereby the parties that have joint control have the rights to the net assets of the arrangement. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the joint venture is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of joint ventures, other than those joint ventures or part thereof that are held for sale (see note 7 “Discontinued operations and assets and liabilities held for sale”), are incorporated in the consolidated financial statements using the equity method of accounting. Under the equity method, investments in joint ventures are carried in the consolidated statement of financial position at cost adjusted for post-acquisition changes in the Group’s share of the net assets of the joint venture, less any impairment in the value of the investment. The Group’s share of post-tax profits or losses are recognised in the consolidated income statement. Losses of a joint venture in excess of the Group’s interest in that joint venture are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. Associates An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but where the Group does not have control or joint control over those policies. At the date of acquisition, any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate is recognised as goodwill. The goodwill is included within the carrying amount of the investment. The results and assets and liabilities of associates are incorporated in the consolidated financial statements using the same equity method of accounting used for joint ventures, described above. Joint operations The Company’s principal joint operation has share capital consisting solely of ordinary shares and is indirectly held, and principally operates in the UK. The financial and operating activities of the operation are jointly controlled by the participating shareholders and are primarily designed for all but an insignificant amount of the output to be consumed by the shareholders. Country of Percentage Percentage incorporation or shareholdings 1 shareholdings 1 Name of joint operation Principal activity registration Cornerstone Telecommunications Infrastructure Limited Network infrastructure UK 50.0 50.0 Note: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. Joint ventures and associates €m €m Investment in joint ventures 4,249 5,323 Investment in associates 421 508 31 March 4,670 5,831 Joint ventures The financial and operating activities of the Group’s joint ventures are jointly controlled by the participating shareholders. The participating shareholders have rights to the net assets of the joint ventures through their equity shareholdings. Unless otherwise stated, the Company’s principal joint ventures all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all joint ventures is also their principal place of operation. On 26 November 2020, the Group announced the completion of the merger between Indus Towers Limited and Bharti Infratel Limited. (together 'Indus Towers Limited'), an entity listed on the National Stock Exchange of India and the Bombay Stock Exchange. Vodafone holds a 28.1% shareholding in Indus Towers Limited, an associate of the Group and so is included in the associates section of this note. Prior to this transaction, Vodafone held a 42.0% shareholding in Indus Towers Limited, a joint venture of the Group up to the merger date. Country of Percentage Percentage incorporation or shareholdings 1 shareholdings 1 Name of joint venture Principal activity registration Vodafone Idea Limited 2 Network operator India 44.4 VodafoneZiggo Group Holding B.V. Network operator Netherlands 50.0 Infrastructture Wireless Italiane (INWIT) S.p.A. 3 Network infrastructure Italy 37.5 TPG Telecom Limited 4 Network operator Australia 50.0 Indus Towers Limited Network infrastructure India 42.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2021 the fair value of the Group’s interest in Vodafone Idea Limited was INR 118 billion (€1,373 million) (2020: INR 40 billion (€476 million)) based on the quoted share price on the National Stock Exchange of India. 3 At 31 March 2021 the fair value of the Group’s interest in INWIT S.p.A.was €3,026 million (2020: €3,345 million) based on the quoted share price on the Milan Stock Exchange. 4 On 26 June 2020, Vodafone Hutchison Australia Pty Limited and TPG Telecom Limited completed their merger. The merged entity was admitted to the Australian Securities Exchange ('ASX') on 30 June 2020 and is known as TPG Telecom Limited. At 31 March 2021 the fair value of the Group's interest in TPG Telecom Limited was AUD 2,948 million (€1,911 million), based on the quoted share price on ASX. Vodafone Idea Limited The Group’s carrying value in Vodafone Idea Limited (‘VIL’) reduced to €nil at 30 September 2019. The Group’s share of VIL’s losses not recognised at 31 March 2021 is €3,562 million (31 March 2020: €1,804 million). Significant uncertainties exist in relation to VIL’s ability to generate the cash flow it requires to settle or its ability to refinance its liabilities and guarantees as they fall due, including those relating to the AGR judgement (see note 29 “Contingent liabilities and legal proceedings”). The value of the Group’s 28.1% shareholding in Indus Towers Limited is, in part, dependent on the income generated by Indus Towers Limited 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 (31 March 2021: €1.3 billion) of the Group’s investment in Indus Towers Limited. TPG Telecom Limited / Vodafone Hutchison Australia Pty Limited On 26 June 2020, Vodafone Hutchison Australia Pty Limited (‘VHA’) and TPG Telecom Limited (‘TPG’) completed their merger to establish a fully integrated telecommunications operator in Australia. The merged entity was admitted to the Australian Securities Exchange (‘ASX’) on 30 June 2020 and is known as TPG Telecom Limited. Vodafone and Hutchison Telecommunications (Australia) Limited each own an economic interest of 25.05% in the merged unit, with the remaining 49.9% listed as free float on the ASX. The Group recorded a gain of €1,043 million in relation to the merger, which is reported in Other income/(expense) within the Consolidated income statement. The financial information presented in the tables below includes debt held within the structure that holds the Group’s interest in TPG. The following table provides aggregated financial information for the Group’s joint ventures as it relates to the amounts recognised in the income statement, statement of comprehensive income and statement of financial position. (Loss)/profit from Investment in joint ventures continuing operations 2 €m €m €m €m €m Vodafone Idea Limited 0 — 0 (2,546) (903) VodafoneZiggo Group Holding B.V. 1,190 1,630 (232) (64) (239) INWIT S.p.A. 2,920 3,345 3 — — TPG Telecom Limited 1 104 (466) 98 (35) (23) Indus Towers Limited 0 766 0 19 55 Other 35 48 (15) (125) (14) Total 4,249 5,323 (146) (2,751) (1,124) Notes: 1 2 Summarised financial information Summarised financial information for each of the Group’s material joint ventures on a 100% ownership basis is set out below. Financial information is presented for Vodafone Idea Limited (‘VIL’) for the six month period to, and as at 30 September 2020 on the basis that full-year information in relation to VIL has not been released at the date of approval of these financial statements and as such is market sensitive for VIL. As disclosed above, the Group’s investment in VIL was reduced to €nil in the prior financial year and the Group has not recorded any profit or loss in respect of its share of VIL’s results since that date. INWIT S.p.A. VodafoneZiggo Group Holding B.V. TPG Telecom Limited €m €m €m €m €m €m €m €m Income statement Revenue 562 — 4,010 3,948 3,868 3,010 2,108 2,290 Operating expenses (46) — (2,058) (2,163) (2,169) (2,096) (1,489) (1,634) Depreciation and amortisation (398) — (1,658) (1,528) (2,012) (769) (508) (494) Other income 0 — 25 — — 0 — — Operating profit/(loss) 118 — 319 257 (313) 145 111 162 Interest income 0 — 0 — — 1 4 3 Interest expense (101) — (658) (343) (602) (201) (256) (240) Profit/(loss) before tax 17 — (339) (86) (915) (55) (141) (75) Income tax (7) — (125) (42) 437 495 — — Profit/(loss) from continuing operations 1 10 — (464) (128) (478) 440 (141) (75) Vodafone Idea Limited €m €m €m Income statement Revenue 2,515 5,704 3,379 Operating expenses (1,689) (4,938) (2,999) Depreciation and amortisation (1,255) (2,426) (1,364) Other expense (1,079) (6,627) (253) Operating loss (1,508) (8,287) (1,237) Interest income 24 147 56 Interest expense (870) (1,740) (817) Loss before tax (2,354) (9,880) (1,998) Income tax 0 — 1 Loss from continuing operations 1 (2,354) (9,880) (1,997) Note: 1 Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations. INWIT S.p.A. VodafoneZiggo Group Holding B.V. TPG Telecom Limited €m €m €m €m €m €m Statement of financial position Non-current assets 14,422 14,517 16,978 17,745 10,272 2,965 Current assets 256 288 911 752 679 767 Total assets 14,678 14,805 17,889 18,497 10,951 3,732 Equity shareholders’ funds 8,801 8,917 2,380 3,260 3,121 (2,047) Non-current liabilities 5,536 4,907 13,025 12,974 6,884 5,146 Current liabilities 341 981 2,484 2,263 946 633 Cash and cash equivalents within current assets 120 40 330 116 268 196 Non-current liabilities excluding trade and other payables and provisions 5,314 4,684 12,466 12,550 6,825 5,137 Current liabilities excluding trade and other payables and provisions 185 218 1,154 1,108 83 124 Vodafone Idea Limited 1 €m €m Statement of financial position Non-current assets 19,387 21,240 Current assets 2,548 3,235 Total assets 21,935 24,475 Equity shareholders’ funds (5,615) (3,475) Non-current liabilities 21,749 15,835 Current liabilities 5,801 12,115 Cash and cash equivalents within current assets 200 320 Non-current liabilities excluding trade and other payables and provisions 14,992 15,790 Current liabilities excluding trade and other payables and provisions 2,917 2,979 Notes: 1 The Group received dividends in the year ended 31 March 2021 from VodafoneZiggo Group Holding B.V. of €209 million (2020: €148 million, 2019: €200 million) and from INWIT S.p.A of €42 million (2020: €nil). Reconciliation of summarised financial information The reconciliation of summarised financial information presented to the carrying amount of our interest in joint ventures is set out below: INWIT S.p.A. VodafoneZiggo Group Holding B.V. TPG Telecom Limited €m €m €m €m €m €m €m €m Equity shareholders’ funds/(deficit) 8,801 8,917 2,380 3,260 3,121 (2,047) Interest in joint ventures 1 2,920 3,345 1,190 1,630 50 (1,024) Impairment 0 — 0 — 0 — Goodwill 0 — 0 — 54 94 Transferred to assets held for sale 0 — 0 — 0 412 Investment proportion not recognised 0 — 0 — 0 52 Carrying value 2,920 3,345 1,190 1,630 104 (466) Profit/(loss) from continuing operations 10 — (464) (128) (478) 440 (141) (75) Share of profit/(loss) 1 3 — (232) (64) (239) 98 (70) (38) Profit/(loss) proportion not recognised 0 — 0 — — 0 35 15 Share of profit/(loss) 3 — (232) (64) (239) 98 (35) (23) Vodafone Idea Limited €m €m €m Equity shareholders’ funds/(deficit) (5,615) (3,475) Interest in joint ventures 1 (2,493) (1,543) Impairment (250) (261) Goodwill 0 — Transferred to assets held for sale 0 — Investment proportion not recognised 2,743 1,804 Carrying value 0 — (Loss)/profit from continuing operations (2,354) (9,880) (1,997) Share of (loss)/profit 1 (1,045) (4,386) (903) (Loss)/profit proportion not recognised 1,045 1,840 — Share of (loss)/profit 0 (2,546) (903) Note: 1 Associates Unless otherwise stated, the Company’s principal associates all have share capital consisting solely of ordinary shares and are all indirectly held. The country of incorporation or registration of all associates is also their principal place of operation. Financial information for Indus Towers Limited, including comparative periods previously reported in the Joint Venture section of this note, is disclosed here following the completion of the merger described on page 158. Country of Percentage Percentage incorporation or shareholding 1 shareholding 1 Name of associate Principal activity registration Indus Towers Limited 2 Network infrastructure India 28.1 — Safaricom Limited 3 Network operator Kenya 40.0 40.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2021, the fair value of the Group’s interest in Indus Towers Limited was INR 186 billion (€2,161 million) based on the closing quoted share price on the National Stock Exchange of India. 3 At 31 March 2021, the fair value of the Group’s interest in Safaricom Limited was KES 580 billion (€4,513 million) (2020: KES 423 billion (€3,672 million)) based on the closing quoted share price on the Nairobi Stock Exchange. The Group also holds two non-voting shares. The following table provides aggregated financial information for the Group’s associates as it relates to the amounts recognised in the income statement, statement of comprehensive income and consolidated statement of financial position. Investment in associates Profit from continuing operations 1 €m €m €m €m €m Safaricom Limited 421 488 217 247 214 Indus Towers Limited 1 0 — 274 — — Other 0 20 (3) (1) 2 Total 421 508 488 246 216 Note: 1 The Group’s interest in Indus Towers Limited was classified as held for sale at 31 March 2021. See note 7 “Discontinued operations and assets and liabilities held for sale”. Safaricom Limited Indus Towers Limited €m €m €m €m €m €m Income statement Revenue 2,083 2,310 2,140 2,421 2,365 2,227 Operating expenses (1,030) (1,122) (1,078) (1,247) (1,336) (1,438) Depreciation and amortisation (299) (295) (301) (477) (268) (305) Other income/(expense) 0 — — 412 (592) — Operating profit 754 893 761 1,109 169 484 Interest income 12 26 20 61 32 11 Interest expense (27) (18) (1) (194) (196) (79) Profit before tax 739 901 780 976 5 416 Income tax (197) (282) (245) (168) 39 (238) Profit from continuing operations and total comprehensive income 542 619 535 808 44 178 Statement of financial position Non-current assets 1,333 1,398 5,271 2,448 Current assets 438 424 1,198 562 Total assets 1,771 1,822 6,469 3,010 Equity shareholders' funds 1,045 1,212 3,083 566 Non-current liabilities 131 119 1,936 1,327 Current liabilities 595 491 1,450 1,117 Cash and cash equivalents within current assets 208 234 230 16 Non-current liabilities excluding trade and other payables and provisions 93 101 1,656 1,095 Current liabilities excluding trade and other payables and provisions 149 99 906 658 The reconciliation of summarised financial information presented to the carrying amount of our interest in the associate is set out below. Safaricom Limited Indus Towers Limited €m €m €m €m €m €m Equity shareholders' funds 1,045 1,212 3,083 566 Interest in joint ventures 418 485 867 238 Impairment 0 — 0 — Goodwill 3 3 342 528 Transferred to assets held for sale 0 — (1,257) — Investment proportion not recognised 0 — 48 — Carrying value 421 488 0 766 Profit from continuing operations 542 619 535 808 44 178 Share of profit 217 247 214 306 19 75 (Loss)/profit proportion not recognised 0 — — (32) — (20) Share of (loss)/profit 217 247 214 274 19 55 The Group received a dividend from Indus Towers Limited of €201 million (2020: €nil, 2019: €141 million) in the year ended 31 March 2021 and a dividend from Safaricom Limited of €171m (2020: €261m).

Other investments

Other investments	12 Months Ended
	Mar. 31, 2021
Other investments
Other investments	13. Other investments The Group holds a number of other listed and unlisted investments, mainly comprising managed funds, deposits and government bonds. Accounting policies Other investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, including transaction costs. Debt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through profit and loss. Equity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following derecognition of the investment. €m €m Included within non-current assets: Equity securities 1 128 77 Debt securities 2 797 715 925 792 Debt securities include €0.8 billion (2020: €0.7 billion) of loan notes issued by VodafoneZiggo Holding B.V. Current other investments comprise the following: €m €m Included within current assets: Short-term investments: Bonds and debt securities 3,4 1,053 1,681 Managed investment funds 1 2,954 2,451 4,007 4,132 Collateral assets 4 3,107 1,115 Other investments 5 2,045 1,842 9,159 7,089 Notes: 1 2 3 4 5 The Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving suitable returns. Collateral arrangements on derivative financial instruments result in cash being paid/(held), repayable when the derivatives are settled. These assets do not meet the definition of cash and cash equivalents but are included in the Group’s net debt based on their liquidity. Bonds and debt securities includes €nil (2020: €194 million) of highly liquid Japanese; €499 million (2020: €nil) German and €554 million (2020: €nil) French government securities; €nil (2020: €1,016 million) of German government backed securities and €nil (2020: €471 million) of UK government bonds. Managed investment funds of €2,954 million (2020: €2,451 million) are in funds with liquidity of up to 90 days. Collateral assets of €3,107 million (2020: €1,115 million) represents collateral paid on derivative financial instruments. Other investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts held in qualifying assets by Group insurance companies to meet regulatory requirements.

Trade and other receivables

Trade and other receivables	12 Months Ended
	Mar. 31, 2021
Trade and other receivables
Trade and other receivables	14. Trade and other receivables Trade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay to our suppliers in advance. Derivative financial instruments with a positive market value are reported within this note as are contract assets, which represent an asset for accrued revenue in respect of goods or services delivered to customers for which a trade receivable does not yet exist, and finance lease receivables recognised where the Group acts as a lessor. See note 20 "Leases" for more information on the Group's leasing activities. Accounting policies Trade receivables represent amounts owed by customers where the right to receive payment is conditional only on the passage of time. Trade receivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is accreted over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the Group establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other comprehensive income; all other trade receivables are recorded at amortised cost. The carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management deems them not to be collectible. Re-presented 1 €m €m Included within non-current assets: Trade receivables 52 68 Trade receivables held at fair value through other comprehensive income 278 261 Net investment in leases 104 118 Contract assets 528 583 Contract-related costs 580 628 Other receivables 76 84 Prepayments 247 227 Derivative financial instruments 2 2,912 8,424 4,777 10,393 Included within current assets: Trade receivables 3,625 3,848 Trade receivables held at fair value through other comprehensive income 466 556 Net investment in leases 36 32 Contract assets 3,038 3,012 Contract-related costs 1,364 1,293 Amounts owed by associates and joint ventures 184 362 Other receivables 889 916 Prepayments 1,082 953 Derivative financial instruments 2 239 752 10,923 11,724 Notes: 1 2 The Group’s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are measured after allowances for future expected credit losses, see note 22 “Capital and financial risk management” for more information on credit risk. The carrying amounts of trade and other receivables, which are measured at amortised cost, approximate their fair value and are predominantly non-interest bearing. The Group’s contract-related costs comprise €1,883 million (2020: €1,855 million) relating to costs incurred to obtain customer contracts and €61 million (2020: €66 million) relating to costs incurred to fulfil customer contracts; an amortisation and impairment expense of €1,497 million (2020: €1,475 million) was recognised in operating profit during the year. In February 2020 €357m of trade receivables were reclassified from amortised cost to fair value through other comprehensive income as the balances may now be sold to a third party. The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.

Trade and other payables

Trade and other payables	12 Months Ended
	Mar. 31, 2021
Trade and other payables
Trade and other payables	15. Trade and other payables Trade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued and contract liabilities relating to consideration received from customers in advance. They also include taxes and social security amounts due in relation to the Group’s role as an employer. Derivative financial instruments with a negative market value are reported within this note. Accounting policies Trade payables are not interest-bearing and are stated at their nominal value. Re-presented 1 €m €m Included within non-current liabilities: Other payables 424 340 Accruals 47 60 Contract liabilities 519 612 Derivative financial instruments 2 3,919 4,177 4,909 5,189 Included within current liabilities: Trade payables 6,739 6,696 Amounts owed to associates and joint ventures 36 51 Other taxes and social security payable 1,196 1,185 Other payables 2,349 2,040 Accruals 3 5,688 5,077 Contract liabilities 1,971 2,081 Derivative financial instruments 2 91 589 18,070 17,719 Notes: 1 The prior year comparatives have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See note 7 "Discontinued operations and assets and liabilities held for sale". The impact of the re-presentation is to increase Trade and other payables included within current liabilities by €634 million compared to the amount previously reported. 2 3 The carrying amounts of trade and other payables approximate their fair value. Materially all of the €2,081 million recorded as current contract liabilities at 1 April 2020 was recognised as revenue during the year. Other payables included within non-current liabilities include €383 million (2020: €294 million) in respect of the re-insurance of a third party annuity policy related to the Vodafone and CWW Sections of the Vodafone UK Group Pension Scheme. The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.

Provisions

Provisions	12 Months Ended
	Mar. 31, 2021
Provisions
Provisions	16. Provisions A provision is a liability recorded in the statement of financial position, where there is uncertainty over the timing or amount that will be paid, and is therefore often estimated. The main provisions we hold are in relation to asset retirement obligations, which include the cost of returning network infrastructure sites to their original condition at the end of the lease and claims for legal and regulatory matters. Accounting policies Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the effect is material. Where the timing of settlement is uncertain amounts are classified as non-current where settlement is expected more than 12 months from the reporting date. Asset retirement obligations In the course of the Group’s activities, a number of sites and other assets are utilised which are expected to have costs associated with decommissioning. The associated cash outflows are substantially expected to occur at the dates of decommissioning of the assets to which they relate, and are long term in nature. Legal and regulatory The Group is involved in a number of legal and other disputes, including where the Group has received notifications of possible claims. The Directors of the Company, after taking legal advice, have established provisions considering the facts of each case. For a discussion of certain legal issues potentially affecting the Group see note 29 “Contingent liabilities and legal proceedings” to the consolidated financial statements. Other provisions Other provisions comprise various amounts including those for restructuring costs. The associated cash outflows for restructuring costs are primarily less than one year. Asset retirement Legal and obligations regulatory Restructuring Other Total €m €m €m €m €m 31 March 2019 757 507 434 619 2,317 Exchange movements (16) (2) (2) 5 (15) Acquisition of subsidiaries 56 18 33 71 178 Disposal of subsidiaries (69) — (4) (2) (75) Amounts capitalised in the year 270 — — — 270 Amounts charged to the income statement — 122 549 163 834 Utilised in the year − payments (34) (98) (452) (127) (711) Amounts released to the income statement (9) (45) (13) (199) (266) 31 March 2020 1 955 502 545 530 2,532 Exchange movements 6 (11) 4 7 6 Acquisition of subsidiaries 6 — — — 6 Amounts capitalised in the year 294 — — — 294 Amounts charged to the income statement — 138 153 167 458 Utilised in the year − payments (32) (54) (243) (175) (504) Amounts released to the income statement (7) (47) (33) (66) (153) 31 March 2021 1,222 528 426 463 2,639 Note: 1 The comparative balances as at 31 March 2020 have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See Note 7 “Discontinued operations and assets and liabilities held for sale”. The impact of the re-presentation is to increase non-current provisions by €5 million and current provisions by €29 million, respectively, compared to amounts previously reported. Provisions have been analysed between current and non-current as follows: 31 March 2021 Asset retirement Legal and obligations regulatory Restructuring Other Total €m €m €m €m €m Current liabilities 43 273 353 223 892 Non-current liabilities 1,179 255 73 240 1,747 1,222 528 426 463 2,639 31 March 2020 Asset retirement Legal and obligations regulatory Restructuring Other Total €m €m €m €m €m Current liabilities 23 319 415 296 1,053 Non-current liabilities 932 183 130 234 1,479 955 502 545 530 2,532

Called up share capital

Called up share capital	12 Months Ended
	Mar. 31, 2021
Called up share capital
Called up share capital	17. Called up share capital Called up share capital is the number of shares in issue at their par value. A number of shares were allotted during the year in relation to employee share schemes. Accounting policies Equity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs. Number €m Number €m Ordinary shares of 20 20⁄ 21 US cents each allotted, issued and fully paid: 1,2,3 1 April 28,815,914,978 4,797 28,815,258,178 4,796 Allotted during the year 920,800 0 656,800 1 31 March 28,816,835,778 4,797 28,815,914,978 4,797 Notes: 1 At 31 March 2021 there were 50,000 (2020: 50,000) 7% cumulative fixed rate shares of £1 each in issue. 2 At 31 March 2021 the Group held 592,642,309 (2020: 2,043,750,434) treasury shares with a nominal value of €99 million (2020: €340 million). The market value of shares held was €918 million (2020: €2,610 million). During the year, 63,830,400 (2020: 49,629,851) treasury shares were reissued under Group share schemes. 3 On 5 March 2019 the Group announced the placing of subordinated mandatory convertible bonds totalling £1.72 billion with a 2 year maturity date in 2021 and £1.72 billion with a 3 year maturity date due in 2022. During the year, 1,426,788,937 treasury shares were issued in settlement of tranche 1 of the maturing subordinated mandatory convertible bond. The remaining bonds are convertible into a total of 1,426,793,872 ordinary shares with a conversion price of £1.2055 per share. For further details see note 21 “Borrowings”.

Reconciliation of net cash flow

Reconciliation of net cash flow from operating activities	12 Months Ended
	Mar. 31, 2021
Reconciliation of net cash flow from operating activities
Reconciliation of net cash flow from operating activities	18. Reconciliation of net cash flow from operating activities The table below shows how our profit/(loss) for the year from continuing operations translates into cash flows generated from our operating activities. Notes €m €m €m Profit/(loss) for the financial year 536 (455) (7,644) Loss for the financial year from discontinued operations 0 — 3,535 Profit/(loss) for the financial year from continuing operations 536 (455) (4,109) Non-operating expense 0 3 7 Investment income (330) (248) (433) Financing costs 1,027 3,549 2,088 Income tax expense 3,864 1,250 1,496 Operating profit/(loss) 5,097 4,099 (951) Adjustments for: Share-based payments and other non-cash charges 146 146 147 Depreciation and amortisation 10, 11 14,101 14,174 9,795 Loss on disposal of property, plant and equipment and intangible assets 17 51 33 Share of result of equity accounted associates and joint ventures (342) 2,505 908 Impairment losses 0 1,685 3,525 Other (income)/expense (568) (4,281) 148 (Increase)/decrease in inventory (68) 68 (131) Decrease/(Increase) in trade and other receivables 582 (38) (31) (Decrease)/increase in trade and other payables (730) (100) 739 Cash generated by operations 18,235 18,309 14,182 Net tax paid (1,020) (930) (1,131) Cash flows from discontinued operations 0 — (71) Net cash flow from operating activities 17,215 17,379 12,980

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Mar. 31, 2021
Cash and cash equivalents
Cash and cash equivalents	19. Cash and cash equivalents The majority of the Group’s cash is held in bank deposits or money market funds which have a maturity of three months or less from acquisition to enable us to meet our short-term liquidity requirements. Accounting policies Cash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit or loss for the period. All other cash and cash equivalents are measured at amortised cost. Re-presented 1 €m €m Cash at bank and in hand 2,705 2,220 Repurchase agreements and bank deposits 0 2,202 Money market funds 2 3,116 9,135 Cash and cash equivalents as presented in the statement of financial position 1 5,821 13,557 Bank overdrafts (31) (269) Cash and cash equivalents as presented in the statement of cash flows 5,790 13,288 Notes: 1 The prior year comparatives have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See Note 7 "Discontinued operations and assets and liabilities held for sale". The impact of the re-presentation is to increase cash and cash equivalents as presented in the statement of financial position by €273 million. 2 Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets. The carrying amount of balances at amortised cost approximates their fair value. Cash and cash equivalents of €1,741 million (2020: €1,460 million) are held in countries with restrictions on remittances but where the balances could be used to repay subsidiaries’ third party liabilities. In addition, those balances could also be used to repay €879 million (2020: €885 million) of intercompany liabilities as at 31 March 2021.

Leases

Leases	12 Months Ended
	Mar. 31, 2021
Leases
Leases	20. Leases The Group leases assets from other parties (the Group is a lessee) and also leases assets to other parties (the Group is a lessor). This note describes how the Group accounts for leases and provides details about its lease arrangements. Lease accounting policy under IFRS 16 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 to be paid over the lease term 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 note 11). 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 over the lease term 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 changes 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 interests in the head lease and the sub-lease are 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 at lease commencement with interest income recognised over the lease term. Lease income is recognised as revenue for transactions that are part of the Group’s ordinary activities (primarily leases of handsets or other equipment to customers, leases of wholesale access to the Group’s fibre and cable networks). The Group uses IFRS 15 principles to allocate the consideration in contracts between any lease and non-lease components. Accounting policies under IAS 17 and IFRIC 4 for the year ended 31 March 2019 The Group adopted IFRS 16 on 1 April 2019 using the modified retrospective approach and comparative information was not restated. Financial information for the year ended 31 March 2019 is reported in accordance with IAS 17 and IFRIC 4, as described below. As a lessee Leases were classified as finance leases whenever the terms of the lease transferred substantially all the risks and rewards of ownership of the asset to the lessee; all other leases were classified as operating leases. Assets held under finance leases were recognised as assets of the Group at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments as determined at the inception of the lease. The corresponding liability to the lessor was included in the statement of financial position as a finance lease obligation. Lease payments were apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Depreciation and finance charges were recognised in the income statement. Rentals payable under operating leases were charged, and lease incentives received, were credited to the income statement on a straight-line basis over the term of the relevant lease. As a lessor Lessor accounting applied for the year ended 31 March 2019 was consistent with that described for IFRS 16 above, except for the lease classification, as a finance or operating lease, of a sub-lease which was determined by reference to the underlying asset. The Group’s leasing activities As a lessee The Group leases buildings for its retail stores, offices and data centres, land on which to construct mobile base stations, space on mobile base stations to place active RAN equipment and network space (primarily rack space or duct space). In addition, the Group leases fibre and other fixed connectivity to provide internal connectivity for the Group’s operations and on a wholesale basis from other operators to provide fixed connectivity services to the Group’s customers. The Group’s general approach to determining lease term by class of asset is described in note 1 under critical accounting judgements and key sources of estimation uncertainty. Most of the Group’s leases include future price increases through fixed percentage increases, indexation to inflation measures on a periodic basis or rent review clauses. Other than fixed percentage increases the lease liability does not reflect the impact of these future increases unless the measurement date has passed. The Group’s leases contain no material variable payments clauses other than those related to the number of operators sharing space on third party mobile base stations. The Group sub-leases excess retail and office properties under both operating and finance leases; see disclosure on the Group’s leasing activities as a lessor below. Operational lease periods Where practicable the Group seeks to include extension or break options in leases to provide operational flexibility, therefore many of the Group's lease contracts contain optional periods. The Group's policy on assessing and reassessing whether it is reasonably certain that the optional period will be included in the lease term is described in note 1 under critical accounting judgements and key sources of estimation uncertainty. After initial recognition of a lease, the Group only reassesses the lease term when there is a significant event or a significant change in circumstances, which was not anticipated at the time of the previous assessment. Significant events or significant changes in circumstances could include merger and acquisition or similar activity, significant expenditure on the leased asset not anticipated in the previous assessment, or detailed management plans indicating a different conclusion on optional periods to the previous assessment. Where a significant event or significant change in circumstances does not occur, the lease term and therefore lease liability and right-of-use asset value, will decline over time. The Group’s cash outflow for leases in the year ended 31 March 2021 was €4,234 million (2020: €3,902 million) and, absent significant future changes in the volume of the Group’s activities or strategic changes to use more or fewer owned assets this level of cash outflow from leases would be expected to continue for future periods, subject to contractual price increases. The future cash outflows included within lease liabilities are shown in the maturity analysis below on page 171. The maturity analysis only includes the reasonably certain payments to be made; cash outflows in these future periods will likely exceed these amounts as payments will be made on optional periods not considered reasonably certain at present and on new leases entered into in future periods. The Group’s leases for customer connectivity are normally either under regulated access or network sharing or similar preferential access arrangements and as a result the Group normally has significant flexibility over the term it can lease such connections for; generally the notice period required to cancel the lease is less than the notice period included in the service contract with the end customer. As a result, the Group does not have any significant cash exposure to optional periods on customer connectivity as the Group can cancel the lease when the service agreement ends. In some circumstances the Group is committed to minimum spend amounts for connectivity leases, which are included within reported lease liabilities. Sale and leaseback In the year ended 31 March 2020, the Group sold its Italian mobile base station assets to Infrastrutture Wireless Italiane S.p.A. (‘INWIT’) (see note 27 “Acquisitions and disposals” for additional details), and entered into an agreement to lease back space on these and other INWIT mobile base station towers to locate network equipment for 8 years (see note 30 “Related party transactions”). The Group de-recognised assets related to the mobile base stations with a net book value of €548 million. A total gain on disposal of €4,100 million was realised as a result of the disposal; €744 million of this gain, reflecting the gain on the proportion of sold towers that has been retained through the leaseback, was recorded in the year ended 31 March 2020 as a reduction in the value of the right-of-use asset recognised for the leaseback of tower space and will be realised as a reduction in depreciation over the lease term. Other sale and leaseback transactions entered into by the Group were not material, individually or in aggregate. Amounts recognised in the primary financial statements in relation to lessee transactions Right-of-use assets The carrying value of the Group’s right-of-use assets, depreciation charge for the year and additions during the year are disclosed in note 11 “Property, plant and equipment”. Lease liabilities The Group’s lease liabilities are disclosed in note 21 “Borrowings”. The maturity profile of the Group’s lease liabilities is as follows: Re-presented 1 €m €m Within one year 3,419 3,198 In more than one year but less than two years 2,142 2,018 In more than two years but less than three years 1,661 1,542 In more than three years but less than four years 1,457 1,337 In more than four years but less than five years 1,316 1,128 In more than five years 4,696 4,443 14,691 13,666 Effect of discounting (1,659) (1,548) Lease liability (note 21 "Borrowings") 13,032 12,118 Note: 1 At 31 March 2021 the Group has entered into lease contracts with payment obligations with an undiscounted value of €82 million (2020: €67 million) that had not commenced at 31 March 2021. Interest expense on lease liabilities for the year is disclosed in note 5 “Investment income and financing costs”. The Group has no material liabilities under residual value guarantees and makes no material payments for variable payments not included in the lease liability. The Group does not apply either the short term or low value expedient options in IFRS 16. As a lessor The Group has a wide range of lessor activities with consumer and enterprise customers, other telecommunication companies and other companies. With consumer and enterprise customers, the Group generates lease income from the provision of handsets, routers and other communications equipment. The Group provides wholesale access to the Group’s fibre and cable networks and leases out space on the Group’s owned mobile base stations to other telecommunication companies. In addition, the Group sub-leases retail stores to franchise partners in certain markets and leases out surplus assets (e.g. vacant offices and retail stores) to other companies. Lessor transactions are classified as operating or finance leases based on whether the lease transfers substantially all of the risks and rewards incidental to ownership of the asset. Leases are individually assessed, but generally, the Group’s lessor transactions are classified as: - - The Group’s income as a lessor in the year is as follows: €m €m Operating leases Lease revenue (note 2 "Revenue disaggregation and segmental analysis") 559 502 Income from leases not recognised as revenue 180 203 The Group’s net investments in leases are disclosed in note 14 “Trade and other receivables”. The committed amounts to be received from the Group’s operating leases are as follows: Maturity Within one In one to two In two to In three to four In four to five In more than year years three years years years five years Total €m €m €m €m €m €m €m 31 March 2021 Committed operating lease income due to the Group as a lessor 510 261 175 134 115 395 1,590 31 March 2020 Committed operating lease income due to the Group as a lessor 442 211 114 53 44 223 1,087 The Group has no material lease income arising from variable lease payments.

Borrowings

Borrowings	12 Months Ended
	Mar. 31, 2021
Borrowings
Borrowings	21. Borrowings The Group’s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities and through short-term and long-term issuances in the capital markets including bond and commercial paper issues and bank loans. Liabilities arising from the Group’s lease arrangements are also reported in borrowings; see note 20 “Leases”. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates depending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to mitigate the impact of exchange rate movements on certain monetary items. Accounting policies Interest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with our policy (see note 22 “Capital and financial risk management”). Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing. Where bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal amounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at amortised cost using the effective interest rate method. Borrowings Re-presented 1 €m €m Non-current borrowings Bonds (44,634) (47,500) Bank loans (761) (1,500) Lease liabilities (note 20) (9,909) (9,134) Bank borrowings secured against Indian assets (385) (1,346) Other borrowings 2 (3,583) (3,469) (59,272) (62,949) Current borrowings Bonds (2,251) (1,912) Bank loans (658) (1,380) Lease liabilities (note 20) (3,123) (2,984) Collateral liabilities (962) (5,292) Bank borrowings secured against Indian assets (862) — Other borrowings (632) (408) (8,488) (11,976) Borrowings (67,760) (74,925) Notes: 1 2 The fair value of the Group’s financial assets and financial liabilities held at amortised cost approximate to fair value with the exception of long-term bonds with a carrying value of €44,634 million (2020: €47,500 million) which have a fair value of €48,630 million (2020: €48,216 million). Fair value is based on level 1 of the fair value hierarchy using quoted market prices. The Group’s borrowings include certain bonds which have been designated in hedge relationships, which are carried at €1.4 billion higher than their euro equivalent redemption value. In addition, where bonds are issued in currencies other than euros, the Group has entered into foreign currency swaps to fix the euro cash outflows on redemption. The impact of these swaps are not reflected in borrowings and would decrease the euro equivalent redemption value of the bonds by €0.1 billion. Commercial paper programmes We currently have US and euro commercial paper programmes of US$15 billion and €8 billion respectively which are available to be used to meet short-term liquidity requirements. At 31 March 2021 €nil (2020: €nil) was drawn under the euro commercial paper programme. The US commercial paper programme remained undrawn. The commercial paper facilities were supported by US$4.0 billion (€3.4 billion) and €4.0 billion of syndicated committed bank facilities. No amounts had been drawn under these facilities. Bonds We have a €30 billion euro medium-term note programme and a US shelf programme which are used to meet medium to long-term funding requirements. At 31 March 2021 the total amounts in issue under these programmes split by currency were USD22.9 billion, €18.4 billion, £3 billion, AUD1.2 billion, HKD2.1 billion, NOK2.2 billion, CHF0.7 billion and JPY10 billion. At 31 March 2021 the Group had bonds outstanding with a nominal value equivalent to €45.4 billion. During the year ended 31 March 2021, bonds with a nominal value of €2 billion were issued under stand-alone documentation and bonds with a nominal value €2.2 billion were issued by Vantage Towers A.G. under their own €5 billion debt issuance programme. In March 2021, the Group also repurchased its own bonds with a nominal value of €1.5 billion and USD2.1 billion. Bonds mature between 2021 and 2059 (2020: 2020 and 2059) and have interest rates between 0.0% and 7.875% (2020: 0.0% and 7.875%). Mandatory convertible bonds On 12 March 2019 the Group issued £3.4 billion of subordinated mandatory convertible bonds (‘MCBs’) split into two equal tranches of £1.7 billion, the first tranche matured on 12 March 2021 and the second tranche matures on 12 March 2022 with coupons of 1.2% and 1.5% respectively. These were recognised as compound instruments with nominal values of £3.4 billion (€3.8 billion) recognised as a component of shareholders’ funds in equity and the fair value of future coupons £0.1 billion (€0.1billion) recognised as a financial liability in borrowings. At 31 March 2021, the conversion price of the bonds was £1.2055 per share. The Group’s strategy is to hedge the equity risk associated with the MCB issuance to any future movement in its share price by an option strategy designed to hedge the economic impact of share price movements during the term of the bonds. Should the Group decide to buy back ordinary shares to mitigate dilution resulting from the conversion the hedging strategy will provide a hedge for the repurchase price. Treasury shares The Group held a maximum of 2,043,732,147 (2020: 2,091,894,691) of its own shares during the year which represented 7.1% (2020: 7.3%) of issued share capital at that time.

Capital and financial risk mana

Capital and financial risk management	12 Months Ended
	Mar. 31, 2021
Fair value of financial instruments
Capital and financial risk management	22. Capital and financial risk management This note details the treasury management and financial risk management objectives and policies, as well as the exposure and sensitivity of the Group to credit, liquidity, interest and foreign exchange risk, and the policies in place to monitor and manage these risks. Accounting policies Financial instruments Financial assets and financial liabilities, in respect of financial instruments, are recognised on the Group’s consolidated statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below. Financial liabilities under put option arrangements The Group has an obligation to pay a fixed rate of return to minority equity shareholders in the Group’s subsidiary Kabel Deutschland AG, under the terms of a court-imposed domination and profit and loss transfer agreement. This agreement also provides the minority shareholders the option to put their shareholding to Vodafone at a fixed price per share. The obligation to purchase the shares has been recognised as a financial liability and no non-controlling interests are recognised in respect of minority shareholders. Interest costs are accrued at the agreed rate of return and recognised in financing costs. Derivative financial instruments and hedge accounting The Group’s activities expose it to the financial risks of changes in foreign exchange rates and interest rates which it manages using derivative financial instruments. The use of financial derivatives is governed by the Group’s policies approved by the Board of Directors, which provide written principles on the use of financial derivatives consistent with the Group’s risk management strategy. The Group does not use derivative financial instruments for speculative purposes. The Group designates certain derivatives as: – hedges of the change in fair value of recognised assets and liabilities (‘fair value hedges’); – hedges of highly probable forecast transactions or hedges of foreign currency or interest rate risks of firm commitments (‘cash flow hedges’); or – hedges of net investments in foreign operations. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently re-measured to fair value at each reporting date. Changes in values of all derivatives of a financing nature are included within investment income and financing costs in the income statement unless designated in an effective cash flow hedge relationship or a hedge of a net investment in foreign operations when the effective portion of changes in value are deferred to other comprehensive income. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. For fair value hedges, the carrying value of the hedged item is also adjusted for changes in fair value for the hedged risk, with gains and losses recognised in the income statement for the period. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised or no longer qualifies for hedge accounting. When hedge accounting is discontinued, any gain or loss recognised in other comprehensive income at that time remains in equity and is recognised in the income statement when the hedged transaction is ultimately recognised in the income statement. For cash flow hedges, when the hedged item is recognised in the income statement, amounts previously recognised in other comprehensive income and accumulated in equity for the hedging instrument are reclassified to the income statement. However, when the hedged transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. If a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the income statement. For net investment hedges, gains and losses accumulated in other comprehensive income are included in the income statement when the foreign operation is disposed of. Capital management The following table summarises the capital of the Group at 31 March: Re-presented 1 €m €m Borrowings (note 21) 67,760 74,925 Cash and cash equivalents (note 19) (5,821) (13,557) Derivative financial instruments included in trade and other receivables (note 14) (3,151) (9,176) Derivative financial instruments included in trade and other payables (note 15) 4,010 4,767 Short-term investments (note 13) (4,007) (4,132) Collateral assets (note 13) (3,107) (1,115) Financial liabilities under put option arrangements 492 1,850 Equity 57,816 62,625 Capital 113,992 116,187 Note: 1 The prior year comparatives have been re-presented to reflect that Vodafone Egypt is no longer held for sale, as outlined in the notes referenced above. The Group’s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity to certain subsidiaries. Dividends from associates and to non-controlling shareholders Dividends from our associates are generally paid at the discretion of the Board of Directors or shareholders of the individual operating and holding companies, and we have no rights to receive dividends except where specified within certain of the Group’s shareholders’ agreements. Similarly, other than ongoing dividend obligations to the Kabel Deutschland A.G. minority shareholders, should they continue to hold their minority stake, we do not have existing obligations under shareholders’ agreements to pay dividends to non-controlling interest partners of our subsidiaries or joint ventures. The amount of dividends received and paid in the year are disclosed in the consolidated statement of cash flows. Potential cash outflows from option agreements and similar arrangements Put options issued as part of the hedging strategy for the MCBs permit the holders to exercise against the Group at maturity of the option if there is a decrease in our share price. Under the terms of the options, settlement must be made in cash which will equate to the reduced value of shares from the initial conversion price, adjusted for dividends declared, on 2,494 million shares. Sale of trade receivables During the year, the Group sold certain trade receivables to a number of financial institutions. Whilst there are no repurchase obligations in respect of these receivables, the Group provided credit guarantees which would only become payable if default rates were significantly higher than historical rates. The credit guarantee is not considered substantive and substantially all risks and rewards associated with the receivables passed to the purchaser at the date of sale, therefore the receivables were derecognised. The maximum payable under the guarantees at 31 March 2021 was €1,503 million (2020: €1,283 million). No provision has been made in respect of these guarantees as the likelihood of a cash outflow has been assessed as remote. Supplier financing arrangements The Group offers suppliers the opportunity to use supply chain financing (‘SCF’). SCF allows suppliers that decide to use it to receive funding earlier than the invoice due date. At 31 March 2021, the financial institutions that run the SCF programmes had purchased €2.3 billion (2020: €2.4 billion) of supplier invoices, principally from larger suppliers. The Group does not provide any financial guarantees to the financial institutions under this programme and continues to cash settle supplier payables in accordance with their contractual terms. As such, the programme does not change the Group’s net debt, trade payable balances or cash flows. The Group evaluates supplier arrangements against a number of indicators to assess if the payable continues to hold the characteristics of a trade payable or should be classified as borrowings; these indicators include whether the payment terms exceed the shorter of customary payment terms in the industry or 180 days. At 31 March 2021, none of the payables subject to supplier financing arrangements met the criteria to be reclassified as borrowings. Financial risk management The Group’s treasury function centrally manages the Group’s funding requirement, net foreign exchange exposure, interest rate management exposures and counterparty risk arising from investments and derivatives. Treasury operations are conducted within a framework of policies and guidelines authorised and reviewed by the Board, most recently in May 2021. A treasury risk committee comprising of the Group’s Chief Financial Officer, Group General Counsel and Company Secretary, Group Financial Controller, Group Corporate Finance Director, Group Treasury Director and Group Director of Financial Controlling and Operations meets three times a year to review treasury activities and its members receive management information relating to treasury activities on a quarterly basis. The Group’s accounting function, which does not report to the Group Treasury Director, provides regular update reports of treasury activity to the Board. The Group’s Internal Auditor reviews the internal control environment regularly. No bonds issued by the Group or the Revolving Credit Facilities are subject to financial covenant ratios. Approximately €35 billion of issued bonds have a change of control clause. Only €350 million of EIB loans have a financial covenant requirement, which broadly equates to a net debt to EBITDA calculation. As at 31 March 2021, Vodafone was compliant with this financial covenant. The Group uses a number of derivative instruments for currency and interest rate risk management purposes only that are transacted by specialist treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements. COVID-19 The Group did not experience any significant issues as a result of disruption to financial markets as a result of COVID in FY21. The ongoing macro economic impact appears to be reducing, but remains uncertain. The Group’s financial risk management policies seek to reduce the Group’s exposure to any future disruption to financial markets, including any future impacts from COVID. The Group has combined cash and cash equivalent and short-term investments of €9.8 billion, providing significant headroom over short-term liquidity requirements. Additionally the Group maintains undrawn revolving credit facilities of €7.4 billion euro equivalent. As at 31 March 2021 and after hedging, substantially all the Group’s borrowings are held on a fixed interest basis, mitigating exposure to interest rate risk. The Group has no significant currency exposures other than positions in economic hedging relationships. The Group’s credit risk under financing activities is spread across a portfolio of highly rated institutions to reduce counterparty exposures and derivative balances are substantially all collateralised. The Group’s operating activities result in customer credit risk, for which provisions for expected credit losses are recognised. This customer related credit risk is generally short-term in duration and while COVID impacts on our customers had no material impact on credit loss provisioning at 31 March 2021. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a financial loss for the Group. The Group is exposed to credit risk from its operating activities and from its financing activities, the Group considers its maximum exposure to credit risk at 31 March to be: Re-presented 1 €m €m Cash at bank and in hand (note 19) 2,705 2,220 Repurchase agreements and bank deposits (note 19) 0 2,202 Money market funds (note 19) 3,116 9,135 Managed investment funds (note 13) 2,954 2,451 Current bonds and debt securities (note 13) 1,053 1,681 Non-current debt securities (note 13) 797 715 Collateral assets (note 13) 3,107 1,115 Other investments (note 13) 2,045 1,842 Derivative financial instruments (note 14) 3,151 9,176 Trade receivables (note 14) 2 5,924 6,017 Contract assets and other receivables (note 14) 4,531 4,595 Performance bonds and other guarantees (note 29) 2,728 3,322 32,111 44,471 Note: 1 2 Expected credit loss The Group has financial assets classified and measured at amortised cost and fair value through other comprehensive income that are subject to the expected credit loss model requirements of IFRS 9. Cash at bank and in hand and certain other investments are both classified and measured at amortised cost and subject to these impairment requirements. However, the identified expected credit loss is considered to be immaterial. Information about expected credit losses for trade receivables and contract assets can be found under “operating activities” on page 177. Financing activities The Group invests in government securities on the basis they generate a fixed rate of return and are amongst the most creditworthy of investments available. Money market investments are made in accordance with established internal treasury policies which dictate that an investment’s long-term credit rating is no lower than mid BBB. Additionally, the Group invests in AAA unsecured money market mutual funds where the investment is limited to 10% of each fund. The Group has two managed investment funds that hold fixed income euro securities with an average credit quality of AA. In respect of financial instruments used by the Group’s treasury function, the aggregate credit risk the Group may have with one counterparty is limited by (i) reference to the long-term credit ratings assigned for that counterparty by Moody’s, Fitch Ratings and Standard & Poor’s; (ii) that counterparty’s five year credit default swap (‘CDS’) spread; and (iii) the sovereign credit rating of that counterparty’s principal operating jurisdiction. Furthermore, collateral support agreements reduce the Group’s exposure to counterparties who must post cash collateral when there is value due to the Group under outstanding derivative contracts that exceeds a contractually agreed threshold amount. When value is due to the counterparty the Group is required to post collateral on identical terms. Such cash collateral is adjusted daily as necessary. In the event of any default, ownership of the cash collateral would revert to the respective holder at that point. Detailed below is the value of the cash collateral, which is reported within current borrowings, held by the Group at 31 March: €m €m Collateral liabilities 962 5,292 As discussed in note 29 “Contingent liabilities and legal proceedings”, the Group has covenanted to provide security in favour of the trustee of the Vodafone Group UK Pension Scheme in respect of the funding deficit in the scheme and pledged security in relation to the Indus Towers merger. The Group has also pledged cash as collateral against derivative financial instruments as disclosed in note 13 “Other investments”. Operating activities Customer credit risk is managed by the Group’s business units which each have policies, procedures and controls relating to customer credit risk management. Outstanding trade receivables and contract assets are regularly reviewed to monitor any changes in credit risk with concentrations of credit risk considered to be limited given that the Group’s customer base is large and unrelated. The Group applies the simplified approach and records lifetime expected credit losses for trade receivables and contract assets. Expected credit losses are measured using historical cash collection data for periods of at least 24 months wherever possible and grouped into various customer segments based on product or customer type. The historical loss rates are adjusted where macroeconomic factors, for example changes in interest rates or unemployment rates, or other commercial factors are expected to have a significant impact when determining future expected credit loss rates. For trade receivables the expected credit loss provision is calculated using a provision matrix, in which the provision increases as balances age, and for receivables paid in instalments and contract assets a weighted loss rate is calculated to reflect the period over which the amounts become due for payment by the customer. Trade receivables and contract assets are written off when each business unit determines there to be no reasonable expectation of recovery and enforcement activity has ceased. Movements in the allowance for expected credit losses during the year were as follows: Trade receivables held Trade receivables held at fair value through Contract assets at amortised cost other comprehensive income €m €m €m €m €m €m 1 April 137 129 1,431 1,347 51 40 Exchange movements 2 (2) (47) (26) 0 — Amounts charged to credit losses on financial assets 63 73 592 576 9 11 Other 1 (101) (63) (496) (466) (3) — 31 March 2 101 137 1,480 1,431 57 51 Notes: 1 Primarily utilisation of the provision. 2 The prior year comparatives have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See Note 7 “Discontinued operations and assets and liabilities held for sale”. The impact of the re-presentation is to increase the allowance for expected credit losses on trade receivables held at amortised cost by €65 million, compared to amounts previously reported. Expected credit losses are presented as net impairment losses within operating profit and subsequent recoveries of amounts previously written off are credited against the same line item. The majority of the Group's trade receivables are due for maturity within 90 days and largely comprise amounts receivable from consumers and business customers. The following table presents information on trade receivables past due¹ and their associated expected credit losses: 31 March 2021 Trade receivables at amortised cost past due 30 days 31-60 61-180 Due or less days days days+ Total €m €m €m €m €m €m Gross carrying amount 2,568 717 177 405 1,290 5,157 Expected credit loss allowance (30) (72) (62) (211) (1,105) (1,480) Net carrying amount 2,538 645 115 194 185 3,677 31 March 2020 2 Trade receivables at amortised cost past due 30 days 31–60 61–180 Due or less days days days+ Total €m €m €m €m €m €m Gross carrying amount 2,513 836 236 513 1,249 5,347 Expected credit loss allowance (64) (76) (56) (215) (1,020) (1,431) Net carrying amount 2,449 760 180 298 229 3,916 Note: 1 Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they become due. Trade receivables at fair value through other comprehensive income are not materially past due. 2 The prior year comparatives have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See Note 7 “Discontinued operations and assets and liabilities held for sale”. The impact of the re-presentation is to increase the gross carrying amount, expected credit loss allowance and net carrying amount of trade receivables held at amortised cost by €207 million, €65 million and €142 million, respectively, compared to amounts previously reported. Liquidity risk Liquidity is reviewed daily on at least a 12 month rolling basis and stress tested on the assumption that any commercial paper outstanding matures and is not reissued. The Group maintains substantial cash and cash equivalents which at 31 March 2021 amounted to cash €5.8 billion (2020: €13.6 billion) and undrawn committed facilities of €8.0 billion (2020: €7.7 billion), principally euro and US dollar revolving credit facilities of €4.0 billion and US$4.0 billion (€3.4 billion) which mature in 2025 and 2026 respectively. The Group manages liquidity risk on non-current borrowings by maintaining a varied maturity profile with a cap on the level of debt maturity in any one calendar year, therefore minimising refinancing risk. Non-current borrowings mature between 1 and 38 years. The maturity profile of the anticipated future cash flows including interest in relation to the Group’s non-derivative financial liabilities on an undiscounted basis which, therefore, differs from both the carrying value and fair value, is as follows: Trade payables and Bank loans Bonds Lease liabilities Other 2 Total borrowings other financial liabilities 3 Total Maturity profile 1 €m €m €m €m €m €m €m Within one year 674 3,774 3,419 2,516 10,383 15,304 25,687 In one to two years 174 3,329 2,142 2,575 8,220 49 8,269 In two to three years 440 5,964 1,661 399 8,464 0 8,464 In three to four years 173 2,784 1,457 166 4,580 0 4,580 In four to five years 2 5,506 1,316 199 7,023 0 7,023 In more than five years 23 45,538 4,696 986 51,243 0 51,243 1,486 66,895 14,691 6,841 89,913 15,353 105,266 Effect of discount/financing rates (67) (20,010) (1,659) (417) (22,153) (2) (22,155) 31 March 2021 1,419 46,885 13,032 6,424 67,760 15,351 83,111 Within one year 1,500 3,617 3,198 5,750 14,065 15,250 29,315 In one to two years 746 4,682 2,018 316 7,762 67 7,829 In two to three years 279 3,852 1,542 3,270 8,943 — 8,943 In three to four years 369 8,242 1,337 390 10,338 — 10,338 In four to five years 181 2,845 1,128 166 4,320 — 4,320 In more than five years – 47,947 4,443 1,185 53,575 — 53,575 3,075 71,185 13,666 11,077 99,003 15,317 114,320 Effect of discount/financing rates (195) (21,773) (1,548) (562) (24,078) (6) (24,084) 31 March 2020 4 2,880 49,412 12,118 10,515 74,925 15,311 90,236 Notes: 1 2 3 4 The maturity profile of the Group’s financial derivatives (which include interest rate swaps, cross-currency interest rate swaps and foreign exchange swaps) using undiscounted cash flows, is as follows: Payable Receivable Total Payable Receivable Total €m €m €m €m €m €m Within one year (16,218) 16,864 646 (20,519) 21,239 720 In one to two years (3,121) 3,723 602 (4,217) 4,582 365 In two to three years (5,623) 5,978 355 (3,680) 4,143 463 In three to four years (2,518) 2,903 385 (3,733) 4,429 696 In four to five years (3,305) 3,620 315 (2,562) 3,102 540 In more than five years (33,777) 37,399 3,622 (38,126) 43,933 5,807 (64,562) 70,487 5,925 (72,837) 81,428 8,591 Effect of discount/financing rates (6,784) (4,182) Financial derivative net (payable)/receivable (859) 4,409 Payables and receivables are stated separately in the table above as cash settlement is on a gross basis. Market risk Interest rate management Under the Group’s interest rate management policy, interest rates on long-term monetary assets and liabilities are principally maintained on a fixed rate basis. At 31 March 2021 and after hedging, substantially all of our outstanding liabilities are held on a fixed interest rate basis in accordance with treasury policy. For each one hundred basis point rise in market interest rates for all currencies in which the Group had borrowings at 31 March 2021 there would be an increase in profit before tax by €782 million (2020: €695 million) including mark to market revaluations of interest rate and other derivatives and the potential interest on cash and short-term investments. There would be no material impact on equity. At 31 March 2021, the Group had limited exposure through interest rate derivatives and floating rate bonds referencing LIBOR and other interbank offered rates (IBORs). Foreign exchange management As Vodafone’s primary listing is on the London Stock Exchange its share price is quoted in sterling. Since the sterling share price represents the value of its future multi-currency cash flows, principally in euro, South African rand and sterling, the Group maintains the currency of debt and interest charges in proportion to its expected future principal cash flows and has a policy to hedge external foreign exchange risks on transactions denominated in other currencies above a certain de minimis level. At 31 March 2021 13% of net debt was denominated in currencies other than euro (9% sterling, 3% South African rand and 1% other). This allows sterling, South African rand and other debt to be serviced in proportion to expected future cash flows and therefore provides a partial economic hedge against income statement translation exposure, as interest costs will be denominated in foreign currencies. Under the Group’s foreign exchange management policy, foreign exchange transaction exposure in Group companies is generally maintained at the lower of €5 million per currency per month or €15 million per currency over a six month period. The Group recognises foreign exchange movements in equity for the translation of net investment hedging instruments and balances treated as investments in foreign operations. However, there is no net impact on equity for exchange rate movements on net investment hedging instruments as there would be an offset in the currency translation of the foreign operation. At 31 March 2021 the Group held financial liabilities in a net investment hedge against the Group’s South African rand operations. Sensitivity to foreign exchange movements on the hedging liabilities, analysed against a strengthening of the South African rand by 15% (2020: 11%) would result in a decrease in equity of €285 million (2020: €212 million) which would be fully offset by foreign exchange movements on the hedged net assets. In addition, cash flow hedges of principally US dollar borrowings would result in an increase in equity of €469 million (2020: €713 million) against a strengthening of US dollar by 6% (2020: 5%). The Group profit and loss account is exposed to foreign exchange risk within both operating profit and financing income and expense. The principal reporting segment not generating income in euro is Vodacom, whose functional currency is predominantly South African Rand. Financing income and expense includes foreign currency gains/losses incurred on the translation of balance sheet items not held in functional currency. These are principally on certain borrowings, derivatives, and other investments denominated in sterling and US dollar. The following table details the Group’s sensitivity to foreign exchange risk. The percentage movement applied to the currency is based on the average movements in the previous three annual reporting periods. €m €m ZAR 15% change (2020: 11%) – Increase in operating profit 152 126 USD 6% change (2020: 9%) – (Decrease) in profit before taxation (46) (64) GBP 3% change (2020: 2%) – (Decrease)/Increase in profit before taxation (23) 63 Equity risk There is no material equity risk relating to the Group’s equity investments which are detailed in note 13 “Other investments”. The Group has hedged its exposure under the subordinated mandatory convertible bonds to any future movements in its share price by an option strategy designed to hedge the economic impact of share price movements during the term of the bonds. As at 31 March 2021 the Group’s sensitivity to a movement of 7% (2020: 23%) its share price would result in an increase or decrease in profit before tax of €283 million (2020: €767 million). Risk management strategy of hedge relationships The risk strategies of the designated cash flow, fair value, and net investment hedges reflect the above market risk strategies. The objective of the cash flow hedges is principally to convert foreign currency denominated fixed rate borrowings in US dollar, pound sterling, Australian dollar, Swiss Franc, Hong Kong dollar, Japanese yen, Norwegian krona and euro and US dollar floating rate borrowings into euro fixed rate borrowings and hedge the foreign exchange spot rate and interest rate risk. Derivative financial instruments designated in cash flow hedges are cross-currency interest rate swaps and foreign exchange swaps. The swap maturity dates and liquidity profiles of the nominal cash flows match those of the underlying borrowings. The objective of the net investment hedges is to hedge foreign exchange risk in foreign operations. Derivative financial instruments designated in net investment hedges are cross-currency interest rate swaps and foreign exchange swaps. The hedging instruments are rolled on an ongoing basis as determined by the nature of the business. The objective of the fair value hedges is to hedge a proportion of the Group’s fixed rate euro denominated borrowing to a euro floating rate borrowing. The swap maturity dates match those of the underlying borrowing and the nominal cash flows are converted to quarterly payments. Hedge effectiveness is determined at the inception of the hedge relationship and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of foreign currency denominated borrowings and investments, the Group uses a combination of cross-currency and foreign exchange swaps to hedge its exposure to foreign exchange risk and interest rate risk and enters into hedge relationships where the critical terms of the hedging instrument match with the terms of the hedged item. Therefore the Group expects a highly effective hedging relationship with the swap contracts and the value of the corresponding hedged items to change systematically in the opposite direction in response to movements in the underlying exchange rates and interest rates. The Group therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Hedge ineffectiveness may occur due to: a) The fair value of the hedging instrument on the hedge relationship designation date if the fair value is not nil; b) Changes in the contractual terms or timing of the payments on the hedged item; and c) A change in the credit risk of the Group or the counterparty with the hedging instrument. The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item to determine their relative weighting; for all of the Group’s existing hedge relationships the hedge ratio has been determined as 1:1. The fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market rates and foreign currency rates prevailing at 31 March. The valuation basis is level 2. This classification comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset and liability, either directly or indirectly. Derivative financial assets and liabilities are included within trade and other receivables and trade and other payables in the statement of financial position. The following table represents the carrying values and nominal amounts of derivatives in a continued hedge relationship as at 31 March. At 31 March 2021 Other comprehensive income Weighted average Opening (Gain)/ Gain/(Loss) Closing Carrying Carrying balance Loss recycled to balance Euro Nominal value value 1 April deferred to financing 31 March Maturity interest amounts Assets Liabilities OCI costs year FX rate rate €m €m €m €m €m €m €m % Cash flow hedges - foreign currency risk 2 Cross-currency and foreign exchange swaps US dollar bonds 18,995 621 1,070 (3,922) 5,900 (1,477) 501 1.18 2.82 Australian dollar bonds 736 38 0 (26) (102) 104 (24) 1.56 0.92 Swiss franc bonds 624 0 45 28 28 (26) 30 1.08 1.26 Pound sterling bonds 2,585 40 199 94 1 228 323 0.89 2.59 Hong Kong dollar bonds 233 0 13 (4) 34 (17) 13 9.08 1.48 Japanese yen bonds 78 0 12 6 13 (8) 11 128.53 2.47 Norwegian krona bonds 241 0 22 (3) (23) 29 3 9.15 1.12 Cash flow hedges - foreign currency and interest rate risk 2 Cross currency swaps - US dol

Directors and key management co

Directors and key management compensation	12 Months Ended
	Mar. 31, 2021
Directors and key management compensation
Directors and key management compensation	23. Directors and key management compensation This note details the total amounts earned by the Company’s Directors and members of the Executive Committee. Directors Aggregate emoluments of the Directors of the Company were as follows: €m €m €m Salaries and fees 4 4 4 Incentive schemes 1 3 2 2 Other benefits 2 0 1 — 7 7 6 Notes: 1 Excludes gains from long-term incentive plans. 2 Includes the value of the cash allowance taken by some individuals in lieu of pension contributions. No Directors serving during the year exercised share options in the year ended 31 March 2021 (2020: None; 2019: None). Key management compensation Aggregate compensation for key management, being the Directors and members of the Executive Committee, was as follows: €m €m €m Short-term employee benefits 28 27 23 Share-based payments 23 30 35 51 57 58

Employees

Employees	12 Months Ended
	Mar. 31, 2021
Employees
Employees	24. Employees This note shows the average number of people employed by the Group during the year, in which areas of our business our employees work and where they are based. It also shows total employment costs. Employees Employees Employees By activity: Operations 14,893 14,616 15,872 Selling and distribution 26,874 28,133 30,596 Customer care and administration 54,739 52,470 52,528 96,506 95,219 98,996 By segment: Germany 15,798 15,199 13,414 Italy 5,818 5,980 6,536 Spain 4,257 4,316 5,140 UK 9,584 10,295 11,525 Other Europe 15,460 14,646 12,413 India (Discontinued operations) 0 — 4,554 Vodacom 7,810 7,773 7,695 Other Markets 9,498 10,515 12,837 Common Functions 28,281 26,495 24,882 Total 96,506 95,219 98,996 The cost incurred in respect of these employees (including Directors) was: €m €m €m Wages and salaries 4,238 4,571 4,333 Social security costs 549 531 579 Other pension costs (note 25) 235 226 223 Share-based payments (note 26) 135 134 132 5,157 5,462 5,267 India (Discontinued operations) 0 — 84 Total 5,157 5,462 5,351

Post employment benefits

Post employment benefits	12 Months Ended
	Mar. 31, 2021
Post employment benefits
Post employment benefits	25. Post employment benefits The Group operates a number of Defined Benefit and Defined Contribution retirement plans for our employees. The Group’s largest defined benefit plan is in the UK. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation”. Accounting policies For defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognised as an asset or liability on the statement of financial position. Defined benefit plan liabilities are assessed using the projected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value. Actuarial gains and losses are taken to the statement of comprehensive income as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The return on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive income. Other movements in the net surplus or deficit are recognised in the income statement, including the current service cost, any past service cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the income statement. The amount charged to the income statement in respect of these plans is included within operating costs or in the Group’s share of the results of equity accounted operations, as appropriate. The Group’s contributions to defined contribution pension plans are charged to the income statement as they fall due. Background At 31 March 2021 the Group operated a number of retirement plans for the benefit of its employees throughout the world, with varying rights and obligations depending on the conditions and practices in the countries concerned. The Group’s philosophy is to provide access to defined contribution retirement plans where feasible and to manage legacy defined benefit retirement arrangements. Defined benefit plans provide benefits based on the employees’ length of pensionable service and their final pensionable salary or other criteria. Defined contribution plans offer employees individual funds that are converted into benefits at the time of retirement. The Group operates defined benefit plans in Germany, India, Ireland, Italy, the UK, the United States and the Group operates defined benefit indemnity plans in Greece and Turkey. Defined contribution plans are currently provided in Egypt, Germany, Greece, Hungary, India, Ireland, Italy, Portugal, South Africa, Spain and the UK. Income statement expense €m €m €m Defined contribution plans 204 180 166 Defined benefit plans 31 46 57 Total amount charged to income statement (note 24) 235 226 223 Defined benefit plans The Group’s retirement policy is to provide competitive pension provision, in each operating country, in line with the market median for that location. The Group’s preferred retirement provision is focused on Defined Contribution (‘DC’) arrangements and/or State provision for future service. The Group’s main defined benefit funding liability is the Vodafone UK Group Pension Scheme (‘Vodafone UK plan’). Since June 2014 the Vodafone UK plan has consisted of two segregated sections: the Vodafone Section and the Cable & Wireless Section (‘CWW Section’). Both sections are closed to new entrants and to future accrual. The Group also operates smaller funded and unfunded plans in the UK, funded and unfunded plans in Germany and funded plans in Ireland. Defined benefit pension provision exposes the Group to actuarial risks such as longer than expected longevity of participants, lower than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value of assets of the plans. The main defined benefit plans are administered by trustee boards which are legally separate from the Group and consist of representatives who are employees, former employees or are independent from the Group. The trustee boards of the pension plans are required by legislation to act in the best interest of the participants, set the investment strategy and contribution rates and are subject to statutory funding regimes. The Vodafone UK plan is registered as an occupational pension plan with HM Revenue and Customs (‘HMRC’) and is subject to UK legislation and operates within the framework outlined by the Pensions Regulator. UK legislation requires that pension plans are funded prudently and that valuations are undertaken at least every three years. Separate valuations are required for the Vodafone Section and CWW Section. The trustees obtain regular actuarial valuations to check whether the statutory funding objective is met and whether a recovery plan is required to restore funding to the level of the agreed technical provisions. The 31 March 2019 triennial actuarial valuation for the Vodafone Section and CWW Section of the Vodafone UK plan showed a net deficit of £78 million (€90 million) on the funding basis, comprising of a £173 million (€200 million) deficit for the Vodafone Section and a £95 million (€110 million) surplus for the CWW Section. These plan- specific actuarial valuations will differ to the IAS 19 accounting basis, which is used to measure pension assets and liabilities presented in the Group’s consolidated statement of financial position. Following the 2019 triennial valuation, the Group and trustees of the Vodafone UK plan agreed a funding plan to address the valuation deficit in the Vodafone Section over the period to 31 March 2025 and made a cash contribution on 4 September 2020 of £80 million (€90 million) into the Vodafone Section. This cash payment was invested into an annuity policy issued by a third party insurance company which in turn entered into a reinsurance policy covering these risks with the Group's captive insurance company, see note 15 "Trade and other payables". No further contributions are due in respect of the deficit revealed at the 2019 valuation. Funding plans are individually agreed for each of the Group’s other defined benefit plans with the respective trustees or governing board, taking into account local regulatory requirements. It is expected that ordinary contributions of €78 million will be paid into the Group’s defined benefit plans during the year ending 31 March 2022. The Group has also provided certain guarantees in respect of the Vodafone UK plan; further details are provided in note 29 “Contingent liabilities and legal proceedings” to the consolidated financial statements. The investment strategy for the UK plans is controlled by the trustees in consultation with the Group and the plans have no direct investments in the Group’s equity securities or in property or other assets currently used by the Group. The allocation of assets between different classes of investment is reviewed regularly and is a key factor in the trustee investment policy. The trustees aim to achieve the plan's investment objectives through investing partly in a diversified mix of growth assets which, over the long term, are expected to grow in value by more than the low risk assets. The low risk assets include cash and gilts, inflation and interest rate hedging and in substance insured pensioner annuity policies in both the Vodafone Section and CWW Sections of the Vodafone UK plan. A number of investment managers are appointed to promote diversification by assets, organisation and investment style and current market conditions and trends are regularly assessed, which may lead to adjustments in the asset allocation. Actuarial assumptions The Group’s plan liabilities are measured using the projected unit credit method using the principal actuarial assumptions set out below: % % % Weighted average actuarial assumptions used at 31 March 1 : Rate of inflation 2 2.9 2.2 2.9 Rate of increase in salaries 2.7 2.5 2.7 Discount rate 1.8 2.0 2.3 Notes: 1 Figures shown represent a weighted average assumption of the individual plans. 2 The rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation. Mortality assumptions used are based on recommendations from the individual local actuaries which include adjustments for the experience of the Group where appropriate. The Group’s largest plan is the Vodafone UK plan. Further life expectancies assumed for the UK plans are 23.4/25.4 years (2020: 23.2/25.2 years) for a male/female pensioner currently aged 65 years and 25.4/27.4 (2020: 25.1/27.2 years) from age 65 for a male/female non-pensioner member currently aged 40. Charges made to the consolidated income statement and consolidated statement of comprehensive income (‘SOCI’) on the basis of the assumptions stated above are: €m €m €m Current service cost 37 37 31 Past service costs 1, 2 2 — 16 Net interest (income)/charge (8) 9 10 Total included within staff costs 31 46 57 Actuarial (losses)/gains recognised in the SOCI (686) 640 (33) Notes: 1 2 Duration of the benefit obligations The weighted average duration of the defined benefit obligation at 31 March 2021 is 21 years (2020: 21 years). Fair value of the assets and present value of the liabilities of the plans The amount included in the statement of financial position arising from the Group’s obligations in respect of its Defined benefit plans is as follows: Assets Liabilities Net deficit €m €m €m 1April 2019 6,974 (7,431) (457) Service cost – (37) (37) Interest income/(cost) 154 (163) (9) Return on plan assets excluding interest income 108 – 108 Actuarial gains arising from changes in demographic assumptions – 252 252 Actuarial gains arising from changes in financial assumptions – 383 383 Actuarial losses arising from experience adjustments – (103) (103) Employer cash contributions 42 – 42 Member cash contributions 10 (10) – Benefits paid (237) 237 – Exchange rate movements (143) 156 13 Other movements (2) (38) (40) 31 March 2020 6,906 (6,754) 152 Service cost – (39) (39) Interest income/(cost) 137 (129) 8 Return on plan assets excluding interest income 466 – 466 Actuarial losses arising from changes in financial assumptions – (1,118) (1,118) Actuarial losses arising from experience adjustments – (34) (34) Employer cash contributions 125 – 125 Member cash contributions 10 (10) – Benefits paid (243) 243 – Exchange rate movements 244 (249) (5) Other movements (13) 5 (8) 31 March 2021 7,632 (8,085) (453) An analysis of the net (deficit)/surplus is provided below for the Group as a whole. €m €m Analysis of net (deficit)/surplus: Total fair value of plan assets 7,632 6,906 Present value of funded plan liabilities (7,968) (6,641) Net (deficit)/surplus for funded plans (336) 265 Present value of unfunded plan liabilities (117) (113) Net (deficit)/surplus (453) 152 Net (deficit)/surplus is analysed as: Assets 1 60 590 Liabilities (513) (438) Note: 1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. An analysis of net surplus/(deficit) is provided below for the Vodafone UK plan, which is a funded plan. As part of the merger of the Vodafone UK plan and the Cable and Wireless Worldwide Retirement Plan (‘CWWRP’) plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are reported separately below. CWW Section Vodafone Section €m €m €m €m Analysis of net surplus/(deficit): Total fair value of plan assets 2,912 2,842 3,298 2,873 Present value of plan liabilities (2,852) (2,393) (3,457) (2,731) Net surplus/(deficit) 60 449 (159) 142 Net surplus/(deficit) are analysed as: Assets 60 449 0 142 Liabilities 0 — (159) — F air value of plan assets €m €m Cash and cash equivalents 247 96 Equity investments: With quoted prices in an active market 1,376 1,018 Without quoted prices in an active market 294 197 Debt instruments: With quoted prices in an active market 4,589 4,446 Without quoted prices in an active market 559 513 Property: With quoted prices in an active market 26 18 Without quoted prices in an active market 494 391 Derivatives: 1 Without quoted prices in an active market (1,557) (1,110) Investment fund 604 533 Annuity policies With quoted prices in an active market 4 3 Without quoted prices 996 801 Total 7,632 6,906 Note: 1 The fair value of plan assets, which have been measured in accordance with IFRS 13 “Fair Value Measurement”, are analysed by asset category above and are subdivided by assets that have a quoted market price in an active market and those that do not, such as investment funds. Where available, the fair values are quoted prices (e.g. listed equity, sovereign debt and corporate bonds). Unlisted investments without quoted prices in an active market (e.g. private equity) are included at values provided by the fund manager in accordance with relevant guidance. Other significant assets are valued based on observable inputs such as yield curves. The Vodafone UK plan annuity policies fully match the pension obligations of those pensioners insured and therefore are set equal to the present value of the related obligations. Investment funds of €604 million at 31 March 2021 include investments in diversified alternative beta funds held in the Vodafone Section of the Vodafone UK plan. The actual return on plan assets over the year to 31 March 2021 was a gain of €603 million (2020: €262 million gain). Sensitivity analysis Measurement of the Group’s defined benefit retirement obligation is sensitive to changes in certain key assumptions. The sensitivity analysis below shows how a reasonably possible increase or decrease in a particular assumption would, in isolation, result in an increase or decrease in the present value of the defined benefit obligation as at 31 March 2021. Rate of inflation Rate of increase in salaries Discount rate Life expectancy Decrease by 0.5% Increase by 0.5% Decrease by 0.5% Increase by 0.5% Decrease by 0.5% Increase by 0.5% Decrease by 1 year Increase by 1 year €m €m €m €m €m €m €m €m (Decrease)/increase in present value of defined benefit obligation 1 (572) 641 (4) 4 854 (738) (278) 275 Note: 1 The sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another. In presenting this sensitivity analysis, the change in the present value of the defined benefit obligation has been calculated on the same basis as prior years using the projected unit credit method at the end of the year, which is the same as that applied in calculating the defined benefit obligation liability recognised in the statement of financial position. The rate of inflation assumption sensitivity factors in the impact of changes to all assumptions relating to inflation including the rate of increase in salaries, pension increases and deferred revaluations.

Share-based payments

Share-based payments	12 Months Ended
	Mar. 31, 2021
Share-based payments
Share-based payments	26. Share-based payments The Group has a number of share plans used to award shares to Executive Directors and employees as part of their remuneration package. A charge is recognised over the vesting period in the consolidated income statement to record the cost of these, based on the fair value of the award on the grant date. Accounting policies The Group issues equity-settled share-based awards to certain employees. Equity-settled share-based awards are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based award is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions. A corresponding increase in additional paid-in capital is also recognised. Some share awards have an attached market condition, based on total shareholder return (‘TSR’), which is taken into account when calculating the fair value of the share awards. The valuation for the TSR is based on Vodafone’s ranking within the same group of companies, where possible, over the past five years. The fair value of awards of non-vested shares is an average calculation of the closing price of the Group’s shares on the days prior to the grant date, adjusted for the present value of the delay in receiving dividends where appropriate. The maximum aggregate number of ordinary shares which may be issued in respect of share options or share plans will not (without shareholder approval) exceed: – 10% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans; and – 5% of the ordinary share capital of the Company in issue immediately prior to the date of grant, when aggregated with the total number of ordinary shares which have been allocated in the preceding ten year period under all plans, other than any plans which are operated on an all-employee basis. Share options Vodafone Group executive plans No share options have been granted to any Directors or employees under the Company’s discretionary share option plans in the year ended 31 March 2021 (2020: nil). Vodafone Sharesave Plan Under the Vodafone Sharesave Plan UK staff may acquire shares in the Company through monthly savings of up to £375 over a three and/or five year period, at the end of which they may also receive a tax-free bonus. The savings and bonus may then be used to purchase shares at the option price, which is set at the beginning of the invitation period and usually at a discount of 20% to the then prevailing market price of the Company’s shares. Share plans Vodafone Group executive plans Under the Vodafone Global Incentive Plan awards of shares are granted to Directors and certain employees. The release of these shares is conditional upon continued employment and for some awards achievement of certain performance targets measured over a three year period. Vodafone Share Incentive Plan Following a review of the UK all-employee plans it was decided that with effect from 1 April 2017 employees would no longer be able to contribute to the Share Incentive Plan and would therefore no longer receive matching shares. Individuals who hold shares in the plan will continue to receive dividend shares. Movements in outstanding ordinary share options Ordinary share options Millions Millions Millions 1April 53 46 40 Granted during the year 35 39 33 Forfeited during the year (1) (1) (2) Exercised during the year 0 — (2) Expired during the year (25) (31) (23) 31 March 62 53 46 Weighted average exercise price: 1April £1.19 £1.40 £1.64 Granted during the year £1.03 £1.06 £1.30 Forfeited during the year £1.16 £1.36 £1.52 Exercised during the year £1.23 £1.50 £1.67 Expired during the year £1.27 £1.34 £1.64 31 March £1.07 £1.19 £1.40 Summary of options outstanding 31 March 2021 31 March 2020 Weighted Weighted remaining remaining Weighted average Weighted average Outstanding average contractual Outstanding average contractual shares exercise life shares exercise life Millions price Months Millions price Months Vodafone Group savings related and Sharesave Plan: £0.98 – £1.89 62 £1.07 30 53 £1.19 30 Share awards Movements in non-vested shares are as follows: Weighted Weighted Weighted average fair average fair average fair value at value at value at Millions grant date Millions grant date Millions grant date 1 April 245 £1.41 200 £1.92 182 £2.04 Granted 108 £0.99 135 £1.00 88 £1.82 Vested (56) £1.56 (44) £2.10 (39) £2.21 Forfeited (30) £1.10 (46) £1.76 (31) £1.97 31 March 267 £1.20 245 £1.41 200 £1.92 Other information The total fair value of shares vested during the year ended 31 March 2021 was £108 million (2020: £92 million; 2019: £ 86 million). The compensation cost included in the consolidated income statement in respect of share options and share plans was €135 million (2020: €134 million; 2019: €132 million) which is comprised principally of equity-settled transactions. The average share price for the year ended 31 March 2021 was 120.8 pence (2020: 135.9 pence; 2019: 168.3 pence).

Acquisitions and disposals

Acquisitions and disposals	12 Months Ended
	Mar. 31, 2021
Acquisitions and disposals
Acquisitions and disposals	27. Acquisitions and disposals The note below provides details of acquisition and disposal transactions for the current year as well as those completed in the prior year. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements. Accounting policies Business combinations Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the income statement as incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date, which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. Acquisition of interests from non-controlling shareholders In transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or received and the amount by which the non-controlling interest is adjusted is recognised in equity. Aggregate cash consideration The aggregate cash consideration in respect of purchases of subsidiaries, net of cash acquired, is as follows: €m €m Cash consideration paid European Liberty Global Assets 0 10,313 Other acquisitions during the year 138 108 Net cash acquired (2) (126) 136 10,295 Acquisition of European Liberty Global assets In the comparative period, 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 €10,313 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 purchase price allocation is set out in the table below. Fair value €m Net assets acquired Identifiable intangible assets 1 5,818 Property, plant and equipment 2 4,737 Inventory 2 Trade and other receivables 856 Other investments 2 Cash and cash equivalents 109 Current and deferred taxation (1,904) Short and long-term borrowings (9,527) Trade and other payables (1,066) Post employment benefits (40) Provisions (178) Net identifiable liabilities acquired (1,191) Goodwill 3 11,504 Total consideration 4 10,313 Notes: 1 Identifiable intangible assets of €5,818 million consisted of customer relationships of €5,569 million, brand of €71 million and software of €178 million. 2 Includes Right-of-use assets. 3 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. 4 Transaction costs of €46 million were charged to Other income and expense in the consolidated income statement in the year ended 31 March 2020. From the date of acquisition to 31 March 2020, the acquired entities contributed €1,993 million of revenue and a loss of €247 million towards the profit before tax of the Group. If the acquisition had taken place at the beginning of the prior financial year, revenue would have been €45,975 million and the profit before tax would have been €822 million. Other acquisitions During the year ended 31 March 2021, the Group completed certain acquisitions for an aggregate consideration of €178 million, of which €nil has been paid in cash. The aggregate provisional fair values acquired of goodwill, identifiable assets, liabilities and non-controlling interests recognised on acquisition were €92 million, €445 million, €306 million and €53 million, respectively. In addition, the Group paid €138 million in respect of acquisitions completed in prior periods. During the year ended 31 March 2020 the Group completed certain acquisitions for an aggregate consideration of €276 million, of which €108 million was paid in that year. The aggregate provisional fair values of goodwill, identifiable assets and liabilities of the acquired operations were €248 million, €113 million and €85 million, respectively. Disposals The difference between the carrying value of the net assets disposed of and the fair value of consideration received is recorded as a gain or loss on disposal. Foreign exchange translation gains or losses relating to subsidiaries, joint arrangements and associates that the Group has disposed of, and that have previously recorded in other comprehensive income or expense, are also recognised as part of the gain or loss on disposal. Aggregate cash consideration The aggregate cash consideration in respect of the disposal of subsidiaries, net of cash disposed, is as follows: €m €m Cash consideration received Vodafone New Zealand (37) 2,023 Tower infrastructure in Italy 192 2,140 Vodafone Malta 242 Other disposals during the period 3 35 Net cash disposed (1) (13) 157 4,427 Vodafone New Zealand In the comparative period, on 31 July 2019, the Group sold its 100% interest in Vodafone New Zealand Limited (‘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. €m Goodwill (243) Other intangible assets (155) Property, plant and equipment 1 (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 2,023 Other effects 2 13 Net gain on transaction 3 1,078 Notes: 1 Includes Right-of-use assets. 2 Includes €59 million of recycled foreign exchange losses. 3 Recorded within Other income and expense in the consolidated income statement. Tower infrastructure in Italy In the comparative period, on 31 March 2020, the Group merged its passive tower infrastructure in Italy with Infrastrutture Wireless Italiane S.p.A. (‘INWIT’), (the ‘combination’). As part of the combination, Vodafone received proceeds of €2,140 million and a 37.5% shareholding in the combined entity. As a result of the transaction, we no longer consolidate the tower assets and account for our interest as a joint venture using the equity method. We have also entered into an agreement to lease back space on the mobile base stations to locate network equipment (see note 20 “Leases”). The Group recognised a net gain on the combination of €3,356 million. €m Goodwill (1,320) Property, plant and equipment 1 (548) Trade and other receivables (164) Current and deferred taxation 44 Short and long-term borrowings 270 Trade and other payables 79 Provisions 40 Net assets contributed into INWIT (1,599) Fair value of investment in INWIT 2 3,559 Net cash proceeds arising from the transaction 2,140 Restriction of gain (note 20) (744) Net gain on formation 3 3,356 Notes: 1 Includes Right-of-use assets. 2 The fair value of €3,559 million comprises an investment of €3,345 million recorded within Investments in associates and joint arrangements (note 12) and a dividend receivable of €214 million, recorded within Other receivables (note 14). 3 Recorded within Other income and expense in the consolidated income statement. Vodafone Malta In the comparative period, on 31 March 2020, the Group sold its 100% interest in Vodafone Malta Limited (‘Vodafone Malta’) for consideration of €242 million. A net gain on disposal of €170 million has been recorded within Other income and expense in the consolidated income statement. Other transactions with non-controlling shareholders in subsidiaries €m €m Cash consideration received/(paid) Vantage Towers IPO 2,000 — Vantage Towers Greece (288) — Other (49) (160) 1,663 (160) Vantage Towers IPO During the period, the Group completed an initial public offering of Vantage Towers AG, with the first day of trading on the Regulated Market of the Frankfurt Stock Exchange being 18 March 2021. The offer consisted solely of a secondary sell-down of existing shares held by Vodafone GmbH. Cash consideration of €2,000 million was received in the period. A further €217m was received in April 2021, following completion of the market stabilisation period described in the Vantage Towers prospectus. Vantage Towers Greece On 25 March 2021, the Group exercised its option to purchase the remaining 38% of Vantage Towers Greece for cash consideration of €288 million, taking its shareholding to 100%.

Commitments

Commitments	12 Months Ended
	Mar. 31, 2021
Commitments
Commitments	28. Commitments A commitment is a contractual obligation to make a payment in the future, mainly in relation to agreements to buy assets such as mobile devices, network infrastructure and IT systems and leases that have not commenced. These amounts are not recorded in the consolidated statement of financial position since we have not yet received the goods or services from the supplier. The amounts below are the minimum amounts that we are committed to pay. Capital commitments Company and subsidiaries Share of joint operations Group €m €m €m €m €m €m Contracts placed for future capital expenditure not provided in the financial statements 1 3,993 3,046 133 103 4,126 3,149 Note: 1 Commitment includes contracts placed for property, plant and equipment and intangible assets. Leases entered into by the Group but not commenced at 31 March 2021 are disclosed in note 20.

Contingent liabilities and lega

Contingent liabilities and legal proceedings	12 Months Ended
	Mar. 31, 2021
Contingent liabilities and legal proceedings
Contingent liabilities and legal proceedings	29. Contingent liabilities and legal proceedings Contingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably. €m €m Performance bonds 1 381 414 Other guarantees 2 2,347 2,908 Notes: 1 Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial arrangements. 2 Other guarantees principally comprise Vodafone Group Plc’s guarantee of the Group’s 50% share of a US$3.5 billion loan facility (2020: AUD1.7 billion and US$3.5 billion loan facilities), which forms part of the Group’s overall joint venture investment in TPG Telecom Ltd (2020: Vodafone Hutchison Australia Pty Limited). The Group’s share of these loan balances is included in the net investment in joint venture (see note 12 “Investments in associates and joint arrangements”). Other guarantees also includes INR42.5 billion (2020: nil) in relation to the secondary pledge over shares owned by Vodafone Group in Indus Towers (see “Indus Tower merger” paragraph on page 195). UK pension schemes The Group’s main defined benefit plan is the Vodafone UK Group Pension Scheme (‘Vodafone UK Plan’) which has two segregated sections, the Vodafone Section and the CWW Section, as detailed in note 25 “Post employment benefits”. The Group has covenanted to provide security in favour of both the Vodafone Section and CWW Section whilst a deficit remains. The deficit is measured on a prescribed basis agreed between the Group and trustee. The Group provides surety bonds as the security. The level of the security has varied since inception in line with the movement in the Vodafone UK Plan deficit. At 31 March 2021 the Vodafone UK Plan retains security over €822 million (notional value) for the Vodafone Section and €176 million (notional value) for the CWW Section. The security may be substituted either on a voluntary or mandatory basis. The Company has also provided two guarantees to the Vodafone Section of the Vodafone UK Plan for a combined value up to €1.47 billion to provide security over the deficit under certain defined circumstances, including insolvency of the employers. The Company has also agreed a similar guarantee of up to €1.47 billion for the CWW Section. An additional smaller UK defined benefit plan, the THUS Plc Group Scheme, has a guarantee from the Company for up to €117 million. Vodafone Idea As part of the agreement to merge Vodafone India and Idea Cellular in 2017, the parties agreed a mechanism for payments between the Group and Vodafone Idea Limited ('VIL') pursuant to the difference between the crystallisation of certain identified contingent liabilities in relation to legal, regulatory, tax and other matters, and refunds relating to Vodafone India and Idea Cellular. Cash payments or cash receipts relating to these matters must have been made or received by VIL before any amount becomes due from or owed to the Group. Any future payments by the Group to VIL as a result of this agreement would only be made after satisfaction of this and other contractual conditions. The Group's potential exposure under this mechanism is now capped at INR 64 billion (€747 million) following payments made under this mechanism from Vodafone to VIL totalling INR 19 billion (€235 million). The matters covered by the mechanism include the Adjusted Group Revenue ('AGR') judgement debt levied on VIL for an amount materially in excess of the cap. There are significant uncertainties in relation to VIL's ability to settle all liabilities relating to the AGR judgement and no further cash payments are considered probable at 31 March 2021. The carrying value of the Group's investment in VIL is €nil and the Group is recording no further share of losses in respect of VIL (see note 12). The Group's potential exposure to liabilities within VIL is capped by the mechanism described above. As a consequence, contingent liabilities arising from litigation in India concerning operations of Vodafone India are no longer reported below. Indus Towers merger The merger of Indus and Bharti Infratel completed on 19 November 2020 and the combined entity was renamed Indus Towers Ltd ("Indus Towers"). Under the terms of the merger a security package was agreed for the benefit of Indus Towers which can be invoked in the event that VIL is unable to satisfy certain payment obligations under its Master Services Agreements with Indus Towers (the 'MSAs'). The security package includes: - A prepayment in cash of INR 24 billion (€279 million) by VIL to Indus Towers in respect of its payment obligations that are undisputed, due and payable under the MSAs after the merger closing; - A primary pledge over 190.7 million shares owned by Vodafone Group in Indus Towers having a value of INR 47 billion (€544 million) as at 31 March 2021; and - A secondary pledge over shares owned by Vodafone Group in Indus Towers (ranking behind Vodafone's existing lenders for the remaining €1.2 billion bank borrowings secured against Indian assets (see note 21) utilised to fund Vodafone's contribution to the VIL rights issue in 2019) ("the Bank Borrowings") with a maximum liability cap of INR 42.5 billion (€495 million). In the event of non-payment of relevant MSA obligations by VIL, Indus Towers will have recourse to the primary pledge shares and, after repayment of the Bank Borrowings in full, any secondary pledged shares, up to the value of the liability cap. VIL's ability to make MSA payments to Indus Towers is uncertain and depends on a number of factors including its ability to raise additional funding. Legal Proceedings The Group is currently involved in a number of legal proceedings, including inquiries from, or discussions with, government authorities that are incidental to their operations. Legal proceedings where the Group considers that the likelihood of material future outflows of cash or other resources is more than remote are disclosed below. Where the Group assesses that it is probable that the outcome of legal proceedings will result in a financial outflow, and a reliable estimate can be made of the amount of that obligation, a provision is recognised for these amounts. In all cases, determining the probability of successfully defending a claim against the Group involves the application of judgement as the outcome is inherently uncertain. The determination of the value of any future outflows of cash or other resources, and the timing of such outflows, involves the use of estimates. The costs incurred in complex legal proceedings, regardless of outcome, can be significant. The Group is not involved in any material proceedings in which any of the Group’s Directors, members of senior management or affiliates are either a party adverse to the Group or have a material interest adverse to the Group. Indian tax cases In January 2012, the Supreme Court of India found against the Indian tax authority and in favour of Vodafone International Holdings BV (‘VIHBV’) in proceedings brought after the Indian tax authority alleged potential liability under the Income Tax Act 1961 for the failure by VIHBV to deduct withholding tax from consideration paid to the Hutchison Telecommunications International Limited group (‘HTIL’) in connection with its 2007 disposal to VIHBV of its interests in a wholly-owned Cayman Island incorporated subsidiary that indirectly held interests in Vodafone India Limited (‘Vodafone India’). The Finance Act 2012 of India, which amended various provisions of the Income Tax Act 1961 with retrospective effect, contained provisions intended to tax any gain on transfer of shares in a non-Indian company, which derives substantial value from underlying Indian assets, such as VIHBV’s transaction with HTIL in 2007. Further, it sought to subject a purchaser, such as VIHBV, to a retrospective obligation to withhold tax. On 3 January 2013, VIHBV received a letter from the Indian tax authority reminding it of the tax demand raised prior to the Supreme Court of India’s judgement and updating the interest element of that demand to a total amount of INR142 billion, which included principal and interest as calculated by the Indian tax authority but did not include penalties. On 12 February 2016, VIHBV received a notice dated 4 February 2016 of an outstanding tax demand of INR221 billion (plus interest) along with a statement that enforcement action, including against VIHBV’s indirectly held assets in India, would be taken if the demand was not satisfied. On 29 September 2017, VIHBV received an electronically generated demand in respect of alleged principal, interest and penalties in the amount of INR190.7 billion. This demand does not appear to have included any element for alleged accrued interest liability. In response to the 2013 letter, VIHBV initiated arbitration proceedings under the Netherlands-India Bilateral Investment Treaty (‘Dutch BIT’). The arbitration hearing took place in February 2019. In September 2020, the arbitration tribunal issued its award unanimously ruling in VIHBV’s favour. The Indian Government applied in Singapore to set aside the award primarily on jurisdictional grounds. The proceedings have been transferred to a senior court, with a hearing date set for September 2021. Separately, on 24 January 2017, Vodafone Group Plc and Vodafone Consolidated Holdings Limited formally commenced arbitration with the Indian Government under the United Kingdom-India Bilateral Investment Treaty (‘UK BIT’) in respect of retrospective tax claims under the Income Tax Act 1961 (as amended by the Finance Act 2012). Although relating to the same underlying facts as the claim under the Dutch BIT, the claim brought by Vodafone Group Plc and Vodafone Consolidated Holdings Limited is a separate and distinct claim under a different treaty. After the Delhi High Court first upheld, and subsequently dismissed, the Indian Government’s application for an injunction preventing Vodafone from progressing the UK BIT arbitration as an abuse of process, the Indian Government appealed the dismissal. Hearings took place from 2018 to 2020 with frequent adjournments. Following the award in the Dutch BIT, the Delhi High Court dismissed the injunction appeal proceedings. Vodafone has undertaken to take no steps advancing the UK BIT arbitration proceedings pending the outcome of the Indian Government’s application to set aside the Dutch BIT award in Singapore. The Delhi High Court also permitted the formation of the UK BIT tribunal. VIHBV and Vodafone Group Plc will continue to defend vigorously any allegation that VIHBV or Vodafone India is liable to pay tax in connection with the transaction with HTIL and will continue to exercise all rights to seek redress including pursuant to the Dutch BIT and the UK BIT. Based on the facts and circumstances of this matter, including the outcome of legal proceedings to date, the Group considers that it is more likely than not that no present obligation exists at 31 March 2021. VISPL tax claims Vodafone India Services Private Limited (‘VISPL’) is involved in a number of tax cases. The total value of the claims is approximately €500 million plus interest, and penalties of up to 300% of the principal. Of the individual tax claims, the most significant is in the amount of approximately €249 million (plus interest of €554 million), which VISPL has been assessed as owing in respect of (i) a transfer pricing margin charged for the international call centre of HTIL prior to the 2007 transaction with Vodafone for HTIL assets in India; (ii) the sale of the international call centre by VISPL to HTIL; and (iii) the acquisition of and/or the alleged transfer of options held by VISPL in Vodafone India. The first two of the three heads of tax are subject to an indemnity by HTIL. The larger part of the potential claim is not subject to an indemnity. A stay of the tax demand on a deposit of £20 million and a corporate guarantee by VIHBV for the balance of tax assessed are in place. On 8 October 2015, the Bombay High Court ruled in favour of Vodafone in relation to the options and the call centre sale. The Indian Tax Authority has appealed to the Supreme Court of India. The appeal hearing has been adjourned indefinitely. While there is some uncertainty as to the outcome of the tax cases involving VISPL, the Group believes it has valid defences and does not consider it probable that a financial outflow will be required to settle these cases. Other cases in the Group UK : IPCom v Vodafone Group Plc and Vodafone UK On 22 February 2019, IPCom sued Vodafone Group Plc and Vodafone Limited for alleged infringement of two patents claimed to be essential to UMTS and LTE network standards. If IPCom could have established that one or more of its patents was valid and infringed, it could have sought an injunction against the UK network if a global licence for the patents was not agreed. The Court ordered expedited trials on the infringement and validity issues. The trial on the first patent was in November 2019 and removed the risk of an injunction so IPCom withdrew the second patent trial listed for May 2020. Both IPCom and Vodafone appealed certain aspects of the judgement from the first trial at a hearing in January 2021. The Court of Appeal found in favour of both IPCom and Vodafone on different issues. Vodafone is seeking permission to appeal a discrete issue from the Supreme Court of the United Kingdom. The validity of the first patent will be considered by the Board of Appeal of the European Patent Office at a hearing in July 2021. Although the outcome of this hearing is unknown, we believe that there is a high probability that the first patent will be found to be invalid and as a result Vodafone has no liability for patent infringement which would mean that the Group has no present obligation. IPCom has indicated that it wishes to pursue a damages assessment for the limited infringement found by the trial court. However, IPCom has suggested that these proceedings be deferred until the outcome of the Board of Appeal of the European Patent Office. In any event, were the patent found to be valid the Group believes that the resulting damages would be minimal. Spain and UK: TOT v Vodafone Group Plc, VGSL, and Vodafone UK Vodafone Group Plc has been sued in Spain by TOT Power Control (‘TOT’), an affiliate of Top Optimized Technologies. The claim makes a number of allegations including patent infringement, with TOT initially seeking over €500 million in damages from Vodafone Group Plc as well as an injunction against using the technology in question. Huawei has also been sued by TOT in the same action. In a decision dated 30 October 2017, the Commercial Court of Madrid ruled that while it did have jurisdiction to hear the infringement case relating to the Spanish patent, it was not competent to hear TOT’s contractual and competition law claims against Vodafone. The trial took place in September 2018 and in January 2020 judgement was handed down in Vodafone and Huawei’s favour. TOT appealed but limited its claims against Vodafone to seek approximately €4 million in damages and injunctive relief. The appeal judgement was issued on 23 April 2021 and TOT’s claims for damages and injunctive relief against both Vodafone and Huawei were rejected, therefore the Group does not believe that any present obligation exists. TOT is seeking permission to appeal from the Supreme Court. In December 2019 TOT brought a similar claim in the English High Court against Vodafone Group and Vodafone UK alleging breach of confidentiality and patent infringement. The value of the claim is not pleaded. Proceedings have been stayed until 30 September 2021 pending the outcome of the appeal in Spain. Vodafone has issued an application seeking to strike out certain aspects of TOT’s case which will be heard once the stay has been lifted. It remains unclear how much of the claim will remain after the strike out application. Vodafone has not yet filed its defence. At this stage of proceedings, we are not able reliably to evaluate the likelihood of, or amount of, any financial outflow. Germany: Kabel Deutschland takeover - class actions The German courts have been determining the adequacy of the mandatory cash offer made to minority shareholders in Vodafone’s takeover of Kabel Deutschland. Hearings took place in May 2019 and a decision was delivered in November 2019 in Vodafone’s favour, rejecting all claims by minority shareholders. A number of shareholders appealed. The appeal process is ongoing. While the outcome is uncertain, the Group believes it has valid defences and that the outcome of the appeal will be favourable to Vodafone. Italy: Iliad v Vodafone Italy In July 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. Preliminary hearings have taken place, including one at which the Court rejected Iliad’s application for a cease and desist order against alleged misleading advertising by Vodafone. The main hearing on the merits of the claim took place on 8 June 2021 and we are waiting to receive the judgement. The Group is currently unable to estimate any possible loss in this claim in the event of an adverse judgement but while the outcome is uncertain, the Group believes it has valid defences and that it is probable that no present obligation exists. Greece: Papistas Holdings SA, Mobile Trade Stores (formerly Papistas SA) and Athanasios and Loukia Papistas v Vodafone Greece In October 2019, Mr. and Mrs. Papistas, and companies owned or controlled by them, filed several new claims against Vodafone Greece with a total value of approximately €330 million for purported damage caused by the alleged abuse of dominance and wrongful termination of a franchise arrangement with a Papistas company. Lawsuits which the Papistas claimants had previously brought against Vodafone Group Plc and certain Directors and officers of Vodafone were withdrawn. Vodafone Greece filed a counter claim and all claims were heard in February 2020. All of the Papistas claims were rejected by the Greek Court because the stamp duty payments required to have the merits of the case considered had not been made. Vodafone Greece’s counter claim was also rejected. The Papistas claimants and Vodafone Greece have each filed appeals and, subject to the Papistas claimants paying the requisite stamp duty, the hearing on the merits of these appeals will take place in late 2021 and early 2022. The amount claimed in these lawsuits is substantial and, if the claimants are successful, the total potential liability could be material. However, we are continuing vigorously to defend the claims and based on the progress of the litigation so far the Group believes that it is highly unlikely that there will be an adverse ruling for the Group. On this basis, the Group does not expect the outcome of these claims to have a material financial impact. UK: Phones 4U in Administration v Vodafone Limited and Vodafone Group Plc and Others In December 2018, the administrators of former UK indirect seller, Phones 4U, sued the three main UK mobile network operators (‘MNOs’), including Vodafone, and their parent companies. The administrators allege a conspiracy between the MNOs to pull their business from Phones 4U thereby causing its collapse. Vodafone and the other defendants filed their defences in April 2019 and the Administrators filed their replies in October 2019. Disclosure has taken place and witness statements are due to be filed by the end of July 2021. The judge has also ordered that there should be a split trial between liability and damages. The first trial will start in May 2022. Taking into account all available evidence, the Group assesses it to be more likely than not that a present obligation does not exist and that the allegations of collusion are completely without merit; the Group is vigorously defending the claim. The value of the claim is not pleaded but we understand it to be the total value of the business, possibly equivalent to approximately £ 1 billion. Vodafone’s alleged share of the liability is also not pleaded. The Group is not able to estimate any possible loss in the event of an adverse judgement.

Related party transactions

Related party transactions	12 Months Ended
	Mar. 31, 2021
Related party transactions
Related party transactions	30. Related party transactions The Group has a number of related parties including joint arrangements and associates, pension schemes and Directors and Executive Committee members (see note 12 “Investments in associates and joint arrangements”, note 25 “Post employment benefits” and note 23 “Directors and key management compensation”). Transactions with joint arrangements and associates Related party transactions with the Group’s joint arrangements and associates primarily comprise fees for the use of products and services including network airtime and access charges, fees for the provision of network infrastructure and cash pooling arrangements. No related party transactions have been entered into during the year which might reasonably affect any decisions made by the users of these consolidated financial statements except as disclosed below. €m €m €m Sales of goods and services to associates 14 32 27 Purchase of goods and services from associates 5 4 3 Sales of goods and services to joint arrangements 203 305 242 Purchase of goods and services from joint arrangements 109 97 192 Net interest income receivable from joint arrangements 1 65 71 96 Net interest expense payable to joint arrangements 1,2 56 — — Trade balances owed: by associates 3 4 1 to associates 5 4 3 by joint arrangements 88 157 193 to joint arrangements 31 37 25 Other balances owed by associates 56 — — Other balances owed by joint arrangements 1 955 1,083 997 Other balances owed to joint arrangements 2 1,575 2,017 169 Notes: 1 Amounts arise primarily through VodafoneZiggo, TPG Telecom Limited and INWIT S.p.A.. Interest is paid in line with market rates. 2 Amounts for years ended 31 March 2021 and 2020 are primarily in relation to leases of tower space from INWIT S.p.A. Dividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows. Transactions with Directors other than compensation During the three years ended 31 March 2021 and as of 23 June 2021, no Director nor any other executive officer, nor any associate of any Director or any other executive officer, was indebted to the Company. During the three years ended 31 March 2021 and as of 23 June 2021, the Company has not been a party to any other material transaction, or proposed transactions, in which any member of the key management personnel (including Directors, any other executive officer, senior manager, any spouse or relative of any of the foregoing or any relative of such spouse) had or was to have a direct or indirect material interest.

Related undertakings

Related undertakings	12 Months Ended
	Mar. 31, 2021
Related undertakings
Related undertakings	31. Related undertakings A full list of all of our subsidiaries, joint arrangements and associated undertakings is detailed below. A full list of subsidiaries, joint arrangements and associated undertakings (as defined in the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008) as at 31 March 2021 is detailed below. No subsidiaries are excluded from the Group consolidation. Unless otherwise stated the Company’s subsidiaries all have share capital consisting solely of ordinary shares and are indirectly held. The percentage held by Group companies reflect both the proportion of nominal capital and voting rights unless otherwise stated. Subsidiaries Accounting policies A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Company name % of share class held Share class Albania Rruga "Ibrahim Rugova", Sky Tower, Kati i 5,Hyrja 2, Tiranë, Shqipëri.Albania VOIS Albania ShpK. 100.00 Ordinary shares Autostrada Tirane-Durres, Rruga: “Pavaresia”,Nr 61, Kashar, Tirana,Albania Vodafone Albania Sh.A 99.94 Ordinary shares Argentina Cerrito 348, 5 to B, C1010AAH, Buenos Aires, Argentina CWGNL S.A. (in process of dissolution) 100.00 Ordinary shares Australia Mills Oakley , Level 7, 151 Clarence Street, Sydney NSW 2000, Australia Vodafone Enterprise Australia Pty Limited 100.00 Ordinary shares Austria c/o Stolitzka & Partner Rechtsanwälte OG, Kärntner Ring 12, 3. Stock, 1010, Wien, Austria Vodafone Enterprise Austria GmbH 100.00 Ordinary shares Bahrain RSM Bahrain, 3rd floor Falcon Tower, Diplomatic Area, Manama, PO BOX 11816, Bahrain Vodafone Enterprise Bahrain W.L.L. 100.00 Ordinary shares Belgium Malta House, rue Archimède 25, 1000 Bruxelles, Belgium Vodafone Belgium SA/NV 100.00 Ordinary shares Brazil Avenida Cidade Jardim, 400, 7th and 20th Floors, Jardim Paulistano, São Paulo, Brazil, 01454-000 Vodafone Serviços Empresariais Brasil Ltda. 100.00 Ordinary shares Av José Rocha Bonfim, 214, Cond Praça Capital - Edifício Toronto, sls 228/229 13080-900 Jardim Santa Genebra - Campinas, São Paulo, Brazil Cobra do Brasil Serviços de Telemàtica ltda. (in process of dissolution) 70.00 Ordinary shares Av Paulista 74-4 andar, Sala 427, Bela Vista, CEP, 01311 - 902, São Paulo, Brazil Vodafone Empresa Brasil Telecomunicações Ltda 100.00 Ordinary shares Bulgaria 10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia, 1000, Bulgaria Vodafone Enterprise Bulgaria EOOD 100.00 Ordinary shares Canada 3280 Bloor Street West, Suite 1140, 11 Floor, Centre Tower, Toronto ON M8X 2X3, Canada Vodafone Canada Inc. 100.00 Common shares Cayman Islands One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands CGP Investments (Holdings) Limited 100.00 Ordinary shares Chile 222 Miraflores, P.28, Santiago, Metrop, 97-763, Chile Vodafone Enterprise Chile S.A. 100.00 Ordinary shares China Building 21, 11, Kangding St., BDA, Beijing, 100176 - China, China Vodafone Automotive Technologies (Beijing) Co, Ltd 100.00 Ordinary shares Level 9, Tower 2, China Central Place, Room 940, No.79 Jianguo Road, Chaoyang District, Beijing, 100025, China Vodafone China Limited (China) (in process of dissolution) 100.00 Equity interest shares Level 9, Tower 2, China Central Place, Room 941, No.79 Jianguo Road, Chaoyang District, Beijing, 100025, China Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. Beijing Branch 2 100.00 Branch Room 1603, 16 th Floor, 1200 Pudong Avenue, China (S, 1200 Pudong Avenue, Free Trade Zone, Shanghai, China Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. 100.00 Ordinary shares Congo, The Democratic Republic of the 292 Avenue de La Justice, Commune de la Gombe, Kinshasa, Congo Vodacom Congo (RDC) SA 5 30.85 Ordinary shares Building Comimmo II Ground Floor Right, 3157 Boulevard du 30 Juin, Commune de la Gombe, Kinshasa, DRC Congo, The Democratic Republic of the Vodacash S.A. 5 30.85 Ordinary shares Cyprus Ali Rıza Efendi Caddesi No:33/A Ortaköy, Lefkoşa, Cyprus Vodafone Mobile Operations Limited 100.00 Ordinary shares Czech Republic náměstí Junkových 2, Prague 5, Czech Republic, 155 00, Czech Republic Oskar Mobil S.R.O. 100.00 Ordinary shares Nadace Vodafone Česká Republika 100.00 Trustee Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - Czech Branch 2 100.00 Branch Praha 4, Nusle, Závišova 502/5, 14000, Czech Republic Vantage Towers s.r.o. 4 81.05 Ordinary shares Vantage Towers 2 s.r.o. 100.00 Ordinary shares Závišova Real Estate, s.r.o. 100.00 Ordinary shares Denmark Tuborg Boulevard 12, 2900, Hellerup, Denmark Vodafone Enterprise Denmark A/S 100.00 Ordinary (DKK) shares Egypt 17 Port Said Street, Maadi El Sarayat, Cairo, Egypt Vodafone For Trading 54.95 Ordinary shares 37 Kaser El Nil St, 4th. Floor,Cairo,Egypt Starnet 55.00 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt Sarmady Communications 55.00 Ordinary shares Building no. 2109 “VHUB1”, Smart Village, Cairo Alexandria, Egypt Vodafone International Services LLC 100.00 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt Vodafone Egypt Telecommunications S.A.E. 55.00 Ordinary shares Smart Village C3 Vodafone Building, Egypt Vodafone Data 55.00 Ordinary shares Finland c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki, 00100, Finland Vodafone Enterprise Finland OY 100.00 Ordinary shares France 1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph, France Vodafone Automotive Telematics Development S.A.S 100.00 Ordinary shares EuroPlaza Tour, 20 Avenue Andre Prothin, La Défense Cedex-France (149153), 92400, Courbevoie, France Vodafone Automotive France S.A.S 100.00 Ordinary shares Vodafone Enterprise France SAS 100.00 New euro shares Rue Champollion, 22300, Lannion, France Apollo Submarine Cable System Ltd – French Branch 2 100.00 Branch Germany Aachener Str. 746-750, 50933, Köln, Germany Arena Sport Rechte Marketing GmbH i.L (in liquidation) 100.00 Ordinary shares Vodafone Administration GmbH 100.00 Ordinary shares Vodafone BW GmbH 100.00 Ordinary shares Vodafone Hessen GmbH & Co. KG 100.00 Ordinary shares Vodafone Management GmbH 100.00 Ordinary shares Vodafone NRW GmbH 100.00 Ordinary shares Vodafone West GmbH 100.00 Ordinary shares Altes Forsthaus 2, 67661, Kaiserslautern, Germany TKS Telepost Kabel-Service Kaiserslautern GmbH 3 93.84 Ordinary shares Betastraße 6-8, 85774 Unterföhring, Germany Kabel Deutschland Holding AG 3 93.84 Ordinary shares Vodafone Deutschland GmbH 93.84 Ordinary shares Company name % of share class held Share class Vodafone Customer Care GmbH 3 93.84 Ordinary shares Buschurweg 4, 76870, Kandel, Germany Vodafone Automotive Deutschland GmbH 100.00 Ordinary shares Ferdinand-Braun-Platz 1, 40549, Duesseldorf, Germany Vodafone Enterprise Germany GmbH 100.00 Ordinary shares Vodafone GmbH 100.00 Ordinary A shares, Ordinary B shares Vodafone Group Services GmbH 100.00 Ordinary shares Vodafone Institut für Gesellschaft und Kommunikation GmbH 100.00 Ordinary shares Vodafone Stiftung Deutschland Gemeinnutzige GmbH 100.00 Ordinary shares Vodafone Vierte Verwaltungs AG 100.00 Ordinary shares Friedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany KABELCOM Braunschweig Gesellschaft Fur Breitbandkabel-Kommunikation Mit Beschrankter Haftung 3 93.84 Ordinary shares Helmholtzstaße. 2-9, Gerbäude F10587, Berlin, Germany Vodafone Service GmbH 100.00 Ordinary shares Holzmarkt 1, 50676, Köln, North Rhine-Westphalia, Germany Grandcentrix GmbH 100.00 Ordinary shares Nobelstrasse 55, 18059, Rostock, Germany "Urbana Teleunion" Rostock GmbH & Co.KG 3 65.69 Ordinary shares Prinzenallee 11-13, 40549, Düsseldorf, Germany Vantage Towers AG 81.05 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel-Kommunikation Mit Beschrankter Haftung 3 93.84 Ordinary shares Ghana Manet Tower A, South Liberation Link, Accra, Ghana Vodacom Business (Ghana) Limited 70.00 Ordinary shares, Preference shares Telecom House, Nsawam Road, Accra-North, Greater Accra Region, PMB 221, Ghana Ghana Telecommunications Company Limited 70.00 Ordinary shares, Preference shares National Communications Backbone Company Limited 70.00 Ordinary shares Vodafone Ghana Mobile Financial Services Limited 70.00 Ordinary shares Greece 1-3 Tzavella str, 152 31 Halandri, Athens, Greece Vantage Towers Single Member Societe Anonyme (previously Vantage Towers Societe Anonyme, 16 April 2021) 4 81.05 Ordinary shares Vodafone-Panafon Hellenic Telecommunications Company S.A. 99.87 Ordinary shares Vodafone Greece Towers Societe Anonyme 4 81.05 Ordinary shares 2 Adrianeiou str, Athens, 11525, Greece Crystal Almond Towers Single Member S.A. 4 81.05 Ordinary shares 12,5 km National Road Athens – Lamia, Metamorfosi / Athens, 14452, Greece Vodafone Innovus S.A. 99.87 Ordinary shares Pireos 163 & Ehelidon, Athens, 11854, Greece 360 Connect S.A. 99.87 Ordinary shares Guernsey Martello Court, Admiral Park, St. Peter Port, GY1 3HB, Guernsey FB Holdings Limited 100.00 Ordinary shares Le Bunt Holdings Limited 100.00 Ordinary shares Silver Stream Investments Limited 100.00 Ordinary shares Roseneath, The Grange, St Peter Port, GY1 2QJ, Guernsey VBA Holdings Limited 5 60.50 Ordinary shares VBA International Limited 5 60.50 Ordinary shares, Hong Kong Level 24, Dorset House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong Vodafone Enterprise Hong Kong Ltd 100.00 Ordinary shares Hungary 40-44 Hungaria Krt., Budapest, H-1087, Hungary VSSB Vodafone Szolgáltató Központ Budapest Zártkörűen Működő Részvénytársaság 100.00 Registered ordinary shares 6 Lechner Ödön fasor, Budapest, 1096, Hungary Vantage Towers Zártkörűen Működő Részvénytársaság 4 Ordinary shares Vodafone Magyarország Távközlési Zártkörűen Működő Részvénytársaság 100.00 Series A Registered common shares India 10th Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Karnataka, 560103, India Cable and Wireless (India) Limited - Branch 2 100.00 Branch Cable and Wireless Global (India) Private Limited 100.00 Equity shares Cable & Wireless Networks India Private Limited 100.00 Equity shares 201 - 206, Shiv Smriti Chambers, 49/A, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra, 400018, India Omega Telecom Holdings Private Limited 100.00 Equity shares Vodafone India Services Private Ltd 100.00 Equity shares Business Mantri, Tower A, 3rd Floor, S No.197, Wing A1 & A2, Near Hotel Four Points, Lohegaon, Pune, Maharashtra, 411014, India Vodafone Global Services Private Ltd 100.00 Equity shares E-47, Bankra Super Market, Bankra, Howrah, West Bengal, 711403, India Usha Martin Telematics Limited 100.00 Equity shares Ireland 2nd Floor, Palmerston House, Fenian Street, Dublin 2, Ireland Vodafone International Financing Designated Activity Company 100.00 Ordinary shares Mountainview, Leopardstown, Dublin 18, Ireland Vantage Towers Limited 4 81.05 Ordinary shares VF Ireland Property Holdings Limited 100.00 Ordinary euro shares Vodafone Enterprise Global Limited 100.00 Ordinary shares Vodafone Global Network Limited 100.00 Ordinary shares Vodafone Group Services Ireland Limited 100.00 Ordinary shares Vodafone Ireland Distribution Limited 100.00 Ordinary shares Vodafone Ireland Limited 100.00 Ordinary shares Vodafone Ireland Marketing Limited 100.00 Ordinary shares Vodafone Ireland Retail Limited 100.00 Ordinary shares Italy Piazzale Luigi Cadorna, 4, 20123, Milano, Italy Vodafone Global Enterprise (Italy) S.R.L. 100.00 Ordinary shares SS 33 del Sempione KM 35, 212, 21052 Busto Arsizio (VA), Italy Vodafone Automotive Italia S.p.A 100.00 Ordinary shares Via Astico 41, 21100 Varese, Italy Vodafone Automotive Electronic Systems S.r.L 100.00 Ordinary shares Vodafone Automotive SpA 100.00 Ordinary shares Via Jervis 13, 10015, Ivrea, Tourin, Italy VEI S.r.l. 100.00 Partnership interest shares Vodafone Italia S.p.A. 100.00 Ordinary shares Via Lorenteggio 240, 20147, Milan, Italy Vodafone Enterprise Italy S.r.L 100.00 Euro shares Vodafone Gestioni S.p.A. 100.00 Ordinary shares Vodafone Servizi E Tecnologie S.R.L. 100.00 Equity shares Company name % of share class held Share class Via per Carpi 26/B, 42015, Correggio (RE), Italy VND S.p.A 100.00 Ordinary shares Japan KAKiYa building, 9F, 2-7-17 Shin-Yokohama, Kohoku-ku, Yokoha- City, Kanagawa, 222-0033, Japan Vodafone Automotive Japan KK 100.00 Ordinary shares Marunouchi Trust Tower North 15F, 8-1, Marunouchi 1-chome, Level 15 , Chiyoda-ku, Tokyo, Japan Vodafone Enterprise U.K. – Japanese Branch 2 100.00 Branch Vodafone Global Enterprise (Japan) K.K. 100.00 Ordinary shares Jersey 44 Esplanade, St Helier, JE4 9WG, Jersey Aztec Limited 100.00 Ordinary shares Globe Limited 100.00 Ordinary shares Plex Limited 100.00 Ordinary shares Vizzavi Finance Limited 99.99 Ordinary shares Vodafone International 2 Limited 100.00 Ordinary shares Vodafone Jersey Dollar Holdings Limited 100.00 Limited Liability shares Vodafone Jersey Finance 100.00 Ordinary shares, B shares, C shares, D shares, F shares, G shares Vodafone Jersey Yen Holdings Unlimited 100.00 Limited liability shares Kenya 6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya M-PESA Holding Co. Limited 100.00 Equity shares Vodafone Kenya Limited 5 65.43 Ordinary voting shares The Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside Drive, Nairobi, Kenya Vodacom Business (Kenya) Limited 5 Ordinary shares, Ordinary B shares Korea, Republic of ASEM Tower Level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul, 135-798, Korea, Republic of Vodafone Enterprise Korea Limited 100.00 Ordinary shares Lesotho 585 Mabile Road, Vodacom Park, Maseru, Lesotho Vodacom Lesotho (Pty) Limited 5 48.40 Ordinary shares Luxembourg 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg Tomorrow Street GP S.à r.l. 100.00 Ordinary shares Vodafone Asset Management Services S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Global Businesses S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Luxembourg S.A. 100.00 Ordinary euro shares Vodafone International 1 S.à r.l. 100.00 Ordinary shares Vodafone International M S.à r.l. 100.00 Ordinary shares Vodafone Investments Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg 5 S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Procurement Company S.à r.l. 100.00 Ordinary shares Vodafone Roaming Services S.à r.l. 100.00 Ordinary shares Vodafone Services Company S.à r.l. 100.00 Ordinary shares Malaysia Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia Vodafone Global Enterprise (Malaysia) Sdn Bhd 100.00 Ordinary shares Malta Portomaso Business Tower, Level 15B, St Julians, STJ 4011, Malta Vodafone Holdings Limited 100.00 ‘A’ ordinary shares, ‘B’ ordinary shares Vodafone Insurance Limited 100.00 ‘A’ ordinary shares, ‘B’ ordinary shares Mauritius 10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius Mobile Wallet VM1 5 60.50 Ordinary shares Mobile Wallet VM2 5 60.50 Ordinary shares VBA (Mauritius) Limited 5 60.50 Ordinary shares, Redeemable preference shares Vodacom International Limited 5 60.50 Ordinary shares, Non-cumulative preference shares Fifth Floor, Ebene Esplanade, 24 Cybercity, Ebene, Mauritius Al-Amin Investments Limited 100.00 Ordinary shares Array Holdings Limited 100.00 Ordinary shares Asian Telecommunication Investments (Mauritius) Limited 100.00 Ordinary shares CCII (Mauritius), Inc. 100.00 Ordinary shares CGP India Investments Ltd. 100.00 Ordinary shares Euro Pacific Securities Ltd. 100.00 Ordinary shares Mobilvest 100.00 Ordinary shares Prime Metals Ltd. 100.00 Ordinary shares Trans Crystal Ltd. 100.00 Ordinary shares Vodafone Mauritius Ltd. 100.00 Ordinary shares Vodafone Tele-Services (India) Holdings Limited 100.00 Ordinary shares Vodafone Telecommunications (India) Limited 100.00 Ordinary shares Mexico Avenida Insurgentes Sur No. 1647, Piso 12, despacho 1202, Colonia San José Insurgentes, Alcaldía Benito Juárez, C.P. 03900, Ciudad de México, Mexico Vodafone Empresa México S.de R.L. de C.V. 100.00 Corporate certificate series A shares, Corporate certificate series B shares Mozambique Rua dos Desportistas, Numero 649, Cidade de Maputo, Mozambique VM, SA 5 51.42 Ordinary shares Vodafone M-Pesa, S.A 5 51.42 Ordinary shares Netherlands Rivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel, Netherlands Vodafone Enterprise Netherlands B.V. 100.00 Ordinary shares Vodafone Europe B.V. 100.00 Ordinary shares Vodafone International Holdings B.V. 100.00 Ordinary shares Vodafone Panafon International Holdings B.V. 99.87 Ordinary shares Rivium Quadrant 175, 6th Floor, 2909 LC, Capelle aan den IJssel, Netherlands Central Tower Holding Company B.V. 4 81.05 Ordinary shares and special shares Zuid-hollanden 7, Rode Olifant, Spaces, 2596AL, den Haag, Netherlands IoT.nxt USA BV 5 30.87 Ordinary shares IOT.NXT BV. 5 30.87 Ordinary shares IoT.nxt Europe BV 5 30.87 Ordinary shares New Zealand 74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand Vodafone Enterprise Hong Kong Limited -New Zealand Branch 2 100.00 Branch Norway c/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway Vodafone Enterprise Norway AS 100.00 Ordinary shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom Vodafone Limited – Norway Branch 2 100.00 Branch Oman Knowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box 104 135, Oman Vodafone Services LLC 100.00 Shares Poland Ul. Złota 59, 00-120 , Warszawa, Poland Vodafone Business Poland sp. z o.o. 100.00 Ordinary shares % of share class held by Group Company name Companies Share class Portugal Av. D. João II, nº 36 – 8º Piso, 1998 – 017, Parque das Nações, Lisboa, Portugal Oni Way - Infocomunicacoes, S.A 100.00 Ordinary shares Vodafone Portugal – Comunicacoes Pessoais, S.A. 100.00 Ordinary shares Vodafone Enterprise Spain, S.L.U. – Portugal Branch 2 100.00 Branch Vodafone Towers Portugal, S.A. 4 81.05 Ordinary shares Romania 1 A Constantin Ghercu Street, Floors 8 - 10, 6 th District, Bucharest, Romania UPC Services S.R.L. 100.00 Ordinary shares 201 Barbu Vacarescu, 5th Floor, 2nd District, Vodafone External Services S.R.L. 100.00 Ordinary shares 201 Barbu Vacarescu, 8th Floor, 2nd District, Bucharest, Romania Vodafone Romania S.A 100.00 Ordinary shares 201 Barbu Vacarescu Street, Mezzanine, District 2, Bucharest, Romania Vodafone Foundation 100.00 Sole member 201 Barbu Vacarescu Street, Mezzanine, Room 1, District 2, Bucharest, Romania Vantage Towers S.R.L. 4 81.05 Ordinary shares 62D Nordului Street, District 1, Bucharest, Romania UPC Foundation 100.00 Sole member Sectorul 2, Strada Barbu Văcărescu, Nr. 201, Etaj 1, Bucureşti, Romania Vodafone România M – Payments SRL 100.00 Ordinary shares Sectorul 2, Strada Barbu Văcărescu, Nr. 201, Etaj 3, Bucureşti, Romania Vodafone România Technologies SRL 99.55 Ordinary shares Sectorul 4, Strada Oltenitei, Nr. 2, Etaj 3, Bucureşti, Romania Vodafone Shared Services Romania SRL 90.48 Ordinary shares Șoseaua Vestului no. 1A, West Mall Ploiești, First Floor, Ploiești, Romania Evotracking SRL 100.00 Ordinary shares Russian Federation Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation Cable & Wireless CIS Svyaz LLC 100.00 Charter capital shares Serbia Vladimira Popovića 38-40, New Belgrade, 11070, Serbia Vodafone Enterprise Equipment Limited Ogranak u Beogradu - Serbia Branch 2 100.00 Branch Singapore Asia Square Tower 2, 12 Marina View, #17-01, Singapore, 018961, Singapore Vodafone Enterprise Singapore Pte.Ltd 100.00 Ordinary shares Slovakia Prievozská 6, Bratislava, 821 09, Slovakia Vodafone Czech Republic A.S. – Slovakia Branch 2 100.00 Branch Suché mýto 1, Bratislava, 811 03, Slovakia Vodafone Global Network Limited – Slovakia Branch 2 100.00 Branch South Africa 319 Frere Road, Glenwood, 4001, South Africa Cable and Wireless Worldwide South Africa (Pty) Ltd 100.00 Ordinary shares 9 Kinross Street, Germiston South, 1401, South Africa Vodafone Holdings (SA) Proprietary Limited 100.00 Ordinary shares Vodafone Investments (SA) Proprietary Limited 100.00 Ordinary A shares, “B” ordinary no par value shares Bylsbridge Office Park, Building 14m Block C, 1st Floor, Alexandra Road, Centurion, Highveld Ext 73, 0046, South Africa 10T Holdings (Proprietary) Limited 5 Ordinary shares IoT.nxt (Pty) Limited 5 Ordinary shares IOT.nxt Development (Pty) Limited 5 Ordinary shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa GS Telecom (Pty) Limited 5 60.50 Ordinary shares Jupicol (Proprietary) Limited 5 42.35 Ordinary shares Mezzanine Ware Proprietary Limited (RF) 5 54.45 Ordinary shares Motifprops 1 (Proprietary) Limited 5 60.50 Ordinary shares Scarlet Ibis Investments 23 (Pty) Limited 5 60.50 Ordinary shares Storage Technology Services (Pty) Limited 5 30.85 Ordinary shares Vodacom (Pty) Limited 5 60.50 Ordinary shares, Ordinary A shares Vodacom Business Africa Group (Pty) Limited 5 60.50 Ordinary shares Vodacom Financial Services (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Group Limited 60.50 Ordinary shares Vodacom Insurance Administration Company (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Insurance Company (RF) Limited 5 60.50 Ordinary shares Vodacom International Holdings (Pty) Limited 5 60.50 Ordinary shares Vodacom Life Assurance Company (RF) Limited 5 60.50 Ordinary shares Vodacom Payment Services (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Properties No 1 (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Properties No.2 (Pty) Limited 5 60.50 Ordinary shares Wheatfields Investments 276 (Proprietary) Limited 5 60.50 Ordinary shares XLink Communications (Proprietary) Limited 5 60.50 Ordinary A Shares Spain Antracita, 7 – 28045, Madrid CIF B-91204453, Spain Vodafone Automotive Iberia S.L. 100.00 Ordinary shares Avenida de América 115, 28042, Madrid, Spain Vodafone Enabler España, S.L. 100.00 Ordinary shares Vodafone Enterprise Spain SLU 100.00 Ordinary shares, Ordinary euro shares Vodafone Espana S.A.U. 100.00 Ordinary shares Vodafone Holdings Europe S.L.U. 100.00 Ordinary shares Vodafone ONO, S.A.U. 100.00 Ordinary shares Vodafone Servicios S.L.U. 100.00 Ordinary shares Vantage Towers, S.L.U. 4 81.05 Ordinary shares Sweden c/o Hellström advokatbyrå, Box 7305, 103 90, Stockholm, Sweden Vodafone Enterprise Sweden AB 100.00 Ordinary shares, Shareholder’s contribution shares Switzerland Schiffbaustrasse 2, 8005, Zurich, Switzerland Vodafone Enterprise Switzerland AG 100.00 Ordinary shares Via Franscini 10, 6850 Mendrisio, Switzerland Vodafone Automotive Telematics S.A 100.00 Ordinary shares Taiwan 22F., No.100, Songren Road., Xinyi District, Taipei City, 11070, Taiwan Vodafone Global Enterprise Taiwan Limited 100.00 Ordinary shares Tanzania, United Republic of 15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of Shared Networks Tanzania Limited 5 45.37 Ordinary shares Vodacom Tanzania Public Limited Company 5 45.37 Ordinary shares 3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road, Dar es Salaam, Tanzania, United Republic of Gateway Communications Tanzania Limited (in liquidation) 5 59.89 Ordinary shares Plot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of M-Pesa Limited 5 Ordinary A shares, Ordinary B shares Vodacom Tanzania Limited Zanzibar 5 Ordinary shares Turkey Büyükdere Caddesi, No: 251, Maslak, Şişli / İstanbul, Turkey, 34398, Turkey Vodafone Bilgi Ve Iletisim Hizmetleri AS 100.00 Registered shares Vodafone Dagitim, Servis ve Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Dijital Yayincilik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Holding A.S. 100.00 Registered shares Vodafone Kule ve Altyapi Hizmetleri A.S. 100.00 Ordinary shares Vodafone Medya Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Net İletişim Hizmetleri A.S. 100.00 Ordinary shares Vodafone Telekomunikasyon A.S. 100.00 Registered shares İTÜ Ayazağa Kampüsü, Koru Yolu, Arı Teknokent Arı 3 Binası, Maslak, İstanbul, 586553, Turkey Vodafone Teknoloji Hizmetleri A.S. 100.00 Registered shares Maslak Mah. AOS 55 Sk. 42 Maslak Sit. B Blok Apt. No: 4/663, Sarıyer Istanbul, Turkey Vodafone Sigorta Aracilik Hismetleri A.S. 100.00 Ordinary shares Vodafone Elektronik Para Ve Ödeme Hizmetleri A.S. 100.00 Registered shares Ukraine Bohdana Khmelnytskogo Str. 19-21, Kyiv, Ukraine LLC Vodafone Enterprise Ukraine 100.00 Ordinary shares % of share class held by Group Company name Companies Share class United Arab Emirates Office 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai, United Arab Emirates Vodafone Enterprise Europe (UK) Limited – Dubai Branch 2 100.00 Branch United Kingdom 1-2 Berkeley Square, 99 Berkeley Street, Glasgow, G3 7HR, Scotland Thus Group Holdings Limited 100.00 Ordinary shares Thus Group Limited 100.00 Ordinary shares Thus Profit Sharing Trustees Limited 100.00 Ordinary shares 784 Upper Newtownards Road, Belfast, BT16 1UD, United Kingdom Vodafone (NI) Limited 100.00 Ordinary shares Edinburgh House, 4 North St. Andrew Street, Edinburgh, EH2 1HJ, United Kingdom Pinnacle Cellular Group Limited 100.00 Ordinary shares Pinnacle Cellular Limited 100.00 Ordinary shares Vodafone (Scotland) Limited 100.00 Ordinary shares Woodend Group Limited (in process of dissolution) 100.00 Ordinary shares Quarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland Energis (Ireland) Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares, D Ordinary Staple Court, 11 Staple Inn Building, London, WC1V 7QH, United Kingdom Vodacom Business Africa Group Services Limited 5 60.50 Ordinary shares, Preference shares Vodacom UK Limited 5 60.50 Ordinary shares, Non-redeemable ordinary A shares, Ordinary B shares, Non-redeemable preference shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom AAA (Euro) Limited (in process of dissolution) 100.00 Ordinary shares Apollo Submarine Cable System Limited 100.00 Ordinary shares Aspective Limited (in process of dissolution) 100.00 Ordinary shares Astec Communications Limited (in process of dissolution) 100.00 Ordinary shares Bluefish Communications Limited 100.00 Ordinary A shares, Ordinary B shares, Ordinary C shares, Ordinary D shares Cable & Wireless Aspac Holdings Limited 100.00 Ordinary shares Cable & Wireless CIS Services Limited 100.00 Ordinary shares Cable & Wireless Communications Data Network Services Limited 100.00 'A' ordinary shares, 'B' ordinary shares Cable & Wireless Europe Holdings Limited 100.00 Ordinary shares Cable & Wireless Global Business Services Limited 100.00 Ordinary shares Cable & Wireless Global Holding Limited 100.00 Ordinary shares Cable & Wireless Global Telecommunication Services Limited 100.00 Ordinary shares Cable & Wireless UK Holdings Limited 100.00 Ordinary shares Cable & Wireless Worldwide Limited 100.00 Ordinary shares, Redeemable preference shares Cable & Wireless Worldwide Voice Messaging Limited 100.00 Ordinary shares Cable and Wireless (India) Limited 100.00 Ordinary shares Cable and Wireless Nominee Limited 100.00 Ordinary shares Cellops Limited (in process of dissolution) 100.00 Ordinary shares Central Communications Group Limited 100.00 Ordinary shares, Ordinary A shares Energis Communications Limited 100.00 Ordinary shares Energis Squared Limited 100.00 Ordinary shares General Mobile Corporation Limited 100.00 Ordinary shares London Hydraulic Power Company 100.00 Ordinary shares, MetroHoldings Limited 100.00 Ordinary shares ML Integration Group Limited 100.00 Ordinary shares, Redeemable preference shares Navtrak Limited 100.00 Ordinary shares Project Telecom Holdings Limited 1 100.00 Ordinary shares Rian Mobile Limited 100.00 Ordinary shares Singlepoint (4U) Limited (in process of dissolution) 100.00 Ordinary shares Talkland International Limited 100.00 Ordinary shares Talkmobile Limited 100.00 Ordinary shares Talkmobile U.K. Limited (in process of dissolution) 100.00 Ordinary shares The Eastern Leasing Company Limited 100.00 Ordinary shares Thus Limited 100.00 Ordinary shares Vizzavi Limited 100.00 Ordinary shares Voda Limited 100.00 Ordinary shares, Zero coupon redeemable preference shares Vodafone (New Zealand) Hedging Limited 100.00 Ordinary shares Vodafone 2. 100.00 Ordinary shares Vodafone 4 UK 100.00 Ordinary shares Vodafone 5 Limited 100.00 Ordinary shares Vodafone 5 UK 100.00 Ordinary shares Vodafone 6 UK 100.00 Ordinary shares Vodafone Americas 4 100.00 Ordinary shares Vodafone Automotive UK Limited 100.00 Ordinary shares Vodafone Benelux Limited 100.00 Ordinary shares, Preference shares Vodafone Business Solutions Limited (in process of dissolution) 100.00 Ordinary shares Vodafone Cellular Limited 1 100.00 Ordinary shares % of share class held by Group Company name Companies Share class Vodafone Connect Limited (in process of dissolution) 100.00 Ordinary shares Vodafone Consolidated Holdings Limited 100.00 Ordinary shares Vodafone Corporate Limited 100.00 Ordinary shares Vodafone Corporate Secretaries Limited 1 100.00 Ordinary shares Vodafone DC Pension Trustee Company Limited 1 100.00 Ordinary shares Vodafone Distribution Holdings Limited 100.00 Ordinary shares Vodafone Enterprise Corporate Secretaries Limited 100.00 Ordinary shares Vodafone Enterprise Equipment Limited 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited 100.00 Ordinary shares Vodafone Enterprise U.K. 100.00 Ordinary shares Vodafone Euro Hedging Limited 100.00 Ordinary shares Vodafone Euro Hedging Two 100.00 Ordinary shares Vodafone Europe UK 100.00 Ordinary shares Vodafone European Investments 1 100.00 Ordinary shares Vodafone European Portal Limited 1 100.00 Ordinary shares Vodafone Finance Limited 1 100.00 Ordinary shares Vodafone Finance Luxembourg Limited 100.00 Ordinary shares Vodafone Finance Sweden 100.00 Ordinary shares, Ordinary deferred Vodafone Finance UK Limited 100.00 Ordinary shares Vodafone Financial Operations 100.00 Ordinary shares Vodafone Global Content Services Limited 100.00 Ordinary shares, 5% fixed rate non-voting preference shares Vodafone Global Enterprise Limited 100.00 Ordinary shares, Deferred shares, B deferred shares Vodafone Group (Directors) Trustee Limited 1 100.00 Ordinary shares Vodafone Group Pension Trustee Limited 1 100.00 Ordinary shares Vodafone Group Services Limited 100.00 Ordinary shares, Deferred shares Vodafone Group Services No.2 Limited 1 100.00 Ordinary shares Vodafone Group Share Trustee Limited 1 100.00 Ordinary shares Vodafone Hire Limited (in process of dissolution) 100.00 Ordinary shares Vodafone Holdings Luxembourg Limited 100.00 Ordinary shares Vodafone Intermediate Enterprises Limited 100.00 Ordinary shares Vodafone International 2 Limited – UK Branch 2 100.00 Branch Vodafone International Holdings Limited 100.00 Ordinary shares Vodafone International Operations Limited 100.00 Ordinary shares Vodafone Investment UK 100.00 Ordinary shares Vodafone Investments Australia Limited 100.00 Ordinary shares Vodafone Investments Limited 1 100.00 Ordinary shares, Zero coupon redeemable preference shares Vodafone IP Licensing Limited 1 100.00 Ordinary shares Vodafone Limited 100.00 Ordinary shares Vodafone Marketing UK 100.00 Ordinary shares Vodafone Mobile Communications Limited 100.00 Ordinary shares Vodafone Mobile Enterprises Limited 100.00 A-ordinary shares, Ordinary one pound shares Vod

Subsidiaries exempt from audit

Subsidiaries exempt from audit	12 Months Ended
	Mar. 31, 2021
Subsidiaries exempt from audit
Subsidiaries exempt from audit	32. Subsidiaries exempt from audit The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year ended 31 March 2021. Name Registration number Bluefish Communications Limited Cable & Wireless Aspac Holdings Limited Cable & Wireless CIS Services Limited Cable & Wireless Europe Holdings Limited Cable & Wireless Global Business Services Limited Cable & Wireless Global Holding Limited Cable & Wireless UK Holdings Limited Cable & Wireless Worldwide Limited Cable & Wireless Worldwide Voice Messaging Limited Cable & Wireless Nominee Limited Central Communications Group Limited Energis (Ireland) Limited NI035793 Energis Communications Limited Energis Squared Limited General Mobile Corporation Limited London Hydraulic Power Company (The) ZC000055 MetroHoldings Limited ML Integration Group Limited 3252903 Project Telecom Holdings Limited The Eastern Leasing Company Limited Thus Group Holdings Limited SC192666 Thus Group Limited SC226738 Voda Limited Vodafone (New Zealand) Hedging Limited Vodafone (Scotland) Limited SC170238 Vodafone 2. Vodafone 4 UK Vodafone 5 Limited Vodafone 5 UK Vodafone 6 UK Vodafone Americas 4 Vodafone Benelux Limited Vodafone Cellular Limited Vodafone-Central Limited Vodafone Consolidated Holdings Limited Vodafone Corporate Limited Vodafone Corporate Secretaries Limited Vodafone Distribution Holdings Limited Vodafone Enterprise Corporate Secretaries Limited Vodafone Enterprise Equipment Limited Vodafone Enterprise Europe (UK) Limited Vodafone Euro Hedging Limited Vodafone Euro Hedging Two Vodafone Europe UK Vodafone European Investments Vodafone European Portal Limited Vodafone Finance Luxembourg Limited Vodafone Finance Sweden Vodafone Finance UK Limited Vodafone Financial Operations Vodafone Global Content Services Limited Vodafone Holdings Luxembourg Limited Vodafone Intermediate Enterprises Limited Vodafone International Holdings Limited Vodafone International Operations Limited Vodafone Investment UK Vodafone Investments Limited Vodafone IP Licensing Limited Vodafone Marketing UK Vodafone Mobile Communications Limited Vodafone Mobile Enterprises Limited Vodafone Mobile Network Limited Vodafone Nominees Limited Vodafone Oceania Limited Vodafone Overseas Finance Limited Vodafone Overseas Holdings Limited Vodafone Panafon UK Vodafone Property Investments Limited Vodafone Retail (Holdings) Limited Vodafone UK Limited Vodafone Worldwide Holdings Limited Vodafone Yen Finance Limited Vodaphone Limited Vodata Limited Your Communications Group Limited

Subsequent events

Subsequent events	12 Months Ended
	Mar. 31, 2021
Subsequent events.
Subsequent events	33. Subsequent Events Share buyback programme On 19 May 2021, the Group announced that it commenced a new irrevocable and non-discretionary share buyback programme to further reduce the issued share capital of Vodafone to partially offset the increase in the issued share capital as a result of the maturing of the first tranche of the subordinated Mandatory Convertible Bonds. Morgan Stanley will serve as the principal and will decide on the timing of share purchases. The programme, which commenced on 19 May 2021 and will end no later than 23 July 2021, will repurchase no more than 268,237,246 ordinary shares and the maximum amount allocated for purchases is £340 million. See page 31 for more information. Bond issuance On 4 June 2021, the Group issued debt securities for net proceeds of US$2.4 billion. The securities are due on 4 June 2081.

Basis of preparation (Policies)

Basis of preparation (Policies)	12 Months Ended
	Mar. 31, 2021
Basis of preparation
Accounting convention	Accounting convention The consolidated financial statements are prepared on a historical cost basis except for certain financial and equity instruments that have been measured at fair value.
Basis of consolidation	Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company, subsidiaries controlled by the Company (see note 31 “Related undertakings” to the consolidated financial statements), joint operations that are subject to joint control and the results of joint ventures and associates (see note 12 “Investments in associates and joint arrangements” to the consolidated financial statements).
Foreign currencies	Foreign currencies The consolidated financial statements are presented in euro, which is also the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. Changes in the fair value of monetary securities denominated in foreign currency are analysed between translation differences and other changes in the carrying amount of the security. Translation differences are recognised in the consolidated income statement and other changes in carrying amount are recognised in the consolidated statement of comprehensive income. Translation differences on non-monetary financial assets, such as investments in equity securities classified at fair value through other comprehensive income, are reported as part of the fair value gain or loss and are included in the consolidated statement of comprehensive income. Share capital, share premium and other capital reserves are initially recorded at the functional currency rate prevailing at the date of the transaction and are not retranslated. For the purpose of presenting consolidated financial statements, the assets and liabilities of entities with a functional currency other than euro are expressed in euro using exchange rates prevailing at the reporting period date. Income and expense items and cash flows are translated at the average exchange rates for each month and exchange differences arising are recognised directly in other comprehensive income. On disposal of a foreign entity, the cumulative amount previously recognised in the consolidated statement of comprehensive income relating to that particular foreign operation is recognised in profit or loss in the consolidated income statement. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated accordingly. The net foreign exchange loss recognised in the consolidated income statement for the year ended 31 March 2021 is €13 million (31 March 2020: €146 million loss; 2019: €2,277 million loss). The net gains and net losses are recorded within operating profit (2021: €1 million charge; 2020: €24 million credit; 2019: €1 million charge), non-operating expense (2021: €4 million credit; 2020: €37 million credit; 2019: €nil), investment income (2021: €23 million charge 2020: €205 million charge; 2019: €190 million charge), income tax expense (2021: €7 million credit; 2020: €2 million charge; 2019: €7 million charge) and loss for the financial year from discontinued operations (2021: €nil, 2020: €nil, 2019: €2,079 million charge). The foreign exchange gains and losses included within other income and expense and non- operating expense arise on the disposal of subsidiaries, interests in joint ventures, associates and investments from the recycling of foreign exchange gains and losses previously recognised in the consolidated statement of comprehensive income.
Current or non-current classification	Current or non-current classification Assets are classified as current in the consolidated statement of financial position where recovery is expected within 12 months of the reporting date. All assets where recovery is expected more than 12 months from the reporting date and all deferred tax assets, goodwill and intangible assets, property, plant and equipment and investments in associates and joint ventures are reported as non-current. Liabilities are classified as current unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. For provisions, where the timing of settlement is uncertain, amounts are classified as non-current where settlement is expected more than 12 months from the reporting date. In addition, deferred tax liabilities and post-employment benefits are reported as non-current.
Inventory	Inventory Inventory is stated at the lower of cost and net realisable value. Cost is determined on the basis of weighted average costs and comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
New accounting pronouncements adopted	New accounting pronouncements adopted on 1 April 2020 The Group adopted the following new accounting policies on 1 April 2020 to comply with amendments to IFRS. The accounting pronouncements, none of which had a material impact on the Group’s financial reporting on adoption, are: – – – New accounting pronouncements to be adopted on or after 1 April 2021 The IASB has issued the following pronouncements for annual periods beginning on or after 1 January 2021. – – – These amendments have either been endorsed by the EU before 31 December 2020 or by the UK Endorsement Board thereafter. The Group’s financial reporting will be presented in accordance with the above new standards from 1 April 2021. The changes are not expected to have a material impact on the consolidated income statement, consolidated statement of financial position or consolidated cash flow statement. New accounting pronouncements to be adopted on or after 1 April 2022 The following narrow-scope amendments have been issued by the IASB and are effective for annual periods beginning on or after 1 January 2022; they were not endorsed by the EU at 31 December 2020 and have not yet been endorsed by the UK Endorsement Board. – – – – The following new standards have also been issued by the IASB and are effective for periods beginning on or after 1 January 2023; they were not endorsed by the EU at 31 December 2020 and have not yet been endorsed by the UK Endorsement Board. – – – – The Group is assessing the impact of these new standards and the Group’s financial reporting and will be presented in accordance with these standards from 1 April 2022 or 1 April 2023 as applicable.
Revenue disaggregation and segmental analysis	Revenue disaggregation and segmental analysis The Group’s businesses are managed on a geographical basis. Selected financial data is presented on this basis below.
Impairment losses	Impairment losses Impairment occurs when the carrying value of assets is greater than the present value of the net cash flows they are expected to generate. We review the carrying value of assets for each country in which we operate at least annually. For further details of our impairment review process see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation” to the consolidated financial statements.
Investment income and financing costs	Investment income and financing costs Investment income comprises interest received from short-term investments and other receivables. Financing costs mainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to manage foreign exchange and interest rate movements.
Taxation	Taxation This note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets held across the Group together with our view on whether or not we expect to be able to make use of these in the future.
Earnings per share	Earnings per share Basic earnings per share is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average number of shares in issue during the year.
Intangible assets	Intangible assets The statement of financial position contains significant intangible assets, mainly in relation to goodwill and licences and spectrum. Goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net assets primarily due to the synergies we expect to create, is not amortised but is subject to annual impairment reviews. Licences and spectrum are amortised over the life of the licence. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 to the consolidated financial statements.
Property, plant and equipment	Property, plant and equipment The Group makes significant investments in network equipment and infrastructure – the base stations and technology required to operate our networks – that form the majority of our tangible assets. All assets are depreciated over their useful economic lives. For further details on the estimation of useful economic lives, see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 to the consolidated financial statements.
Investments in associates and joint arrangements	Investments in associates and joint arrangements The Group holds interests in associates in Kenya and in India, where we have significant influence, as well as in a number of joint arrangements in the UK, Italy, the Netherlands, India and Australia, where we share control with one or more third parties. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 to the consolidated financial statements.
Other investments	Other investments The Group holds a number of other listed and unlisted investments, mainly comprising managed funds, deposits and government bonds.
Trade and other receivables	Trade and other receivables Trade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay to our suppliers in advance. Derivative financial instruments with a positive market value are reported within this note as are contract assets, which represent an asset for accrued revenue in respect of goods or services delivered to customers for which a trade receivable does not yet exist, and finance lease receivables recognised where the Group acts as a lessor. See note 20 "Leases" for more information on the Group's leasing activities.
Trade and other payables	Trade and other payables Trade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued and contract liabilities relating to consideration received from customers in advance. They also include taxes and social security amounts due in relation to the Group’s role as an employer. Derivative financial instruments with a negative market value are reported within this note.
Provisions	Provisions A provision is a liability recorded in the statement of financial position, where there is uncertainty over the timing or amount that will be paid, and is therefore often estimated. The main provisions we hold are in relation to asset retirement obligations, which include the cost of returning network infrastructure sites to their original condition at the end of the lease and claims for legal and regulatory matters.
Called up share capital	Called up share capital Called up share capital is the number of shares in issue at their par value. A number of shares were allotted during the year in relation to employee share schemes.
Cash and cash equivalents	Cash and cash equivalents The majority of the Group’s cash is held in bank deposits or money market funds which have a maturity of three months or less from acquisition to enable us to meet our short-term liquidity requirements.
Borrowings	Borrowings The Group’s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities and through short-term and long-term issuances in the capital markets including bond and commercial paper issues and bank loans. Liabilities arising from the Group’s lease arrangements are also reported in borrowings; see note 20 “Leases”. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates depending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to mitigate the impact of exchange rate movements on certain monetary items.
Post employment benefits	Post employment benefits The Group operates a number of Defined Benefit and Defined Contribution retirement plans for our employees. The Group’s largest defined benefit plan is in the UK. For further details see “Critical accounting judgements and key sources of estimation uncertainty” in note 1 “Basis of preparation”.
Share-based payments	Share-based payments The Group has a number of share plans used to award shares to Executive Directors and employees as part of their remuneration package. A charge is recognised over the vesting period in the consolidated income statement to record the cost of these, based on the fair value of the award on the grant date.
Business combinations	Business combinations Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the income statement as incurred. The acquiree’s identifiable assets and liabilities are recognised at their fair values at the acquisition date, which is the date on which control is transferred to the Group. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group’s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders’ proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. Acquisition of interests from non-controlling shareholders In transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or received and the amount by which the non-controlling interest is adjusted is recognised in equity.
Commitments	Commitments A commitment is a contractual obligation to make a payment in the future, mainly in relation to agreements to buy assets such as mobile devices, network infrastructure and IT systems and leases that have not commenced. These amounts are not recorded in the consolidated statement of financial position since we have not yet received the goods or services from the supplier. The amounts below are the minimum amounts that we are committed to pay.
Contingent liabilities and legal proceedings	Contingent liabilities and legal proceedings Contingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably.
Subsidiaries	Subsidiaries Accounting policies A subsidiary is an entity directly or indirectly controlled by the Company. Control is achieved where the Company has existing rights that give it the current ability to direct the activities that affect the Company’s returns and exposure or rights to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Revenue disaggregation and se_2

Revenue disaggregation and segmental analysis (Tables)	12 Months Ended
	Mar. 31, 2021
Revenue disaggregation and segmental analysis
Schedule of revenue disaggregation (IFRS 15 basis)	Revenue from Total Service Equipment contracts with Other Interest segment Adjusted revenue revenue customers revenue 1 revenue revenue EBITDA 31 March 2021 €m €m €m €m €m €m €m Germany 11,520 1,055 12,575 380 29 12,984 5,634 Italy 4,458 446 4,904 97 13 5,014 1,597 UK 4,848 1,206 6,054 44 53 6,151 1,367 Spain 3,788 292 4,080 64 22 4,166 1,044 Other Europe 4,859 549 5,408 124 17 5,549 1,760 Vodacom 4,083 800 4,883 282 16 5,181 1,873 Other Markets 3,312 441 3,753 12 0 3,765 1,228 Common Functions 2 470 36 506 862 0 1,368 (117) Eliminations (197) (1) (198) (171) 0 (369) 0 Group 37,141 4,824 41,965 1,694 150 43,809 14,386 Revenue from Total Service Equipment contracts with Other Interest segment Adjusted revenue revenue customers revenue 1 revenue revenue EBITDA 31 March 2020 €m €m €m €m €m €m €m Germany 10,696 1,055 11,751 300 25 12,076 5,077 Italy 4,833 583 5,416 101 12 5,529 2,068 UK 5,020 1,333 6,353 63 68 6,484 1,500 Spain 3,904 318 4,222 51 23 4,296 1,009 Other Europe 4,890 539 5,429 94 18 5,541 1,738 Vodacom 4,470 864 5,334 190 7 5,531 2,088 Other Markets 3,796 552 4,348 36 2 4,386 1,400 Common Functions 2 494 53 547 1,020 — 1,567 1 Eliminations (232) (2) (234) (202) — (436) — Group 37,871 5,295 43,166 1,653 155 44,974 14,881 Revenue from Total Service Equipment contracts with Other Interest segment Adjusted revenue revenue customers revenue 1 revenue revenue EBITDA 31 March 2019 €m €m €m €m €m €m €m Germany 9,145 1,077 10,222 139 29 10,390 4,079 Italy 5,030 722 5,752 97 8 5,857 2,202 UK 4,952 1,207 6,159 56 57 6,272 1,364 Spain 4,203 392 4,595 58 16 4,669 1,038 Other Europe 4,460 529 4,989 61 22 5,072 1,606 Vodacom 4,391 873 5,264 171 8 5,443 2,157 Other Markets 4,011 816 4,827 29 8 4,864 1,404 Common Functions 2 477 37 514 1,003 — 1,517 68 Eliminations (211) (1) (212) (206) — (418) — Group 36,458 5,652 42,110 1,408 148 43,666 13,918 Notes: 1 Other revenue includes lease revenue recognised under IFRS 16 “Leases” for the years ended 31 March 2021 and 31 March 2020 and under IAS 17 for the year ended 31 March 2019 (see note 20 “Leases”). 2 Comprises central teams and business functions.
Schedule of reconciliation of adjusted EBITDA to operating profit/(loss)	€m €m €m Adjusted EBITDA 14,386 14,881 13,918 Restructuring costs (356) (695) (460) Interest on lease liabilities 374 330 — Loss on disposal of owned assets (30) (54) (33) Depreciation and amortisation on owned assets 1 (10,187) (10,454) (9,795) Share of results in equity accounted associates and joint ventures 342 (2,505) (908) Impairment losses 0 (1,685) (3,525) Other income/(expense) 568 4,281 (148) Operating profit/(loss) 5,097 4,099 (951) Non-operating expense 0 (3) (7) Investment income 330 248 433 Finance costs (1,027) (3,549) (2,088) Profit/(loss) before taxation 4,400 795 (2,613) Note: 1 Comparative figure for 2019 includes €59 million depreciation on assets held under finance leases under IAS 17, prior to the adoption of IFRS 16 ‘Leases.’.
Schedule of segmental assets and cash flow (IAS 18 basis)	Other Depreciation Non-current Capital Right-of-use additions to and assets 1 additions 2 asset additions intangible assets 3 amortisation Impairment loss €m €m €m €m €m €m 31 March 2021 Germany 47,563 2,772 1,133 1 4,836 0 Italy 10,707 805 758 17 2,025 0 UK 7,968 822 1,138 0 2,202 0 Spain 7,213 772 700 9 1,579 0 Other Europe 10,369 968 1,016 431 1,727 0 Vodacom 5,839 703 174 0 872 0 Other Markets 2,988 512 247 439 666 0 Common Functions 2,145 829 140 0 194 0 Group 94,792 8,183 5,306 897 14,101 0 31 March 2020 Germany 48,266 2,278 912 1,613 4,805 — Italy 11,119 697 1,645 24 1,958 — UK 7,790 753 733 — 2,160 — Spain 7,229 761 386 — 1,763 (840) Other Europe 9,138 823 298 29 1,706 (740) Vodacom 5,400 802 174 55 939 — Other Markets 4 2,963 587 290 55 672 — Common Functions 2,217 821 155 — 171 (105) Group 4 94,122 7,522 4,593 1,776 14,174 (1,685) 31 March 2019 Germany 24,529 1,816 — 2 3,017 — Italy 11,031 784 — 2,219 1,337 — UK 7,405 804 — 408 1,612 — Spain 7,438 813 — 216 1,318 (2,930) Other Europe 7,093 775 — 42 1,073 (310) Vodacom 5,503 810 — 91 758 — Other Markets 3,429 626 — 34 673 (255) Common Functions 2,009 799 — — 7 (30) Group 68,437 7,227 — 3,012 9,795 (3,525) Notes: 1 Comprises goodwill, other intangible assets and property, plant and equipment. 2 Includes additions to property, plant and equipment (excluding right-of-use assets,), computer software and development costs, reported within Intangible assets. 3 Includes additions to licences and spectrum and customer base acquisitions. 4 Comparative figures for the year ended 31 March 2020 have been re-presented to reflect that Egypt is no longer held for sale. See note 7 ‘Discontinued operations and assets and liabilities held for sale’.

Operating profit_(loss) (Tables

Operating profit/(loss) (Tables)	12 Months Ended
	Mar. 31, 2021
Operating profit/(loss)
Schedule of operating profit/(loss)	€m €m €m Amortisation of intangible assets (note 10) 4,421 4,459 3,941 Depreciation of property, plant and equipment (note 11): Owned assets 5,766 5,995 5,795 Leased assets 3,914 3,720 59 Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) 0 1,685 3,525 Staff costs (note 24) 5,157 5,462 5,267 Amounts related to inventory included in cost of sales 5,160 5,699 5,886 Operating lease rentals payable 0 — 3,826 Own costs capitalised attributable to the construction or acquisition of property, plant and equipment (995) (902) (844) Net gain on formation of TPG Telecom 1 (note 12) 1,043 — — Net gain on formation of Indus Towers Limited 1 (note 12) 292 — — Pledge arrangements in respect of Indus Towers Limited 1 (note 29) (429) — — Settlement of tender offer to KDG shareholders 1 (204) — — Net gain on disposal of Vodafone New Zealand 1 (note 27) 0 (1,078) — Net gain on disposal of tower infrastructure in Italy 1 (note 27) 0 (3,356) — Net gain on disposal of Vodafone Malta 1 (note 27) 0 (170) — Note: 1 Included in Other income and expense in the Consolidated income statement.
Schedule of auditors remuneration	Re-presented 1 €m €m €m Parent company 3 4 2 Subsidiaries 16 17 14 Subsidiaries - Vantage Towers 2 1 — — Subsidiaries - new accounting standards 3 0 1 1 Audit fees 4 20 22 17 Vantage Towers IPO 2 8 5 — Audit-related 5 0 1 2 Corporate finance 6 0 1 — Non-audit fees 8 7 2 Total fees 28 29 19 Notes: 1 Audit fees for the year ended 31 March 2020 have increased by €2 million compared to the amount previously reported. This is to include fees agreed during the year ended 31 March 2021 but which related to the year ended 31 March 2020. 2 Fees incurred in preparations for the IPO of Vantage Towers A.G. During the year ended 31 March 2021, fees of €1 million related to financial statement audit services and fees of €8 million related to IPO services and Reporting Accountant procedures. 3 Fees in relation to the implementation of new accounting standards, notably IFRS 15 “Revenue from Contracts with Customers” and IFRS 16 “Leases” which were effective for the first time for the years ended 31 March 2019 and 31 March 2020 respectively. 4 Includes fees in connection with the interim review, preliminary announcement and controls audit required under Section 404 of the Sarbanes Oxley Act. In total this amounted to €1 million in each year for the years ended 31 March 2020 and 31 March 2021. 5 Fees for statutory and regulatory filings during the year. Fees were less than €1 million during the years ended 31 March 2021 and 31 March 2020. 6 At the time of the Board decision to recommend Ernst & Young LLP as the statutory auditor for the year ended 31 March 2020 in February 2019, Ernst & Young LLP were providing a range of services to the Group. All services that were prohibited by the Financial Reporting Council (‘FRC’) or Securities and Exchange Commission (‘SEC’) for a statutory auditor to provide ceased by 31 March 2019. All engagements that were not prohibited by the FRC or SEC but were not in accordance with the Group’s own internal approval policy for non-audit services, ceased early in the financial year ended 31 March 2020 to enable a smooth transition to alternative suppliers, where required.

Impairment losses (Tables)

Impairment losses (Tables)	12 Months Ended
	Mar. 31, 2021
Impairment losses
Schedule of impairment charges recognised	below. Cash-generating unit Reportable segment €m €m €m Spain Spain 0 840 2,930 Ireland Other Europe 0 630 — Romania Other Europe 0 110 310 Vodafone Automotive Common Functions 0 105 30 Vodafone Idea Other Markets 0 – 255 0 1,685 3,525
Schedule of carrying value of goodwill	Re-presented 1 €m €m Vodafone Germany 20,335 22,900 Vantage Towers Germany 2,565 — Italy 2,481 2,480 25,381 25,380 Other 6,350 5,998 31,731 31,378 Note: 1 Comparative figures for the year ended 31 March 2020 have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See note 7 ‘Discontinued operations and assets and liabilities held for sale’.
Schedule of key assumptions used in the value in use calculations	Key assumptions used in the value in use calculations The key assumptions used in determining the value in use are: Assumption How determined Projected adjusted EBITDA Projected adjusted EBITDA has been based on past experience adjusted for the following: – In Europe, mobile revenue is expected to benefit from increased usage as customers transition to higher data bundles, and new products and services are introduced. Fixed revenue is expected to continue to grow as penetration is increased and more products and services are sold to customers; – Outside of Europe, revenue is expected to continue to grow as the penetration of faster data-enabled devices rises along with higher data bundle attachment rates, and new products and services are introduced. The Other Markets segment is also expected to benefit from increased usage and penetration of M-Pesa in Africa; and – Margins are expected to be impacted by negative factors such as the cost of acquiring and retaining customers in increasingly competitive markets and by positive factors such as the efficiencies expected from the implementation of Group initiatives. Projected capital expenditure The cash flow forecasts for capital expenditure are based on past experience and include the ongoing capital expenditure required to maintain our networks, provide products and services in line with customer expectations, including of higher data volumes and speeds, and to meet the population coverage requirements of certain of the Group’s licences. In Europe, capital expenditure is required to roll out capacity-building next generation 5G and gigabit networks. Outside of Europe, capital expenditure will be required for the continued rollout of current and next generation mobile networks in emerging markets. Capital expenditure includes cash outflows for the purchase of property, plant and equipment and computer software. Projected licence and spectrum payments To enable the continued provision of products and services, the cash flow forecasts for licence and spectrum payments for each relevant cash-generating unit include amounts for expected renewals and newly available spectrum. Beyond the five year forecast period, a long-run cost of spectrum is assumed. Long-term growth rate For the purposes of the Group’s value in use calculations, a long ‑ term growth rate into perpetuity is applied immediately at the end of the five year forecast period and is based on the lower of: – the nominal GDP growth rate forecasts for the country of operation; and – the long-term compound annual growth rate in adjusted EBITDA as estimated by management. Long-term compound annual growth rates determined by management may be lower than forecast nominal GDP growth rates due to the following market-specific factors: competitive intensity levels, maturity of business, regulatory environment or sector-specific inflation expectations. Pre-tax risk adjusted discount rate The discount rate applied to the cash flows of each of the Group’s cash-generating units is generally based on the risk free rate for ten year bonds issued by the government in the respective market. Where government bond rates contain a material component of credit risk, high-quality local corporate bond rates may be used. These rates are adjusted for a risk premium to reflect both the increased risk of investing in equities and the systematic risk of the specific cash-generating unit. In making this adjustment, inputs required are the equity market risk premium (that is the required return over and above a risk free rate by an investor who is investing in the market as a whole) and the risk adjustment, beta, applied to reflect the risk of the specific cash-generating unit relative to the market as a whole. In determining the risk adjusted discount rate, management has applied an adjustment for the systematic risk to each of the Group’s cash-generating companies determined using an average of the betas of comparable listed telecommunications companies and, where available and appropriate, across a specific territory. Management has used a forward-looking equity market risk premium that takes into consideration both studies by independent economists, the long-term average equity market risk premium and the market risk premiums typically used by valuations practitioners. The risk adjusted discount rate is also based on typical leverage ratios of telecommunications companies in each cash-generating unit's respective market or region.
Schedule of carrying value of cash-generating unit materially exceed its recoverable amount	Recoverable amount less carrying value Decrease by 2pps Base case Increase by 2pps €bn €bn €bn Germany 4.2 7.4 10.8 Italy 1.5 2.7 4.1 Spain (0.3) 0.5 1.4 Romania — 0.1 0.2 Note: 1
Schedule of assumptions used in valuation of impairment loss	Assumptions used in value in use calculation Vantage Towers Germany Italy Spain Ireland Romania Germany % % % % % % Pre-tax risk adjusted discount rate 7.4 10.5 9.2 7.7 9.9 6.0 Long-term growth rate 0.5 0.5 0.5 0.5 1.0 1.5 Projected adjusted EBITDA 1 1.2 2.1 4.9 0.5 0.9 8.4 Projected capital expenditure 2 19.7-21.5 14.4-15.9 15.7-17.6 12.6-15.1 12.3-15.2 39.1-56.2 Change required for carrying value to equal recoverable amount Vantage Towers Germany Italy Spain Ireland Romania Germany pps pps pps pps pps pps Pre-tax risk adjusted discount rate 1.3 0.7 0.4 0.7 0.7 5.2 Long-term growth rate (1.3) (0.8) (0.5) (0.7) (0.9) (4.9) Projected adjusted EBITDA 1 (4.0) (1.5) (1.5) (1.6) (1.9) (19.3) Projected capital expenditure 2 12.7 3.0 1.6 2.8 1.9 162.6 Recoverable amount less carrying value Vantage Towers Germany Italy Spain Ireland Romania Germany €bn €bn €bn €bn €bn €bn Base case as at 31 March 2021 7.4 0.6 0.3 0.1 0.1 3.5 Change in projected adjusted EBITDA 1 Decrease by 5pps (1.6) (1.3) (0.6) (0.2) (0.1) 2.4 Increase by 5pps 18.2 2.9 1.4 0.5 0.3 5.0 Change in long-term growth rate Decrease by 1pps 1.5 (0.1) (0.3) 0 0 2.2 Increase by 1pps 16.0 1.6 1.0 0.3 0.2 6.1 Change required for carrying value to equal recoverable amount UK Portugal Czech Republic Hungary pps pps pps pps Pre-tax risk adjusted discount rate 0.8 0.9 1.2 0.3 Long-term growth rate (0.8) (1.0) (1.3) (0.4) Projected adjusted EBITDA 1 (1.7) (2.2) (3.0) (0.7) Projected capital expenditure 2 2.5 3.7 7.5 1.5 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. A pro-rata adjustment has been made to true up 31 March 2021 adjusted EBITDA to a full year where the towers business carve-out occurred during the year. Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing Assumptions used in value in use calculation Germany Italy Spain Ireland Romania Vodafone Automotive % % % % % % Pre-tax risk adjusted discount rate 7.5 10.3 9.2 7.6 10.2 9.1 Long-term growth rate 0.5 0.5 0.5 0.5 1.0 1.9 Projected adjusted EBITDA 1 3.8 0.2 8.2 3.0 8.0 31.3 Projected capital expenditure 2 20.1-20.7 12.5-13.4 16.2-18.1 10.7-15.2 13.7-18.5 14.1-23.4 Change required for carrying value to equal recoverable amount Germany Italy pps pps Pre-tax risk adjusted discount rate 1.1 1.7 Long-term growth rate (1.0) (2.0) Projected adjusted EBITDA 1 (3.2) (3.1) Projected capital expenditure 2 11.4 7.9 Recoverable amount less carrying value (prior to recognition of impairment charges) Germany Italy Spain Ireland Romania €bn €bn €bn €bn €bn Base case as at 31 March 2020 6.6 1.8 (0.8) (0.6) (0.1) Change in projected adjusted EBITDA 1 Decrease by 5pps (3.3) (1.0) (2.3) (1.1) (0.3) Increase by 5pps 18.4 5.1 0.9 — 0.1 Change in long-term growth rate Decrease by 1pps 0.2 0.8 (1.5) (0.8) (0.2) Increase by 1pps 15.8 3.0 — (0.4) — Change required for carrying value to equal recoverable amount UK Portugal Czech Republic Hungary pps pps pps pps Pre-tax risk adjusted discount rate 1.1 1.5 1.7 1.9 Long-term growth rate (1.3) (1.6) (1.8) (2.2) Projected adjusted EBITDA 1 (2.3) (3.4) (4.0) (3.9) Projected capital expenditure 2 4.5 7.1 12.5 9.1 Notes: 1 2 Assumptions used in value in use calculation Germany Italy Spain Romania % % % % Pre-tax adjusted discount rate 8.3 10.5 9.3 11.1 Long-term growth rate 0.5 1.0 0.5 1.0 Projected adjusted EBITDA 1 2.9 (0.1) 9.2 3.8 Projected capital expenditure 2 16.9–19.9 12.2–12.5 17.1–18.4 12.1–12.7 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Change required for carrying value to equal recoverable amount Germany Italy Spain Romania pps pps pps pps Pre-tax adjusted discount rate 2.1 2.5 0.5 1.2 Long-term growth rate (2.2) (2.9) (0.7) (1.5) Projected adjusted EBITDA 1 (4.9) (4.6) (1.3) (2.0) Projected capital expenditure 2 15.4 11.2 2.7 3.3 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing. Change required for carrying value to equal recoverable amount UK Ireland Portugal pps pps pps Pre-tax risk adjusted discount rate 0.7 1.2 0.7 Long-term growth rate (0.9) (1.4) (0.7) Projected adjusted EBITDA 1 (1.9) (2.7) (1.4) Projected capital expenditure 2 3.3 8.4 3.4 Notes: 1 Projected adjusted EBITDA is expressed as the compound annual growth rates in the initial five years for all cash-generating units of the plans used for impairment testing. 2 Projected capital expenditure, which excludes licences and spectrum, is expressed as capital expenditure as a percentage of revenue in the initial five years for all cash-generating units of the plans used for impairment testing.

Investment income and financi_2

Investment income and financing costs (Tables)	12 Months Ended
	Mar. 31, 2021
Investment income and financing costs
Disclosure of Investment Income and Financing Costs [Table Text Block]	€m €m €m Investment income: Financial assets measured at amortised cost 306 157 286 Financial assets measured at fair value through profit and loss 24 91 147 330 248 433 Financing costs 1 : Financial liabilities measured at amortised cost Bonds 1,722 1,580 1,194 Lease liabilities 374 330 — Bank loans and other liabilities 2 463 626 419 Interest on derivatives (485) (354) (139) Mark-to-market on derivatives (1,070) 1,162 424 Foreign exchange 23 205 190 1,027 3,549 2,088 Net financing costs 697 3,301 1,655 Notes: 1 Components of financing costs for 2020 and 2019 have been represented to align with the 2021 presentation, primarily combining interest costs on derivatives that were previously shown as items within hedging relationships and other liabilities. There is no impact on total financing costs. Interest capitalised for the year ended 31 March 2021 was €17 million (2020: €25 million, 2019: €nil

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Mar. 31, 2021
Taxation
Schedule of income tax expense	Income tax expense €m €m €m United Kingdom corporation tax expense/(credit): Current year 24 42 21 Adjustments in respect of prior years 3 (6) (9) 27 36 12 Overseas current tax expense/(credit): Current year 872 900 1,098 Adjustments in respect of prior years (30) 80 (48) 842 980 1,050 Total current tax expense 869 1,016 1,062 Deferred tax on origination and reversal of temporary differences: United Kingdom deferred tax (94) (318) (232) Overseas deferred tax 3,089 552 666 Total deferred tax expense 2,995 234 434 Total income tax expense 3,864 1,250 1,496
Schedule of tax on discontinued operations	€m €m €m Tax credit on profit from ordinary activities of discontinued operations 0 — (56)
Schedule of tax charged/(credited) directly to other comprehensive income	€m €m €m Current tax (17) (26) 3 Deferred tax (1,009) 830 56 Total tax (credited)/charged directly to other comprehensive income (1,026) 804 59
Schedule of tax charged/(credited) directly to equity	€m €m €m Deferred tax (2) — 4 Total tax (credited)/charged directly to equity (2) — 4
Schedule of factors affecting the tax expense for the year	€m €m €m Continuing profit/(loss) before tax as shown in the consolidated income statement 4,400 795 (2,613) Aggregated expected income tax expense/(credit) 1,124 226 (457) Impairment losses with no tax effect 0 332 807 Disposal of Group investments 1 (332) (1,113) — Effect of taxation of associates and joint ventures, reported within profit before tax 56 728 262 (Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain 2 0 — 1,186 Deferred tax following revaluation of investments in Luxembourg 2 2,819 (348) (488) Previously unrecognised temporary differences we expect to use in the future (45) (14) — Current year temporary differences (including losses) that we currently do not expect to use 170 352 78 Adjustments in respect of prior year tax liabilities (10) (86) (94) Impact of tax credits and irrecoverable taxes 90 52 79 Deferred tax on overseas earnings 0 3 (39) Effect of current year changes in statutory tax rates on deferred tax balances 3 (45) 757 (2) Financing costs not deductible for tax purposes (62) 174 67 Expenses not deductible for tax purposes 99 187 97 Income tax expense 3,864 1,250 1,496 Notes: 1 2 3
Schedule of analysis of movements in net deferred tax	€m 1 April 2020 1 21,502 Foreign exchange movements 18 Charged to the income statement (continuing operations) (2,995) Charged directly to OCI 1,009 Charged directly to equity 2 Arising on acquisitions and disposals (62) 31 March 2021 2 19,474
Schedule of other information related to deferred taxes	Amount Net credited/ recognised (expensed) Gross Gross Less deferred tax in income deferred deferred tax amounts (liability)/ statement tax asset liability unrecognised asset €m €m €m €m €m Accelerated tax depreciation 716 2,331 (1,842) (9) 480 Intangible assets 336 434 (2,169) 13 (1,722) Tax losses (3,292) 29,791 0 (9,701) 20,090 Treasury related items (9) 761 (37) (392) 332 Temporary differences relating to revenue recognition (84) 3 (651) 0 (648) Temporary differences relating to leases (34) 611 (429) 0 182 Other temporary differences (627) 1,159 (352) (47) 760 31 March 2021 2 (2,994) 35,090 (5,480) (10,136) 19,474 Analysed in the balance sheet, after offset of balances within countries, as: €m Deferred tax asset 21,569 Deferred tax liability (2,095) 31 March 2021 2 19,474 At 31 March 2020, deferred tax assets and liabilities, before offset of balances within countries, were as follows: Amount Net credited/ recognised (expensed) Gross Gross Less deferred tax in income deferred deferred tax amounts (liability)/ statement tax asset liability unrecognised asset €m €m €m €m €m Accelerated tax depreciation 964 1,581 (1,876) 13 (282) Intangible assets (719) 383 (1,965) 14 (1,568) Tax losses (926) 32,121 — (8,725) 23,396 Treasury related items 144 530 (770) (301) (541) Temporary differences relating to revenue recognition 187 4 (559) — (555) Temporary differences relating to leases 205 260 (41) — 219 Other temporary differences (89) 1,207 (302) (71) 834 31 March 2020 1,2 (234) 36,086 (5,513) (9,070) 21,503 At 31 March 2020, analysed in the balance sheet, after offset of balances within countries, as: €m Deferred tax asset 23,606 Deferred tax liability (2,103) 31 March 2020 1,2 21,503 Notes: 1 Comparatives for the year ended 31 March 2020 have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See note 7 "Discontinued operations and assets and liabilities held for sale". 2 The Group does not discount its deferred tax assets. This is in accordance with the requirements of IAS 12.
Schedule of carryforward of losses and expiration period	At 31 March 2021, the gross amount and expiry dates of losses available for carry forward are as follows: Expiring Expiring within beyond 5 years 6 years Unlimited Total €m €m €m €m Losses for which a deferred tax asset is recognised 63 222 86,623 86,908 Losses for which no deferred tax is recognised 245 13,217 23,479 36,941 308 13,439 110,102 123,849 At 31 March 2020, the gross amount and expiry dates of losses available for carry forward were as follows: Expiring Expiring within beyond 5 years 6 years Unlimited Total €m €m €m €m Losses for which a deferred tax asset is recognised 531 143 99,828 100,502 Losses for which no deferred tax is recognised 759 9,404 22,772 32,935 1,290 9,547 122,600 133,437

Discontinued operations and a_2

Discontinued operations and assets and liabilities held for sale (Tables)	12 Months Ended
	Mar. 31, 2021
Discontinued operations and assets and liabilities held for sale
Schedule of income statement of discontinued operations	€m €m €m Revenue 0 — 1,561 Cost of sales 0 — (1,185) Gross profit 0 — 376 Selling and distribution expenses 0 — (92) Administrative expenses 0 — (134) Operating profit 0 — 150 Financing costs 0 — (321) Loss before taxation 0 — (171) Income tax credit 0 — 56 Loss after tax of discontinued operations 0 — (115) Loss on sale of disposal group 0 — (3,420) Loss for the financial year from discontinued operations 0 — (3,535)
Loss per share from discontinued operations	Loss per share from discontinued operations eurocents eurocents eurocents – Basic 0 — (12.80) c – Diluted 0 — (12.80) c
Schedule of total comprehensive expense for the period from discontinued operations	Total comprehensive expense for the financial year from discontinued operations €m €m €m Attributable to owners of the parent 0 — (3,535) Note: 1 Results for the five months ended 31 August 2018 when the transaction completed.
Schedule of assets and liabilities held for sale	Assets and liabilities held for sale and the impact of the reclassification of Vodafone Egypt The table below discloses the impacted line items only. The consolidated statement of financial position is on page 122 and has not been reproduced below in its entirety. As previously Impact of Egypt presented reclassification Re-presented €m €m €m €m Non-current assets Goodwill 0 107 (107) — Other intangible assets 0 379 (379) — Property, plant and equipment 0 916 (916) — Investments in associates and joint ventures 1,257 (412) — (412) Trade and other receivables 0 15 (15) — 1,257 1,005 (1,417) (412) Current assets Inventory 0 13 (13) — Taxation recoverable 0 3 (3) — Trade and other receivables 0 313 (313) — Cash and cash equivalents 0 273 (273) — 0 602 (602) — Assets held for sale 1,257 1,607 (2,019) (412) Non-current liabilities Borrowings 0 57 (57) — Deferred tax liabilities 0 60 (60) — Provisions 0 5 (5) — 0 122 (122) — Current liabilities Borrowings 0 150 (150) — Taxation liabilities 0 116 (116) — Provisions 0 29 (29) — Trade and other payables 0 634 (634) — 0 929 (929) — Liabilities held for sale 0 1,051 (1,051) —

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Mar. 31, 2021
Earnings per share
Schedule of basic and diluted earnings per share	2021 2020 2019 Weighted average number of shares for basic earnings per share 29,592 29,422 27,607 Effect of dilutive potential shares: restricted shares and share options 91 — — Weighted average number of shares for diluted earnings per share 29,683 29,422 27,607 €m €m €m Profit/(loss) for earnings per share from continuing operations 112 (920) (4,485) Loss for earnings per share from discontinued operations 0 — (3,535) Profit/(loss) for basic and diluted earnings per share 112 (920) (8,020) eurocents eurocents eurocents Basic earnings/(loss) per share from continuing operations 0.38 c (3.13) c (16.25) c Loss per share from discontinued operations 0 — (12.80) c Basic earnings/(loss) per share 0.38 c (3.13) c (29.05) c eurocents eurocents eurocents Diluted earnings/(loss) per share from continuing operations 0.38 c (3.13) c (16.25) c Diluted loss per share from discontinued operations 0 — (12.80) c Diluted earnings/(loss) per share 0.38 c (3.13) c (29.05) c

Equity dividends (Tables)

Equity dividends (Tables)	12 Months Ended
	Mar. 31, 2021
Equity dividends
Schedule of dividends declared and proposed	€m €m €m Declared during the financial year: Final dividend for the year ended 31 March 2020: 4.50 eurocents per share (2019: 4.16 eurocents per share, 2018: 10.23 eurocents per share) 1,205 1,112 2,729 Interim dividend for the year ended 31 March 2021: 4.50 eurocents per share (2020: 4.50 eurocents per share, 2019: 4.84 eurocents per share) 1,207 1,205 1,293 2,412 2,317 4,022 Proposed after the end of the year and not recognised as a liability: Final dividend for the year ended 31 March 2021: 4.50 eurocents per share (2020: 4.50 eurocents per share, 2019: 4.16 eurocents per share) 1,260 1,205 1,112

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Mar. 31, 2021
Intangible assets
Schedule of estimated useful lives of finite lived intangible assets	– Licence and spectrum fees 3 – 25 years – Computer software 3 – 5 years – Brands 1 – 10 years – Customer bases 2 – 32 years
Schedule of reconciliation of changes in goodwill and intangible assets	Licence and Computer Customer Goodwill spectrum fees software bases 1 Other 1 Total €m €m €m €m €m €m Cost: 1 April 2019 89,563 31,606 17,209 6,716 471 145,565 Exchange movements (563) (479) (196) (271) (39) (1,548) Arising on acquisition 11,752 — 184 5,585 71 17,592 Disposal of subsidiaries (1,582) (129) (409) (66) (10) (2,196) Additions — 1,776 2,278 — 7 4,061 Disposals — (83) (2,383) — (47) (2,513) Other — — 85 — — 85 31 March 2020 2 99,170 32,691 16,768 11,964 453 161,046 Exchange movements 107 234 43 144 11 539 Arising on acquisition 87 — — 200 — 287 Additions — 896 2,462 1 8 3,367 Disposals — (293) (1,651) (1) (2) (1,947) Other — — 211 — (4) 207 31 March 2021 99,364 33,528 17,833 12,308 466 163,499 Accumulated impairment losses and amortisation: 1 April 2019 66,210 19,004 12,232 6,653 461 104,560 Exchange movements (103) (338) (119) (231) (34) (825) Impairments 1,685 — — — — 1,685 Disposal of subsidiaries — (69) (305) (66) (10) (450) Amortisation charge for the year — 1,833 2,203 349 74 4,459 Disposals — (70) (2,353) — (48) (2,471) Other — — 79 — — 79 31 March 2020 2 67,792 20,360 11,737 6,705 443 107,037 Exchange movements (159) 255 3 131 11 241 Amortisation charge for the year — 1,721 2,210 488 2 4,421 Disposals — (293) (1,643) — (1) (1,937) Other — — 189 — (1) 188 31 March 2021 67,633 22,043 12,496 7,324 454 109,950 Net book value: 31 March 2020 2 31,378 12,331 5,031 5,259 10 54,009 31 March 2021 31,731 11,485 5,337 4,984 12 53,549
Schedule of net book value of significant licenses	Expiry dates €m €m Germany 2025/2033/2040 3,564 4,208 Italy 2029/2037 3,429 3,683 UK 2022/2023/2033/2038/2041 1,383 1,801

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Mar. 31, 2021
Property, plant and equipment
Schedule of details of property, plant and equipment, estimated useful lives	Land and buildings – Freehold buildings 25 - 50 years – Leasehold premises the term of the lease Equipment, fixtures and fittings – Network infrastructure and other 1 - 35 years
Schedule of details of property, plant and equipment	The gain or loss arising on the disposal, retirement or granting of a finance lease on an item of property, plant and equipment is determined as the difference between any proceeds from sale or receivables arising on a lease and the carrying amount of the asset and is recognised in the income statement. Equipment, Land and fixtures buildings and fittings Total €m €m €m Cost: 1 April 2019 2,257 70,260 72,517 Exchange movements (58) (1,000) (1,058) Arising on acquisition 49 3,642 3,691 Additions 76 5,161 5,237 Disposals (51) (3,218) (3,269) Disposals of subsidiaries (22) (2,851) (2,873) Other 10 311 321 31 March 2020 1 2,261 72,305 74,566 Exchange movements 25 188 213 Arising on acquisition 74 19 93 Additions 47 5,666 5,713 Disposals (100) (2,512) (2,612) Other 8 308 316 31 March 2021 2,315 75,974 78,289 Accumulated depreciation and impairment: 1 April 2019 1,244 44,603 45,847 Exchange movements (21) (498) (519) Charge for the year 109 5,886 5,995 Disposals (42) (3,145) (3,187) Disposals of subsidiaries (17) (2,017) (2,034) Other (4) 104 100 31 March 2020 1 1,269 44,933 46,202 Exchange movements 8 114 122 Charge for the year 39 5,727 5,766 Disposals (97) (2,448) (2,545) Other (3) 77 74 31 March 2021 1,216 48,403 49,619 Net book value: 31 March 2020 1 992 27,372 28,364 31 March 2021 1,099 27,571 28,670 Note: 1 The comparative balances as at 31 March 2020 have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See note 7 "Discontinued operations and assets and liabilities held for sale". The impact of the re-presentation is to increase the net book value of owned assets including Land and buildings by €37 million and Equipment, fixtures and fittings by €818 million, compared to amounts previously reported.
Schedule of right-of-use assets arising from the group's lease arrangements	Right-of-use assets arising from the Group’s lease arrangements are recorded within property, plant and equipment: €m €m Property, plant and equipment (owned assets) 28,670 28,364 Right-of-use assets 2 12,573 11,749 31 March 41,243 40,113 Note: Additions of €5,306 million (2020: €4,593 million) and a depreciation charge of €3,914 million (2020: €3,720 million) were recorded in respect of right-of-use assets during the year to 31 March 2021. The prior year comparatives have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See Note 7 “Discontinued operations and assets and liabilities held for sale”. The impact of the re-presentation is to increase the net book value of right-of-use assets by €61 million, compared to amounts previously reported

Investments in associates and_2

Investments in associates and joint ventures (Tables)	12 Months Ended
	Mar. 31, 2021
Investments in associates and joint ventures.
Schedule of joint operations	Country of Percentage Percentage incorporation or shareholdings 1 shareholdings 1 Name of joint operation Principal activity registration Cornerstone Telecommunications Infrastructure Limited Network infrastructure UK 50.0 50.0 Note: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent.
Schedule of joint ventures and associates	€m €m Investment in joint ventures 4,249 5,323 Investment in associates 421 508 31 March 4,670 5,831
Schedule of joint ventures	On 26 November 2020, the Group announced the completion of the merger between Indus Towers Limited and Bharti Infratel Limited. (together 'Indus Towers Limited'), an entity listed on the National Stock Exchange of India and the Bombay Stock Exchange. Vodafone holds a 28.1% shareholding in Indus Towers Limited, an associate of the Group and so is included in the associates section of this note. Prior to this transaction, Vodafone held a 42.0% shareholding in Indus Towers Limited, a joint venture of the Group up to the merger date. Country of Percentage Percentage incorporation or shareholdings 1 shareholdings 1 Name of joint venture Principal activity registration Vodafone Idea Limited 2 Network operator India 44.4 VodafoneZiggo Group Holding B.V. Network operator Netherlands 50.0 Infrastructture Wireless Italiane (INWIT) S.p.A. 3 Network infrastructure Italy 37.5 TPG Telecom Limited 4 Network operator Australia 50.0 Indus Towers Limited Network infrastructure India 42.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2021 the fair value of the Group’s interest in Vodafone Idea Limited was INR 118 billion (€1,373 million) (2020: INR 40 billion (€476 million)) based on the quoted share price on the National Stock Exchange of India. 3 At 31 March 2021 the fair value of the Group’s interest in INWIT S.p.A.was €3,026 million (2020: €3,345 million) based on the quoted share price on the Milan Stock Exchange. 4 On 26 June 2020, Vodafone Hutchison Australia Pty Limited and TPG Telecom Limited completed their merger. The merged entity was admitted to the Australian Securities Exchange ('ASX') on 30 June 2020 and is known as TPG Telecom Limited. At 31 March 2021 the fair value of the Group's interest in TPG Telecom Limited was AUD 2,948 million (€1,911 million), based on the quoted share price on ASX.
Schedule of aggregated financial information for group's joint ventures	(Loss)/profit from Investment in joint ventures continuing operations 2 €m €m €m €m €m Vodafone Idea Limited 0 — 0 (2,546) (903) VodafoneZiggo Group Holding B.V. 1,190 1,630 (232) (64) (239) INWIT S.p.A. 2,920 3,345 3 — — TPG Telecom Limited 1 104 (466) 98 (35) (23) Indus Towers Limited 0 766 0 19 55 Other 35 48 (15) (125) (14) Total 4,249 5,323 (146) (2,751) (1,124) Notes: 1 2
Schedule of financial information of each of Group's material equity accounted joint ventures	INWIT S.p.A. VodafoneZiggo Group Holding B.V. TPG Telecom Limited €m €m €m €m €m €m €m €m Income statement Revenue 562 — 4,010 3,948 3,868 3,010 2,108 2,290 Operating expenses (46) — (2,058) (2,163) (2,169) (2,096) (1,489) (1,634) Depreciation and amortisation (398) — (1,658) (1,528) (2,012) (769) (508) (494) Other income 0 — 25 — — 0 — — Operating profit/(loss) 118 — 319 257 (313) 145 111 162 Interest income 0 — 0 — — 1 4 3 Interest expense (101) — (658) (343) (602) (201) (256) (240) Profit/(loss) before tax 17 — (339) (86) (915) (55) (141) (75) Income tax (7) — (125) (42) 437 495 — — Profit/(loss) from continuing operations 1 10 — (464) (128) (478) 440 (141) (75) Vodafone Idea Limited €m €m €m Income statement Revenue 2,515 5,704 3,379 Operating expenses (1,689) (4,938) (2,999) Depreciation and amortisation (1,255) (2,426) (1,364) Other expense (1,079) (6,627) (253) Operating loss (1,508) (8,287) (1,237) Interest income 24 147 56 Interest expense (870) (1,740) (817) Loss before tax (2,354) (9,880) (1,998) Income tax 0 — 1 Loss from continuing operations 1 (2,354) (9,880) (1,997) Note: 1 Total Other comprehensive income/(expense) is not materially different to profit/(loss) from continuing operations. INWIT S.p.A. VodafoneZiggo Group Holding B.V. TPG Telecom Limited €m €m €m €m €m €m Statement of financial position Non-current assets 14,422 14,517 16,978 17,745 10,272 2,965 Current assets 256 288 911 752 679 767 Total assets 14,678 14,805 17,889 18,497 10,951 3,732 Equity shareholders’ funds 8,801 8,917 2,380 3,260 3,121 (2,047) Non-current liabilities 5,536 4,907 13,025 12,974 6,884 5,146 Current liabilities 341 981 2,484 2,263 946 633 Cash and cash equivalents within current assets 120 40 330 116 268 196 Non-current liabilities excluding trade and other payables and provisions 5,314 4,684 12,466 12,550 6,825 5,137 Current liabilities excluding trade and other payables and provisions 185 218 1,154 1,108 83 124 Vodafone Idea Limited 1 €m €m Statement of financial position Non-current assets 19,387 21,240 Current assets 2,548 3,235 Total assets 21,935 24,475 Equity shareholders’ funds (5,615) (3,475) Non-current liabilities 21,749 15,835 Current liabilities 5,801 12,115 Cash and cash equivalents within current assets 200 320 Non-current liabilities excluding trade and other payables and provisions 14,992 15,790 Current liabilities excluding trade and other payables and provisions 2,917 2,979 Notes: 1
Reconciliation of summarised financial information present to the carrying amount of our interest in joint ventures	INWIT S.p.A. VodafoneZiggo Group Holding B.V. TPG Telecom Limited €m €m €m €m €m €m €m €m Equity shareholders’ funds/(deficit) 8,801 8,917 2,380 3,260 3,121 (2,047) Interest in joint ventures 1 2,920 3,345 1,190 1,630 50 (1,024) Impairment 0 — 0 — 0 — Goodwill 0 — 0 — 54 94 Transferred to assets held for sale 0 — 0 — 0 412 Investment proportion not recognised 0 — 0 — 0 52 Carrying value 2,920 3,345 1,190 1,630 104 (466) Profit/(loss) from continuing operations 10 — (464) (128) (478) 440 (141) (75) Share of profit/(loss) 1 3 — (232) (64) (239) 98 (70) (38) Profit/(loss) proportion not recognised 0 — 0 — — 0 35 15 Share of profit/(loss) 3 — (232) (64) (239) 98 (35) (23) Vodafone Idea Limited €m €m €m Equity shareholders’ funds/(deficit) (5,615) (3,475) Interest in joint ventures 1 (2,493) (1,543) Impairment (250) (261) Goodwill 0 — Transferred to assets held for sale 0 — Investment proportion not recognised 2,743 1,804 Carrying value 0 — (Loss)/profit from continuing operations (2,354) (9,880) (1,997) Share of (loss)/profit 1 (1,045) (4,386) (903) (Loss)/profit proportion not recognised 1,045 1,840 — Share of (loss)/profit 0 (2,546) (903) Note: 1
Schedule expanded financial information in respect of Vodafone Idea Limited	Vodafone Idea Limited €m €m €m Equity shareholders’ funds/(deficit) (5,615) (3,475) Interest in joint ventures 1 (2,493) (1,543) Impairment (250) (261) Goodwill 0 — Transferred to assets held for sale 0 — Investment proportion not recognised 2,743 1,804 Carrying value 0 — (Loss)/profit from continuing operations (2,354) (9,880) (1,997) Share of (loss)/profit 1 (1,045) (4,386) (903) (Loss)/profit proportion not recognised 1,045 1,840 — Share of (loss)/profit 0 (2,546) (903)
Schedule of associates	Financial information for Indus Towers Limited, including comparative periods previously reported in the Joint Venture section of this note, is disclosed here following the completion of the merger described on page 158. Country of Percentage Percentage incorporation or shareholding 1 shareholding 1 Name of associate Principal activity registration Indus Towers Limited 2 Network infrastructure India 28.1 — Safaricom Limited 3 Network operator Kenya 40.0 40.0 Notes: 1 Effective ownership percentages of Vodafone Group Plc rounded to the nearest tenth of one percent. 2 At 31 March 2021, the fair value of the Group’s interest in Indus Towers Limited was INR 186 billion (€2,161 million) based on the closing quoted share price on the National Stock Exchange of India. 3 At 31 March 2021, the fair value of the Group’s interest in Safaricom Limited was KES 580 billion (€4,513 million) (2020: KES 423 billion (€3,672 million)) based on the closing quoted share price on the Nairobi Stock Exchange. The Group also holds two non-voting shares.
Schedule of aggregated financial information for group's associates	Investment in associates Profit from continuing operations 1 €m €m €m €m €m Safaricom Limited 421 488 217 247 214 Indus Towers Limited 1 0 — 274 — — Other 0 20 (3) (1) 2 Total 421 508 488 246 216 Note: 1 The Group’s interest in Indus Towers Limited was classified as held for sale at 31 March 2021. See note 7 “Discontinued operations and assets and liabilities held for sale”. Safaricom Limited Indus Towers Limited €m €m €m €m €m €m Income statement Revenue 2,083 2,310 2,140 2,421 2,365 2,227 Operating expenses (1,030) (1,122) (1,078) (1,247) (1,336) (1,438) Depreciation and amortisation (299) (295) (301) (477) (268) (305) Other income/(expense) 0 — — 412 (592) — Operating profit 754 893 761 1,109 169 484 Interest income 12 26 20 61 32 11 Interest expense (27) (18) (1) (194) (196) (79) Profit before tax 739 901 780 976 5 416 Income tax (197) (282) (245) (168) 39 (238) Profit from continuing operations and total comprehensive income 542 619 535 808 44 178 Statement of financial position Non-current assets 1,333 1,398 5,271 2,448 Current assets 438 424 1,198 562 Total assets 1,771 1,822 6,469 3,010 Equity shareholders' funds 1,045 1,212 3,083 566 Non-current liabilities 131 119 1,936 1,327 Current liabilities 595 491 1,450 1,117 Cash and cash equivalents within current assets 208 234 230 16 Non-current liabilities excluding trade and other payables and provisions 93 101 1,656 1,095 Current liabilities excluding trade and other payables and provisions 149 99 906 658 The reconciliation of summarised financial information presented to the carrying amount of our interest in the associate is set out below. Safaricom Limited Indus Towers Limited €m €m €m €m €m €m Equity shareholders' funds 1,045 1,212 3,083 566 Interest in joint ventures 418 485 867 238 Impairment 0 — 0 — Goodwill 3 3 342 528 Transferred to assets held for sale 0 — (1,257) — Investment proportion not recognised 0 — 48 — Carrying value 421 488 0 766 Profit from continuing operations 542 619 535 808 44 178 Share of profit 217 247 214 306 19 75 (Loss)/profit proportion not recognised 0 — — (32) — (20) Share of (loss)/profit 217 247 214 274 19 55

Other investments (Tables)

Other investments (Tables)	12 Months Ended
	Mar. 31, 2021
Other investments
Schedule of other investments Included within non-current assets	€m €m Included within non-current assets: Equity securities 1 128 77 Debt securities 2 797 715 925 792
Schedule of current other investments Included within current assets	€m €m Included within current assets: Short-term investments: Bonds and debt securities 3,4 1,053 1,681 Managed investment funds 1 2,954 2,451 4,007 4,132 Collateral assets 4 3,107 1,115 Other investments 5 2,045 1,842 9,159 7,089 Notes: 1 2 3 4 5

Trade and other receivables (Ta

Trade and other receivables (Tables)	12 Months Ended
	Mar. 31, 2021
Trade and other receivables
Schedule of trade and other receivables	Re-presented 1 €m €m Included within non-current assets: Trade receivables 52 68 Trade receivables held at fair value through other comprehensive income 278 261 Net investment in leases 104 118 Contract assets 528 583 Contract-related costs 580 628 Other receivables 76 84 Prepayments 247 227 Derivative financial instruments 2 2,912 8,424 4,777 10,393 Included within current assets: Trade receivables 3,625 3,848 Trade receivables held at fair value through other comprehensive income 466 556 Net investment in leases 36 32 Contract assets 3,038 3,012 Contract-related costs 1,364 1,293 Amounts owed by associates and joint ventures 184 362 Other receivables 889 916 Prepayments 1,082 953 Derivative financial instruments 2 239 752 10,923 11,724 Notes: 1 2

Trade and other payables (Table

Trade and other payables (Tables)	12 Months Ended
	Mar. 31, 2021
Trade and other payables
Schedule of trade and other payables	Re-presented 1 €m €m Included within non-current liabilities: Other payables 424 340 Accruals 47 60 Contract liabilities 519 612 Derivative financial instruments 2 3,919 4,177 4,909 5,189 Included within current liabilities: Trade payables 6,739 6,696 Amounts owed to associates and joint ventures 36 51 Other taxes and social security payable 1,196 1,185 Other payables 2,349 2,040 Accruals 3 5,688 5,077 Contract liabilities 1,971 2,081 Derivative financial instruments 2 91 589 18,070 17,719 Notes: 1 The prior year comparatives have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See note 7 "Discontinued operations and assets and liabilities held for sale". The impact of the re-presentation is to increase Trade and other payables included within current liabilities by €634 million compared to the amount previously reported. 2 3

Provisions (Tables)

Provisions (Tables)	12 Months Ended
	Mar. 31, 2021
Provisions
Schedule of Provisions	Asset retirement Legal and obligations regulatory Restructuring Other Total €m €m €m €m €m 31 March 2019 757 507 434 619 2,317 Exchange movements (16) (2) (2) 5 (15) Acquisition of subsidiaries 56 18 33 71 178 Disposal of subsidiaries (69) — (4) (2) (75) Amounts capitalised in the year 270 — — — 270 Amounts charged to the income statement — 122 549 163 834 Utilised in the year − payments (34) (98) (452) (127) (711) Amounts released to the income statement (9) (45) (13) (199) (266) 31 March 2020 1 955 502 545 530 2,532 Exchange movements 6 (11) 4 7 6 Acquisition of subsidiaries 6 — — — 6 Amounts capitalised in the year 294 — — — 294 Amounts charged to the income statement — 138 153 167 458 Utilised in the year − payments (32) (54) (243) (175) (504) Amounts released to the income statement (7) (47) (33) (66) (153) 31 March 2021 1,222 528 426 463 2,639 Note: 1 The comparative balances as at 31 March 2020 have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See Note 7 “Discontinued operations and assets and liabilities held for sale”. The impact of the re-presentation is to increase non-current provisions by €5 million and current provisions by €29 million, respectively, compared to amounts previously reported.
Schedule of Provisions analysed between current and non-current	31 March 2021 Asset retirement Legal and obligations regulatory Restructuring Other Total €m €m €m €m €m Current liabilities 43 273 353 223 892 Non-current liabilities 1,179 255 73 240 1,747 1,222 528 426 463 2,639 31 March 2020 Asset retirement Legal and obligations regulatory Restructuring Other Total €m €m €m €m €m Current liabilities 23 319 415 296 1,053 Non-current liabilities 932 183 130 234 1,479 955 502 545 530 2,532

Called up share capital (Tables

Called up share capital (Tables)	12 Months Ended
	Mar. 31, 2021
Called up share capital
Schedule of called up share capital	Number €m Number €m Ordinary shares of 20 20⁄ 21 US cents each allotted, issued and fully paid: 1,2,3 1 April 28,815,914,978 4,797 28,815,258,178 4,796 Allotted during the year 920,800 0 656,800 1 31 March 28,816,835,778 4,797 28,815,914,978 4,797 Notes: 1 At 31 March 2021 there were 50,000 (2020: 50,000) 7% cumulative fixed rate shares of £1 each in issue. 2 At 31 March 2021 the Group held 592,642,309 (2020: 2,043,750,434) treasury shares with a nominal value of €99 million (2020: €340 million). The market value of shares held was €918 million (2020: €2,610 million). During the year, 63,830,400 (2020: 49,629,851) treasury shares were reissued under Group share schemes. 3 On 5 March 2019 the Group announced the placing of subordinated mandatory convertible bonds totalling £1.72 billion with a 2 year maturity date in 2021 and £1.72 billion with a 3 year maturity date due in 2022. During the year, 1,426,788,937 treasury shares were issued in settlement of tranche 1 of the maturing subordinated mandatory convertible bond. The remaining bonds are convertible into a total of 1,426,793,872 ordinary shares with a conversion price of £1.2055 per share. For further details see note 21 “Borrowings”.

Reconciliation of net cash fl_2

Reconciliation of net cash flow from operating activities (Tables)	12 Months Ended
	Mar. 31, 2021
Reconciliation of net cash flow from operating activities
Schedule of reconciliation of net cash flow from operating activities	Notes €m €m €m Profit/(loss) for the financial year 536 (455) (7,644) Loss for the financial year from discontinued operations 0 — 3,535 Profit/(loss) for the financial year from continuing operations 536 (455) (4,109) Non-operating expense 0 3 7 Investment income (330) (248) (433) Financing costs 1,027 3,549 2,088 Income tax expense 3,864 1,250 1,496 Operating profit/(loss) 5,097 4,099 (951) Adjustments for: Share-based payments and other non-cash charges 146 146 147 Depreciation and amortisation 10, 11 14,101 14,174 9,795 Loss on disposal of property, plant and equipment and intangible assets 17 51 33 Share of result of equity accounted associates and joint ventures (342) 2,505 908 Impairment losses 0 1,685 3,525 Other (income)/expense (568) (4,281) 148 (Increase)/decrease in inventory (68) 68 (131) Decrease/(Increase) in trade and other receivables 582 (38) (31) (Decrease)/increase in trade and other payables (730) (100) 739 Cash generated by operations 18,235 18,309 14,182 Net tax paid (1,020) (930) (1,131) Cash flows from discontinued operations 0 — (71) Net cash flow from operating activities 17,215 17,379 12,980

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Mar. 31, 2021
Cash and cash equivalents
Schedule of cash and cash equivalents	Re-presented 1 €m €m Cash at bank and in hand 2,705 2,220 Repurchase agreements and bank deposits 0 2,202 Money market funds 2 3,116 9,135 Cash and cash equivalents as presented in the statement of financial position 1 5,821 13,557 Bank overdrafts (31) (269) Cash and cash equivalents as presented in the statement of cash flows 5,790 13,288 Notes: 1 The prior year comparatives have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See Note 7 "Discontinued operations and assets and liabilities held for sale". The impact of the re-presentation is to increase cash and cash equivalents as presented in the statement of financial position by €273 million. 2 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.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Mar. 31, 2021
Leases
Schedule of maturity profile of the Group's lease liabilities	Re-presented 1 €m €m Within one year 3,419 3,198 In more than one year but less than two years 2,142 2,018 In more than two years but less than three years 1,661 1,542 In more than three years but less than four years 1,457 1,337 In more than four years but less than five years 1,316 1,128 In more than five years 4,696 4,443 14,691 13,666 Effect of discounting (1,659) (1,548) Lease liability (note 21 "Borrowings") 13,032 12,118 Note: 1
Schedule of the Group's income as a lessor	€m €m Operating leases Lease revenue (note 2 "Revenue disaggregation and segmental analysis") 559 502 Income from leases not recognised as revenue 180 203
Schedule of committed amounts to be received from the Group's operating leases	Maturity Within one In one to two In two to In three to four In four to five In more than year years three years years years five years Total €m €m €m €m €m €m €m 31 March 2021 Committed operating lease income due to the Group as a lessor 510 261 175 134 115 395 1,590 31 March 2020 Committed operating lease income due to the Group as a lessor 442 211 114 53 44 223 1,087

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Mar. 31, 2021
Borrowings
Schedule of Total borrowings	Re-presented 1 €m €m Non-current borrowings Bonds (44,634) (47,500) Bank loans (761) (1,500) Lease liabilities (note 20) (9,909) (9,134) Bank borrowings secured against Indian assets (385) (1,346) Other borrowings 2 (3,583) (3,469) (59,272) (62,949) Current borrowings Bonds (2,251) (1,912) Bank loans (658) (1,380) Lease liabilities (note 20) (3,123) (2,984) Collateral liabilities (962) (5,292) Bank borrowings secured against Indian assets (862) — Other borrowings (632) (408) (8,488) (11,976) Borrowings (67,760) (74,925) Notes: 1 2

Capital and financial risk ma_2

Capital and financial risk management (Tables)	12 Months Ended
	Mar. 31, 2021
Fair value of financial instruments
Schedule of capital management	Re-presented 1 €m €m Borrowings (note 21) 67,760 74,925 Cash and cash equivalents (note 19) (5,821) (13,557) Derivative financial instruments included in trade and other receivables (note 14) (3,151) (9,176) Derivative financial instruments included in trade and other payables (note 15) 4,010 4,767 Short-term investments (note 13) (4,007) (4,132) Collateral assets (note 13) (3,107) (1,115) Financial liabilities under put option arrangements 492 1,850 Equity 57,816 62,625 Capital 113,992 116,187 Note: 1 The prior year comparatives have been re-presented to reflect that Vodafone Egypt is no longer held for sale, as outlined in the notes referenced above.
Schedule of financial instruments exposure to credit risk	Re-presented 1 €m €m Cash at bank and in hand (note 19) 2,705 2,220 Repurchase agreements and bank deposits (note 19) 0 2,202 Money market funds (note 19) 3,116 9,135 Managed investment funds (note 13) 2,954 2,451 Current bonds and debt securities (note 13) 1,053 1,681 Non-current debt securities (note 13) 797 715 Collateral assets (note 13) 3,107 1,115 Other investments (note 13) 2,045 1,842 Derivative financial instruments (note 14) 3,151 9,176 Trade receivables (note 14) 2 5,924 6,017 Contract assets and other receivables (note 14) 4,531 4,595 Performance bonds and other guarantees (note 29) 2,728 3,322 32,111 44,471 Note: 1 2
Schedule of cash collateral, which is reported within short-term borrowings, held by Group	€m €m Collateral liabilities 962 5,292
Schedule of movements in the allowance for expected credit losses	Trade receivables held Trade receivables held at fair value through Contract assets at amortised cost other comprehensive income €m €m €m €m €m €m 1 April 137 129 1,431 1,347 51 40 Exchange movements 2 (2) (47) (26) 0 — Amounts charged to credit losses on financial assets 63 73 592 576 9 11 Other 1 (101) (63) (496) (466) (3) — 31 March 2 101 137 1,480 1,431 57 51 Notes: 1 Primarily utilisation of the provision. 2 The prior year comparatives have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See Note 7 “Discontinued operations and assets and liabilities held for sale”. The impact of the re-presentation is to increase the allowance for expected credit losses on trade receivables held at amortised cost by €65 million, compared to amounts previously reported.
Schedule of ageing of receivables that are past due	31 March 2021 Trade receivables at amortised cost past due 30 days 31-60 61-180 Due or less days days days+ Total €m €m €m €m €m €m Gross carrying amount 2,568 717 177 405 1,290 5,157 Expected credit loss allowance (30) (72) (62) (211) (1,105) (1,480) Net carrying amount 2,538 645 115 194 185 3,677 31 March 2020 2 Trade receivables at amortised cost past due 30 days 31–60 61–180 Due or less days days days+ Total €m €m €m €m €m €m Gross carrying amount 2,513 836 236 513 1,249 5,347 Expected credit loss allowance (64) (76) (56) (215) (1,020) (1,431) Net carrying amount 2,449 760 180 298 229 3,916 Note: 1 Contract assets relate to amounts not yet due from customers. These amounts will be reclassified as trade receivables before they become due. Trade receivables at fair value through other comprehensive income are not materially past due. 2 The prior year comparatives have been re-presented to reflect that Vodafone Egypt is no longer held for sale. See Note 7 “Discontinued operations and assets and liabilities held for sale”. The impact of the re-presentation is to increase the gross carrying amount, expected credit loss allowance and net carrying amount of trade receivables held at amortised cost by €207 million, €65 million and €142 million, respectively, compared to amounts previously reported.
Schedule of maturity analysis for non-derivative financial liabilities on an undiscounted basis	Trade payables and Bank loans Bonds Lease liabilities Other 2 Total borrowings other financial liabilities 3 Total Maturity profile 1 €m €m €m €m €m €m €m Within one year 674 3,774 3,419 2,516 10,383 15,304 25,687 In one to two years 174 3,329 2,142 2,575 8,220 49 8,269 In two to three years 440 5,964 1,661 399 8,464 0 8,464 In three to four years 173 2,784 1,457 166 4,580 0 4,580 In four to five years 2 5,506 1,316 199 7,023 0 7,023 In more than five years 23 45,538 4,696 986 51,243 0 51,243 1,486 66,895 14,691 6,841 89,913 15,353 105,266 Effect of discount/financing rates (67) (20,010) (1,659) (417) (22,153) (2) (22,155) 31 March 2021 1,419 46,885 13,032 6,424 67,760 15,351 83,111 Within one year 1,500 3,617 3,198 5,750 14,065 15,250 29,315 In one to two years 746 4,682 2,018 316 7,762 67 7,829 In two to three years 279 3,852 1,542 3,270 8,943 — 8,943 In three to four years 369 8,242 1,337 390 10,338 — 10,338 In four to five years 181 2,845 1,128 166 4,320 — 4,320 In more than five years – 47,947 4,443 1,185 53,575 — 53,575 3,075 71,185 13,666 11,077 99,003 15,317 114,320 Effect of discount/financing rates (195) (21,773) (1,548) (562) (24,078) (6) (24,084) 31 March 2020 4 2,880 49,412 12,118 10,515 74,925 15,311 90,236 Notes: 1 2 3 4
Schedule of maturity analysis for derivative financial liabilities on an undiscounted basis	Payable Receivable Total Payable Receivable Total €m €m €m €m €m €m Within one year (16,218) 16,864 646 (20,519) 21,239 720 In one to two years (3,121) 3,723 602 (4,217) 4,582 365 In two to three years (5,623) 5,978 355 (3,680) 4,143 463 In three to four years (2,518) 2,903 385 (3,733) 4,429 696 In four to five years (3,305) 3,620 315 (2,562) 3,102 540 In more than five years (33,777) 37,399 3,622 (38,126) 43,933 5,807 (64,562) 70,487 5,925 (72,837) 81,428 8,591 Effect of discount/financing rates (6,784) (4,182) Financial derivative net (payable)/receivable (859) 4,409
Schedule of sensitivity of Group's adjusted operating profit to strengthening major currency	€m €m ZAR 15% change (2020: 11%) – Increase in operating profit 152 126 USD 6% change (2020: 9%) – (Decrease) in profit before taxation (46) (64) GBP 3% change (2020: 2%) – (Decrease)/Increase in profit before taxation (23) 63
Schedule of carrying value and nominal amounts of derivatives	At 31 March 2021 Other comprehensive income Weighted average Opening (Gain)/ Gain/(Loss) Closing Carrying Carrying balance Loss recycled to balance Euro Nominal value value 1 April deferred to financing 31 March Maturity interest amounts Assets Liabilities OCI costs year FX rate rate €m €m €m €m €m €m €m % Cash flow hedges - foreign currency risk 2 Cross-currency and foreign exchange swaps US dollar bonds 18,995 621 1,070 (3,922) 5,900 (1,477) 501 1.18 2.82 Australian dollar bonds 736 38 0 (26) (102) 104 (24) 1.56 0.92 Swiss franc bonds 624 0 45 28 28 (26) 30 1.08 1.26 Pound sterling bonds 2,585 40 199 94 1 228 323 0.89 2.59 Hong Kong dollar bonds 233 0 13 (4) 34 (17) 13 9.08 1.48 Japanese yen bonds 78 0 12 6 13 (8) 11 128.53 2.47 Norwegian krona bonds 241 0 22 (3) (23) 29 3 9.15 1.12 Cash flow hedges - foreign currency and interest rate risk 2 Cross currency swaps - US dollar bonds 417 0 8 18 52 (62) 8 1.17 1.07 Cash flow hedges - interest rate risk 2 Interest rate swaps - Euro loans 568 0 0 7 (11) 3 (1) 0 1.21 Fair value hedges - interest rate risk 3 Interest rate swaps - Eurobonds 186 131 0 0 0 0 0 0 0 Net investment hedge - foreign exchange risk 4 Cross-currency and foreign exchange swaps - South African rand investment 1,785 0 23 631 328 0 959 17.30 0.31 26,448 830 1,392 (3,171) 6,220 (1,226) 1,823 At 31 March 2020 Other comprehensive income Weighted average Opening Gain/(Loss) Closing Carrying Carrying balance (Gain)/Loss recycled to balance Euro Nominal value value 1 April deferred to financing 31 March Maturity interest amounts Assets Liabilities OCI costs year FX rate rate €m €m €m €m €m €m €m % Cash flow hedges – foreign currency risk 2 Cross-currency and foreign exchange swaps US dollar bonds 20,383 5,371 — (179) (4,233) 490 (3,922) 1.18 2.67 Australian dollar bonds 736 — 65 (17) 77 (86) (26) 1.56 0.92 Swiss franc bonds 624 — 17 22 (27) 33 28 1.08 1.26 Pound sterling bonds 3,180 29 186 38 79 (23) 94 0.85 2.04 Hong Kong dollar bonds 233 22 — 13 (25) 8 (4) 9.08 1.48 Japanese yen bonds 78 1 — 2 — 4 6 128.53 2.47 Norwegian krona bonds 241 — 46 1 34 (38) (3) 9.15 1.12 Cash flow hedges – foreign currency and interest rate risk 2 Cross-currency swaps - US dollar bonds 905 46 — 12 (14) 20 18 1.17 1.05 Cash flow hedges – interest rate risk 2 Interest rate swaps – Euro loans 668 — 13 11 (4) — 7 — 1.21 Fair value hedges – interest rate risk 3 Interest rate swaps – Eurobonds 186 131 — — — — — — — Net investment hedge – foreign exchange risk 4 Cross-currency and foreign exchange swaps – South African rand investment 2,138 314 — 810 (179) — 631 16.55 0.17 29,372 5,914 327 713 (4,292) 408 (3,171) Notes: 1 Fair value movement deferred into other comprehensive income includes €1,164 million loss (2020: €1,271 million loss) and €2 million gain (2020: €nil) of foreign currency basis outside the cash flow and net investment hedge relationships respectively. 2 For cash flow hedges, the movement in the hypothetical derivative (hedged item) mirrors that of the hedging instrument. Hedge ineffectiveness of the swaps designated in a cash flow hedge during the period was €nil (2020: €nil). 3 The carrying value of the bond includes €76 million loss (2020: €85 million loss) of cumulative fair value adjustment for the hedged interest rate risk. Net ineffectiveness on the fair value hedges, €8 million gain (2020: €8 million gain) is recognised in the income statement. The carrying value of bonds includes an additional €774 million loss (2020: €889 million loss) in relation to fair value of bonds previously designated in fair value hedge relationships. 4 Hedge ineffectiveness of swaps designated in a net investment hedge during the period was €nil (2020: €nil).
Summary of changes in assets and liabilities arising from financing activities	Assets and liabilities Derivative assets Financial liabilities arising from Borrowings and liabilities under put options Other liabilities financing activities €m €m €m €m €m 1 April 2020 74,925 (4,409) 1,850 170 72,536 Cash movements Proceeds from issuance of long-term borrowings 4,359 – – – 4,359 Repayment of borrowings (12,237) – – – (12,237) Net movement in short-term borrowings (2,791) – – – (2,791) Net movement in derivatives – 279 – – 279 Interest paid (2,421) 452 (141) (42) (2,152) Purchase of treasury shares – – – (62) (62) Payments for settlements of written put options – – (1,482) – (1,482) Non-cash movements Fair value movements (9) 3,594 – – 3,585 Foreign exchange (1,480) 1,428 – (2) (54) Interest costs 2,459 (485) 62 11 2,047 Lease additions 4,578 – – – 4,578 Acquisitions of subsidiaries 234 – – – 234 Other 143 – 203 416 762 31 March 2021 67,760 859 492 491 69,602 Assets and liabilities Derivative assets Financial liabilities arising from Borrowings and liabilities under put options Other liabilities financing activities €m €m €m €m €m 1 April 2019 1 52,955 (1,190) 1,844 949 54,558 Cash movements Proceeds from issuance of long-term borrowings 9,933 – – – 9,933 Repayment of borrowings (16,028) – – – (16,028) Net movement in short-term borrowings 2,488 – – – 2,488 Net movement in derivatives – 98 – – 98 Interest paid (2,320) 150 (72) (42) (2,284) Purchase of treasury shares – – – (821) (821) Non-cash movements Fair value movements 6 (2,543) – – (2,537) Foreign exchange (31) (424) (1) (4) (460) Interest costs 2,425 (354) 79 88 2,238 Lease additions 2 15,187 – – – 15,187 Acquisitions and disposals of subsidairies 9,040 (146) – – 8,894 Other 3 1,270 – – – 1,270 31 March 2020 1 74,925 (4,409) 1,850 170 72,536 Notes: 1 2 3
Schedule of Group's financial assets and liabilities that are subject to offset in the balance sheet and the impact of enforceable master netting or similar agreements	At 31 March 2021 Related amounts not set off in the balance sheet Amounts Right of set off presented in with derivative Collateral Gross amount Amount set off balance sheet counterparties assets/liabilities 1 Net amount €m €m €m €m €m €m Derivative financial assets 3,151 0 3,151 (1,989) (962) 200 Derivative financial liabilities (4,010) 0 (4,010) 1,989 2,194 173 Total (859) 0 (859) – 1,232 373 At 31 March 2020 Related amounts not set off in the balance sheet Amounts Right of set off presented in with derivative Collateral Gross amount Amount set off balance sheet counterparties assets/liabilities 1 Net amount €m €m €m €m €m €m Derivative financial assets 9,176 — 9,176 (3,556) (5,292) 328 Derivative financial liabilities (4,767) — (4,767) 3,556 1,115 (96) Total 4,409 — 4,409 — (4,177) 232

Directors and key management _2

Directors and key management compensation (Tables)	12 Months Ended
	Mar. 31, 2021
Directors and key management compensation
Schedule of aggregate emoluments of directors	€m €m €m Salaries and fees 4 4 4 Incentive schemes 1 3 2 2 Other benefits 2 0 1 — 7 7 6 Notes: 1 Excludes gains from long-term incentive plans. 2 Includes the value of the cash allowance taken by some individuals in lieu of pension contributions.
Schedule of aggregate compensation for key management	€m €m €m Short-term employee benefits 28 27 23 Share-based payments 23 30 35 51 57 58

Employees (Tables)

Employees (Tables)	12 Months Ended
	Mar. 31, 2021
Employees
Schedule of number of employees by activity and segment	Employees Employees Employees By activity: Operations 14,893 14,616 15,872 Selling and distribution 26,874 28,133 30,596 Customer care and administration 54,739 52,470 52,528 96,506 95,219 98,996 By segment: Germany 15,798 15,199 13,414 Italy 5,818 5,980 6,536 Spain 4,257 4,316 5,140 UK 9,584 10,295 11,525 Other Europe 15,460 14,646 12,413 India (Discontinued operations) 0 — 4,554 Vodacom 7,810 7,773 7,695 Other Markets 9,498 10,515 12,837 Common Functions 28,281 26,495 24,882 Total 96,506 95,219 98,996
Schedule of cost incurred in respect of employees (including Directors)	€m €m €m Wages and salaries 4,238 4,571 4,333 Social security costs 549 531 579 Other pension costs (note 25) 235 226 223 Share-based payments (note 26) 135 134 132 5,157 5,462 5,267 India (Discontinued operations) 0 — 84 Total 5,157 5,462 5,351

Post employment benefits (Table

Post employment benefits (Tables)	12 Months Ended
	Mar. 31, 2021
Post employment benefits
Schedule of income statement expense for defined benefit plans	€m €m €m Defined contribution plans 204 180 166 Defined benefit plans 31 46 57 Total amount charged to income statement (note 24) 235 226 223
Schedule of actuarial assumptions for defined benefit plans	% % % Weighted average actuarial assumptions used at 31 March 1 : Rate of inflation 2 2.9 2.2 2.9 Rate of increase in salaries 2.7 2.5 2.7 Discount rate 1.8 2.0 2.3 Notes: 1 Figures shown represent a weighted average assumption of the individual plans. 2 The rate of increase in pensions in payment and deferred revaluation are dependent on the rate of inflation.
Schedule of charges made to consolidated income statement and consolidated statement of comprehensive income on basis of actuarial assumptions	€m €m €m Current service cost 37 37 31 Past service costs 1, 2 2 — 16 Net interest (income)/charge (8) 9 10 Total included within staff costs 31 46 57 Actuarial (losses)/gains recognised in the SOCI (686) 640 (33) Notes: 1 2
Schedule of fair value of assets and present value of liabilities under defined benefit plans	Assets Liabilities Net deficit €m €m €m 1April 2019 6,974 (7,431) (457) Service cost – (37) (37) Interest income/(cost) 154 (163) (9) Return on plan assets excluding interest income 108 – 108 Actuarial gains arising from changes in demographic assumptions – 252 252 Actuarial gains arising from changes in financial assumptions – 383 383 Actuarial losses arising from experience adjustments – (103) (103) Employer cash contributions 42 – 42 Member cash contributions 10 (10) – Benefits paid (237) 237 – Exchange rate movements (143) 156 13 Other movements (2) (38) (40) 31 March 2020 6,906 (6,754) 152 Service cost – (39) (39) Interest income/(cost) 137 (129) 8 Return on plan assets excluding interest income 466 – 466 Actuarial losses arising from changes in financial assumptions – (1,118) (1,118) Actuarial losses arising from experience adjustments – (34) (34) Employer cash contributions 125 – 125 Member cash contributions 10 (10) – Benefits paid (243) 243 – Exchange rate movements 244 (249) (5) Other movements (13) 5 (8) 31 March 2021 7,632 (8,085) (453) An analysis of the net (deficit)/surplus is provided below for the Group as a whole. €m €m Analysis of net (deficit)/surplus: Total fair value of plan assets 7,632 6,906 Present value of funded plan liabilities (7,968) (6,641) Net (deficit)/surplus for funded plans (336) 265 Present value of unfunded plan liabilities (117) (113) Net (deficit)/surplus (453) 152 Net (deficit)/surplus is analysed as: Assets 1 60 590 Liabilities (513) (438) Note: 1 Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as economic benefits are available to the Group either in the form of future refunds or, for plans still open to benefit accrual, in the form of possible reductions in future contributions. An analysis of net surplus/(deficit) is provided below for the Vodafone UK plan, which is a funded plan. As part of the merger of the Vodafone UK plan and the Cable and Wireless Worldwide Retirement Plan (‘CWWRP’) plan on 6 June 2014 the assets and liabilities of the CWW Section are segregated from the Vodafone Section and hence are reported separately below. CWW Section Vodafone Section €m €m €m €m Analysis of net surplus/(deficit): Total fair value of plan assets 2,912 2,842 3,298 2,873 Present value of plan liabilities (2,852) (2,393) (3,457) (2,731) Net surplus/(deficit) 60 449 (159) 142 Net surplus/(deficit) are analysed as: Assets 60 449 0 142 Liabilities 0 — (159) —
Schedule of fair value of pension assets	€m €m Cash and cash equivalents 247 96 Equity investments: With quoted prices in an active market 1,376 1,018 Without quoted prices in an active market 294 197 Debt instruments: With quoted prices in an active market 4,589 4,446 Without quoted prices in an active market 559 513 Property: With quoted prices in an active market 26 18 Without quoted prices in an active market 494 391 Derivatives: 1 Without quoted prices in an active market (1,557) (1,110) Investment fund 604 533 Annuity policies With quoted prices in an active market 4 3 Without quoted prices 996 801 Total 7,632 6,906 Note: 1
Schedule of sensitivity analysis under defined benefit plans	Rate of inflation Rate of increase in salaries Discount rate Life expectancy Decrease by 0.5% Increase by 0.5% Decrease by 0.5% Increase by 0.5% Decrease by 0.5% Increase by 0.5% Decrease by 1 year Increase by 1 year €m €m €m €m €m €m €m €m (Decrease)/increase in present value of defined benefit obligation 1 (572) 641 (4) 4 854 (738) (278) 275 Note: 1 The sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another. In presenting this sensitivity analysis, the change in the present value of the defined benefit obligation has been calculated on the same basis as prior years using the projected unit credit method at the end of the year, which is the same as that applied in calculating the defined benefit obligation liability recognised in the statement of financial position. The rate of inflation assumption sensitivity factors in the impact of changes to all assumptions relating to inflation including the rate of increase in salaries, pension increases and deferred revaluations.

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
	Mar. 31, 2021
Share-based payments
Schedule of movements in outstanding ordinary share options	Ordinary share options Millions Millions Millions 1April 53 46 40 Granted during the year 35 39 33 Forfeited during the year (1) (1) (2) Exercised during the year 0 — (2) Expired during the year (25) (31) (23) 31 March 62 53 46 Weighted average exercise price: 1April £1.19 £1.40 £1.64 Granted during the year £1.03 £1.06 £1.30 Forfeited during the year £1.16 £1.36 £1.52 Exercised during the year £1.23 £1.50 £1.67 Expired during the year £1.27 £1.34 £1.64 31 March £1.07 £1.19 £1.40
Summary of options outstanding	31 March 2021 31 March 2020 Weighted Weighted remaining remaining Weighted average Weighted average Outstanding average contractual Outstanding average contractual shares exercise life shares exercise life Millions price Months Millions price Months Vodafone Group savings related and Sharesave Plan: £0.98 – £1.89 62 £1.07 30 53 £1.19 30
Schedule of movements in non-vested shares	Weighted Weighted Weighted average fair average fair average fair value at value at value at Millions grant date Millions grant date Millions grant date 1 April 245 £1.41 200 £1.92 182 £2.04 Granted 108 £0.99 135 £1.00 88 £1.82 Vested (56) £1.56 (44) £2.10 (39) £2.21 Forfeited (30) £1.10 (46) £1.76 (31) £1.97 31 March 267 £1.20 245 £1.41 200 £1.92

Acquisitions and disposals (Tab

Acquisitions and disposals (Tables)	12 Months Ended
	Mar. 31, 2021
Disclosure of detailed information about business combination [line items]
Summary of other transactions with non-controlling shareholders in subsidiaries	€m €m Cash consideration received/(paid) Vantage Towers IPO 2,000 — Vantage Towers Greece (288) — Other (49) (160) 1,663 (160)
Schedule of aggregate cash consideration in respect of purchase or disposal of subsidiaries, net of cash	€m €m Cash consideration paid European Liberty Global Assets 0 10,313 Other acquisitions during the year 138 108 Net cash acquired (2) (126) 136 10,295 €m €m Cash consideration received Vodafone New Zealand (37) 2,023 Tower infrastructure in Italy 192 2,140 Vodafone Malta 242 Other disposals during the period 3 35 Net cash disposed (1) (13) 157 4,427
Schedule of purchase price allocation	Fair value €m Net assets acquired Identifiable intangible assets 1 5,818 Property, plant and equipment 2 4,737 Inventory 2 Trade and other receivables 856 Other investments 2 Cash and cash equivalents 109 Current and deferred taxation (1,904) Short and long-term borrowings (9,527) Trade and other payables (1,066) Post employment benefits (40) Provisions (178) Net identifiable liabilities acquired (1,191) Goodwill 3 11,504 Total consideration 4 10,313 Notes: 1 Identifiable intangible assets of €5,818 million consisted of customer relationships of €5,569 million, brand of €71 million and software of €178 million. 2 Includes Right-of-use assets. 3 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. 4 Transaction costs of €46 million were charged to Other income and expense in the consolidated income statement in the year ended 31 March 2020.
Schedule of net assets disposed and the resulting net gain on disposal	€m Goodwill (243) Other intangible assets (155) Property, plant and equipment 1 (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 2,023 Other effects 2 13 Net gain on transaction 3 1,078 Notes: 1 Includes Right-of-use assets. 2 Includes €59 million of recycled foreign exchange losses. Recorded within Other income and expense in the consolidated income statement.
Infrastructure Wireless Italiane S.P.A. Discontinued Operations
Disclosure of detailed information about business combination [line items]
Schedule of net assets disposed and the resulting net gain on disposal	€m Goodwill (1,320) Property, plant and equipment 1 (548) Trade and other receivables (164) Current and deferred taxation 44 Short and long-term borrowings 270 Trade and other payables 79 Provisions 40 Net assets contributed into INWIT (1,599) Fair value of investment in INWIT 2 3,559 Net cash proceeds arising from the transaction 2,140 Restriction of gain (note 20) (744) Net gain on formation 3 3,356 Notes: 1 Includes Right-of-use assets. 2 The fair value of €3,559 million comprises an investment of €3,345 million recorded within Investments in associates and joint arrangements (note 12) and a dividend receivable of €214 million, recorded within Other receivables (note 14). 3 Recorded within Other income and expense in the consolidated income statement.

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Mar. 31, 2021
Commitments
Schedule of capital commitments	Company and subsidiaries Share of joint operations Group €m €m €m €m €m €m Contracts placed for future capital expenditure not provided in the financial statements 1 3,993 3,046 133 103 4,126 3,149 Note: 1 Commitment includes contracts placed for property, plant and equipment and intangible assets.

Contingent liabilities and le_2

Contingent liabilities and legal proceedings (Tables)	12 Months Ended
	Mar. 31, 2021
Contingent liabilities and legal proceedings
Schedule of contingent liabilities	€m €m Performance bonds 1 381 414 Other guarantees 2 2,347 2,908 Notes: 1 Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related contracts or commercial arrangements. 2 Other guarantees principally comprise Vodafone Group Plc’s guarantee of the Group’s 50% share of a US$3.5 billion loan facility (2020: AUD1.7 billion and US$3.5 billion loan facilities), which forms part of the Group’s overall joint venture investment in TPG Telecom Ltd (2020: Vodafone Hutchison Australia Pty Limited). The Group’s share of these loan balances is included in the net investment in joint venture (see note 12 “Investments in associates and joint arrangements”). Other guarantees also includes INR42.5 billion (2020: nil) in relation to the secondary pledge over shares owned by Vodafone Group in Indus Towers (see “Indus Tower merger” paragraph on page 195).

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Mar. 31, 2021
Related party transactions
Schedule of transactions with joint arrangements and associates	€m €m €m Sales of goods and services to associates 14 32 27 Purchase of goods and services from associates 5 4 3 Sales of goods and services to joint arrangements 203 305 242 Purchase of goods and services from joint arrangements 109 97 192 Net interest income receivable from joint arrangements 1 65 71 96 Net interest expense payable to joint arrangements 1,2 56 — — Trade balances owed: by associates 3 4 1 to associates 5 4 3 by joint arrangements 88 157 193 to joint arrangements 31 37 25 Other balances owed by associates 56 — — Other balances owed by joint arrangements 1 955 1,083 997 Other balances owed to joint arrangements 2 1,575 2,017 169 Notes: 1 Amounts arise primarily through VodafoneZiggo, TPG Telecom Limited and INWIT S.p.A.. Interest is paid in line with market rates. 2 Amounts for years ended 31 March 2021 and 2020 are primarily in relation to leases of tower space from INWIT S.p.A.

Related undertakings (Tables)

Related undertakings (Tables)	12 Months Ended
	Mar. 31, 2021
Related undertakings
Schedule of investment in subsidiaries, associated undertakings and joint arrangements	Company name % of share class held Share class Albania Rruga "Ibrahim Rugova", Sky Tower, Kati i 5,Hyrja 2, Tiranë, Shqipëri.Albania VOIS Albania ShpK. 100.00 Ordinary shares Autostrada Tirane-Durres, Rruga: “Pavaresia”,Nr 61, Kashar, Tirana,Albania Vodafone Albania Sh.A 99.94 Ordinary shares Argentina Cerrito 348, 5 to B, C1010AAH, Buenos Aires, Argentina CWGNL S.A. (in process of dissolution) 100.00 Ordinary shares Australia Mills Oakley , Level 7, 151 Clarence Street, Sydney NSW 2000, Australia Vodafone Enterprise Australia Pty Limited 100.00 Ordinary shares Austria c/o Stolitzka & Partner Rechtsanwälte OG, Kärntner Ring 12, 3. Stock, 1010, Wien, Austria Vodafone Enterprise Austria GmbH 100.00 Ordinary shares Bahrain RSM Bahrain, 3rd floor Falcon Tower, Diplomatic Area, Manama, PO BOX 11816, Bahrain Vodafone Enterprise Bahrain W.L.L. 100.00 Ordinary shares Belgium Malta House, rue Archimède 25, 1000 Bruxelles, Belgium Vodafone Belgium SA/NV 100.00 Ordinary shares Brazil Avenida Cidade Jardim, 400, 7th and 20th Floors, Jardim Paulistano, São Paulo, Brazil, 01454-000 Vodafone Serviços Empresariais Brasil Ltda. 100.00 Ordinary shares Av José Rocha Bonfim, 214, Cond Praça Capital - Edifício Toronto, sls 228/229 13080-900 Jardim Santa Genebra - Campinas, São Paulo, Brazil Cobra do Brasil Serviços de Telemàtica ltda. (in process of dissolution) 70.00 Ordinary shares Av Paulista 74-4 andar, Sala 427, Bela Vista, CEP, 01311 - 902, São Paulo, Brazil Vodafone Empresa Brasil Telecomunicações Ltda 100.00 Ordinary shares Bulgaria 10 Tsar Osvoboditel Blvd., 3rd Floor, Spredets Region, Sofia, 1000, Bulgaria Vodafone Enterprise Bulgaria EOOD 100.00 Ordinary shares Canada 3280 Bloor Street West, Suite 1140, 11 Floor, Centre Tower, Toronto ON M8X 2X3, Canada Vodafone Canada Inc. 100.00 Common shares Cayman Islands One Nexus Way, Camana Bay, Grand Cayman, KY1-9005, Cayman Islands CGP Investments (Holdings) Limited 100.00 Ordinary shares Chile 222 Miraflores, P.28, Santiago, Metrop, 97-763, Chile Vodafone Enterprise Chile S.A. 100.00 Ordinary shares China Building 21, 11, Kangding St., BDA, Beijing, 100176 - China, China Vodafone Automotive Technologies (Beijing) Co, Ltd 100.00 Ordinary shares Level 9, Tower 2, China Central Place, Room 940, No.79 Jianguo Road, Chaoyang District, Beijing, 100025, China Vodafone China Limited (China) (in process of dissolution) 100.00 Equity interest shares Level 9, Tower 2, China Central Place, Room 941, No.79 Jianguo Road, Chaoyang District, Beijing, 100025, China Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. Beijing Branch 2 100.00 Branch Room 1603, 16 th Floor, 1200 Pudong Avenue, China (S, 1200 Pudong Avenue, Free Trade Zone, Shanghai, China Vodafone Enterprise Communications Technical Service (Shanghai) Co., Ltd. 100.00 Ordinary shares Congo, The Democratic Republic of the 292 Avenue de La Justice, Commune de la Gombe, Kinshasa, Congo Vodacom Congo (RDC) SA 5 30.85 Ordinary shares Building Comimmo II Ground Floor Right, 3157 Boulevard du 30 Juin, Commune de la Gombe, Kinshasa, DRC Congo, The Democratic Republic of the Vodacash S.A. 5 30.85 Ordinary shares Cyprus Ali Rıza Efendi Caddesi No:33/A Ortaköy, Lefkoşa, Cyprus Vodafone Mobile Operations Limited 100.00 Ordinary shares Czech Republic náměstí Junkových 2, Prague 5, Czech Republic, 155 00, Czech Republic Oskar Mobil S.R.O. 100.00 Ordinary shares Nadace Vodafone Česká Republika 100.00 Trustee Vodafone Czech Republic A.S. 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited - Czech Branch 2 100.00 Branch Praha 4, Nusle, Závišova 502/5, 14000, Czech Republic Vantage Towers s.r.o. 4 81.05 Ordinary shares Vantage Towers 2 s.r.o. 100.00 Ordinary shares Závišova Real Estate, s.r.o. 100.00 Ordinary shares Denmark Tuborg Boulevard 12, 2900, Hellerup, Denmark Vodafone Enterprise Denmark A/S 100.00 Ordinary (DKK) shares Egypt 17 Port Said Street, Maadi El Sarayat, Cairo, Egypt Vodafone For Trading 54.95 Ordinary shares 37 Kaser El Nil St, 4th. Floor,Cairo,Egypt Starnet 55.00 Ordinary shares 54 El Batal Ahmed Abed El Aziz, Mohandseen, Giza, Egypt Sarmady Communications 55.00 Ordinary shares Building no. 2109 “VHUB1”, Smart Village, Cairo Alexandria, Egypt Vodafone International Services LLC 100.00 Ordinary shares Site No 15/3C, Central Axis, 6th October City, Egypt Vodafone Egypt Telecommunications S.A.E. 55.00 Ordinary shares Smart Village C3 Vodafone Building, Egypt Vodafone Data 55.00 Ordinary shares Finland c/o Eversheds Asianajotoimisto Oy, Fabianinkatu 29 B, Helsinki, 00100, Finland Vodafone Enterprise Finland OY 100.00 Ordinary shares France 1300 route de Cretes, Le WTC, Bat I1, 06560, Valbonne Soph, France Vodafone Automotive Telematics Development S.A.S 100.00 Ordinary shares EuroPlaza Tour, 20 Avenue Andre Prothin, La Défense Cedex-France (149153), 92400, Courbevoie, France Vodafone Automotive France S.A.S 100.00 Ordinary shares Vodafone Enterprise France SAS 100.00 New euro shares Rue Champollion, 22300, Lannion, France Apollo Submarine Cable System Ltd – French Branch 2 100.00 Branch Germany Aachener Str. 746-750, 50933, Köln, Germany Arena Sport Rechte Marketing GmbH i.L (in liquidation) 100.00 Ordinary shares Vodafone Administration GmbH 100.00 Ordinary shares Vodafone BW GmbH 100.00 Ordinary shares Vodafone Hessen GmbH & Co. KG 100.00 Ordinary shares Vodafone Management GmbH 100.00 Ordinary shares Vodafone NRW GmbH 100.00 Ordinary shares Vodafone West GmbH 100.00 Ordinary shares Altes Forsthaus 2, 67661, Kaiserslautern, Germany TKS Telepost Kabel-Service Kaiserslautern GmbH 3 93.84 Ordinary shares Betastraße 6-8, 85774 Unterföhring, Germany Kabel Deutschland Holding AG 3 93.84 Ordinary shares Vodafone Deutschland GmbH 93.84 Ordinary shares Company name % of share class held Share class Vodafone Customer Care GmbH 3 93.84 Ordinary shares Buschurweg 4, 76870, Kandel, Germany Vodafone Automotive Deutschland GmbH 100.00 Ordinary shares Ferdinand-Braun-Platz 1, 40549, Duesseldorf, Germany Vodafone Enterprise Germany GmbH 100.00 Ordinary shares Vodafone GmbH 100.00 Ordinary A shares, Ordinary B shares Vodafone Group Services GmbH 100.00 Ordinary shares Vodafone Institut für Gesellschaft und Kommunikation GmbH 100.00 Ordinary shares Vodafone Stiftung Deutschland Gemeinnutzige GmbH 100.00 Ordinary shares Vodafone Vierte Verwaltungs AG 100.00 Ordinary shares Friedrich-Wilhelm-Strasse 2, 38100, Braunschweig, Germany KABELCOM Braunschweig Gesellschaft Fur Breitbandkabel-Kommunikation Mit Beschrankter Haftung 3 93.84 Ordinary shares Helmholtzstaße. 2-9, Gerbäude F10587, Berlin, Germany Vodafone Service GmbH 100.00 Ordinary shares Holzmarkt 1, 50676, Köln, North Rhine-Westphalia, Germany Grandcentrix GmbH 100.00 Ordinary shares Nobelstrasse 55, 18059, Rostock, Germany "Urbana Teleunion" Rostock GmbH & Co.KG 3 65.69 Ordinary shares Prinzenallee 11-13, 40549, Düsseldorf, Germany Vantage Towers AG 81.05 Ordinary shares Seilerstrasse 18, 38440, Wolfsburg, Germany KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel-Kommunikation Mit Beschrankter Haftung 3 93.84 Ordinary shares Ghana Manet Tower A, South Liberation Link, Accra, Ghana Vodacom Business (Ghana) Limited 70.00 Ordinary shares, Preference shares Telecom House, Nsawam Road, Accra-North, Greater Accra Region, PMB 221, Ghana Ghana Telecommunications Company Limited 70.00 Ordinary shares, Preference shares National Communications Backbone Company Limited 70.00 Ordinary shares Vodafone Ghana Mobile Financial Services Limited 70.00 Ordinary shares Greece 1-3 Tzavella str, 152 31 Halandri, Athens, Greece Vantage Towers Single Member Societe Anonyme (previously Vantage Towers Societe Anonyme, 16 April 2021) 4 81.05 Ordinary shares Vodafone-Panafon Hellenic Telecommunications Company S.A. 99.87 Ordinary shares Vodafone Greece Towers Societe Anonyme 4 81.05 Ordinary shares 2 Adrianeiou str, Athens, 11525, Greece Crystal Almond Towers Single Member S.A. 4 81.05 Ordinary shares 12,5 km National Road Athens – Lamia, Metamorfosi / Athens, 14452, Greece Vodafone Innovus S.A. 99.87 Ordinary shares Pireos 163 & Ehelidon, Athens, 11854, Greece 360 Connect S.A. 99.87 Ordinary shares Guernsey Martello Court, Admiral Park, St. Peter Port, GY1 3HB, Guernsey FB Holdings Limited 100.00 Ordinary shares Le Bunt Holdings Limited 100.00 Ordinary shares Silver Stream Investments Limited 100.00 Ordinary shares Roseneath, The Grange, St Peter Port, GY1 2QJ, Guernsey VBA Holdings Limited 5 60.50 Ordinary shares VBA International Limited 5 60.50 Ordinary shares, Hong Kong Level 24, Dorset House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong Vodafone Enterprise Hong Kong Ltd 100.00 Ordinary shares Hungary 40-44 Hungaria Krt., Budapest, H-1087, Hungary VSSB Vodafone Szolgáltató Központ Budapest Zártkörűen Működő Részvénytársaság 100.00 Registered ordinary shares 6 Lechner Ödön fasor, Budapest, 1096, Hungary Vantage Towers Zártkörűen Működő Részvénytársaság 4 Ordinary shares Vodafone Magyarország Távközlési Zártkörűen Működő Részvénytársaság 100.00 Series A Registered common shares India 10th Floor, Tower A&B, Global Technology Park, (Maple Tree Building), Marathahalli Outer Ring Road, Devarabeesanahalli Village, Varthur Hobli, Bengaluru, Karnataka, 560103, India Cable and Wireless (India) Limited - Branch 2 100.00 Branch Cable and Wireless Global (India) Private Limited 100.00 Equity shares Cable & Wireless Networks India Private Limited 100.00 Equity shares 201 - 206, Shiv Smriti Chambers, 49/A, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra, 400018, India Omega Telecom Holdings Private Limited 100.00 Equity shares Vodafone India Services Private Ltd 100.00 Equity shares Business Mantri, Tower A, 3rd Floor, S No.197, Wing A1 & A2, Near Hotel Four Points, Lohegaon, Pune, Maharashtra, 411014, India Vodafone Global Services Private Ltd 100.00 Equity shares E-47, Bankra Super Market, Bankra, Howrah, West Bengal, 711403, India Usha Martin Telematics Limited 100.00 Equity shares Ireland 2nd Floor, Palmerston House, Fenian Street, Dublin 2, Ireland Vodafone International Financing Designated Activity Company 100.00 Ordinary shares Mountainview, Leopardstown, Dublin 18, Ireland Vantage Towers Limited 4 81.05 Ordinary shares VF Ireland Property Holdings Limited 100.00 Ordinary euro shares Vodafone Enterprise Global Limited 100.00 Ordinary shares Vodafone Global Network Limited 100.00 Ordinary shares Vodafone Group Services Ireland Limited 100.00 Ordinary shares Vodafone Ireland Distribution Limited 100.00 Ordinary shares Vodafone Ireland Limited 100.00 Ordinary shares Vodafone Ireland Marketing Limited 100.00 Ordinary shares Vodafone Ireland Retail Limited 100.00 Ordinary shares Italy Piazzale Luigi Cadorna, 4, 20123, Milano, Italy Vodafone Global Enterprise (Italy) S.R.L. 100.00 Ordinary shares SS 33 del Sempione KM 35, 212, 21052 Busto Arsizio (VA), Italy Vodafone Automotive Italia S.p.A 100.00 Ordinary shares Via Astico 41, 21100 Varese, Italy Vodafone Automotive Electronic Systems S.r.L 100.00 Ordinary shares Vodafone Automotive SpA 100.00 Ordinary shares Via Jervis 13, 10015, Ivrea, Tourin, Italy VEI S.r.l. 100.00 Partnership interest shares Vodafone Italia S.p.A. 100.00 Ordinary shares Via Lorenteggio 240, 20147, Milan, Italy Vodafone Enterprise Italy S.r.L 100.00 Euro shares Vodafone Gestioni S.p.A. 100.00 Ordinary shares Vodafone Servizi E Tecnologie S.R.L. 100.00 Equity shares Company name % of share class held Share class Via per Carpi 26/B, 42015, Correggio (RE), Italy VND S.p.A 100.00 Ordinary shares Japan KAKiYa building, 9F, 2-7-17 Shin-Yokohama, Kohoku-ku, Yokoha- City, Kanagawa, 222-0033, Japan Vodafone Automotive Japan KK 100.00 Ordinary shares Marunouchi Trust Tower North 15F, 8-1, Marunouchi 1-chome, Level 15 , Chiyoda-ku, Tokyo, Japan Vodafone Enterprise U.K. – Japanese Branch 2 100.00 Branch Vodafone Global Enterprise (Japan) K.K. 100.00 Ordinary shares Jersey 44 Esplanade, St Helier, JE4 9WG, Jersey Aztec Limited 100.00 Ordinary shares Globe Limited 100.00 Ordinary shares Plex Limited 100.00 Ordinary shares Vizzavi Finance Limited 99.99 Ordinary shares Vodafone International 2 Limited 100.00 Ordinary shares Vodafone Jersey Dollar Holdings Limited 100.00 Limited Liability shares Vodafone Jersey Finance 100.00 Ordinary shares, B shares, C shares, D shares, F shares, G shares Vodafone Jersey Yen Holdings Unlimited 100.00 Limited liability shares Kenya 6th Floor, ABC Towers, ABC Place, Waiyaki Way, Nairobi, 00100, Kenya M-PESA Holding Co. Limited 100.00 Equity shares Vodafone Kenya Limited 5 65.43 Ordinary voting shares The Riverfront, 4th floor, Prof. David Wasawo Drive, Off Riverside Drive, Nairobi, Kenya Vodacom Business (Kenya) Limited 5 Ordinary shares, Ordinary B shares Korea, Republic of ASEM Tower Level 37, 517 Yeongdong-daero, Gangnam-gu, Seoul, 135-798, Korea, Republic of Vodafone Enterprise Korea Limited 100.00 Ordinary shares Lesotho 585 Mabile Road, Vodacom Park, Maseru, Lesotho Vodacom Lesotho (Pty) Limited 5 48.40 Ordinary shares Luxembourg 15 rue Edward Steichen, Luxembourg, 2540, Luxembourg Tomorrow Street GP S.à r.l. 100.00 Ordinary shares Vodafone Asset Management Services S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Global Businesses S.à r.l. 100.00 Ordinary shares Vodafone Enterprise Luxembourg S.A. 100.00 Ordinary euro shares Vodafone International 1 S.à r.l. 100.00 Ordinary shares Vodafone International M S.à r.l. 100.00 Ordinary shares Vodafone Investments Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg 5 S.à r.l. 100.00 Ordinary shares Vodafone Luxembourg S.à r.l. 100.00 Ordinary shares Vodafone Procurement Company S.à r.l. 100.00 Ordinary shares Vodafone Roaming Services S.à r.l. 100.00 Ordinary shares Vodafone Services Company S.à r.l. 100.00 Ordinary shares Malaysia Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia Vodafone Global Enterprise (Malaysia) Sdn Bhd 100.00 Ordinary shares Malta Portomaso Business Tower, Level 15B, St Julians, STJ 4011, Malta Vodafone Holdings Limited 100.00 ‘A’ ordinary shares, ‘B’ ordinary shares Vodafone Insurance Limited 100.00 ‘A’ ordinary shares, ‘B’ ordinary shares Mauritius 10th Floor, Standard Chartered Towers, 19 Cybercity, Ebene, Mauritius Mobile Wallet VM1 5 60.50 Ordinary shares Mobile Wallet VM2 5 60.50 Ordinary shares VBA (Mauritius) Limited 5 60.50 Ordinary shares, Redeemable preference shares Vodacom International Limited 5 60.50 Ordinary shares, Non-cumulative preference shares Fifth Floor, Ebene Esplanade, 24 Cybercity, Ebene, Mauritius Al-Amin Investments Limited 100.00 Ordinary shares Array Holdings Limited 100.00 Ordinary shares Asian Telecommunication Investments (Mauritius) Limited 100.00 Ordinary shares CCII (Mauritius), Inc. 100.00 Ordinary shares CGP India Investments Ltd. 100.00 Ordinary shares Euro Pacific Securities Ltd. 100.00 Ordinary shares Mobilvest 100.00 Ordinary shares Prime Metals Ltd. 100.00 Ordinary shares Trans Crystal Ltd. 100.00 Ordinary shares Vodafone Mauritius Ltd. 100.00 Ordinary shares Vodafone Tele-Services (India) Holdings Limited 100.00 Ordinary shares Vodafone Telecommunications (India) Limited 100.00 Ordinary shares Mexico Avenida Insurgentes Sur No. 1647, Piso 12, despacho 1202, Colonia San José Insurgentes, Alcaldía Benito Juárez, C.P. 03900, Ciudad de México, Mexico Vodafone Empresa México S.de R.L. de C.V. 100.00 Corporate certificate series A shares, Corporate certificate series B shares Mozambique Rua dos Desportistas, Numero 649, Cidade de Maputo, Mozambique VM, SA 5 51.42 Ordinary shares Vodafone M-Pesa, S.A 5 51.42 Ordinary shares Netherlands Rivium Quadrant 173, 15th Floor, 2909 LC, Capelle aan den IJssel, Netherlands Vodafone Enterprise Netherlands B.V. 100.00 Ordinary shares Vodafone Europe B.V. 100.00 Ordinary shares Vodafone International Holdings B.V. 100.00 Ordinary shares Vodafone Panafon International Holdings B.V. 99.87 Ordinary shares Rivium Quadrant 175, 6th Floor, 2909 LC, Capelle aan den IJssel, Netherlands Central Tower Holding Company B.V. 4 81.05 Ordinary shares and special shares Zuid-hollanden 7, Rode Olifant, Spaces, 2596AL, den Haag, Netherlands IoT.nxt USA BV 5 30.87 Ordinary shares IOT.NXT BV. 5 30.87 Ordinary shares IoT.nxt Europe BV 5 30.87 Ordinary shares New Zealand 74 Taharoto Road, Takapuna, Auckland, 0622, New Zealand Vodafone Enterprise Hong Kong Limited -New Zealand Branch 2 100.00 Branch Norway c/o EconPartner AS, Dronning Mauds gate 15, Oslo, 0250, Norway Vodafone Enterprise Norway AS 100.00 Ordinary shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom Vodafone Limited – Norway Branch 2 100.00 Branch Oman Knowledge Oasis Muscat, Al-seeb, Muscat, Governorate P.O Box 104 135, Oman Vodafone Services LLC 100.00 Shares Poland Ul. Złota 59, 00-120 , Warszawa, Poland Vodafone Business Poland sp. z o.o. 100.00 Ordinary shares % of share class held by Group Company name Companies Share class Portugal Av. D. João II, nº 36 – 8º Piso, 1998 – 017, Parque das Nações, Lisboa, Portugal Oni Way - Infocomunicacoes, S.A 100.00 Ordinary shares Vodafone Portugal – Comunicacoes Pessoais, S.A. 100.00 Ordinary shares Vodafone Enterprise Spain, S.L.U. – Portugal Branch 2 100.00 Branch Vodafone Towers Portugal, S.A. 4 81.05 Ordinary shares Romania 1 A Constantin Ghercu Street, Floors 8 - 10, 6 th District, Bucharest, Romania UPC Services S.R.L. 100.00 Ordinary shares 201 Barbu Vacarescu, 5th Floor, 2nd District, Vodafone External Services S.R.L. 100.00 Ordinary shares 201 Barbu Vacarescu, 8th Floor, 2nd District, Bucharest, Romania Vodafone Romania S.A 100.00 Ordinary shares 201 Barbu Vacarescu Street, Mezzanine, District 2, Bucharest, Romania Vodafone Foundation 100.00 Sole member 201 Barbu Vacarescu Street, Mezzanine, Room 1, District 2, Bucharest, Romania Vantage Towers S.R.L. 4 81.05 Ordinary shares 62D Nordului Street, District 1, Bucharest, Romania UPC Foundation 100.00 Sole member Sectorul 2, Strada Barbu Văcărescu, Nr. 201, Etaj 1, Bucureşti, Romania Vodafone România M – Payments SRL 100.00 Ordinary shares Sectorul 2, Strada Barbu Văcărescu, Nr. 201, Etaj 3, Bucureşti, Romania Vodafone România Technologies SRL 99.55 Ordinary shares Sectorul 4, Strada Oltenitei, Nr. 2, Etaj 3, Bucureşti, Romania Vodafone Shared Services Romania SRL 90.48 Ordinary shares Șoseaua Vestului no. 1A, West Mall Ploiești, First Floor, Ploiești, Romania Evotracking SRL 100.00 Ordinary shares Russian Federation Build. 2, 14/10, Chayanova str., 125047, Moscow, Russian Federation Cable & Wireless CIS Svyaz LLC 100.00 Charter capital shares Serbia Vladimira Popovića 38-40, New Belgrade, 11070, Serbia Vodafone Enterprise Equipment Limited Ogranak u Beogradu - Serbia Branch 2 100.00 Branch Singapore Asia Square Tower 2, 12 Marina View, #17-01, Singapore, 018961, Singapore Vodafone Enterprise Singapore Pte.Ltd 100.00 Ordinary shares Slovakia Prievozská 6, Bratislava, 821 09, Slovakia Vodafone Czech Republic A.S. – Slovakia Branch 2 100.00 Branch Suché mýto 1, Bratislava, 811 03, Slovakia Vodafone Global Network Limited – Slovakia Branch 2 100.00 Branch South Africa 319 Frere Road, Glenwood, 4001, South Africa Cable and Wireless Worldwide South Africa (Pty) Ltd 100.00 Ordinary shares 9 Kinross Street, Germiston South, 1401, South Africa Vodafone Holdings (SA) Proprietary Limited 100.00 Ordinary shares Vodafone Investments (SA) Proprietary Limited 100.00 Ordinary A shares, “B” ordinary no par value shares Bylsbridge Office Park, Building 14m Block C, 1st Floor, Alexandra Road, Centurion, Highveld Ext 73, 0046, South Africa 10T Holdings (Proprietary) Limited 5 Ordinary shares IoT.nxt (Pty) Limited 5 Ordinary shares IOT.nxt Development (Pty) Limited 5 Ordinary shares Vodacom Corporate Park, 082 Vodacom Boulevard, Midrand, 1685, South Africa GS Telecom (Pty) Limited 5 60.50 Ordinary shares Jupicol (Proprietary) Limited 5 42.35 Ordinary shares Mezzanine Ware Proprietary Limited (RF) 5 54.45 Ordinary shares Motifprops 1 (Proprietary) Limited 5 60.50 Ordinary shares Scarlet Ibis Investments 23 (Pty) Limited 5 60.50 Ordinary shares Storage Technology Services (Pty) Limited 5 30.85 Ordinary shares Vodacom (Pty) Limited 5 60.50 Ordinary shares, Ordinary A shares Vodacom Business Africa Group (Pty) Limited 5 60.50 Ordinary shares Vodacom Financial Services (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Group Limited 60.50 Ordinary shares Vodacom Insurance Administration Company (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Insurance Company (RF) Limited 5 60.50 Ordinary shares Vodacom International Holdings (Pty) Limited 5 60.50 Ordinary shares Vodacom Life Assurance Company (RF) Limited 5 60.50 Ordinary shares Vodacom Payment Services (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Properties No 1 (Proprietary) Limited 5 60.50 Ordinary shares Vodacom Properties No.2 (Pty) Limited 5 60.50 Ordinary shares Wheatfields Investments 276 (Proprietary) Limited 5 60.50 Ordinary shares XLink Communications (Proprietary) Limited 5 60.50 Ordinary A Shares Spain Antracita, 7 – 28045, Madrid CIF B-91204453, Spain Vodafone Automotive Iberia S.L. 100.00 Ordinary shares Avenida de América 115, 28042, Madrid, Spain Vodafone Enabler España, S.L. 100.00 Ordinary shares Vodafone Enterprise Spain SLU 100.00 Ordinary shares, Ordinary euro shares Vodafone Espana S.A.U. 100.00 Ordinary shares Vodafone Holdings Europe S.L.U. 100.00 Ordinary shares Vodafone ONO, S.A.U. 100.00 Ordinary shares Vodafone Servicios S.L.U. 100.00 Ordinary shares Vantage Towers, S.L.U. 4 81.05 Ordinary shares Sweden c/o Hellström advokatbyrå, Box 7305, 103 90, Stockholm, Sweden Vodafone Enterprise Sweden AB 100.00 Ordinary shares, Shareholder’s contribution shares Switzerland Schiffbaustrasse 2, 8005, Zurich, Switzerland Vodafone Enterprise Switzerland AG 100.00 Ordinary shares Via Franscini 10, 6850 Mendrisio, Switzerland Vodafone Automotive Telematics S.A 100.00 Ordinary shares Taiwan 22F., No.100, Songren Road., Xinyi District, Taipei City, 11070, Taiwan Vodafone Global Enterprise Taiwan Limited 100.00 Ordinary shares Tanzania, United Republic of 15 Floor, Vodacom Tower, Ursino Estate, Plot No. 23, Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of Shared Networks Tanzania Limited 5 45.37 Ordinary shares Vodacom Tanzania Public Limited Company 5 45.37 Ordinary shares 3rd Floor, Maktaba (Library), ComplexBibi, Titi Mohaned Road, Dar es Salaam, Tanzania, United Republic of Gateway Communications Tanzania Limited (in liquidation) 5 59.89 Ordinary shares Plot No. 23, Ursino Estate, Bagamoyo Road, Dar es Salaam, Tanzania, United Republic of M-Pesa Limited 5 Ordinary A shares, Ordinary B shares Vodacom Tanzania Limited Zanzibar 5 Ordinary shares Turkey Büyükdere Caddesi, No: 251, Maslak, Şişli / İstanbul, Turkey, 34398, Turkey Vodafone Bilgi Ve Iletisim Hizmetleri AS 100.00 Registered shares Vodafone Dagitim, Servis ve Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Dijital Yayincilik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Holding A.S. 100.00 Registered shares Vodafone Kule ve Altyapi Hizmetleri A.S. 100.00 Ordinary shares Vodafone Medya Icerik Hizmetleri A.S. 100.00 Ordinary shares Vodafone Net İletişim Hizmetleri A.S. 100.00 Ordinary shares Vodafone Telekomunikasyon A.S. 100.00 Registered shares İTÜ Ayazağa Kampüsü, Koru Yolu, Arı Teknokent Arı 3 Binası, Maslak, İstanbul, 586553, Turkey Vodafone Teknoloji Hizmetleri A.S. 100.00 Registered shares Maslak Mah. AOS 55 Sk. 42 Maslak Sit. B Blok Apt. No: 4/663, Sarıyer Istanbul, Turkey Vodafone Sigorta Aracilik Hismetleri A.S. 100.00 Ordinary shares Vodafone Elektronik Para Ve Ödeme Hizmetleri A.S. 100.00 Registered shares Ukraine Bohdana Khmelnytskogo Str. 19-21, Kyiv, Ukraine LLC Vodafone Enterprise Ukraine 100.00 Ordinary shares % of share class held by Group Company name Companies Share class United Arab Emirates Office 101, 1st Floor, DIC Building 1, Dubai Internet City, Dubai, United Arab Emirates Vodafone Enterprise Europe (UK) Limited – Dubai Branch 2 100.00 Branch United Kingdom 1-2 Berkeley Square, 99 Berkeley Street, Glasgow, G3 7HR, Scotland Thus Group Holdings Limited 100.00 Ordinary shares Thus Group Limited 100.00 Ordinary shares Thus Profit Sharing Trustees Limited 100.00 Ordinary shares 784 Upper Newtownards Road, Belfast, BT16 1UD, United Kingdom Vodafone (NI) Limited 100.00 Ordinary shares Edinburgh House, 4 North St. Andrew Street, Edinburgh, EH2 1HJ, United Kingdom Pinnacle Cellular Group Limited 100.00 Ordinary shares Pinnacle Cellular Limited 100.00 Ordinary shares Vodafone (Scotland) Limited 100.00 Ordinary shares Woodend Group Limited (in process of dissolution) 100.00 Ordinary shares Quarry Corner, Dundonald, Belfast, BT16 1UD, Northern Ireland Energis (Ireland) Limited 100.00 A Ordinary shares, B Ordinary shares, C Ordinary shares, D Ordinary Staple Court, 11 Staple Inn Building, London, WC1V 7QH, United Kingdom Vodacom Business Africa Group Services Limited 5 60.50 Ordinary shares, Preference shares Vodacom UK Limited 5 60.50 Ordinary shares, Non-redeemable ordinary A shares, Ordinary B shares, Non-redeemable preference shares Vodafone House, The Connection, Newbury, Berkshire, RG14 2FN, United Kingdom AAA (Euro) Limited (in process of dissolution) 100.00 Ordinary shares Apollo Submarine Cable System Limited 100.00 Ordinary shares Aspective Limited (in process of dissolution) 100.00 Ordinary shares Astec Communications Limited (in process of dissolution) 100.00 Ordinary shares Bluefish Communications Limited 100.00 Ordinary A shares, Ordinary B shares, Ordinary C shares, Ordinary D shares Cable & Wireless Aspac Holdings Limited 100.00 Ordinary shares Cable & Wireless CIS Services Limited 100.00 Ordinary shares Cable & Wireless Communications Data Network Services Limited 100.00 'A' ordinary shares, 'B' ordinary shares Cable & Wireless Europe Holdings Limited 100.00 Ordinary shares Cable & Wireless Global Business Services Limited 100.00 Ordinary shares Cable & Wireless Global Holding Limited 100.00 Ordinary shares Cable & Wireless Global Telecommunication Services Limited 100.00 Ordinary shares Cable & Wireless UK Holdings Limited 100.00 Ordinary shares Cable & Wireless Worldwide Limited 100.00 Ordinary shares, Redeemable preference shares Cable & Wireless Worldwide Voice Messaging Limited 100.00 Ordinary shares Cable and Wireless (India) Limited 100.00 Ordinary shares Cable and Wireless Nominee Limited 100.00 Ordinary shares Cellops Limited (in process of dissolution) 100.00 Ordinary shares Central Communications Group Limited 100.00 Ordinary shares, Ordinary A shares Energis Communications Limited 100.00 Ordinary shares Energis Squared Limited 100.00 Ordinary shares General Mobile Corporation Limited 100.00 Ordinary shares London Hydraulic Power Company 100.00 Ordinary shares, MetroHoldings Limited 100.00 Ordinary shares ML Integration Group Limited 100.00 Ordinary shares, Redeemable preference shares Navtrak Limited 100.00 Ordinary shares Project Telecom Holdings Limited 1 100.00 Ordinary shares Rian Mobile Limited 100.00 Ordinary shares Singlepoint (4U) Limited (in process of dissolution) 100.00 Ordinary shares Talkland International Limited 100.00 Ordinary shares Talkmobile Limited 100.00 Ordinary shares Talkmobile U.K. Limited (in process of dissolution) 100.00 Ordinary shares The Eastern Leasing Company Limited 100.00 Ordinary shares Thus Limited 100.00 Ordinary shares Vizzavi Limited 100.00 Ordinary shares Voda Limited 100.00 Ordinary shares, Zero coupon redeemable preference shares Vodafone (New Zealand) Hedging Limited 100.00 Ordinary shares Vodafone 2. 100.00 Ordinary shares Vodafone 4 UK 100.00 Ordinary shares Vodafone 5 Limited 100.00 Ordinary shares Vodafone 5 UK 100.00 Ordinary shares Vodafone 6 UK 100.00 Ordinary shares Vodafone Americas 4 100.00 Ordinary shares Vodafone Automotive UK Limited 100.00 Ordinary shares Vodafone Benelux Limited 100.00 Ordinary shares, Preference shares Vodafone Business Solutions Limited (in process of dissolution) 100.00 Ordinary shares Vodafone Cellular Limited 1 100.00 Ordinary shares % of share class held by Group Company name Companies Share class Vodafone Connect Limited (in process of dissolution) 100.00 Ordinary shares Vodafone Consolidated Holdings Limited 100.00 Ordinary shares Vodafone Corporate Limited 100.00 Ordinary shares Vodafone Corporate Secretaries Limited 1 100.00 Ordinary shares Vodafone DC Pension Trustee Company Limited 1 100.00 Ordinary shares Vodafone Distribution Holdings Limited 100.00 Ordinary shares Vodafone Enterprise Corporate Secretaries Limited 100.00 Ordinary shares Vodafone Enterprise Equipment Limited 100.00 Ordinary shares Vodafone Enterprise Europe (UK) Limited 100.00 Ordinary shares Vodafone Enterprise U.K. 100.00 Ordinary shares Vodafone Euro Hedging Limited 100.00 Ordinary shares Vodafone Euro Hedging Two 100.00 Ordinary shares Vodafone Europe UK 100.00 Ordinary shares Vodafone European Investments 1 100.00 Ordinary shares Vodafone European Portal Limited 1 100.00 Ordinary shares Vodafone Finance Limited 1 100.00 Ordinary shares Vodafone Finance Luxembourg Limited 100.00 Ordinary shares Vodafone Finance Sweden 100.00 Ordinary shares, Ordinary deferred Vodafone Finance UK Limited 100.00 Ordinary shares Vodafone Financial Operations 100.00 Ordinary shares Vodafone Global Content Services Limited 100.00 Ordinary shares, 5% fixed rate non-voting preference shares Vodafone Global Enterprise Limited 100.00 Ordinary shares, Deferred shares, B deferred shares Vodafone Group (Directors) Trustee Limited 1 100.00 Ordinary shares Vodafone Group Pension Trustee Limited 1 100.00 Ordinary shares Vodafone Group Services Limited 100.00 Ordinary shares, Deferred shares Vodafone Group Services No.2 Limited 1 100.00 Ordinary shares Vodafone Group Share Trustee Limited 1 100.00 Ordinary shares Vodafone Hire Limited (in process of dissolution) 100.00 Ordinary shares Vodafone Holdings Luxembourg Limited 100.00 Ordinary shares Vodafone Intermediate Enterprises Limited 100.00 Ordinary shares Vodafone International 2 Limited – UK Branch 2 100.00 Branch Vodafone International Holdings Limited 100.00 Ordinary shares Vodafone International Operations Limited 100.00 Ordinary shares Vodafone Investment UK 100.00 Ordinary shares Vodafone Investments Australia Limited 100.00 Ordinary shares Vodafone Investments Limited 1 100.00 Ordinary shares, Zero coupon redeemable preference shares Vodafone IP Licensing Limited 1 100.00 Ordinary shares Vodafone Limited 100.00 Ordinary shares Vodafone Marketing UK 100.00 Ordinary shares Vodafone Mobile Communications Limited 100.00 Ordinary shares Vodafone Mobile Enterprises Limited 100.00 A-ordinary shares, Ordinary one pound shares Vodafone Mobile Network Limited 100.00 A-ordinary shares, Ordinary one pound shares Vodafone Nominees Limited 1 100.00 Ordinary shares Vodafone Oceania Limited 100.00 Ordinary shares Vodafone Old Show Ground Site Management Limited 100.00 Ordinary shares Vodafone Overseas Finance Limited 100.00 Ordinary shares Vodafone Overseas Holdings Limited 100.00 Ordinary shares Vodafone Panafon UK 99.87 Ordinary shares Vodafone Partner Services Limited 100.00 Ordinary shares, Redeemable preference shares Vodafone Property Investments Limited 100.00 Ordinary shares Vodafone Retail (Holdings) Limited 100.00 Ordinary shares Vodafone Retail Limited (in process of dissolution) 100.00 Ordinary shares Vodafone Sales & Services Limited 100.00 Ordinary shares Vodafone UK Foundation 100.00 Sole member Vodafone UK Limited 1 100.00 Ordinary shares Vodafone Ventures Limited 1 100.00 Ordinary shares Vodafone Worldwide Holdings Limited 100.00 Ordinary shares; Cumulative preference Vodafone Yen Finance Limited 100.00 Ordinary shares Vodafone-Central Limited 100.00 Ordinary shares Vodaphone Limited 100.00 Ordinary shares Vodata Limited 100.00 Ordinary shares Your Communications Group Limited 100.00 B ordinary shares, Redeemable preference shares United States 145 West 45th St., 8th Floor, New York NY 10036, United States Cable & Wireless Americas 100.00 Common stock shares Vodafone Americas Virginia Inc. 100.00 Common stock shares Vodafone US Inc. 100.00 Common stock shares 1209 Orange, Orange Street, Wilmington, New Castle DE 19801, United States IoT nxt USA Inc 5 30.87 Common stock 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, United States Unitymedia Finance LLC 100.00 Sole member 1615 Platte Street, Suite 02-115, Denver CO 80202, United States Vodafone Americas Foundation 100.00 Trustee Associated undertakings and joint arrangements Company Name % of share Share Class Australia Level 1, 177 Pacific Highway, North Sydney NSW 2060, Au
Schedule of selected financial data	Vodafone Egypt Vodacom Group Limited Telecommunications S.A.E €m €m €m €m Summary comprehensive income information Revenue 5,181 5,531 1,537 1,454 Profit for the financial year 891 980 271 287 Other comprehensive (expense)/income (17) 9 — — Total comprehensive income 874 989 271 287 Other financial information Profit for the financial year allocated to non-controlling interests 310 353 122 129 Dividends paid to non-controlling interests 307 322 84 26 Summary financial position information Non-current assets 6,592 6,155 1,765 1,417 Current assets 2,671 2,444 640 602 Total assets 9,263 8,599 2,405 2,019 Non-current liabilities (2,617) (2,807) (198) (122) Current liabilities (2,406) (1,866) (1,217) (929) Total assets less total liabilities 4,240 3,926 990 968 Equity shareholders' funds 3,332 3,056 587 577 Non-controlling interests 908 870 403 391 Total equity 4,240 3,926 990 968 Statement of cash flows Net cash inflow from operating activities 1,711 1,992 523 477 Net cash outflow from investing activities (424) (555) (418) (239) Net cash outflow from financing activities (1,251) (1,214) (7) (192) Net cash inflow 36 223 98 46 Cash and cash equivalents brought forward 826 684 273 226 Exchange gain/(loss) on cash and cash equivalents 14 (81) (23) 1 Cash and cash equivalents 876 826 348 273 Note: 1

Subsidiaries exempt from audit

Subsidiaries exempt from audit (Tables)	12 Months Ended
	Mar. 31, 2021
Subsidiaries exempt from audit
Schedule of subsidiaries exempt from audit	Name Registration number Bluefish Communications Limited Cable & Wireless Aspac Holdings Limited Cable & Wireless CIS Services Limited Cable & Wireless Europe Holdings Limited Cable & Wireless Global Business Services Limited Cable & Wireless Global Holding Limited Cable & Wireless UK Holdings Limited Cable & Wireless Worldwide Limited Cable & Wireless Worldwide Voice Messaging Limited Cable & Wireless Nominee Limited Central Communications Group Limited Energis (Ireland) Limited NI035793 Energis Communications Limited Energis Squared Limited General Mobile Corporation Limited London Hydraulic Power Company (The) ZC000055 MetroHoldings Limited ML Integration Group Limited 3252903 Project Telecom Holdings Limited The Eastern Leasing Company Limited Thus Group Holdings Limited SC192666 Thus Group Limited SC226738 Voda Limited Vodafone (New Zealand) Hedging Limited Vodafone (Scotland) Limited SC170238 Vodafone 2. Vodafone 4 UK Vodafone 5 Limited Vodafone 5 UK Vodafone 6 UK Vodafone Americas 4 Vodafone Benelux Limited Vodafone Cellular Limited Vodafone-Central Limited Vodafone Consolidated Holdings Limited Vodafone Corporate Limited Vodafone Corporate Secretaries Limited Vodafone Distribution Holdings Limited Vodafone Enterprise Corporate Secretaries Limited Vodafone Enterprise Equipment Limited Vodafone Enterprise Europe (UK) Limited Vodafone Euro Hedging Limited Vodafone Euro Hedging Two Vodafone Europe UK Vodafone European Investments Vodafone European Portal Limited Vodafone Finance Luxembourg Limited Vodafone Finance Sweden Vodafone Finance UK Limited Vodafone Financial Operations Vodafone Global Content Services Limited Vodafone Holdings Luxembourg Limited Vodafone Intermediate Enterprises Limited Vodafone International Holdings Limited Vodafone International Operations Limited Vodafone Investment UK Vodafone Investments Limited Vodafone IP Licensing Limited Vodafone Marketing UK Vodafone Mobile Communications Limited Vodafone Mobile Enterprises Limited Vodafone Mobile Network Limited Vodafone Nominees Limited Vodafone Oceania Limited Vodafone Overseas Finance Limited Vodafone Overseas Holdings Limited Vodafone Panafon UK Vodafone Property Investments Limited Vodafone Retail (Holdings) Limited Vodafone UK Limited Vodafone Worldwide Holdings Limited Vodafone Yen Finance Limited Vodaphone Limited Vodata Limited Your Communications Group Limited

Basis of preparation (Details)

Basis of preparation (Details) - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Basis of preparation
Cash and cash equivalents	€ 5,821	€ 13,557
Portion of property, plant and equipment in total assets represented earlier (as a percent)		23.30%

Basis of preparation (Details_2

Basis of preparation (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Basis of Preparation
Minimum undiscounted forecast period for assessing future taxable profits	5 years
Threshold forecast period of recovery of tax losses	5 years
Portion of property, plant and equipment in total assets (as a percent)	26.60%	23.70%
Minimum compound annual growth rate in adjusted EBITDA for five years forecast (in years)	6 years
Maximum compound annual growth rate in adjusted EBITDA for five years forecast (in years)	10 years
Foreign exchange translation differences transferred to the income statement	€ (13)	€ (146)	€ 2,277
Operating profit
Basis of Preparation
Net foreign exchange loss		24
Net foreign exchange gain	1		1
Non-operating income and expense
Basis of Preparation
Net foreign exchange loss		37
Net foreign exchange gain	4		0
Investment and financing income
Basis of Preparation
Net foreign exchange loss	23	205
Net foreign exchange gain			190
Income tax expense
Basis of Preparation
Net foreign exchange loss	7	2
Net foreign exchange gain			7
Loss for the financial year from discontinued operations
Basis of Preparation
Net foreign exchange loss	€ 0	€ 0	€ 2,079
Land | Minimum
Basis of Preparation
Maximum Lease Term For Land And Buildings	5 years
Buildings | Maximum
Basis of Preparation
Maximum Lease Term For Land And Buildings	10 years

Revenue disaggregation and se_3

Revenue disaggregation and segmental analysis (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Segmental analysis
Total segment revenue	€ 43,809	€ 44,974	€ 43,666
Germany
Segmental analysis
Revenue from contracts with customers	12,575	11,751	10,222
Interest revenue	29	25	29
Other	380	300	139
Adjusted EBITDA	5,634	5,077	4,079
Total segment revenue	12,984	12,076	10,390
Italy
Segmental analysis
Revenue from contracts with customers	4,904	5,416	5,752
Interest revenue	13	12	8
Other	97	101	97
Adjusted EBITDA	1,597	2,068	2,202
Total segment revenue	5,014	5,529	5,857
UK
Segmental analysis
Revenue from contracts with customers	6,054	6,353	6,159
Interest revenue	53	68	57
Other	44	63	56
Adjusted EBITDA	1,367	1,500	1,364
Total segment revenue	6,151	6,484	6,272
Spain
Segmental analysis
Revenue from contracts with customers	4,080	4,222	4,595
Interest revenue	22	23	16
Other	64	51	58
Adjusted EBITDA	1,044	1,009	1,038
Total segment revenue	4,166	4,296	4,669
Other Europe
Segmental analysis
Revenue from contracts with customers	5,408	5,429	4,989
Interest revenue	17	18	22
Other	124	94	61
Adjusted EBITDA	1,760	1,738	1,606
Total segment revenue	5,549	5,541	5,072
Eliminations
Segmental analysis
Revenue from contracts with customers			(212)
Other			(206)
Total segment revenue			(418)
Vodacom
Segmental analysis
Revenue from contracts with customers	4,883	5,334	5,264
Interest revenue	16	7	8
Other	282	190	171
Adjusted EBITDA	1,873	2,088	2,157
Total segment revenue	5,181	5,531	5,443
Other Markets
Segmental analysis
Revenue from contracts with customers	3,753	4,348	4,827
Interest revenue	0	2	8
Other	12	36	29
Adjusted EBITDA	1,228	1,400	1,404
Total segment revenue	3,765	4,386	4,864
Common Functions
Segmental analysis
Revenue from contracts with customers	506	547	514
Interest revenue	0
Other	862	1,020	1,003
Adjusted EBITDA	(117)	1	68
Total segment revenue	1,368	1,567	1,517
Eliminations
Segmental analysis
Revenue from contracts with customers	(198)	(234)
Interest revenue	0
Other	(171)	(202)
Adjusted EBITDA	0
Total segment revenue	(369)	(436)
Group
Segmental analysis
Revenue from contracts with customers	41,965	43,166	42,110
Interest revenue	150	155	148
Other	1,694	1,653	1,408
Adjusted EBITDA	14,386	14,881	13,918
Total segment revenue	43,809	44,974	43,666
Performance obligations
Segmental analysis
Amount of total future revenue from the Group's contracts with customers with performance obligations not satisfied	21,038	20,336	18,447
Performance obligations | Within one year
Segmental analysis
Amount of total future revenue from the Group's contracts with customers with performance obligations not satisfied	14,110	13,456	12,566
Service revenue | Germany
Segmental analysis
Revenue from contracts with customers	11,520	10,696	9,145
Service revenue | Italy
Segmental analysis
Revenue from contracts with customers	4,458	4,833	5,030
Service revenue | UK
Segmental analysis
Revenue from contracts with customers	4,848	5,020	4,952
Service revenue | Spain
Segmental analysis
Revenue from contracts with customers	3,788	3,904	4,203
Service revenue | Other Europe
Segmental analysis
Revenue from contracts with customers	4,859	4,890	4,460
Service revenue | Eliminations
Segmental analysis
Revenue from contracts with customers			(211)
Service revenue | Vodacom
Segmental analysis
Revenue from contracts with customers	4,083	4,470	4,391
Service revenue | Other Markets
Segmental analysis
Revenue from contracts with customers	3,312	3,796	4,011
Service revenue | Common Functions
Segmental analysis
Revenue from contracts with customers	470	494	477
Service revenue | Eliminations
Segmental analysis
Revenue from contracts with customers	(197)	(232)
Service revenue | Group
Segmental analysis
Revenue from contracts with customers	37,141	37,871	36,458
Equipment revenue | Germany
Segmental analysis
Revenue from contracts with customers	1,055	1,055	1,077
Equipment revenue | Italy
Segmental analysis
Revenue from contracts with customers	446	583	722
Equipment revenue | UK
Segmental analysis
Revenue from contracts with customers	1,206	1,333	1,207
Equipment revenue | Spain
Segmental analysis
Revenue from contracts with customers	292	318	392
Equipment revenue | Other Europe
Segmental analysis
Revenue from contracts with customers	549	539	529
Equipment revenue | Eliminations
Segmental analysis
Revenue from contracts with customers			(1)
Equipment revenue | Vodacom
Segmental analysis
Revenue from contracts with customers	800	864	873
Equipment revenue | Other Markets
Segmental analysis
Revenue from contracts with customers	441	552	816
Equipment revenue | Common Functions
Segmental analysis
Revenue from contracts with customers	36	53	37
Equipment revenue | Eliminations
Segmental analysis
Revenue from contracts with customers	(1)	(2)
Equipment revenue | Group
Segmental analysis
Revenue from contracts with customers	€ 4,824	€ 5,295	€ 5,652

Revenue disaggregation and se_4

Revenue disaggregation and segmental analysis - Reconciliation of adjusted EBITDA to operating profit (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Segmental revenue and profit
Impairment loss	€ 0	€ (1,685)	€ (3,525)
Operating profit/(loss)	5,097	4,099	(951)
Non-operating expense	0	3	7
Investment income	330	248	433
Financing costs	(1,027)	(3,549)	(2,088)
Profit/(loss) before taxation	4,400	795	(2,613)
Group (IAS 18 basis)
Segmental revenue and profit
Adjusted EBITDA	14,386	14,881	13,918
Restructuring costs	(356)	(695)	(460)
Interest on lease liabilities	374	330
Loss on disposal of owned assets	30	54	33
Depreciation and amortisation on owned assets	10,187	10,454	9,795
Share of adjusted results in equity accounted associates and joint ventures	342	(2,505)	(908)
Impairment loss	0	(1,685)	(3,525)
Other income/(expense)	568	4,281	(148)
Operating profit/(loss)	5,097	4,099	(951)
Non-operating expense	0	(3)	(7)
Investment income	330	248	433
Financing costs	(1,027)	(3,549)	(2,088)
Profit/(loss) before taxation	4,400	€ 795	€ (2,613)
Group (IFRS 15 basis) | Adjusted operating profit
Segmental revenue and profit
Share of adjusted results in equity accounted associates and joint ventures	€ 59

Revenue disaggregation and se_5

Revenue disaggregation and segmental analysis - Non-current assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Segmental assets and cash flow
Right-of-use assets	€ 12,573	€ 11,749
Impairment loss	0	(1,685)	€ (3,525)
Germany
Segmental assets and cash flow
Non-current assets	47,563	48,266	24,529
Capital expenditure	2,772	2,278	1,816
Right-of-use assets	1,133	912
Other expenditure on intangible assets	1	1,613	2
Depreciation and amortisation on owned assets	4,836	4,805	3,017
Impairment loss	0
Italy
Segmental assets and cash flow
Non-current assets	10,707	11,119	11,031
Capital expenditure	805	697	784
Right-of-use assets	758	1,645
Other expenditure on intangible assets	17	24	2,219
Depreciation and amortisation on owned assets	2,025	1,958	1,337
Impairment loss	0
UK
Segmental assets and cash flow
Non-current assets	7,968	7,790	7,405
Capital expenditure	822	753	804
Right-of-use assets	1,138	733
Other expenditure on intangible assets	0		408
Depreciation and amortisation on owned assets	2,202	2,160	1,612
Impairment loss	0
Spain
Segmental assets and cash flow
Non-current assets	7,213	7,229	7,438
Capital expenditure	772	761	813
Right-of-use assets	700	386
Other expenditure on intangible assets	9		216
Depreciation and amortisation on owned assets	1,579	1,763	1,318
Impairment loss	0	(840)	(2,930)
Other Europe
Segmental assets and cash flow
Non-current assets	10,369	9,138	7,093
Capital expenditure	968	823	775
Right-of-use assets	1,016	298
Other expenditure on intangible assets	431	29	42
Depreciation and amortisation on owned assets	1,727	1,706	1,073
Impairment loss	0	(740)	(310)
Vodacom
Segmental assets and cash flow
Non-current assets	5,839	5,400	5,503
Capital expenditure	703	802	810
Right-of-use assets	174	174
Other expenditure on intangible assets	0	55	91
Depreciation and amortisation on owned assets	872	939	758
Impairment loss	0
Other Markets
Segmental assets and cash flow
Non-current assets	2,988	2,963	3,429
Capital expenditure	512	587	626
Right-of-use assets	247	290
Other expenditure on intangible assets	439	55	34
Depreciation and amortisation on owned assets	666	672	673
Impairment loss	0		(255)
Common Functions
Segmental assets and cash flow
Non-current assets	2,145	2,217	2,009
Capital expenditure	829	821	799
Right-of-use assets	140	155
Other expenditure on intangible assets	0
Depreciation and amortisation on owned assets	194	171	7
Impairment loss	0	(105)	(30)
Group
Segmental assets and cash flow
Non-current assets	94,792	94,122
Capital expenditure	8,183	7,522
Right-of-use assets	5,306	4,593
Other expenditure on intangible assets	897	1,776
Depreciation and amortisation on owned assets	14,101	14,174
Impairment loss	0	(1,685)
Group (IAS 18 basis)
Segmental assets and cash flow
Non-current assets			68,437
Capital expenditure			7,227
Other expenditure on intangible assets			3,012
Depreciation and amortisation on owned assets	10,187	10,454	9,795
Impairment loss	€ 0	€ (1,685)	€ (3,525)

Operating profit_(loss) (Detail

Operating profit/(loss) (Details) - EUR (€) € in Millions	Jul. 31, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Depreciation of property, plant and equipment (note 11):
Leased assets		€ 3,914	€ 3,720
Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4)		0	1,685	€ 3,525
Staff costs (note 24)		5,157	5,462	5,267
Vodafone Malta
Depreciation of property, plant and equipment (note 11):
Net gain on disposal (note 27)		0	(170)
Vodafone New Zealand Limited
Depreciation of property, plant and equipment (note 11):
Net gain on disposal (note 27)	€ (1,078)	0	(1,078)
Infrastructure Wireless Italiane S.P.A. Discontinued Operations
Depreciation of property, plant and equipment (note 11):
Net gain on disposal (note 27)		0	(3,356)
VodafoneZiggo Group Holding B.V.
Operating profit/(loss)
Amortisation of intangible assets (note 10)		4,421	4,459	3,941
Depreciation of property, plant and equipment (note 11):
Owned assets		5,766	5,995	5,795
Leased assets		3,914	3,720	59
Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4)		0	1,685	3,525
Staff costs (note 24)		5,157	5,462	5,267
Amounts related to inventory included in cost of sales		5,160	5,699	5,886
Operating lease rentals payable		0		3,826
Own costs capitalised attributable to the construction of acquisition of property, plant and equipment		(995)	€ (902)	€ (844)
Settlement of tender offer to KDG shareholders		(204)
TPG Telecom
Depreciation of property, plant and equipment (note 11):
Net gain on formation		1,043
Indus Towers Limited
Depreciation of property, plant and equipment (note 11):
Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4)		0
Net gain on formation		292
Pledge arrangements in respect of Indus Towers Limited		€ (429)

Operating profit_(loss) - Remun

Operating profit/(loss) - Remuneration of Group's auditor (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Remuneration of Group's auditor
Audit fees	€ 20	€ 22	€ 17
Vantage Towers IPO2	8	5
Audit-related	0	1	2
Corporate finance	0	1
Non-audit fees	8	7	2
Total fees	28	29	19
Increase in audit fees		2
Parent company
Remuneration of Group's auditor
Audit fees	3	4	2
Subsidiaries
Remuneration of Group's auditor
Audit fees	16	17	14
Subsidiaries | New accounting standards
Remuneration of Group's auditor
Audit fees	0	€ 1	€ 1
Subsidiaries | Vantage Towers
Remuneration of Group's auditor
Audit fees	€ 1

Impairment losses (Details)

Impairment losses (Details) - EUR (€) € in Millions	6 Months Ended	12 Months Ended
	Sep. 30, 2018	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Impairment losses
Impairment losses		€ 0	€ 1,685	€ 3,525
Foreign exchange translation differences transferred to the income statement		€ (13)	(146)	2,277
Goodwill.
Impairment losses
Management plans period (in years)		5 years
Vodafone India (excluding interest in Indus Towers)
Impairment losses
Net gain on transaction			(3,420)
Loss on disposal			1,276
Foreign exchange translation differences transferred to the income statement			(2,079)
Vodafone Idea
Impairment losses
Impairment losses	€ 300
Spain
Impairment losses
Impairment losses		€ 0	840	2,930
Ireland
Impairment losses
Impairment losses		0	630
Romania
Impairment losses
Impairment losses		0	110	310
Vodafone Automotive
Impairment losses
Impairment losses		0	€ 105	30
Vodafone Idea
Impairment losses
Impairment losses		€ 0		€ 255

Impairment losses - Goodwill (D

Impairment losses - Goodwill (Details) - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Impairment losses
Goodwill	€ 31,731	€ 31,378
Europe
Impairment losses
Goodwill	25,381	25,380
Germany | Vodafone
Impairment losses
Goodwill	20,335	22,900
Germany | Vantage Towers
Impairment losses
Goodwill	2,565
Italy
Impairment losses
Goodwill	2,481	2,480
AMAP
Impairment losses
Goodwill	€ 6,350	€ 5,998

Impairment Lossess - Joint oper

Impairment Lossess - Joint operations (Details)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cornerstone Telecommunications Infrastructure Limited
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation	50.00%	50.00%

Impairment review - Key assumpt

Impairment review - Key assumptions used in value in use calculations (Details) - EUR (€) € in Billions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Impairment losses
Key assumptions cash flow forecast period for licence and spectrum payments initial period for renewals and newly available spectrum	5 years
Key assumptions period for management plan used in long term growth rate.	5 years
Key assumption period management used forward looking equity market risk premium	10 years
Vodafone Automotive
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate (as a percent)		9.10%
Long-term growth rate (as a percent)		1.90%
Projected adjusted EBITDA (as a percent)		31.30%
Vodafone Automotive | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)		14.10%
Vodafone Automotive | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)		23.40%
Germany
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate (as a percent)	7.40%	7.50%	8.30%
Long-term growth rate (as a percent)	0.50%	0.50%	0.50%
Projected adjusted EBITDA (as a percent)	1.20%	3.80%	2.90%
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	1.30%	1.10%	2.10%
Long-term growth rate (as a percent)	(1.30%)	(1.00%)	(2.20%)
Projected adjusted EBITDA (as a percent)	(4.00%)	(3.20%)	(4.90%)
Projected capital expenditure (as a percent)	12.70%	11.40%	15.40%
Germany | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	19.70%	20.10%	16.90%
Germany | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	21.50%	20.70%	19.90%
Germany | Base Case
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 7.4	€ 6.6	€ 7.4
Germany | Decrease by 2pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value			4.2
Germany | Increase by 2pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value			€ 10.8
Germany | Decrease in EBITDA by 5 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	(1.6)
Recoverable amount less carrying amount		(3.3)
Germany | Increase in EBITDA by 5 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	18.2	18.4
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	1.5	0.2
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	€ 16	€ 15.8
Germany | Vantage Towers
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate (as a percent)	6.00%
Long-term growth rate (as a percent)	1.50%
Projected adjusted EBITDA (as a percent)	8.40%
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	5.20%
Long-term growth rate (as a percent)	(4.90%)
Projected adjusted EBITDA (as a percent)	(19.30%)
Projected capital expenditure (as a percent)	162.60%
Germany | Vantage Towers | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	39.10%
Germany | Vantage Towers | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	56.20%
Germany | Vantage Towers | Base Case
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 3.5
Germany | Vantage Towers | Decrease in EBITDA by 5 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	2.4
Germany | Vantage Towers | Increase in EBITDA by 5 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	5
Germany | Vantage Towers | Decrease in long-term growth rate by 1 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	2.2
Germany | Vantage Towers | Increase in long-term growth rate by 1 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 6.1
Italy
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate (as a percent)	10.50%	10.30%	10.50%
Long-term growth rate (as a percent)	0.50%	0.50%	1.00%
Projected adjusted EBITDA (as a percent)	2.10%	0.20%	(0.10%)
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.70%	1.70%	2.50%
Long-term growth rate (as a percent)	(0.80%)	(2.00%)	(2.90%)
Projected adjusted EBITDA (as a percent)	(1.50%)	(3.10%)	(4.60%)
Projected capital expenditure (as a percent)	3.00%	7.90%	11.20%
Italy | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	14.40%	12.50%	12.20%
Italy | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	15.90%	13.40%	12.50%
Italy | Base Case
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 0.6	€ 1.8	€ 2.7
Italy | Decrease by 2pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value			1.5
Italy | Increase by 2pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value			€ 4.1
Italy | Decrease in EBITDA by 5 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	(1.3)
Recoverable amount less carrying amount		(1)
Italy | Increase in EBITDA by 5 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	2.9	5.1
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	(0.1)	0.8
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	€ 1.6	€ 3
Spain
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate (as a percent)	9.20%	9.20%	9.30%
Long-term growth rate (as a percent)	0.50%	0.50%	0.50%
Projected adjusted EBITDA (as a percent)	4.90%	8.20%	9.20%
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.40%		0.50%
Long-term growth rate (as a percent)	(0.50%)		(0.70%)
Projected adjusted EBITDA (as a percent)	(1.50%)		(1.30%)
Projected capital expenditure (as a percent)	1.60%		2.70%
Spain | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	15.70%	16.20%	17.10%
Spain | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	17.60%	18.10%	18.40%
Spain | Base Case
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 0.3		€ 0.5
Recoverable amount less carrying amount		€ (0.8)
Spain | Decrease by 2pps
Change required for carrying value to equal recoverable amount
Recoverable amount less carrying amount			(0.3)
Spain | Increase by 2pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value			€ 1.4
Spain | Decrease in EBITDA by 5 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	(0.6)
Recoverable amount less carrying amount		(2.3)
Spain | Increase in EBITDA by 5 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	1.4	0.9
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)
Recoverable amount less carrying amount		€ (1.5)
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
Ireland
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate (as a percent)	7.70%	7.60%
Long-term growth rate (as a percent)	0.50%	0.50%
Projected adjusted EBITDA (as a percent)	0.50%	3.00%
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.70%		1.20%
Long-term growth rate (as a percent)	(0.70%)		(1.40%)
Projected adjusted EBITDA (as a percent)	(1.60%)		(2.70%)
Projected capital expenditure (as a percent)	2.80%		8.40%
Ireland | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	12.60%	10.70%
Ireland | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	15.10%	15.20%
Ireland | Base Case
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 0.1
Recoverable amount less carrying amount		€ (0.6)
Ireland | Decrease in EBITDA by 5 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	(0.2)
Recoverable amount less carrying amount		(1.1)
Ireland | Increase in EBITDA by 5 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	0.5
Ireland | 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
Recoverable amount less carrying amount		(0.8)
Ireland | Increase in long-term growth rate by 1 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 0.3
Recoverable amount less carrying amount		€ (0.4)
Romania
Assumptions used in value in use calculation
Pre-tax risk adjusted discount rate (as a percent)	9.90%	10.20%	11.10%
Long-term growth rate (as a percent)	1.00%	1.00%	1.00%
Projected adjusted EBITDA (as a percent)	0.90%	8.00%	3.80%
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.70%		1.20%
Long-term growth rate (as a percent)	(0.90%)		(1.50%)
Projected adjusted EBITDA (as a percent)	(1.90%)		(2.00%)
Projected capital expenditure (as a percent)	1.90%		3.30%
Romania | Minimum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	12.30%	13.70%	12.10%
Romania | Maximum
Assumptions used in value in use calculation
Projected capital expenditure (as a percent)	15.20%	18.50%	12.70%
Romania | Base Case
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	€ 0.1		€ 0.1
Recoverable amount less carrying amount		€ (0.1)
Romania | Increase by 2pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value			€ 0.2
Romania | Decrease in EBITDA by 5 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	(0.1)
Recoverable amount less carrying amount		(0.3)
Romania | Increase in EBITDA by 5 pps
Change required for carrying value to equal recoverable amount
Recoverable amount that exceeds carrying value	0.3	0.1
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
Recoverable amount less carrying amount		€ (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	€ 0.2
UK
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.80%	1.10%	0.70%
Long-term growth rate (as a percent)	(0.80%)	(1.30%)	(0.90%)
Projected adjusted EBITDA (as a percent)	(1.70%)	(2.30%)	(1.90%)
Projected capital expenditure (as a percent)	2.50%	4.50%	3.30%
Portugal
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.90%	1.50%	0.70%
Long-term growth rate (as a percent)	(1.00%)	(1.60%)	(0.70%)
Projected adjusted EBITDA (as a percent)	(2.20%)	(3.40%)	(1.40%)
Projected capital expenditure (as a percent)	3.70%	7.10%	3.40%
Czech Republic
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	1.20%	1.70%
Long-term growth rate (as a percent)	(1.30%)	(1.80%)
Projected adjusted EBITDA (as a percent)	(3.00%)	(4.00%)
Projected capital expenditure (as a percent)	7.50%	12.50%
Hungary
Change required for carrying value to equal recoverable amount
Pre-tax risk adjusted discount rate (as a percent)	0.30%	1.90%
Long-term growth rate (as a percent)	(0.40%)	(2.20%)
Projected adjusted EBITDA (as a percent)	(0.70%)	(3.90%)
Projected capital expenditure (as a percent)	1.50%	9.10%

Impairment losses - Vodafone Id

Impairment losses - Vodafone Idea (Details) ₨ / shares in Units, € in Millions, ₨ in Billions, shares in Billions	May 13, 2019EUR (€)	Sep. 30, 2018EUR (€)	Mar. 31, 2021EUR (€)	Mar. 31, 2020EUR (€)	Mar. 31, 2019EUR (€)	Mar. 31, 2019INR (₨)₨ / sharesshares	Mar. 31, 2019EUR (€)shares	Mar. 29, 2019₨ / shares	Sep. 30, 2018INR (₨)₨ / shares	Sep. 30, 2018EUR (€)
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment losses			€ 0	€ 1,685	€ 3,525
Vodafone Idea
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment losses		€ 300
Recoverable amount						₨ 123	€ 1,600		₨ 152	€ 1,800
Share price | ₨ / shares									₨ 38.55
Ex-rights price per share | ₨ / shares								₨ 18.25
Number of new shares intended to subscribe | shares						8.8	8.8
Rights issue price per share | ₨ / shares						₨ 12.50
Recoverable amount higher than carrying value of investment							€ 200
Decrease to the recoverable amount calculated on 31 March 2019	€ 600
Ownership interest in joint venture	45.20%
Spain
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment losses			0	840	2,930
Recoverable amount				5,600			7,100
Ireland
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment losses			0	630
Recoverable amount				1,200
Romania
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment losses			0	110	310
Recoverable amount				900			700
Vodafone Automotive
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment losses			0	105	30
Recoverable amount				€ 0
Vodafone Idea
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment losses			€ 0		€ 255
Recoverable amount							€ 1,600

Investment income and financi_3

Investment income and financing costs (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Investment income:
Financial assets measured at amortised cost	€ 306	€ 157	€ 286
Financial assets measured at fair value through profit and loss	24	91	147
Investment income	330	248	433
Financial liabilities measured at amortised cost
Bonds	1,722	1,580	1,194
Lease liabilities	374	330
Bank loans and other liabilities	463	626	419
Interest on derivatives	(485)	(354)	(139)
Mark-to-market on derivatives	(1,070)	1,162	424
Foreign exchange	23	205	190
Financing costs	1,027	3,549	2,088
Net financing costs	697	3,301	1,655
Interest capitalised	€ 17	€ 25	€ 0

Taxation - Income tax expense (

Taxation - Income tax expense (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Current tax (expense)/income
Total current tax expense	€ (869)	€ (1,016)	€ (1,062)
Total deferred tax expense	2,995	234	434
Total income tax expense /(credit)	(3,864)	(1,250)	(1,496)
Tax on discontinued operations
Tax credit on profit from ordinary activities of discontinued operations	0		(56)
Tax (credited)/charged directly to other comprehensive income
Current tax	(17)	(26)	3
Deferred tax	(1,009)	830	56
Total tax charged/(credited) directly to other comprehensive income	(1,026)	804	59
Tax (credited)/charged directly to equity
Deferred tax	(2)		4
Total tax charged/(credited) directly to equity	(2)		4
United Kingdom
Current tax (expense)/income
Current period	24	42	21
Adjustments in respect of prior periods	3	(6)	(9)
Total current tax expense	(27)	(36)	(12)
Total deferred tax expense	(94)	(318)	(232)
Spectrum Payments	10,700
Overseas
Current tax (expense)/income
Current period	872	900	1,098
Adjustments in respect of prior periods	(30)	80	(48)
Total current tax expense	(842)	(980)	(1,050)
Total deferred tax expense	€ 3,089	€ 552	€ 666

Taxation - Factors affecting ta

Taxation - Factors affecting tax expense (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Reconciliation of accounting profit multiplied by applicable tax rates
Continuing profit/(loss) before tax as shown in the consolidated income statement	€ 4,400	€ 795	€ (2,613)
Aggregated expected income tax expense/(credit)	1,124	226	(457)
Impairment losses with no tax effect	0	332	807
Disposal of Group investments	(332)	(1,113)
Effect of taxation of associates and joint ventures, reported within profit before tax	56	728	262
(Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain	0		1,186
Deferred tax following revaluation of investments in Luxembourg	2,819	(348)	(488)
Previously unrecognised temporary differences we expect to use in the future	(45)	(14)
Current year temporary differences (including losses) that we currently do not expect to use	170	352	78
Adjustments in respect of prior year tax liabilities	(10)	(86)	(94)
Impact of tax credits and irrecoverable taxes	90	52	79
Deferred tax on overseas earnings	0	3	(39)
Effect of current year changes in statutory tax rates on deferred tax balances	(45)	757	(2)
Financing costs not deductible for tax purposes	(62)	174	67
Expenses not deductible for tax purposes	99	187	97
Total income tax expense	€ 3,864	€ 1,250	€ 1,496
UK
Reconciliation of accounting profit multiplied by applicable tax rates
Corporate tax retention percentage	19.00%

Taxation - Analysis of movement

Taxation - Analysis of movements in net deferred tax (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Analysis of movements in net deferred tax balance
Beginning balance	€ 21,503
Foreign exchange movements	18
Charged to the income statement (continuing operations)	(2,995)	€ (234)	€ (434)
Charged directly to OCI	(1,009)
Charged directly to equity	2		€ (4)
Arising on acquisition and disposals	(62)
Ending balance	€ 19,474	€ 21,503

Taxation - Deferred tax assets

Taxation - Deferred tax assets and liabilities (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Taxation
Amount credited/(expensed) in income statement	€ (2,995)	€ (234)	€ (434)
Amount credited/(expensed in income statment	(2,995)
Gross deferred tax asset	35,090	36,086
Gross deferred tax liability	(5,480)	(5,513)
Less amounts unrecognised	(10,136)	(9,070)
Net recognised deferred tax (liability)/asset	19,474	21,503
Deferred tax assets and liabilities
Deferred tax assets	21,569	23,606
Deferred tax liabilities	(2,095)	(2,103)
Net deferred tax assets	19,474	21,503
Luxemberg
Deferred tax assets and liabilities
Deferred tax assets	17,394	20,544
Germany
Deferred tax assets and liabilities
Deferred tax assets	2,529	2,662
Accelerated tax depreciation
Taxation
Amount credited/(expensed) in income statement	716	964
Gross deferred tax asset	2,331	1,581
Gross deferred tax liability	(1,842)	(1,876)
Less amounts unrecognised	(9)	13
Net recognised deferred tax (liability)/asset	480	(282)
Deferred tax assets and liabilities
Net deferred tax assets	480	(282)
Intangible assets
Taxation
Amount credited/(expensed) in income statement	336	(719)
Gross deferred tax asset	434	383
Gross deferred tax liability	(2,169)	(1,965)
Less amounts unrecognised	13	14
Net recognised deferred tax (liability)/asset	(1,722)	(1,568)
Deferred tax assets and liabilities
Net deferred tax assets	(1,722)	(1,568)
Tax losses
Taxation
Amount credited/(expensed) in income statement	(3,292)	(926)
Gross deferred tax asset	29,791	32,121
Gross deferred tax liability	0
Less amounts unrecognised	(9,701)	(8,725)
Net recognised deferred tax (liability)/asset	20,090	23,396
Deferred tax assets and liabilities
Net deferred tax assets	20,090	23,396
Treasury related items
Taxation
Amount credited/(expensed) in income statement	(9)	144
Gross deferred tax asset	761	530
Gross deferred tax liability	(37)	(770)
Less amounts unrecognised	(392)	(301)
Net recognised deferred tax (liability)/asset	332	(541)
Deferred tax assets and liabilities
Net deferred tax assets	332	(541)
Deferred tax on overseas earnings
Taxation
Amount credited/(expensed) in income statement		187
Gross deferred tax asset		4
Gross deferred tax liability		(559)
Net recognised deferred tax (liability)/asset		(555)
Deferred tax assets and liabilities
Net deferred tax assets		(555)
Temporary differences relating to revenue recognition
Taxation
Amount credited/(expensed) in income statement	(84)	205
Gross deferred tax asset	3	260
Gross deferred tax liability	(651)	(41)
Less amounts unrecognised	0
Net recognised deferred tax (liability)/asset	(648)	219
Deferred tax assets and liabilities
Net deferred tax assets	(648)	219
Temporary differences relating to leases
Taxation
Amount credited/(expensed) in income statement	(34)
Gross deferred tax asset	611
Gross deferred tax liability	(429)
Less amounts unrecognised	0
Net recognised deferred tax (liability)/asset	182
Deferred tax assets and liabilities
Net deferred tax assets	182
Other temporary differences
Taxation
Amount credited/(expensed) in income statement	(627)	(89)
Gross deferred tax asset	1,159	1,207
Gross deferred tax liability	(352)	(302)
Less amounts unrecognised	(47)	(71)
Net recognised deferred tax (liability)/asset	760	834
Deferred tax assets and liabilities
Net deferred tax assets	€ 760	€ 834

Taxation - Unused tax losses an

Taxation - Unused tax losses and tax credits (Details) - EUR (€) € in Millions	1 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Taxation
Provision for potential tax liability	€ 606	€ 638
Losses for which a deferred tax asset is recognised	86,908	100,502
Losses for which no deferred tax is recognised	36,941	32,935
Total unused tax losses or tax credits	€ 123,849	133,437
UK
Taxation
Corporation tax rate	19.00%
UK | Forecast
Taxation
Corporation tax rate	25.00%
Increase in deferred tax assets	€ 350
Within 0 to 5 years
Taxation
Losses for which a deferred tax asset is recognised	63	531
Losses for which no deferred tax is recognised	245	759
Total unused tax losses or tax credits	308	1,290
Beyond 6 years
Taxation
Losses for which a deferred tax asset is recognised	222	143
Losses for which no deferred tax is recognised	13,217	9,404
Total unused tax losses or tax credits	13,439	9,547
Unlimited
Taxation
Losses for which a deferred tax asset is recognised	86,623	99,828
Losses for which no deferred tax is recognised	23,479	22,772
Total unused tax losses or tax credits	€ 110,102	€ 122,600

Taxation - Deferred tax asset_2

Taxation - Deferred tax assets on losses (Details) - EUR (€) € in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income tax expense
Deferred tax asset to be used	€ 36,941	€ 36,941	€ 32,935
Tax losses arising from subsidiaries for offset against future capital gains		8,285	7,500
Unrecognised other temporary differences	2,092	2,092	1,514
Unremitted earnings of subsidiaries, associates and interests in joint ventures for which no deferred tax liability recognised		€ 7,522	7,130
Luxemberg
Income tax expense
Losses arising from revaluation of investments			69,742	€ 82,372
Utilisation period of tax losses (in years)		17 years
Deferred tax assets, higher interest rates	9,136	€ 9,136	9,136
Unused tax losses expired for which no deferred tax asset recognized		12,975	9,242
Reversal of previous impairments		12,000
Luxemberg | Not later than 10 years
Income tax expense
Deferred tax asset to be used	2,881	€ 2,881
Impairment loss expiration period		10 years
Luxemberg | Not later than 20 years
Income tax expense
Deferred tax asset to be used	€ 4,891	€ 4,891
Impairment loss expiration period		20 years
Germany
Income tax expense
Losses arising from revaluation of investments		€ 16,296	17,160
Spain
Income tax expense
Tax losses arising from acquisitions		€ 4,334	€ 4,281
UK
Income tax expense
Corporate tax rate (as a percent)	19.00%
Minimum | Luxemberg
Income tax expense
Utilisation period of tax losses (in years)		59 years
Percentage of change in forecast income (as a percent)		5.00%
Change in tax losses utilisation period (in years)		2 years
Impairment loss expiration period		13 years
Minimum | Germany
Income tax expense
Utilisation period of tax losses (in years)		8 years
Percentage of change in forecast income (as a percent)		5.00%
Change in tax losses utilisation period (in years)		1 year
Maximum | Luxemberg
Income tax expense
Utilisation period of tax losses (in years)		62 years
Percentage of change in forecast income (as a percent)		10.00%
Change in tax losses utilisation period (in years)		5 years
Impairment loss expiration period		17 years
Maximum | Germany
Income tax expense
Utilisation period of tax losses (in years)		16 years
Percentage of change in forecast income (as a percent)		10.00%
Change in tax losses utilisation period (in years)		2 years
Forecast | UK
Income tax expense
Corporate tax rate (as a percent)	25.00%
Increase in deferred tax assets	€ 350

Discontinued operations and a_3

Discontinued operations and assets and liabilities held for sale (Details) - EUR (€) € / shares in Units, € in Millions	Mar. 20, 2017	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income statement and segment analysis of discontinued operations
Revenue		€ 43,809	€ 44,974	€ 43,666
Profit/(loss) before taxation		4,400	795	(2,613)
Income tax credit		0		56
Loss for the financial year from discontinued operations		€ 0		€ (3,535)
Loss per share from discontinued operations
Basic		€ 0		€ (12.80)
Diluted		€ 0		€ (12.80)
Total comprehensive expense for the period from discontinued operations
Loss for the financial period from discontinued operations		€ 0		€ (3,535)
Proportion of ownership interest in subsidiary		81.05%
Vodafone Egypt
Income statement and segment analysis of discontinued operations
Revenue		€ 1,537	€ 1,454
Total comprehensive expense for the period from discontinued operations
Proportion of ownership interest in subsidiary		55.00%	55.00%
Indus Towers
Total comprehensive expense for the period from discontinued operations
Proportion of ownership interest in subsidiary		28.10%
Vodafone India (excluding interest in Indus Towers)
Discontinued operations and assets and liabilities held for sale
Ownership interest in joint venture	42.00%
Income statement and segment analysis of discontinued operations
Revenue		€ 0		1,561
Cost of sales		0		(1,185)
Gross profit		0		376
Selling and distribution expenses		0		(92)
Administrative expenses		0		(134)
Operating profit		0		150
Financing costs		0		(321)
Profit/(loss) before taxation		0		(171)
Income tax credit		0		56
Loss after tax of discontinued operations		0		(115)
Loss on sale of disposal group		0		(3,420)
Loss for the financial year from discontinued operations		€ 0		€ (3,535)
Loss per share from discontinued operations
Basic		€ 0		€ (12.80)
Diluted		€ 0		€ (12.80)
Total comprehensive expense for the period from discontinued operations
Loss for the financial period from discontinued operations		€ 0		€ (3,535)
Vodafone Hutchison Australia Pty Limited
Total comprehensive expense for the period from discontinued operations
Proportion of ownership interest in subsidiary			24.95%

Discontinued operations and a_4

Discontinued operations and assets held for sale - Assets held for sale New (Details) - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Non-current assets
Goodwill	€ 31,731	€ 31,378
Other intangible assets	21,818	22,631
Plant, property and equipment	41,243	40,113
Trade and other receivables	4,777	10,393
Current assets
Inventory	676	598
Taxation recoverable	434	278
Trade and other receivables	10,923	11,724
Cash and cash equivalents	5,821	13,557
Total current assets	27,013	33,246
Total assets held for sale	1,257
Non-current liabilities
Borrowings	59,272	62,949
Deferred tax liabilities	2,095	2,103
Provisions	1,747	1,479
Total non-current liabilities	68,536	72,158
Current liabilities
Borrowings	8,488	11,976
Taxation liabilities	769	787
Provisions	892	1,053
Trade and other payables	18,070	17,719
Total current liabilities	28,711	33,385
Impact of Egypt reclassification
Non-current liabilities
Borrowings	57
Current liabilities
Borrowings	150
Assets and liabilities classified as held for sale | Vodafone India (excluding interest in Indus Towers)
Non-current assets
Goodwill	0
Other intangible assets	0
Plant, property and equipment	0
Investments in associates and joint ventures	1,257	(412)
Trade and other receivables	0
Total non-current liability		(412)
Total non-current assets	1,257
Current assets
Inventory	0
Taxation recoverable	0
Trade and other receivables	0
Cash and cash equivalents	0
Total current assets	0
Total assets held for sale	1,257
Assets held for sale		(412)
Non-current liabilities
Borrowings	0
Deferred tax liabilities	0
Provisions	0
Total non-current liabilities	0
Current liabilities
Borrowings	0
Taxation liabilities	0
Provisions	0
Trade and other payables	0
Total current liabilities	0
Total liabilities held for sale	€ 0
Assets and liabilities classified as held for sale | Vodafone India (excluding interest in Indus Towers) | As previously presented
Non-current assets
Goodwill		107
Other intangible assets		379
Plant, property and equipment		916
Investments in associates and joint ventures		(412)
Trade and other receivables		15
Total non-current assets		1,005
Current assets
Inventory		13
Taxation recoverable		3
Trade and other receivables		313
Cash and cash equivalents		273
Total current assets		602
Total assets held for sale		1,607
Non-current liabilities
Borrowings		57
Deferred tax liabilities		60
Provisions		5
Total non-current liabilities		122
Current liabilities
Borrowings		150
Taxation liabilities		116
Provisions		29
Trade and other payables		634
Total current liabilities		929
Total liabilities held for sale		1,051
Assets and liabilities classified as held for sale | Vodafone India (excluding interest in Indus Towers) | Impact of Egypt reclassification
Non-current assets
Goodwill		(107)
Other intangible assets		(379)
Plant, property and equipment		(916)
Trade and other receivables		(15)
Total non-current assets		(1,417)
Current assets
Inventory		(13)
Taxation recoverable		(3)
Trade and other receivables		(313)
Cash and cash equivalents		(273)
Total current assets		(602)
Total assets held for sale		(2,019)
Non-current liabilities
Borrowings		(57)
Deferred tax liabilities		(60)
Provisions		(5)
Total non-current liabilities		(122)
Current liabilities
Borrowings		(150)
Taxation liabilities		(116)
Provisions		(29)
Trade and other payables		(634)
Total current liabilities		(929)
Total liabilities held for sale		€ (1,051)

Earnings per shares (Details)

Earnings per shares (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Weighted average number of shares for diluted earnings per share
Weighted average number of shares for basic earnings per share (in shares)	29,592	29,422	27,607
Effect of dilutive potential shares: restricted shares and share options (in shares)	91
Weighted average number of shares for diluted earnings per share (in shares)	29,683	29,422	27,607
(Loss)/earnings for basic and diluted earnings per share
Profit/(loss) for earnings per share from continuing operations	€ 112	€ (920)	€ (4,485)
Loss for earnings per share from discontinued operations	0		(3,535)
Profit/(loss) for basic and diluted earnings per share	€ 112	€ (920)	€ (8,020)
Basic (loss)/earnings per share
Basic earnings/(loss) per share from continuing operations	€ 0.38	€ (3.13)	€ (16.25)
Loss per share from discontinued operations	0		(12.80)
Basic earnings/(loss) per share	0.38	(3.13)	(29.05)
Diluted (loss)/earnings per share
Diluted earnings/(loss) per share from continuing operations	0.38	(3.13)	(16.25)
Diluted loss per share from discontinued operations	0		(12.80)
Diluted earnings/(loss) per share	€ 0.38	€ (3.13)	€ (29.05)

Equity dividends (Details)

Equity dividends (Details) € / shares in Units, € in Millions	12 Months Ended
	Mar. 31, 2021EUR (€)€ / shares	Mar. 31, 2020EUR (€)€ / shares	Mar. 31, 2019£ / shares	Mar. 31, 2019EUR (€)€ / shares	Mar. 31, 2018€ / shares
Declared during the financial year:
Final dividend for the year ended 31 March 2020: 4.50 eurocents per share (2019: 4.16 eurocents per share, 2018: 10.23 eurocents per share)	€ 1,205	€ 1,112		€ 2,729
Total dividends declared	2,412	2,317		4,022
Proposed after the end of the reporting period and not recognised as a liability:
Interim dividend for the year ended 31 March 2021: 4.50 eurocents per share (2020: 4.50 eurocents per share, 2019: 4.84 eurocents per share)	1,207	1,205		1,293
Final dividend for the year ended 31 March 2021: 4.50 eurocents per share (2020: 4.50 eurocents per share, 2019: 4.16 eurocents per share)	€ 1,260	€ 1,205		€ 1,112
Declared during the financial year: (per share)
Final dividend (per share) | € / shares		€ 4.50		€ 4.16	€ 10.23
Interim dividend (per share) | (per share)	€ 4.50	4.50	£ 4.84
Proposed after the end of the reporting period and not recognised as a liability: (per share)
Interim dividend (per share) | (per share)	€ 4.50	€ 4.50	£ 4.16

Intangible assets - Accumulated

Intangible assets - Accumulated impairment losses and amortisation (Details) - EUR (€) € in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in Intangible Assets and Goodwill
Net book value	€ 53,549,000	€ 54,009,000
Significant licences | Germany
Changes in Intangible Assets and Goodwill
Net book value	3,564,000	4,208,000
Significant licences | Italy
Changes in Intangible Assets and Goodwill
Net book value	3,429,000	3,683,000
Significant licences | UK
Changes in Intangible Assets and Goodwill
Net book value	1,383,000	1,801,000
Goodwill.
Changes in Intangible Assets and Goodwill
Net book value	31,731,000	31,378,000
Licence and spectrum fees
Changes in Intangible Assets and Goodwill
Net book value	€ 11,485,000	12,331,000
Licence and spectrum fees | Minimum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	3 years
Licence and spectrum fees | Maximum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	25 years
Computer software
Changes in Intangible Assets and Goodwill
Net book value	€ 5,337,000	5,031,000
Computer software | Minimum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	3 years
Computer software | Maximum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	5 years
Brands | Minimum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	1 year
Brands | Maximum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	10 years
Customer bases
Changes in Intangible Assets and Goodwill
Net book value	€ 4,984,000	5,259,000
Customer bases | Minimum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	2 years
Customer bases | Maximum
Intangible assets
Estimated useful lives of finite lived intangible assets (in years)	32 years
Others
Changes in Intangible Assets and Goodwill
Net book value	€ 12,000	10,000
Cost
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	161,046,000	145,565,000
Exchange movements	539,000	(1,548,000)
Arising on acquisition	287,000	17,592,000
Disposal of subsidiaries		(2,196,000)
Additions	3,367,000	4,061,000
Disposals	(1,947,000)	(2,513,000)
Other	207,000	85,000
Balance at the end of the period	163,499,000	161,046,000
Cost | Goodwill.
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	99,170,000	89,563,000
Exchange movements	107,000	(563,000)
Arising on acquisition	87,000	11,752,000
Disposal of subsidiaries		(1,582,000)
Balance at the end of the period	99,364,000	99,170,000
Cost | Licence and spectrum fees
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	32,691,000	31,606,000
Exchange movements	234,000	(479,000)
Disposal of subsidiaries		(129,000)
Additions	896,000	1,776,000
Disposals	(293,000)	(83,000)
Balance at the end of the period	33,528,000	32,691,000
Cost | Computer software
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	16,768,000	17,209,000
Exchange movements	43,000	(196,000)
Arising on acquisition		184,000
Disposal of subsidiaries		(409,000)
Additions	2,462,000	2,278,000
Disposals	(1,651,000)	(2,383,000)
Other	211,000	85,000
Balance at the end of the period	17,833,000	16,768,000
Cost | Customer bases
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	11,964,000	6,716,000
Exchange movements	144,000	(271,000)
Arising on acquisition	200,000	5,585,000
Disposal of subsidiaries		(66,000)
Additions	1,000
Disposals	(1,000)
Balance at the end of the period	12,308,000	11,964,000
Cost | Others
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	453,000	471,000
Exchange movements	11,000	(39,000)
Arising on acquisition		71,000
Disposal of subsidiaries		(10,000)
Additions	8,000	7,000
Disposals	(2,000)	(47,000)
Other	(4,000)
Balance at the end of the period	466,000	453,000
Accumulated impairment losses and amortisation
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	107,037	104,560,000
Exchange movements	241	(825,000)
Impairment		1,685,000
Disposal of subsidiaries		450,000
Amortisation charge for the year	4,421	4,459,000
Disposals	1,937,000	2,471,000
Other	188,000	79,000
Balance at the end of the period	109,950,000	107,037
Accumulated impairment losses and amortisation | Goodwill.
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	67,792	66,210,000
Exchange movements	(159)	(103,000)
Impairment		1,685,000
Balance at the end of the period	67,633,000	67,792
Accumulated impairment losses and amortisation | Licence and spectrum fees
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	20,360	19,004,000
Exchange movements	255	(338,000)
Disposal of subsidiaries		69,000
Amortisation charge for the year	1,721	1,833,000
Disposals	293,000	70,000
Balance at the end of the period	22,043,000	20,360
Accumulated impairment losses and amortisation | Computer software
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	11,737	12,232,000
Exchange movements	3	(119,000)
Disposal of subsidiaries		305,000
Amortisation charge for the year	2,210	2,203,000
Disposals	1,643,000	2,353,000
Other	189,000	79,000
Balance at the end of the period	12,496,000	11,737
Accumulated impairment losses and amortisation | Customer bases
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	6,705	6,653,000
Exchange movements	131	(231,000)
Disposal of subsidiaries		66,000
Amortisation charge for the year	488	349,000
Balance at the end of the period	7,324,000	6,705
Accumulated impairment losses and amortisation | Others
Changes in Intangible Assets and Goodwill
Balance at the beginning of the period	443	461,000
Exchange movements	11	(34,000)
Disposal of subsidiaries		10,000
Amortisation charge for the year	2	74,000
Disposals	1,000	48,000
Other	(1,000)
Balance at the end of the period	€ 454,000	€ 443

Property, plant and equipment -

Property, plant and equipment - Accumulated depreciation and impairment (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	€ 40,113
Property, plant and equipment at end of the period	41,243	€ 40,113
Balance excluding right of use assets	28,670	28,364
Land and buildings
Reconciliation of property, plant and equipment
Balance excluding right of use assets	1,099	992
Net book value of assets recognised in the course of construction	€ 15	34
Freehold buildings | Minimum
Property, plant and equipment
Useful life	25 years
Freehold buildings | Maximum
Property, plant and equipment
Useful life	50 years
Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Balance excluding right of use assets	€ 27,571	27,372
Net book value of assets recognised in the course of construction	2,243	1,914
Assets held under operating leases	€ 1,102	1,288
Network infrastructure and other | Minimum
Property, plant and equipment
Useful life	1 year
Network infrastructure and other | Maximum
Property, plant and equipment
Useful life	35 years
Cost
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	€ 74,566	72,517
Exchange movements	213	(1,058)
Arising on acquisition	93	3,691
Additions	5,713	5,237
Disposals	2,612	3,269
Disposal of subsidiaries		2,873
Other	316	321
Property, plant and equipment at end of the period	78,289	74,566
Cost | Land and buildings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	2,261	2,257
Exchange movements	25	(58)
Arising on acquisition	74	49
Additions	47	76
Disposals	100	51
Disposal of subsidiaries		22
Other	8	10
Property, plant and equipment at end of the period	2,315	2,261
Cost | Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	72,305	70,260
Exchange movements	188	(1,000)
Arising on acquisition	19	3,642
Additions	5,666	5,161
Disposals	2,512	3,218
Disposal of subsidiaries		2,851
Other	308	311
Property, plant and equipment at end of the period	75,974	72,305
Assets held under operating leases	2,930	2,966
Accumulated impairment losses and amortisation
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period		(45,847)
Exchange movements	(122)	(519)
Charge for the year	5,766	5,995
Disposals	(2,545)	(3,187)
Disposal of subsidiaries		(2,034)
Other	74	100
Property, plant and equipment at end of the period	(49,619)
Accumulated impairment losses and amortisation | Land and buildings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period		(1,244)
Exchange movements	(8)	(21)
Charge for the year	39	109
Disposals	(97)	(42)
Disposal of subsidiaries		(17)
Other	(3)	(4)
Property, plant and equipment at end of the period	(1,216)
Accumulated impairment losses and amortisation | Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period		(44,603)
Exchange movements	(114)	(498)
Charge for the year	5,727	5,886
Disposals	(2,448)	(3,145)
Disposal of subsidiaries		(2,017)
Other	77	104
Property, plant and equipment at end of the period	(48,403)
Assets held under operating leases	€ 1,828	€ 1,678

Property, plant and equipment_2

Property, plant and equipment - Accumulated (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	€ 40,113
Property, plant and equipment at end of the period	41,243	€ 40,113
Cost
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	74,566	72,517
Exchange movements	213	(1,058)
Arising on acquisition	93	3,691
Additions	5,713	5,237
Disposals	(2,612)	(3,269)
Disposal of subsidiaries		(2,873)
Other	316	321
Property, plant and equipment at end of the period	78,289	74,566
Accumulated impairment losses and amortisation
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period		(45,847)
Exchange movements	(122)	(519)
Charge for the year	5,766	5,995
Disposals	2,545	3,187
Disposal of subsidiaries		2,034
Other	74	100
Balance, before reclassification as held for sale		46,202
Property, plant and equipment at end of the period	(49,619)
Land and buildings
Reconciliation of property, plant and equipment
Net book value of assets recognised in the course of construction	15	34
Land and buildings | Cost
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	2,261	2,257
Exchange movements	25	(58)
Arising on acquisition	74	49
Additions	47	76
Disposals	(100)	(51)
Disposal of subsidiaries		(22)
Other	8	10
Property, plant and equipment at end of the period	2,315	2,261
Land and buildings | Accumulated impairment losses and amortisation
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period		(1,244)
Exchange movements	(8)	(21)
Charge for the year	39	109
Disposals	97	42
Disposal of subsidiaries		17
Other	(3)	(4)
Balance, before reclassification as held for sale		1,269
Property, plant and equipment at end of the period	€ (1,216)
Freehold buildings | Minimum
Property, plant and equipment
Useful life	25 years
Freehold buildings | Maximum
Property, plant and equipment
Useful life	50 years
Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Net book value of assets recognised in the course of construction	€ 2,243	1,914
Assets held under operating leases	1,102	1,288
Equipment, fixtures and fittings | Cost
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period	72,305	70,260
Exchange movements	188	(1,000)
Arising on acquisition	19	3,642
Additions	5,666	5,161
Disposals	(2,512)	(3,218)
Disposal of subsidiaries		(2,851)
Other	308	311
Property, plant and equipment at end of the period	75,974	72,305
Assets held under operating leases	2,930	2,966
Equipment, fixtures and fittings | Accumulated impairment losses and amortisation
Reconciliation of property, plant and equipment
Property, plant and equipment at beginning of the period		(44,603)
Exchange movements	(114)	(498)
Charge for the year	5,727	5,886
Disposals	2,448	3,145
Disposal of subsidiaries		2,017
Other	77	104
Balance, before reclassification as held for sale		44,933
Property, plant and equipment at end of the period	(48,403)
Assets held under operating leases	€ 1,828	€ 1,678
Network infrastructure and other | Minimum
Property, plant and equipment
Useful life	1 year
Network infrastructure and other | Maximum
Property, plant and equipment
Useful life	35 years
Vodafone Egypt | Equipment, fixtures and fittings
Reconciliation of property, plant and equipment
Property, plant and equipment at end of the period	€ 818
Assets and liabilities classified as held for sale | Vodafone Egypt | Land and buildings
Reconciliation of property, plant and equipment
Property, plant and equipment at end of the period	€ 37

Property, plant and equipment_3

Property, plant and equipment - Right-of-use assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Noncurrent Assets or Disposal Groups Classified as Held for Sale [Line Items]
Property, plant and equipment (owned assets)	€ 28,670	€ 28,364
Right-of-use assets	12,573	11,749
Total property, plant and equipment	41,243	40,113
Additions	5,306	4,593
Leased assets	3,914	€ 3,720
Assets and liabilities classified as held for sale | Vodafone Egypt
Noncurrent Assets or Disposal Groups Classified as Held for Sale [Line Items]
Right-of-use assets	€ 61

Investments in associates and_3

Investments in associates and joint ventures - Summary of Investments (Details) - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Investment in associates and joint arrangements
Investment in joint ventures	€ 4,249	€ 5,323
Investment in associates	421	508
Total investments in associates and joint arrangements	4,670	5,831
VodafoneZiggo Group Holding B.V.
Investment in associates and joint arrangements
Investment in joint ventures	1,190	1,630
INWIT S.p.A.
Investment in associates and joint arrangements
Investment in joint ventures	2,920	3,345
Indus Towers Limited
Investment in associates and joint arrangements
Investment in joint ventures	0	766
Other
Investment in associates and joint arrangements
Investment in joint ventures	35	€ 48
Vodafone Idea Limited
Investment in associates and joint arrangements
Investment in joint ventures	€ 0

Investments in associates and_4

Investments in associates and joint arrangements - Income statement (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income statement and statement of comprehensive income
Revenue	€ 43,809	€ 44,974	€ 43,666
Other expense	(568)	(4,281)	148
Operating profit/(loss)	5,097	4,099	(951)
(Loss)/profit before tax	4,400	795	(2,613)
(Loss)/profit from continuing operations	536	(455)	(7,644)
Safaricom Limited
Income statement and statement of comprehensive income
Revenue	2,083	2,310	2,140
Operating expenses	(1,030)	(1,122)	(1,078)
Depreciation and amortisation expense	(299)	(295)	(301)
Other expense	0
Operating profit/(loss)	754	893	761
Interest income	12	26	20
Interest expense	(27)	(18)	(1)
(Loss)/profit before tax	739	901	780
Income tax	(197)	(282)	(245)
(Loss)/profit from continuing operations	542	619	535
Vodafone Idea Limited
Income statement and statement of comprehensive income
Revenue	2,515	5,704	3,379
Operating expenses	(1,689)	(4,938)	(2,999)
Depreciation and amortisation expense	(1,255)	(2,426)	(1,364)
Other expense	(1,079)	(6,627)	(253)
Operating profit/(loss)	(1,508)	(8,287)	(1,237)
Interest income	24	147	56
Interest expense	(870)	(1,740)	(817)
(Loss)/profit before tax	(2,354)	(9,880)	(1,998)
Income tax	0		1
(Loss)/profit from continuing operations	(2,354)	(9,880)	(1,997)
VodafoneZiggo Group Holding B.V.
Income statement and statement of comprehensive income
Revenue	4,010	3,948	3,868
Operating expenses	(2,058)	(2,163)	(2,169)
Depreciation and amortisation expense	(1,658)	(1,528)	(2,012)
Other expense	25
Operating profit/(loss)	319	257	(313)
Interest income	0
Interest expense	(658)	(343)	(602)
(Loss)/profit before tax	(339)	(86)	(915)
Income tax	(125)	(42)	437
(Loss)/profit from continuing operations	(464)	(128)	(478)
INWIT S.p.A.
Income statement and statement of comprehensive income
Revenue	562
Operating expenses	(46)
Depreciation and amortisation expense	(398)
Other expense	0
Operating profit/(loss)	118
Interest income	0
Interest expense	(101)
(Loss)/profit before tax	17
Income tax	(7)
(Loss)/profit from continuing operations	10
TPG Telecom Limited
Income statement and statement of comprehensive income
Revenue	3,010	2,108	2,290
Operating expenses	(2,096)	(1,489)	(1,634)
Depreciation and amortisation expense	(769)	(508)	(494)
Other expense	0
Operating profit/(loss)	145	111	162
Interest income	1	4	3
Interest expense	(201)	(256)	(240)
(Loss)/profit before tax	(55)	(141)	(75)
Income tax	495
(Loss)/profit from continuing operations	440	(141)	(75)
Indus Towers Limited
Income statement and statement of comprehensive income
Revenue	2,421	2,365	2,227
Operating expenses	(1,247)	(1,336)	(1,438)
Depreciation and amortisation expense	(477)	(268)	(305)
Other expense	412	(592)
Operating profit/(loss)	1,109	169	484
Interest income	61	32	11
Interest expense	(194)	(196)	(79)
(Loss)/profit before tax	976	5	416
Income tax	(168)	39	(238)
(Loss)/profit from continuing operations	€ 808	€ 44	€ 178

Investments in associates and_5

Investments in associates and joint arrangements - Statement of financial position (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Statement of financial position
Current Assets	€ 27,013	€ 33,246
Total Assets	155,063	168,168
Equity shareholders' funds	57,816	62,625	€ 63,445	€ 70,943
Non-current liabilities	68,536	72,158
Current liabilities	28,711	33,385
Cash and cash equivalents on formation	5,821	13,557
Safaricom Limited
Statement of financial position
Non-current assets	1,333	1,398
Current Assets	438	424
Total Assets	1,771	1,822
Equity shareholders' funds	1,045	1,212
Non-current liabilities	131	119
Current liabilities	595	491
Cash and cash equivalents on formation	208	234
Non-current liabilities excluding trade and other payables and provisions	93	101
Current liabilities excluding trade and other payables and provisions	149	99
Dividend received	171	261
Vodafone Idea Limited
Statement of financial position
Non-current assets	19,387	21,240
Current Assets	2,548	3,235
Total Assets	21,935	24,475
Equity shareholders' funds	(5,615)	(3,475)
Non-current liabilities	21,749	15,835
Current liabilities	5,801	12,115
Cash and cash equivalents on formation	200	320
Non-current liabilities excluding trade and other payables and provisions	14,992	15,790
Current liabilities excluding trade and other payables and provisions	2,917	2,979
VodafoneZiggo Group Holding B.V.
Statement of financial position
Non-current assets	16,978	17,745
Current Assets	911	752
Total Assets	17,889	18,497
Equity shareholders' funds	2,380	3,260
Non-current liabilities	13,025	12,974
Current liabilities	2,484	2,263
Cash and cash equivalents on formation	330	116
Non-current liabilities excluding trade and other payables and provisions	12,466	12,550
Current liabilities excluding trade and other payables and provisions	1,154	1,108
Dividend received	209	148	200
INWIT S.p.A.
Statement of financial position
Non-current assets	14,422	14,517
Current Assets	256	288
Total Assets	14,678	14,805
Equity shareholders' funds	8,801	8,917
Non-current liabilities	5,536	4,907
Current liabilities	341	981
Cash and cash equivalents on formation	120	40
Non-current liabilities excluding trade and other payables and provisions	5,314	4,684
Current liabilities excluding trade and other payables and provisions	185	218
Dividend received	42
Indus Towers Limited
Statement of financial position
Non-current assets	5,271	2,448
Current Assets	1,198	562
Total Assets	6,469	3,010
Equity shareholders' funds	3,083	566
Non-current liabilities	1,936	1,327
Current liabilities	1,450	1,117
Cash and cash equivalents on formation	230	16
Non-current liabilities excluding trade and other payables and provisions	1,656	1,095
Current liabilities excluding trade and other payables and provisions	906	658
Dividend received	201	0	€ 141
TPG Telecom Limited
Statement of financial position
Non-current assets	10,272	2,965
Current Assets	679	767
Total Assets	10,951	3,732
Equity shareholders' funds	3,121	(2,047)
Non-current liabilities	6,884	5,146
Current liabilities	946	633
Cash and cash equivalents on formation	268	196
Non-current liabilities excluding trade and other payables and provisions	6,825	5,137
Current liabilities excluding trade and other payables and provisions	€ 83	€ 124

Investments in associates and_6

Investments in associates and joint arrangements - Reconciliation of summarised financial information (Details) - EUR (€) € in Millions	Nov. 25, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Statement of financial position
Impairment loss		€ 0	€ (1,685)	€ (3,525)
Goodwill		31,731	31,378
Investment in joint ventures		4,249	5,323
Profit/(loss) for the financial year		536	(455)	(7,644)
Share of (loss)/profit		488	246	216
Share of (loss)/profit		(146)	(2,751)	(1,124)
Safaricom Limited
Statement of financial position
Equity Investment In Joint Venture		1,045	1,212
Interest in joint ventures		418	485
Impairment loss		0
Goodwill		3	3
Transfer of assets held for sale		0
Investment proportion not recognised		0
Investment in joint ventures		421	488
Profit/(loss) for the financial year		542	619	535
Share of (loss)/profit		217	247	214
(Loss)/profit proportion not recognised		0
Share of (loss)/profit		217	247	214
Dividends received from investments accounted for using equity method, classified as investing activities		171	261
Vodafone Idea Limited
Statement of financial position
Interest in joint ventures		(2,493)	(1,543)
Impairment loss		(250)	(261)
Goodwill		0
Transfer of assets held for sale		0
Investment proportion not recognised		2,743	1,804
Investment in joint ventures		0
Profit/(loss) for the financial year		(2,354)	(9,880)	(1,997)
Share of (loss)/profit		(1,045)	(4,386)	(903)
(Loss)/profit proportion not recognised		1,045	1,840
Share of (loss)/profit		€ 0	€ (2,546)	(903)
Ownership interest in joint venture		44.40%	44.40%
VodafoneZiggo Group Holding B.V.
Statement of financial position
Equity Investment In Joint Venture		€ 2,380	€ 3,260
Interest in joint ventures		1,190	1,630
Impairment loss		0	(1,685)	(3,525)
Goodwill		0
Transfer of assets held for sale		0
Investment proportion not recognised		0
Investment in joint ventures		1,190	1,630
Profit/(loss) for the financial year		(464)	(128)	(478)
Share of (loss)/profit		(232)	(64)	(239)
(Loss)/profit proportion not recognised		0
Share of (loss)/profit		(232)	(64)	(239)
Dividends received from investments accounted for using equity method, classified as investing activities		€ 209	€ 148	200
Ownership interest in joint venture		50.00%	50.00%
INWIT S.p.A.
Statement of financial position
Equity Investment In Joint Venture		€ 8,801	€ 8,917
Interest in joint ventures		2,920	3,345
Impairment loss		0
Goodwill		0
Transfer of assets held for sale		0
Investment proportion not recognised		0
Investment in joint ventures		2,920	€ 3,345
Profit/(loss) for the financial year		10
Share of (loss)/profit		3
(Loss)/profit proportion not recognised		0
Share of (loss)/profit		3
Dividends received from investments accounted for using equity method, classified as investing activities		€ 42
Ownership interest in joint venture		33.20%	37.50%
Indus Towers Limited
Statement of financial position
Equity Investment In Joint Venture		€ 3,083	€ 566
Interest in joint ventures		867	238
Impairment loss		0
Goodwill		342	528
Transfer of assets held for sale		(1,257)
Investment proportion not recognised		48
Investment in joint ventures		0	766
Profit/(loss) for the financial year		808	44	178
Share of (loss)/profit		306	19	75
(Loss)/profit proportion not recognised		(32)		(20)
Share of (loss)/profit		274	19	55
Dividends received from investments accounted for using equity method, classified as investing activities		201	0	141
Ownership interest in joint venture	42.00%
TPG Telecom Limited
Statement of financial position
Equity Investment In Joint Venture		3,121	(2,047)
Interest in joint ventures		50	(1,024)
Impairment loss		0
Goodwill		54	94
Transfer of assets held for sale		0	412
Investment proportion not recognised		0	52
Investment in joint ventures		104
Investment in joint ventures			(466)
Profit/(loss) for the financial year		440	(141)	(75)
Share of (loss)/profit		98	(70)	(38)
(Loss)/profit proportion not recognised		0	35	15
Share of (loss)/profit		€ 98	(35)	(23)
Ownership interest in joint venture		25.10%
Other
Statement of financial position
Investment in joint ventures		€ 35	48
Share of (loss)/profit		€ (15)	€ (125)	€ (14)

Investments in associates and_7

Investments in associates and joint arrangements - Vodafone Idea Limited (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Statements of Financial Position [Abstract]
Goodwill	€ 31,731	€ 31,378
Other intangible assets	21,818	22,631
Plant, property and equipment	41,243	40,113
Investments in associates and joint ventures	4,670	5,831
Other investments	925	792
Trade and other receivables	4,777	10,393
Taxation recoverable	434	278
Trade and other receivables	10,923	11,724
Other investments	9,159	7,089
Cash and cash equivalents	5,821	13,557
Total current assets	27,013	33,246
Total assets	155,063	168,168
Equity shareholders' funds	57,816	62,625	€ 63,445	€ 70,943
Borrowings	59,272	62,949
Trade and other payables	4,909	5,189
Provisions	1,747	1,479
Total non-current liabilities	68,536	72,158
Borrowings	8,488	11,976
Provisions	892	1,053
Trade and other payables	18,070	17,719
Total current liabilities	28,711	33,385
Total equity and liabilities	155,063	168,168
Statement Of Cash Flow
Inflow from operating activities	17,215	17,379	12,980
Cash flows from investing activities	(9,262)	(8,088)	(9,217)
Cash flows from financing activities	(15,196)	(9,352)	4,437
Net cash inflow/(outflow)	(7,243)	(61)	8,200
Cash and cash equivalents at beginning of the financial year	13,288	13,605	5,394
Exchange gain	(255)	(256)	11
Cash and cash equivalents at end of the financial year	5,790	13,288	€ 13,605
Vodafone Idea Limited
Statements of Financial Position [Abstract]
Goodwill	0
Total non-current assets	19,387	21,240
Cash and cash equivalents	200	320
Total current assets	2,548	3,235
Total assets	21,935	24,475
Equity shareholders' funds	(5,615)	(3,475)
Total non-current liabilities	21,749	15,835
Total current liabilities	€ 5,801	€ 12,115

Investments in associates and_8

Investments in associates and joint arrangements - Associates (Details) € in Millions, ₨ in Billions, Ksh in Billions	Nov. 25, 2020	Mar. 31, 2021EUR (€)	Mar. 31, 2020EUR (€)	Mar. 31, 2019EUR (€)	Mar. 31, 2021KES (Ksh)	Mar. 31, 2021INR (₨)	Mar. 31, 2021EUR (€)	Mar. 31, 2020KES (Ksh)	Mar. 31, 2020EUR (€)
Investments in associates and joint arrangements
Investment in associates							€ 421		€ 508
Profit from continuing operations		€ 488	€ 246	€ 216
Investments in associates							421		508
Indus Towers Limited
Investments in associates and joint arrangements
Profit from continuing operations		€ 306	€ 19	75
Ownership interest in joint venture	42.00%
TPG Telecom
Investments in associates and joint arrangements
Ownership interest in joint venture		25.10%	50.00%
Safaricom Limited
Investments in associates and joint arrangements
Percentage of shareholding in associate		40.00%	40.00%
Fair value of investment in associate					Ksh 580		4,513	Ksh 423	3,672
Investment in associates							421		488
Profit from continuing operations		€ 217	€ 247	214
Investments in associates							421		488
Indus Towers Limited
Investments in associates and joint arrangements
Fair value of investment in associate						₨ 186	2,161
Investment in associates							0
Profit from continuing operations		€ 274
Ownership interest in joint venture		28.10%
Investments in associates							0
Other Associates [Member]
Investments in associates and joint arrangements
Investment in associates							0		20
Profit from continuing operations		€ (3)	€ (1)	€ 2
Investments in associates							€ 0		€ 20

Investments in associates and_9

Investments in associates and joint ventures (Details) € in Millions, $ in Millions, ₨ in Billions	Nov. 25, 2020	Sep. 30, 2019EUR (€)	Mar. 31, 2021EUR (€)	Mar. 31, 2020EUR (€)	Mar. 31, 2019EUR (€)	Mar. 31, 2021INR (₨)	Mar. 31, 2021AUD ($)	Mar. 31, 2021EUR (€)	Mar. 31, 2020INR (₨)	Mar. 31, 2020EUR (€)
Investment in associates and joint arrangements
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method			€ 488	€ 246	€ 216
(Loss)/profit from continuing operations			€ (146)	€ (2,751)	(1,124)
Indus Towers Limited
Investment in associates and joint arrangements
Ownership interest in joint venture			28.10%
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method			€ 274
Joint ventures [member]
Investment in associates and joint arrangements
Percentage of stake owned			100.00%
TPG Telecom
Investment in associates and joint arrangements
Ownership interest in joint venture			25.10%	50.00%
Fair value of investments based on quoted share price							$ 2,948	€ 1,911
INWIT S.p.A.
Investment in associates and joint arrangements
Ownership interest in joint venture			33.20%	37.50%
Fair value of investments based on quoted share price								3,026		€ 3,345
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method			€ 3
(Loss)/profit from continuing operations			3
Investment proportion not recognised								0
Indus Towers Limited
Investment in associates and joint arrangements
Ownership interest in joint venture	42.00%
Impairment loss			1,300
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method			306	€ 19	75
(Loss)/profit from continuing operations			€ 274	€ 19	55
Investment proportion not recognised								48
Vodafone Idea Limited
Investment in associates and joint arrangements
Ownership interest in joint venture			44.40%	44.40%
Fair value of investments based on quoted share price						₨ 118		1,373	₨ 40	476
Carrying value up to which losses has restricted		€ 0
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method			€ (1,045)	€ (4,386)	(903)
(Loss)/profit from continuing operations			0	(2,546)	(903)
Investment proportion not recognised								€ 2,743		€ 1,804
Other
Investment in associates and joint arrangements
(Loss)/profit from continuing operations			€ (15)	€ (125)	€ (14)
Cornerstone Telecommunications Infrastructure Limited
Investment in associates and joint arrangements
Percentage of stake owned			50.00%	50.00%
TPG Telecom
Investment in associates and joint arrangements
Gain in relation to the merger			€ 1,043
Remaining economic interest (as a percent)			49.90%
TPG Telecom | Vodafone Hutchison Australia Pty Limited
Investment in associates and joint arrangements
Ownership interest in joint venture			25.05%

Other investments (Details)

Other investments (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other investments
Total current other investments	€ 9,159	€ 7,089
Non-current other investments	925	792
Current other investments	9,159	7,089
Germany
Other investments
Bonds and Debt Securities		1,016
VodafoneZiggo Group Holding B.V.
Other investments
Loan notes	800	700
Collateral assets
Other investments
Total current other investments	3,107	1,115
Current other investments	3,107	1,115
Equity securities
Other investments
Non-current other investments	128	77
Non-current debt securities
Other investments
Non-current other investments	797	715
Short-term investments
Other investments
Total current other investments	4,007	4,132
Current other investments	4,007	4,132
Bonds and debt securities
Other investments
Total current other investments	1,053	1,681
Bonds and Debt Securities	0
Current other investments	1,053	1,681
Bonds and debt securities | Germany
Other investments
Current financial assets at amortised cost	499	0
Bonds and debt securities | Japanese
Other investments
Current financial assets at amortised cost	0	194
Bonds and debt securities | FRANCE
Other investments
Current financial assets at amortised cost	554	0
Bonds and debt securities | UK
Other investments
Current financial assets at amortised cost	0	471
Managed investment funds
Other investments
Total current other investments	2,954	2,451
Current other investments	€ 2,954	2,451
Liquid days	90 days
Current financial assets at fair value through profit or loss, classified as held for trading	€ 2,954	2,451
Other investments
Other investments
Total current other investments	2,045	1,842
Current other investments	2,045	1,842
Other investments | Level 1
Other investments
Total current other investments	1,057	1,017
Current other investments	€ 1,057	€ 1,017

Commitments, contingent liabili

Commitments, contingent liabilities and legal proceedings - Indus Tower merger (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Contingent liabilities and legal proceedings
Initial dividend paid	€ 2,796	€ 2,665	€ 4,624

Commitments, contingent liabi_2

Commitments, contingent liabilities and legal proceedings - Other cases in the Group (Details) - INR (₨) ₨ in Billions	Sep. 29, 2017	Feb. 12, 2016	Mar. 31, 2021
Indian tax cases | Vodafone International Holdings BV ('VIHBV')
Contingent liabilities and legal proceedings - Conti
Amount of compensation sought by petitioner	₨ 190.7	₨ 221
Indian regulatory case, 3G inter-circle roaming | Vodafone India
Contingent liabilities and legal proceedings - Conti
Total amount paid to Department of telecommunications			₨ 1

Trade and other receivables (De

Trade and other receivables (Details) - EUR (€) € in Millions	1 Months Ended	12 Months Ended
	Feb. 29, 2020	Mar. 31, 2021	Mar. 31, 2020
Trade and other current receivables [abstract]
Trade receivables		€ 3,625	€ 3,848
Trade receivables held at fair value through other comprehensive income		466	556
Net investment in leases		36	32
Contract assets		3,038	3,012
Contract-related costs		1,364	1,293
Amounts owed by associates and joint ventures		184	362
Other receivables		889	916
Prepayments		1,082	953
Derivative financial instruments		239	752
Total trade and other current receivables		10,923	11,724
Trade and other non-current receivables [abstract]
Trade receivables		52	68
Trade receivables held at fair value through other comprehensive income		278	261
Net investment in leases		104	118
Contract assets		528	583
Contract-related costs		580	628
Other receivables		76	84
Prepayments		247	227
Derivative financial instruments		2,912	8,424
Total trade and other non-current receivables		4,777	10,393
Assets Recognised from Costs to Fulfil Contracts with Customers		61	66
Assets Recognised from Costs to Obtain Contracts with Customers		1,883	1,855
Impairment loss, assets recognised from costs incurred to obtain or fulfil contracts with customers		1,497	€ 1,475
Reclassification of financial assets out of measured at amortised cost into measured at fair value through other comprehensive income	€ 357
Assets and liabilities classified as held for sale | Vodafone Egypt
Trade and other current receivables [abstract]
Total trade and other current receivables		313
Trade and other non-current receivables [abstract]
Total trade and other non-current receivables		€ 15

Trade and other payables (Detai

Trade and other payables (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Included within non-current liabilities:
Other payables	€ 424	€ 340
Accruals	47	60
Contract liabilities	519	612
Derivative financial instruments	3,919	4,177
Total trade and other non-current payables	4,909	5,189
Included within current liabilities:
Trade payables	6,739	6,696
Amounts owed to associates and joint ventures	36	51
Other taxes and social security payable	1,196	1,185
Other payables	2,349	2,040
Accruals	5,688	5,077
Contract liabilities	1,971	2,081
Derivative financial instruments	91	589
Total trade and other current payables	18,070	17,719
Payable in relation to the irrevocable and non-discretionary share buyback programme	339	0
Revenue recognised during the year	2,081
Vodafone UK plan
Included within non-current liabilities:
Other payables	383	€ 294
Vodafone Egypt | Assets and liabilities classified as held for sale
Included within current liabilities:
Total trade and other current payables	€ 634

Provisions (Details)

Provisions (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of changes in other provisions
Beginning balance	€ 2,532	€ 2,317
Exchange movements	6	(15)
Acquisition of subsidiaries	6	178
Disposal of subsidiaries		(75)
Amounts capitalised in the year	294	270
Amounts charged to the income statement	458	834
Utilised in the year - payments	(504)	(711)
Amounts released to the income statement	(153)	(266)
Ending balance	2,639	2,532
Provisions	1,747	1,479
Provisions	892	1,053
Asset retirement obligations
Reconciliation of changes in other provisions
Beginning balance	955	757
Exchange movements	6	(16)
Acquisition of subsidiaries	6	56
Disposal of subsidiaries		(69)
Amounts capitalised in the year	294	270
Utilised in the year - payments	(32)	(34)
Amounts released to the income statement	(7)	(9)
Ending balance	1,222	955
Legal and regulatory
Reconciliation of changes in other provisions
Beginning balance	502	507
Exchange movements	(11)	(2)
Acquisition of subsidiaries		18
Amounts charged to the income statement	138	122
Utilised in the year - payments	(54)	(98)
Amounts released to the income statement	(47)	(45)
Ending balance	528	502
Restructuring provision
Reconciliation of changes in other provisions
Beginning balance	545	434
Exchange movements	4	(2)
Acquisition of subsidiaries		33
Disposal of subsidiaries		(4)
Amounts charged to the income statement	153	549
Utilised in the year - payments	(243)	(452)
Amounts released to the income statement	(33)	(13)
Ending balance	426	545
Other
Reconciliation of changes in other provisions
Beginning balance	530	619
Exchange movements	7	5
Acquisition of subsidiaries		71
Disposal of subsidiaries		(2)
Amounts charged to the income statement	167	163
Utilised in the year - payments	(175)	(127)
Amounts released to the income statement	(66)	(199)
Ending balance	463	€ 530
Vodafone Egypt | Assets and liabilities classified as held for sale
Reconciliation of changes in other provisions
Provisions	5
Provisions	€ 29

Provisions - Current and non-cu

Provisions - Current and non-current (Details) - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Provisions
Current liabilities	€ 892	€ 1,053
Non-current liabilities	1,747	1,479
Total Provisions	2,639	2,532	€ 2,317
Asset retirement obligations
Provisions
Current liabilities	43	23
Non-current liabilities	1,179	932
Total Provisions	1,222	955	757
Legal and regulatory
Provisions
Current liabilities	273	319
Non-current liabilities	255	183
Total Provisions	528	502	507
Restructuring provision
Provisions
Current liabilities	353	415
Non-current liabilities	73	130
Total Provisions	426	545	434
Other
Provisions
Current liabilities	223	296
Non-current liabilities	240	234
Total Provisions	€ 463	€ 530	€ 619

Called up share capital (Detail

Called up share capital (Details) £ / shares in Units, £ in Millions	Mar. 05, 2019GBP (£)£ / sharesshares	Feb. 28, 2019shares	Mar. 31, 2021EUR (€)shares	Mar. 31, 2020EUR (€)shares	Mar. 31, 2021£ / shares	Mar. 31, 2021EUR (€)shares
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Beginning balance | €			€ 4,797,000,000
Ending balance | €			€ 4,797,000,000	€ 4,797,000,000
Reissue of treasury shares | shares		799,100,000
Bonds are convertible to ordinary shares | shares	1,426,793,872
Conversion price per share | £ / shares	£ 1.2055
2 year maturity date in 2021
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Subordinated mandatory convertible bonds | £	£ 1,720
3 year maturity date due in 2022
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Subordinated mandatory convertible bonds | £	£ 1,720
Ordinary shares
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Beginning balance (in shares) | shares			28,815,914,978	28,815,258,178
Allotted during the year (in shares) | shares			920,800	656,800
Ending balance (in shares) | shares			28,816,835,778	28,815,914,978
Beginning balance | €			€ 4,797,000,000	€ 4,796,000,000
Allotted during the year | €			0	1,000,000
Ending balance | €			€ 4,797,000,000	€ 4,797,000,000
Number of treasury shares held | shares				2,043,750,434		592,642,309
Nominal value of treasury shares | €				€ 340,000,000		€ 99,000,000
Market value of treasury shares | €				€ 2,610,000,000		€ 918,000,000
Reissue of treasury shares | shares			63,830,400	49,629,851
Ordinary shares | Tranche 1
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Reissue of treasury shares | shares			1,426,788,937
7% cumulative fixed rate shares
Ordinary shares of 2020 21 US cents each allotted, issued and fully paid:
Other movements | €			€ 50,000	€ 50,000
Nominal value per share | £ / shares					£ 1

Reconciliation of net cash fl_3

Reconciliation of net cash flow from operating activities (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Reconciliation of net cash flow from operating activities
Profit/(loss) for the financial year	€ 536	€ (455)	€ (7,644)
Loss for the financial year from discontinued operations	0		3,535
Profit/(loss) for the financial year from continuing operations	536	(455)	(4,109)
Non-operating expense	0	3	7
Investment income	(330)	(248)	(433)
Finance costs	1,027	3,549	2,088
Income tax expense	3,864	1,250	1,496
Operating profit/(loss)	5,097	4,099	(951)
Adjustments for:
Share-based payments and other non-cash charges	146	146	147
Depreciation and amortisation	14,101	14,174	9,795
Loss on disposal of property, plant and equipment and intangible assets	17	51	33
Share of result of equity accounted associates and joint ventures	(342)	2,505	908
Impairment losses	0	1,685	3,525
Other (income)/expense	(568)	(4,281)	148
(Increase)/decrease in inventory	(68)	68	(131)
Decrease/(Increase) in trade and other receivables	582	(38)	(31)
(Decrease)/increase in trade and other payables	(730)	(100)	739
Cash generated by operations	18,235	18,309	14,182
Net tax paid	(1,020)	(930)	(1,131)
Cash flows from discontinued operations	0		(71)
Net cash flow from operating activities	€ 17,215	€ 17,379	€ 12,980

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Cash and cash equivalents
Cash at bank and in hand	€ 2,705	€ 2,220
Repurchase agreements and bank deposits	0	2,202
Money market funds	3,116	9,135
Cash and cash equivalents as presented in the statement of financial position	5,821	13,557
Bank overdrafts	(31)	(269)
Cash and cash equivalents as presented in the statement of cash flows	5,790	13,288	€ 13,605	€ 5,394
Restricted cash and cash equivalents	1,741	1,460
Cash and cash equivalents presented in assets held for sale	273
Cash balance that can be used to repay intercompany liabilities	€ 879	€ 885

Leases - Sale and Leaseback (De

Leases - Sale and Leaseback (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases
Cash outflow for leases	€ 4,234	€ 3,902
Mobile Base Station
Leases
Sale and leaseback, term of the lease	8 years
Net book value of assets derecognised	€ 548
Gain on disposal	4,100
Gain on proportion of sold asset that has been retained through the leaseback	€ 744

Leases - Maturity profile of le

Leases - Maturity profile of lease liabilities (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases
Undiscounted lease liability	€ 14,691	€ 13,666
Effect of discounting	(1,659)	(1,548)
Lease liability	13,032	12,118
Increase to undiscounted lease liability		75
Discounted lease liabilities		55
Within one year
Leases
Undiscounted lease liability	3,419	3,198
In more than one year but less than two years
Leases
Undiscounted lease liability	2,142	2,018
In more than two years but less than three years
Leases
Undiscounted lease liability	1,661	1,542
In more than three years but less than four years
Leases
Undiscounted lease liability	1,457	1,337
In more than four years but less than five years
Leases
Undiscounted lease liability	1,316	1,128
In more than five years
Leases
Undiscounted lease liability	€ 4,696	€ 4,443

Leases - As a Lessor (Details)

Leases - As a Lessor (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating leases
Lease contracts not yet commenced, undiscounted value	€ 82	€ 67
Lease revenue (note 2 "Revenue disaggregation and segmental analysis")	559	502
Income from leases not recognised as revenue	180	203
Committed operating lease income due to the Group as a lessor	1,590	1,087
Within one year
Operating leases
Committed operating lease income due to the Group as a lessor	510	442
In more than one year but less than two years
Operating leases
Committed operating lease income due to the Group as a lessor	261	211
In more than two years but less than three years
Operating leases
Committed operating lease income due to the Group as a lessor	175	114
In more than three years but less than four years
Operating leases
Committed operating lease income due to the Group as a lessor	134	53
In more than four years but less than five years
Operating leases
Committed operating lease income due to the Group as a lessor	115	44
In more than five years
Operating leases
Committed operating lease income due to the Group as a lessor	€ 395	€ 223

Borrowings and capital resource

Borrowings and capital resources - Total Borrowings (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Borrowings and capital resources
Current borrowings	€ (8,488)	€ (11,976)
Non-current borrowings	(59,272)	(62,949)
Borrowings	(67,760)	(74,925)
Spectrum licence payables	3,312	3,215
Financial liabilities at carrying value	492	1,850
Currency swap contract
Borrowings and capital resources
Decrease in net debt	100
Carrying value
Borrowings and capital resources
Financial assets at carrying value	44,634	47,500
Financial liabilities at carrying value	44,634	47,500
Fair value
Borrowings and capital resources
Financial assets at fair value	48,630	48,216
Financial liabilities at fair value	48,630	48,216
Impact of Egypt reclassification
Borrowings and capital resources
Current borrowings	(150)
Non-current borrowings	(57)
Derivative financial instruments included in trade and other receivables (note 14)
Borrowings and capital resources
Other financial assets	3,151	9,176
Derivative financial instruments included in trade and other payables (note 15)
Borrowings and capital resources
Other financial liabilities	4,010	4,767
Bonds
Borrowings and capital resources
Current borrowings	(2,251)	(1,912)
Non-current borrowings	(44,634)	(47,500)
Bank loans
Borrowings and capital resources
Current borrowings	(658)	(1,380)
Non-current borrowings	(761)	(1,500)
Collateral liabilities
Borrowings and capital resources
Current borrowings	(962)	(5,292)
Lease liabilities.
Borrowings and capital resources
Current borrowings	(3,123)	(2,984)
Non-current borrowings	(9,909)	(9,134)
Bank borrowings secured against Indian assets
Borrowings and capital resources
Current borrowings	(862)
Non-current borrowings	(385)	(1,346)
Other short-term borrowings
Borrowings and capital resources
Current borrowings	(632)	(408)
Other long-term borrowings
Borrowings and capital resources
Non-current borrowings	(3,583)	€ (3,469)
Derivative instruments in designated hedge relationships
Borrowings and capital resources
Net debt	€ 1,400

Borrowings and capital resour_2

Borrowings and capital resources - Commercial paper programmes (Details) € in Millions, $ in Billions	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)	Mar. 31, 2020EUR (€)
Liquidity and capital resources
Borrowings drawn		€ 67,760	€ 74,925
Commercial paper programme
Liquidity and capital resources
Borrowing capacity	$ 4	3,400
US commercial paper programme
Liquidity and capital resources
Borrowing capacity | $	$ 15
Euro commercial paper programme
Liquidity and capital resources
Borrowing capacity		8,000
Borrowings drawn		0	€ 0
Syndicated bank facilities
Liquidity and capital resources
Borrowing capacity		4,000
Borrowings drawn		€ 0

Borrowings and capital resour_3

Borrowings and capital resources - Bonds and Own shares (Details) £ / shares in Units, € in Billions, ¥ in Billions, £ in Billions, kr in Billions, SFr in Billions, $ in Billions, $ in Billions, $ in Billions	12 Months Ended
	Mar. 31, 2021USD ($)shares	Mar. 31, 2021EUR (€)	Mar. 31, 2020shares	Mar. 31, 2021NOK (kr)shares	Mar. 31, 2021JPY (¥)shares	Mar. 31, 2021HKD ($)shares	Mar. 31, 2021CHF (SFr)shares	Mar. 31, 2021AUD ($)shares	Mar. 31, 2021GBP (£)£ / sharesshares	Mar. 31, 2021EUR (€)shares	Mar. 12, 2019GBP (£)	Mar. 12, 2019EUR (€)
Liquidity and capital resources
Percentage of issued share capital	7.10%	7.10%	7.30%
Maximum
Liquidity and capital resources
Treasury shares | shares	2,043,732,147		2,091,894,691	2,043,732,147	2,043,732,147	2,043,732,147	2,043,732,147	2,043,732,147	2,043,732,147	2,043,732,147
Euro medium-term note programme
Liquidity and capital resources
Borrowing capacity										€ 30
Bonds
Liquidity and capital resources
Bonds issued	$ 22.9			kr 2.2	¥ 10	$ 2.1	SFr 0.7	$ 1.2	£ 3	18.4
Notional amount										45.4
Repurchase of own bonds	$ 2.1	€ 1.5
5 billion debt issuance programme
Liquidity and capital resources
Notional amount										5
5 billion debt issuance programme | Vantage Towers
Liquidity and capital resources
Notional amount										2.2
Stand-alone documentation
Liquidity and capital resources
Notional amount										€ 2
Convertible bonds
Liquidity and capital resources
Bonds issued | £											£ 3.4
Notional amount											3.4	€ 3.8
Financial liabilities at fair value											0.1	€ 0.1
Conversion price | £ / shares									£ 1.2055
Bonds mature between 2020 and 2059 | Minimum.
Liquidity and capital resources
Borrowing interest rate	0.00%			0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Bonds mature between 2020 and 2059 | Maximum
Liquidity and capital resources
Borrowing interest rate	7.875%			7.875%	7.875%	7.875%	7.875%	7.875%	7.875%	7.875%
Bonds mature between 2020 and 2056 | Minimum.
Liquidity and capital resources
Borrowing interest rate			0.00%
Bonds mature between 2020 and 2056 | Maximum
Liquidity and capital resources
Borrowing interest rate			7.875%
Convertible bonds maturing on 12 March 2021
Liquidity and capital resources
Bonds issued | £											£ 1.7
Borrowing interest rate											1.20%	1.20%
Convertible bonds maturing on 12 March 2022
Liquidity and capital resources
Bonds issued | £											£ 1.7
Borrowing interest rate											1.50%	1.50%

Capital and financial risk ma_3

Capital and financial risk management - Capital management (Details) - EUR (€) € in Millions, shares in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Fair value of financial instruments
Total borrowings (note 21)	€ 67,760	€ 74,925
Cash and cash equivalents (Note 19)	(5,821)	(13,557)
Investments	(9,159)	(7,089)
Collateral assets (note 13)	(3,107)	(1,115)
Financial liabilities under put option arrangements	492	1,850
Equity shareholders' funds	57,816	62,625	€ 63,445	€ 70,943
Capital	€ 113,992	116,187
Number of shares equivalent in cash at settlement	2,494
Maximum payable under guarantees	€ 1,503	1,283
Provision of guarantees by entity,	0
Purchased supplier invoices	2,300	2,400
Short-term investments
Fair value of financial instruments
Investments	(4,007)	(4,132)
Derivative financial instruments included in trade and other receivables (note 14)
Fair value of financial instruments
Other financial assets	(3,151)	(9,176)
Derivative financial instruments included in trade and other payables (note 15)
Fair value of financial instruments
Other financial liabilities	€ 4,010	€ 4,767

Capital and financial risk ma_4

Capital and financial risk management - Financial risk management (Details) € in Millions	12 Months Ended
	Mar. 31, 2021EUR (€)item
Fair value of financial instruments
Number of times per year the Treasury Risk Committee meets | item	3
Bonds subject to financial covenant ratios	€ 0
Bonds Having Change Of Control Clause	35,000
EIB loans with financial covenant requirement	€ 350

Capital and financial risk ma_5

Capital and financial risk management - Financial risk management - COVID 19 (Details) € in Billions	Mar. 31, 2021EUR (€)
Fair value of financial instruments
Combined cash and cash equivalent and short term investments	€ 9.8
Undrawn revolving credit facilities	€ 7.4

Capital and financial risk ma_6

Capital and financial risk management - Credit risk - Maximum exposure to credit risk (Details) - Credit risk - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Capital and financial risk management
Maximum exposure to credit risk	€ 32,111	€ 44,471
Cash at bank and in hand
Capital and financial risk management
Maximum exposure to credit risk	2,705	2,220
Repurchase agreements and bank deposits
Capital and financial risk management
Maximum exposure to credit risk	0	2,202
Money Market funds
Capital and financial risk management
Maximum exposure to credit risk	3,116	9,135
Managed investment funds.
Capital and financial risk management
Maximum exposure to credit risk	2,954	2,451
Current bonds and debt securities
Capital and financial risk management
Maximum exposure to credit risk	1,053	1,681
Non-current debt securities
Capital and financial risk management
Maximum exposure to credit risk	797	715
Collateral assets
Capital and financial risk management
Maximum exposure to credit risk	3,107	1,115
Other investments
Capital and financial risk management
Maximum exposure to credit risk	2,045	1,842
Derivative financial instruments
Capital and financial risk management
Maximum exposure to credit risk	3,151	9,176
Trade receivables
Capital and financial risk management
Maximum exposure to credit risk	5,924	6,017
Contract assets and other receivables
Capital and financial risk management
Maximum exposure to credit risk	4,531	4,595
Performance bonds and other guarantees
Capital and financial risk management
Maximum exposure to credit risk	€ 2,728	€ 3,322

Capital and financial risk ma_7

Capital and financial risk management - Credit risk - Financing activities - General information (Details) - Credit risk	12 Months Ended
	Mar. 31, 2021item
Capital and financial risk management
Maximum investment in AAA unsecured money market mutual funds (as a percent)	10.00%
Number of managed investment funds	2
Counterparty's credit default swap spread limit	5 years

Capital and financial risk ma_8

Capital and financial risk management - Credit risk - Financing activities - Cash collateral (Details) - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Credit risk
Capital and financial risk management
Cash collateral	€ 962	€ 5,292

Capital and financial risk ma_9

Capital and financial risk management - Credit risk - Operating activities - General information (Details)	12 Months Ended
	Mar. 31, 2021
Credit risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Measurement period of expected credit losses	24 months

Capital and financial risk m_10

Capital and financial risk management - Credit risk - Operating activities - Movements in allowance for expected credit losses (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Capital and financial risk management
Net credit losses on trade receivable	€ (664)	€ (660)	€ (575)
Impact of Egypt reclassification
Capital and financial risk management
Net credit losses on trade receivable	65
Contract assets and other receivables
Capital and financial risk management
Financial assets at beginning of period	137	129
Exchange movements	2	(2)
Amounts charged to credit losses on financial assets	63	73
Other	(101)	(63)
Financial assets at end of period	101	137	129
Trade receivables | Amortised cost
Capital and financial risk management
Financial assets at beginning of period	1,431	1,347
Exchange movements	(47)	(26)
Amounts charged to credit losses on financial assets	592	576
Other	(496)	(466)
Financial assets at end of period	1,480	1,431	1,347
Trade receivables | FVOCI
Capital and financial risk management
Financial assets at beginning of period	51	40
Exchange movements	0
Amounts charged to credit losses on financial assets	9	11
Other	(3)
Financial assets at end of period	€ 57	€ 51	€ 40

Capital and financial risk m_11

Capital and financial risk management - Credit risk - Operating activities - Trade receivables past due (Details) - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Credit risk for trade receivables
Gross carrying amount	€ 5,157	€ 5,347
Expected credit loss allowance	(1,480)	(1,431)
Net carrying amount	3,677	3,916
Impact of Egypt reclassification
Credit risk for trade receivables
Gross carrying amount		207
Expected credit loss allowance		(65)
Net carrying amount		142
Current
Credit risk for trade receivables
Gross carrying amount	2,568	2,513
Expected credit loss allowance	(30)	(64)
Net carrying amount	2,538	2,449
30 days or less
Credit risk for trade receivables
Gross carrying amount	717	836
Expected credit loss allowance	(72)	(76)
Net carrying amount	645	760
Between 31 and 60 days
Credit risk for trade receivables
Gross carrying amount	177	236
Expected credit loss allowance	(62)	(56)
Net carrying amount	115	180
Between 61 and 180 days
Credit risk for trade receivables
Gross carrying amount	405	513
Expected credit loss allowance	(211)	(215)
Net carrying amount	194	298
Greater than 180 days
Credit risk for trade receivables
Gross carrying amount	1,290	1,249
Expected credit loss allowance	(1,105)	(1,020)
Net carrying amount	€ 185	€ 229

Capital and financial risk m_12

Capital and financial risk management - Liquidity risk - Cash and cash equivalents (Details) - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Fair value of financial instruments
Cash and cash equivalents	€ 5,821	€ 13,557

Capital and financial risk m_13

Capital and financial risk management - Liquidity risk - Borrowings (Details) € in Billions, $ in Billions	12 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)	Mar. 31, 2020EUR (€)
Borrowings and capital resources
Undrawn revolving credit facilities		€ 7.4
Minimum
Borrowings and capital resources
Long-term borrowings maturity (in years)	1 year
Maximum
Borrowings and capital resources
Long-term borrowings maturity (in years)	38 years
Syndicated bank facilities
Borrowings and capital resources
Undrawn revolving credit facilities		8	€ 7.7
Revolving credit facility
Borrowings and capital resources
Principal amount	$ 4	€ 4	€ 3.4

Capital and financial risk m_14

Capital and financial risk management - Liquidity risk - Maturity profile for non-derivative financial liabilities - Tabular disclosure (Details) - Liquidity risk - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	€ 105,266	€ 114,320
Effect of discount/financing rates	(22,155)	(24,084)
Anticipated future cash flows, net	83,111	90,236
Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	25,687	29,315
In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,269	7,829
In more than two years but less than three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,464	8,943
In more than three years but less than four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	4,580	10,338
In more than four years but less than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	7,023	4,320
In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	51,243	53,575
Trade payables and other financial liabilities
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	15,353	15,317
Effect of discount/financing rates	(2)	(6)
Anticipated future cash flows, net	15,351	15,311
Trade payables and other financial liabilities | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	15,304	15,250
Trade payables and other financial liabilities | In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	49	67
Trade payables and other financial liabilities | In more than two years but less than three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	0
Trade payables and other financial liabilities | In more than three years but less than four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	0
Trade payables and other financial liabilities | In more than four years but less than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	0
Trade payables and other financial liabilities | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	0
Bank loans and Commercial paper
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,486	3,075
Effect of discount/financing rates	(67)	(195)
Anticipated future cash flows, net	1,419	2,880
Bank loans and Commercial paper | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	674	1,500
Bank loans and Commercial paper | In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	174	746
Bank loans and Commercial paper | In more than two years but less than three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	440	279
Bank loans and Commercial paper | In more than three years but less than four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	173	369
Bank loans and Commercial paper | In more than four years but less than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2	181
Bank loans and Commercial paper | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	23
Bonds
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	66,895	71,185
Effect of discount/financing rates	(20,010)	(21,773)
Anticipated future cash flows, net	46,885	49,412
Bonds | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,774	3,617
Bonds | In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,329	4,682
Bonds | In more than two years but less than three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	5,964	3,852
Bonds | In more than three years but less than four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,784	8,242
Bonds | In more than four years but less than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	5,506	2,845
Bonds | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	45,538	47,947
Lease liabilities.
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	14,691	13,666
Effect of discount/financing rates	(1,659)	(1,548)
Anticipated future cash flows, net	13,032	12,118
Lease liabilities. | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	3,419	3,198
Lease liabilities. | In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,142	2,018
Lease liabilities. | In more than two years but less than three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,661	1,542
Lease liabilities. | In more than three years but less than four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,457	1,337
Lease liabilities. | In more than four years but less than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	1,316	1,128
Lease liabilities. | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	4,696	4,443
Other borrowings
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	6,841	11,077
Effect of discount/financing rates	(417)	(562)
Anticipated future cash flows, net	6,424	10,515
Other borrowings | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,516	5,750
Other borrowings | In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	2,575	316
Other borrowings | In more than two years but less than three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	399	3,270
Other borrowings | In more than three years but less than four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	166	390
Other borrowings | In more than four years but less than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	199	166
Other borrowings | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	986	1,185
Borrowings
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	89,913	99,003
Effect of discount/financing rates	(22,153)	(24,078)
Anticipated future cash flows, net	67,760	74,925
Borrowings | Within one year
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	10,383	14,065
Borrowings | In more than one year but less than two years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,220	7,762
Borrowings | In more than two years but less than three years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	8,464	8,943
Borrowings | In more than three years but less than four years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	4,580	10,338
Borrowings | In more than four years but less than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	7,023	4,320
Borrowings | In more than five years
Non-derivative financial liabilities
Non-derivative financial liabilities on an undiscounted basis	€ 51,243	€ 53,575

Capital and financial risk m_15

Capital and financial risk management - Liquidity risk - Maturity profile for non-derivative financial liabilities - Additional information (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Non-derivative financial liabilities
Spectrum licence payables	€ 3,312	€ 3,215
Liquidity risk
Non-derivative financial liabilities
Mandatorily convertible bonds	30	81
Conversion of principal amount recognised in equity	1,700	3,400
Liquidity risk | Within one year
Non-derivative financial liabilities
Spectrum licence payables	381	344
Cash collateral	962	5,292
Liquidity risk | In more than one year but less than two years
Non-derivative financial liabilities
Spectrum licence payables	2,171	227
Liquidity risk | In more than two years but less than three years
Non-derivative financial liabilities
Spectrum licence payables	165	1,905
Liquidity risk | In more than three years but less than four years
Non-derivative financial liabilities
Spectrum licence payables	165	166
Liquidity risk | In more than four years but less than five years
Non-derivative financial liabilities
Spectrum licence payables	199	166
Liquidity risk | In more than five years
Non-derivative financial liabilities
Spectrum licence payables	€ 986	€ 1,185

Capital and financial risk m_16

Capital and financial risk management - Liquidity risk - Maturity profile for derivative financial liabilities (Details) - Liquidity risk - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Financial derivatives
Financial derivatives, payable	€ (64,562)	€ (72,837)
Financial derivatives, receivable	70,487	81,428
Financial derivatives	5,925	8,591
Effect of discount/financing rates	(6,784)	(4,182)
Financial derivative net receivable	(859)	4,409
Within one year
Financial derivatives
Financial derivatives, payable	(16,218)	(20,519)
Financial derivatives, receivable	16,864	21,239
Financial derivatives	646	720
In more than one year but less than two years
Financial derivatives
Financial derivatives, payable	(3,121)	(4,217)
Financial derivatives, receivable	3,723	4,582
Financial derivatives	602	365
In more than two years but less than three years
Financial derivatives
Financial derivatives, payable	(5,623)	(3,680)
Financial derivatives, receivable	5,978	4,143
Financial derivatives	355	463
In more than three years but less than four years
Financial derivatives
Financial derivatives, payable	(2,518)	(3,733)
Financial derivatives, receivable	2,903	4,429
Financial derivatives	385	696
In more than four years but less than five years
Financial derivatives
Financial derivatives, payable	(3,305)	(2,562)
Financial derivatives, receivable	3,620	3,102
Financial derivatives	315	540
In more than five years
Financial derivatives
Financial derivatives, payable	(33,777)	(38,126)
Financial derivatives, receivable	37,399	43,933
Financial derivatives	€ 3,622	€ 5,807

Capital and financial risk m_17

Capital and financial risk management - Market risk - Interest rate management (Details) - Interest rate risk - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Capital and financial risk management
Percentage of reasonably possible increase in risk assumption	1.00%
Increase in profit before tax due to reasonably possible increase in designated risk component	€ 782	€ 695

Capital and financial risk m_18

Capital and financial risk management - Market risk - Foreign exchange risk management - General information (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Foreign exchange risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net debt denominated in currencies other than euro (as a percent)	13.00%
Minimum foreign exchange transaction exposure per currency per month period	€ 5
Minimum foreign exchange transaction exposure per currency over six month period	€ 15
Foreign exchange risk | Sterling
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net debt denominated in currencies other than euro (as a percent)	9.00%
Foreign exchange risk | South African rand
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net debt denominated in currencies other than euro (as a percent)	3.00%
Foreign exchange risk | Other
Disclosure of nature and extent of risks arising from financial instruments [line items]
Net debt denominated in currencies other than euro (as a percent)	1.00%
Currency appreciation risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Increase in equity due to sensitivity to foreign exchange movements	€ 469	€ 713
Percentage of reasonably possible increase in risk assumption	6.00%	5.00%
Currency appreciation risk | South African rand
Disclosure of nature and extent of risks arising from financial instruments [line items]
Percentage of sensitivity to foreign exchange movements on hedging liabilities strengthening	15.00%	11.00%
Decrease in equity due to sensitivity to foreign exchange movements	€ 285	€ 212

Capital and financial risk m_19

Capital and financial risk management - Market risk - Foreign exchange risk management - Tabular disclosure (Details) - Currency appreciation risk - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
South African rand
Capital and financial risk management
Operating profit	€ 152	€ 126
Percentage of retranslation for operating profit	15.00%	11.00%
US Dollar
Capital and financial risk management
Operating profit	€ (46)	€ (64)
Percentage of retranslation for operating profit	6.00%	9.00%
Sterling
Capital and financial risk management
Operating profit	€ (23)	€ 63
Percentage of retranslation for operating profit	3.00%	2.00%

Capital and financial risk m_20

Capital and financial risk management - Changes in assets and liabilities arising from financing activities (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	€ 72,536	€ 54,558
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	4,359	9,933
Repayment of borrowings	(12,237)	(16,028)
Net movement in short-term borrowings	(2,791)	2,488
Net movement in derivatives	279	98
Interest paid	(2,152)	(2,284)
Purchase of treasury shares	(62)	(821)
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	(1,482)
Non-cash movements
Fair value movements	3,585	(2,537)
Foreign exchange	(54)	(460)
Interest costs	2,047	2,238
Lease additions	4,578	15,187
Acquisitions of subsidiaries	234	8,894
Other	762	1,270
Amount recognised on transition to IFRS 16		10,040
Collateral pledged as initial margin that does not offset against existing mark to market balances	913
Balance at the end	69,602	72,536
Borrowings
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	74,925	52,955
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	4,359	9,933
Repayment of borrowings	(12,237)	(16,028)
Net movement in short-term borrowings	(2,791)	2,488
Interest paid	(2,421)	(2,320)
Purchase of treasury shares	0
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	0
Non-cash movements
Fair value movements	(9)	6
Foreign exchange	(1,480)	(31)
Interest costs	2,459	2,425
Lease additions	4,578	15,187
Acquisitions of subsidiaries	234	9,040
Other	143	1,270
Balance at the end	67,760	74,925
Derivative assets and liabilities
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	(4,409)	(1,190)
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	0	0
Repayment of borrowings	0	0
Net movement in short-term borrowings	0	0
Net movement in derivatives	279	98
Interest paid	452	150
Purchase of treasury shares	0
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	0
Non-cash movements
Fair value movements	3,594	(2,543)
Foreign exchange	1,428	(424)
Interest costs	(485)	(354)
Lease additions	0	0
Acquisitions of subsidiaries	0	(146)
Other		0
Balance at the end	859	(4,409)
Financial liabilities under put options
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	1,850	1,844
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	0	0
Repayment of borrowings	0	0
Net movement in short-term borrowings	0	0
Interest paid	(141)	(72)
Purchase of treasury shares	0
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	(1,482)
Non-cash movements
Fair value movements	0
Foreign exchange		(1)
Interest costs	62	79
Lease additions	0	0
Acquisitions of subsidiaries	0
Other	203	0
Balance at the end	492	1,850
Other liabilities
Disclosure of Reconciliation of Assets And Liabilities Arising From Financing Activities [Line Items]
Balance at the beginning	170	949
Cash Changes in Assets And Liabilities Arising From Financing Activities [Abstract]
Proceeds from issuance of long-term borrowings	0	0
Repayment of borrowings	0	0
Net movement in short-term borrowings	0	0
Interest paid	(42)	(42)
Purchase of treasury shares	(62)	(821)
Increase Decrease Through Payments for Settlements of Written Put Options, Assets And Liabilities Arising From Financing Activities	0
Non-cash movements
Fair value movements	0
Foreign exchange	(2)	(4)
Interest costs	11	88
Lease additions	0	0
Acquisitions of subsidiaries	0
Other	416	0
Balance at the end	€ 491	€ 170

Capital and financial risk m_21

Capital and financial risk management - Equity risk (Details) - Equity risk - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Capital and financial risk management
Percentage of reasonably possible increase in risk assumption	7.00%	23.00%
Increase in profit before tax due to reasonably possible increase in designated risk component	€ 283	€ 767

Capital and financial risk m_22

Capital and financial risk management - Risk management strategy of hedge relationships - Tabular disclosure (Details)	12 Months Ended
	Mar. 31, 2021EUR (€)R / €SFr / €£ / €kr / €¥ / €$ / €$ / €$ / €	Mar. 31, 2020EUR (€)SFr / €£ / €kr / €¥ / €$ / €$ / €$ / €
Risk management strategy of hedge relationships
Nominal amount	26,448,000,000	29,372,000,000
Carrying value assets	€ 830,000,000	€ 5,914,000,000
Carrying value liabilities	1,392,000,000	327,000,000
Other comprehensive income
Beginning balance	(3,171,000,000)	713,000,000
(Gain)/Loss deferred to OCI	6,220,000,000	(4,292,000,000)
Gain/(Loss) recycled to financing costs	(1,226,000,000)	408,000,000
Ending balance	€ 1,823,000,000	€ (3,171,000,000)
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | US dollar bonds
Risk management strategy of hedge relationships
Nominal amount	18,995,000,000	20,383,000,000
Carrying value assets	€ 621,000,000	€ 5,371,000,000
Carrying value liabilities	1,070,000,000
Other comprehensive income
Beginning balance	(3,922,000,000)	(179,000,000)
(Gain)/Loss deferred to OCI	5,900,000,000	(4,233,000,000)
Gain/(Loss) recycled to financing costs	(1,477,000,000)	490,000,000
Ending balance	€ 501,000,000	€ (3,922,000,000)
Average FX rate | $ / €	1.18	1.18
Average euro interest rate	2.82%	2.67%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Australian dollar bonds
Risk management strategy of hedge relationships
Nominal amount	736,000,000	736,000,000
Carrying value assets	€ 38,000,000
Carrying value liabilities	0	€ 65,000,000
Other comprehensive income
Beginning balance	(26,000,000)	(17,000,000)
(Gain)/Loss deferred to OCI	(102,000,000)	77,000,000
Gain/(Loss) recycled to financing costs	104,000,000	(86,000,000)
Ending balance	€ (24,000,000)	€ (26,000,000)
Average FX rate | $ / €	1.56	1.56
Average euro interest rate	0.92%	0.92%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Swiss franc bonds
Risk management strategy of hedge relationships
Nominal amount	624,000,000	624,000,000
Carrying value assets	€ 0
Carrying value liabilities	45,000,000	€ 17,000,000
Other comprehensive income
Beginning balance	28,000,000	22,000,000
(Gain)/Loss deferred to OCI	28,000,000	(27,000,000)
Gain/(Loss) recycled to financing costs	(26,000,000)	33,000,000
Ending balance	€ 30,000,000	€ 28,000,000
Average FX rate | SFr / €	1.08	1.08
Average euro interest rate	1.26%	1.26%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Pound sterling bonds
Risk management strategy of hedge relationships
Nominal amount	2,585,000,000	3,180,000,000
Carrying value assets	€ 40,000,000	€ 29,000,000
Carrying value liabilities	199,000,000	186,000,000
Other comprehensive income
Beginning balance	94,000,000	38,000,000
(Gain)/Loss deferred to OCI	1,000,000	79,000,000
Gain/(Loss) recycled to financing costs	228,000,000	(23,000,000)
Ending balance	€ 323,000,000	€ 94,000,000
Average FX rate | £ / €	0.89	0.85
Average euro interest rate	2.59%	2.04%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Hong Kong dollar bonds
Risk management strategy of hedge relationships
Nominal amount	233,000,000	233,000,000
Carrying value assets	€ 0	€ 22,000,000
Carrying value liabilities	13,000,000
Other comprehensive income
Beginning balance	(4,000,000)	13,000,000
(Gain)/Loss deferred to OCI	34,000,000	(25,000,000)
Gain/(Loss) recycled to financing costs	(17,000,000)	8,000,000
Ending balance	€ 13,000,000	€ (4,000,000)
Average FX rate | $ / €	9.08	9.08
Average euro interest rate	1.48%	1.48%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Japanese yen bonds
Risk management strategy of hedge relationships
Nominal amount	78,000,000	78,000,000
Carrying value assets	€ 0	€ 1,000,000
Carrying value liabilities	12,000,000
Other comprehensive income
Beginning balance	6,000,000	2,000,000
(Gain)/Loss deferred to OCI	13,000,000
Gain/(Loss) recycled to financing costs	(8,000,000)	4,000,000
Ending balance	€ 11,000,000	€ 6,000,000
Average FX rate | ¥ / €	128.53	128.53
Average euro interest rate	2.47%	2.47%
Cash flow hedges | Foreign exchange risk | Cross currency and foreign exchange swaps | Norwegian krona bonds
Risk management strategy of hedge relationships
Nominal amount	241,000,000	241,000,000
Carrying value assets	€ 0
Carrying value liabilities	22,000,000	€ 46,000,000
Other comprehensive income
Beginning balance	(3,000,000)	1,000,000
(Gain)/Loss deferred to OCI	(23,000,000)	34,000,000
Gain/(Loss) recycled to financing costs	29,000,000	(38,000,000)
Ending balance	€ 3,000,000	€ (3,000,000)
Average FX rate | kr / €	9.15	9.15
Average euro interest rate	1.12%	1.12%
Cash flow hedges | Foreign currency and interest rate risk | Currency swap contract | US dollar bonds
Risk management strategy of hedge relationships
Nominal amount	417,000,000	905,000,000
Carrying value assets	€ 0	€ 46,000,000
Carrying value liabilities	8,000,000
Other comprehensive income
Beginning balance	18,000,000	12,000,000
(Gain)/Loss deferred to OCI	52,000,000	(14,000,000)
Gain/(Loss) recycled to financing costs	(62,000,000)	20,000,000
Ending balance	€ 8,000,000	€ 18,000,000
Average FX rate | $ / €	1.17	1.17
Average euro interest rate	1.07%	1.05%
Cash flow hedges | Interest rate risk | Interest rate swaps | Euro loans
Risk management strategy of hedge relationships
Nominal amount	568,000,000	668,000,000
Carrying value assets	€ 0
Carrying value liabilities	0	€ 13,000,000
Other comprehensive income
Beginning balance	7,000,000	11,000,000
(Gain)/Loss deferred to OCI	(11,000,000)	(4,000,000)
Gain/(Loss) recycled to financing costs	3,000,000
Ending balance	€ (1,000,000)	€ 7,000,000
Average FX rate	0
Average euro interest rate	1.21%	1.21%
Fair value hedges
Other comprehensive income
Loss from foreign currency basis outside the cash flow and net investment hedge relationships	€ 1,164,000,000	€ 1,271,000,000
Gain from foreign currency basis outside the cash flow and net investment hedge relationships	0
Net ineffectiveness on the fair value hedges, recognised in the income statement	8,000,000	8,000,000
Loss in relation to fair value of bonds previously designated in fair value hedge relationships	€ 774,000,000	€ 889,000,000
Fair value hedges | Interest rate risk | Cross currency and foreign exchange swaps | Eurobonds
Risk management strategy of hedge relationships
Nominal amount		186,000,000
Carrying value assets		€ 131,000,000
Fair value hedges | Interest rate risk | Interest rate swaps | Eurobonds
Risk management strategy of hedge relationships
Nominal amount	186,000,000
Carrying value assets	€ 131,000,000
Carrying value liabilities	0
Other comprehensive income
Beginning balance	0
(Gain)/Loss deferred to OCI	0
Gain/(Loss) recycled to financing costs	0
Ending balance	€ 0	€ 0
Average FX rate	0
Average euro interest rate	0.00%
Net investment hedge | Foreign exchange risk | Cross currency and foreign exchange swaps | South African rand investment
Risk management strategy of hedge relationships
Nominal amount	1,785,000,000	2,138,000,000
Carrying value assets	€ 0	€ 314,000,000
Carrying value liabilities	23,000,000
Other comprehensive income
Beginning balance	631,000,000	810,000,000
(Gain)/Loss deferred to OCI	328,000,000	(179,000,000)
Gain/(Loss) recycled to financing costs	0
Ending balance	€ 959,000,000	€ 631,000,000
Average FX rate	17.30	16.55
Average euro interest rate	0.31%	0.17%

Capital and financial risk m_23

Capital and financial risk management - Net financial instruments - Derivative financial assets (Details) - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Derivative financial instruments
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements
Net amount	€ 173	€ (96)
Derivative financial instruments
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements
Gross amount	3,151	9,176
Amount set off	0
Amounts presented in balance sheet	3,151	9,176
Right of set off with derivative counterparties	(1,989)	(3,556)
Cash collateral	(962)	(5,292)
Net amount	€ 200	€ 328

Capital and financial risk m_24

Capital and financial risk management - Net financial instruments - Derivative financial liabilities (Details) - Derivative financial instruments - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements
Gross amount	€ (4,010)	€ (4,767)
Amount set off	0
Amounts presented in balance sheet	(4,010)	(4,767)
Right of set off with derivative counterparties	1,989	3,556
Cash collateral	€ 2,194	€ 1,115

Capital and financial risk m_25

Capital and financial risk management - Net financial instruments - Derivative financial assets (liabilities), net (Details) - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Fair value of financial instruments
Gross amount	€ (859)	€ 4,409
Amount set off	0
Amounts presented in balance sheet	(859)	4,409
Cash collateral	1,232	(4,177)
Net amount	€ 373	€ 232

Capital and financial risk m_26

Capital and financial risk management - Risk management strategy of hedge relationships - Additional information (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair value hedges
Risk management strategy of hedge relationships
Loss from foreign currency basis outside the cash flow and net investment hedge relationships	€ 1,164	€ 1,271
Gain from foreign currency basis outside the cash flow and net investment hedge relationships	0
Net ineffectiveness on the fair value hedges, recognised in the income statement	8	8
Loss in relation to fair value of bonds previously designated in fair value hedge relationships	774	889
Cash flow hedges
Risk management strategy of hedge relationships
Hedge ineffectiveness of swaps	0	0
Net investment hedge
Risk management strategy of hedge relationships
Hedge ineffectiveness of swaps	0	0
Interest rate risk | Fair value hedges
Risk management strategy of hedge relationships
Cumulative fair value adjustment for the hedged interest rate risk	€ 76	€ 85

Directors and key management _3

Directors and key management compensation - Directors (Details) € in Millions	12 Months Ended
	Mar. 31, 2021EUR (€)director	Mar. 31, 2020EUR (€)director	Mar. 31, 2019EUR (€)director
Directors and key management compensation
Salaries and fees	€ 4	€ 4	€ 4
Incentive schemes	3	2	2
Other benefits	0	1
Total	€ 7	€ 7	€ 6
Number of directors made gain on exercise of share options before tax | director	0	0	0

Directors and key management _4

Directors and key management compensation - Key management compensation (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Directors and key management compensation
Short-term employee benefits	€ 28	€ 27	€ 23
Share-based payments	23	30	35
Total	€ 51	€ 57	€ 58

Employees (Details)

Employees (Details) € in Millions	12 Months Ended
	Mar. 31, 2021EUR (€)employee	Mar. 31, 2020EUR (€)employee	Mar. 31, 2019EUR (€)employee
Employees
Operations	14,893	14,616	15,872
Selling and distribution	26,874	28,133	30,596
Customer care and administration	54,739	52,470	52,528
Total number of employees	96,506	95,219	98,996
Costs incurred in respect of employees
Wages and salaries | €	€ 4,238	€ 4,571	€ 4,333
Social security costs | €	549	531	579
Other pension costs (note 25) | €	235	226	223
Share-based payments (note 26) | €	135	134	132
Cost incurred to employees | €	5,157	5,462	5,267
India (Discontinued operations) | €	0		84
Total | €	€ 5,157	€ 5,462	€ 5,351
Germany
Employees
Total number of employees	15,798	15,199	13,414
Italy
Employees
Total number of employees	5,818	5,980	6,536
Spain
Employees
Total number of employees	4,257	4,316	5,140
UK
Employees
Total number of employees	9,584	10,295	11,525
Other Europe
Employees
Total number of employees	15,460	14,646	12,413
India (Discontinued operations)
Employees
Total number of employees	0		4,554
Vodacom
Employees
Total number of employees	7,810	7,773	7,695
Other Markets
Employees
Total number of employees	9,498	10,515	12,837
Common Functions
Employees
Total number of employees	28,281	26,495	24,882

Post employment benefits - Inco

Post employment benefits - Income statement expense (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Post employment benefits
Defined contribution plans	€ 204	€ 180	€ 166
Defined benefit plans	31	46	57
Total amount charged to income statement (note 24)	€ 235	€ 226	€ 223

Post employment benefits - Defi

Post employment benefits - Defined benefit plans (Details) € in Millions, £ in Millions	Sep. 04, 2020GBP (£)	Sep. 04, 2020EUR (€)	Mar. 31, 2021EUR (€)	Mar. 31, 2020EUR (€)	Mar. 31, 2019GBP (£)	Mar. 31, 2019EUR (€)
Defined benefit pension plan
Post employment benefits
Plan (deficit) or surplus			€ (336)	€ 265
Contributions to be paid in next fiscal year			78
Vodafone UK plan | Triennial Actuarial Valuation
Post employment benefits
Plan (deficit) or surplus					£ (78)	€ (90)
Vodafone section
Post employment benefits
Plan (deficit) or surplus			(159)	142
Contribution to plan by employer due to deficit in actuarial valuation	£ 80	€ 90
Vodafone section | Triennial Actuarial Valuation
Post employment benefits
Plan (deficit) or surplus					(173)	(200)
CWW section
Post employment benefits
Plan (deficit) or surplus			€ 60	€ 449
CWW section | Triennial Actuarial Valuation
Post employment benefits
Plan (deficit) or surplus					£ 95	€ 110

Post employment benefits - Actu

Post employment benefits - Actuarial assumptions (Details) € in Millions, £ in Millions	12 Months Ended
	Mar. 31, 2021GBP (£)age	Mar. 31, 2021EUR (€)age	Mar. 31, 2020EUR (€)	Mar. 31, 2019GBP (£)	Mar. 31, 2019EUR (€)
Post employment benefits
Actuarial (losses)/gains recognised in the SOCI		€ (555)	€ 526		€ (33)
Defined benefit pension plan
Post employment benefits
Rate of inflation (as a percent)	2.90%	2.90%	2.20%	2.90%	2.90%
Rate of increase in salaries (as a percent)	2.70%	2.70%	2.50%	2.70%	2.70%
Discount rate (as a percent)	1.80%	1.80%	2.00%	2.30%	2.30%
Number of years pension will be available for male pensioner	23 years 4 months 24 days	23 years 4 months 24 days	23 years 2 months 12 days
Number of years pension will be available for female pensioner	25 years 4 months 24 days	25 years 4 months 24 days	25 years 2 months 12 days
Current retirement age for pensioner	65 years	65 years
Number of years pension will be available for male non-pensioner	25 years 4 months 24 days	25 years 4 months 24 days	25 years 1 month 6 days
Number of years pension will be available for female non-pensioner	27 years 4 months 24 days	27 years 4 months 24 days	27 years 2 months 12 days
Retirement age for availing pension by non-pensioner | age	65	65
Current eligible age for availing pension by non-pensioner | age	40	40
Current service cost		€ 37	€ 37		€ 31
Past service cost	£ 2	2		£ 14	16
Net interest (income)/charge		(8)	9		10
Total included within staff costs		31	46		57
Actuarial (losses)/gains recognised in the SOCI		€ (686)	€ 640		€ (33)

Post employment benefits - Dura

Post employment benefits - Duration of benefit obligations (Details)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined benefit pension plan
Post employment benefits
Weighted average duration of defined benefit obligation (in years).	21 years	21 years

Post employment benefits - Fair

Post employment benefits - Fair value of assets and present value of liabilities of schemes (Details) - Pension plans - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Post employment benefits
Balance at beginning of the period	€ 152	€ (457)
Service cost	(39)	(37)
Interest income/(cost)	8	(9)
Return on plan assets excluding interest income	466	108
Actuarial gains/(losses) arising from changes in demographic assumptions		252
Actuarial gains (losses) arising from changes in financial assumptions	(1,118)	383
Actuarial gain (losses) arising from experience adjustments	(34)	(103)
Employer cash contributions	125	42
Exchange rate movements	(5)	13
Other movements	(8)	(40)
Balance at end of the period	(453)	152
Assets.
Post employment benefits
Balance at beginning of the period	6,906	6,974
Interest income/(cost)	137	154
Return on plan assets excluding interest income	466	108
Employer cash contributions	125	42
Member cash contributions	10	10
Benefits paid	(243)	(237)
Exchange rate movements	244	(143)
Other movements	(13)	(2)
Balance at end of the period	7,632	6,906
Liabilities.
Post employment benefits
Balance at beginning of the period	(6,754)	(7,431)
Service cost	(39)	(37)
Interest income/(cost)	(129)	(163)
Actuarial gains/(losses) arising from changes in demographic assumptions		252
Actuarial gains (losses) arising from changes in financial assumptions	(1,118)	383
Actuarial gain (losses) arising from experience adjustments	(34)	(103)
Member cash contributions	(10)	(10)
Benefits paid	243	237
Exchange rate movements	(249)	156
Other movements	5	(38)
Balance at end of the period	€ (8,085)	€ (6,754)

Post employment benefits - Anal

Post employment benefits - Analysis of net assets/(deficit) (Details) - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Net surplus/(deficit) is analysed as:
Assets	€ 60	€ 590
Liabilities	(513)	(438)
Defined benefit pension plan
Analysis of net surplus/(deficit):
Total fair value of plan assets	7,632	6,906
Present value of funded plan liabilities	(7,968)	(6,641)
Net surplus/(deficit) for funded schemes	(336)	265
Present value of unfunded scheme liabilities	(117)	(113)
Net surplus/(deficit)	(453)	152
Net surplus/(deficit) is analysed as:
Assets	60	590
Liabilities	(513)	(438)
CWW section
Analysis of net surplus/(deficit):
Total fair value of plan assets	2,912	2,842
Present value of funded plan liabilities	(2,852)	(2,393)
Net surplus/(deficit) for funded schemes	60	449
Net surplus/(deficit) is analysed as:
Assets	60	449
Liabilities	0
Vodafone section
Analysis of net surplus/(deficit):
Total fair value of plan assets	3,298	2,873
Present value of funded plan liabilities	(3,457)	(2,731)
Net surplus/(deficit) for funded schemes	(159)	142
Net surplus/(deficit) is analysed as:
Assets	0	€ 142
Liabilities	€ (159)

Post employment benefits - Fa_2

Post employment benefits - Fair value of pension assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Post employment benefits
Investment fund	€ 604
Defined benefit pension plan
Post employment benefits
Cash and cash equivalents	247	€ 96
Investment fund	604	533
Total	7,632	6,906
Gain (loss) on return on plan assets	603	262
Defined benefit pension plan | Level 1
Post employment benefits
Equity investments	1,376	1,018
Debt instruments	4,589	4,446
Property	26	18
Annuity policies	4	3
Defined benefit pension plan | Level 2
Post employment benefits
Equity investments	294	197
Debt instruments	559	513
Property	494	391
Derivatives	1,557	1,110
Annuity policies	€ 996	€ 801

Post employment benefits - Sens

Post employment benefits - Sensitivity analysis (Details) - Defined benefit pension plan € in Millions	12 Months Ended
	Mar. 31, 2021EUR (€)
Rate of inflation
Sensitivity analysis
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption	€ (572)
Increase in actuarial assumption	€ 641
Rate of increase in salaries
Sensitivity analysis
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption	€ (4)
Increase in actuarial assumption	€ 4
Discount rate
Sensitivity analysis
Decrease in actuarial assumption (as a percent)	0.50%
Increase in actuarial assumption (as a percent)	0.50%
Decrease in actuarial assumption	€ 854
Increase in actuarial assumption	€ (738)
Life expectancy
Sensitivity analysis
Increase in actuarial assumption life expectancy (in Years)	1 year
Decrease in actuarial assumption life expectancy (in Years)	1 year
Decrease in actuarial assumption	€ (278)
Increase in actuarial assumption	€ 275

Share-based payments - Accounti

Share-based payments - Accounting policies (Details)	12 Months Ended
	Mar. 31, 2021
Share-based payments
Maximum percentage of ordinary share capital issued under all plans	10.00%
Maximum percentage of ordinary share capital issued under plans other than all-employee basis	5.00%

Share-based payments - Share op

Share-based payments - Share options and Share plans (Details) £ / shares in Units, £ in Millions, Option in Millions	12 Months Ended
	Mar. 31, 2021GBP (£)Option£ / shares	Mar. 31, 2020Option£ / shares	Mar. 31, 2019Option£ / shares
Share options and Share plans
Outstanding shares | Option	62	53	46
Movements in outstanding ordinary share options
Balance at the beginning of the period (in shares) | Option	53	46	40
Granted (in shares) | Option	35	39	33
Forfeited (in shares) | Option	(1)	(1)	(2)
Exercised (in shares) | Option	0		(2)
Expired (in shares) | Option	(25)	(31)	(23)
Balance at the end of the period (in shares) | Option	62	53	46
Weighted average exercise price:
Weighted average exercise price at the beginning of the period | £ / shares	£ 1.19	£ 1.40	£ 1.64
Granted (per share) | £ / shares	1.03	1.06	1.30
Forfeited (per share) | £ / shares	1.16	1.36	1.52
Exercised. (per share) | £ / shares	1.23	1.50	1.67
Expired (per share) | £ / shares	1.27	1.34	1.64
Weighted average exercise price at the end of the period | £ / shares	1.07	£ 1.19	£ 1.40
Minimum
Weighted average exercise price:
Weighted average exercise price at the end of the period | £ / shares	0.98
Maximum
Weighted average exercise price:
Weighted average exercise price at the end of the period | £ / shares	£ 1.89
Vodafone Group executive plans
Movements in outstanding ordinary share options
Granted (in shares) | Option	0	0
Vodafone Sharesave Plan
Share options and Share plans
Monthly savings, amount | £	£ 375
Discount rate for share options	0.20
Vodafone Sharesave Plan | Minimum
Share options and Share plans
Share option vesting period	3 years
Vodafone Sharesave Plan | Maximum
Share options and Share plans
Share option vesting period	5 years

Share-based payments - Summary

Share-based payments - Summary of options outstanding (Details) Option in Millions	12 Months Ended
	Mar. 31, 2021Option£ / shares	Mar. 31, 2020Option£ / shares	Mar. 31, 2019Option£ / shares	Mar. 31, 2018Option£ / shares
Summary of options outstanding and exercisable
Outstanding shares | Option	62	53	46	40
Weighted average exercise price	£ 1.07	£ 1.19	£ 1.40	£ 1.64
Weighted average remaining contractual life	30 months	30 months
Minimum
Summary of options outstanding and exercisable
Weighted average exercise price	£ 0.98
Maximum
Summary of options outstanding and exercisable
Weighted average exercise price	£ 1.89

Share-based payments - Share aw

Share-based payments - Share awards and Other information (Details) - GBP (£) £ / shares in Units, £ in Millions, shares in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Share-based payments
Balance at the beginning of the period (in shares)	245	200	182
Granted (in shares)	108	135	88
Vested (in shares)	(56)	(44)	(39)
forfeited (in shares)	(30)	(46)	(31)
Balance at the end of the period (in shares)	267	245	200
Weighted average fair value at the beginning of the period	£ 1.41	£ 1.92	£ 2.04
Granted (per share)	0.99	1	1.82
Vested (per share)	1.56	2.10	2.21
Forfeited (per share)	1.10	1.76	1.97
Weighted average fair value at the end of the period	£ 1.20	£ 1.41	£ 1.92
Total fair value of shares vested	£ 108	£ 92	£ 86
Compensation cost	£ 135	£ 134	£ 132
Average share price	£ 1.208	£ 1.359	£ 1.683

Acquisitions and disposals - Ac

Acquisitions and disposals - Acquisitions (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Acquisitions
Net cash acquired	€ (2)	€ (126)
Total cash consideration paid and net cash acquired	136	10,295
European Liberty Global assets
Acquisitions
Total cash consideration paid and net cash acquired	0	10,313
Other acquisitions
Acquisitions
Total cash consideration paid and net cash acquired	€ 138	€ 108

Acquisitions and disposals - Eu

Acquisitions and disposals - European Liberty Global assets (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Jul. 31, 2019
Acquisitions
Purchase of interests in subsidiaries, net of cash acquired	€ 136	€ 10,295	€ 87
Cash consideration	136	10,295
European Liberty Global assets
Acquisitions
Identifiable intangible assets				€ 5,818
Property, plant and equipment				4,737
Inventory				2
Trade and other receivables				856
Other investments				2
Cash and cash equivalents				109
Current and deferred taxation				(1,904)
Short and long-term borrowings				(9,527)
Trade and other payables				(1,066)
Post employment benefits				(40)
Provisions				(178)
Net identifiable liabilities acquired				(1,191)
Goodwill				11,504
Cash outflow				€ 10,313
Customer relationships	5,569
Brand	71
Software	178
Transaction costs	46
Revenue of acquiree since acquisition date		1,993
Loss of acquiree since acquisition date		247
Revenue of combined entity as if combination occurred at beginning of period	45,975
Loss of combined entity as if combination occurred at beginning of period	822
Cash consideration	0	10,313
Other acquisitions
Acquisitions
Cash outflow		108
Cash consideration	138	108
Aggregate consideration	178	276
Aggregate fair values of goodwill of the acquired operations	92	248
Aggregate fair values of assets of the acquired operations	445	113
Aggregate fair values of liabilities of the acquired operation	306	€ 85
Aggregate fair value of non-controlling interests of the acquired operation	53
Payments for acquisitions completed in prior periods	€ 138

Acquisitions and disposals - Ag

Acquisitions and disposals - Aggregate cash consideration of disposal of subsidiaries (Details) - EUR (€) € in Millions	Jul. 31, 2019	Mar. 31, 2021	Mar. 31, 2020
Disclosure of detailed information about business combination [line items]
Cash consideration received		€ 192	€ 2,140
Other disposals during the period		3	35
Net cash disposed		(1)	(13)
Cash consideration in respect of the disposal of subsidiaries, net of cash disposed		157	4,427
Vodafone New Zealand Limited
Disclosure of detailed information about business combination [line items]
Cash consideration received		(37)	2,023
Cash consideration in respect of the disposal of subsidiaries, net of cash disposed	€ 2,023
Vodafone Malta
Disclosure of detailed information about business combination [line items]
Cash consideration received		€ 0	€ 242

Acquisitions and disposals - Vo

Acquisitions and disposals - Vodafone New Zealand (Details) € in Millions, $ in Billions	Jul. 31, 2019EUR (€)	Mar. 31, 2021EUR (€)	Mar. 31, 2020EUR (€)	Jul. 31, 2019NZD ($)	Jul. 31, 2019EUR (€)
Disposals
Goodwill		€ (31,731)	€ (31,378)
Property, plant and equipment		(41,243)	(40,113)
Short and long-term borrowings		67,760	74,925
Net cash proceeds arising from the transaction		157	4,427
Vodafone New Zealand Limited
Disposals
Economic interest (as a percent)	100.00%
Aggregate consideration				$ 3.4	€ 2,000
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	€ 2,023
Other effects	13
Net gain on transaction	1,078	€ 0	€ 1,078
Recycled foreign exchange losses	€ 59

Acquisitions and disposals - To

Acquisitions and disposals - Tower infrastructure in Italy (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disposals
Goodwill	€ (31,731)	€ (31,378)
Property, plant and equipment	(41,243)	(40,113)
Short and long-term borrowings	67,760	74,925
Net cash proceeds arising from the transaction	157	4,427
Amount recorded in investment in joint ventures	4,249	5,323
Vodafone Italy
Disposals
Cash consideration received from merger		€ 2,140
Economic interest (as a percent)		37.50%
Gain in relation to disposal		€ 3,356
Infrastructure Wireless Italiane S.P.A. Discontinued Operations
Disposals
Goodwill		(1,320)
Property, plant and equipment		(548)
Trade and other receivables		(164)
Current and deferred taxation		44
Short and long-term borrowings		270
Trade and other payables		79
Provisions		40
Net assets disposed		(1,599)
Fair value of investment		3,559
Net cash proceeds arising from the transaction		2,140
Restriction of gain (Note 20)		(744)
Gain in relation to disposal	€ 0	3,356
Dividend receivable		214
Amount recorded in investment in joint ventures		€ 3,345

Acquisitions and disposals - _2

Acquisitions and disposals - Vodafone Maltan and Idea (Details) - EUR (€) € in Millions	May 13, 2019	Mar. 20, 2017	Mar. 31, 2021	Mar. 31, 2020
Disposals
Property, plant and equipment			€ (41,243)	€ (40,113)
Cash and cash equivalents			(5,821)	(13,557)
Short and long-term borrowings			67,760	74,925
Net cash proceeds arising from the transaction			€ 157	€ 4,427
Vodafone Malta
Disposals
Economic interest (as a percent)				100.00%
Consideration received for transfer of ownership				€ 242
Net gain on disposal				170
Vodafone Idea
Disposals
Economic interest (as a percent)	45.20%
Vodafone India (excluding interest in Indus Towers)
Disposals
Economic interest (as a percent)		42.00%
Loss on disposal				1,276
Gain in relation to disposal				€ (3,420)

Acquisitions and disposals - Ot

Acquisitions and disposals - Other transactions with non-controlling shareholders in subsidiaries (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disclosure of detailed information about business combination [line items]
Cash consideration received/(paid	€ 1,663	€ (160)
Vantage Towers
Disclosure of detailed information about business combination [line items]
Cash consideration received/(paid	2,000
Vantage Towers Greece
Disclosure of detailed information about business combination [line items]
Cash consideration received/(paid	(288)
Other
Disclosure of detailed information about business combination [line items]
Cash consideration received/(paid	€ (49)	€ (160)

Acquisitions and disposals - Va

Acquisitions and disposals - Vantage towers (Details) - EUR (€) € in Millions	Mar. 25, 2021	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
Disclosure of detailed information about business combination [line items]
Cash consideration received/(paid			€ 1,663	€ (160)
Proportion of ownership interest in subsidiary			81.05%
Vantage Towers
Disclosure of detailed information about business combination [line items]
Cash consideration received/(paid			€ 2,000
Vantage Towers Greece
Disclosure of detailed information about business combination [line items]
Cash consideration received/(paid			(288)
Ownership interest acquired	38.00%
Cash outflow	€ 288
Proportion of ownership interest in subsidiary	100.00%
Transactions with non-controlling shareholders | Vantage Towers
Disclosure of detailed information about business combination [line items]
Cash consideration received/(paid			€ 2,000
Transactions with non-controlling shareholders | Vantage Towers | Subsequent events
Disclosure of detailed information about business combination [line items]
Cash consideration received/(paid		€ 217

Acquisitions and disposals - Di

Acquisitions and disposals - Disposals (Details) € in Millions, $ in Billions	Jul. 31, 2019EUR (€)	May 13, 2019	Mar. 20, 2017	Mar. 31, 2021EUR (€)	Mar. 31, 2020EUR (€)	Mar. 31, 2019EUR (€)	Jul. 31, 2019NZD ($)	Jul. 31, 2019EUR (€)
Disposals
Foreign exchange gain (loss)				€ (13)	€ (146)	€ 2,277
Goodwill				(31,731)	(31,378)
Property, plant and equipment				(41,243)	(40,113)
Cash and cash equivalents				(5,821)	(13,557)
Short and long-term borrowings				67,760	74,925
Net cash proceeds arising from the transaction				157	4,427
Amount recorded in investment in joint ventures				4,249	5,323
Cash consideration received				192	2,140
Other disposals during the period				3	35
Cash consideration in respect of the disposal of subsidiaries, net of cash disposed				2	126
Cash consideration received/(paid				1,663	€ (160)
Vodafone Italy
Disposals
Economic interest (as a percent)					37.50%
Net gain on transaction					€ 3,356
Cash consideration received from merger					€ 2,140
Vodafone Malta
Disposals
Economic interest (as a percent)					100.00%
Net gain on disposal					€ 170
Consideration received for transfer of ownership					242
Vantage Towers
Disposals
Cash consideration received/(paid				2,000
Vantage Towers Greece
Disposals
Cash consideration received/(paid				(288)
Other
Disposals
Cash consideration received/(paid				(49)	(160)
Vodafone Idea
Disposals
Economic interest (as a percent)		45.20%
Vodafone New Zealand Limited
Disposals
Economic interest (as a percent)	100.00%
Aggregate consideration							$ 3.4	€ 2,000
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	€ 2,023
Other effects	13
Net gain on transaction	1,078			0	1,078
Recycled foreign exchange losses	€ 59
Cash consideration received				(37)	2,023
Vodafone Malta
Disposals
Net gain on transaction				0	170
Cash consideration received				0	242
Vodafone India (excluding interest in Indus Towers)
Disposals
Economic interest (as a percent)			42.00%
Loss on disposal					1,276
Foreign exchange gain (loss)					(2,079)
Net gain on transaction					(3,420)
Infrastructure Wireless Italiane S.P.A. Discontinued Operations
Disposals
Goodwill					(1,320)
Property, plant and equipment					(548)
Trade and other receivables					(164)
Current and deferred taxation					44
Short and long-term borrowings					270
Trade and other payables					79
Provisions					40
Net assets disposed					(1,599)
Fair value of investment					3,559
Net cash proceeds arising from the transaction					2,140
Restriction of gain (Note 20)					(744)
Net gain on transaction				€ 0	3,356
Amount recorded in investment in joint ventures					3,345
Dividend receivable					€ 214

Commitments - Operating lease c

Commitments - Operating lease commitments and Capital commitments (Details) - EUR (€) € in Millions	Mar. 31, 2021	Mar. 31, 2020
Commitments
Capital commitments from company and subsidiaries	€ 3,993	€ 3,046
Capital commitments from share of joint operations	133	103
Contracts placed for future capital expenditure not provided in the financial statements	€ 4,126	€ 3,149

Commitments - Acquisition and d

Commitments - Acquisition and disposal commitments (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Acquisition commitments
Proportion of ownership interest in subsidiary	81.05%
Cash consideration received/(paid	€ 1,663	€ (160)
Vodafone Egypt
Acquisition commitments
Proportion of ownership interest in subsidiary	55.00%	55.00%
Indus Towers
Acquisition commitments
Proportion of ownership interest in subsidiary	28.10%

Contingent liabilities and le_3

Contingent liabilities and legal proceedings - Contingent liabilities and UK pension schemes (Details) € in Millions, £ in Millions, shares in Millions, ₨ in Billions, $ in Billions	Sep. 29, 2017INR (₨)	Feb. 12, 2016INR (₨)	Jan. 03, 2013INR (₨)	Mar. 31, 2021INR (₨)itemshares	Mar. 31, 2021EUR (€)item	Mar. 31, 2021USD ($)itemshares	Mar. 31, 2021EUR (€)itemshares	Mar. 31, 2020INR (₨)	Mar. 31, 2020EUR (€)	Jul. 13, 2015GBP (£)
Indus Towers Limited
Contingent liabilities and legal proceedings - Conti
Ownership interest in joint venture				28.10%	28.10%
Prepayment in cash in respect of its payment obligations that are undisputed, due and payable under the MSAs				₨ 24			€ 279
Primary pledge over shares | shares				190.7		190.7	190.7
Primary Pledge On Value Owned				₨ 47			€ 544
Bank borrowings secured against Indian assets | shares				1,200		1,200	1,200
Maximum liability cap				₨ 42.5			€ 495
Performance bonds
Contingent liabilities and legal proceedings - Conti
Contingent liability amount							381		€ 414
Other guarantees
Contingent liabilities and legal proceedings - Conti
Contingent liability amount							2,347		€ 2,908
Other guarantees | Indus Towers Limited
Contingent liabilities and legal proceedings - Conti
Contingent liability amount | ₨				₨ 42.5				₨ 0
Indian regulatory cases
Contingent liabilities and legal proceedings - Conti
Number of Public Interest Litigations | item				500	500
UK pension schemes
Contingent liabilities and legal proceedings - Conti
Notional value of security							822
UK pension schemes, Vodafone Section
Contingent liabilities and legal proceedings - Conti
Contingent liability amount							€ 1,470
Number of guarantees under pension scheme | item				2		2	2
UK pension schemes, CWW Section
Contingent liabilities and legal proceedings - Conti
Contingent liability amount							€ 1,470
Notional value of security							176
THUS Plc Group Scheme
Contingent liabilities and legal proceedings - Conti
Contingent liability amount							€ 117
Vodafone India Limited (VIL) and Vodafone India Services Private Limited (VISPL) | Indian tax cases
Contingent liabilities and legal proceedings - Conti
Amount of damages sought					€ 500,000
Percentage of penalty				300.00%		300.00%	300.00%
Vodafone Idea Limited
Contingent liabilities and legal proceedings - Conti
Potential Exposure on Payments between the Parties				₨ 500	4,000
Probable cash outflow under the payment mechanism					30
Vodafone India | Legal regulatory case, one time spectrum charges
Contingent liabilities and legal proceedings - Conti
Amount of one time spectrum charges					€ 330
Vodafone India Services Private Limited | Indian tax cases
Contingent liabilities and legal proceedings - Conti
Tax liability							€ 249
Interest payable							€ 554
Deposit amount with tax authorities | £										£ 20
Vodafone Hutchison Australia Pty Limited | Other guarantees.
Contingent liabilities and legal proceedings - Conti
Ownership interest in joint venture				50.00%	50.00%
Loan facility covered under guarantee by group company | $						$ 3.5
Vodafone International Holdings BV ('VIHBV') | Indian tax cases
Contingent liabilities and legal proceedings - Conti
Amount of judgement, including principal and interest | ₨			₨ 142
Amount of damages sought | ₨	₨ 190.7	₨ 221

Related party transactions (Det

Related party transactions (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Associates
Related party transactions
Sales of goods and services	€ 14	€ 32	€ 27
Purchase of goods and services	5	4	3
Trade balances owed by	3	4	1
Trade balances owed to	5	4	3
Other balances owed by	56
Joint arrangements
Related party transactions
Sales of goods and services	203	305	242
Purchase of goods and services	109	97	192
Interest income receivable	65	71	96
Interest expense payable	56
Trade balances owed by	88	157	193
Trade balances owed to	31	37	25
Other balances owed by	955	1,083	997
Other balances owed to	€ 1,575	€ 2,017	€ 169

Related undertakings - Subsidia

Related undertakings - Subsidiaries (Details)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Subsidiaries
% held by Group companies	81.05%
Vodafone M-PESASH.P.K.
Subsidiaries
% held by Group companies	100.00%
Vodafone Albania Sh.A
Subsidiaries
% held by Group companies	99.94%
CWGNL S.A
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Australia Pty Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Austria GmbH
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Bahrain W.L.L.
Subsidiaries
% held by Group companies	100.00%
Vodafone Belgium SA/NV
Subsidiaries
% held by Group companies	100.00%
Vodafone Servicos Empresariais Brasil Ltda
Subsidiaries
% held by Group companies	100.00%
Cobra do Brasil Servicos de Telematica ltda.
Subsidiaries
% held by Group companies	70.00%
Vodafone Empress Brasil Telecomunicacoes Ltda
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Bulgaria EOOD
Subsidiaries
% held by Group companies	100.00%
Vodafone Canada Inc.
Subsidiaries
% held by Group companies	100.00%
CGP Investments (Holdings) Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Chile SA
Subsidiaries
% held by Group companies	100.00%
Vodafone Automotive Technologies (Beijing) Co, Ltd
Subsidiaries
% held by Group companies	100.00%
Vodafone China Limited (China)
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Communications Technical Services (Shanghai) Co. Ltd
Subsidiaries
% held by Group companies	100.00%
Vodacom Congo (RDC) SA
Subsidiaries
% held by Group companies	30.85%
Vodacash S.A
Subsidiaries
% held by Group companies	30.85%
Vodafone Mobile Operations Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Communications Technical Service (Shanghai) Co, Ltd. Beijing Branch
Subsidiaries
% held by Group companies	100.00%
Oskar Mobil S.R.O.
Subsidiaries
% held by Group companies	100.00%
Nadace Vodafone esk Republika
Subsidiaries
% held by Group companies	100.00%
UPC esk republika, s.r.o.
Subsidiaries
% held by Group companies	81.05%
UPC Infrastructure, s.r.o.
Subsidiaries
% held by Group companies	100.00%
UPC Real Estate, s.r.o.
Subsidiaries
% held by Group companies	100.00%
Arena Sport Rechte Marketing GmbH i.L.
Subsidiaries
% held by Group companies	100.00%
Vodafone Administration GmbH
Subsidiaries
% held by Group companies	100.00%
Vodafone BW GmbH
Subsidiaries
% held by Group companies	100.00%
Vodafone Hessen GmbH & Co. KG
Subsidiaries
% held by Group companies	100.00%
Vodafone Management GmbH
Subsidiaries
% held by Group companies	100.00%
Vodafone NRW GmbH
Subsidiaries
% held by Group companies	100.00%
Vodafone West GmbH
Subsidiaries
% held by Group companies	100.00%
Vodafone Service GmbH
Subsidiaries
% held by Group companies	100.00%
Grandcentrix GmbH
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Hong Kong Limited - New Zealand Branch
Subsidiaries
% held by Group companies	100.00%
Vodafone Services LLC
Subsidiaries
% held by Group companies	100.00%
UPC External Services S.R.L.
Subsidiaries
% held by Group companies	100.00%
Vodafone Towers Spain S.L.U.
Subsidiaries
% held by Group companies	81.05%
Vodafone Dijital Yayincilik Hizmetleri A.S.
Subsidiaries
% held by Group companies	100.00%
Navtrak Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Czech Republic A.S.
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Europe (UK) Limited - Czech Branch
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Denmark A/S
Subsidiaries
% held by Group companies	100.00%
Vodafone For Trading
Subsidiaries
% held by Group companies	54.95%
Starnet
Subsidiaries
% held by Group companies	55.00%
Sarmady Communications
Subsidiaries
% held by Group companies	55.00%
Vodafone International Services LLC
Subsidiaries
% held by Group companies	100.00%
Vodafone Egypt
Subsidiaries
% held by Group companies	55.00%	55.00%
Vodafone Data
Subsidiaries
% held by Group companies	55.00%
Vodafone Enterprise Finland OY
Subsidiaries
% held by Group companies	100.00%
Vodafone Automotive Telematics Development S.A.S
Subsidiaries
% held by Group companies	100.00%
Vodafone Automotive France S.A.S
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise France SAS
Subsidiaries
% held by Group companies	100.00%
TKS Telepost Kabel-Service Kaiserslautern Beteiligungs GmbH
Subsidiaries
% held by Group companies	93.84%
Kabel Deutschland Holding AG
Subsidiaries
% held by Group companies	93.84%
Vodafone Kabel Deutschland GmbH
Subsidiaries
% held by Group companies	93.84%
Vodafone Kabel Deutschland Kundenbetreuung GmbH
Subsidiaries
% held by Group companies	93.84%
Vodafone Automotive Deutschland GmbH
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Germany GmbH
Subsidiaries
% held by Group companies	100.00%
Vodafone GmbH
Subsidiaries
% held by Group companies	100.00%
Vodafone Group Services GmbH
Subsidiaries
% held by Group companies	100.00%
Vodafone Institut fur Gesellschaft und Kommunikation GmbH
Subsidiaries
% held by Group companies	100.00%
Vodafone Stiftung Deutschland Gemeinnutzige GmbH
Subsidiaries
% held by Group companies	100.00%
Vodafone Vierte Verwaltungs AG
Subsidiaries
% held by Group companies	100.00%
KABELCOM Braunschweig Gesellschaft Fur Breitbandkabel- Kommunikation Mit Beschrankter Haftung
Subsidiaries
% held by Group companies	93.84%
Urbana Teleunion Rostock GmbH & Co.KG
Subsidiaries
% held by Group companies	65.69%
Vantage Towers AG
Subsidiaries
% held by Group companies	81.05%
KABELCOM Wolfsburg Gesellschaft Fur Breitbandkabel-Kommunikation Mit Beschrankter Haftung
Subsidiaries
% held by Group companies	93.84%
Vodacom Business (Ghana) Limited
Subsidiaries
% held by Group companies	70.00%
Ghana Telecommunications Company Limited
Subsidiaries
% held by Group companies	70.00%
National Communications Backbone Company Limited
Subsidiaries
% held by Group companies	70.00%
Vodafone Ghana Mobile Financial Services Limited
Subsidiaries
% held by Group companies	70.00%
Vodafone-Panafon Hellenic Telecommunications Company S.A.
Subsidiaries
% held by Group companies	99.87%
Vodafone Greece Towers Societe Anonyme
Subsidiaries
% held by Group companies	81.05%
Vodafone Innovus S.A
Subsidiaries
% held by Group companies	99.87%
360 Connect S.A.
Subsidiaries
% held by Group companies	99.87%
FB Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Le Bunt Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Silver Stream Investments Limited
Subsidiaries
% held by Group companies	100.00%
VBA Holdings Limited
Subsidiaries
% held by Group companies	60.50%
VBA International Limited
Subsidiaries
% held by Group companies	60.50%
Vodafone Enterprise Hong Kong Ltd
Subsidiaries
% held by Group companies	100.00%
Vodafone Magyarorszag Mobile Tavkozlesi Zartkoruen Mukodo Reszvenytarsasag
Subsidiaries
% held by Group companies	100.00%
VSSB Vodafone Shared Services Budapest Private Limited Company
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless Global (India) Private Limited
Subsidiaries
% held by Group companies	100.00%
Cable & Wireless Networks India Private Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless (India) Limited (India branch)
Subsidiaries
% held by Group companies	100.00%
Omega Telecom Holdings Private Limited
Subsidiaries
% held by Group companies	100.00%
Usha Martin Telematics Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Global Services Private Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone India Services Private Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone International Financing Designated Activity Company [Member]
Subsidiaries
% held by Group companies	100.00%
Vodafone Foundation
Subsidiaries
% held by Group companies	100.00%
VF Ireland Property Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Global Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Global Network Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Group Services Ireland Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Ireland Distribution Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Ireland Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Ireland Marketing Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Ireland Retail Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Global Enterprise (Italy) S.R.L.
Subsidiaries
% held by Group companies	100.00%
Vodafone Automotive Italia S.p.A
Subsidiaries
% held by Group companies	100.00%
Vodafone Automotive Electronic Systems S.r.L
Subsidiaries
% held by Group companies	100.00%
Vodafone Automotive SpA
Subsidiaries
% held by Group companies	100.00%
VEI S.r.l.
Subsidiaries
% held by Group companies	100.00%
Vodafone Italia S.p.A.
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Italy S.r.L
Subsidiaries
% held by Group companies	100.00%
Vodafone Gestioni S.p.A.
Subsidiaries
% held by Group companies	100.00%
Vodafone Servizi E Tecnologie S.R.L.
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise U.K. (Japanese Branch)
Subsidiaries
% held by Group companies	100.00%
VND S.p.A
Subsidiaries
% held by Group companies	100.00%
Vodafone Automotive Japan K.K
Subsidiaries
% held by Group companies	100.00%
Vodafone Global Enterprise (Japan) K.K.
Subsidiaries
% held by Group companies	100.00%
Aztec Limited
Subsidiaries
% held by Group companies	100.00%
Globe Limited
Subsidiaries
% held by Group companies	100.00%
Plex Limited
Subsidiaries
% held by Group companies	100.00%
Vizzavi Finance Limited
Subsidiaries
% held by Group companies	99.99%
Vodafone International 2 Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Jersey Dollar Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Jersey Finance
Subsidiaries
% held by Group companies	100.00%
Vodafone Jersey Yen Holdings Unlimited
Subsidiaries
% held by Group companies	100.00%
Vodafone Kenya Limited
Subsidiaries
% held by Group companies	65.43%
M-PESA Holding Co. Limited
Subsidiaries
% held by Group companies	100.00%
Vodacom Business (Kenya) Limited
Subsidiaries
% held by Group companies	48.40%
Vodafone Enterprise Korea Limited
Subsidiaries
% held by Group companies	100.00%
Vodacom Lesotho (Pty) Limited
Subsidiaries
% held by Group companies	48.40%
Tomorrow Street GP S.a r.l.
Subsidiaries
% held by Group companies	100.00%
Vodafone Asset Management Services S.a r.l.
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Global Businesses S.a r.l.
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Luxembourg S.A.
Subsidiaries
% held by Group companies	100.00%
Vodafone International 1 S.a r.l.
Subsidiaries
% held by Group companies	100.00%
Vodafone International M S.a r.l.
Subsidiaries
% held by Group companies	100.00%
Vodafone Investments Luxembourg S.a r.l.
Subsidiaries
% held by Group companies	100.00%
Vodafone Luxembourg 5 S.a r.l.
Subsidiaries
% held by Group companies	100.00%
Vodafone Luxembourg S.a r.l.
Subsidiaries
% held by Group companies	100.00%
Vodafone Procurement Company S.a r.l.
Subsidiaries
% held by Group companies	100.00%
Vodafone Roaming Services S.a r.l.
Subsidiaries
% held by Group companies	100.00%
Vodafone Services Company S.a.r.l.
Subsidiaries
% held by Group companies	100.00%
Vodafone Global Enterprise (Malaysia) Sdn Bhd
Subsidiaries
% held by Group companies	100.00%
Vodafone Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Insurance Limited
Subsidiaries
% held by Group companies	100.00%
Mobile Wallet VM1
Subsidiaries
% held by Group companies	60.50%
Mobile Wallet VM2
Subsidiaries
% held by Group companies	60.50%
Al-Amin Investments Limited
Subsidiaries
% held by Group companies	100.00%
Array Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Asian Telecommunication Investments (Mauritius) Limited
Subsidiaries
% held by Group companies	100.00%
CCII (Mauritius), Inc.
Subsidiaries
% held by Group companies	100.00%
CGP India Investments Ltd.
Subsidiaries
% held by Group companies	100.00%
Euro Pacific Securities Ltd.
Subsidiaries
% held by Group companies	100.00%
Mobilvest
Subsidiaries
% held by Group companies	100.00%
Prime Metals Ltd.
Subsidiaries
% held by Group companies	100.00%
Trans Crystal Ltd.
Subsidiaries
% held by Group companies	100.00%
Vodafone Mauritius Ltd.
Subsidiaries
% held by Group companies	100.00%
Vodafone Telecommunications (India) Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Tele-Services (India) Holdings Limited
Subsidiaries
% held by Group companies	100.00%
VBA (Mauritius) Limited
Subsidiaries
% held by Group companies	60.50%
Vodacom International Limited
Subsidiaries
% held by Group companies	60.50%
Vodafone Empresa Mexico S.de R.L. de C.V.
Subsidiaries
% held by Group companies	100.00%
VM, SA
Subsidiaries
% held by Group companies	51.42%
Vodafone M-Pesa, S.A
Subsidiaries
% held by Group companies	51.42%
Vodafone Enterprise Netherlands BV
Subsidiaries
% held by Group companies	100.00%
Vodafone Europe B.V.
Subsidiaries
% held by Group companies	100.00%
Vodafone International Holdings B.V.
Subsidiaries
% held by Group companies	100.00%
Vodafone Panafon International Holdings B.V.
Subsidiaries
% held by Group companies	99.87%
Vodafone Enterprise Norway AS
Subsidiaries
% held by Group companies	100.00%
Vodafone Limited (Norway Branch)
Subsidiaries
% held by Group companies	100.00%
Vodafone Business Poland sp. z o.o
Subsidiaries
% held by Group companies	100.00%
Oni Way - Infocomunicacoes, S.A.
Subsidiaries
% held by Group companies	100.00%
Vodafone Portugal - Comunicacoes Pessoais, S.A.
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Spain, S.L.U. - Portugal Branch
Subsidiaries
% held by Group companies	100.00%
Vodafone Romania S.A
Subsidiaries
% held by Group companies	100.00%
Vodafone Romania M-Payments SRL
Subsidiaries
% held by Group companies	100.00%
Vodafone Romania Technologies SRL
Subsidiaries
% held by Group companies	99.55%
Vodafone Shared Services Romania SRL
Subsidiaries
% held by Group companies	90.48%
Evotracking SRL
Subsidiaries
% held by Group companies	100.00%
Vodafone External Services S.R.L
Subsidiaries
% held by Group companies	100.00%
Cable & Wireless CIS Svyaz LLC
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Equipment Limited Ogranak u Beogradu2
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Singapore Pte.Ltd
Subsidiaries
% held by Group companies	100.00%
Vodafone Global Network Limited - Slovakia Branch
Subsidiaries
% held by Group companies	100.00%
XLink Communications (Proprietary) Limited
Subsidiaries
% held by Group companies	60.50%
Cable and Wireless Worldwide South Africa (Pty) Ltd
Subsidiaries
% held by Group companies	100.00%
Vodafone Holdings (SA) Proprietary Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Investments (SA) Proprietary Limited
Subsidiaries
% held by Group companies	100.00%
GS Telecom (Pty) Limited
Subsidiaries
% held by Group companies	60.50%
10T Holdings (Proprietary) Limited
Subsidiaries
% held by Group companies	30.87%
IoT.nxt (Pty) Limited
Subsidiaries
% held by Group companies	30.87%
IOT.nxt Development (Pty) Limited
Subsidiaries
% held by Group companies	30.87%
Jupicol (Proprietary) Limited
Subsidiaries
% held by Group companies	42.35%
Mezzanine Ware Proprietary Limited (RF)
Subsidiaries
% held by Group companies	54.45%
Motifpros 1 (Proprietary) Limited
Subsidiaries
% held by Group companies	60.50%
Scarlet Ibis Investments 23 (Pty) Limited
Subsidiaries
% held by Group companies	60.50%
Storage Technology Services (Pty) Limited
Subsidiaries
% held by Group companies	30.85%
Vodacom (Pty) Limited
Subsidiaries
% held by Group companies	60.50%
Vodacom Business Africa Group (Pty) Limited
Subsidiaries
% held by Group companies	60.50%
Vodacom Financial Services (Proprietary) Limited
Subsidiaries
% held by Group companies	60.50%
Vodacom Group Limited
Subsidiaries
% held by Group companies	60.50%
Vodacom Insurance Administration Company (Proprietary) Limited
Subsidiaries
% held by Group companies	60.50%
Vodacom Insurance Company (RF) Limited
Subsidiaries
% held by Group companies	60.50%
Vodacom International Holdings (Pty) Limited
Subsidiaries
% held by Group companies	60.50%
Vodacom Life Assurance Company (RF) Limited
Subsidiaries
% held by Group companies	60.50%
Vodacom Payment Services (Proprietary) Limited
Subsidiaries
% held by Group companies	60.50%
Vodacom Properties No 1 (Proprietary) Limited
Subsidiaries
% held by Group companies	60.50%
Vodacom Properties No.2 (Pty) Limited
Subsidiaries
% held by Group companies	60.50%
Wheatfields Investments 276 (Proprietary) Limited
Subsidiaries
% held by Group companies	60.50%
Vodafone Automotive Iberia S.L
Subsidiaries
% held by Group companies	100.00%
Vodafone Enabler Espana, S.L.
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Spain SLU
Subsidiaries
% held by Group companies	100.00%
Vodafone Espana S.A.U.
Subsidiaries
% held by Group companies	100.00%
Vodafone Holdings Europe S.L.U.
Subsidiaries
% held by Group companies	100.00%
Vodafone ONO, S.A.U.
Subsidiaries
% held by Group companies	100.00%
Vodafone Servicios SL.U
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Sweden AB
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Switzerland AG
Subsidiaries
% held by Group companies	100.00%
Vodafone Automotive Telematics S.A
Subsidiaries
% held by Group companies	100.00%
Vodafone Global Enterprise Taiwan Limited
Subsidiaries
% held by Group companies	100.00%
Gateway Communications Tanzania Limited
Subsidiaries
% held by Group companies	59.89%
M-Pesa Limited
Subsidiaries
% held by Group companies	45.37%
Shared Networks Tanzania Limited
Subsidiaries
% held by Group companies	45.37%
Vodacom Tanzania Limited Zanzibar
Subsidiaries
% held by Group companies	45.37%
Vodacom Tanzania Public Limited Company
Subsidiaries
% held by Group companies	45.37%
Vodafone Bilgi Ve Iletisim Hizmetleri AS
Subsidiaries
% held by Group companies	100.00%
Vodafone Dagitim Hizmetleri A.S.
Subsidiaries
% held by Group companies	100.00%
Vodafone Kule ve Altyapi Hizmetleri A.S.
Subsidiaries
% held by Group companies	100.00%
Vodafone Medya Icerik Hizmetleri A.S.
Subsidiaries
% held by Group companies	100.00%
Vodafone Elektronik Para Ve Odeme Hizmetleri A.S.
Subsidiaries
% held by Group companies	100.00%
Vodafone Holding A.S.
Subsidiaries
% held by Group companies	100.00%
Vodafone Net Iletisim Hizmetleri A.S.
Subsidiaries
% held by Group companies	100.00%
Vodafone Telekomunikasyon A.S
Subsidiaries
% held by Group companies	100.00%
Vodafone Teknoloji Hizmetleri A.S.
Subsidiaries
% held by Group companies	100.00%
LLC Vodafone Enterprise Ukraine
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Europe (UK) Limited - DUBAI BRANCH
Subsidiaries
% held by Group companies	100.00%
Thus Group Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Thus Group Limited
Subsidiaries
% held by Group companies	100.00%
Thus Profit Sharing Trustees Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone (NI) Limited
Subsidiaries
% held by Group companies	100.00%
Pinnacle Cellular Group Limited
Subsidiaries
% held by Group companies	100.00%
Pinnacle Cellular Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone (Scotland) Limited
Subsidiaries
% held by Group companies	100.00%
Woodend Group Limited
Subsidiaries
% held by Group companies	100.00%
Energis (Ireland) Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Automotive UK Limited
Subsidiaries
% held by Group companies	100.00%
Vodacom Business Africa Group Services Limited
Subsidiaries
% held by Group companies	60.50%
Vodacom UK
Subsidiaries
% held by Group companies	60.50%
AAA (Euro) Limited
Subsidiaries
% held by Group companies	100.00%
Apollo Submarine Cable System Limited
Subsidiaries
% held by Group companies	100.00%
Aspective Limited
Subsidiaries
% held by Group companies	100.00%
Astec Communications Limited
Subsidiaries
% held by Group companies	100.00%
Bluefish Communications Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless Aspac Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless CIS Services Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless Communications Data Network Services Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless Europe Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless Global Business Services Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless Global Holding Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless Global Telecommunication Services Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless UK Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless Worldwide Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless Worldwide Voice Messaging Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless (India) Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless Nominee Limited
Subsidiaries
% held by Group companies	100.00%
Cellops Limited
Subsidiaries
% held by Group companies	100.00%
Central Communications Group Limited
Subsidiaries
% held by Group companies	100.00%
Energis Communications Limited
Subsidiaries
% held by Group companies	100.00%
Energis Squared Limited
Subsidiaries
% held by Group companies	100.00%
General Mobile Corporation Limited
Subsidiaries
% held by Group companies	100.00%
London Hydraulic Power Company
Subsidiaries
% held by Group companies	100.00%
Metro Holdings Limited
Subsidiaries
% held by Group companies	100.00%
ML Integration Group Limited
Subsidiaries
% held by Group companies	100.00%
Project Telecom Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Rian Mobile Limited
Subsidiaries
% held by Group companies	100.00%
Singlepoint (4U) Limited
Subsidiaries
% held by Group companies	100.00%
Talkland International Limited
Subsidiaries
% held by Group companies	100.00%
Talkmobile Limited
Subsidiaries
% held by Group companies	100.00%
Talkmobile U.K. Limited
Subsidiaries
% held by Group companies	100.00%
The Eastern Leasing Company Limited
Subsidiaries
% held by Group companies	100.00%
Thus Limited
Subsidiaries
% held by Group companies	100.00%
Vizzavi Limited
Subsidiaries
% held by Group companies	100.00%
Voda Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone (New Zealand) Hedging Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone 2.
Subsidiaries
% held by Group companies	100.00%
Vodafone 4 UK
Subsidiaries
% held by Group companies	100.00%
Vodafone 5 Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone 5 UK
Subsidiaries
% held by Group companies	100.00%
Vodafone 6 UK
Subsidiaries
% held by Group companies	100.00%
Vodafone Americas
Subsidiaries
% held by Group companies	100.00%
Vodafone Benelux Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Business Solutions Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Cellular Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Connect Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Consolidated Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Corporate Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Corporate Secretaries Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone DC Pension Trustee Company Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Distribution Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Corporate Secretaries Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Equipment Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise Europe (UK) Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Enterprise U.K.
Subsidiaries
% held by Group companies	100.00%
Vodafone Euro Hedging Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Euro Hedging Two
Subsidiaries
% held by Group companies	100.00%
Vodafone Europe UK
Subsidiaries
% held by Group companies	100.00%
Vodafone European Investments
Subsidiaries
% held by Group companies	100.00%
Vodafone European Portal Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Finance Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Finance Luxembourg Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Finance Sweden
Subsidiaries
% held by Group companies	100.00%
Vodafone Finance UK Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Financial Operations
Subsidiaries
% held by Group companies	100.00%
Vodafone Global Content Services Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Global Enterprise Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Group (Directors) Trustee Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Group Pension Trustee Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Group Services Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Group Services No.2 Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Group Share Trustee Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Hire Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Holdings Luxembourg Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Intermediate Enterprises Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone International Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone International Operations Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Investment UK
Subsidiaries
% held by Group companies	100.00%
Vodafone Investments Australia Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Investments Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone IP Licensing Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Marketing UK
Subsidiaries
% held by Group companies	100.00%
Vodafone Mobile Communications Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Mobile Enterprises Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Mobile Network Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Nominees Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Oceania Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Old Show Ground Site Management Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Overseas Finance Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Overseas Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Panafon UK
Subsidiaries
% held by Group companies	99.87%
Vodafone Partner Services Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Property Investments Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Retail (Holdings) Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Retail Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Sales & Services Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone UK Content Services Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone UK Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Ventures Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Worldwide Holdings Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone Yen Finance Limited
Subsidiaries
% held by Group companies	100.00%
Vodafone-Central Limited
Subsidiaries
% held by Group companies	100.00%
Vodaphone Limited
Subsidiaries
% held by Group companies	100.00%
Vodata Limited
Subsidiaries
% held by Group companies	100.00%
Your Communications Group Limited
Subsidiaries
% held by Group companies	100.00%
Cable and Wireless Americas Systems, Inc.
Subsidiaries
% held by Group companies	100.00%
Vodafone Americas Virginia Inc.
Subsidiaries
% held by Group companies	100.00%
Vodafone US Inc.
Subsidiaries
% held by Group companies	100.00%
Unitymedia Finance LLC
Subsidiaries
% held by Group companies	100.00%
Vodafone Americas Foundation
Subsidiaries
% held by Group companies	100.00%
Vantage Towers Single Member Societe Anonyme
Subsidiaries
% held by Group companies	81.05%
Crystal Almond Towers Single Member S.A.
Subsidiaries
% held by Group companies	81.05%
Vantage Towers Zartkoruen Mukodo Reszvenytarsasag [Member]
Subsidiaries
% held by Group companies	81.05%
Vantage Towers Limited
Subsidiaries
% held by Group companies	81.05%
Central Tower Holding Company B.V.
Subsidiaries
% held by Group companies	81.05%
IoT.nxt USA BV
Subsidiaries
% held by Group companies	30.87%
IoT nxt USA Inc
Subsidiaries
% held by Group companies	30.87%
IOT.NXT BV
Subsidiaries
% held by Group companies	30.87%
IoT.nxt Europe BV
Subsidiaries
% held by Group companies	30.87%
Vantage Towers S.R.L.
Subsidiaries
% held by Group companies	81.05%
UPC Foundation
Subsidiaries
% held by Group companies	100.00%
Vodafone Sigorta Aracilik Hismetleri A.S.
Subsidiaries
% held by Group companies	100.00%

Related undertakings - Associat

Related undertakings - Associated undertakings and joint arrangements (Details) - 12 months ended Mar. 31, 2021 € in Millions, Ksh in Millions	KES (Ksh)	EUR (€)
Associated undertakings and joint arrangements
Proportion of ownership interest in subsidiary	81.05%
AAPT Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
ACN 088 889 230 Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
ACN 139 798 404 Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Adam Internet Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Adam Internet Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Agile Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Alchemyit Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Blue Call Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Cable Licence Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Chariot Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Chime Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Connect Internet Solutions Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Connect West Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Destra Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Digiplus Contracts Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Digiplus Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Digiplus Investments Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Digiplus Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
FTTB Wholesale Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
H3GA Properties (No.3) Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Hosteddesktop.com Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
iHug Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
iiNet (Ozemail) Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
iiNet Labs Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
iiNet Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Internode Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
IntraPower Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Intrapower Terrestrial Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
IP Group Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
IPN Services Xchange Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Jiva Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Kooee Comms Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Kooee Mobile Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Kooee Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Mercury Connect Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Mobile JV Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Mobileworld Communications Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Mobileworld Operating Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Netspace Online Systems Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Numillar IPS Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Orchid Human Resources Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PIPE International (Australia) Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PIPE Networks Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PIPE Transmission Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PowerTel Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Request Broadband Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Soul Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Soul Contracts Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Soul Pattinson Telecommunications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
SPT Telecommunications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
SPTCom Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Telecom Enterprises Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Telecom New Zealand Australia Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Corporation Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Energy Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Internet Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG JV Company Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Network Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG Telecom Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Broadcasting Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Capital Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Victoria Communications Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TransACT Victoria Holdings Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Transflicks Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Trusted Cloud Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Trusted Cloud Solutions Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Value Added Network Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Virtual Desktop Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Foundation Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Hutchison Finance Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Hutchison Receivables Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Hutchison Spectrum Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Network Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Vodafone Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
VtalkVoip Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Westnet Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
PPC 1 Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
COOP Mobil s.r.o.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	33.33%
Wataneya Telecommunications S.A.E
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
MNP Deutschland Gesellschaft Burgerlichen Rechts
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	33.33%
Verwaltung "Urbana Teleunion" Rostock GmbH
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	38.38%
Safenet N.P,A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	24.97%
Tilegnous IKE
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	33.29%
Victus Networks S.A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	49.94%
Vodafone Foundation
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	43.72%
Vodafone Idea Technology Solutions Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	44.39%
Vodafone Idea Communications Systems Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	44.39%
Vodafone Idea Shared Services Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	44.39%
Vodafone m-pesa Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	44.39%
You Broadband India Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	44.39%
Indus Towers Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	28.12%
FireFly Networks Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	21.79%
Aditya Birla Idea Payments Bank Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	21.75%
Connect (India) Mobile Technologies Private Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	44.39%
Vodafone Idea Manpower Services Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	43.86%
Vodafone Idea Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	44.39%
Vodafone Idea Business Services Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	44.39%
Vodafone Idea Telecom Infrastructure Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	44.39%
Siro Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Infrastrutture Wireless Italiane S.p.A
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	26.89%
Safaricom PLC
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	26.13%
M-PESA Africa Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	43.31%
Tomorrow Street SCA
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Zoranet Connectivity Services B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Libertel B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Amsterdamse Beheer- en Consultingmaatschappij B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Esprit Telecom B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
FinCo Partner 1 B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LGE HoldCo V B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LGE HoldCo VI B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LGE Holdco VII B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LGE HoldCo VIII B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Financial Services B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Nederland Holding I B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Nederland Holding II B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VodafoneZiggo Employment B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Vodafone Ziggo Group B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VodafoneZiggo Group Holding B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VZ Financing I B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VZ Financing II B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VZ FinCo B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
VZ PropCo B V
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
XB Facilities B V
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Deelnemingen B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Finance 2 B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Netwerk II B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Real Estate B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Services B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Services Employment B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Services Netwerk 2 B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Zakelijk Services B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
ZUM B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Liberty Global Content Netherlands B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Zesko B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Bond Company B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Ziggo Netwerk B.V.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
iiNet (New Zealand) AKL Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
TPG (NZ) Pty Ltd
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Orchid Cybertech Services Inc
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Dualgrid Gesto de Redes Partilhadas, S.A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Sport TV Portugal, S.A.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.00%
Netgrid Telecom SRL
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Autoconnex Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	35.00%
Waterberg Lodge (Proprietary) Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	30.25%
K2019102008 (South Africa) (Proprietary) Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	43.31%
Vodacom Trust Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	45.37%
Digital Mobile Spectrum Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.00%
Cable and Wireless Trade Mark Management Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Cornerstone Telecommunications Infrastructure Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	40.53%
Vodafone Hutchison Australia Pty Limited
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
LG Financing Partnership
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
PPC 1 (US) Inc.
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	25.05%
Ziggo Financing Partnership
Associated undertakings and joint arrangements
% held by Group companies (as a percent)	50.00%
Safaricom Limited
Associated undertakings and joint arrangements
Fair value of investment in associate	Ksh 1,450,000	€ 11,282
Vodacom Group Limited
Associated undertakings and joint arrangements
Proportion of ownership interest in subsidiary	60.50%

Related undertakings - Subsid_2

Related undertakings - Subsidiaries that have non-controlling interests (Details) - EUR (€) € in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 18, 2021	Mar. 31, 2018
Summary comprehensive income information
Revenue	€ 43,809	€ 44,974	€ 43,666
Profit/(loss) for the financial year	536	(455)	(7,644)
Other comprehensive (expense)/income	(4,182)	2,574	1,756
Total comprehensive (expense)/income for the financial year	(3,646)	2,119	(5,888)
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests	424	465	376
Summary financial position information
Current assets	27,013	33,246
Total assets	155,063	168,168
Non-current liabilities	(68,536)	(72,158)
Current liabilities	(28,711)	(33,385)
Equity shareholders' funds	55,804	61,410
Non-controlling interests	2,012	1,215
Total equity	57,816	62,625	63,445		€ 70,943
Statement of cash flows
Net cash flow from operating activities	17,215	17,379	12,980
Net cash flow from investing activities	(9,262)	(8,088)	(9,217)
Net cashflow from financing activities	(15,196)	(9,352)	4,437
Net cash (outflow)/inflow	(7,243)	(61)	8,200
Cash and cash equivalents at beginning of period	13,557
Exchange (loss)/gain on cash and cash equivalents	(255)	(256)	11
Cash and cash equivalents at end of period	5,821	13,557
Vodacom Group Limited
Summary comprehensive income information
Revenue	5,181	5,531
Profit/(loss) for the financial year	891	980
Other comprehensive (expense)/income	(17)	9
Total comprehensive (expense)/income for the financial year	874	989
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests	310	353
Dividends paid to non-controlling interests	307	322
Summary financial position information
Non-current assets	6,592	6,155
Current assets	2,671	2,444
Total assets	9,263	8,599
Non-current liabilities	(2,617)	(2,807)
Current liabilities	(2,406)	(1,866)
Total assets less total liabilities	4,240	3,926
Equity shareholders' funds	3,332	3,056
Non-controlling interests	908	870
Total equity	4,240	3,926
Statement of cash flows
Net cash flow from operating activities	1,711	1,992
Net cash flow from investing activities	(424)	(555)
Net cashflow from financing activities	(1,251)	(1,214)
Net cash (outflow)/inflow	36	223
Cash and cash equivalents at beginning of period	826	684
Exchange (loss)/gain on cash and cash equivalents	14	(81)
Cash and cash equivalents at end of period	876	826	684
Vodafone Egypt
Summary comprehensive income information
Revenue	1,537	1,454
Profit/(loss) for the financial year	271	287
Total comprehensive (expense)/income for the financial year	271	287
Other financial information
Profit/(loss) for the financial year allocated to non-controlling interests	122	129
Dividends paid to non-controlling interests	84	26
Summary financial position information
Non-current assets	1,765	1,417
Current assets	640	602
Total assets	2,405	2,019
Non-current liabilities	(198)	(122)
Current liabilities	(1,217)	(929)
Total assets less total liabilities	990	968
Equity shareholders' funds	587	577
Non-controlling interests	403	391
Total equity	990	968
Statement of cash flows
Net cash flow from operating activities	523	477
Net cash flow from investing activities	(418)	(239)
Net cashflow from financing activities	(7)	(192)
Net cash (outflow)/inflow	98	46
Cash and cash equivalents at beginning of period	273	226
Exchange (loss)/gain on cash and cash equivalents	(23)	1
Cash and cash equivalents at end of period	€ 348	€ 273	€ 226
Vantage Towers A G
Summary financial position information
Non-current assets				€ 10,899
Current assets				490
Non-current liabilities				(4,976)
Current liabilities				(958)
Non-controlling interests				€ 1,019

Subsequent events - Repurchase

Subsequent events - Repurchase of Floating Rate Notes by Verizon (Details) € in Millions, $ in Millions	Jun. 04, 2021USD ($)	May 19, 2021EUR (€)shares
Subsequent events
Amount allocated for purchases | €		€ 340
Amount of net proceeds from issued debt securities | $	$ 2.4
Maximum
Subsequent events
Ordinary shares | shares		268,237,246