Vodafone Group Public Limited (VOD) 6-K 23 Nov 21 2022 Q2 Form - 6K Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Sep. 30, 2021
Cover [Abstract]
Document Type	6-K
Document Period End Date	Sep. 30, 2021
Entity Registrant Name	VODAFONE GROUP PUBLIC LTD CO
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000839923
Amendment Flag	false

Consolidated income statement

Consolidated income statement - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Consolidated income statement
Revenue	€ 22,489	€ 21,427	[1]
Cost of sales	(15,097)	(14,754)	[1]
Gross profit	7,392	6,673	[1]
Selling and distribution expenses	(1,675)	(1,676)	[1]
Administrative expenses	(2,870)	(2,580)	[1]
Net credit losses on financial assets	(230)	(378)	[1]
Share of results of equity accounted associates and joint ventures	111	260	[1]
Other (expense)/income	(108)	1,055	[1]
Operating profit	2,620	3,354	[1]
Investment income	129	183	[1]
Financing costs	(1,473)	(1,610)	[1]
Profit before taxation	1,276	1,927	[1]
Income tax credit/(expense)	1	(459)	[1]
Profit for the financial period	1,277	1,468	[1]
Attributable to:
- Owners of the parent	996	1,269	[1]
- Non-controlling interests	281	199	[1]
Profit for the financial period	€ 1,277	€ 1,468	[1]
Profit per share
- Basic	€ 0.0340	€ 0.0430
- Diluted	€ 0.0339	€ 0.0429
[1]	In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was classified as held for sale. In December 2020, the Group announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: gross profit has declined by €97 million, operating profit has declined by €118 million, profit before taxation has declined by €118 million, profit for the financial period has declined by €87 million, total comprehensive expense for the financial period has increased by €85 million and basic profit per share and diluted profit per share has declined by 0.15 eurocents .

Consolidated statement of compr

Consolidated statement of comprehensive income/expense - EUR (€) € in Millions		6 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Consolidated statement of comprehensive income/expense
Profit for the financial period		€ 1,277	€ 1,468	[1]
Items that may be reclassified to the income statement in subsequent periods:
Foreign exchange translation differences, net of tax		(117)	(768)	[1]
Foreign exchange translation differences transferred to the income statement	[1]		(77)
Other, net of tax	[2]	1,286	(2,058)	[1]
Total items that may be reclassified to the income statement in subsequent periods		1,169	(2,903)	[1]
Items that will not be reclassified to the income statement in subsequent periods:
Net actuarial gains/(losses) on defined benefit pension schemes, net of tax		200	(383)	[1]
Total items that will not be reclassified to the income statement in subsequent periods		200	(383)	[1]
Other comprehensive income/(expense)		1,369	(3,286)	[1]
Total comprehensive income/(expense) for the financial period		2,646	(1,818)	[1],[3]
Attributable to:
- Owners of the parent		2,354	(1,950)	[1]
- Non-controlling interests		292	132	[1]
Total comprehensive income/(expense) for the financial period		€ 2,646	€ (1,818)	[1],[3]
[1]	In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was classified as held for sale. In December 2020, the Group announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: gross profit has declined by €97 million, operating profit has declined by €118 million, profit before taxation has declined by €118 million, profit for the financial period has declined by €87 million, total comprehensive expense for the financial period has increased by €85 million and basic profit per share and diluted profit per share has declined by 0.15 eurocents .
[2]	Principally includes the impact of the Group’s cash flow hedges deferred to other comprehensive income during the period.
[3]	In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was classified as held for sale. In December 2020, the Group announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: Total comprehensive expense for the financial period has increased by €85 million.

Consolidated statement of com_2

Consolidated statement of comprehensive income/expense (Parenthetical) € in Millions	6 Months Ended
	Sep. 30, 2020EUR (€)€ / shares
Consolidated statement of comprehensive income
Gross profit	€ 6,673	[1]
Operating profit	3,354	[1]
Profit before taxation	1,927	[1]
Profit (loss)	1,468	[1]
Total comprehensive expense	€ (1,818)	[1],[2]
Basic profit per share | € / shares	€ 0.0430
Diluted profit per share | € / shares	€ 0.0429
Vodafone Egypt | Assets and liabilities classified as held for sale
Consolidated statement of comprehensive income
Proportion of ownership interest in subsidiary	55.00%
Changes due to revision
Consolidated statement of comprehensive income
Gross profit	€ (97)
Operating profit	(118)
Profit before taxation	(118)
Profit (loss)	(87)
Total comprehensive expense	€ (85)
Basic profit per share | € / shares	€ (0.0015)
Diluted profit per share | € / shares	€ (0.0015)
[1]	In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was classified as held for sale. In December 2020, the Group announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: gross profit has declined by €97 million, operating profit has declined by €118 million, profit before taxation has declined by €118 million, profit for the financial period has declined by €87 million, total comprehensive expense for the financial period has increased by €85 million and basic profit per share and diluted profit per share has declined by 0.15 eurocents .
[2]	In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was classified as held for sale. In December 2020, the Group announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: Total comprehensive expense for the financial period has increased by €85 million.

Consolidated statement of finan

Consolidated statement of financial position - EUR (€) € in Millions	Sep. 30, 2021	Mar. 31, 2021
Non-current assets
Goodwill	€ 31,729	€ 31,731
Other intangible assets	21,697	21,818
Property, plant and equipment	40,116	41,243
Investments in associates and joint ventures	4,397	4,670
Other investments	1,043	925
Deferred tax assets	21,800	21,569
Post employment benefits	208	60
Trade and other receivables	5,690	4,777
Total non-current assets	126,680	126,793
Current assets
Inventory	714	676
Taxation recoverable	515	434
Trade and other receivables	11,330	10,923
Other investments	7,778	9,159
Cash and cash equivalents	5,824	5,821
Total current assets	26,161	27,013
Assets held for sale	1,256	1,257
Total assets	154,097	155,063
Equity
Called up share capital	4,797	4,797
Additional paid-in capital	150,886	150,812
Treasury shares	(7,130)	(6,172)
Accumulated losses	(121,973)	(121,587)
Accumulated other comprehensive income	29,312	27,954
Total attributable to owners of the parent	55,892	55,804
Non-controlling interests	2,155	2,012
Total equity	58,047	57,816
Non-current liabilities
Borrowings	58,109	59,272
Deferred tax liabilities	1,985	2,095
Post employment benefits	329	513
Provisions	1,810	1,747
Trade and other payables	3,674	4,909
Total non-current liabilities	65,907	68,536
Current liabilities
Borrowings	11,412	8,488
Financial liabilities under put option arrangements	502	492
Taxation liabilities	1,079	769
Provisions	867	892
Trade and other payables	16,283	18,070
Total current liabilities	30,143	28,711
Total equity and liabilities	€ 154,097	€ 155,063

Consolidated statement of chang

Consolidated statement of changes in equity - EUR (€) € in Millions		Equity attributable to the owners	Share capital	Additional paid-in capital.	[1]	Treasury shares.	Accumulated comprehensive losses	[2]	Non-controlling interests.	Total
Beginning balance at Mar. 31, 2020		€ 61,410	€ 4,797	€ 152,629		€ (7,802)	€ (88,214)		€ 1,215	€ 62,625
Issue or reissue of shares		3		1		82	(80)			3
Share-based payments		64		64					4	68
Transactions with non-controlling interests ('NCI') in subsidiaries		(11)					(11)		(5)	(16)
Comprehensive (expense)/income	[3]	(1,950)					(1,950)		132	(1,818)	[4]
Dividends		(1,205)					(1,205)		(162)	(1,367)
Ending balance at Sep. 30, 2020		58,311	4,797	152,694		(7,720)	(91,460)		1,184	59,495
Beginning balance at Mar. 31, 2021		55,804	4,797	150,812		(6,172)	(93,633)		2,012	57,816
Issue or reissue of shares		1		1		90	(90)			1
Share-based payments		73		73					6	79
Transactions with non-controlling interests ('NCI') in subsidiaries		(38)					(38)		236	198
Comprehensive (expense)/income		2,354					2,354		292	2,646
Dividends		(1,254)					(1,254)		(391)	(1,645)
Purchase of treasury shares		(1,048)				(1,048)				(1,048)
Ending balance at Sep. 30, 2021		€ 55,892	€ 4,797	€ 150,886		€ (7,130)	€ (92,661)		€ 2,155	€ 58,047
[1]	Includes share premium, capital reserve, capital redemption reserve, merger reserve and share-based payment reserve. The merger reserve was derived from acquisitions made prior to 31 March 2004 and subsequently allocated to additional paid-in capital on adoption of IFRS.
[2]	Includes accumulated losses and accumulated other comprehensive income.
[3]	In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was classified as held for sale. In December 2020, the Group announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: Total comprehensive expense for the financial period has increased by €85 million.
[4]	In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was classified as held for sale. In December 2020, the Group announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: gross profit has declined by €97 million, operating profit has declined by €118 million, profit before taxation has declined by €118 million, profit for the financial period has declined by €87 million, total comprehensive expense for the financial period has increased by €85 million and basic profit per share and diluted profit per share has declined by 0.15 eurocents .

Consolidated statement of cha_2

Consolidated statement of changes in equity (Parenthetical) € in Millions	6 Months Ended
	Sep. 30, 2020EUR (€)
Total comprehensive expense	€ (1,818)	[1],[2]
Vodafone Egypt | Assets and liabilities classified as held for sale
Proportion of ownership interest in subsidiary	55.00%
Changes due to revision
Total comprehensive expense	€ (85)
[1]	In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was classified as held for sale. In December 2020, the Group announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: Total comprehensive expense for the financial period has increased by €85 million.
[2]	In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was classified as held for sale. In December 2020, the Group announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: gross profit has declined by €97 million, operating profit has declined by €118 million, profit before taxation has declined by €118 million, profit for the financial period has declined by €87 million, total comprehensive expense for the financial period has increased by €85 million and basic profit per share and diluted profit per share has declined by 0.15 eurocents .

Consolidated statement of cash

Consolidated statement of cash flows - EUR (€) € in Millions		6 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Consolidated statement of cash flows
Inflow from operating activities		€ 6,455	€ 6,009
Cash flows from investing activities
Purchase of interests in subsidiaries, net of cash acquired		(1)	(136)
Purchase of interests in associates and joint ventures		(47)
Purchase of intangible assets		(1,593)	(1,092)
Purchase of property, plant and equipment		(3,118)	(2,771)
Purchase of investments		(580)	(3,153)
Disposal of interests in subsidiaries, net of cash disposed			174
Disposal of interests in associates and joint ventures			420
Disposal of property, plant and equipment and intangible assets		8	6
Disposal of investments		1,930	1,031
Dividends received from associates and joint ventures		469	355
Interest received		121	153
Outflow from investing activities		(2,811)	(5,013)
Cash flows from financing activities
Proceeds from issue of long term borrowings	[1]	2,282	2,125
Repayment of borrowings	[1]	(3,771)	(4,330)
Net movement in short term borrowings	[1]	1,173	(3,238)
Net movement in derivatives	[1],[2]	(110)	521
Interest paid	[1],[3]	(809)	(774)
Purchase of treasury shares	[1]	(1,101)
Issue of ordinary share capital and reissue of treasury shares	[1]	1	3
Equity dividends paid	[1]	(1,259)	(1,209)
Dividends paid to non-controlling shareholders in subsidiaries	[1]	(399)	(166)
Other transactions with non-controlling shareholders in subsidiaries	[1]	198	(20)
Other movements with associates and joint ventures	[1]		38
Outflow from financing activities	[1]	(3,795)	(7,050)
Net cash outflow		(151)	(6,054)
Cash and cash equivalents at beginning of the financial period3	[4]	5,790	13,288
Exchange gain/(loss) on cash and cash equivalents		11	(365)
Cash and cash equivalents at end of the financial period	[4]	€ 5,650	€ 6,869
[1]	See page 23 for commentary on bond issuances, loan repayments and share buybacks in the period.
[2]	Amounts for the six months ended 30 September 2020 were previously presented within net movement in short-term borrowings.
[3]	Interest paid includes €39 million of cash inflow (H1 FY21: € nil ) on derivative financial instruments for the share buyback related to maturing tranches of mandatory convertible bonds
[4]	Comprises cash and cash equivalents as presented in the consolidated statement of financial position of €5,824 million (H1 FY21: €6,612 million), after adjustment to include overdrafts of €174 million (H1 FY21: €17 million) and, for H1 FY21, €274 million of cash and cash equivalents previously presented in assets held for sale relating to the Group’s 55% interest in Vodafone Egypt .

Consolidated statement of cas_2

Consolidated statement of cash flows (Parenthetical) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Condensed Cash Flow Statements, Captions [Line Items]
Cash inflow on derivative financial instruments	€ 39	€ 0
Cash and cash equivalents	5,824	6,612
Cash and cash equivalents presented in assets held for sale		274
Bank overdrafts	€ 174	€ 17
Assets and liabilities classified as held for sale | Vodafone Egypt
Condensed Cash Flow Statements, Captions [Line Items]
Proportion of ownership interest in subsidiary		55.00%

Basis of preparation

Basis of preparation	6 Months Ended
	Sep. 30, 2021
Basis of preparation
Basis of preparation	1 Basis of preparation The unaudited condensed consolidated financial statements for the six months ended 30 September 2021: ● are prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (‘IAS 34’) as issued by the International Accounting Standards Board (‘IASB’) and as adopted by the United Kingdom; ● are presented on a condensed basis as permitted by IAS 34 and therefore do not include all disclosures that would otherwise be required in a full set of financial statements and should be read in conjunction with the Group’s annual report for the year ended 31 March 2021; ● apply the same accounting policies, presentation and methods of calculation as those followed in the preparation of the Group’s consolidated financial statements for the year ended 31 March 2021, which were prepared in accordance with International Accounting Standards in conformity with the requirements of the UK Companies Act 2006, 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 IASB. Income taxes are accrued using the tax rate that is expected to be applicable for the full financial year, adjusted for certain discrete items which occurred in the interim period in accordance with IAS 34; ● include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the periods presented; ● do not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006; and ● were approved by the Board of directors on 16 November 2021. The information relating to the year ended 31 March 2021 is extracted from the Group’s published annual report for that year, which has been delivered to the Registrar of Companies, and on which the auditors’ report was unqualified and did not contain any emphasis of matter or statements under section 498(2) or 498(3) of the UK Companies Act 2006. The preparation of the unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period, and the reported amounts of revenue and expenses during the period. Actual results could vary from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Going concern As outlined on page 3, trading during the period demonstrated a robust operating model for the Group. The Group has a strong liquidity position with €5.7 billion of cash and cash equivalents available at 30 September 2021 which, together with undrawn revolving credit facilities of €7.4 billion, cover all of the Group’s reasonably expected cash requirements over the going concern period. The Directors have reviewed trading and liquidity forecasts for the Group, which were based on current trading conditions, and considered a variety of scenarios including not being able to access the capital markets during the assessment period. In addition to the liquidity forecasts prepared, the Directors considered the availability of the Group’s revolving credit facilities which were undrawn as at 30 September 2021. As a result of the assessment performed, the Directors have concluded that the Group is able to continue in operation for the period up to and including March 2023 and that it is appropriate to continue to adopt the going concern basis in preparing the unaudited condensed consolidated financial statements. Critical accounting judgements and estimates The Group’s critical accounting judgements and estimates were disclosed in the Group’s annual report for the year ended 31 March 2021; in addition, accounting judgements exercised by management as at 30 September 2021 relating to identifying indicators of impairment are disclosed below. The ongoing impact of COVID-19 has been factored into our latest forecasts, including those considered as part of management’s review of potential indicators of impairment; judgements relating to this review are discussed below. 1 Basis of preparation (continued) Judgements relating to potential indicators of impairment The Group performs its annual impairment test for goodwill and indefinite lived intangible assets at 31 March and when there is an indicator of impairment of an asset. At each reporting period date judgement is exercised by management in determining whether any internal or external sources of information observed are indicative that the carrying amount of any of the Group’s cash generating units (‘CGUs’) is not recoverable. As part of this assessment, management reviews the key assumptions underlying the valuation process performed during the annual impairment test at 31 March 2021, as well as other market factors. Indicators assessed include the year to date performance of the Group’s CGUs against their latest forecast, as well as considering any valuation implications from observable movements in share prices, market multiples, risk free rates and long-term growth rate estimates. Based on management’s assessment, no indications of impairment were identified for the Group’s CGUs during the period to 30 September 2021 that would indicate the carrying amount of any of the Group’s CGUs is not recoverable. New accounting pronouncements adopted On 1 April 2021, the Group adopted certain new accounting policies where necessary to comply with amendments to IFRS, none of which had a material impact on the consolidated results, financial position or cash flows of the Group. Further details are provided in the Group’s annual report for the year ended 31 March 2021.

Segmental analysis

Segmental analysis	6 Months Ended
	Sep. 30, 2021
Segmental analysis
Segmental analysis	2 Segmental analysis Updated segmental reporting structure Following the IPO of Vantage Towers A.G. (‘Vantage Towers’) in March 2021, Vodafone has updated its segmental reporting structure to reflect the way in which the Group now manages its operations. Vantage Towers is now reported as a new segment within the Vodafone Group’s financial results. This change in reporting structure has taken effect for the year ending 31 March 2022 onwards and has no impact on service revenue. Total revenue is unaffected as charges from Vantage Towers to operating companies are eliminated on consolidation. There has been no change to the segmental presentation of amounts derived from the income statement for comparative periods, which will remain as previously disclosed. Segmental information for the half year to 30 September 2021 is also presented on the previous basis of segmental reporting. Operating segments 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, and Vantage Towers which comprises companies providing mobile tower infrastructure in a number of European markets, segment information is primarily provided on the basis of geographic areas, being the basis on which the Group manages the rest of its worldwide interests. The operating segments for Germany, Italy, UK, Spain, Vodacom and Vantage Towers are individually material for the Group and are each reporting segments for which certain financial information is provided. The aggregation of other 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 (comprising Albania, Czech Republic, Greece, Hungary, Ireland, Portugal and Romania), this largely reflects membership or a close association with the European Union, while the Other Markets segment (comprising Egypt, Ghana and Turkey) 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. Revenue disaggregation Revenue reported for the period 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 tables overleaf disaggregate the Group’s revenue by reporting segment. ​ 2 Segmental analysis (continued) The table below presents the results for the six months ended 30 September 2021 in line with our updated segmental reporting structure. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2021 Germany 5,777 ​ 475 ​ 6,252 ​ 183 ​ 12 ​ 6,447 2,892 Italy 2,187 ​ 265 ​ 2,452 ​ 49 ​ 6 ​ 2,507 917 UK 2,521 ​ 593 ​ 3,114 ​ 30 ​ 17 ​ 3,161 638 Spain 1,866 ​ 178 ​ 2,044 ​ 33 ​ 13 ​ 2,090 445 Other Europe 2,502 ​ 248 ​ 2,750 ​ 52 ​ 8 ​ 2,810 836 Vodacom 2,271 ​ 455 ​ 2,726 ​ 190 ​ 12 ​ 2,928 ​ 1,062 Other Markets 1,752 ​ 201 ​ 1,953 ​ 5 ​ — ​ 1,958 ​ 683 Vantage Towers ​ — ​ — ​ — ​ 611 ​ — ​ 611 ​ 305 Common Functions 2 ​ 252 ​ 31 ​ 283 ​ 424 ​ — ​ 707 ​ (213) Eliminations (118) ​ — ​ (118) ​ (611) ​ (1) ​ (730) ​ — Group ​ 19,010 ​ 2,446 ​ 21,456 ​ 966 ​ 67 ​ 22,489 ​ 7,565 ​ The tables below present the results for the six months ended 30 September 2021 and 30 September 2020 under the previous basis of segmental reporting. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2021 Germany 5,777 475 6,252 211 12 6,475 3,045 Italy 2,187 265 2,452 49 6 2,507 917 UK 2,521 593 3,114 30 17 3,161 667 Spain 1,866 178 2,044 46 13 2,103 483 Other Europe 2,502 248 2,750 92 8 2,850 921 Vodacom 2,271 455 2,726 190 12 2,928 1,062 Other Markets 1,752 201 1,953 5 — 1,958 683 Common Functions 2 ​ 252 ​ 31 ​ 283 ​ 424 ​ — ​ 707 ​ (213) Eliminations (118) — (118) (81) (1) (200) — Group ​ 19,010 ​ 2,446 ​ 21,456 ​ 966 ​ 67 ​ 22,489 ​ 7,565 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2020 Germany 5,723 466 6,189 176 6 6,371 2,844 Italy 2,249 216 2,465 36 5 2,506 800 UK 2,401 509 2,910 49 24 2,983 636 Spain 1,880 132 2,012 30 8 2,050 488 Other Europe 2,411 252 2,663 48 9 2,720 870 Vodacom 1,949 335 2,284 132 7 2,423 891 Other Markets 3 1,679 212 1,891 7 — 1,898 601 Common Functions 2 ​ 219 ​ 13 ​ 232 ​ 424 ​ — ​ 656 ​ (119) Eliminations ​ (93) ​ — ​ (93) ​ (87) ​ — ​ (180) ​ — Group 3 ​ 18,418 ​ 2,135 ​ 20,553 ​ 815 ​ 59 ​ 21,427 ​ 7,011 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 “Leases”. 2. Comprises central teams and business functions. 3. In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was held for sale. In December 2020, we announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in Adjusted EBITDAaL declining by €12 million compared to the previously published results for the six months ended 30 September 2020. ​ 2 Segmental analysis (continued) A reconciliation of Adjusted EBITDAaL, the Group’s measure of segment profit, to the Group’s profit before taxation for the financial period is shown below. ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2021 ​ 2020 1 ​ €m €m Adjusted EBITDAaL 7,565 7,011 Restructuring costs (172) (86) Interest on lease liabilities 199 189 Loss on disposal of property, plant & equipment and intangible assets ​ (26) ​ (13) Depreciation and amortisation on owned assets ​ (4,949) ​ (5,062) Share of results of equity accounted associates and joint ventures ​ 111 ​ 260 Other (expense)/income 2 ​ (108) ​ 1,055 Operating profit 2,620 3,354 Investment income 129 183 Financing costs (1,473) (1,610) Profit before taxation ​ 1,276 ​ 1,927 Notes: 1. In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was held for sale. In December 2020, we announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: Adjusted EBITDAaL has declined by €12 million, Operating profit has declined by €118 million and Profit before taxation has declined by €118 million . 2. For the six months ended 30 September 2020, the Group recorded a gain of €1,043 million in relation to the merger of Vodafone Hutchison Australia Pty Limited and TPG Telecom Limited which is reported in Other (expense)/income. ​ The Group’s non-current assets are disaggregated as follows: ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2021 ​ 2021 1 ​ ​ €m ​ €m Non-current assets 2 Germany 43,052 43,755 Italy 10,593 10,707 UK 6,306 6,529 Spain 6,601 6,609 Other Europe 8,253 8,361 Vodacom 5,872 5,839 Other Markets 2,997 2,988 Vantage Towers ​ 7,824 ​ 7,859 Common Functions 3 2,044 2,145 Group 93,542 94,792 Notes: 1. Non-current assets at 31 March 2021 have been re-presented to reflect the updated segmental reporting structure. 2. Comprises goodwill, other intangible assets and property, plant & equipment . 3. Comprises central teams and business functions.

Taxation

Taxation	6 Months Ended
	Sep. 30, 2021
Taxation
Taxation	3 Taxation ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2021 ​ 2020 1 ​ €m €m United Kingdom corporation tax (expense)/income 2 ​ ​ ​ ​ Current period ​ (6) (17) Adjustments in respect of prior periods ​ 15 4 Overseas current tax (expense)/income ​ ​ ​ ​ Current period ​ (730) ​ (470) Adjustments in respect of prior periods ​ (26) 93 Total current tax expense (747) (390) ​ ​ ​ ​ ​ Deferred tax on origination and reversal of temporary differences ​ ​ ​ ​ United Kingdom deferred tax 544 83 Overseas deferred tax 204 (152) Total deferred tax credit/(expense) 748 (69) Total income tax credit/(expense) 1 (459) Notes: 1. In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was held for sale. In December 2020, we announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed, resulting in the following changes to the previously published results for the six months ended 30 September 2020: Total deferred tax expense declined by €31 million . 2. 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. ​ The six months ended 30 September 2021 includes deferred tax on the use of Luxembourg losses of €155 million (2020: €188 million). The Group expects to use its losses in Luxembourg over a period of between 59 and 62 years and the losses in Germany over a period of between 8 and 16 years. The actual use of these losses and the period over which they may be used is dependent on many factors which may change. These factors include the level of profitability in both Luxembourg and Germany, changes in tax law and changes to the structure of the Group. Further details about the Group’s tax losses can be found in note 6 of the Group’s consolidated financial statements for the year ended 31 March 2021.

Assets held for sale

Assets held for sale	6 Months Ended
	Sep. 30, 2021
Assets held for sale
Assets held for sale	4 Assets held for sale Assets held for sale at 30 September 2021 and 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 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 11 “Contingent liabilities and legal proceedings”. The relevant assets are detailed in the table below. ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2021 ​ 2021 ​ ​ €m ​ €m Non-current assets ​ ​ ​ Investments in associates and joint ventures ​ 1,256 1,257 Total assets held for sale ​ 1,256 ​ 1,257 ​

Earnings per share

Earnings per share	6 Months Ended
	Sep. 30, 2020
Earnings per share
Earnings per share	5 Earnings per share ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2021 ​ 2020 ​ Millions Millions Weighted average number of shares for basic earnings per share ​ 29,331 ​ 29,535 Effect of dilutive potential shares: restricted shares and share options 84 75 Weighted average number of shares for diluted earnings per share 29,415 29,610 ​ ​ ​ ​ ​ ​ Earnings per share attributable to owners of the parent during the period ​ ​ ​ ​ Six months ended 30 September ​ ​ 2021 ​ 2020 1 ​ €m €m Profit for basic and diluted earnings per share 996 1,269 ​ ​ ​ ​ ​ ​ eurocents eurocents Basic profit per share 3.40 ​ 4.30 Diluted profit per share 3.39 ​ 4.29 Note: 1. In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was held for sale. In December 2020, we announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: Profit for basic and diluted earnings per share has declined by €45 million, Basic profit per share and diluted profit per share have declined by 0.15 eurocents .

Equity dividends

Equity dividends	6 Months Ended
	Sep. 30, 2021
Equity dividends
Equity dividends	6 Equity dividends ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ 2021 ​ 2020 ​ €m €m Declared during the financial period: ​ ​ ​ ​ Final dividend for the year ended 31 March 2021: 4.50 eurocents per share (2020: 4.50 eurocents per share) 1,254 1,205 Proposed after the end of the reporting period and not recognised as a liability: ​ ​ ​ ​ Interim dividend for the year ending 31 March 2022: 4.50 eurocents per share (2021: 4.50 eurocents per share) 1,229 1,207 ​

Investments in associates and j

Investments in associates and joint ventures	6 Months Ended
	Sep. 30, 2021
Investments in associates and joint ventures.
Investments in associates and joint ventures	7 Investment in associates and joint ventures ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2021 ​ 2021 ​ ​ €m ​ €m VodafoneZiggo Group Holding B.V. ​ 974 ​ 1,190 INWIT S.p.A. ​ 2,837 ​ 2,920 TPG Telecom Limited ​ 90 ​ 104 Other ​ 75 ​ 35 Investment in joint ventures 3,976 4,249 Investment in associates 421 421 ​ 4,397 4,670 ​

Reconciliation of net cash flow

Reconciliation of net cash flow from operating activities	6 Months Ended
	Sep. 30, 2021
Reconciliation of net cash flow from operating activities
Reconciliation of net cash flow from operating activities	8 Reconciliation of net cash flow from operating activities ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2021 ​ 2020 1 ​ €m €m Profit for the financial period ​ 1,277 ​ 1,468 Investment income ​ (129) (183) Financing costs ​ 1,473 1,610 Income tax (credit)/expense ​ (1) 459 Operating profit ​ 2,620 3,354 Adjustments for: ​ ​ ​ Share-based payments and other non-cash charges ​ 98 86 Depreciation and amortisation ​ 6,952 6,987 Loss on disposal of property, plant and equipment and intangible assets ​ 26 14 Share of result of equity accounted associates and joint ventures ​ (111) (260) Other income expense/(income) ​ 108 (1,055) Increase in inventory ​ (41) (31) Increase in trade and other receivables ​ (1,254) (15) Decrease in trade and other payables ​ (1,366) ​ (2,538) Cash generated by operations ​ 7,032 6,542 Taxation ​ (577) (533) Net cash flow from operating activities ​ 6,455 6,009 Note: 1. In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was held for sale. In December 2020, we announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: Operating profit has declined by €118 million and Profit for the financial period has declined by €87 million .

Fair value of financial instrum

Fair value of financial instruments	6 Months Ended
	Sep. 30, 2021
Fair value of financial instruments
Fair value of financial instruments	9 Fair value of financial instruments The table below sets out the financial instruments held at fair value by the Group. ​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2021 ​ 2021 ​ ​ €m ​ €m Financial assets at fair value: ​ ​ ​ ​ Money market funds (included within Cash and cash equivalents) 1 ​ 4,307 ​ 3,116 Debt and equity securities (included within Other investments) 2 ​ 5,388 ​ 5,292 Derivative financial instruments (included within Trade and other receivables) 2 ​ 3,666 ​ 3,151 Trade receivables at fair value through Other comprehensive income (included within Trade and other receivables) 2 ​ 1,384 ​ 744 ​ ​ 14,745 ​ 12,303 Financial liabilities at fair value: ​ ​ ​ ​ Derivative financial instruments (included within Trade and other payables) 2 ​ 3,016 ​ 4,010 ​ ​ 3,016 ​ 4,010 Notes: 1. Items are measured at fair value and the valuation basis is Level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets. 2. Quoted debt and equity securities of €2,274 million (FY21: €2,210 million) are Level 1 classification which comprises items where fair value is determined by unadjusted quoted prices in active markets. All balances other than quoted securities are Level 2 classification which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. The fair value of the Group’s financial assets and financial liabilities held at amortised cost approximates to fair value with the exception of non-current bonds with a carrying value of €46,162 million (FY21: €44,634 million) and a fair value of €50,777 million (FY21: €48,630 million). Fair value is based on Level 1 of the fair value hierarchy using quoted market prices.

Related party transactions

Related party transactions	6 Months Ended
	Sep. 30, 2021
Related party transactions
Related party transactions	10 Related party transactions Transactions with joint ventures and associates Related party transactions with the Group’s joint ventures and associates primarily consists of fees for the use of products and services including network airtime and access charges, fees for the provision of network infrastructure and cash pooling ventures. No related party transactions have been entered into during the year which might reasonably affect any decisions made by the users of these unaudited condensed consolidated financial statements except as disclosed below. ​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2021 ​ 2020 ​ €m €m Sales of goods and services to associates 10 7 Purchase of goods and services from associates 4 3 Sales of goods and services to joint ventures 103 100 Purchase of goods and services from joint ventures 132 90 Interest income receivable from joint ventures 1 26 29 Interest expense payable to joint ventures 2 ​ 26 ​ 29 ​ ​ ​ ​ ​ ​ ​ ​ 30 September ​ 31 March ​ ​ 2021 ​ 2021 ​ €m €m Trade balances owed: ​ ​ ​ from associates 9 3 to associates 4 5 from joint ventures 99 88 to joint ventures 30 31 Other balances owed from associates ​ — ​ 56 Other balances owed from joint ventures 1 997 955 Other balances owed to joint ventures 2 1,484 1,575 Notes: 1. Amounts arise primarily through VodafoneZiggo, TPG Telecom Limited and INWIT S.p.A. Interest is charged in line with market rates. 2. Amounts are primarily in relation to leases of tower space from INWIT S.p.A. ​ In the six months ended 30 September 2021 the Group made contributions to defined benefit pension schemes of €12 million (2020: €99 million). Dividends of €1.1 million were paid to Board and Executive Committee members (2020: €1.0 million). Dividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows.

Contingent liabilities and lega

Contingent liabilities and legal proceedings	6 Months Ended
	Sep. 30, 2021
Contingent liabilities and legal proceedings
Contingent liabilities and legal proceedings	11 Contingent liabilities and legal proceedings Note 29 “Contingent liabilities and legal proceedings” to the consolidated financial statements of Vodafone Group Plc for the year ended 31 March 2021 sets forth the Group’s commitments, contingent liabilities and legal proceedings as of 31 March 2021. There have been no material changes to the Group’s commitments, contingent liabilities or legal proceedings during the period covered by this report, except as disclosed below. 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 (€743 million) following payments made under this mechanism from Vodafone to VIL, in the year ended 31 March 2021, totalling INR 19 billion (€235 million). On 15 September 2021, the Government of India announced a relief package and a series of reforms for the telecom sector including a four-year moratorium on spectrum and AGR payments designed to improve the liquidity and financial health of the telecom sector. VIL also requires additional liquidity support from its lenders and intends to raise additional equity capital. There are significant uncertainties in relation to VIL’s ability to make payments in relation to liabilities covered by the mechanism and no further cash payments are considered probable from the Group as at 30 September 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. 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 not 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. The prepayment has been fully utilised in the period; - A primary pledge over 190.7 million shares owned by Vodafone Group in Indus Towers having a value of INR 59 billion (€684 million); and - A secondary pledge over shares owned by Vodafone Group in Indus Towers (ranking behind Vodafone’s existing lenders for the remaining €1.3 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 (€494 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. ​ 11 Contingent liabilities and legal proceedings (continued) 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 the Singapore International Commercial Court (‘SICC’). 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 proceed with the arbitration commenced under the UK BIT only if the award already published under the Dutch BIT is set aside. The Delhi High Court also permitted the formation of the UK BIT tribunal. In August 2021 the Indian Parliament passed new tax legislation which affects the retrospective effect of the Finance Act 2012. The impact of this legislation on the Dutch and UK BIT proceedings, in particular whether the Indian Government will withdraw its challenge to the arbitration award in the Dutch BIT, is unknown as of the date of this report. The SICC granted a stay in the Dutch BIT proceedings and agreed not to set a date for the hearing until after 1 January 2022. 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. 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 30 September 2021. ​ 11 Contingent liabilities and legal proceedings (continued) 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, although the court did find that there had been limited infringement of the patent. Both IPCom and Vodafone appealed certain aspects of the judgement from the first trial at a hearing in January 2021 with the Court of Appeal finding in favour of both parties on different issues. The validity of the first patent was considered by the Board of Appeal of the European Patent Office at a hearing in July 2021. The patent was found to be invalid and was revoked. As a result Vodafone has no liability for patent infringement and the case is resolved. Spain and UK: TOT v Vodafone Group Plc, VGSL and Vodafone UK The Group has been defending cases brought against it in Spain and the UK by TOT Power Control and Top Optimized Technologies (jointly ‘TOT’) alleging breach of confidentiality and patent infringement. In November 2021 TOT agreed to drop all of its claims against the Group in Spain and the UK for payment, by Vodafone, of a non-material amount and therefore the cases have been settled. Further background relating to these claims is provided in the Group’s Annual Report for the financial year ended 31 March 2021.

Subsequent events

Subsequent events	6 Months Ended
	Sep. 30, 2021
Subsequent events.
Subsequent events	12 Subsequent events Vodafone Egypt On 10 November 2021, the Group announced that it had agreed to transfer its 55% shareholding in Vodafone Egypt to its subsidiary, Vodacom Group Limited (‘Vodacom’). The total consideration is €2,365 million of which approximately €1,892 million will be settled by the issue of 242 million new ordinary Vodacom shares to Vodafone at an issue price of ZAR 135.75 per share; the remaining €473 million will be settled in cash. As a result, Vodafone’s ownership in Vodacom will increase from 60.5% to 65.1% . Under the terms of the sale and purchase agreement, the cash element of the Purchase Consideration will be adjusted for any movement in the net debt and agreed working capital of Vodafone Egypt between signing and closing. Completion of the transaction is subject to a number of regulatory approvals, but is expected to close before 31 March 2022. ​ Share buyback programme On 17 November 2021, the Group announced that it had commenced a new irrevocable and non-discretionary share buyback programme. The programme will 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. Goldman Sachs will serve as the principal and will decide on the timing of share purchases. The programme, which commences on 18 November 2021 and will end no later than 8 March 2022, will repurchase no more than 433,662,325 ordinary shares and the maximum amount allocated for purchases is £540 million.

Basis of preparation (Policies)

Basis of preparation (Policies)	6 Months Ended
	Sep. 30, 2021
Basis of preparation
Going concern	Going concern As outlined on page 3, trading during the period demonstrated a robust operating model for the Group. The Group has a strong liquidity position with €5.7 billion of cash and cash equivalents available at 30 September 2021 which, together with undrawn revolving credit facilities of €7.4 billion, cover all of the Group’s reasonably expected cash requirements over the going concern period. The Directors have reviewed trading and liquidity forecasts for the Group, which were based on current trading conditions, and considered a variety of scenarios including not being able to access the capital markets during the assessment period. In addition to the liquidity forecasts prepared, the Directors considered the availability of the Group’s revolving credit facilities which were undrawn as at 30 September 2021. As a result of the assessment performed, the Directors have concluded that the Group is able to continue in operation for the period up to and including March 2023 and that it is appropriate to continue to adopt the going concern basis in preparing the unaudited condensed consolidated financial statements.
Critical accounting judgements and estimates	Critical accounting judgements and estimates The Group’s critical accounting judgements and estimates were disclosed in the Group’s annual report for the year ended 31 March 2021; in addition, accounting judgements exercised by management as at 30 September 2021 relating to identifying indicators of impairment are disclosed below. The ongoing impact of COVID-19 has been factored into our latest forecasts, including those considered as part of management’s review of potential indicators of impairment; judgements relating to this review are discussed below. 1 Basis of preparation (continued) Judgements relating to potential indicators of impairment The Group performs its annual impairment test for goodwill and indefinite lived intangible assets at 31 March and when there is an indicator of impairment of an asset. At each reporting period date judgement is exercised by management in determining whether any internal or external sources of information observed are indicative that the carrying amount of any of the Group’s cash generating units (‘CGUs’) is not recoverable. As part of this assessment, management reviews the key assumptions underlying the valuation process performed during the annual impairment test at 31 March 2021, as well as other market factors. Indicators assessed include the year to date performance of the Group’s CGUs against their latest forecast, as well as considering any valuation implications from observable movements in share prices, market multiples, risk free rates and long-term growth rate estimates. Based on management’s assessment, no indications of impairment were identified for the Group’s CGUs during the period to 30 September 2021 that would indicate the carrying amount of any of the Group’s CGUs is not recoverable.
New accounting pronouncements adopted	New accounting pronouncements adopted On 1 April 2021, the Group adopted certain new accounting policies where necessary to comply with amendments to IFRS, none of which had a material impact on the consolidated results, financial position or cash flows of the Group. Further details are provided in the Group’s annual report for the year ended 31 March 2021.

Segmental analysis (Tables)

Segmental analysis (Tables)	6 Months Ended
	Sep. 30, 2021
Segmental analysis
Schedule of group's revenue and profit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2021 Germany 5,777 ​ 475 ​ 6,252 ​ 183 ​ 12 ​ 6,447 2,892 Italy 2,187 ​ 265 ​ 2,452 ​ 49 ​ 6 ​ 2,507 917 UK 2,521 ​ 593 ​ 3,114 ​ 30 ​ 17 ​ 3,161 638 Spain 1,866 ​ 178 ​ 2,044 ​ 33 ​ 13 ​ 2,090 445 Other Europe 2,502 ​ 248 ​ 2,750 ​ 52 ​ 8 ​ 2,810 836 Vodacom 2,271 ​ 455 ​ 2,726 ​ 190 ​ 12 ​ 2,928 ​ 1,062 Other Markets 1,752 ​ 201 ​ 1,953 ​ 5 ​ — ​ 1,958 ​ 683 Vantage Towers ​ — ​ — ​ — ​ 611 ​ — ​ 611 ​ 305 Common Functions 2 ​ 252 ​ 31 ​ 283 ​ 424 ​ — ​ 707 ​ (213) Eliminations (118) ​ — ​ (118) ​ (611) ​ (1) ​ (730) ​ — Group ​ 19,010 ​ 2,446 ​ 21,456 ​ 966 ​ 67 ​ 22,489 ​ 7,565 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2021 Germany 5,777 475 6,252 211 12 6,475 3,045 Italy 2,187 265 2,452 49 6 2,507 917 UK 2,521 593 3,114 30 17 3,161 667 Spain 1,866 178 2,044 46 13 2,103 483 Other Europe 2,502 248 2,750 92 8 2,850 921 Vodacom 2,271 455 2,726 190 12 2,928 1,062 Other Markets 1,752 201 1,953 5 — 1,958 683 Common Functions 2 ​ 252 ​ 31 ​ 283 ​ 424 ​ — ​ 707 ​ (213) Eliminations (118) — (118) (81) (1) (200) — Group ​ 19,010 ​ 2,446 ​ 21,456 ​ 966 ​ 67 ​ 22,489 ​ 7,565 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ contracts ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Service Equipment with Other Interest segment Adjusted ​ ​ revenue ​ revenue ​ customers ​ revenue 1 ​ revenue ​ revenue ​ EBITDAaL ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m ​ €m Six months ended 30 September 2020 Germany 5,723 466 6,189 176 6 6,371 2,844 Italy 2,249 216 2,465 36 5 2,506 800 UK 2,401 509 2,910 49 24 2,983 636 Spain 1,880 132 2,012 30 8 2,050 488 Other Europe 2,411 252 2,663 48 9 2,720 870 Vodacom 1,949 335 2,284 132 7 2,423 891 Other Markets 3 1,679 212 1,891 7 — 1,898 601 Common Functions 2 ​ 219 ​ 13 ​ 232 ​ 424 ​ — ​ 656 ​ (119) Eliminations ​ (93) ​ — ​ (93) ​ (87) ​ — ​ (180) ​ — Group 3 ​ 18,418 ​ 2,135 ​ 20,553 ​ 815 ​ 59 ​ 21,427 ​ 7,011 Notes: 1. Other revenue includes lease revenue recognised under IFRS 16 “Leases”. 2. Comprises central teams and business functions. 3. In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was held for sale. In December 2020, we announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in Adjusted EBITDAaL declining by €12 million compared to the previously published results for the six months ended 30 September 2020. ​
Schedule of reconciliation of adjusted EBITDA to operating profit/(loss)	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2021 ​ 2020 1 ​ €m €m Adjusted EBITDAaL 7,565 7,011 Restructuring costs (172) (86) Interest on lease liabilities 199 189 Loss on disposal of property, plant & equipment and intangible assets ​ (26) ​ (13) Depreciation and amortisation on owned assets ​ (4,949) ​ (5,062) Share of results of equity accounted associates and joint ventures ​ 111 ​ 260 Other (expense)/income 2 ​ (108) ​ 1,055 Operating profit 2,620 3,354 Investment income 129 183 Financing costs (1,473) (1,610) Profit before taxation ​ 1,276 ​ 1,927 Notes: 1. In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was held for sale. In December 2020, we announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: Adjusted EBITDAaL has declined by €12 million, Operating profit has declined by €118 million and Profit before taxation has declined by €118 million . 2. For the six months ended 30 September 2020, the Group recorded a gain of €1,043 million in relation to the merger of Vodafone Hutchison Australia Pty Limited and TPG Telecom Limited which is reported in Other (expense)/income.
Schedule of groups non-current assets	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2021 ​ 2021 1 ​ ​ €m ​ €m Non-current assets 2 Germany 43,052 43,755 Italy 10,593 10,707 UK 6,306 6,529 Spain 6,601 6,609 Other Europe 8,253 8,361 Vodacom 5,872 5,839 Other Markets 2,997 2,988 Vantage Towers ​ 7,824 ​ 7,859 Common Functions 3 2,044 2,145 Group 93,542 94,792 Notes: 1. Non-current assets at 31 March 2021 have been re-presented to reflect the updated segmental reporting structure. 2. Comprises goodwill, other intangible assets and property, plant & equipment . 3. Comprises central teams and business functions.

Taxation (Tables)

Taxation (Tables)	6 Months Ended
	Sep. 30, 2021
Taxation
Schedule of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2021 ​ 2020 1 ​ €m €m United Kingdom corporation tax (expense)/income 2 ​ ​ ​ ​ Current period ​ (6) (17) Adjustments in respect of prior periods ​ 15 4 Overseas current tax (expense)/income ​ ​ ​ ​ Current period ​ (730) ​ (470) Adjustments in respect of prior periods ​ (26) 93 Total current tax expense (747) (390) ​ ​ ​ ​ ​ Deferred tax on origination and reversal of temporary differences ​ ​ ​ ​ United Kingdom deferred tax 544 83 Overseas deferred tax 204 (152) Total deferred tax credit/(expense) 748 (69) Total income tax credit/(expense) 1 (459) Notes: 1. In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was held for sale. In December 2020, we announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed, resulting in the following changes to the previously published results for the six months ended 30 September 2020: Total deferred tax expense declined by €31 million . 2. 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. ​

Assets held for sale (Tables)

Assets held for sale (Tables)	6 Months Ended
	Sep. 30, 2021
Assets held for sale
Schedule of assets and liabilities held for sale	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2021 ​ 2021 ​ ​ €m ​ €m Non-current assets ​ ​ ​ Investments in associates and joint ventures ​ 1,256 1,257 Total assets held for sale ​ 1,256 ​ 1,257

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Sep. 30, 2020
Earnings per share
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2021 ​ 2020 ​ Millions Millions Weighted average number of shares for basic earnings per share ​ 29,331 ​ 29,535 Effect of dilutive potential shares: restricted shares and share options 84 75 Weighted average number of shares for diluted earnings per share 29,415 29,610 ​ ​ ​ ​ ​ ​ Earnings per share attributable to owners of the parent during the period ​ ​ ​ ​ Six months ended 30 September ​ ​ 2021 ​ 2020 1 ​ €m €m Profit for basic and diluted earnings per share 996 1,269 ​ ​ ​ ​ ​ ​ eurocents eurocents Basic profit per share 3.40 ​ 4.30 Diluted profit per share 3.39 ​ 4.29 Note: 1. In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was held for sale. In December 2020, we announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: Profit for basic and diluted earnings per share has declined by €45 million, Basic profit per share and diluted profit per share have declined by 0.15 eurocents .

Equity dividends (Tables)

Equity dividends (Tables)	6 Months Ended
	Sep. 30, 2021
Equity dividends
Schedule of dividends declared and proposed	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ 2021 ​ 2020 ​ €m €m Declared during the financial period: ​ ​ ​ ​ Final dividend for the year ended 31 March 2021: 4.50 eurocents per share (2020: 4.50 eurocents per share) 1,254 1,205 Proposed after the end of the reporting period and not recognised as a liability: ​ ​ ​ ​ Interim dividend for the year ending 31 March 2022: 4.50 eurocents per share (2021: 4.50 eurocents per share) 1,229 1,207

Investments in associates and_2

Investments in associates and joint ventures (Tables)	6 Months Ended
	Sep. 30, 2021
Investments in associates and joint ventures.
Schedule of joint ventures and associates	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2021 ​ 2021 ​ ​ €m ​ €m VodafoneZiggo Group Holding B.V. ​ 974 ​ 1,190 INWIT S.p.A. ​ 2,837 ​ 2,920 TPG Telecom Limited ​ 90 ​ 104 Other ​ 75 ​ 35 Investment in joint ventures 3,976 4,249 Investment in associates 421 421 ​ 4,397 4,670

Reconciliation of net cash fl_2

Reconciliation of net cash flow from operating activities (Tables)	6 Months Ended
	Sep. 30, 2019
Reconciliation of net cash flow from operating activities
Schedule of reconciliation of net cash flow from operating activities	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2021 ​ 2020 1 ​ €m €m Profit for the financial period ​ 1,277 ​ 1,468 Investment income ​ (129) (183) Financing costs ​ 1,473 1,610 Income tax (credit)/expense ​ (1) 459 Operating profit ​ 2,620 3,354 Adjustments for: ​ ​ ​ Share-based payments and other non-cash charges ​ 98 86 Depreciation and amortisation ​ 6,952 6,987 Loss on disposal of property, plant and equipment and intangible assets ​ 26 14 Share of result of equity accounted associates and joint ventures ​ (111) (260) Other income expense/(income) ​ 108 (1,055) Increase in inventory ​ (41) (31) Increase in trade and other receivables ​ (1,254) (15) Decrease in trade and other payables ​ (1,366) ​ (2,538) Cash generated by operations ​ 7,032 6,542 Taxation ​ (577) (533) Net cash flow from operating activities ​ 6,455 6,009 Note: 1. In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was held for sale. In December 2020, we announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: Operating profit has declined by €118 million and Profit for the financial period has declined by €87 million .

Fair value of financial instr_2

Fair value of financial instruments (Tables)	6 Months Ended
	Sep. 30, 2021
Fair value of financial instruments
Schedule of financial instruments held at fair value	​ ​ ​ ​ ​ ​ ​ 30 September 31 March ​ ​ 2021 ​ 2021 ​ ​ €m ​ €m Financial assets at fair value: ​ ​ ​ ​ Money market funds (included within Cash and cash equivalents) 1 ​ 4,307 ​ 3,116 Debt and equity securities (included within Other investments) 2 ​ 5,388 ​ 5,292 Derivative financial instruments (included within Trade and other receivables) 2 ​ 3,666 ​ 3,151 Trade receivables at fair value through Other comprehensive income (included within Trade and other receivables) 2 ​ 1,384 ​ 744 ​ ​ 14,745 ​ 12,303 Financial liabilities at fair value: ​ ​ ​ ​ Derivative financial instruments (included within Trade and other payables) 2 ​ 3,016 ​ 4,010 ​ ​ 3,016 ​ 4,010 Notes: 1. Items are measured at fair value and the valuation basis is Level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets. 2. Quoted debt and equity securities of €2,274 million (FY21: €2,210 million) are Level 1 classification which comprises items where fair value is determined by unadjusted quoted prices in active markets. All balances other than quoted securities are Level 2 classification which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
	Sep. 30, 2021
Related party transactions
Schedule of transactions with joint arrangements and associates	​ ​ ​ ​ ​ ​ ​ ​ Six months ended 30 September ​ ​ 2021 ​ 2020 ​ €m €m Sales of goods and services to associates 10 7 Purchase of goods and services from associates 4 3 Sales of goods and services to joint ventures 103 100 Purchase of goods and services from joint ventures 132 90 Interest income receivable from joint ventures 1 26 29 Interest expense payable to joint ventures 2 ​ 26 ​ 29 ​ ​ ​ ​ ​ ​ ​ ​ 30 September ​ 31 March ​ ​ 2021 ​ 2021 ​ €m €m Trade balances owed: ​ ​ ​ from associates 9 3 to associates 4 5 from joint ventures 99 88 to joint ventures 30 31 Other balances owed from associates ​ — ​ 56 Other balances owed from joint ventures 1 997 955 Other balances owed to joint ventures 2 1,484 1,575 Notes: 1. Amounts arise primarily through VodafoneZiggo, TPG Telecom Limited and INWIT S.p.A. Interest is charged in line with market rates. 2. Amounts are primarily in relation to leases of tower space from INWIT S.p.A.

Basis of preparation (Details)

Basis of preparation (Details) - EUR (€) € in Millions		Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Basis of preparation
Cash and cash equivalents	[1]	€ 5,650	€ 5,790	€ 6,869	€ 13,288
Revolving credit facilities undrawn		€ 7,400
[1]	Comprises cash and cash equivalents as presented in the consolidated statement of financial position of €5,824 million (H1 FY21: €6,612 million), after adjustment to include overdrafts of €174 million (H1 FY21: €17 million) and, for H1 FY21, €274 million of cash and cash equivalents previously presented in assets held for sale relating to the Group’s 55% interest in Vodafone Egypt .

Segmental analysis (Details)

Segmental analysis (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2021		Sep. 30, 2020
Segmental analysis
Service revenue	€ 19,010
Equipment revenue	2,446
Revenue from contracts with customers	21,456
Other revenue	966
Interest revenue	67
Total segment revenue	22,489		€ 21,427	[1]
Adjusted EBITDAaL	7,565		€ 7,011
Vodafone Egypt | Assets and liabilities classified as held for sale
Segmental analysis
Proportion of ownership interest in subsidiary			55.00%
Germany
Segmental analysis
Service revenue	5,777
Equipment revenue	475
Revenue from contracts with customers	6,252
Other revenue	183
Interest revenue	12
Total segment revenue	6,447
Adjusted EBITDAaL	2,892
Italy
Segmental analysis
Service revenue	2,187
Equipment revenue	265
Revenue from contracts with customers	2,452
Other revenue	49
Interest revenue	6
Total segment revenue	2,507
Adjusted EBITDAaL	917
UK
Segmental analysis
Service revenue	2,521
Equipment revenue	593
Revenue from contracts with customers	3,114
Other revenue	30
Interest revenue	17
Total segment revenue	3,161
Adjusted EBITDAaL	638
Spain
Segmental analysis
Service revenue	1,866
Equipment revenue	178
Revenue from contracts with customers	2,044
Other revenue	33
Interest revenue	13
Total segment revenue	2,090
Adjusted EBITDAaL	445
Other Europe
Segmental analysis
Service revenue	2,502
Equipment revenue	248
Revenue from contracts with customers	2,750
Other revenue	52
Interest revenue	8
Total segment revenue	2,810
Adjusted EBITDAaL	836
Vodacom
Segmental analysis
Service revenue	2,271
Equipment revenue	455
Revenue from contracts with customers	2,726
Other revenue	190
Interest revenue	12
Total segment revenue	2,928
Adjusted EBITDAaL	1,062
Vantage Towers
Segmental analysis
Other revenue	611
Total segment revenue	611
Adjusted EBITDAaL	305
Other Markets
Segmental analysis
Service revenue	1,752
Equipment revenue	201
Revenue from contracts with customers	1,953
Other revenue	5
Total segment revenue	1,958
Adjusted EBITDAaL	683
Common Functions
Segmental analysis
Service revenue	252
Equipment revenue	31
Revenue from contracts with customers	283
Other revenue	424
Total segment revenue	707
Adjusted EBITDAaL	(213)
Eliminations
Segmental analysis
Service revenue	(118)
Revenue from contracts with customers	(118)
Other revenue	(611)
Interest revenue	(1)
Total segment revenue	(730)
Changes due to revision
Segmental analysis
Adjusted EBITDAaL			€ (12)
Previous basis of segment reporting
Segmental analysis
Service revenue	19,010		18,418
Equipment revenue	2,446		2,135
Revenue from contracts with customers	21,456		20,553
Other revenue	966	[2]	815
Interest revenue	67		59
Total segment revenue	22,489		21,427
Adjusted EBITDAaL	7,565		7,011
Previous basis of segment reporting | Germany
Segmental analysis
Service revenue	5,777		5,723
Equipment revenue	475		466
Revenue from contracts with customers	6,252		6,189
Other revenue	211	[2]	176
Interest revenue	12		6
Total segment revenue	6,475		6,371
Adjusted EBITDAaL	3,045		2,844
Previous basis of segment reporting | Italy
Segmental analysis
Service revenue	2,187		2,249
Equipment revenue	265		216
Revenue from contracts with customers	2,452		2,465
Other revenue	49	[2]	36
Interest revenue	6		5
Total segment revenue	2,507		2,506
Adjusted EBITDAaL	917		800
Previous basis of segment reporting | UK
Segmental analysis
Service revenue	2,521		2,401
Equipment revenue	593		509
Revenue from contracts with customers	3,114		2,910
Other revenue	30	[2]	49
Interest revenue	17		24
Total segment revenue	3,161		2,983
Adjusted EBITDAaL	667		636
Previous basis of segment reporting | Spain
Segmental analysis
Service revenue	1,866		1,880
Equipment revenue	178		132
Revenue from contracts with customers	2,044		2,012
Other revenue	46	[2]	30
Interest revenue	13		8
Total segment revenue	2,103		2,050
Adjusted EBITDAaL	483		488
Previous basis of segment reporting | Other Europe
Segmental analysis
Service revenue	2,502		2,411
Equipment revenue	248		252
Revenue from contracts with customers	2,750		2,663
Other revenue	92	[2]	48
Interest revenue	8		9
Total segment revenue	2,850		2,720
Adjusted EBITDAaL	921		870
Previous basis of segment reporting | Vodacom
Segmental analysis
Service revenue	2,271		1,949
Equipment revenue	455		335
Revenue from contracts with customers	2,726		2,284
Other revenue	190	[2]	132
Interest revenue	12		7
Total segment revenue	2,928		2,423
Adjusted EBITDAaL	1,062		891
Previous basis of segment reporting | Other Markets
Segmental analysis
Service revenue	1,752		1,679
Equipment revenue	201		212
Revenue from contracts with customers	1,953		1,891
Other revenue	5	[2]	7
Total segment revenue	1,958		1,898
Adjusted EBITDAaL	683		601
Previous basis of segment reporting | Common Functions
Segmental analysis
Service revenue	252	[3]	219
Equipment revenue	31	[3]	13
Revenue from contracts with customers	283	[3]	232
Other revenue	424	[2],[3]	424
Total segment revenue	707	[3]	656
Adjusted EBITDAaL	(213)	[3]	(119)
Previous basis of segment reporting | Eliminations
Segmental analysis
Service revenue	(118)		(93)
Revenue from contracts with customers	(118)		(93)
Other revenue	(81)	[2]	(87)
Interest revenue	(1)
Total segment revenue	€ (200)		€ (180)
[1]	In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was classified as held for sale. In December 2020, the Group announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: gross profit has declined by €97 million, operating profit has declined by €118 million, profit before taxation has declined by €118 million, profit for the financial period has declined by €87 million, total comprehensive expense for the financial period has increased by €85 million and basic profit per share and diluted profit per share has declined by 0.15 eurocents .
[2]	Other revenue includes lease revenue recognised under IFRS 16 “Leases”.
[3]	Comprises central teams and business functions.

Segmental analysis - Reconcilia

Segmental analysis - Reconciliation of adjusted EBITDA to operating profit (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Segmental revenue and profit
Adjusted EBITDAaL	€ 7,565	€ 7,011
Restructuring costs	(172)	(86)
Interest on lease liabilities	199	189
Loss on disposal of property, plant & equipment and intangible assets	(26)	(13)
Depreciation and amortisation on owned assets	(4,949)	(5,062)
Share of results of equity accounted associates and joint ventures	111	260	[1]
Other (expense)/income	(108)	1,055	[1]
Operating profit	2,620	3,354	[1]
Investment income	129	183	[1]
Financing costs	(1,473)	(1,610)	[1]
Profit before taxation	€ 1,276	€ 1,927	[1]
Vodafone Egypt | Assets and liabilities classified as held for sale
Segmental revenue and profit
Proportion of ownership interest in subsidiary		55.00%
Other income and expense
Segmental revenue and profit
Gain in relation to merger		€ 1,043
Changes due to revision
Segmental revenue and profit
Adjusted EBITDAaL		(12)
Operating profit		(118)
Profit before taxation		€ (118)
[1]	In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was classified as held for sale. In December 2020, the Group announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: gross profit has declined by €97 million, operating profit has declined by €118 million, profit before taxation has declined by €118 million, profit for the financial period has declined by €87 million, total comprehensive expense for the financial period has increased by €85 million and basic profit per share and diluted profit per share has declined by 0.15 eurocents .

Segmental analysis - Non-curren

Segmental analysis - Non-current assets (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Segmental assets and cash flow
Non-current assets	€ 93,542		€ 94,792
Depreciation and amortisation on owned assets	4,949	€ 5,062
Operating free cash flow	7,032	€ 6,542
Germany
Segmental assets and cash flow
Non-current assets	43,052		43,755
Italy
Segmental assets and cash flow
Non-current assets	10,593		10,707
UK
Segmental assets and cash flow
Non-current assets	6,306		6,529
Spain
Segmental assets and cash flow
Non-current assets	6,601		6,609
Other Europe
Segmental assets and cash flow
Non-current assets	8,253		8,361
Vodacom
Segmental assets and cash flow
Non-current assets	5,872		5,839
Other Markets
Segmental assets and cash flow
Non-current assets	2,997		2,988
Vantage Towers
Segmental assets and cash flow
Non-current assets	7,824		7,859
Common Functions
Segmental assets and cash flow
Non-current assets	€ 2,044		€ 2,145

Taxation - Income tax expense (

Taxation - Income tax expense (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Current tax (expense)/income
Total current tax expense	€ (747)	€ (390)
Deferred tax credit/(expense)	748	(69)
Total income tax credit/(expense)	1	€ (459)	[1]
Vodafone Egypt | Assets and liabilities classified as held for sale
Current tax (expense)/income
Proportion of ownership interest in subsidiary		55.00%
United Kingdom
Current tax (expense)/income
Current period	(6)	€ (17)
Adjustments in respect of prior periods	15	4
Deferred tax credit/(expense)	544	83
Spectrum Payments	10,700
Overseas
Current tax (expense)/income
Current period	(730)	(470)
Adjustments in respect of prior periods	(26)	93
Deferred tax credit/(expense)	€ 204	(152)
Changes due to revision
Current tax (expense)/income
Deferred tax credit/(expense)		€ 31
[1]	In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was classified as held for sale. In December 2020, the Group announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: gross profit has declined by €97 million, operating profit has declined by €118 million, profit before taxation has declined by €118 million, profit for the financial period has declined by €87 million, total comprehensive expense for the financial period has increased by €85 million and basic profit per share and diluted profit per share has declined by 0.15 eurocents .

Taxation - Deferred tax assets

Taxation - Deferred tax assets on losses (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Luxembourg
Income tax expense
Accumulated tax losses	€ 155	€ 188
Minimum | Luxembourg
Income tax expense
Utilisation period of tax losses (in years)	59 years
Minimum | Germany
Income tax expense
Utilisation period of tax losses (in years)	8 years
Maximum | Luxembourg
Income tax expense
Utilisation period of tax losses (in years)	62 years
Maximum | Germany
Income tax expense
Utilisation period of tax losses (in years)	16 years

Assets held for sale (Details)

Assets held for sale (Details) - EUR (€) € in Millions	6 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2021
Assets held for sale
Total assets held for sale	€ 1,256	€ 1,257
Indus Towers
Assets held for sale
Total assets held for sale	€ 1,256	€ 1,257
Indus Towers | Investments in associates and joint ventures
Assets held for sale
Ownership interest in joint venture	28.10%	28.10%
Total assets held for sale	€ 1,256	€ 1,257

Earnings per share (Details)

Earnings per share (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Weighted average number of shares for diluted earnings per share
Weighted average number of shares for basic earnings per share (in shares)	29,331	29,535
Effect of dilutive potential shares: restricted shares and share options (in shares)	84	75
Weighted average number of shares for diluted earnings per share (in shares)	29,415	29,610
Earnings per share attributable to owners of the parent during the period
Profit for basic and diluted earnings per share	€ 996	€ 1,269
Basic profit per share	€ 0.0340	€ 0.0430
Diluted profit per share	€ 0.0339	€ 0.0429
Changes due to revision
Earnings per share attributable to owners of the parent during the period
Profit for basic and diluted earnings per share		€ (45)
Basic profit per share		€ (0.0015)
Diluted profit per share		€ (0.0015)
Assets and liabilities classified as held for sale | Vodafone Egypt
Earnings per share attributable to owners of the parent during the period
Proportion of ownership interest in subsidiary		55.00%

Equity dividends (Details)

Equity dividends (Details) - EUR (€) € / shares in Units, € in Millions	6 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Declared during the financial period:
Final dividend for the year ended 31 March 2021: 4.50 eurocents per share (2020: 4.50 eurocents per share)	€ 1,254	€ 1,205
Proposed after the end of the reporting period and not recognised as a liability:
Interim dividend for the year ending 31 March 2022: 4.50 eurocents per share (2021: 4.50 eurocents per share)	€ 1,229	€ 1,207
Declared during the financial period: (per share)
Final dividend (per share)				€ 0.0450	€ 0.0450
Proposed after the end of the reporting period and not recognised as a liability: (per share)
Interim dividend (per share)			€ 0.0450	€ 0.0450

Investments in associates and_3

Investments in associates and joint ventures - Summary of Investments (Details) - EUR (€) € in Millions	Sep. 30, 2021	Mar. 31, 2021
Investment in associates and joint arrangements
Investment in joint ventures	€ 3,976	€ 4,249
Investment in associates	421	421
Total investment in joint ventures and associates	4,397	4,670
VodafoneZiggo Group Holding B.V.
Investment in associates and joint arrangements
Investment in joint ventures	974	1,190
INWIT S.p.A.
Investment in associates and joint arrangements
Investment in joint ventures	2,837	2,920
TPG Telecom Limited
Investment in associates and joint arrangements
Investment in joint ventures	90	104
Other
Investment in associates and joint arrangements
Investment in joint ventures	€ 75	€ 35

Reconciliation of net cash fl_3

Reconciliation of net cash flow from operating activities (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Profit for the financial period	€ 1,277	€ 1,468	[1]
Investment income	(129)	(183)	[1]
Financing costs	1,473	1,610	[1]
Income tax (credit)/expense	(1)	459	[1]
Operating profit	2,620	3,354	[1]
Adjustments for:
Share-based payments and other non-cash charges	98	86
Depreciation and amortisation	6,952	6,987
Loss on disposal of property, plant and equipment and intangible assets	26	14
Share of result of equity accounted associates and joint ventures	(111)	(260)
Other income expense/(income)	108	(1,055)
Increase in inventory	(41)	(31)
Increase in trade and other receivables	(1,254)	(15)
Decrease in trade and other payables	(1,366)	(2,538)
Cash generated by operations	7,032	6,542
Taxation	(577)	(533)
Net cash flow from operating activities	€ 6,455	6,009
Changes due to revision
Profit for the financial period		(87)
Operating profit		€ (118)
Assets and liabilities classified as held for sale | Vodafone Egypt
Adjustments for:
Proportion of ownership interest in subsidiary		55.00%
[1]	In the previously published results for the six months ended 30 September 2020, the Group’s 55% interest in Vodafone Egypt was classified as held for sale. In December 2020, the Group announced that discussions with the potential purchaser had been terminated. Consequently, the held for sale classification was reversed resulting in the following changes to the previously published results for the six months ended 30 September 2020: gross profit has declined by €97 million, operating profit has declined by €118 million, profit before taxation has declined by €118 million, profit for the financial period has declined by €87 million, total comprehensive expense for the financial period has increased by €85 million and basic profit per share and diluted profit per share has declined by 0.15 eurocents .

Fair value of financial instr_3

Fair value of financial instruments - Financial assets & liabilities at fair value (Details) - EUR (€) € in Millions	Sep. 30, 2021	Mar. 31, 2021
Fair value of financial instruments
Financial assets at fair value	€ 14,745	€ 12,303
Financial liabilities at fair value	3,016	4,010
Level 1
Fair value of financial instruments
Quoted debt and equity securities	2,274	2,210
Derivative financial instruments
Fair value of financial instruments
Financial liabilities at fair value	3,016	4,010
Money Market funds
Fair value of financial instruments
Financial assets at fair value	4,307	3,116
Debt and equity securities
Fair value of financial instruments
Financial assets at fair value	5,388	5,292
Derivative financial instruments
Fair value of financial instruments
Financial assets at fair value	3,666	3,151
Trade receivables at fair value through Other comprehensive income
Fair value of financial instruments
Financial assets at fair value	1,384	744
Amortised cost | Non-current bonds
Fair value of financial instruments
Financial liabilities at carrying value	46,162	44,634
Financial liabilities at fair value	€ 50,777	€ 48,630

Related party transactions (Det

Related party transactions (Details) - EUR (€) € in Millions	6 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2021
Related party transactions
Interest income	€ 67
Contributions to defined benefit pension	12	€ 99
Dividends	1,645	1,367
Associates
Related party transactions
Sales of goods and services	10	7
Purchase of goods and services	4	3
Trade balances owed (from)	9		€ 3
Trade balances owed (to)	4		5
Other balances owed from			56
Joint arrangements
Related party transactions
Sales of goods and services	103	100
Purchase of goods and services	132	90
Interest income	26	29
Interest expense	26	29
Trade balances owed (from)	99		88
Trade balances owed (to)	30		31
Other balances owed from	997		955
Other balances owed to	1,484		€ 1,575
Board members and executive committee members
Related party transactions
Dividends	€ 1.1	€ 1

Contingent liabilities and le_2

Contingent liabilities and legal proceedings - Vodafone Idea (Details) € in Millions, ₨ in Billions	Sep. 15, 2021	Sep. 30, 2021EUR (€)	Sep. 30, 2021INR (₨)	Mar. 31, 2021EUR (€)
Disclosure of contingent liabilities [line items]
Investment in joint ventures		€ 3,976		€ 4,249
Vodafone Idea Limited
Disclosure of contingent liabilities [line items]
Investment in joint ventures		0
Share of losses in respect to joint venture		0
Vodafone Idea and Idea Cellular legal case [Member]
Disclosure of contingent liabilities [line items]
Payments made under mechanism		235	₨ 19
Moratorium on spectrum and AGR payments	4 years
Maximum | Vodafone Idea and Idea Cellular legal case [Member]
Disclosure of contingent liabilities [line items]
The group's potential exposure		€ 743	₨ 64

Contingent liabilities and le_3

Contingent liabilities and legal proceedings - Indus Tower merger (Details) - Bharti Infratel and Indus Towers Merger € in Millions, shares in Millions, ₨ in Billions	Sep. 30, 2021INR (₨)shares	Sep. 30, 2021EUR (€)shares
Disclosure of contingent liabilities [line items]
Cash outflow	₨ 24	€ 279
Primary pledge shares owned | shares	190.7	190.7
Primary pledge value owned	₨ 59	€ 684
Secondary pledge value owned | €		1,300
Maximum
Disclosure of contingent liabilities [line items]
Maximum liability cap	₨ 42.5	€ 494

Contingent liabilities and le_4

Contingent liabilities and legal proceedings - Indian tax cases, Indian regulatory cases and other cases (Details) ₨ in Billions	Sep. 30, 2021EUR (€)	Sep. 29, 2017INR (₨)	Feb. 12, 2016INR (₨)	Jan. 03, 2013INR (₨)
Vodafone International Holdings BV withholding tax case [Member]
Contingent liabilities and legal proceedings - Conti
Total tax payment demanded | ₨		₨ 190.7	₨ 221	₨ 142
IPCom v Vodafone Group Plc and Vodafone UK case
Contingent liabilities and legal proceedings - Conti
Liability for patent infringement | €	€ 0

Subsequent events (Details)

Subsequent events (Details) - EUR (€) € / shares in Units, € in Millions	Nov. 10, 2021	Mar. 08, 2022	Mar. 31, 2022	Sep. 30, 2021
Disclosure of non-adjusting events after reporting period [line items]
Purchase of treasury shares				€ 1,048
Vodacom | Transfer of Vodafone Egypt to Vodacom Group
Disclosure of non-adjusting events after reporting period [line items]
Proportion of ownership interest in subsidiary	60.50%
Vodacom | Transfer of Vodafone Egypt to Vodacom Group | Forecast
Disclosure of non-adjusting events after reporting period [line items]
Proportion of ownership interest in subsidiary			65.10%
Vodacom | Vodafone Egypt | Transfer of Vodafone Egypt to Vodacom Group | Forecast
Disclosure of non-adjusting events after reporting period [line items]
Transfer of ownership percentage			55.00%
Total consideration			€ 2,365
Portion of consideration consisting of shares in acquirer			€ 1,892
Ordinary shares issued			242,000,000
Issue price			€ 135.75
Cash consideration			€ 473
Maximum | Share buyback programme | Forecast
Disclosure of non-adjusting events after reporting period [line items]
Repurchase of ordinary shares		433,662,325
Purchase of treasury shares		€ 540